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☆ Zara owner Inditex profit jumps 40% as price rises slow
▼ + stars: | 2023-09-13 | by ( ) www.cnbc.com time to read: +3 min

Zara owner Inditex on Wednesday beat expectations with a 40% jump in half-year net profit despite the world's biggest fast fashion company slowing the pace of its price increases. The company posted a net profit of 2.5 billion euros ($2.7 billion) for the six months to July 31, outpacing a 2.38 billion euro market forecast according to data from LSEG. Inditex sales rose 13.5% to 16.9 billion euros and a gross margin of 58.2%. With a big share of its costs in euros, Inditex said it expects currencies to have a -3.5% impact on sales this year, worse than the -2.5% impact it expected previously. Inditex was among the first fashion retailers to raise prices in response to surging inflation early last year.

Persons: Inditex, Bernstein, William Woods, Richard Chamberlain, Steven Meisel, Linda Evangelista Organizations: Zara, Bank of America, Royal Bank of Canada, Reuters Locations: Zara, New York, LSEG, Madrid, United States, Spain

☆ Canada's antitrust agency favors RBC's $10 billion deal for HSBC unit
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +2 min

A sign for the Royal Bank of Canada in Toronto, Ontario, Canada December 13, 2021. REUTERS/Carlos Osorio/File Photo Acquire Licensing RightsSept 1 (Reuters) - Canada's Competition Bureau said on Friday Royal Bank of Canada's (RY.TO) (RBC) proposed acquisition of HSBC's (HSBA.L) domestic unit for C$13.5 billion ($10 billion) is unlikely to substantially hurt competition. Still, the regulator found that the deal would "result in a loss of rivalry between Canada's largest and seventh largest banks." It has been seeking comments on how the deal could impact consumers and the stability of the banking sector. Reporting by Manya Saini in Bengaluru and Nivedita Balu in Toronto; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Carlos Osorio, OSFI, Manya Saini, Balu, Arun Koyyur Organizations: Royal Bank of Canada, REUTERS, Friday Royal Bank of Canada's, RBC, Finance, HSBC, Reuters, Bank of Montreal, Thomson Locations: Toronto , Ontario, Canada, Bengaluru, Toronto

CIBC blamed soft U.S. real estate and construction sectors and high interest rates for its three-fold jump in bad loan provisions to C$736 million ($544 million). "Where we are seeing the issues is in commercial real estate and in particular, in the institutional office space," said Shawn Beber, the bank's head of U.S. operations. And as that transition continues, you'll see (commercial real estate) wind up being a smaller percentage of the overall U.S. portfolio as our commercial and industrial and our wealth businesses continue to grow," Beber told analysts. The U.S. office portfolio represents less than 1% of CIBC's overall loan book and 20% of overall U.S. commercial real estate. "It appears that higher interest rates for longer may be the primary culprit," RBC analyst Darko Mihelic said.

Persons: Carlos Osorio, Shawn Beber, Beber, Brian Madden, Darko Mihelic, Nivedita Balu, Pritam Biswas, David Holmes, Mark Potter Organizations: Canadian Imperial Bank of Commerce, CIBC, REUTERS, Bank, Bank of Montreal, Bank of Nova, National Bank, Royal Bank of Canada, Investment, RBC, Thomson Locations: Toronto , Ontario, Canada, U.S, Bank of Nova Scotia, Canadian, Toronto, Bengaluru

☆ TSX ends lower as tech falls, investors weigh bank earnings
▼ + stars: | 2023-08-24 | by ( Fergal Smith | ) www.reuters.com time to read: +2 min

The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) ended down 103.96 points, or 0.5%, at 19,775.83, giving back some of the previous day's rally. "Considering the softness on the U.S. side, the Canadian market held up well," said Lorne Steinberg, president, Lorne Steinberg Wealth Management Inc. Shares of Toronto-Dominion Bank (TD.TO) were down 3.2% after the bank missed analysts' estimates for quarterly profit. But Royal Bank of Canada (RY.TO) shares ended 2% higher as it beat estimates, helped by cost cutting measures.

