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The plan is partly a response to multi-billion-dollar support programmes of China and the United States, including the latter's Inflation Reduction Act. Many EU leaders are concerned that the local content requirements of its $369 billion of green subsidies will encourage companies to relocate, making the United States a leader in green tech at Europe's expense. Longer term, the Commission will propose creating a European Sovereignty Fund to invest in emerging technologies. The bloc is heavily reliant on China for rare earths and lithium, which are vital materials for the green transition. The EU executive also wants to seal more free trade agreements and partnerships to make supply chains more resilient and to open markets for green goods.
On Thursday, Europe's largest energy company Shell is due to report earnings. Britain's BP and France's TotalEnergies are also due to report the following week. It comes after Exxon , the biggest oil & gas company in North America, posted earnings and revenue that beat analyst expectations Tuesday. Here's what analysts are expecting from Shell, TotalEnergies and BP: Shell, Feb. 2 JP Morgan — Overweight, price target £29.50 ($36.29) (25% upside) Analysts led by Christyan F Malek said improved trading at Shell's integrated gas unit was a "key" data point for investors in the fourth quarter. Morningstar – price target £5.5 (13.6% upside) Analyst Allen Good said BP had weathered a big hit to earnings due to the write-off of its Russian investments in state-owned Rosfnet.
The European Central Bank is set to hike interest rates again on Thursday, with policymakers in Frankfurt shifting their focus to core inflation and trying to predict when sky-high consumer prices might fall. Euro area inflation has dipped in the last few months as energy prices have come down. But core inflation, which strips out energy and food, keeps on rising at a steady pace. The euro area economy is proving more resilient than expected and even avoided a contraction in the last quarter of the year. France and Spain recorded growth which made up for the shrinking output of Italy and Germany.
REUTERS/Benoit TessierPARIS, Feb 1 (Reuters) - French Labour Minister Oliver Dussopt said on Wednesday that raising the retirement age to 64 was "non-negotiable", a day after more than a million people marched in protest at the proposed measure and a union leader called for rolling strikes. "If we do not go to 64, the pension system will not break even. What is not negotiable is the issue of returning to break-even," Dussopt told France 2 Television. "I believe in rolling strikes. They are playing the tug of war," he told France Inter radio.
Gautam Adani’s next hurdles may be harder to clear
  + stars: | 2023-02-01 | by ( Una Galani | ) www.reuters.com   time to read: +4 min
HONG KONG, Feb 1 (Reuters Breakingviews) - It helps to have friendly investors and rich families on hand when finalising a tricky share sale. The feat will be hard to repeat though, while the Indian tycoon’s next hurdles might be harder to clear. Investor interest in Adani Enterprises (ADEL.NS) was underwhelming. Shares in $32 billion Adani Total Gas (ADAG.NS) have nearly halved since Hindenburg published its critical report. loadingCONTEXT NEWSThe $2.4 billion share sale by Adani Enterprises was fully subscribed on Jan. 31, data released by the Indian stock exchange showed.
Vodafone travails require more than caretaker CEO
  + stars: | 2023-02-01 | by ( ) www.reuters.com   time to read: +2 min
LONDON, Feb 1 (Reuters Breakingviews) - Vodafone (VOD.L) needs more than an interim chief executive to dig itself out of its current funk. Sales fell 1.8% in Germany in the quarter ending December, which accounts for more than 30% of the group’s overall revenue. Della Valle is accelerating the group’s 1 billion euros cost-cutting plan, and implementing her predecessor’s decisions. But an interim CEO cannot take strategic decisions, such as whether or not to sell the Italian unit eyed by France’s Iliad - whose owner Xavier Niel has taken a 2.5% stake in Vodafone. Vodafone needs a permanent CEO.
Feb 1 (Reuters) - North American pipeline operator TC Energy Corp (TRP.TO) on Wednesday raised its cost estimate more than expected for completing its troubled Coastal GasLink project, sending share prices sharply lower. The company attributed the cost increase to a labor shortage, poor work by contractors and adverse weather. TC is looking to sell C$5 billion worth of assets this year to raise funds to repay debt and pay for projects including Coastal. TC Energy raised its overall 2023 capital expenditure outlook to C$11.5 billion-C$12 billion from C$9.5 billion earlier, partly due to Coastal's higher costs. An impairment will be recognized to TC Energy's equity investment in Coastal in its fourth-quarter results scheduled for Feb. 14, the company said.
