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☆ Russian court fines Amazon's Twitch $57,000 over Ukraine content
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: 1 min

Jan 31 (Reuters) - A Russian court on Tuesday fined streaming service Twitch 4 million roubles ($57,000) for failing to remove what it said were "fakes" about Russia's military campaign in Ukraine, the Interfax news agency reported. Twitch, which is owned by Amazon (AMZN.O), did not immediately respond to a request for comment. Moscow has long objected to foreign tech platforms' distribution of content that falls foul of its restrictions, with Russian courts regularly imposing penalties. ($1 = 70.3200 roubles)Reporting by Reuters, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Russian piped gas exports to Europe falls 30% in January to new lows - data
▼ + stars: | 2023-01-31 | by ( Oksana Kobzeva | ) www.reuters.com time to read: +2 min

According to calculations, based on daily data of Russian gas exports via Ukraine and the TurkStream pipeline, Gazprom's gas exports to Europe fell in January to some 1.8 billion cubic metres (bcm) from 2.5 bcm in December. Gazprom halted gas supplies last year via the Yamal-Europe pipeline which traverses Belarus, Poland and terminates in Germany, as well as through the undersea Nord Stream 1 pipeline, which was blown up in September. According to European gas transmission group Entsog and Gazprom's daily reports on its transit via Ukraine, Gazprom's average daily gas supplies to Europe have declined to 58.1 million cubic metres (mcm) this month from 81.9 mcm in December. Gazprom has not disclosed its own statistics on exports and output since the start of the year. The company had said its gas exports outside ex-Soviet Union fell last year by 45% to 100.9 bcm.

☆ EV maker Lotus Tech to go public in the U.S. via deal with L Catterton SPAC
▼ + stars: | 2023-01-31 | by ( Brenda Goh | ) www.reuters.com time to read: +2 min

Lotus Tech is the luxury electric vehicle maker division of sports car brand Group Lotus, which is in turn owned jointly by Chinese automaker Geely (GEELY.UL) and Malaysia's Etika Automotive. The unit is headquartered in the central Chinese city of Wuhan and produces cars through a partnership with Geely. Lotus Tech's existing shareholders, including Geely, Etika and NIO Capital, an investment firm founded by the CEO of Chinese electric vehicle maker Nio Inc , will retain their interests in the company and own 89.7% of it following the deal, it said. The company plans to use the proceeds from the combination of the businesses for product innovation and to expand its global distribution network. "We expect the partnership to provide significant support as Lotus Tech expands globally, with promising brand collaboration and strategic partnership potential worldwide," Lotus Tech's Chief Executive Officer Feng Qingfeng said.

☆ Britain to shake up private pensions with value for money test
▼ + stars: | 2023-01-30 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, Jan 30 (Reuters) - Britain said on Monday it will launch a public consultation on new rules requiring higher disclosure standards from private pensions schemes to give savers better value for money and prevent providers from "gaming the system". Pensions minister Laura Trott said the shake-up of private pensions will also include reform of the charge cap on a company's "default" defined contribution (DC) pension schemes that employees are offered or auto-enrolled in. DC pension schemes' performance is tied to swings in stock and bond markets. "Being in an underperforming pension scheme can lead to someone missing out on thousands of pounds." They would have to provide comparisons with at least three other schemes to prevent providers from choosing underperforming schemes for comparison purposes.

☆ Norwegian airline Flyr says it faces liquidity crunch, shares fall 78%
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: +1 min

OSLO, Jan 30 (Reuters) - Loss-making Norwegian airline Flyr (FLYR.OL) said on Monday it had failed to raise the cash it needs from shareholders and other potential investors, leaving it in a "critical short-term liquidity situation". Flyr's share price, already weakened by the budget carrier's financial woes, fell 78% in early trade to an all-time low of 0.0015 Norwegian crowns. The company said it had tried in recent days to secure funding of 330 million Norwegian crowns ($33.27 million) but the effort failed. "Market conditions and continued uncertainty with regards to airline travel and earnings through 2023 have deterred investors from committing capital for the required period of time," Flyr said. ($1 = 9.9175 Norwegian crowns)Reporting by Terje Solsvik, Editing by Louise Heavens and Christina FincherOur Standards: The Thomson Reuters Trust Principles.

