DIRS.INFO The most relevant business & tech news

Sustainability-linked loans (SLL), which were first used in 2017, offer slightly cheaper borrowing, typically around 2.5-10 basis points less, if companies meet goals such as cutting their carbon emissions or improving board diversity. These let banks strip the sustainability-linked label from the loans if targets are no longer deemed appropriate. The banks' tougher standards are discouraging some borrowers from using SLLs entirely, bankers and lawyers told Reuters. The Engie spokesman said the utility would not agree to linking an event of default to sustainability targets. "We have stated our willingness to walk away when sustainability targets were too soft," said Brittany Agostino, vice president in the environmental, social and governance group at Los Angeles-based Ares.

Persons: Toby Melville, Banks, Constance Chalchat, Pascale Forde Maurice, Elliot Beard, Simmons, Beard, I've, David Milligan, Norton Rose Fulbright, Gemma Lawrence, Pardew, Brittany Agostino, Fredrik Altmann, Tommy Reggiori Wilkes, Isla Binnie, Shankar Ramakrishnan, Simon Jessop, Alexander Smith Organizations: FCA, Financial, Authority, REUTERS, LONDON, BNP, Corporate, Institutional Banking, Reuters, JPMorgan, Ford Motors, SLLs, CIB's, European, Sustainable Investment Banking, Simmons, Norton Rose, Market Association, BMW, Porsche, Thomson Locations: London, Britain, North America, Asia, Los Angeles, New York

☆ Recession-hit Peru aims to boost investment with stimulus package
▼ + stars: | 2023-11-09 | by ( Marco Aquino | ) www.reuters.com time to read: +1 min

LIMA, Nov 9 (Reuters) - Peru's government on Thursday announced a package of more than two dozen new measures aimed at boosting investments in the Andean nation, which has been hit by a recession. Economy Minister Alex Contreras said the measures included moves to attract investments to the country's critical mining sector and boosting mining production. 2 copper producer slid into recession this year due to the El Nino weather phenomenon, lower private investment and lingering effects from earlier social conflicts. With the fresh stimulus, Peru's economy will still be able to hold the country's fiscal deficit to its goal of 2.4% of GDP this year, Contreras said. "We're looking to create a jolt of confidence, for the private sector to understand that the government is committed to reactivating the economy," he said.

Persons: Alex Contreras, Contreras, Marco Aquino, Brendan O'Boyle, Kylie Madry, Alexander Smith, Sandra Maler Organizations: El, Thomson Locations: LIMA

☆ UniCredit, RBI among banks on hook for $2.4 bln in Signa loans -source
▼ + stars: | 2023-11-09 | by ( Alexandra Schwarz-Goerlich | ) www.reuters.com time to read: +3 min

RBI, which the person said had sharply reduced its exposure to the Signa group in recent years, declined to comment on Thursday. The European Central Bank (ECB), which supervises the banks, declined to comment. Raiffeisen Landesbank Niederoesterreich-Wien, Raiffeisen Landesbank Oberoesterreich and Erste Group are also among the banks with exposures to Signa, the person said. The other two Austrian banks declined to comment. A spokesperson for Austria's central bank said it had no concerns about the country's financial stability, when asked about Signa's financial position.

Persons: UniCredit, Signa, Rene Benko, Fitch, Landesbank, Banks, Arndt Geiwitz, Francesco Canepa, Tom Sims, Elisa Martinuzzi, Alexander Smith Organizations: Signa Group, Chrysler, Raiffeisen Bank, Bank, European Central Bank, ECB, Reuters, Erste Group, Erste, Austria's National Bank, Market Authority, Thomson Locations: VIENNA, Banks, Austria, Bank Austria, Wien

☆ More junk-rated companies downgraded than upgraded in October -JPM
▼ + stars: | 2023-11-09 | by ( Matt Tracy | ) www.reuters.com time to read: +1 min

