DIRS.INFO The most relevant business & tech news

☆ Aeroflot boss cals for 'state protectionism' to defend Russian aviation
▼ + stars: | 2022-12-28 | by ( ) www.reuters.com time to read: +1 min

Dec 28 (Reuters) - The head of Russia's state-controlled airline Aeroflot called on the Russian government to "balance the interests" of Russian and foreign airlines in order to support the domestic aviation sector, in an interview with Russian news site RBC published on Wednesday. In the interview, Aeroflot CEO Sergei Alexandrovsky said it is "important that the state balances the interests of Russian and international carriers. Because it is obvious that foreign carriers now have much more opportunities and advantages in these conditions". Russian airlines stopped flying to most overseas destinations after Western countries imposed unprecedented sanctions, including bans on Russian carriers, after Moscow sent tens of thousands of troops into Ukraine on Feb. 24. Alexandrovsky said that competitors, including Turkish Airlines (THYAO.IS) and Emirates (EMIRA.UL) had benefitted most from the situation, and called for a degree of what he called "state protectionism" to safeguard domestic aviation.

☆ Hungary's Richter expects to pay $74.44 million in windfall taxes in 2022
▼ + stars: | 2022-12-27 | by ( ) www.reuters.com time to read: +1 min

Companies Richter Gedeon Vegyeszeti Gyar Nyrt FollowBUDAPEST, Dec 27 (Reuters) - Hungarian drugmaker Richter expects (GDRB.BU) to pay about 28 billion forints ($74.44 million) worth of extra taxes this year, it said on Tuesday, hit by tax hikes on big businesses to plug budget holes. Prime Minister Viktor Orban's government announced on Friday that a windfall tax imposed on drug producers based on net revenues in 2022 and 2023 would increase progressively, rising to 8% on net revenues exceeding 150 billion forints ($398 million). The 2022 tax take represents some 14% of Richter's nine-month net profit, which more than doubled from the same period a year earlier, boosted by favourable exchange rate effects. "The tax is expected to be accounted under Other expenses thus will proportionally lower the Company's operating profit and free cash-flow for 2022," Richter said in a statement. "Other elements of financial targets set for 2022 and released in the public domain are kept unchanged."

News of the loosening lifted stock markets worldwide, with luxury shares in particular benefiting. Shares in LVMH (LVMH.PA), the world's biggest luxury group and Europe's number 1 company by market capitalisation, were up 2.7% while Cartier-owner Richemont (CFR.S) rose almost 4%. Before the current slowdown, it had for years been the fastest growing region, with young, urban, middle class professionals powering the luxury market by splashing out on Hermes' 10,000 euro-plus ($10,633) Birkin handbags and Gucci's 1,000 euro fur-lined loafers. According to a recent report by the McKinsey consultancy, while non-luxury fashion sales are expected to rise between 2% and 7% in 2023, luxury sales should climb 9% to 14% over the same period. ($1 = 0.9405 euros)Reporting by Silvia Aloisi; Editing by Louise Heavens Editing by Robert BirselOur Standards: The Thomson Reuters Trust Principles.

☆ Exclusive: Tesla to run reduced output in Shanghai in January, plan shows
▼ + stars: | 2022-12-27 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, Dec 27 (Reuters) - Tesla (TSLA.O) plans to run a reduced production schedule at its Shanghai plant in January, extending the reduced output it began this month into next year, according to an internal schedule reviewed by Reuters. Tesla did not specify a reason for the production slowdown in its output plan. Tesla suspended production at its Shanghai plant on Saturday, pulling forward an established plan to pause most work at the plant in the last week of December, Reuters has reported. Tesla's Shanghai plant, a complex that employs some 20,000 workers. Tesla has set a target for growth of 50% in output and electric vehicle deliveries in 2022.

☆ U.S. dollar weakens as risk appetite rises with data showing slowdown
▼ + stars: | 2022-12-23 | by ( Gertrude Chavez-Dreyfuss | ) www.reuters.com time to read: +5 min

The personal consumption expenditures (PCE) price index rose 0.1% last month after climbing 0.4% in October. Excluding the volatile food and energy components, the PCE index gained 0.2% after increasing 0.3% in October. The so-called core PCE price index rose 4.7% on a year-on-year basis in November after increasing 5.0% in October. The Canadian dollar also benefited from data showing that the Canadian economy grew by 0.1% in October versus September, with another 0.1% increase in GDP seen likely in November, Statistics Canada data showed. Against the yen, however, the dollar rose 0.4% to 132.82 yen .

