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☆ Estonia reported bird flu outbreak on poultry farm, WOAH says
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +1 min

PARIS, March 3 (Reuters) - Estonia has reported an outbreak of the highly pathogenic H5N1 bird flu virus on a farm in the northern part of the country, the Paris-based World Organisation for Animal Health (WOAH) said on Friday. The poultry farm, located in the village of Urge in the Rapla County, had 161 birds, including laying hens, ducks, geese, pigeons and peacocks, WOAH said, citing Estonian authorities. On Feb. 15, one laying hen suddenly died and was sent to the laboratory. The World Health Organization described the situation as "worrying" after two confirmed human cases of H5N1 bird flu were found among one family in Cambodia. Argentina this week suspended its poultry exports after a first industrial case of bird flu was confirmed.

☆ S.Africa's Aspen set for deals to revive idled production lines
▼ + stars: | 2023-03-01 | by ( Promit Mukherjee | ) www.reuters.com time to read: +2 min

Aspen had a contract with Johnson & Johnson (JNJ.N) to produce 250 million doses a year of COVID vaccine from its South African plant. It expanded the capacity to 400 million annual doses last year to sell its own branded COVID vaccine Aspenovax anticipating a major flow of orders from African countries. That was a bit of a commercial disappointment," CEO Stephen Saad told Reuters in an interview after its interim earnings. But Saad said the partnerships it was pursuing meant production lines designed for COVID vaccine would start generating returns. The company anticipates a contribution of 2 billion rand ($110.22 million) in calendar year 2024, increasing to 4 billion rand by 2025 under these partnerships, Saad added.

☆ TotalEnergies buys CEPSA’s upstream assets in Abu Dhabi
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of French oil and gas company TotalEnergies is seen on an oil tank at TotalEnergies fuel depot in Mardyck near Dunkirk, France, January 16, 2023. REUTERS/Benoit TessierPARIS, March 1 (Reuters) - French oil company TotalEnergies (TTEF.PA) said on Wednesday it had agreed to buy the upstream assets in the United Arab Emirates of Spanish energy company Cepsa (CPF.GQ). The deal covers the purchase of a 20% stake in the Satah Al Razboot (SARB), Umm Lulu, Bin Nasher and Al Bateel (SARB and Umm Lulu) offshore concession, which includes two major offshore fields, the statement said. It also covers the purchase of a 12.88% indirect interest in the Mubarraz concession held by Abu Dhabi Oil Company Ltd (ADOC), which comprises four producing offshore fields. ($1 = 0.9374 euros)Reporting by Sudip Kar-Gupta and Jesus Aguado, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ EU antitrust regulators scrap investigation into Coca-Cola, bottlers
▼ + stars: | 2023-02-28 | by ( Foo Yun Chee | ) www.reuters.com time to read: +1 min

BRUSSELS, Feb 28 (Reuters) - EU antitrust regulators on Tuesday scrapped an investigation into potential anti-competitive practices by The Coca-Cola Co (KO.N) and its bottlers, Coca-Cola Europacific Partners and Coca-Cola Hellenic (CCHB.UL), citing insufficient ground for the case. It subsequently collected information from Coca-Cola and its bottlers, retailers and competitors. "Based on the evidence collected, the Commission has concluded that there is insufficient ground to further pursue the investigation," the EU competition enforcer said in a statement. "The closure of the investigation is not a finding that the conduct in question complies with EU competition rules," it said. (This story has been refiled to correct the company's name in the headline)Reporting by Foo Yun Chee, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

[1/2] A view of damaged Apple supplier Foxlink is seen after a fire at its assembly facility in Tirupati district in the southern state of Andhra Pradesh, India, February 28, 2023. A second source familiar with the developments said that Foxlink was a key supplier for Apple in India, and "there could be potential supply chain disruptions for iPhones made in India or shipped from India". Apple and Foxlink did not immediately respond to requests for comment. The incident is the latest problem to hit Apple suppliers in India, from where it is increasingly ramping up manufacturing and exports. Employees said the Foxlink factory makes charging cables used in iPhones, but it was not immediately clear if Apple has other suppliers for the cables in India.

