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☆ Tesla pushes back Model 3 delivery times in Germany after price cuts
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Jan 20 (Reuters) - Tesla (TSLA.O) pushed back the delivery window for Model 3 vehicles on its website in Germany to February to April 2023 from January to March previously, a week after it slashed prices by between 4% and 12% depending on the variation of the model. Delivery times on the Model Y rear wheel drive, which saw the biggest price cut at 17%, had already been pushed to February to March from January to March. Expected delivery of the Model Y Long Range and Performance vehicles remained unchanged on Friday at January to March, the website showed. Tesla delivery times are still far ahead of other competitors in Germany, according to car comparison portal carwow. The company cut prices globally on the Model 3 and the Model Y last week, reversing course from the profit-over-volume strategy deployed across the industry since the pandemic of raising prices to overcome supply chain shortages.

[1/2] The logo of Airbus is picuted at the Airbus facility in Montoir-de-Bretagne near Saint-Nazaire, France, March 4, 2022. REUTERS/Stephane MaheDELHI/PARIS, Jan 20 (Reuters) - European planemaker Airbus (AIR.PA) is set to win an order for 235 single-aisle planes as part of a historic purchase of some 495 jets due to be announced by a resurgent Air India on Jan. 27, industry sources told Reuters. Air India and Boeing did not immediately respond to requests for comment. Reuters reported last month that Air India was close to placing orders for around 500 jets from both Airbus and Boeing after months of intense talks on the core plane order. Air India, with its maharajah mascot, was once known for its lavishly decorated planes and stellar service but its reputation declined in the mid-2000s as financial troubles mounted.

☆ Davos 2023 - Citi CEO Fraser says China opening up is good news for the market
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: 1 min

DAVOS, Switzerland, Jan 18 (Reuters) - China's opening up is important for the world and there is good news from market friendly measures taken there, Citi Group's chief executive Jane Fraser told a panel at the World Economic Forum's (WEF) annual meeting on Wednesday. It is quite a volatile time in the world, Fraser said, adding that central bank tightening is likely to continue. Reporting by Maha El Dahan; Writing by Nadine Awadalla; Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Carmaker Stellantis strikes nickel sulphate supply deal with Terrafame
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +1 min

PARIS, Jan 18 (Reuters) - Carmaker Stellantis (STLA.MI) and Finnish company Terrafame announced on Wednesday that they had struck a deal whereby Terrafame will supply Stellantis with nickel sulphate over a five-year period, starting from 2025 onwards. "This agreement is part of the key raw material sourcing to fit with our electrified vehicle battery pack needs,” Stellantis Chief Executive Carlos Tavares said in a statement. The carmaker said the agreement with Terrafame "willcover a significant portion of the needs for sustainable regionally sourced nickel." Last week, Stellantis struck a deal with Australian miner Element 25 (E25.AX) for the supply of manganese sulphite, the latest in a series of accords for the procurement of raw materials for electric batteries. Reporting by Sudip Kar-Gupta and Alvise Armellini, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Credit Suisse sees money returning to the bank -CEO
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Jan 18 (Reuters) - Credit Suisse (CSGN.S) is seeing a reversal of outflows, CEO Ulrich Koerner said in an interview with CNBC in Davos on Wednesday. "Outflows have reduced very significantly and we are seeing money now coming back in different parts of the firm," he said. Koerner said he has "zero concerns" about conflicts of interest surrounding the bank's acquisition of former Credit Suisse board member Michael Klein's advisory firm. Earlier this month it was reported the Swiss bank would value M. Klein & Company at a few hundred million dollars. The potential deal is expected to allow M. Klein & Co. shareholders to take an eventual stake in CS First Boston using proceeds from the sale.

