DIRS.INFO The most relevant business & tech news

☆ Putin: Russia, China not creating military alliance -agencies
▼ + stars: | 2023-03-26 | by ( ) www.reuters.com time to read: +1 min

MOSCOW, March 26 (Reuters) - Russia and China are not creating a military alliance and are hiding nothing in terms of their military cooperation, Russian President Vladimir Putin said in an interview with state television broadcast on Sunday, news agencies reported. Putin and Chinese President Xi Jinping professed friendship and pledged closer ties at a summit in Moscow early this week, as Russia struggles to make gains in what it calls a "special military operation" in Ukraine. "We are not creating any military alliance with China," Interfax quoted Putin as saying. Putin also said Western powers were trying to form more global alliances, accusing the United States and the North Atlantic Treaty Organization (NATO) of starting to build a new "axis", bearing some resemblance to Germany, Italy and Japan's World War Two alliance. Reporting by Alexander Marrow Editing by Louise Heavens and Frances KerryOur Standards: The Thomson Reuters Trust Principles.

FRANKFURT, March 24 (Reuters) - Bayer (BAYGn.DE) said the focus of its drug research would shift away from women's health, a traditional pillar of Germany's largest drugmaker, to hone in on neurology, rare diseases and immunology. "When it comes to research and the subsequent clinical phases, we will no longer have an explicit focus on women's health," the head of Bayer's pharmaceuticals unit, Stefan Oelrich, told Reuters on Friday. The shifted focus comes as Bayer is due to have a change at the top in June. Bayer, which acquired a large women's health business under the 2006 takeover of Schering Pharma, will focus drugs research on oncology, cardiovascular disease, neurology, rare diseases and immunology, the company said in a statement. Research efforts in immunology could still yield products in women's health but Bayer's dedicated work on the therapeutic area overall had fallen short of expectations, he said.

West Texas Intermediate U.S. crude futures fell 70 cents, or 1%, to $69.26 a barrel. Brent futures rose 2.8% in the week while U.S. crude futures rose 3.8%. The dollar rose 0.6% against other currencies, which also pressured oil, making crude more expensive to holders of other currencies. Goldman Sachs said commodities demand was surging in the world's biggest oil importer, with oil demand topping 16 million bpd. That means Russia aims to produce 9.7 million bpd between March and June, according to Novak, a much smaller output cut than Moscow previously indicated.

A supervisory source told Reuters that redeeming AT1 bonds is a good way to instil confidence in markets if banks have enough capital, which the source said is the case for UniCredit. AT1 bonds are the riskiest type of debt banks can issue, ranking immediately after equity in the event of losses. The decision has disrupted the $275 billion AT1 bond market, which had already seen yields rise in the wake of recent U.S. banking failures. European rules require lenders to put in a request to supervisors to call an AT1 bond at least three months before the due date. AT1 bonds emerged in the wake of the global financial crisis as a way to build up bank capital and absorb losses.

☆ Analysis: What's behind bitcoin's latest surge?
▼ + stars: | 2023-03-22 | by ( Tom Wilson | ) www.reuters.com time to read: +5 min

The original and biggest cryptocurrency has been here before, its 15-year history peppered with dramatic price increases and equally vertiginous drops. Driving bitcoin's gains have been its core user base of retail investors, analysts said. In the past, too, dramatic price swings for bitcoin have been closely tied to shifts in monetary policy globally. In 2022, bitcoin plummeted over 65% as higher rates triggered the fall of a major crypto token, precipitating the closure of major hedge funds and crypto lenders. To be sure, some investors say developments to bitcoin's intrinsic characteristics are now capable of supporting its price.