☆ India's LIC has no plans currently to bid for more in Adani share sale- source
▼ + stars: | 2023-01-30 | by ( Nikunj Ohri | ) www.reuters.com time to read: +1 min

NEW DELHI, Jan 30 (Reuters) - India's state-backed Life Insurance Corp (LIC) (LIFI.NS) has no current plans to bid in the ongoing $2.5 billion secondary share sale of Adani Enterprises (ADEL.NS), a source with direct knowledge of the matter told Reuters on Monday. read moreLIC, the country's largest insurer, took 5% of Adani share offering's anchor portion of $736 million, but has no plans to bid for more in the ongoing book building process that closes Tuesday, the source said. Hit by weakened sentiment after the Hindenburg report, Adani Enterprises shares closed at 2,892.85 rupees ($35.51) on Monday, well below the offer price range of 3,112-3,276 rupees per share. LIC is taking a cautious approach and the board had only approved the anchor bid, the source said. LIC already holds a 4.23% stake in the flagship Adani firm, while its other exposures include a 9.14% stake in Adani Ports and 5.96% in Adani Total Gas.

☆ Turkey signs 10-yr gas deal with Oman -Turkish energy minister
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: 1 min

Companies Botas Nehir Boya Emprime Sanayi Ticaret AS FollowISTANBUL, Jan 30 (Reuters) - Turkey signed a natural gas purchase agreement with Oman to buy an annual 1.4 billion cubic metres of gas for 10 years, Turkish Energy Minister Fatih Donmez said on Monday. Speaking at an event in Istanbul, Donmez said that a delegation from Turkish state energy company BOTAS was in Oman for the agreement. Reporting by Can Sezer Writing by Ezgi Erkoyun Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Ghana govt and capital market operators agree on domestic debt exchange terms
▼ + stars: | 2023-01-28 | by ( ) www.reuters.com time to read: +1 min

ACCRA, Jan 27 (Reuters) - Ghana's government and the Ghana Securities Industry Association (GSIA) have reached an understanding on the terms of participation by capital market operators in the country's domestic debt exchange (DDE) programme, they said on Friday. Under the new agreement, capital market operators will participate in the exchange programme on the same "improved terms" agreed with banks earlier this week. "GSIA believes this agreement is necessary to restore market normalcy and confidence in the economy," the statement said. Ghana needs around 80% of bondholders to sign up for the DDE program. Reporting by Cooper Inveen Writing by Sofia Christensen Editing by Louise Heavens, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ Ford recalls 462,000 vehicles for rear camera display failure
▼ + stars: | 2023-01-27 | by ( David Shepardson | ) www.reuters.com time to read: +1 min

WASHINGTON, Jan 27 (Reuters) - Ford Motor Co (F.N) said Friday it is recalling 462,000 vehicles worldwide because video output may fail, preventing the rearview camera image from displaying. The recall expands and replaces a 2021 recall of 228,000 vehicles. NHTSA in August 2021 opened an investigation after Ford in 2020 recalled 620,246 vehicles for another rear camera issue. The investigation is reviewing if Ford had recalled the vehicles in a timely fashion and if it recalled enough vehicles. Ford has issued other rear camera related recalls in recent years including recalling 47,000 U.S. 2021-2022 Bronco vehicles because the rearview camera image may still be displayed after a backing event has ended, which could distract the driver.

☆ Ship traffic to resume at Turkey's Dardanelles Strait after brief suspension
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: 1 min

ISTANBUL, Jan 27 (Reuters) - Ship traffic at Turkey's Dardanelles Strait is set to resume after a brief suspension due to a vessel's engine failure, the Tribeca Shipping Agency said on Friday. Northbound traffic will resume at 1500 GMT and southbound traffic will resume at 1545 GMT, it said. Traffic was suspended in both directions at 1335 GMT. The vessel whose engine failed was proceeding to the strait exit with two tug escorts, it said in an earlier not. Reporting by Can Sezer; Writing by Ali Kucukgocmen; Editing by Alex Richardson and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Dutch PM Rutte: may not disclose result of U.S. chip export control talks
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +2 min

AMSTERDAM, Jan 27 (Reuters) - The Netherlands' Prime Minister Mark Rutte said on Friday that it is not clear whether his government will disclose the result of ongoing talks with the U.S. over new export restrictions for the semiconductor industry. A Dutch delegation is in the U.S. on Friday for talks. "Those talks have been going on for a long time and we're not saying anything about it," Rutte said. Asked whether ASML would not need to be informed of the decision in order to implement new restrictions, Rutte said government communications with the company "are also private." Reporting by Stephanie van den Berg, Toby Sterling, Charlotte Van Campenhout, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

The company reiterated it expects to generate $3 billion to $5 billion in free cash flow in 2023. Boeing generated $3.1 billion in free cash flow in the final quarter of 2022. Boeing reported $2.3 billion for all of 2022. Boeing reported fourth-quarter revenue of $20 billion, up from $14.79 billion in the same quarter in 2022, and a loss per share of $1.75. Earlier this month, Boeing reported a sharp jump in airplane orders and deliveries in 2022.

