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Electric power transmission pylon miniatures and Iberdrola logo are seen in this illustration taken, December 9, 2022. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsLONDON, Nov 17 (Reuters) - Spanish utility Iberdrola is planning to make an offer for Electricity North West (ENWL) that could value the British power distribution network at a maximum of 3.5 billion pounds ($4.34 billion), two sources familiar with the matter said. Iberdrola (IBE.MC) declined to comment on any involvement in the ENWL sale process, which one of the people, who spoke on condition of anonymity, said is expected to start in December. Iberdrola is ramping up its investments in electricity networks, aiming to deploy 27 billion euros until 2025, with the goal of achieving 30% growth in core earnings of its networks unit to up to 8.5 billion euros. Iberdrola expects to receive around 6 billion euros from partnerships and asset sales by the end of the year that will help it close 2023 with a net debt of around 43 billion euros, roughly in line with 2022.
Persons: Dado Ruvic, Jefferies, KKR spokespeople, JP Morgan, Andres Gonzalez, Pietro Lombardi, Anousha Sakoui, Alexander Smith Organizations: REUTERS, Electricity, Reuters, Japan's Kansai Electric Power Co, Macquarie, KKR, ENWL, Scottish Power, Colonial First State, Iberdrola, Thomson Locations: Manchester , Lancashire, Cumbria, Iberdrola, ENWL, Merseyside , Cheshire, North Wales, North Shropshire, England, Central, Southern Scotland
Police blocked off parts of the main highway as the marchers began to ascend the foothills leading to Jerusalem. They held up pictures of their loved ones, waved Israeli flags, and chanted "We won't give up, we demand the hostages' release!" Hamas fighters took around 240 people hostage during their Oct. 7 attack on southern Israel. Bring them back home now," said Yuval Haran, who walked with a placard showing seven members of his family who were taken hostage, including his three-year-old niece. The families and their supporters say they will end the march of about 60 km (37 miles) on Saturday in front of Prime Minister Benjamin Netanyahu's residence in Jerusalem.
Persons: Yuval Haran, Steffen Seibert, Benjamin Netanyahu's, Ilan Rosenberg, Gareth Jones Organizations: Palestinian, Police, Thomson Locations: Jerusalem, Latrun, Israel, JERUSALEM, Gaza, Tel Aviv
A Vietnamese naval soldier stands quard at Thuyen Chai island in the Spratly archipelago in the South China Sea on January 17, 2013. China, Vietnam, the Philippines, Malaysia, Brunei and Taiwan all claim territory in the sea, which covers important shipping routes and is thought to hold untapped oil and gas reserves. China claims sovereignty over vast swathes of the South China Sea, including the areas where Vietnam has been building up islands. China, Brunei, Malaysia, the Philippines, Taiwan and Vietnam have lodged competing claims for some or all of the Spratly Islands. In August, the Philippines, Malaysia, Taiwan and Vietnam rejected a map released by China that denotes its claims to sovereignty including in the South China Sea.
Persons: Thuyen, Khanh Vu, Robert Birsel Organizations: Washington's Center, Strategic, International Studies, Vietnam's Ministry of Foreign Affairs, CSIS's, Transparency, Thomson Locations: Thuyen Chai, Spratly, South, China, Vietnam, Philippines, Malaysia, Brunei, Taiwan, HANOI, South China, U.S, Spratly Islands, CSIS's Asia
Published Tuesday, the "State of Climate Action 2023" paints a sobering picture of the challenges that policymakers face as they gear up for the COP28 climate change summit in Dubai, United Arab Emirates at the end of November. Tuesday's report takes that 1.5 degrees goal and develops targets for 2030 and 2050 that align with it. The U.N. has previously noted that 1.5 degrees Celsius is viewed as being "the upper limit" when it comes to avoiding the worst consequences of climate change. "Despite decades of dire warnings and wake-up calls, our leaders have largely failed to mobilize climate action anywhere near the pace and scale needed," Boehm added. Nationally Determined Contributions, or NDCs, refer to individual countries' targets for cutting emissions and adapting to the effects of climate change.