LONDON, March 22 (Reuters) - The banking turmoil sparked by the collapse of Silicon Valley Bank is not yet over, and a significant number of banks will fail within two years, the CEO of hedge fund Man Group (EMG.L) told a Bloomberg conference in London on Wednesday. Asked whether the crisis in the sector was over, Man Group's Luke Ellis told delegates he did not think so. "I think we will have significantly more banks that don't exist in 12-24 months," Ellis said, adding that he thought smaller and regional banks in the United States and challenger banks in Britain could be at risk. Many hedge funds have made money from the banking sector volatility in recent days by betting against banks. Central banks globally have responded to the turmoil with coordinated measures to ensure the flow of cash between banks around the world.

LONDON, March 22 (Reuters) - The banking turmoil sparked by the collapse of Silicon Valley Bank is not yet over, and a significant number of banks will fail within two years, the CEO of hedge fund Man Group (EMG.L), Luke Ellis, told a Bloomberg conference in London on Wednesday. Asked whether the crisis in the sector was over, Ellis told delegates at the event he did not think so. "I think we will have significantly more banks that don’t exist in 12-24 months," he said, adding that he thought smaller and regional banks in the United States and challenger banks in Britain could be at risk. Ellis said technology such as social media had accelerated the timescale at which concerns about banks could circulate. Many hedge funds have made money from the volatility in the banking sector in recent days by betting against banks, although Ellis said he had no positions in U.S. regional banks.

☆ World Bank agrees $7 bln, 5-year partnership with Egypt
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +2 min

CAIRO, March 22 (Reuters) - The World Bank said on Wednesday it had approved a new $7 billion partnership agreement with Egypt for 2023-2027 with a focus on boosting private sector jobs, provision of better health and education services, and adaptation to climate change. The Country Partnership Agreement (CPF) will entail $1 billion per year from the International Bank for Reconstruction and Development (IBRD) and about $2 billion over five years from the International Finance Corporation (IFC), a statement from the World Bank said. Also on Wednesday the International Finance Corporation (IFC), part of the World Bank Group, announced that it had partnered with the European Bank for Reconstruction and Development and Egypt's Sovereign Fund to develop desalination plants in Egypt through a public-private partnership model. Egypt depends almost entirely for fresh water supplies on the River Nile, and is considered at high risk from the impacts of climate change. Reporting by Nayera Abdallah, Nadine Awadalla and Aidan Lewis, Editing by Louise Heavens, William MacleanOur Standards: The Thomson Reuters Trust Principles.

☆ World Bank agrees $7 bln framework with Egypt
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: 1 min

DUBAI, March 22 (Reuters) - The World Bank approved a new country partnership framework (CPF) for Egypt for the financial years 2023-2027 providing the country with $7 billion in funds, the lender said on Wednesday. The CPF will entail $1 billion per year from the International Bank for Reconstruction and Development (IBRD) and about $2 billion during the entire CPF period from the International Finance Corporation (IFC), the statement said, adding that the programme was meant to support Egypt's efforts in green and inclusive development. Reporting by Nayera Abdallah and Nadine Awadalla, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Exclusive: Virgin Orbit near deal to raise $200 mln from Matthew Brown - term sheet
▼ + stars: | 2023-03-22 | by ( Joey Roulette | ) www.reuters.com time to read: +3 min

WASHINGTON, March 22 (Reuters) - Billionaire Richard Branson's cash-strapped Virgin Orbit Holdings Inc (VORB.O) is nearing a deal for a $200-million investment from Texas-based venture capital investor Matthew Brown via a private share placement, according to a term sheet seen by Reuters. Matthew Brown Companies did not immediately respond to a request for comment. Virgin Orbit and Matthew Brown are aiming to close the deal on Friday, according to the term sheet, which is not binding and remains subject to final agreement. Virgin Orbit's board agreed to move forward with the deal at a meeting held on Tuesday, according to a person with direct knowledge of the matter. Under the deal, Matthew Brown will be entitled to convert his $200 million investment in Virgin Orbit's preferred shares into common shares at the volume weighted average price in the 30 days before the deal is signed.