☆ Natural disasters caused $313 bln economic loss in 2022 - Aon
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +2 min

Jan 25 (Reuters) - Natural disasters, many driven by climate change, caused global economic losses of $313 billion in 2022, insurance broker Aon (AON.N) estimated on Wednesday, of which less than half was insured. Losses from natural catastrophes covered by the insurance sector amounted to $132 billion, 57% above the 21st-century average, it added, leaving a global 'protection gap' of 58%. Hurricane Ian is the second most expensive natural disaster the insurance sector has ever faced. Aon estimated about 31,300 people died due to natural catastrophe events in 2022, of which about two thirds were linked to severe heatwaves in Europe between June and July. Similarly, in Pakistan the monsoon season caused 175% above-average precipitation from July to September, said Aon citing the local Meteorological Department.

Hindenburg, known for having shorted electric truck maker Nikola Corp (NKLA.O) and Twitter, said it holds short positions in Adani companies through U.S.-traded bonds and non-Indian-traded derivative instruments. Shares in Adani Transmission (ADAI.NS) fell 9%, Adani Ports And Special Economic Zone (APSE.NS) slipped 6.3% and Adani Enterprises ended down 1.5%. Adani Group's total gross debt in the financial year ended March 31, 2022, rose 40% to 2.2 trillion rupees. Refinitiv data shows debt at Adani Group's seven key listed Adani companies exceeds equity, with debt at Adani Green Energy Ltd (ADNA.NS) exceeding equity by more than 2,000%. Hindenburg also said it was concerned that a high proportion of equity held by promoters or key shareholders in Adani Group listed companies has been pledged for loans.

☆ Factbox: Tanks for Ukraine: who is lining up to send them?
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +3 min

Jan 25 (Reuters) - Germany has approved sending tanks to Ukraine, after Britain said it would send Challenger 2 tanks and Poland pushed for Berlin's approval to send German-built Leopard 2 tanks. Ukraine has until recently faced resistance to its requests for main battle tanks to fight against invading Russian forces. It said it would send an initial company of 14 tanks. NORWAYThe Norwegian government is considering whether to send some of its Leopard tanks, newspapers reported. THE NETHERLANDSDutch Prime Minister Mark Rutte said the Netherlands was prepared to deliver battle tanks to Ukraine if needed.

☆ Brazilian retailer Americanas reports 7,720 creditors, $8 bln in debt
▼ + stars: | 2023-01-25 | by ( Gabriel Araujo | ) www.reuters.com time to read: +2 min

SAO PAULO, Jan 25 (Reuters) - Brazilian retailer Americanas SA (AMER3.SA) reported 7,720 creditors and debt totaling nearly $8 billion within its restructuring process, a Rio de Janeiro court said on Wednesday. Deutsche Bank (DBKGn.DE) topped the list of creditors initially revealed by Americanas, but the German lender later said it had no lending relationship or credit exposure to the Brazilian company. The list provided on Wednesday included roughly 41.2 billion reais ($8.1 billion) in debt, according to the court, which initially did not disclose the names of the creditors. Later, however, Americanas revealed the full list in a securities filing, ranging from small debts with individuals and cities to multibillion-reais debts with banks. Deutsche Bank appeared with a $1 billion debt, but said in an emailed statement that it had no direct exposure to the Brazilian firm.

Binance was the only major crypto exchange among Bitzlato's top counterparties, FinCEN said. The Justice Department and FinCEN declined to comment. Bitcoin worth about $175 million was transferred to Binance from Bitzlato in that period, making Binance its largest receiving counterparty, the data show. The U.S. action against Bitzlato comes as the Justice Department investigates Binance for possible money laundering and sanctions violations. The Justice Department said Bitzlato exchanged more than $700 million in crypto with Hydra, either directly or through intermediaries.

Binance was the only major crypto exchange among Bitzlato's top counterparties, FinCEN said. A Binance spokesperson said via email it had "provided substantial assistance" to international law enforcement to support their investigation of Bitzlato. Bitcoin worth about $175 million was transferred to Binance from Bitzlato in that period, making Binance its largest receiving counterparty, the data show. The U.S. action against Bitzlato comes as the Justice Department investigates Binance for possible money laundering and sanctions violations. The Justice Department said Bitzlato exchanged more than $700 million in crypto with Hydra, either directly or through intermediaries.