Persons: Aditya Aji, Sophie Boehm, Boehm, tinker, Ani Dasgupta Organizations: AFP, Getty, United Arab Emirates, CNBC, World Resources Institute, UN, ClimateWorks, United Nations Locations: Indonesia, Dubai, United Arab, Paris
Target uses its almost 2,000 stores to deliver 95% of its online orders. Now it’s ramping up its speed by investing $100 million in local sorting centers to keep up with Amazon and Walmart. WSJ visits Target’s first sorting center to explore its store-centric strategy. For over a year, shoppers have pulled back on buying a range of discretionary items from cargo pants to patio furniture as prices for essential purchases such as food have gone up. Now, some retailers say inflation has cooled in many categories, which could further pressure sales growth.
Persons: it’s, Adam Falk Organizations: Amazon, Walmart, WSJ, Target’s
Shoppers Are Finally Getting a Break on Prices
  + stars: | 2023-11-16 | by ( Sarah Nassauer | Suzanne Kapner | ) www.wsj.com   time to read: 1 min
Target uses its almost 2,000 stores to deliver 95% of its online orders. Now it is ramping up its speed by investing $100 million in local sorting centers to keep up with Amazon and Walmart. WSJ visits Target’s first sorting center to explore its store-centric strategy. For over a year, shoppers have pulled back on buying a range of discretionary items from cargo pants to patio furniture as prices for essential purchases such as food have gone up. Now, some retailers say inflation has cooled in many categories, which could further pressure sales growth.
Persons: Adam Falk Organizations: Amazon, Walmart, WSJ, Target’s
Inside Target’s Strategy to Compete With Amazon, Walmart in Fast ShippingTarget uses its almost 2,000 stores to deliver 95% of its online orders. Now it’s ramping up its speed by investing $100 million in local sortation centers to keep up with Amazon and Walmart. WSJ visits Target’s first sortation center to explore its store-centric strategy. Photo: Adam Falk
Persons: it’s, Target’s, Adam Falk Organizations: Amazon, Walmart, Fast Shipping Target, WSJ
Court auction to sell Shimao land in Shenzhen fails again
  + stars: | 2023-11-16 | by ( ) www.reuters.com   time to read: +2 min
The logo of property developer Shimao Group is seen on the facade of Shimao Tower in Shanghai, China January 13, 2022. REUTERS/Aly Song/File Photo Acquire Licensing RightsHONG KONG, Nov 16 (Reuters) - A court auction to sell vast commercial land plots owned by defaulted Shimao Group (0813.HK) in Shenzhen failed for a second time on Thursday as there were no bidders, highlighting weak demand in China's property market. Twelve land plots totalling 243,602 square metres, together with some uncompleted buildings on them, have asked for 10.4 billion yuan ($1.4 billion), 20% lower than the 13 billion yuan starting price in the first auction in July, according to e-commerce company JD.com's (9618.HK) online auction platform. The Shenzhen plots were part of the land parcel bought by Shanghai-based Shimao in 2017, which planned to build a new landmark complex in China's tech hub with the city's tallest skyscraper. Media reports said the land plots, valued at 16.3 billion yuan, were the most valuable assets being auctioned by Chinese courts in seven years.
Persons: Aly, Clare Jim, Stephen Coates Organizations: Shimao, REUTERS, HK, Media, Authorities, Thomson Locations: Shanghai, China, HONG KONG, Shenzhen
Treasury yields have retreated, and that's good news for one kind of income asset – preferred securities, according to UBS. US10Y YTD line U.S. 10-year Treasury yield in 2023 This month has offered some relief as the 10-year Treasury yield slipped back below 4.5%. "Indeed, a dramatic rate pullback in the early days of November has already sparked a sharp rebound in preferreds," Sileo said. "Callable in July 2028, this fixed-for-life perpetual pays a high 7.375% fixed coupon and offers an attractive [yield to call/current yield]." Investors can receive an attractive yield on a high-quality crossover credit, recently upgraded by S & P following the acquisition by Brookfield [Infrastructure]."