☆ Exclusive: Harbour Energy to cut jobs due to UK windfall tax
▼ + stars: | 2023-01-18 | by ( Ron Bousso | ) www.reuters.com time to read: +3 min

The jobs would be cut in Harbour Energy's headquarters in the North Sea hub of Aberdeen, Scotland, but the extent of the cuts is yet to be determined and will be subject to consultations. Harbour Energy Plc has 1,700 employees worldwide, according to its website. Executives in North Sea companies have urged the British government to introduce a price floor to mitigate the impact of the windfall tax as firms struggle to access new funding. Industry group OEUK said in response to Harbour's announcement that the windfall tax will further undercut spending. Companies including Shell Plc (SHEL.L) and Equinor ASA (EQNR.OL) have already said they will review their North Sea investments.

☆ French nuclear waste agency applies for new storage site
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +1 min

PARIS, Jan 17 (Reuters) - France's national agency for managing nuclear waste has applied to the ministry of ecological transition for the creation of a project for the long-term storage of high-level radioactive waste, the agency said on Tuesday. Construction could begin as soon as 2027 if the French nuclear safety authority approves the application. Finland, Sweden, Switzerland, Belgium and the Netherlands are also examining the construction of long-term high-level radioactive waste storage sites. Andra, the nuclear waste treatment agency, said this latest application for the storage site did not include the six new EPR nuclear reactors currently under consideration for construction by French power giant EDF (EDF.PA), citing the lack of a final decision to embark on the new build. Pierre-Marie Abadie, director general for Andra, said that the agency has in the past published a report saying waste from six new nuclear reactors could be encompassed in the future storage project "without difficulty."

☆ Battery startup Britishvolt asks court to appoint administrators
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +1 min

LONDON, Jan 17 (Reuters) - UK electric vehicle (EV) battery startup Britishvolt, which has struggled to raise funds for a large factory in northern England has made an application to appoint administrators, a court document showed on Tuesday. Britishvolt had been in talks with potential buyers, including some of its early investors, after securing a short-term funding lifeline in November to help keep it afloat. But by the summer, Britishvolt had only raised around 200 million pounds and had pushed back its production timeline. Britishvolt had received backing from mining giant Glencore (GLEN.L), which kicked off a funding round for the startup last February. ($1 = 0.8189 pounds)Reporting by Michael Holden, Sachin Ravikumar and Nick Carey, Editing by Kylie MacLellan and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Americanas on Tuesday disclosed that it did not pay interest due on Monday of more than 2 billion reais ($392 million) in local bonds. It made the disclosure in a filing responding to a question by securities regulator CVM, saying that it was allowed not to pay under the injunction. Fitch said that if Americanas formally announces a debt restructuring plan, its ratings will be downgraded to RD or D reflecting a default. Fitch said the retailer, backed by the billionaire founders of 3G Capital, has an unsustainable capital structure with the addition of an estimated 20 billion reais in previously undisclosed liabilities. The company last year paid 516.6 million reais in dividends related to the results in 2021, according to securities filings.

☆ Saudi, Qatar ends higher as China scraps COVID curbs
▼ + stars: | 2023-01-08 | by ( Shamsuddin Mohd | ) www.reuters.com time to read: +1 min

Jan 8 (Reuters) - The Saudi and Qatari stock markets finished higher on Sunday after China scrapped COVID curbs, bolstering expectations of a demand recovery in the world's second-largest economy, while Egypt and UAE markets were closed. Meanwhile world's top crude exporter, Saudi Arabia, lowered prices for the Arab light crude it sells to Asia to its lowest since November 2021 amid the global pressures hitting oil. Saudi Arabia's benchmark index (.TASI) edged up 0.1% led by a 2.6% jump in state-owned mining company Saudi Arabian Mining Co(Ma'aden) (1211.SE). The benchmark stock index in Qatar (.QSI) gained 1.4%, supported by its Industrial and financial stocks as petrochemical maker Industries Qatar (IQCD.QA) jumped 3.1% while lender Masraf Al Rayan (MARK.QA) was up 2.5%. ($1 = 3.6580 Qatar riyals)($1 = 3.7580 riyals)Reporting by Shamsuddin Mohd in Bengaluru, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ India's Paytm bank gets central bank nod to name new CEO
▼ + stars: | 2023-01-08 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, Jan 9 (Reuters) - Paytm Payments Bank, majority owned by billionaire Vijay Shekhar Sharma, has received India's central bank's approval to name Surinder Chawla as its new chief executive, a statement said. Last year, India's central bank barred Paytm Payments Bank from taking on new customers and ordered a comprehensive audit of its IT systems, citing "material" supervisory concerns observed in the bank. Paytm Payments Bank facilitates transactions on mobile commerce platform Paytm. In its statement, One 97 Communications Ltd (PAYT.NS), the parent of fintech firm Paytm, said India's central bank has given its nod to appoint Surinder Chawla as Paytm Payments Bank's managing director and chief executive. Paytm listed in 2021 after a mega $2.5 billion initial public offer.