FRANKFURT, March 20 (Reuters) - European supervisors tried to stop a rout in the market for convertible bank bonds on Monday, saying owners of this type of debt would only suffer losses after shareholders have been wiped out - unlike what happened at Credit Suisse (CSGN.S). Regulators in the European Union and Britain were reacting to a decisions by Swiss authorities to write off Credit Suisse's Additional Tier 1 (AT1) bonds even as stockholders received shares in UBS (UBSG.S). The EU regulators - the European Central Bank, the European Banking Authority and the Single Resolution Board - said they would continue to impose losses on shareholders before bondholders. The comments helped the price of bank bonds cut losses and were echoed by the Bank of England shortly after. Credit Suisse's AT1 bonds contained a clause allowing Swiss authorities to write them off if the bank became unviable, regardless of what happens to the shares.

Reuters Graphics Reuters GraphicsThe Swiss Bank Employees Association, in a statement to Reuters, demanded that UBS keep job cuts to an "absolute minimum". The statement underscores the sense of unease in Switzerland, with its reputation as a global financial center on the line. Green Party lawmaker Gerhard Andrey said that Credit Suisse is "such a visible institute". "A few months ago, nobody would have thought that Credit Suisse would fail. "But also that we are upholding the reputation of the Swiss financial centre."

☆ China to import 27 new video games, including Tencent, NetEase titles
▼ + stars: | 2023-03-20 | by ( Josh Ye | ) www.reuters.com time to read: +1 min

HONG KONG, March 20 - China's online gaming regulator on Monday granted licences to 27 foreign games in March, including titles to be published by Tencent Holdings (0700.HK), NetEase Inc (9999.HK) and Bilibili Inc (9626.HK) . NetEase secured approval for at least one mobile game named Audition: Everybody Party, while Bilibili received a licence for a game called Shanyao! The crackdown by China on online gaming had halted the approval process for foreign video games for 18 months between 2021 and 2022. XD Inc (2400.HK) received licences for two mobile games named Gorogoa and Wizard of Legend respectively. Other notable titles approved by China via this batch include a mobile game called Fairy Tale: Fighting and a console game named Yo-kai Watch 4.

☆ China still seeking answers a year after plane crash
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +3 min

BEIJING/WASHINGTON, March 20 (Reuters) - China's aviation regulator said Monday investigators were still looking into the cause of the crash of China Eastern Airlines' Flight MU5735, almost a year after the plane came down, killing all 132 people on board. On the eve of the anniversary, the Civil Aviation Administration of China (CAAC) said experts had already inspected more than 100 pieces of wreckage. NTSB investigators also traveled to China. NTSB Chair Jennifer Homendy said last week the agency has had a "really good working relationship with China" during the investigation. A final report into the causes of the crash could take two years or more to compile, Chinese officials said last year.

Summary Ruling has implications for oil, mineralsNon-EU Norway has sovereignty over Svalbard Arctic islandsState can sue Norway -expertOSLO, March 20 (Reuters) - Norway's Supreme Court ruled on Monday that EU ships cannot fish for snow crab off the Svalbard archipelago in the Arctic in a case also deciding who has the right to explore for oil and minerals in the region. At stake was whether EU vessels had the right to catch snow crab, whose meat is considered a delicacy by gourmets in Japan and South Korea, in the same way as Norwegian vessels did. But what is valid for the snow crab, a sedentary species living on the seabed, is also valid for oil, minerals and other resources, the Supreme Court ruled in a 2019 case. "The company does not have the right to catch snow crab on the continental shelf outside Svalbard," the Supreme Court said in its verdict, which was unanimous. "It is a domestic court decision, (so) an international court can also hear this question at a later stage."