Persons: preferreds, Frank Sileo, US10Y, Sileo, Callable, Michael Bloom Organizations: UBS, Americas, Treasury, Moody's Investors Service, Allstate, Triton International, Triton, Brookfield Locations: preferreds, Infrastructure
Now it’s ramping up its speed by investing $100 million in local sortation centers to keep up with Amazon and Walmart. WSJ visits Target’s first sortation center to explore its store-centric strategy. Photo: Adam FalkConsumers spent less at stores, dealerships and gas stations last month, a sign the summer spending boom is cooling heading into the holiday shopping season. U.S. retail sales fell 0.1% in October from a month earlier, the Commerce Department said Wednesday. Declining retail sales, combined with slower hiring and easing inflation indicate that the economy is cooling after surprisingly strong growth much of this year.
Persons: it’s, Target’s, Adam Falk Consumers Organizations: Amazon, Walmart, WSJ, Commerce Department
President Joe Biden on Wednesday announced his administration secured agreements with China to resume military communications and combat fentanyl after his first in-person meeting with Chinese President Xi Jinping in a year. “Vital miscalculations on either side can cause real, real trouble with a country like China – or any other major country,” Biden said. During the press conference, Biden added that he believes the ultimate answer to the war in Gaza is a two-state solution. Biden mentioned he raised concerns about China’s human rights and tension between China and the Philippines in the South China Sea. Overall, though, Biden presented an optimistic view about future relations with China.
Persons: Joe Biden, Xi Jinping, Biden, , “ I’m, ” Xi, , ” Biden, “ It's, Xi's, that’s Organizations: Wednesday, Economic Cooperation, U.S, Western, State Department Locations: China, United States, Asia, San Francisco, U.S, Beijing, Ukraine, Israel, Gaza, Taiwan, Philippines, South China
China's property sales extend declines, weighing on outlook
  + stars: | 2023-11-15 | by ( ) www.reuters.com   time to read: +2 min
Property sales by floor area fell 20.33% year-on-year against a 19.77% fall in September, according to Reuters calculations based on data released by the National Bureau of Statistics (NBS). Sales fell 7.8% year-on-year in January-October, compared with a 7.5% slide in the first nine months of 2023. Property investment fell 16.7% from a year earlier after an 18.7% slide in September, according to Reuters calculations. New construction starts measured by floor area fell 23.2% year-on-year, after a 23.4% slump in the first nine months. Funds raised by China's property developers were down 13.8% year-on-year after a 13.5% fall in January-September.
Persons: Thomas Peter, Ping, Liangping Gao, Ella Cao, Ryan Woo, Sam Holmes Organizations: REUTERS, Rights, National Bureau of Statistics, Authorities, Bloomberg, Reuters, HK, Ping An Insurance, Thomson Locations: Zhengzhou, Henan province, China, Rights BEIJING
UBS reiterates Apple as neutral UBS said its survey checks show wait times for Apple's iPhone Pro have subsided. Wells Fargo initiates Matador Energy as overweight Wells said the energy company has a "strong track record of growth." Citi upgrades Vipshop to buy from neutral Citi upgraded the e-commerce company after its earnings report. Bank of America upgrades American Eagle to neutral from underperform Bank of America upgraded the stock ahead of earnings next week. Morgan Stanley reiterates DraftKings as overweight Morgan Stanley said it sees more upside for the stock after its investor day. "
Persons: Holley, Jefferies, Wells, Morgan Stanley downgrades Energizer, Morgan Stanley, Bracken Darrell, Matt Puckett, Investor Relations Allegra Perry, Redburn, RTX, Mizuho, AFRM, Cantor Fitzgerald downgrades, Myers, Cantor, We've, it's, DraftKings Organizations: Jefferies, UBS, Apple, Matador Energy, Citi, Bank of America, underperform Bank of America, Barclays, American, Bears, Netflix, Netflix Inc, Air Corp, Vertiv Holdings Co, Wells Fargo, Warner Music Group, JPMorgan, Corp, Investor Relations, Brands Conference, Raytheon, Canadian, TAM, Deutsche Bank, Disney, Deutsche, Nvidia, Partners Locations: China, Europe, Japan, AXP, Paris, CSIQ, Bristol, F4Q
That has been a sticking point for the United States in months of discussions with Beijing on climate change. The United States and China have an outsize role to play there as nations debate whether to phase out fossil fuel. That is significant because the current Chinese climate goal addresses only carbon dioxide, leaving out methane, nitrous oxide and other gases that are acting as a blanket around the planet. Then, early this year, an American fighter jet shot down a Chinese spy balloon that had floated over the continental United States. When it comes to climate change, no relationship is as important as the one between the United States and China.