Persons: Chris Helgren, Jerome Powell's, Lorne Steinberg, Steinberg, Fergal Smith, Siddarth, Marguerita Choy, Shweta Agarwal Organizations: Toronto Stock Exchange, REUTERS, Tech, RBC, Toronto Stock, Federal, Lorne Steinberg Wealth Management Inc, Dominion Bank, Royal Bank of Canada, Thomson Locations: Toronto , Ontario, Canada, U.S, Toronto, Bengaluru

☆ TSX futures up on higher oil prices; bank earnings start on mixed note
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +2 min

The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. REUTERS/Chris Helgren/File Photo Acquire Licensing RightsAug 24 (Reuters) - Toronto futures crept higher on Thursday, pushed by oil prices, while Canadian big banks' quarterly earnings kicked off on a mixed note as Royal Bank of Canada beat profit estimates, while Toronto-Dominion Bank missed analyst expectations. Canada's main stock index (.GSPTSE) rebounded from a two-month low to close nearly 1% higher on Wednesday. Canada's largest bank, Royal Bank of Canada (RBC) (RY.TO) beat analysts' estimates for the third-quarter profit, boosted by cost-cutting measures and higher interest rates. The country's second-largest bank, Toronto-Dominion Bank (TD.TO), missed Bay Street estimates for quarterly profit as it set aside money to cover unpaid loans.

Persons: Chris Helgren, Jerome Powell, Siddarth, Tasim Zahid Organizations: Toronto Stock Exchange, REUTERS, Royal Bank of Canada, Dominion Bank, Oil, U.S . Federal, RBC, Nvidia, Brent, Thomson Locations: Toronto , Ontario, Canada, Toronto, Canada's, Bengaluru

The country's second-largest bank Toronto-Dominion Bank (TD.TO), however, missed Bay Street estimates for quarterly profit hurt by higher expenses and rainy day funds to cover for unpaid loans. The bank's earnings were also impacted by a C$306 million charge related to the termination of its First Horizon acquisition. "The higher interest rate would put pressure on the consumer. The banks set aside more money for bad loans compared to the prior quarter as consumers struggle to make payments amid high costs of living. RBC set aside C$616 million for credit losses, up from C$340 million a year ago, and TD set aside C$766 million, a jump from C$351 million.

Persons: Mark Blinch, Dave McKay, John Aiken, Kelvin Tran, Nivedita Balu, Sri Hari, Pritam Biswas, Shilpi Majumdar, Mark Potter Organizations: Royal Bank of Canada, REUTERS, RBC, Barclays, Dominion Bank, The Bank of Canada, Thomson Locations: Toronto, Canada, Sri, Bengaluru

"We are seeing evidence of slowing labor markets as evidenced by slowing wage growth, lower job postings and an increase in Canadian unemployment. The country's second-largest bank Toronto-Dominion Bank (TD.TO), however, missed analysts' estimates for quarterly profit, which was hurt by higher expenses, rainy day funds to cover for unpaid loans and weakness in its U.S. business. RBC reported adjusted earnings of C$2.84 per share, beating analysts' estimates of C$2.71 per share, according to Refinitiv data. The bank's earnings were also impacted by a C$306 million payment related to the termination of its First Horizon acquisition. RBC and TD together account for half of the market share among the big six Canadian banks with a market capitalization of C$168 billion and C$151 billion respectively.

Persons: Dave McKay, McKay, May, John Aiken, Kelvin Tran, TD, Nivedita Balu, Manya Saini, Sri Hari, Pritam Biswas, Shilpi Majumdar, Mark Potter, Sharon Singleton Organizations: Royal Bank of Canada, RBC, Barclays, Dominion Bank, Bank of Canada, Thomson Locations: China, Toronto, Canada, Bengaluru

☆ NatWest weighs clawing back bonus from former CEO Rose
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: +2 min

The logo of NatWest Bank, part of the Royal Bank of Scotland group is seen outside a branch in Enfield, London Britain November 15, 2017. Rose stepped down on July 25 after admitting to a "serious error of judgment" in discussing Farage's relationship with NatWest-owned Coutts with a BBC journalist. Natwest said Rose would continue to earn a fixed salary and fixed share awards totalling 2.4 million pounds ($3.03 million), and pension contributions worth 10%, in line with her 12-month notice period and pending the outcome of the inquiry. "Like other employees where an investigation outcome is pending, Alison is currently receiving her fixed pay," a NatWest spokesperson said. The lender will pay new CEO Paul Thwaite 1.05 million pounds ($1.39 million) in fixed salary, just below the 1.16 million it paid Rose, in addition to a fixed share allowance of about 1.1 million pounds, NatWest said.