The two companies are in arbitration to decide what Sanofi's obligations might be, given Sanofi acquired the marketing rights to Zantac from Boehringer in 2017. A decision was initially expected by the end of 2022. Now, Sanofi sees it some time this year, and at the end of the first quarter at the earliest. Originally marketed by a forerunner of GSK (GSK.L), the medicine has been sold at different times by companies including Pfizer (PFE.N), Boehringer and Sanofi as well as several generic drugmakers. On Wednesday, Sanofi also said it expected fourth-quarter results next month to benefit from a stronger dollar and flu vaccine sales.

☆ French energy suppliers will let struggling bakers renegotiate contracts - Le Maire
▼ + stars: | 2023-01-03 | by ( Dominique Vidalon | ) www.reuters.com time to read: +2 min

PARIS, Jan 3 (Reuters) - France's energy suppliers have agreed to allow the country's trademark bakeries to renegotiate their contracts if they struggle to pay their bills, Finance Minister Bruno Le Maire said on Tuesday. Dominique Anract, the president of the French Bakers' Confederation, earlier told Reuters that getting rid of "rotten contracts" was one of the sector's main demands. Bakery power contracts can now be reviewed on a "case by case" basis depending on each bakers' situation, he said after the meeting with executives from suppliers including EDF (EDF.PA) and TotalEnergies (TTEF.PA). Le Maire earlier said power suppliers had so far not done enough to help the country's small and medium-sized businesses cope with rising power costs. Earlier in the day, French Prime Minister Elisabeth Borne confirmed plans to help French bakers cope with rising energy bills, allowing them to spread the payment of their taxes over time and possibly "the payment of their energy bills for the first months of the year".

☆ Germany's Steag renames large part of business ahead of sale
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Jan 3 (Reuters) - German utility Steag, which has put itself up for sale, is changing the name of a large part of its business to Iqony in the course of a planned split-up, according to a website for the new company. Around 2,300 employees will work for Iqony, whose portfolio includes solar, wind, geothermal and hydrogen projects, said the websiteThe coal-fired power plants, including large sites in Duisburg and Saarland, will not be included in the new company, according to the WAZ newspaper, which initially reported the name change. Steag, which employs 5,700 staff, is owned by KSBG, where six municipal utilities in Germany's industrial Ruhr region have bundled their stakes. They are Duisburg, Dortmund, Bochum, Essen, Oberhausen and Dinslaken. Writing by Miranda Murray, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ China securities regulator to check brokers' financing needs after Huatai share plan
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, Jan 3 (Reuters) - China's securities regulator said it would fully check securities firms' financing needs after Huatai Securities Co Ltd (601688.SS), proposed a share placement plan that would be one of the biggest in China's brokerage industry. The China Securities Regulatory Commission (CSRC) in a statement on Tuesday said it will fully pay attention to the necessity for, and rationality of, securities firms' financing, as part of its vetting process. The comments come as Huatai Securities, one of China's biggest brokerages, said on Friday it plans to raise 28 billion yuan ($4.07 billion) in A-share and H-share rights issue. Listed brokers should reasonably determine the financing plan and method, and safeguard the legitimate rights and interests of all types of investors, especially small and mid-sized investors, the regulator said. Huatai Securities did not reply to a phone call and an email seeking comment.

