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☆ INEOS Quattro to raise 750 mln euros from loans, pay dividend
▼ + stars: | 2023-02-24 | by ( Chiara Elisei | ) www.reuters.com time to read: +1 min

LONDON, Feb 24 (Reuters) - Chemicals company INEOS Quattro is planning to raise 750 million euros ($794 million) from the sale of two loans, according to a lead manager memo seen by Reuters on Friday. The seven-year financing - which comprises a euro loan and a minimum $400 million loan - will fund a dividend payment and the rest will be used for general corporate purposes, the memo said. INEOS Quattro is owned by global chemical company INEOS, which is among the bidders for Manchester United. INEOS wants to fund an offer without external financing, but could consider bringing in a minority equity partner, Reuters reported earlier this week, citing a source. JP Morgan and Deutsche Bank are leading the new loan sale for INEOS Quattro, according to the memo.

☆ Fed economists say the central bank will have to cause serious pain to Americans and the economy if it sticks to its current path
▼ + stars: | 2023-02-24 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

In the Fed minutes released this week, the central bank's own economists have started to sound the alarm on a recession. Jerome Powell, for his part, has insisted that the Fed's 2% inflation target is set in stone. The jobless rate today stands at 3.4%. We will have other things to worry about at that point besides whether the Fed's inflation target should be 2.0 or 2.75 percent." How realistic do you think the Fed's 2% inflation target is?

☆ More volatility, possible correction ahead for global stock markets: Reuters poll
▼ + stars: | 2023-02-23 | by ( Hari Kishan | ) www.reuters.com time to read: +5 min

SummarySummary Companies poll datahttp://tmsnrt.rs/2nHJiJ9https://tmsnrt.rs/3EwxtMLhttps://tmsnrt.rs/3EwgwloBENGALURU, Feb 23 (Reuters) - Volatility in global stock markets is not yet over, as more investors reckon interest rates will likely stay higher for longer, according to a Reuters poll of equity analysts, a slight majority of whom expected a correction within three months. "Valuations are stretched across equity markets after the rally year-to-date. The Feb. 10-22 Reuters poll of more than 150 strategists, analysts and fund managers covering 17 global stock indices, found 56% were expecting a correction in their local market in the next three months. Latam stock markets will have a relatively better year with Mexican stocks expected to advance 6.7% to 57,500 points and Brazil's Bovespa stock index predicted to gain 14.5% to 125,000 points by year-end. (Other stories from the Reuters Q1 global stock markets poll package:)Reporting by Hari Kishan and Sarupya Ganguly; Additional reporting and polling by correspondents in Bengaluru, Buenos Aires, London, Mexico City, Milan, New York, San Francisco, Sao Paulo, Tokyo and Toronto; Editing by Ross Finley and Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

☆ POLL Global stocks to correct in short term as inflation weighs
▼ + stars: | 2023-02-23 | by ( Hari Kishan | ) www.reuters.com time to read: +4 min

Summary poll datahttp://tmsnrt.rs/2nHJiJ9BENGALURU, Feb 23 (Reuters) - Global stock markets are expected to correct in the next three months as investors digest the fact that interest rates are likely to stay higher for longer, according to a Reuters poll of equity analysts. The poll showed a majority would fall short, or just about recoup their 2022 losses by the end of the year. Stocks have rallied about 20% in recent months and some strategists say that the market has gone too far. "Valuations are stretched across equity markets after the rally year-to-date. A stronger 70% majority of analysts, 57 of 82, expected value stocks to outperform growth stocks this year.

Stellantis said it had achieved cash synergies of 7.1 billion euros last year, far exceeding the 5 billion euros by 2024 target it had set at the time of the merger. Stellantis's adjusted second-half earnings before interest and tax (EBIT) grew 17% to 10.95 billion euros, topping a consensus estimate of 9.63 billion euros in a Reuters poll of analysts. The margin on adjusted EBIT was 12% in the second half, down from 14.1% in the first six months of the year. It reiterated the same margin target for 2023, as well as one for positive cash flows. ($1 = 0.9393 euros)Reporting by Giulio Piovaccari; Editing Jan Harvey, Mark Potter and Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

☆ Iraq to allow trade with China in yuan - state media
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +1 min

DUBAI, Feb 22 (Reuters) - Iraq's central bank said on Wednesday it planned to allow trade from China to be settled directly in yuan for the first time, in an attempt to improve access to foreign currency. The central bank could, as part of its plan, boost the balances of Iraqi banks that have accounts with Chinese banks in yuan, it said in a statement. Another option would be to boost local banks' balances via the central bank's accounts with JP Morgan and Development Bank of Singapore (DBS), it added. The first option would depend on the central bank's yuan reserves, while the other would use the bank's U.S. dollar reserves at JP Morgan and DBS. The two banks would convert the dollars to yuan and pay the final beneficiary in China, Salih explained.