REUTERS/Rick Wilking/File Photo Acquire Licensing RightsNov 9 (Reuters) - More U.S. high-yield bond issuers saw downgrades to their credit ratings than upgrades last month, JPMorgan (JPM.N) said in a research report. October saw downgrades to 18 junk bond issuers' ratings accounting for $22.2bn in debt, while just 16 issuers were given upgrades by ratings agencies, the JPMorgan report said. This is the first time downgrades have surpassed upgrades on U.S. junk-rated borrowers in four months, it added. Changes to credit ratings are significant for a company, since lower ratings most often result in higher borrowing costs. While high-grade companies' credit ratings have proven resilient during the Federal Reserve's interest-rate hikes, businesses with significant leverage and floating-rate debt have struggled to keep pace with rising debt-servicing costs.

Persons: Rick Wilking, downgrades, Matt Tracy, Alexander Smith Organizations: REUTERS, U.S, JPMorgan, Moody's, Service, Thomson Locations: Westminster , Colorado

Industrial and Commercial Bank of China Ltd (ICBC)'s logo is seen at its branch in Beijing, China, March 30, 2016. REUTERS/Kim Kyung-Hoon/File Photo Acquire Licensing RightsCompanies Industrial and Commercial Bank of China Ltd FollowNov 9 (Reuters) - A ransomware attack on Industrial and Commercial Bank of China (ICBC) disrupted some trades in the U.S. Treasury market on Thursday, the Treasury Department said. In ransomware attacks, hackers encrypt an organization's systems and demand ransom payments in exchange for unlocking them. The Financial Times reported earlier on Thursday that the U.S. Securities Industry and Financial Markets Association (SIFMA) told members that ICBC (601398.SS) had been hit by ransomware that disrupted the U.S. Treasury market by preventing it from settling trades on behalf of other market players. We continue to monitor the situation," a Treasury spokesperson said in a response to a question about the FT report.

Persons: Kim Kyung, Urvi, Pete Schroder, Zeba Siddiqui, Alexander Smith, Michelle Price, Lisa Shumaker Organizations: Commercial Bank of China Ltd, REUTERS, Industrial, Commercial Bank of China, U.S . Treasury, Treasury Department, Financial Times, U.S . Securities Industry, Financial Markets Association, Treasury, Thomson Locations: Beijing, China, U.S, Bengaluru, Washington

☆ EU watchdog cautions against one-size-fits-all rules for non-banks
▼ + stars: | 2023-11-09 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, Nov 9 (Reuters) - Regulators should keep on open mind when writing rules for the world's $239 trillion "non-bank" financial sector to avoid one-size fits all approaches, the EU's top securities watchdog said. Non-banks, a sector which includes hedge funds, real estate funds, insurers and private investments and now account for about half of the world's financial sector, are firmly in the regulatory limelight. This follows redemption-related stresses among money market funds (MMFs) during a "dash for cash" when economies went into pandemic lockdowns in March 2020, and last year with liability-driven investment (LDI) funds in Britain. European Securities and Markets Authority (ESMA) chair Verena Ross said regulators are closely examining non-banks' leverage, liquidity and their connectivity with banks. Meanwhile, the BoE has called for tougher liquidity rules for MMFs, but sterling-denominated funds are listed in European Union countries such as Ireland and Luxembourg, where the rules are written by the 27-member bloc.

Persons: Verena Ross, Ross, MMFs, BoE, ESMA, Huw Jones, Alexander Smith Organizations: European Securities and Markets Authority, Reuters, U.S . Federal, The Bank of England, U.S, Financial, Union, European Commission, Thomson Locations: Britain, Ireland, Luxembourg

☆ Spanish regulator opens first cryptoasset advertising case
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsMADRID, Nov 8 (Reuters) - Spain's stock market supervisor said on Wednesday it had opened its first case relating to a possible infringement of recent rules governing mass advertising campaigns of cryptoassets. The CNMV said on Wednesday that it had opened disciplinary proceedings against Spanish technology provider Miolos S.L. over two mass campaigns advertising cryptoassets. Advertisers and companies that market cryptoassets must inform the CNMV at least 10 days beforehand about the content of campaigns targeting more than 100,000 people. Spain's rules also apply to cryptoasset service providers when advertising their activities and to any person advertising on their own or on behalf of third parties.