☆ Citadel sees limited impact on energy demand from banking crisis
▼ + stars: | 2023-03-20 | by ( Julia Payne | ) www.reuters.com time to read: +2 min

LAUSANNE, Switzerland, March 20 (Reuters) - U.S. hedge fund Citadel expects a tighter credit environment following the latest banking crisis but so far the economic decline is not enough to plunge commodities into the abyss, its head of commodities told Reuters. The hedge fund giant, which was based in Chicago but recently moved to Miami, manages roughly $60 billion in assets. We need to have a 5-6% global GDP cut to have a major impact on commodities," he said. Citadel, run by billionaire Ken Griffin, ended 2022 with a $16 billion gain last year, the biggest profit ever earned by a hedge fund. "The macro backdrop remains an unanswered question as OPEC assesses impact on demand.

☆ G7 to hold off revising Russian oil price cap this week - EU officials
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +1 min

BRUSSELS, March 20 (Reuters) - Group of Seven Nations are not likely to revise a price cap on Russian oil this week, two European Union officials told Reuters on Monday. The G7 measure bans companies from providing transportation, insurance and financing services for Russian crude oil and oil products if they are sold at a price above the cap. In addition, the 27-country European Union halted its own imports of Russian crude oil delivered by sea from Dec. 5. The United States and Britain have also imposed restrictions on Russian oil imports. Some EU countries including Poland have sought to lower the G7 price cap level to further restrict the revenue Moscow can use to fund the war in Ukraine.

☆ Russian court freezes all Volkswagen assets in Russia
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +1 min

MOSCOW, March 20 (Reuters) - A Russian court on Monday froze all Volkswagen (VOWG_p.DE) assets in Russia, court documents seen by Reuters showed. Volkswagen was one of a string of foreign carmakers that suspended operations in Russia after western countries imposed unprecedented sanctions on Moscow over the conflict in Ukraine. Russian auto manufacturer GAZ, which was contracted to produce Volkswagen vehicles at its factory in Nizhny Novgorod, had sued the German carmaker for breach of contract after Volkswagen terminated the agreement in August. GAZ estimated its losses from the terminated contract at almost 16 billion roubles ($207.79 million). Volkswagen is attempting to sell its flagship Russian factory in Kaluga, south of Moscow.

☆ European supervisors say shares should be wiped out before bonds
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, March 20 (Reuters) - European supervisors tried to stop a rout in the market for convertible bank bonds on Monday, saying owners of this type of debt would only suffer losses after shareholders have been wiped out - unlike what happened at Credit Suisse (CSGN.S). The European Banking Authority, European Central Bank and the Single Resolution Board and were reacting to a decisions by Swiss authorities to write off Credit Suisse's Additional Tier 1 bonds even as stockholders received shares in UBS (UBSG.S). The three European regulators - respectively responsible for writing the rules, applying them and winding down failing banks - said they would continue to impose losses on shareholders before bondholders. "Additional Tier 1 is and will remain an important component of the capital structure of European banks," they added. The supervisors welcomed, however, "the comprehensive set of actions taken yesterday by the Swiss authorities" to save Credit Suisse.

☆ French strikes continue to block refinery shipments and LNG terminals
▼ + stars: | 2023-03-20 | by ( Forrest Crellin | ) www.reuters.com time to read: +4 min

REUTERS/Eric GaillardPARIS, March 20 (Reuters) - Shipments of refined products from French refinery and depots were blocked on Monday by a 13th day of strike action, though some refineries operated with a reduced flow. The cost of keeping LR2 vessels floating outside ports is leading many traders to avoid shipments into France, traders said. Strikes also continued through the weekend and into Monday at ExxonMobil (XOM.N) subsidiary Esso's Fos refinery, blocking deliveries, CGT union representative Germinal Lancelin said. At French liquefied natural gas (LNG) terminals, the strike was extended until March 27 at the three terminals operated by Engie (ENGIE.PA) subsidiary Elengy, a union representative said. Another vote will be held later this week, possibly on Wednesday, on whether to take further strike action, the representative added.