☆ Shell to pay 15 mln euros in settlement over Nigerian oil spills
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +2 min

[1/3] A Shell logo is pictured during the European Business Aviation Convention & Exhibition (EBACE) in Geneva, Switzerland, May 23, 2022. REUTERS/Denis BalibouseCompanies Shell PLC FollowAMSTERDAM, Dec 23 (Reuters) - Shell (SHEL.L) will pay 15 million euros ($15.9 million) to communities in Nigeria that were affected by multiple oil pipeline leaks in the Niger Delta, the oil company on Friday said in a joint statement with the Dutch division of Friends of the Earth. The money will benefit the communities of Oruma, Goi and Ikot Ada Udo in Nigeria, that were impacted by four oil spills that occurred between 2004 and 2007. "The settlement is on a no admission of liability basis, and settles all claims and ends all pending litigation related to the spills," Shell said. After the appeals court's final ruling last year, Shell said it continued to believe the spills were caused by sabotage.

☆ Hungary government raises the capital of state-owned energy company
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +1 min

BUDAPEST, Dec 23 (Reuters) - The government of Hungary decided to raise the capital of state-owned energy company MVM Zrt by 41 billion forint ($108.79 million) to 849.4 billion forints, the company said on Friday in a statement on the stock exchange's website. Hungary is highly dependent on Russian oil and gas imports, and soaring energy prices caused the budget and current account deficit to balloon this year, posing a challenge to Prime Minister Viktor Orban's government. Hungary will likely have to pay 17 to 20 billion euros for its energy bill next year, Orban said on Wednesday, adding that his government would raise the necessary financing in the market. The deal allows MVM to pay for the gas over the coming three years if prices surge. High energy prices also forced the government to end a decade-long policy and scrap an energy price cap for high-usage households from August.

☆ Indonesia aim to export natural gas to Vietnam in 2026
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: 1 min

Companies Harbour Energy PLC FollowJAKARTA, Dec 23 (Reuters) - Indonesia aims to export natural gas to Vietnam starting 2026 from the Tuna offshore block located near the Indonesian and Vietnamese maritime border, the country's energy minister said on Friday. Southeast Asia's biggest economy may deliver 100 to 150 million standard cubic feet per day (MMSCFD) of gas through a gas pipeline from the Tuna block operated by Harbour Energy (HBR.L), energy minister Arifin Tasrif told reporters. The Tuna oilfield, with around 100 million barrels of oil equivalent, was discovered in April 2014, the company's website shows. Reporting by Bernadette Christina, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Japan's Cosmo extends oil production deal with Qatar Energy
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Dec 23 (Reuters) - Japan's Cosmo Energy Holdings Co Ltd (5021.T) said on Friday it has signed a new agreement with Qatar Energy to continue its operation in the Al-Karkara and A-Structures oil fields, which came into effect after the expiry of the current contract this month. Japan's Qatar Petroleum Development (QPD), 75% owned by Cosmo Energy Exploration & Production and 25% by trading house Sojitz Corp (2768.T), has been developing and producing crude oil in the fields, located offshore Qatar, for 25 years since the signing of the current contract in 1997. Japan's third-biggest oil refiner declined to comment on details of the new agreement, but it is a 5-year agreement, succeeding the development and production sharing agreement signed in Dec. 1997, Qatar Energy said in a separate statement. The fields started production in March 2006, and since then have produced a total of 33.5 million barrels of crude oil, according to Qatar Energy. Cosmo's oil output stood at 45,157 barrels per day in the financial year ended in March 2022, a company spokesman said.