Persons: Dado Ruvic, Madrid, CNMV, Miolos, Rodrigo Buenaventura, Buenaventura, Jesús Aguado, Emma Pinedo, Inti Landauro, Alexander Smith Organizations: REUTERS, Rights, Spanish, Miolos, Thomson Locations: Rights MADRID, cryptoassets

Many organisers choose to buy that cover through an add-on political violence and terrorism policy. Insurers cannot change policy wordings of existing policies, so any event organisers who bought political violence cover and cancelled after the conflict started on Oct 7 should be covered. Insurers are also considering restricting cover for event cancellations outside the region, the sources added. Ryan at Marsh said some political violence insurers were proposing wordings which would allow them to break or review policies due to "conditions relating to armed involvement in the 2023 Israel war". Specialist political violence policies are typically offered by firms operating in the Lloyd's of London (SOLYD.UL) insurance market, as well as by U.S. insurers.

Persons: Evelyn Hockstein, Edel Ryan, Marsh, Ryan, Sinead Cruise, Alexander Smith Organizations: Hamas, REUTERS, European Aquatics, MTV, Thomson Locations: Gaza, Israel, Palestinian, Lebanon, Egypt, Jordan, Paris, Washington, Gaza City, London

Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. The state-engineered merger led to a wipeout of $17 billion of Credit Suisse's AT1 bonds. "Their structure is very new and shows they listened to investors who were angry about the permanent write-down feature," said Jerome Legras, head of research at Axiom Alternative Investments, who held Credit Suisse AT1 bonds before the March banking crisis. The Credit Suisse AT1s wipeout spurned a number of claims against Switzerland's financial regulator FINMA, which inverted the long-established seniority of bondholders over shareholders over the assets of a company in distress. That dented sentiment in the key market for bank bonds and prompted regulators in Europe and Asia to reassure investors.

Persons: Denis Balibouse, Jerome Legras, Joost Beaumont, March's writedown, Noele Illien, Dhara Ranasinghe, Elaine Hardcastle, Alexander Smith Organizations: Credit Suisse, UBS, REUTERS, CS, AT1s, ZURICH, P Global, Suisse, ABN AMRO, Singapore, Thomson Locations: Zurich Switzerland, Swiss, Switzerland's, Europe, Asia

The new political advertising rules, which were agreed by EU countries and European Parliament lawmakers late on Monday, will force social media groups such as Alphabet's Google (GOOGL.O), Meta Platforms to be more transparent and accountable. All online political ads will be available in an online ad repository. "We also secured a favourable environment for transnational campaigning in time for the next European Parliament elections," Gozi said. The European Parliament will hold elections in June next year, with many concerned about disinformation and foreign interference in the run-up to the polls. Until then, measures regulating the non-discriminatory provision of cross-border political advertising - including for European political parties and political groups - will already be in place for the European Parliament elections in 2024.

Persons: Arnd, Sandro Gozi, Gozi, Foo Yun Chee, Alexander Smith Organizations: REUTERS, Rights, Big Tech, Union, EU, Google, European Commission, Thomson Locations: Zurich, Switzerland, Rights BRUSSELS, EU

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsLONDON, Nov 6 (Reuters) - Unilever (ULVR.L) top-10 investor Lindsell Train welcomed its recent management changes and said it had already discussed the consumer goods company's next steps with the incoming chairman. These moves demonstrated that Unilever thinks that a "fresh perspective on all aspects of the business is necessary", Nick Train, manager of the Finsbury Growth & Income Trust and co-founder of Lindsell Train, told Reuters. A bungled attempt to buy GSK's consumer healthcare business was followed by billionaire activist investor Nelson Peltz joining the board. "We maintain a productive open dialogue with the company and most recently met with the new (Unilever) chairman to hear his view on the most beneficial next steps," Train said. Matt Close, president of its ice cream business, will also leave after a more than three-decade career with Unilever.