France's scandal-hit Orpea reaches restructuring agreement
  + stars: | 2023-02-01 | by ( ) www.reuters.com   time to read: +1 min
Orpea will cut its debt by around 3.8 billion euros ($4.13 billion) and receive a cash equity injection of 1.55 billion euros under the deal reached with state financial institution Caisse des Depots & Consignations (CDC) and other investors. The main group of investors will hold around 50.2% of Orpea's capital and unsecured financial creditors will own 49.4%, Orpea added in a statement. Its unsecured financial debts will be convertible into equity, while there will be capital increases to fund the new cash equity injection. Orpea's shares slumped by 93% in 2022 after a book highlighted potential malpractice at its care homes. French police carried out raids on Orpea care homes last November, while an independent audit found evidence of financial wrongdoing.
On Tuesday, the Adani group appeared to have fought back the attack by the New York-based short-seller Hindenburg and rallied investors behind the $2.5 billion share issue of flagship firm Adani Enterprises (ADEL.NS). It was a rare defeat for a man who has seemed unstoppable in recent years. In recent years, the $220 billion Adani Group empire has attracted foreign investment - France's TotalEnergies (TTEF.PA), for example, partnered with Adani last year to develop the world's biggest green hydrogen ecosystem. On Wednesday, Adani said his company felt it wasn't "morally correct" to proceed with the share sale following the volatility in the market. But he said in a statement to the exchange the company was financial stable and that the withdrawal of the share issue will not impact its future plans.
Latvia threatens Olympic boycott if Russians compete
  + stars: | 2023-02-01 | by ( ) www.cnbc.com   time to read: +3 min
The Latvian Olympic Committee is the first national Olympic body other than Ukraine which has threatened to boycott rather than compete against Russia. He broadened that position Wednesday by saying Latvia should boycott Olympic qualifying competitions, which are already under way in some sports, if Russians or Belarusians are allowed in. The Ukrainian National Olympic Committee has threatened to boycott and is due to hold talks Friday on the issue. Ukraine boycotted some sports competitions, including Olympic judo qualifiers, last year when Russians competed. Other national Olympic sports bodies, including the U.S. Olympic and Paralympic Committee, back the IOC efforts to find a path for Russians to compete.
LITTLETON, Colo., Feb 1 (Reuters) - A steep drop in France's nuclear power output in 2022 exacerbated Europe's power crisis by forcing French utilities to flip from net power exporters to importers just as Russia's invasion of Ukraine snarled energy markets across the continent. POWERING UPSo far in 2023, France's nuclear power output remains 17.5% below the average from 2020 and 2021, Refinitiv data shows, due in part to strikes against planned pension reforms for unionised workers. Even if average output remains below that previous target, any sustained increase in nuclear production from 2022 totals stands to have an impact on local power prices, as well as France's overall power import needs. For example, in December, some previously curtailed reactors resumed operations and that boosted national nuclear output by 40% from the average of the previous eight months, Refinitiv data shows. France seasonal nuclear power outputReporting By Gavin Maguire; Editing by Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.
FASTER PERMITSClean tech firms could be in line for simpler rules and fast-tracked permits to build production facilities in Europe. The EU executive said it would produce a "Net-Zero Industry Act" offering faster permits to manufacturers of technologies key to its climate goals. That could include carbon capture and storage, renewable energy, renewable hydrogen production facilities and batteries. Brussels had already slashed the time lines and simplified the rules for renewable energy projects last year. The Commission, which oversees EU trade policy, wants to increase the EU's network of trade agreements, such as those concluded with Chile, Mexico, New Zealand and Mercosur and one it aims to agree with Australia.
[1/2] Prime Minister of Jamaica Andrew Holness addresses the 77th Session of the United Nations General Assembly at U.N. Headquarters in New York City, U.S., September 22, 2022. REUTERS/David 'Dee' DelgadoKINGSTON, Feb 1 (Reuters) - Jamaica would be willing to take part in an international military deployment to Haiti, Prime Minister Andrew Holness told lawmakers on Tuesday, saying the Caribbean island country could also support its neighbor on electoral reforms. Haitian Prime Minister Ariel Henry has pleaded for foreign military support. The U.N. envoy to Haiti, Helen La Lime, has called for more urgency, saying the police cannot win without outside support. "Jamaica would be willing to participate in a multinational security assistance deployment to Haiti under the appropriate jurisdictional parameters to support a return to a reasonable level of stability and peace," Holness told lawmakers.