☆ French bank Credit Agricole strikes bancassurance deal with Italy's Banco BPM
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: 1 min

PARIS, Dec 23 (Reuters) - French bank Credit Agricole (CAGR.PA) said on Friday it had struck a long-term bancassurance partnership deal with Italy's Banco BPM (BBPM) (BAMI.MI) to provide non-life insurance products and related services through BBPM's networks. As part of the deal, the French bank's Credit Agricole Assurances (CAA) division will buy from Banco BPM 65% of the share capital of both Vera Assicurazioni and Banco BPM Assicurazioni. Reporting by Sudip Kar-Gupta, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Credit Agricole strikes bancassurance deal with Italy's Banco BPM
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +1 min

The deal allows the provision of non-life insurance products and related services through BBPM's networks for a 20-year period. It also stipulates that the French bank's Credit Agricole Assurances (CAA) division will buy from Banco BPM 65% of the share capital of both Vera Assicurazioni and Banco BPM Assicurazioni. "We are very pleased that our long-standing strategic partnership with Banco BPM will soon be strengthened," Credit Agricole CEO Philippe Brassac said in a statement. Credit Agricole has a 9.18% stake in Banco BPM, Italy's third-largest bank behind Intesa Sanpaolo (ISP.MI) and UniCredit (CRDI.MI). Three weeks ago, Banco BPM picked Credit Agricole over a rival bid from French insurer AXA (AXAF.PA) to start exclusive talks over a non-life insurance partnership.

☆ BioNTech starts human trial to test malaria vaccine
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/IllustrationBERLIN, Dec 23 (Reuters) - BioNTech (22UAy.DE) on Friday initiated an early-stage study to evaluate its experimental malaria vaccine in humans, the German drugmaker said. The Phase 1 trial is expected to enrol 60 volunteers in the United States with no history of malaria to assess the vaccine candidate at three-dose levels. Known as BNT165b1, it is the first vaccine candidate from BioNTech's malaria project, which will also establish vaccine production in Africa. Another keenly-watched effort is a malaria vaccine from Oxford University. BioNTech's malaria vaccine effort is based on its mRNA technology, which was employed during the pandemic to quickly develop COVID-19 vaccines, by prompting the human body to make a protein that is part of the pathogen, triggering an immune response.

☆ Stellantis in talks to buy 'substantial' stake in hydrogen mobility company Symbio
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +1 min

MILAN, Dec 23 (Reuters) - Stellantis (STLA.MI) has entered exclusive talks with France's Faurecia (EPED.PA) and Michelin (MICP.PA) to buy a "substantial" stake in their Symbio joint venture, a fuel cell system maker for hydrogen mobility, the three companies said on Friday. Stellantis, the world third-largest carmaker, launched hydrogen-powered mid-size vans late last year and aims to expand its hydrogen offer to large vans in Europe in 2024 and in the U.S. in 2025, "while further exploring opportunities for heavy-duty trucks". Stellantis entry "will accelerate and globalize Symbio's growth," Faurecia's CEO Patrick Koller said. The transaction, for which no financial details were provided, is expected to be finalised in the first half on next year, the three companies said in their statement. Reporting by Giulio Piovaccari, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Italy to cap Monte dei Paschi CEO's annual pay at 240,000 euros
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +1 min

MILAN, Dec 21 (Reuters) - Italy is preparing to cap at 240,000 euros ($254,496) the yearly pay of top executives hired from 2023 in banks rescued by the state, a move that has bearings for the reappointment of Monte dei Paschi's (MPS) (BMPS.MI) chief executive. After failing to clinch a sale of Monte dei Paschi to UniCredit (CRDI.MI) last year, the Treasury in February hired veteran banker Luigi Lovaglio to lead the Siena-based lender. He runs for reappointment in April when Monte dei Paschi's current board expires. As a bailed out bank, Monte dei Paschi already applies curbs to executives' pay and Lovaglio's fixed pay amounts to 466,000 euros a year with no variable compensation. Under terms Italy agreed with European Union authorities, MPS executives cannot earn more than 10 times the average employee salary.

ROME/PARIS, Dec 21 (Reuters) - Italy's Vega rockets have been grounded and an investigation is under way after the latest model failed on its second mission, destroying two Earth-imaging satellites and further complicating Europe's access to space on top of the war in Ukraine. A spokesperson for Arianespace said both the Vega C and its Vega predecessor had been grounded pending the findings of an investigative commission co-chaired by technical officials from the European Space Agency and Arianespace itself. Italy's Vega C rocket is due to play an increasingly crucial role in Europe's access to space after Moscow's invasion of Ukraine forced Arianespace to stop using Russian Soyuz vehicles. But Arianespace has been forced to scrap plans to announce a Vega C launch schedule for 2023 in coming weeks. Analysts said only a few operational alternatives to Vega C exist, such as potential rideshares aboard U.S.-based SpaceX's bigger Falcon 9 or Firefly Aerospace's new Alpha launcher, which can loft roughly half the payload weight of Vega C.Other options, though somewhat larger than Vega C, include rockets from Japan and India.