Persons: Andrew Kelly, Nick Train, Hein Schumacher, Schumacher, Alan Jope, Nelson Peltz, Ian Meakins, Nils Anderson, Hanneke Faber, Priya Nair, Matt Close, Richa Naidu, Matt Scuffham, Alexander Smith Organizations: Unilever, REUTERS, Lindsell, Income Trust, Reuters, Thomson Locations: Manhattan , New York City, U.S, Finsbury

A spokesman for the health ministry in the Hamas-run Gaza Strip said Israeli forces had struck the camp overnight, killing at least 47 people. In a separate attack, 21 Palestinians from one family, including women and children, were killed in strikes overnight, the health ministry said. 'NO WORDS'"We demand that you stop them from committing these crimes immediately," Abbas told Blinken, urging an "immediate ceasefire" from Israel. The Palestinian health ministry said three Palestinians were killed in the incident, which it described as clashes with Israeli forces. Another Palestinian was killed by Israeli troops in the West Bank city of Hebron, the ministry said.

Persons: Gazans, Mahmoud Abbas, Antony Blinken, Jonathan, Saeed al, Abbas, Blinken, WAFA, Israel, Pope Francis, Matthew Miller, Mohammed Salem, Benjamin Netanyahu, Crescent, Gaza's Tal Al, David Satterfield, Cindy McCain, Mc Cain, Abu Dis, Nidal al, Ali Sawafta, Simon Lewis, Dan Williams, Yusri Mohamed, Ahmed Mohamed Hassan, Clauda Tanos, Michael Perry, Ingrid Melander, William Mallard, Alexander Smith, Conor Humphries Organizations: U.S, West Bank, Israel, U.S . State Department, Gaza, Reuters, United Arab Emirates, Hamas, REUTERS, Palestinian, Food, Thomson Locations: GAZA, RAMALLAH, Egypt, Ramallah, Israel, Rafah, Gaza, U.S, Qatar, Saudi, Jordan, Amman, United States, Palestinian, Al, Quds, Gaza's, Gaza City, Jerusalem, Hebron, Ismailia, Cairo

☆ Blinken visits West Bank to meet Palestinian leader Mahmoud Abbas
▼ + stars: | 2023-11-05 | by ( Simon Lewis | ) www.reuters.com time to read: +4 min

Blinken told Abbas that the Palestinian Authority should play a central role in what comes next in the Gaza Strip, a senior State Department official told Reuters. Abbas told Blinken there should be an immediate ceasefire and that aid should be allowed into Gaza, according to spokesperson Nabil Abu Rudeineh. Abbas' Palestinian Authority, which exercises limited self-rule in the Israeli-occupied West Bank, has seen its popularity shrivel amid allegations of graft, incompetence and widely hated security cooperation arrangements with Israel. The meeting was Blinken’s second with Abbas since the conflict began, but the first to take place in the West Bank. Blinken and Abbas "discussed efforts to restore calm and stability in the West Bank, including the need to stop extremist violence against Palestinians and hold those accountable responsible," Miller said.

Persons: Antony Blinken, General Hussein al, Mahmoud Abbas, Blinken, Israel, Abbas, Nabil Abu Rudeineh, Matthew Miller, Miller, Jordan, Simon Lewis, Ali Sawafta, Hugh Lawson, Alexander Smith Organizations: PLO, Hamas, West Bank, Sunday, Palestinian Authority, State Department, Reuters, Palestinian, United Nations, Thomson Locations: Israel, Palestinian, Ramallah, RAMALLAH, Gaza, United States, Egypt

☆ Blinken says Palestinian voices key to Gaza future
▼ + stars: | 2023-11-05 | by ( Simon Lewis | ) www.reuters.com time to read: +6 min

Blinken passed through Israeli checkpoints to meet Palestinian Authority President Mahmoud Abbas in the West Bank city of Ramallah, and then traveled on to Iraq. Palestinian views, voices and aspirations need to be “at the center” of conversations about the future of Gaza, Blinken told reporters in Baghdad. Blinken had some "good ideas" about the future he said, but "now is the time to ....stop the murder of civilians"Abbas told Blinken there should be an immediate ceasefire and that aid should be allowed into Gaza, according to spokesperson Nabil Abu Rudeineh. While Hamas tightly controls besieged Gaza, the West Bank is a complex patchwork of hillside cities, Israeli settlements and army checkpoints that split Palestinian communities. Blinken credited Abbas for tamping down tension in the West Bank and told him he had pressed Israeli officials for accountability, the senior State Department official said.