Lila Werner, second from right, was paid about $5,700 for seven weeks of travel and ice skating in Belgium and Saudi Arabia this winter. But there's a downside to being an international ice skater: Werner says she'll return with very little remaining from her paycheck. Other contracted ice skaters who quit their jobs and performed abroad during the holiday didn't earn much money — but they got to travel essentially for free. "This almost feels like a paid vacation," Werner says. Werner, for example, still paid rent on her one-bedroom apartment while she traveled.
War crime prosecutor of Kharkiv Oblast stands with forensic technician and policeman at the site of a mass burial in a forest during exhumation on September 16, 2022 in Izium, Ukraine. WASHINGTON – Ukraine's Prosecutor General Andriy Kostin said Wednesday that regional authorities have registered more than 65,000 Russian war crimes since Moscow's conflict began nearly a year ago. The conflict has shown few signs of ending soon, even as local and international officials try to probe potential crimes committed over recent months in Ukraine. Because potential war crimes cross a range of jurisdictions, the International Criminal Court cannot prosecute them, or heads of state such as Russian President Vladimir Putin. Russia has repeatedly denied that its troops have committed war crimes or deliberately targeted civilians.
PARIS, Feb 1 (Reuters) - Lionel Messi scored as Paris St Germain stretched their Ligue 1 lead to five points with a 3-1 win at Montpellier after Kylian Mbappe limped off the pitch on Wednesday. Following a lacklustre first half PSG burst into life after the break with Fabian Ruiz, Messi and Warren Zaire-Emery finding the net to put them on 51 points from 21 games. Mbappe had a night to forget at La Mosson, having had his spot-kick parried away by Benjamin Lecomte in the eighth minute. He had to take it again, only for the Montpellier keeper to deny him again. England Under-21 striker Folarin Balogun bagged a hat-trick to help Stade de Reims beat Lorient 4-2 and move top of the scorers' charts.
End of easy-cash era is going to hurt
  + stars: | 2023-02-01 | by ( ) www.reuters.com   time to read: +5 min
LONDON, Feb 1 (Reuters) - The end of the easy-cash era is over and its impact yet to be felt on world markets, hopeful that the pain of aggressive rate hikes and high inflation has passed. Reuters Graphics3/ GOING PRIVATEPrivate debt markets have ballooned since the financial crisis to $1.4 trillion from $250 billion in 2010. Reuters Graphics Reuters Graphics4/CRYPTO WINTERRising borrowing costs roiled crypto markets in 2022. Reuters Graphics5/FOR SALEReal estate markets, first responders to rate hikes, started cracking last year and 2023 will be tough with U.S. house prices expected to drop 12%. How the sector services its debt is in focus and officials warn European banks risk significant profit hits from sliding house prices.
[1/3] Andrei Medvedev, a former commander of Russia's Wagner mercenary group poses for a picture during an interview in Oslo, Norway February 1, 2023. Andrei Medvedev, who fled by crossing the Russian-Norwegian border on Jan. 13, says he witnessed the killing and mistreatment of Russian prisoners taken to Ukraine to fight for Wagner. Medvedev said he wanted to speak out about his experiences in the war so "the perpetrators are punished" for their crimes in Ukraine. A special report published by Reuters last week found a graveyard in southern Russia buried with men who were convicts who had been recruited by Wagner to fight in Ukraine. Kripos, Norway's national criminal police service, which has responsibility for investigating war crimes, has begun questioning Medvedev about his experiences in Ukraine.
China's population is shrinking. This shocking statistic is only the start of China's population decline. This year India is set to surpass China's population, and in a few years it will surpass China's working-age population — people 20 to 69. Because of its manufacturing prowess and importance to supply chains, China's shrinking working-age population has enormous, direct effects on the global economy. Among today's largest economies, only the US has a projection of positive population growth, though at very low levels.