Persons: John Sibley, Alison Rose, Nigel Farage's, Rose, Coutts, Alison, Farage, Rose's, Paul Thwaite, Chandini, Lawrence White, Sinead Cruise, Sharon Singleton Organizations: NatWest Bank, Royal Bank of, Enfield , London Britain, REUTERS, NatWest, BBC, Natwest, Thomson Locations: Enfield , London, Bengaluru, London

☆ Zara's billionaire founder – one of the world's richest people – has just bought a $232 million luxury Chicago apartment tower
▼ + stars: | 2023-08-23 | by ( Grace Dean | ) www.businessinsider.com time to read: +2 min

Amancio Ortega has purchased a 45-story Chicago apartment tower. Ortega, founder of Zara parent company Inditex, splashed out $232 million on the property. Pontegadea, Ortega's family office, bought the 45-story 727 West Madison property, a company spokesperson told Insider. AdvertisementAdvertisementPrices start at $2,166 a month for a studio, rising to $6,083 for the most expensive apartment available, a three-bed. Ortega is the world's 14th richest person, with an estimated net worth of around $75.2 billion, the Bloomberg Billionaires Index shows.

Persons: Amancio Ortega, Ortega, there's, Charles Koch, Michael Dell, Walton, Inditex Organizations: Seattle HQ, Toronto's Royal Bank, Service, Madison, Chase Bank, Bloomberg, Pontegadea, Meta's Seattle, Royal Bank Plaza Locations: Chicago, Zara, Manhattan, Wall, Silicon, Cook County, Meta's, Toronto

A Royal Bank of Canada (RBC) logo is seen on Bay Street in the heart of the financial district in Toronto, January 22, 2015. The shares of the top five banks - Royal Bank of Canada , TD Bank (TD.TO), Bank of Montreal (BMO.TO), Bank of Nova Scotia (BNS.TO) and CIBC (CM.TO) - have lost between 2% and 8% so far this year. Reuters GraphicsRoyal Bank of Canada and TD Bank will kick off third-quarter results on Thursday. RBC analyst Darko Mihelic forecast a 9% third-quarter revenue decline from a year ago for the capital-market business of the large Canadian banks. Investors will also watch for any updates on Bank of Nova Scotia's (BNS.TO) turnaround plan for its international business.

Persons: Mark Blinch, Mike Rizvanovic, Darko Mihelic, Cowen, RBC's Mihelic, Nivedita Balu, Matthew Lewis Organizations: Royal Bank of Canada, REUTERS, RBC, TD Bank, Bank of Montreal, Bank of Nova, CIBC, National Bank, Toronto Stock, Bank of Canada, Reuters Graphics Royal Bank of Canada, HSBC Canada, Laurentian Bank, Thomson Locations: Toronto, dealmaking, TORONTO, Bank of Nova Scotia

☆ RBC names the Canadian stocks set to ‘materially outperform’ in the next 12 months — here are 8 on its conviction list
▼ + stars: | 2023-08-22 | by ( Lucy Handley | ) www.cnbc.com time to read: +2 min

Royal Bank of Canada named a raft of stocks it expects to "materially outperform" over the next 12 months. Its picks are in sectors from health to software and are named on the bank's list of small-cap conviction list stocks. 'Compelling' and 'sustainable' Lumber producer Interfor is on RBC's list for its "compelling" valuation. "On just about every key valuation metric, including on Trend EBITDA and a capacity basis, Interfor is trading at very low levels," the analysts wrote. The company's management "anticipates aging housing supply along with work-from-home trends will help to offset the impact of heightened interest rates," RBC's analysts wrote.