Persons: Antony Blinken, Blinken, Mahmoud Abbas, Israel, Abbas, WAFA, Mohammed Shia, Al Sudani, Nabil Abu Rudeineh, Matthew Miller, Miller, Jordan, Simon Lewis, Ali Sawafta, Doina Chiacu, Ted Hesson, Hugh Lawson, Alexander Smith, Heather Timmons Organizations: U.S, Palestinian Authority, Palestinian, West Bank, Hamas, CBS, United Nations, senior State Department, Thomson Locations: RAMALLAH, BAGHDAD, Gaza, Ramallah, Iraq, Israel, Baghdad, Iran, United States, East Jerusalem, Palestinian, U.S, United Kingdom, Egypt, Washington

REUTERS/Ramzi Boudina//File Photo Acquire Licensing RightsDUBAI, Nov 5 (Reuters) - Top oil exporters Saudi Arabia and Russia confirmed on Sunday they would continue with their additional voluntary oil output cuts until the end of the year as concerns over demand and economic growth continue to weigh on crude markets. Saudi Arabia confirmed it would continue with its additional voluntary cut of 1 million barrels per day (bpd) translating into a production of around 9 million bpd for December, a source at the ministry of energy said in a statement. Following the Saudi statement, Moscow also announced it would continue its additional voluntary supply cut of 300,000 bpd from its crude oil and petroleum product exports until the end of December. Saudi Arabia, OPEC's de-facto leader, first made the voluntary cut for July as an addition to a broad supply-limiting deal first agreed by some members of OPEC+ in April. The kingdom said in September it would extend its additional voluntary cut until the end of the year, and review the decision monthly.

Persons: Ramzi Boudina, OPEC's, Omar Abdel, El, Alexander Smith, Sharon Singleton, David Evans Organizations: Organization of, Petroleum, REUTERS, Rights, OPEC, Saudi, Brent, Analysts, Thomson Locations: OPEC, Algiers, Algeria, Rights DUBAI, Saudi Arabia, Russia, Moscow, East, Vienna

☆ Israel's Netanyahu says no Gaza ceasefire until hostages returned
▼ + stars: | 2023-11-05 | by ( ) www.reuters.com time to read: +2 min

Israeli Prime Minister Benjamin Netanyahu holds a press conference with Defense Minister Yoav Gallant and Cabinet Minister Benny Gantz (not pictured) in the Kirya military base in Tel Aviv , Israel , 28 October 2023. ABIR SULTAN POOL/Pool via REUTERS Acquire Licensing RightsJERUSALEM, Nov 5 (Reuters) - Israeli Prime Minister Benjamin Netanyahu on Sunday rejected growing calls for a ceasefire in Gaza until all of the more than 240 hostages captured by militant Palestinian group Hamas during its Oct. 7 attacks are returned. "There will be no ceasefire without the return of the hostages. This should be completely removed from the lexicon," Netanyahu told crews at the Ramon air force base in southern Israel, reiterating the government's long-standing position. Blinken, in the region for a second time in less than a month as part of U.S. efforts to prevent the Israel-Hamas war from spreading, has rejected ceasefire calls.