[1/5] People take pictures of an an electric-powered Microlino 2.0 car of Swiss manufacturer Microlino AG in Zurich, Switzerland November 21, 2022. Oliver and Merlin Ouboter have launched a new version of the micro car, modelled on BMW's (BMWG.DE) Isetta bubble car, this time with four wheels, not three. "Because it's smaller than a conventional car it consumes less material to make it, and it has a smaller battery which means it uses less electricity," his brother Merlin added. "So the ecological footprint is about a third of a conventional electric car." Microlino is the latest example of that," said Daniel Geissmann at the Swiss Transport Museum in Lucerne.

☆ French clients file complaint against Binance over social media marketing practices
▼ + stars: | 2022-12-20 | by ( Tassilo Hummel | ) www.reuters.com time to read: +2 min

The complaint does not automatically mean French prosecutors will open a formal investigation following the complaint. The complaint, seen by Reuters, says Binance carried out marketing campaigns on social media platforms such as Instagram and Telegram when its official registration as a digital financial service was still pending with French authorities. The lawyers did not give the names of the Binance clients behind the complaint, citing privacy rules. News website Mediapart which first reported on the French complaint, cited Zhao as saying that "Binance has not been promoting its offers in France before it was allowed to". Binance has marketed itself globally, enlisting hundreds of so-called "Binance Angels" as volunteers across the world countries to promote the exchange to local crypto traders on social media.

☆ EU regulators quiz rivals on Microsoft tactics after Activision
▼ + stars: | 2022-12-20 | by ( Foo Yun Chee | ) www.reuters.com time to read: +3 min

[1/2] Activision games "Call of Duty" are pictured in a store in the Manhattan borough of New York City, New York, U.S., January 18, 2022. REUTERS/Carlo Allegri/File PhotoBRUSSELS, Dec 20 (Reuters) - EU antitrust regulators have asked game developers and distributors if they think Microsoft (MSFT.O) will block their access to Activision Blizzard's (ATVI.O) games once it has bought the company, an EU document seen by Reuters shows. "Please specify which partial exclusivity strategy or strategies you believe Microsoft would have the ability to deploy with respect to Activision Blizzard's console games after Microsoft's acquisition of Activision Blizzard," the questionnaire asked. The EU antitrust watchdog asked if such strategies would include degrading the quality or interoperability of Activision's games available on competing consoles or providing upgrades to Activision's games only on Xbox. Regulators asked what advantages and disadvantages game developers and publishers and console game distributors would face if a game is distributed exclusively on one console.

☆ EU opens antitrust probe into Broadcom's $61 bln VMware bid
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +2 min

PARIS, Dec 20 (Reuters) - European antitrust regulators have opened an in-depth investigation into U.S. chipmaker Broadcom's (AVGO.O) proposed $61 billion bid for cloud computing company VMware (VMW.N), the European Commission said on Tuesday. Reuters reported on Dec. 9 that the Commission was set to open a full-scale investigation into the deal, the second biggest globally so far this year. Broadcom on Tuesday reiterated that it continued to expect the transaction would close in its fiscal year 2023, adding it would continuing to work with the European Commission. The proposed acquisition underlines Broadcom's ambition to diversify into enterprise software, but comes as regulators worldwide ramp up scrutiny of deals by Big Tech. Reporting by Foo Yun Chee, Editing by GV De Clercq and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. confirms fifth Takata air bag inflator death in 2022, urges owners to get repairs
▼ + stars: | 2022-12-19 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

[1/2] A recalled Takata air bag inflator is seen just before being removed from a Jeep in Boulder, Colorado United States July 20, 2017. REUTERS/Rick WilkingWASHINGTON, Dec 19 (Reuters) - U.S. auto safety regulators confirmed a fifth Takata air bag inflator crash death in 2022 and reiterated urgent calls for owners to get repairs. Chrysler-parent Stellantis (STLA.MI) and the National Highway Traffic Safety Administration said they had confirmed a third Takata air bag inflator death. In November, Stellantis urged owners of 276,000 older U.S. vehicles to immediately stop driving after the crash death reports, but just 2,000 owners have gotten repairs since then. Also in November, NHTSA confirmed a new death due to a defective Takata air bag inflator in a 2006 Ford (F.N) Ranger pickup.