☆ Lenders fail to sell Evergrande's Hong Kong headquarters by tender - sources
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +1 min

[1/2] The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. REUTERS/Aly SongHONG KONG, Jan 3 (Reuters) - The tender sale of embattled China Evergrande Group's (3333.HK) Hong Kong headquarters has lapsed again, two sources with knowledge said, because the offer prices and terms did not meet requirements. Chinese state-owned China Citic Bank Corp Ltd (601998.SS), whose Hong Kong subsidiary leads the lender group, did not immediately respond to request for comment. Evergrande and Savills, agent for the tender sale, declined to comment. ($1 = 7.8102 Hong Kong dollars)Reporting by Clare Jim; Additional reporting by Ziyi Tang in Beijing; Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Italy's Eni sets up sustainable transport services company
▼ + stars: | 2023-01-02 | by ( ) www.reuters.com time to read: +2 min

MILAN, Jan 2 (Reuters) - Italian energy group Eni (ENI.MI) said on Monday it had set up a new company dedicated to sustainable transport, which would develop bio-refining, biomethane and offer mobility products and services in Italy and abroad. Last year the Italian group successfully listed its Norwegian oil and gas spin-off Vaar Energy. Eni Sustainable Mobility is directly controlled by Eni, which holds 100% of its share capital, the group said. Eni Sustainable Mobility will be the second lever supporting the group's energy transition strategy together with Plenitude, Descalzi added. Stefano Ballista, former Sustainable Mobility Director at Eni Energy Evolution, is the CEO of Eni Sustainable Mobility.

☆ France's GTT ceases its activities in Russia
▼ + stars: | 2023-01-02 | by ( ) www.reuters.com time to read: +1 min

Jan 2 (Reuters) - French engineering group Gaztransport & Technigaz (GTT) (GTT.PA) said on Monday it was stopping its activities in Russia after analysing the latest European sanction packages which include a ban on engineering services with Russian firms. Meanwhile, terms of GTT's exit from the Gravity Based Structure (GBS) projects with Saren B.V - a joint-venture between Renaissance Heavy Industries Russia and Saipem's (SPMI.MI) Russian subsidiary - are being finalised. "These elements will have a financial impact mainly from 2023," GTT said in a statement, adding that its order book would no longer include projects in Russia. GTT added that annual targets will exclude revenue and earnings before interest, taxes, depreciation and amortisation (EBITDA) generated by the last services in progress in Russia from 2023 onwards. ($1 = 0.9384 euros)Reporting by Dina Kartit, edited by Tomasz Janowski and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

[1/6] People release balloons as they gather to celebrate New Year's Eve, amid the coronavirus disease (COVID-19) outbreak, in Wuhan, Hubei province, China January 1, 2023. “I was still afraid when I came out tonight, but I just wanted to come out, because everyone has come out." In late November hundreds of people took part in lockdown demonstrations on the streets of cities across the country including Wuhan. “Those restrictions were in place for too long, so perhaps people were pretty unhappy," said 24-year-old Wuhan resident surnamed Chen, who works in e-commerce. “People have been afraid to come out since the COVID policy was loosened,” he said.

☆ Italy antitrust drops pricing probe into A2A and Hera, partially confirms for others
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: +1 min

ROME, Dec 30 (Reuters) - Italy's antitrust authority on Friday said it had dropped its investigation into energy companies A2A (A2.MI) and Hera (HRA.MI) over suspected improper price-setting for gas and electricity. The agency also said its investigation into other utilities including Eni (ENI.MI) and Enel (ENEI.MI) would no longer cover price changes for contracts which had already expired or were due to expire. Eni, Enel as well as Edison (EDNn.MI), Acea (ACE.MI) and Engie (ENGIE.PA) remain under investigation for the alleged improper price-setting. The five energy companies were given five days to comply with an order to suspend all unilateral price changes they have introduced for open-ended contracts, with no clear or predetermined expiry date. Reporting by Alvise Armellini, additional reporting by Giancarlo Navach in Milan, editing by Louise Heavens, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ Global natural catastrophe 2022 insured losses seen at $112 bln-broker
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: +1 min

LONDON, Dec 30 (Reuters) - Global insurance losses for natural catastrophes are projected to reach $112 billion in 2022, reinsurance broker Guy Carpenter said on Friday, driven by the impact of Hurricane Ian which hit Florida earlier this year. Flood and hail in Europe, Australian floods and severe storms in the United States also contributed to the total, Guy Carpenter said in a statement. Hurricane Ian and other natural catastrophes caused an estimated $115 billion of insured losses so far this year, well above the 10-year average of $81 billion, reinsurer Swiss Re (SRENH.S) estimated earlier this month. ..the sector has experienced", Guy Carpenter said, adding that the process had been "extremely late". The projected losses do not include the impact of the most recent December natural catastrophes, Guy Carpenter added.