Persons: Jamieson, Dentalcorp, Enghouse, Interfor, Cargojet Organizations: Bank of Canada, Toronto Stock Exchange, Jamieson Wellness, RBC, Enghouse Systems, Copperleaf Technologies, SAP Locations: China, SavvyWire, Ontario

☆ Wall Street is declaring victory too early — the US is still headed for a recession
▼ + stars: | 2023-08-22 | by ( William Edwards | ) www.businessinsider.com time to read: +11 min

In theory, these higher interest rates push down demand and slow inflation by forcing companies to cut prices to attract stretched-thin customers. And Americans have been spending right through the higher interest rates: Personal consumption expenditures and retail sales numbers have continued to forge upward. But eventually, this attitude will wane as people realize that the higher rates aren't a flash in the pan. The Treasury yield curve measures the different interest rates that are paid out on various bonds issued by the US government. It's the same story every time, both Kantrowitz and Rosenberg say: Investors are bad at pricing in a recession before it unfolds.

Persons: Michael Kantrowitz, Piper Sandler, Milton Friedman, Bob Doll, Doll, David Rosenberg, Rosenberg, Tom Essaye, Essaye, Granger, Kantrowitz, Jerome Powell, William Edwards Organizations: Philadelphia Fed, Bank of America, JPMorgan, Consumer, Crossmark Global Investments, BlackRock, Silicon Valley Bank, Rosenberg Research, Fed, Auto, Wall, CPI, Institute for Supply Management's, Treasury, Royal Bank of Canada Locations: Silicon, YOLO

☆ On tap next week: 2 housing reports and 2 Cub earnings releases. Here's what we're looking for
▼ + stars: | 2023-08-19 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

All three major U.S stock indices pulled back this week, as earnings season wound down and retail earnings painted a mixed picture of the state of the economy. Looking to next week, we'll be watching how shares of Club name Palo Alto Networks (PANW) open on Monday. With mortgage rates hitting the highest level in over two decades this week, affordability remains a major impediment for the housing market. Earnings : Club name Foot Locker (FL) reports quarterly results Wednesday before the opening bell, while Club holding Nvidia (NVDA) releases after the close that same day. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: we'll, Locker, Mary Dillon, Lowe's, Jim Cramer's, Jim Cramer, Jim, Kelter Davis Organizations: Nasdaq, Dow Jones, TJX, Walmart, Federal Reserve, U.S, Palo Alto Networks, Palo, Club, Nvidia, Lufax, Baidu, Dick's Sporting, Coty, COTY, Urban Outfitters, Parts, Devices, Sonoma, Body, Abercrombie, Fitch, Autodesk, TD Bank, Royal Bank of Canada, Marvell Technology, Intuit, Nordstrom, Jim Cramer's Charitable, CNBC, Shoppers, Bloomberg, Getty Locations: U.S, China, Friday's, Williams, Burlington, Chicago , Illinois

FILE PHOTO-A woman walks past a Credit Agricole logo outside a bank office in Reze near Nantes, France, May 12, 2021. The results boosted Credit Agricole SA's (CAGR.PA) stock, which was up by about 5% at 0817 GMT, making it the best performer within France's blue-chip index CAC 40 (.FCHI). Helping the positive sentiment, the investment vehicle of the mutual banks that control Credit Agricole said it would spend 1 billion euros on the bank's shares, further tightening its grip on the lender. The vehicle currently owns 60.2% of Credit Agricole SA and said it had no intention to go beyond 65%. Degroof Petercam has client assets of 71 billion euros, while Indosuez said it had assets under management of 130 billion euros at the end of 2022.

Persons: Stephane Mahe, Degroof, France's, JP Morgan, Degroof Petercam, Indosuez, Xavier Musca, Musca, Mathieu Rosemain, Geert de Clercq, Piotr Lipinski, Ingrid Melander, Augustin Turpin, Alexander Smith Organizations: REUTERS, Agricole, CAC, PARIS, Credit Agricole, Credit Agricole SA, Royal Bank of Canada, Barclays, Credit Agricole's, Indosuez, KBC, Thomson Locations: Reze, Nantes, France, Belgian

The beat was underpinned by much lower-than-expected "cost of risk" - money set aside for failing loans - of 166 million euros. Analysts had expected 430 million euros. Dubbed a "year of transition" by Krupa's predecessor Frederic Oudea, 2023 is also marked by a severe downturn at SocGen's French retail banking division, fresh from a merger of its two local networks. The second quarter was also affected by negative exceptional items of 240 million euros, which Credit Suisse analysts said were tied to "legacy legal disputes". Retail banking outside France fared better, as did SocGen's car leasing division ALD Automotive (ALDA.PA), whose sales jumped by more than 17% thanks to the acquisition of rival LeasePlan.