☆ U.S. closes Ford SUV exhaust odor probe without seeking recall
▼ + stars: | 2023-01-23 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

WASHINGTON, Jan 23 (Reuters) - U.S. auto safety regulators on Monday closed a six-year-old investigation into 1.47 million Ford Explorer SUVs over reports of exhaust odors in vehicle compartments and exposure to carbon monoxide without seeking a recall. NHTSA said its investigation found "that the 2011-2017 Ford Explorer vehicles when accurately measured produce occupant compartment (carbon monoxide) levels which fall below current accepted health standards." In 2017, Ford agreed to cover the costs of specific repairs in every Police Interceptor Explorer SUVs that may be tied to after-market installation of police equipment. Tests demonstrated a substantial reduction of carbon monoxide levels due solely to reprogramming, NHTSA said. The city of Austin, Texas in 2017 temporarily removed all 400 of the city’s Ford Explorer SUVs from use.

☆ Italy's Intesa convinces investors on payouts
▼ + stars: | 2023-01-23 | by ( Valentina Za | ) www.reuters.com time to read: +3 min

Investors fretted about the impact on earnings and the bank's ability to stick to generous capital distribution plans, starting with a pending 1.7 billion euro share buyback. Intesa has put the buyback on hold, despite receiving European Central Bank clearance, until approval of 2022 results on Feb. 3. In the fourth quarter, Intesa shed risks on 10.3 billion euros in loans through two so-called synthetic securitisation deals, including a jumbo 8 billion euro transaction. Market calculations put the cost of similar transaction at around 25 million-30 million euros a year for 2 billion euros in assets. Intesa also sold 4 billion euros in leasing contracts.

The company wants to axe up to 2,500 jobs in product development and up to 700 in administrative roles, with German locations most affected, IG Metall said. Ford last year announced a $2 billion investment to expand production at its Cologne plant to make an all-electric model for the mass market. It also has a partnership with Volkswagen (VOWG_p.DE) to produce 1.2 million vehicles on the German carmaker's MEB electric platform over six years. That partnership remains in place, Ford and Volkswagen representatives said, though Ford's U.S. spokesperson added that Volkswagen's role in Ford's next generation of European electric vehicles was still to be determined. "We will not hold back from measures that could seriously impact the company, not just in Germany but Europe-wide."

At a separate meeting between management and workers representatives, Ford said it was planning a reduction of 65% in development jobs and around 20% in administrative jobs in Europe, a spokesperson for IG Metall said. We will not hold back from measures that could seriously impact the company not just in Germany but Europe-wide," IG Metall said. Ford of Europe produces, sells and services Ford brand vehicles in 50 markets, employing around 45,000 people at its own facilities and consolidated joint ventures, according to its website. The U.S. carmaker has committed to selling exclusively electric passenger cars in Europe by 2030, and is planning three new electric passenger vehicles and four new electric commercial vehicles in Europe by 2024. Writing by Rachel More and Victoria Waldersee; editing by Matthias Williams and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. closes Ford SUV exhaust order probe without seeking recall
▼ + stars: | 2023-01-23 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

☆ EU lawmakers to vote on tighter crypto, ESG rules for banks
▼ + stars: | 2023-01-23 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

One amendment states that banks would have to apply a risk-weighting of 1,250% of capital to cryptoassets exposures, meaning enough to cover a complete loss in their value. This is in line with recommendations from the global Basel Committee of banking regulators in December. The amendment requires the EU's executive European Commission to publish a report by June 2023 analysing the possibility of introducing prudential limits on banks' exposures to shadow banks. The draft law introduces a new "fit and proper" regime for appointing bankers, with amendments saying there should be targets for a bank's management body. After Tuesday's vote the lawmakers and EU states will thrash out a final deal which would come into effect in 2025.

A cut in the import duty by the world's second-biggest consumer could lift retail sales by making gold cheaper ahead of peak demand season and support global prices . The effective duty is now 18.45%, which includes the 12.5% import duty, 2.5% agriculture infrastructure development cess and other taxes. The finance ministry declined to comment while the trade ministry did not immediately respond to a request for comment. "Smuggling is going up," said the commerce ministry official, adding that the duty could be cut in an upcoming budget. Indian gold prices jumped to a record 56,850 rupees per 10 grams last week.

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