☆ AI is helping your company decide who to lay off
▼ + stars: | 2023-02-22 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +6 min

HR leaders are planning to use AI to help them make layoff decisions this year. ChatGPT isn't among the AI tools being used for personnel decisions. It's unclear how many companies use AI tools when conducting performance reviews and promotions, but some employees say they're concerned about it. AI is being used for hiring and firing, but some experts have concernsFor many years, companies have used AI to process resumes, conduct interviews, and evaluate candidates. While some experts have argued AI tools could help reduce bias during the hiring process, others have raised concerns.

☆ Bumper merger savings help Stellantis profit top forecast
▼ + stars: | 2023-02-22 | by ( Giulio Piovaccari | ) www.reuters.com time to read: +3 min

It will also pay a dividend of 4.2 billion euros on 2022 results, or 1.34 euros per share. Adjusted earnings before interest and tax (EBIT) came in at 10.95 billion euros for July-December, topping analysts' consensus estimate in a Reuters poll of 9.63 billion euros. It reiterated the same margin target for 2023, as well as one for positive cash flows. Increased industrial costs had an overall impact on the group's results last year of over 9 billion euros. "Challenges continue in securing capacity for (vehicle) outbound transportation: initially it was from plants to compounds and from compounds to dealers.

☆ US companies have stopped talking about an imminent recession
▼ + stars: | 2023-02-22 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +3 min

Executives at major US companies have slowed down warnings of a coming recession. That's according to a Goldman Sachs analysis of US company earnings calls. Goldman Sachs, for instance, recently cut its odds for a recession over the next year from 35% to 25%. The Goldman Sachs note, for instance, listed 10 corporations that predicted a recession this year on their most recent earnings calls, including Bank of America, Citigroup, McDonald's, JP Morgan, UPS, and Tesla. While it hasn't made much of a dent in unemployment data yet, many companies have done layoffs in recent months.

☆ Fund manager: U.S. banks are 'far better' than international peers
▼ + stars: | 2023-02-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFund manager: U.S. banks are 'far better' than international peersFreddie Lait, managing partner and portfolio manager at Latitude Investment, says U.S. banks are unlikely to be hit hard even in a recession scenario thanks to their "well capitalized" balance sheets. JP Morgan and Goldman Sachs are among the top 10 holdings in Lait's fund.

LONDON, Feb 20(Reuters) - Administrators of Sova Capital, a collapsed London broker formerly controlled by Russian banker Roman Avdeev, are seeking UK court approval to sell a pile of Russian securities to Avdeev in a complex and novel attempt to shift illiquid Russian assets. Teneo lawyer Mark Phillips told the court that the portfolio of Russian stocks had become "trapped" inside Sova, which had offered foreign investors access to Russian markets. "There is a substantial portfolio of Russian securities," Phillips said, "significantly impacted by legal restrictions and sanctions imposed by authorities around the world." Russian financial institutions, meanwhile, were mostly "subject to sanctions or asset freezes," which severely limited the "universe of potential buyers," Philips said. Lawyers expect wealthy individuals and institutions to continue seeking court approval for ways of exiting Russian investments while complying with sanctions.

ORLANDO, Fla., Feb 16 (Reuters) - The notion that higher interest rates would slam stocks has been turned on its head by Wall Street's resilience to the most dramatic upward repricing of the U.S. rate outlook in decades. More remarkable still, it is the areas most sensitive to higher borrowing costs - tech, the Nasdaq and growth stocks - that are outperforming in the face of soaring bond yields, implied rates and Fed expectations. These sectors are more sensitive to rising yields because future cash flows and profits are discounted at higher rates. "Higher interest rates are less bad for stock prices, even though rates can continue to weigh on multiples." In a higher rate regime, profitability matters.