Persons: Biden, Xi Jinping, , David Sandalow, Clinton, Obama, Sandalow, they’re, Mr, John Kerry, Xie Zhenhua, , Xi, Manish Bapna, ” Mr, Bapna, Kerry, Xie, Valerie Volcovici, Nancy Pelosi, Kerry’s, optimistically, . Biden, Donald Trump, Keith Bradsher Organizations: Hamas, Columbia University’s Center, Global Energy, International Energy Agency, U.S ., Cooperation, Natural Resources Defense Council, Beijing, Republican Locations: Bohai, Weifang, China, United States, Taiwan, Ukraine, Israel, Beijing, Dubai, United Nations, United Kingdom, U.S, California, , Europe, American, America
San Francisco CNN —President Joe Biden hopes to walk away from his closely watched summit with Chinese President Xi Jinping on Wednesday having put the US-China relationship on steadier footing after months of tension between the two superpowers. Biden administration officials have been working ever since to restore the channel, but those efforts were hampered by the tense episode involving a Chinese spy balloon that Biden ordered shot down earlier this year. And American officials have watched carefully as China scales up its military exercises in the water and air around the island. A political tight ropeAs Biden was preparing for Wednesday’s summit, Republicans questioned his decision to seek a meeting with Xi. The deal, which has been a priority for the Biden administration, would target companies that produce and export the source material to make the deadly synthetic opioid.
Persons: Joe Biden, Xi Jinping, Biden, Xi, week’s Biden, Jake Sullivan, Wang Yi, Antony Blinken, Janet Yellen, Gina Raimondo, John Kerry, , , they’d, Nancy Pelosi, ” Sullivan, ” Biden, “ They’ve, Nikki Haley, , Sullivan Organizations: San Francisco CNN, Foreign, China’s, American, , China’s Communist Party, Biden, South, Republicans Locations: San, China, East, Europe, Beijing, California, Washington, Bay, Taiwan, Bali, San Francisco, South Carolina, Mexico
[1/2] FILE PHOTO: Robotic arms assemble cars in the production line for Leapmotor's electric vehicles at a factory in Jinhua, Zhejiang province, China, April 26, 2023. Retail sales, a gauge of consumption, rose 7.6% in October, quickening from a 5.5% gain in September and hitting the fastest growth since May. Analysts had expected retail sales to grow 7.0% due to the low base effect in 2022 when COVID curbs disrupted consumers and businesses. The PBOC has cut banks' reserve requirement ratio (RRR) twice this year to free up liquidity to aid the economic recovery. Fixed asset investment expanded 2.9% in the first 10 months from the same period a year earlier, versus expectations for a 3.1% rise.