☆ Credit Suisse executive board will not receive a bonus for 2022
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +1 min

ZURICH, March 14 (Reuters) - Credit Suisse (CSGN.S) group's executive board took home 32.2 million Swiss francs ($35.27 million) in fixed compensation while collectively forgoing a bonus for the first time in more than 15 years, the Swiss bank said in its annual report published on Tuesday. In February, Credit Suisse Group reported that 2022 was its biggest annual loss since the 2008 global financial crisis after rattled clients pulled billions from the bank, and it warned that a further "substantial" loss would come this year. Chief Executive Ulrich Koerner earned 2.5 million francs in 2022, including for his role at Credit Suisse before taking over as CEO in July. Axel Lehmann proposed to voluntarily waive his chair fee of 1.5 million francs, bringing his total compensation for his first year as Chairman to 3.2 million francs. ($1 = 0.9129 Swiss francs)Reporting by Noele Illien, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ OPEC raises Chinese oil demand growth view, flags econ risks
▼ + stars: | 2023-03-14 | by ( Alex Lawler | ) www.reuters.com time to read: +3 min

"China's reopening, following the lifting of the strict zero-COVID-19 policy, will add considerable momentum to global economic growth," OPEC said in the report. "The rapid rises in interest rates and global debt levels could cause significant negative spill-over effects, and may negatively impact the global growth dynamic," OPEC added. OPEC expects Chinese oil demand to grow by 710,000 bpd in 2023, up from last month's forecast of 590,000 bpd and a contraction in 2022. OPEC was cautious on economic prospects, leaving its 2023 global growth forecast at 2.6%. OPEC's share of the cut is 1.27 million bpd.

☆ Philippines beefs up efforts to contain oil leak from sunken tanker
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +2 min

[1/2] An aerial view shows the oil spill from the sunken fuel tanker MT Princess Empress on the shores of Pola, in Oriental Mindoro province, Philippines, March 8, 2023. REUTERS/Eloisa Lopez/File PhotoMANILA, March 14 (Reuters) - Philippine authorities have increased efforts to contain an oil spill from a sunken fuel tanker that has affected coastal towns and was still spreading, the environment ministry said on Tuesday, as the country grapples with cleanup challenges. The vessel was carrying about 800,000 litres (211,338 gallons) of industrial fuel oil when it sank, according to the coast guard. Resorts in Oriental Mindoro, also known for world-class beaches and dive spots, have already been reeling from the impact of the oil spill, as tourists cancel reservations during what is supposed to be peak season. They also raised concerns about whether the tanker owner could file insurance claims despite questions about the ship's permit to operate.

☆ Macron seeks French pension reform support as strikes run on
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +3 min

PARIS, March 13 (Reuters) - Strikes blocking fuel deliveries from French refineries ran into a sixth day on Monday, piling further pressure on President Emmanuel Macron as he races to shore up support for unpopular pension reforms in a final parliamentary vote. The last and crucial moment would then be a final vote, Thursday, both in the Senate and in the National Assembly. [1/3] A view shows the French oil giant TotalEnergies refinery in Donges near Saint-Nazaire, France, March 10, 2023. REUTERS/Stephane Mahe 1 2 3Macron's party needs the support of Les Republicains in the National Assembly to ensure the bill is approved. Veran also echoed Prime Minister Elisabeth Borne, who has said she preferred a vote rather than using the 49:3 procedure, which refers to the related article in the French constitution.

☆ No departures at Berlin, Bremen, Hamburg airports as security staff strike
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +1 min

[1/5] A person with luggage stands in an airport hall, as airport workers protest at BER airport during a strike called by German trade union Verdi, in Berlin, Germany, March 13, 2023. REUTERS/Christian MangBERLIN, March 13 (Reuters) - Berlin, Bremen and Hamburg airports said no commercial flights would take off on Monday due to a strike by trade union Verdi over pay. "Due to the warning strike by employees at the aviation security controls, no commercial departures will take place at BER today, March 13. Incoming flights may also be affected," Berlin airport said on its website. Verdi has called for security staff to strike at Berlin airport due to disputes over pay for working nights, weekends and bank holidays that had been going on for years.

Search resuls for: "Louise Heavens"

25 mentions found