☆ Swiss watchdog finds Credit Suisse 'seriously breached' obligations in Greensill affair
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +2 min

BERLIN, Feb 28 (Reuters) - Credit Suisse (CSGN.S) "seriously breached its supervisory obligations" in connection with its business relationship with financier Lex Greensill and his companies, Swiss financial watchdog FINMA concluded on Tuesday. It its review, FINMA said that Credit Suisse "seriously breached its supervisory obligations in this context with regard to risk management and appropriate organisational structures." Credit Suisse Chief Executive Ulrich Koerner said he welcomes the "conclusion of FINMA's work." So far 74% of the fund's $10 billion net asset value at the time of its suspension has been collected. Reporting by Kirsti Knolle and Noele Illien, Editing by Louise Heavens Editing by Paul Carrel and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

[1/2] A view of damaged Apple supplier Foxlink is seen after a fire at its assembly facility in Tirupati district in the southern state of Andhra Pradesh, India, February 28, 2023. REUTERS/Praveen ParamasivamCHITTOOR, India, Feb 28 (Reuters) - Apple (AAPL.O) supplier Foxlink's factory in southern India is unlikely to resume full operations for two months after a fire incident, raising concerns of supply chain disruptions for the iPhone maker, a source with direct knowledge told Reuters on Tuesday. The facility in India's Andhra Pradesh state, where Foxlink makes charging cables for iPhones, was engulfed in a massive fire on Monday that led part of the building to collapse to the ground. A source with direct knowledge said that Foxlink operates a total of 10 assembly lines in two separate facilities at the plant in Andhra, of which 4 were completely damaged and unlikely to resume operations for two months. Reporting by Munsif Vengattil and Aditya Kalra in New Delhi, and Praveen Paramasivam in Tirupati, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Britain not behind other central banks in digital currency plans, says BoE
▼ + stars: | 2023-02-28 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, Feb 28 (Reuters) - Britain is not lagging other central banks in issuing a digital version of its currency for day-to day-payments, Bank of England Deputy Governor Jon Cunliffe said on Tuesday. Central banks across the world are studying digital versions of their currencies to avoid leaving digital payments to the private sector as the decline of cash has accelerated in some cases due to the COVID-19 pandemic. Financial sector officials also say a digital pound would help stay abreast of advances in payments and help keep London a competitive global financial centre. "It's more likely than not," Cunliffe said, when pressed by lawmakers on whether a digital pound would go ahead. "This is not about here is a particular thing that needs to be done, but about opening a new frontier for people to improve payments," Cunliffe.

☆ European Parliament to ban TikTok from staff phones, EU official says
▼ + stars: | 2023-02-28 | by ( Foo Yun Chee | ) www.reuters.com time to read: +1 min

BRUSSELS, Feb 28 (Reuters) - The European Parliament has decided to ban Chinese short video-sharing app TikTok from staff phones for security reasons, an EU official said on Tuesday, the latest EU institution to do so. The ban will also apply to private devices with Parliament email and other network access installed on them, the official said, adding that the decision is expected to be announced soon. The European Commission and the EU Council last week banned TikTok from staff phones, underlining growing concerns about the company owned by Chinese firm ByteDance and whether China's government could use its app to harvest users' data or advance its interests. TikTok is banned on U.S. Senate employees' government-owned devices, with Canada adopting a similar decision on Monday. India has banned the app too.

☆ Apple supplier Foxlink halts production at Indian facility after massive fire
▼ + stars: | 2023-02-27 | by ( Munsif Vengattil | ) www.reuters.com time to read: +1 min

[1/2] Apple logo is seen on the Apple store at The Marche Saint Germain in Paris, France July 15, 2020. REUTERS/Gonzalo FuentesNEW DELHI, Feb 27 (Reuters) - Apple (AAPL.O) supplier Foxlink has halted production at its assembly facility in the Southern Indian state of Andhra Pradesh and evacuated 400 of its employees after a massive fire on Monday, two local government officials told Reuters. Management has estimated damage of 1 billion Indian rupees ($12 million) at the facility, he said, adding there were no casualties. An official for Foxlink did not respond to calls. ($1 = 82.7320 Indian rupees)Reporting by Munsif Vengattil in New Delhi, Editing by Louise Heavens and Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

☆ Exclusive: Broadcom faces EU antitrust warning on $61 billion VMware deal - sources
▼ + stars: | 2023-02-27 | by ( Foo Yun Chee | ) www.reuters.com time to read: +1 min

[1/2] The Broadcom Limited company logo is shown outside one of their office complexes in Irvine, California, U.S., March 4, 2021. REUTERS/Mike Blake/File PhotoBRUSSELS, Feb 27 (Reuters) - U.S. chipmaker Broadcom (AVGO.O) is set to receive an EU antitrust warning about the possible anti-competitive effects of its proposed $61 billion bid for cloud computing company VMware (VMW.N) in the coming weeks, people familiar with the matter said. The EU competition enforcer, which will decide on the deal by June 7, declined to comment. Broadcom said it will continue its "constructive work" with the Commission. Reporting by Foo Yun Chee, Editing by Louise Heavens and Jane MerrimanOur Standards: The Thomson Reuters Trust Principles.