Persons: Gonzalo Fuentes, Krupa, Slawomir Krupa, France's, Jefferies, Frederic Oudea, Intesa, LeasePlan, SocGen, Mathieu Rosemain, Augustin Turpin, Ingrid Melander, Mark Potter Organizations: Societe Generale, La Defense, REUTERS, Royal Bank of Canada, European Central Bank, Credit Suisse, Retail, ALD Automotive, Thomson Locations: French, Courbevoie, Paris, France, PARIS, Russia

☆ BNP Paribas beat estimates on debt financing, cost management
▼ + stars: | 2023-07-27 | by ( ) www.cnbc.com time to read: +3 min

BNP Paribas , the euro zone's biggest bank, beat estimates in the second quarter as the corporate debt financing business and strong cost management partly offset a slump in securities trading. Group revenue fell 1.5% to 11.4 billion euros, also above expectations, while the cost of risk — money put aside for failing loans - came in lower than expected at 689 million euros. By contrast, sales from global banking activities within CIB - which comprise bond issues, syndicated loans and cash management — jumped by 17.5% in the second quarter at constant scope and currencies. BNP's bottom line in the second quarter also suffered from a set of exceptional items that totaled 723 million euros after tax. These included an 125 million euro provision for an unspecified litigation.

Persons: —, Italy's UniCredit Organizations: BNP, Royal Bank of Canada, Bank of, CIB, European Central Bank, Spain's Santander Locations: Bank, FICC, France

The French lender's second-quarter net income fell 4.9% on a reported basis to 2.81 billion euros ($3.12 billion), beating the 2.49 billion euro analyst consensus compiled by the company. Group revenue fell 1.5% to 11.4 billion euros, also above expectations, while the cost of risk - money put aside for failing loans - was lower than expected at 689 million euros. BNP's bottom line also suffered from a set of exceptional items that totalled 723 million euros after tax. These included an 125 million euro provision for unspecified litigation. The group's 5 billion euro share buyback programme will proceed as planned, it confirmed, adding that the second tranche of 2.5 billion euros had been approved and will be launched from early August.

Persons: Italy's, Mathieu Rosemain, Christopher Cushing, Jason Neely, David Goodman Organizations: BNP, Royal Bank of Canada, Bank of, European Central Bank, Spain's Santander, Thomson Locations: PARIS, Bank, France

NatWest lifer Rose climbed up the ranks over more than three decades from graduate trainee to boardroom, becoming the first woman to run one of Britain's major banks. "You can be a hero one day, a zero the next, as Alison Rose has found out." Davies lamented the "sad moment" while Rose paid tribute to colleagues who had helped her build solid foundations for the bank, in a statement accompanying the news. RBS TO NATWESTRose succeeded Ross McEwan as CEO of NatWest in 2019, becoming the lender's first female boss. But under Rose's supervision, the bank became one of Britain's biggest participants in government-designed loan schemes to keep ailing businesses afloat.

Persons: Alison Rose, Nigel Farage, NatWest lifer Rose, Coutts, Rishi Sunak, Rupert Younger, Rose, Howard Davies, Rose's, Davies, Charlie Nunn, Farage, impinging, NATWEST Rose, Ross McEwan, McEwan, Stephen Hester, Fred Goodwin, Lawrence White, Conor Humphries Organizations: NatWest's, Brexit Party, NatWest, Oxford University's, Lloyds Banking Group, Britain's, RBS, NATWEST, Royal Bank of Scotland, Thomson Locations: Europe, Westminster, Britain

☆ Government’s NatWest meddling crosses risky line
▼ + stars: | 2023-07-26 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

Meddling ministers crossed a line, and may struggle to retreat back onto the right side of it. Its shares fell a modest 3% on Wednesday morning – compared with 1% on average for Lloyds Banking Group (LLOY.L), Barclays (BARC.L) and Virgin Money UK (VMUK.L). Rose’s strategy of cutting costs, continuing to scale back risky trading and focusing on core UK retail banking was working. Britain’s Economic Secretary to the Treasury Andrew Griffith said on social media site X, formerly known as Twitter, that “it is right that the NatWest CEO has resigned”. Domestic rivals Lloyds Banking Group, Barclays and Virgin Money UK were down 2% on average.