Persons: Xing Zhaopeng, Albee Zhang, Liangping Gao, Shri Navaratnam Organizations: REUTERS, Rights, National Bureau of Statistics, Analysts, ANZ, People's Bank of China, Bloomberg, Thomson Locations: Jinhua, Zhejiang province, China, Rights BEIJING, quickening
The Stealthy Sailboat-Submarine Drone the U.S. Navy Is Using Near IranAs the U.S. races to counter adversaries like Iran and China with drones, Ocean Aero is ramping up production of the Triton, an autonomous sailboat-turned-submarine that can carry weapons and other payloads. WSJ’s Shelby Holliday got a closer look. Photo illustration: Jamie Leventhal
Persons: Shelby Holliday, Jamie Leventhal Organizations: U.S . Navy, Triton Locations: Iran, U.S, China
"Your whole year boils down to a 15 to 30-minute conversation," explained compensation consultant Alan Johnson. And that will result in some difficult conversations when bonus numbers start getting passed out early next year, said Johnson. This year, Johnson's New York-based compensation consulting firm, Johnson Associates, expects bonuses to be largely down from last year. The only exceptions would be for equity underwriting, retail and commercial bankers at large institutions, and wealth management. Scroll down for more on Johnson Associates' 2023 bonus report, including its predictions for M&A advisory, underwriting, sales and trading, private equity, and commercial banking.
Persons: Banks, Alan Johnson, you've, Johnson, You've, Wall, Thomas DiNapoli, It's Organizations: Labor, Business, NY, Johnson's, Johnson Associates, JPMorgan, Bank of America Locations: Johnson's New York
The jingle, last used in the mid-2000s, became an earworm for anyone watching TV during the ’90s when it seemingly blanketed the airwaves nonstop. Chili’s is hoping that nostalgia will draw renewed interest in the restaurant chain that’s in the midst of a turnaround. The new TV ad, featuring Boyz II Men singing a modernized version of the jingle, will also be promoted on social media this month. “It feels natural for us to rerelease the ‘Baby Back Ribs’ jingle and pay homage to Chili’s legendary menu item in a nostalgic way,” the group said in a release. The latest version is the “biggest rerelease of Chili’s iconic earworm yet and doesn’t stray too far from the original version,” the chain said.
Persons: Boyz, Guy Bommarito, Chili’s, Bommarito, , Kevin Hochman, Brinker, Hochman, they’re “ Organizations: New, New York CNN, GSD, Brinker International, KFC, Brinker Locations: New York
“It can be assumed that the 1 million rounds will not be reached,” Boris Pistorius said ahead of an EU defense ministers meeting in Brussels. In March, EU member states agreed to provide Ukraine with 1 million rounds of artillery ammunition for Ukraine to be delivered within 12 months. The US has also been ramping up ammunition production to supply Ukraine. Ukraine’s Foreign Minister Dmytro Kuleba said Kyiv urgently needed the EU to ramp up its ability to supply ammunition for the Ukrainian military. Ukraine is “ringing the bells a lot and loudly” over EU ammunition supply, he said on national television on Monday night.
Persons: ” Boris Pistorius, Pistorius, Josep Borrell, Borrell, Boris Pistorius, Omar Havana, Dmytro Kuleba, , , ” Nick Witney, Tom Waldwyn, Waldwyn Organizations: CNN, EU, German, South Korea’s National Intelligence Service, Ukraine’s, European Council, Foreign Relations, International Institute for Strategic Studies Locations: Ukraine, Kyiv, Russia, Brussels, EU, Ukraine’s, South, North Korea, Europe
The United States and China, the world’s two largest climate polluters, have agreed to jointly tackle global warming by ramping up wind, solar and other renewable energy with the goal of displacing fossil fuels, the State Department said Tuesday. The announcement comes as President Biden prepares to meet Wednesday with President Xi Jinping of China for their first face-to-face discussion in a year. The statements of cooperation released separately by the United States and China do not include a promise by China to phase out its heavy use of coal, the dirtiest fossil fuel, or to stop permitting and building new coal plants. That has been a sticking point for the United States in months of discussions with Beijing on climate change. That appears to be the first time China has agreed to cut emissions in any part of its economy.