☆ Optimism about stocks is still too high as the US economy is showing 'the overheat before the retreat', JPMorgan strategist says
▼ + stars: | 2023-02-17 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +2 min

Investors are still too optimistic about the outlook for stocks, JP Morgan Asset Management's Meera Pandit told CNBC. The market's reacting to strong economic data, but that's 'probably the overheat before the retreat,' she said. "Right now it's reacting to very strong economic data, overshoot on jobs, CPI, PPI retail sales, industrial production, but I would say that this is probably the overheat before the retreat in the economy," Pandit told CNBC on Thursday. US labor-market data has remained strong in recent months and inflation fell in January to 6.4% — the lowest level in over a year. That's stoked some investor optimism that the central bank may be able to bring inflation down without tipping the economy into a recession.

☆ Finland and Sweden's plans to join NATO could be delayed after Turkey's devastating earthquake
▼ + stars: | 2023-02-17 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

Finland is concerned that its application to join NATO in the wake of Russia's invasion of Ukraine will be delayed after a devastating earthquake in Turkey. Joining NATO has been a somewhat difficult process for Finland and Sweden, with Hungary and Turkey holding back their ratification. These tensions between Turkey and Sweden have raised the possibility that Finland will be accepted in the NATO alliance first, separate from Stockholm. "It is up to Turkey if they separate us," Haavisto said, adding that Helsinki would prefer if Sweden were to join at the same time. The entire process might now be on hold for longer, given the recent 7.8-magnitude earthquake that hit Turkey and Syria on Feb. 6.

☆ Lawsuit alleges Jeffrey Epstein sent JPMorgan Chase exec photos of young women
▼ + stars: | 2023-02-17 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +5 min

New York CNN —Former Barclays CEO Jes Staley allegedly exchanged sexually suggestive emails with disgraced financier Jeffrey Epstein, some of which included photos of young women, according to newly unsealed passages of a federal lawsuit. He isn’t a defendant in the lawsuit and has not been charged criminally with any activities related to Epstein. The lawsuit alleges JPMorgan Chase “had a more than close-up view of Epstein’s sex-trafficking” and “ignored obvious red flags relating to Epstein’s accounts.”Both JPMorgan Chase and Barclays declined to comment on the newly unsealed passages. I have few so profound.”One month later, Staley allegedly sent another email to Epstein: “I realize the danger in sending this email. JPMorgan Chase did not flag any of the emails between Epstein and Staley in connection with risk reviews, according to the lawsuit: “Moreover, JP Morgan Chase allowed Staley to remain a decision-maker on Epstein’s accounts.

Manchester United, INEOS, Tesla and Musk did not reply to requests for comment. "For potential buyers, football clubs like Manchester United are considered trophy assets driven by the perception of exclusivity. The size of that bid has fuelled speculation Manchester United will attract significantly more. Manchester United is the fourth richest soccer club in the world, according to analysis by Deloitte. A small portion of Manchester United shares is listed on the New York Stock Exchange.

Say hi to Snow White," Staley emailed Epstein in July 2010, according to filings on Wednesday with the U.S. District Court in Manhattan. "Beauty and the Beast," Staley allegedly responded, to which Epstein replied: "Well one side is available," according to the filing. According to the lawsuit, Staley exchanged around 1,200 emails with Epstein from his JPMorgan email account between 2008 and 2012. Staley allegedly wrote to Epstein on Nov 1, 2009, describing his relationship with Epstein as "profound". One month later, Staley allegedly wrote to Epstein to say how great it had been to give him "a long, heartfelt hug", after which Epstein allegedly sent Staley two pictures of young women.

☆ Keith Meister's Corvex Management bets on media companies, cuts big tech and biotech holdings
▼ + stars: | 2023-02-15 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

Corvex Management increased its stakes in media-related companies while slashing technology and biotech investments, according to its latest quarterly 13F filing with the SEC. Crown Holdings was Meister's second-largest acquisition in the fourth quarter, when Corvex bought $74 million of shares. In November, billionaire Carl Icahn disclosed an 8.5% stake in the packaging company once known as Crown Cork & Seal. Corvex in the fourth quarter increased its position in Fomento Economico Mexicano , a Mexican multi-national retail and beverage company, by 9.5%, bringing the holding to almost $200 million. Corvex exited its positions in Amazon , JP Morgan Chase & Co . and Uber in the fourth quarter.