☆ China to tighten web video curbs to prevent kids from addiction
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Feb 27 (Reuters) - China will step up the management of short videos as part of efforts to prevent children from becoming addicted to them, the National Radio and Television Administration (NRTA) said on Monday. The statement is the latest in a campaign launched by China's media regulators over a year ago that has significantly tightened the rules surrounding livestreaming, video gaming, and Internet usage among minors. While no specific measures were announced on Monday, policies introduced by regulators last year included banning minors from tipping livestreamers and ordering domestic streaming and social media platforms to conduct regular minor-focused cyberprotection assessments. China in 2021 introduced new rules that limit the amount of time under-18s can spend on video games to three hours a week, a move it said was necessary to combat gaming addiction. Reporting by Beijing newsroom, Editing by Louise Heavens and Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

☆ 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.

☆ UAE cbank studying options after UAE licensed Russian bank sanctioned
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: 1 min

DUBAI, Feb 24 (Reuters) - The central bank of the United Arab Emirates is studying available options regarding the new status of Russia's MTS bank which it licensed to operate in the Gulf country last year, a state news agency WAM said on Friday. The Russian lender was part of a new sanctions package announced on Friday. "The Central Bank is studying now the available options regarding the new status of the bank and the appropriate decision will be taken in due course, considering the obligations incurred by the branch during the previous period," the statement said. Reporting by Rachna Uppal, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

The London-headquartered bank (HSBA.L) said on Tuesday it would pay a special dividend of $0.21 per share, from the proceeds of the $10 billion sale of its Canada business. HSBC's conservative outlook echoed that of British rival NatWest (NWG.L), which warned last week that profit earned from rising interest rates may have peaked. HSBC said annual expected credit losses rose to $3.6 billion, more than the $3.2 billion analysts had estimated, due to rising inflation pressuring borrowers and lingering problems in China's property market. That matched the $17.5 billion average estimate of 22 analysts compiled by the bank. Meanwhile, HSBC said it still expects to complete the sale of its Russia business in first-half 2023, taking a $300 million loss.

☆ Morning Bid: Too flashy?
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +3 min

A look at the day ahead in U.S. and global markets from Mike Dolan. If investors' big concern about the new year is that the U.S. economy is running too hot, then February's flash business surveys from around the world will do little to soothe nerves. U.S. markets return from Monday's Presidents Day holiday and the early readout on this month's factory and service sector activity tops the slate. Aside from Tuesday's business surveys, a reality check for U.S. retailers is due from Walmart and Home Depot's quarterly earnings - holding last month's red-hot retail numbers up to the light. In banking, HSBC (HSBA.L) rose 1.5% - bouncing back from early losses after announcing a surge in its quarterly profit.

☆ China Fudan University team apologises after ChatGPT-style platform crashes hours after launch
▼ + stars: | 2023-02-21 | by ( Eduardo Baptista | ) www.reuters.com time to read: +2 min

BEIJING, Feb 21 (Reuters) - A team from China's Fudan University apologised on Tuesday after a ChatGPT-like chatbot platform they developed crashed hours after it launched to the public, due to a sudden surge of traffic. The team's announcement on Monday of the platform they called MOSS instantly went viral on Chinese social media, generating tens of millions of hits on China's Twitter-like Weibo. State media described it as the first Chinese rival to OpenAI's hit ChatGPT platform. While the Fudan University team had on Monday initially described MOSS as a conversational language model like ChatGPT, on Tuesday they played down the comparison, saying they had much to improve. "MOSS is still a very immature model, it is still has a long way to go before reaching ChatGPT.

Despite the overall bonus cuts for staff, Chief Executive Noel Quinn saw his pay package jump 14% to 5.6 million pounds ($6.7 million), from 4.9 million pounds the prior year. Once long-term incentive awards are included, Quinn's total pay could reach 10.5 million pounds, the bank said. The bank's bonus pool for staff was slightly smaller than the $3.5 billion paid last year. HSBC's rival NatWest raised its bonus pool by nearly a quarter to 368 million pounds in earnings last week, and bumped up CEO Alison Rose's pay package to 5.2 million pounds. Barclays meanwhile trimmed its bonus pool slightly, but still paid out 1.8 billion pounds in bonuses.

☆ EU calls for fast-track crypto capital rules for banks
▼ + stars: | 2023-02-20 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, Feb 20 (Reuters) - Tough capital rules for banks holding cryptoassets must be fast-tracked in the European Union's pending banking law if Europe wants to avoid missing a globally-agreed deadline, the bloc's executive has said. The global Basel Committee of banking regulators from the world's main financial centres has set a January 2025 deadline for implementing capital requirements for banks' exposures to cryptoassets such as stablecoins and bitcoin. "Banks have expressed interest in trading crypto-assets on behalf of their clients and to provide crypto-assets-related services." Basel's standards are applied in the EU with a law, and a delay could mean that banks have to wait longer to enter the cryptomarket as separate EU rules for trading cryptoassets come into force in 2024. To enforce Basel's crypto rules, the EU could either propose a new law, or expand the banking law it is now finalising as called for by the European Parliament.