☆ UK house prices end 2022 on a weaker note after pandemic boom
▼ + stars: | 2022-12-30 | by ( Muvija M | ) www.reuters.com time to read: +3 min

The lender also said that the final month of 2022 saw prices record their worst run since 2008 on a monthly basis, falling 0.1% compared with November in their fourth consecutive monthly price fall. In annual terms, house price growth slowed to 2.8% in December from 4.4% in November, Nationwide said, compared with the 2.3% growth forecast in a Reuters poll. That has marked a slowdown from last year when price growth reached multi-year highs due to strong demand as people desired bigger homes more suited for remote working during the health crisis. NEW YEAR ACTIVITYEarlier in December, a survey by the Royal Institution of Chartered Surveyors (RICS) showed the most widespread house price falls in Britain since early in the pandemic last month. If sustained, this should feed through to mortgage rates and help improve the affordability position for potential buyers," he added.

☆ Permitted share of China's yuan in Russian wealth fund doubled to 60% -finmin
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: +2 min

The ministry said the permitted share of gold in the NWF would also be doubled, to 40%. "The Russian finance ministry is continuing its consistent reduction of the share of currencies of 'unfriendly' states in the structure of the National Wealth Fund's assets," the ministry said in a statement. "In order to hedge exchange rate risks, we have always (replenished the NWF) in foreign currency," Siluanov said earlier this week. "From among the currencies of 'friendly' countries, the yuan has the characteristics of a reserve currency to the greatest extent, as well as sufficient liquidity in our domestic foreign exchange market," he added. The Moscow Exchange, Russia's largest bourse, said yuan-rouble trading volumes would surpass dollar-rouble trading volumes next year as financial links between Moscow and Beijing continue to intensify.

☆ Oil settles lower in light trading on China demand concerns
▼ + stars: | 2022-12-28 | by ( Shariq Khan | ) www.reuters.com time to read: +3 min

China has said it will stop requiring inbound travellers to quarantine from Jan. 8, a major step towards relaxing stringent curbs on its borders. Market participants noted that trading volumes this week are expected to be lighter than usual as the end of the year approaches, creating more volatility in oil prices. "My sense is the general risk-off mood has weighed on the oil prices, in a market with thin liquidity," said UBS analyst Giovanni Staunovo. "Next year brings immense uncertainty and plenty of potential upside risk for prices from the China reopening to lower Russian output and further OPEC+ cuts," Erlam said. U.S. crude oil inventories fell last week while gasoline and distillate stocks rose surprisingly, according to market sources citing American Petroleum Institute figures on Wednesday.

☆ France's energy watchdog sees no risk to power supplies until at least mid-January
▼ + stars: | 2022-12-28 | by ( ) www.reuters.com time to read: +1 min

PARIS, Dec 28 (Reuters) - There is no risk to power supplies in France until at least mid-January, the head of the country's CRE energy watchdog, Emmanuelle Wargon, said on Wednesday. The government has set a target of cutting France's energy consumption by 10% by 2024 from 2019 levels, as part of a wide ranging plan that includes turning off lights and lowering thermostats to avoid power and gas cuts over the winter amid the war in Ukraine. "We remain attentive and vigilant" in case temperatures drop, she said, adding that "until mid-January, we know we won't have problems". Wargon also said that France's nuclear fleet, currently hit by maintenance and repair works, is expected to reach a production capacity of 45 gigawatts (GW) in January. Reporting by Dominique Vidalon; Writing by Ingrid Melander; Editing by Louise Heavens, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

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