Persons: Biden, Xi Jinping Organizations: State Department, Hamas Locations: States, China, Taiwan, Ukraine, Israel, United States, Beijing
President Joe Biden and his Chinese counterpart, Xi Jinping, will talk in the San Francisco Bay Area on Wednesday for their second in-person meeting. The meeting is sure to cover many high-stakes topics, including Russia's invasion of Ukraine and the Israel-Hamas conflict. While the meeting is noteworthy, the Biden administration is keeping expectations low given that the two countries disagree on many subject areas. Political Cartoons on World Leaders View All 228 Images“We're not talking about a long list of outcomes or deliverables,” a senior administration official told reporters on a Sunday call. “We're going to cover a whole range of topics that are potentially contentious,” a senior administration official said.
Persons: Joe Biden, Xi Jinping, Biden, “ We’re, ” Biden, , Jake Sullivan, ” Sullivan, Biden “, “ We're, Organizations: San Francisco Bay Area, Economic Cooperation, U.S, Union, CBS, Defense Department Locations: San Francisco Bay, Ukraine, Israel, China, Asia, San Francisco, “ State, Pacific, U.S
View of the Cobre Panama mine, of Canada's First Quantum Minerals, in Donoso, Panama, December 6, 2022. Panama has a long mining history but Cobre Panama is the first major new investment this century. There are now calls not just for the Cobre Panama mine to be closed but for Panama to shun all future mining as well. By the time detailed negotiations on a new contract started in 2021, the mine was already ramping up to full production. The tale of Cobre Panama is an object lesson in getting it wrong.
Persons: El Salvador, Rosalba O'Brien Organizations: Minerals, REUTERS, Aris, Quantum, Environmental, Panama's, Justice, Supreme, Canada, Swedish Sámi Association, European Union, Reuters, Thomson Locations: Panama, Donoso, Rincon, Cobre Panama, Canada, American, Europe, Serbia, Scandinavia, Russia, Panamanian
Stocks and government bonds are soaring after the CPI report showed inflation cooled more than expected to 3.2% in October from a year ago. Treasurys are on track for one of their biggest one-day rallies of the year, while many traders are ramping up bets on rate cuts. Stocks jumped. The two-year yield is on track for its biggest one-day decline since May. Gains in the stock market were broad.
Persons: Stocks Organizations: Federal Reserve, Tech, Nasdaq, Dow Jones, Treasury, Nvidia Locations: Asia, Hong Kong, Tokyo, Europe
The West could live with a frozen Ukraine conflict
  + stars: | 2023-11-13 | by ( Hugo Dixon | ) www.reuters.com   time to read: +7 min
Ukraine may be heading for a similarly frozen conflict with Russia. So a frozen conflict would help the West achieve – at least partly – its key geostrategic aim: to show hostile powers that it doesn’t pay to invade one of its friends. In a frozen conflict, Ukraine would still need to invest heavily in massive fortifications, anti-missile defence systems and technology to deter Russian attacks. ECONOMIC WARIn a frozen conflict, sanctions against Russia would probably remain more or less in place. REBUILDING UKRAINEIt will be harder to rebuild Ukraine’s infrastructure in a frozen conflict than if there was peace.
Persons: Nuzhnenko, Vladimir Putin, Putin, Valery Zaluzhny, Volodymyr Zelenskiy’s, Joe Biden, Donald Trump, Tim Ash, Peter Thal Larsen, Thomas Shum Organizations: Ukraine's National Guard Omega, Radio Free, Radio Liberty, REUTERS Acquire, Reuters, Moscow, Hamas, U.S, EU, International Monetary Fund, Kremlin, Investors, BlueBay Asset Management, Soviet, Cyprus, European Commission, West, Thomson Locations: Avdiivka, Ukraine, Donetsk region, Radio Free Europe, Korea, Cyprus, Russia, Kyiv, , Israel, United States, Moscow, North Korea, Iran, Russian, UKRAINE, West Germany, Soviet Union
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