[1/2] A man looks at a window display outside a Gucci store, part of the Kering group, at Tsim Sha Tsui shopping district in Hong Kong January 17, 2013. But while Gucci, which accounts for the bulk of profits and revenues at Kering, was the only brand to post a fall in sales, analysts said other labels too posted lower-than-forecast results. Kering said sales fell by 15% in North America in the fourth quarter and by 19% in Asia Pacific. But the situation has been more complicated for Kering, since Gucci relies more heavily on China than competitors. LVMH's fashion and leather goods division, home to Louis Vuitton and Dior, grew sales by 10% over the fourth quarter.

☆ Sandwich chain Subway is exploring a possible sale
▼ + stars: | 2023-02-14 | by ( Noah Sheidlower | ) www.cnbc.com time to read: +2 min

In this photo illustration, a Subway sandwich is seen on a table at a Subway restaurant on January 12, 2023 in Austin, Texas. Sandwich giant Subway confirmed Tuesday it is exploring a possible sale. Subway said Tuesday JP Morgan is advising the Connecticut-based company and will conduct the sale exploration process. Subway, which has over 37,000 restaurants in more than 100 countries, said earlier this month its same-store sales climbed 9.2% last year. Same-store sales at North American locations jumped 7.8% in 2022, Subway said, surpassing decade-old average weekly sales records.

☆ Apple supplier Salcomp to boost Indian workforce to 25,000
▼ + stars: | 2023-02-13 | by ( Praveen Paramasivam | ) www.reuters.com time to read: +2 min

[1/2] A salesperson speaks to a customer at an Apple reseller store in Mumbai, India September 1, 2021. REUTERS/Francis Mascarenhas/File PhotoCHENNAI, Feb 13 (Reuters) - Finland's Salcomp, a supplier to Apple (AAPL.O), is planning to more than double its workforce in India to nearly 25,000 over the next three years, a company executive said on Monday. And India is poised to be one of the best alternatives," said Sasikumar Gendham, managing director, Salcomp Manufacturing India. Salcomp, a major supplier of chargers to the iPhone maker, is also setting up a housing complex with entertainment and education for about 15,000 people, said Gendham. Foxconn (2317.TW), another Apple supplier, also plans to quadruple the workforce at its iPhone factory in India over two years, Reuters had reported last year.

Winner: TD Bank The TD Bank Convenience Checking Account makes it easier to waive monthly service fees than Chase Total Checking®. Interest rates are variable and subject to change Minimum Deposit Amount $0 View Full Details Learn moreChase Savings℠ 3.25 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 3.25 out of 5 Stars Annual Percentage Yield (APY) 0.01% effective as of 10/10/2022. Winner: TD Bank TD Bank CDs require a much lower minimum opening deposit than Chase CDs. TD Bank vs. Chase Trustworthiness and BBB RatingsWe include ratings from the Better Business Bureau to evaluate how a bank deals with customer issues. The BBB also gave TD Bank an B rating because government action was taken against the TD Bank.

Consumer price inflation in January is expected to have risen 0.7% on the month and at an annual rate of 2.2%, up from 0.0% and 1.8%, respectively, as the economy picks up following its COVID-19 pandemic paralysis. chartOn its own, economic re-opening will likely accelerate growth and inflation this year. Deteriorating Sino-U.S. relations could encourage some investors and businesses to rethink their exposure to China, potentially affecting Chinese assets and rippling through to others, like European equities and U.S. Treasuries. Risk assets are repricing accordingly. Here are three key developments that could provide more direction to markets on Friday:- China CPI and PPI inflation (January)- Japan goods price inflation (January)- India industrial production (December)By Jamie McGeever; Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.

☆ Bayer's new CEO has a full in-tray as investors push for change
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +5 min

February 9 - By Ludwig Burger and Patricia WeissFRANKFURT (Reuters) - Bayer's incoming CEO is inheriting a full in-tray from his predecessor: Thousands of lawsuits claiming its weedkiller causes cancer, an underwhelming drug development pipeline and disgruntled investors looking for major change. "The most important task for Bill Anderson is to regain investors' trust," said Markus Manns, a portfolio manager at Germany's Union Investment, a top 20 shareholder. Bayer's shares lag those of its global rivals, having fallen about 40% - knocking about 30 billion euros off its market valuation - since it bought Monsanto in 2018 for about $63 billion. Baumann's early exit has stirred debate about what the 56-year-old Anderson can do to restore investor trust and boost Bayer's shares. A stand-alone pharmaceuticals business, with 18.3 billion euros in 2021 sales, could also become a takeover target.

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