Here are some of the key areas agreed on after two weeks of negotiations hosted in Montreal, Canada. CONSERVATION, PROTECTION AND RESTORATIONDelegates committed to protecting 30% of land and 30% of coastal and marine areas by 2030, fulfilling the deal's highest-profile goal, known as 30-by-30. Wealthier countries should contribute at least $20 billion of this every year by 2025, and at least $30 billion a year by 2030. BIG COMPANIES REPORT IMPACTS ON BIODIVERSITYCompanies should analyse and report how their operations affect and are affected by biodiversity issues. This reporting is intended to progressively promote biodiversity, reduce the risks posed to business by the natural world, and encourage sustainable production.

☆ Ethiopian Airlines sees passenger rebound from COVID this year
▼ + stars: | 2022-12-19 | by ( Duncan Miriri | ) www.reuters.com time to read: +2 min

NAIROBI, Dec 19 (Reuters) - Ethiopian Airlines (ETHA.UL) expects its passenger business to recover to pre-pandemic levels in its financial year ending in June, its chief executive told Reuters. Africa's biggest carrier will ferry 12.7 million passengers during the year, Mesfin Tasew Bekele said in an interview, up from 8.6 million passengers in the previous financial year and 12.1 million before the pandemic struck. Any delays in re-opening of China could however curb the projections, Mesfin said, since it is a key market for both passengers and cargo. Ethiopian fared much better than other African carriers during the pandemic, thanks to its cargo business that was able to compensate for a steep drop in passenger traffic. "Unless we grow, we cannot be successful," Mesfin said, adding that a larger network will give the business economies of scale.

The Kunming-Montreal Global Biodiversity Framework, reflecting the joint leadership of China and Canada, is the culmination of four years of work toward creating an agreement to guide global conservation efforts through 2030. A Congolese representative argued that developed nations should provide more resources to nature conservation efforts in developing countries. [1/6] The leadership of the U.N.-backed COP15 biodiversity conference applaud after passing the The Kunming-Montreal Global Biodiversity Framework in Montreal, Quebec, Canada December 19, 2022. Developed countries will provide $25 billion in annual funding starting in 2025 and $30 billion per year by 2030. The agreement, which contains 23 targets in total, replaces the 2010 Aichi Biodiversity Targets that were intended to guide conservation through 2020.

☆ China Evergrande's stake in services unit drops to 51.7% on forced selling - filing
▼ + stars: | 2022-12-19 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, Dec 19 (Reuters) - China Evergrande Group's (3333.HK) shareholding in its property services unit has fallen to 51.71% from 58.18% after forced selling of pledged shares by a third party, a Hong Kong stock exchange filing showed. Reuters could not immediately determine who sold the pledged shares. The last time pledged shares of Evergrande Property Services were enforced was a year ago, when the group's stake decreased from 60.96%. Trading in shares of both Evergrande Group and Evergrande Property Services has been suspended since March, pending the release of their 2021 financial results and an investigation of a bank enforcement of a pledge guarantee of the services unit. Evergrande Group, grappling with more than $300 billion in liabilities, is undergoing a debt restructuring after it defaulted late last year.

☆ England manager Southgate to stay on until Euro 2024
▼ + stars: | 2022-12-18 | by ( ) www.reuters.com time to read: +2 min

Dec 18 (Reuters) - England manager Gareth Southgate has decided to stay on and lead the campaign for the 2024 European Championship, the Football Association (FA) said on Sunday. "We are delighted to confirm that Gareth Southgate is continuing as England manager, and will lead our Euro 2024 campaign," FA CEO Mark Bullingham said in a statement. Southgate, who previously coached England's under-21s, was appointed manager in 2016 after Sam Allardyce's sacking. His tenure began during a difficult period for England, coming in the aftermath of their shock Euro 2016 exit at the hands of Iceland. Some adverse fan reaction then had upset him and his players, though they were widely praised for their World Cup campaign, performing impressively and losing narrowly 2-1 to France with a missed penalty by captain Harry Kane.

Search resuls for: "Louise Heavens"

25 mentions found