☆ Pakistan current account deficit falls to $0.2 billion in Jan - cenbank
▼ + stars: | 2023-02-20 | by ( Ariba Shahid | ) www.reuters.com time to read: +1 min

KARACHI, Pakistan, Feb 20 (Reuters) - Pakistan’s current account deficit (CAD) dropped to $0.2 billion in January 2023, down 90% from last year as the rupee's depreciation slowed down imports, the central bank said on Monday. During the first seven months of the current fiscal year, the country’s current account deficit decreased by 67% to $3.8 billion, compared with a deficit of $11.6 billion during the same period last year. “This monthly deficit is lowest after 25 months, and lower than expectations,” said Mohammad Sohail, CEO of Topline Securities. The weaker currency has made imports more expensive, effectively slashing them. Reporting by Ariba Shahid in Karachi, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Broken wires, faulty renovation caused deadly India bridge collapse, probe finds
▼ + stars: | 2023-02-20 | by ( Sumit Khanna | ) www.reuters.com time to read: +3 min

AHMEDABAD, India, Feb 20 (Reuters) - Broken corroded wires, improper welding and changes to the walking surface of a 145-year-old hanging bridge in India contributed to its collapse last year that killed 135 people, an investigation has found. "Main cable of the upstream side was found broken on one side," according to a preliminary investigation report seen by Reuters. "Out of the 49 wires of the main cable, 22 were corroded which indicates that those wires may be already broken before the incident. The Oreva Group did not immediately respond to an emailed request for comment. The report blamed Oreva for unrestricted access to the bridge for people and insufficient security arrangements.

☆ Maersk nears complete Russia exit after selling logistics sites
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: +1 min

COPENHAGEN, Feb 20 (Reuters) - Shipping and logistics group A.P. Moller-Maersk (MAERSKb.CO) has agreed to sell its two logistics sites in Russia to IG Finance Development Limited, it said on Monday, nearly marking the end of its business activities in the country. "We are pleased to have found a new owner of our two logistics sites in Russia and thereby execute on our decision to divest all our assets in the country," Chief Commercial Officer Karsten Kildahl said in a statement. IG Finance Development, a company registered in Cyprus, has made an agreement with Arosa, a large food importer in Russia, to operate the sites, Maersk said. After that, Maersk will not have any business in Russia.

BERLIN, Feb 20 (Reuters) - German Finance Minister Christian Lindner considers the budget demands made by his government coalition partners to be excessive and "simply unrealistic", he told Reuters in a TV interview on Monday. Lindner said the requested additional spending amounted to about 70 billion euros ($70.78 billion) compared with earlier plans. According to the finance minister, the demands head into the range of 100 billion euros more per year for the years 2025 and onward. The new Defence Minister Boris Pistorius wants 10 additional billion euros for the defence budget next year, according to people with knowledge of the matter. "However, what is clear is that 10 billion euros more in 2024 than now is an unrealistic figure," he said.

☆ Ackman's Pershing Square reaps $2.7 bln from rate trade but down 9% in 2022 -letter
▼ + stars: | 2023-02-10 | by ( Nell Mackenzie | ) www.reuters.com time to read: +2 min

U.S. stock indexes had a dismal 2022 with the S&P 500 slumping almost 20%, as the Federal Reserve battled soaring inflation with aggressive interest rate hikes that roiled markets. The assets minus the liabilities in Ackman's fund trade at a discount to its share price. "This possibility is also something that we do not feel is currently reflected in PSH's share price," it said. The interest rate hedges were initiated in late 2020 and early 2021. In 2022 the fund entered new positions in long-term interest rates, currencies and energy it said.

CTIL is attracting interest from pension funds including Britain's largest, the Universities Superannuation Scheme (USS), which has started preliminary work on a potential offer, two of the sources said. Telefonica, Liberty Global and USS declined to comment. A number of telecom towers deals in Europe have seen infrastructure investors compete for a slice of the continent’s largest towers networks partly because of their stable cash yield and long-term contracts. Vodafone (VOD.L) owns 50% of CTIL through its Frankfurt-based subsidiary Vantage Towers (VTWRn.DE), and is not planning to cut its holding, the people said. Telefonica and Liberty Global do not plan to ask Vantage Towers to bid for the holding for competitive reasons, according to the sources.

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