Persons: Alison Rose, Rose, Rishi Sunak, Jeremy Hunt, Nigel Farage, Andrew Griffith, Coutts, aren’t, Nigel Farage's, Paul Thwaite, George Hay, Pranav Kiran, Streisand Neto Organizations: Reuters, Economic, NatWest, BBC, Royal Bank of Scotland’s, UK Government Investments, . Mortgage, Lloyds Banking Group, Barclays, Virgin Money, Lloyds, Domestic, Thomson Locations: NatWest’s

Copper M&A more than doubled in 2002 to $14.24 billion from the previous year, according to an S&P Intelligence report. "So the large miners are saying it is difficult to build new supply, so let's just buy companies," McDonald said. Copper prices have been gradually losing steam since hitting their strongest levels in over seven months in January when optimism abounded about the reopening of China. The lower copper price presents M&A opportunities for Hudbay, Kukielski said, but it will also get "squeezed" if the price of copper falls below $3.50. With lack of large mines up for grabs, he is expecting that large miners will be looking to expand their production by acquiring smaller mines.

Persons: Lundin, Newmont, Stuart McDonald, Taseko, McDonald, Antaike, Peter Kukielski, Kukielski, Minto Metals, Aaron Colleran, Colleran, David Lennox, Divya Rajagopal, Melanie Burton, Denny Thomas, Marguerita Choy Organizations: TORONTO, Reuters, Nippon Mining, Metals, P Intelligence, Taseko, London Metal Exchange, Reuters Graphics Reuters, Hudbay, Japan's Sumitomo Corp, Minto Metals, Yukon, Royal Bank of Canada, Quantum Minerals, Ivanhoe Mines, Capstone, Barrick Gold, Bloomberg News, Barrick, AIC Mines, AIC, Sydney, Thomson Locations: SYDNEY, Toronto, Chile, Vancouver, Arizona, China, Hudbay, Canada, Yukon, Ivanhoe, Australia, Queensland, Melbourne

Unlike the U.S., where home buyers can snag a 30-year mortgage, Canadian borrowers must renew their mortgages every five years at the prevailing interest rates. MORTGAGE DELINQUENCIES LOWLatest data released during the quarterly earnings showed mortgage delinquencies for all banks were low. Of the big six banks in Canada, Bank of Nova Scotia (BNS.TO) and National Bank of Canada (NA.TO) do not offer mortgage extensions, meaning the payment owed by the consumer goes up for each hike the BoC announces. Bank of Montreal (BMO.TO), CIBC (CM.TO) and TD Bank (TD.TO) each allow for negative amortization as rates rise. So it is working counter to what the Bank of Canada is trying to accomplish," Briggs added.

Persons: Greg Taylor, Desjardins, Mike Rizvanovic, Rizvanovic, Darcy Briggs, Briggs, Nivedita Balu, Josie Kao, David Gregorio Our Organizations: TORONTO, Bank, Purpose Investments, Bank of Nova, National Bank of Canada, BoC, RBC, Scotiabank, National Bank, Bank of Montreal, CIBC, TD Bank, Desjardins . Royal Bank of Canada, BMO, Franklin Templeton, Bank of Canada, Thomson Locations: U.S, Canada, Bank of Nova Scotia, Franklin Templeton Canada, Toronto

☆ UK water meltdown resurrects bank crisis dilemmas
▼ + stars: | 2023-06-29 | by ( Neil Unmack | ) www.reuters.com time to read: +7 min

The government may take over heavily indebted Thames Water, a hapless privately held utility unable to fund capital needs that may stretch to 10 billion pounds. Under Macquarie’s (MQG.AX) ownership, which lasted from 2006 to 2016, Thames’ debt rose to over 80% of RCV. They’re issued through a vehicle called Thames Water Utilities Finance. Thames Water CEO Sarah Bentley resigned abruptly on June 27. Thames shareholders, led by Ontario Municipal Employees Retirement System, committed in 2022 to provide 1.5 billion pounds of extra funds.