The slogan reads "No to the Macron's pension reform". In what could prove a prolonged standoff, unions and their members are seeking to minimise the impact on personal finances already strained by the worst cost of living crisis in decades. French unions generally do not have permanent strike funds to help members cope, though some will set up occasional kitties financed by donations for a specific cause. While it is generally used to cover legal fees and compensate workers in local strikes, members are now clamouring for it to help cover lost pay during the pension strikes. However, even before the cost of living crisis, French unions have struggled to resist government reform plans in the decades since massive strikes in 1995 successfully forced a conservative government to drop a pension overhaul.
Airbus and Qatar may settle A350 row as early as today -sources
  + stars: | 2023-02-01 | by ( ) www.reuters.com   time to read: +1 min
PARIS, Feb 1 (Reuters) - Hopes are rising of a deal between Airbus (AIR.PA) and Qatar Airways as early as Wednesday to avert an unprecedented trial over the safety of the A350 jetliner and billions of dollars of cancelled orders, two people familiar with the matter said. France-based Airbus and Qatar Airways declined to comment. Qatar has challenged the world's largest planemaker over safety and taken it to court after cracks in the painted surface exposed gaps in a sub-layer of A350 lightning protection. Airbus has acknowledged quality flaws but insists the jets are safe and retaliated by revoking dozens of plane orders from Qatar. Reporting by Tim Hepher Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.
REUTERS/Charles PlatiauCHICAGO/DETROIT, Jan 31 (Reuters) - The companies that produce goods at the heart of the U.S. consumer economy - SUVs, washing machines, heavy equipment and hamburgers - kept rolling along at the end of 2022. Bellwethers including McDonald's (MCD.N), General Motors, Exxon Mobil (XOM.N), appliance maker Whirlpool (WHR.N) and delivery giant United Parcel Service (UPS.N), posted results that exceeded estimates. That's a good sign for the broader economy, according to Lori Calvasina, equity analyst at RBC Capital Markets. The economy's performance may depend on whether price pressures that have afflicted consumer and business spending start to wane. "As we go into 2023, there is going to continue to be inflation," said Christopher Kempczinski, McDonald's CEO, on the company's earnings call Tuesday.
[1/3] McDonald's Crispy Chicken Sandwiches and fries are pictured in New York, U.S. March 30, 2021. REUTERS/Hilary RussJan 31 (Reuters) - McDonald's Corp (MCD.N) on Tuesday beat Wall Street estimates for quarterly profit on higher menu prices, even as it warned short-term inflationary pressures would persist in 2023. McDonald's benefited from higher menu prices, increased restaurant traffic and sales in the UK, Germany and France rose despite fears of a recession in Europe. Visits to some other fast-food chains started to fall last summer as they hiked menu prices, he said. McDonald's U.S. comparable sales rose 10.3% in the quarter ended Dec. 31.
In 2023, it expects revenue to be $67 billion to $71 billion. Excluding the COVID-19 drugs, Pfizer expects 2023 revenue to grow 7% to 9%. Pfizer developed its COVID-19 vaccine with German partner BioNTech , and the companies split the profits. The U.S. drugmaker forecast 2023 sales of $13.5 billion from the shot, below Refinitiv estimates of $14.39 billion, and projected $8 billion in sales of Paxlovid, short of analysts' expectation of $10.33 billion. After that transition, the company hopes to roughly quadruple the U.S. price of the COVID-19 vaccine.
Pfizer forecasts weak 2023 sales of COVID products
  + stars: | 2023-01-31 | by ( ) www.reuters.com   time to read: +1 min
REUTERS/Eric GaillardCompanies Pfizer Inc FollowJan 31 (Reuters) - Pfizer Inc (PFE.N) on Tuesday forecast a steeper-than-expected drop in sales of its COVID-19 vaccine and pills in 2023, intensifying investor concerns over demand for the products as governments reduce orders. The forecast casts some uncertainty over future sales of Pfizer's biggest selling products this year, which are expected to come under pressure as government spending on COVID vaccines and treatments declines. The U.S. drugmaker said it expects sales of $13.5 billion from the vaccine for 2023, below Refinitiv estimates of $14.39 billion, and projected $8 billion in sales of its antiviral pill, Paxlovid, short of analysts' expectation of $10.33 billion. That compared with sales of $37.81 billion for the vaccine and $18.93 billion for Paxlovid in 2022. Reporting by Manas Mishra and Bhanvi Satija in Bengaluru; Editing by Sriraj Kalluvila and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.
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