Persons: Ofwat, Rishi Sunak, Gordon Brown, Kemble, They’re, Sarah Bentley, “, George Hay, Oliver Taslic Organizations: Reuters, Royal Bank of Scotland, Thames, Ontario, Thames ’, Guardian, UK, RBS, Investors, Water Utilities Finance, Yorkshire Water, SES Water, Sky News, Thames Water, Thomson Locations: –, Thames, Yorkshire, Britain’s

Variable rate mortgages in Canada typically require borrowers to make regular payments in fixed amounts. WHAT IS THE EXTENT OF MORTGAGE AMORTIZATION EXTENSION? Both banks had no variable-rate mortgages with amortizations greater than 30 years prior to the start of rate hikes. If interest rates stay high over the next few years, as the central bank has warned, it raises questions about customers' ability to service bigger than anticipated debt at higher rates during renewals. The big banks said most customers are able to cope with higher interest rates as they had passed a rigorous stress test to handle higher interest rates.

Persons: Royce Mendes, Carolyn Rogers, OSFI, Nivedita Balu, Fergal Smith, Steve Scherer, Denny Thomas, Conor Humphries Organizations: TORONTO, Statistics Canada, Royal Bank of Canada, CIBC, Bank of Nova, National Bank, Bank of Canada, BoC, Thomson Locations: Canada, United States, Bank of Nova Scotia, amortization, Toronto, Ottawa

The deal fits the Italian group's plan to increase the share of gas in its total hydrocarbon production and is expected to boost its earnings immediately, Eni said in a statement. Eni, which is controlled by the Italian government, owns 63% of Vaar and is the main beneficiary of cash dividends from the Oslo-listed unit. VAAR EXPANDING IN NORWAYUnder the agreement, Eni will acquire Neptune's entire portfolio other than its operations in Germany and Norway. The German operations will be carved out prior to the Eni transaction and the Norwegian operations will be acquired by Vaar directly from Neptune in a separate deal, the two groups said in a statement. The Vaar transaction will close immediately prior to the Eni deal with the proceeds from the Norway sale remaining with the business purchased by the Italian group.

Persons: Italy's Eni, Eni, Claudio Descalzi, Descalzi, Vaar, Torger Roed, Rothschild, Ernst, Young, Shadia Nasralla, Terje Solsvik, Alvise Armellini, Jason Neely, Simon Cameron, Moore, Philippa Fletcher Organizations: Eni, MILAN, Italy's, Neptune Energy, Vaar Energy, LNG, Eni's Gas, Royal Bank of Canada's, Neptune, China Investment Corporation, Carlyle Group, CVC Capital Partners, HSBC, White, Case, Thomson Locations: Europe, Algeria, Indonesia, Milan, Russia, Oslo, Norway, Vaar, NORWAY, Germany, Norwegian, Neptune, Neptune Norway, Italian, Britain, Netherlands, LNG, London

STOCKHOLM, June 15 (Reuters) - H&M (HMb.ST) reported weaker than expected second quarter sales on Thursday as chilly weather held back demand in key markets, although the Swedish clothes group said June had started well and its shares rose by 3% in early trading. "Sales in the second quarter were affected by unfavourable weather conditions compared to the corresponding period last year on several of the H&M group's large markets" H&M said. Zara owner Inditex (ITX.MC), whose largest market is warmer Spain, has a smaller share of sales in northern Europe and the U.S. and is also less affected by weather swings. Inditex, which has coped better than H&M in sluggish markets, last week said net sales in its quarter through April were up 13% and, in May, up 16%. H&M, whose single-biggest market is Germany, is due to publish its full quarterly earnings report on June 29.

Persons: Jefferies, Inditex, Richard Chamberlain, Marie Mannes, Anna Ringstrom, Terje Solsvik, Alexander Smith Organizations: Reuters, Royal Bank of Canada, Thomson Locations: STOCKHOLM, Swedish, Europe, Zara, Spain, U.S, Germany

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