Persons: Benjamin Netanyahu, Yoav Gallant, Benny Gantz, Netanyahu, Antony Blinken, Israel, Mahmoud Abbas, Blinken, Maytaal Angel, Alexander Smith, Giles Elgood Organizations: REUTERS Acquire, Rights, Sunday, Hamas, United Arab Emirates, Saturday, U.S, West Bank, Blinken, Thomson Locations: Tel Aviv, Israel, ABIR, Gaza, Palestinian, Qatar, Saudi, Egypt, Jordan, U.S, Amman , Jordan

☆ Israel's Netanyahu Says No Gaza Ceasefire Until Hostages Returned
▼ + stars: | 2023-11-05 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +1 min

JERUSALEM (Reuters) - Israeli Prime Minister Benjamin Netanyahu on Sunday rejected growing calls for a ceasefire in Gaza until all of the more than 240 hostages captured by militant Palestinian group Hamas during its Oct. 7 attacks are returned. "There will be no ceasefire without the return of the hostages. This should be completely removed from the lexicon," Netanyahu told crews at the Ramon air force base in southern Israel, reiterating the government's long-standing position. Palestinian President Mahmoud Abbas, for his part, demanded an immediate ceasefire earlier when he met Blinken during the U.S. secretary's unannounced visit to the Israeli-occupied West Bank. Blinken, in the region for a second time in less than a month as part of U.S. efforts to prevent the Israel-Hamas war from spreading, has rejected ceasefire calls.

Persons: Benjamin Netanyahu, Netanyahu, Antony Blinken, Israel, Mahmoud Abbas, Blinken, Maytaal Angel, Alexander Smith, Giles Elgood Organizations: Sunday, Hamas, United Arab Emirates, Saturday, U.S, West Bank, Blinken Locations: JERUSALEM, Gaza, Palestinian, Israel, Qatar, Saudi, Egypt, Jordan, U.S, Amman , Jordan

LONDON/COPENHAGEN, Nov 2 (Reuters) - Global brewers AB InBev (ABI.BR) and Carlsberg (CARLb.CO) this week played down concerns among some investors that demand for weight-loss drugs may lead to a sharp drop in beer drinking. But AB InBev Chief Executive Michel Doukeris likened the concerns to others, such as how cannabis could disrupt various sectors, which he said were often short-lived. Some clinical trials on rodents have found treatment with GLP-1 agonists reduces alcohol consumption, eases symptoms of alcohol withdrawal and more. AB InBev has a big U.S. business, but earns more revenue in the Middle Americas and has a large footprint in countries like Brazil. Such emerging markets often have lower obesity rates, while weight-loss drugs are unlikely to be available or affordable there any time soon.

Persons: Nordisk's Wegovy, Michel Doukeris, Jacob Aarup, Andersen, Moritz Kronenberger, Janus Henderson, Tom O'Hara, O'Hara, Wegovy, Emma Rumney, Jacob Gronholt, Matthew Scuffham, Alexander Smith Organizations: Global, AB InBev, Carlsberg, Nordisk's, InBev, Reuters, Budweiser, World Health Organization, WHO, Germany's Union Investment, Brewers, Pedersen, Thomson Locations: COPENHAGEN, United States, Brazil, Asia, China, Danish, U.S, London, Copenhagen

☆ PayPal gets crypto green light in UK as sets up post-Brexit base
▼ + stars: | 2023-11-01 | by ( Huw Jones | ) www.reuters.com time to read: +1 min

A smartphone with the PayPal logo is placed on a laptop in this illustration taken on July 14, 2021. The regulator has also brought in tougher safeguards on marketing cryptoassets, which have snarled rivals like Binance. PayPal said on Wednesday that the FCA has approved the company as an authorised electronic money institution and consumer credit firm, as well as its registration as a cryptoasset business, although the pause in UK crypto services would continue as previously announced. The approvals mean that from Nov. 1 PayPal's UK customers will be transferred to a new entity based in Britain from PayPal Europe, which had hitherto served UK customers, reflecting Britain's departure from the European Union. "PayPal continues to offer our customers the same products and services in the United Kingdom," it said.

Persons: Dado Ruvic, PayPal, Huw Jones, Jonathan Oatis, Alexander Smith Organizations: PayPal, REUTERS, Financial, Authority, PayPal Europe, European Union, Thomson Locations: Britain, United Kingdom

U.S. officials visiting South Africa this week to meet African trade ministers will face calls to reauthorise the African Growth and Opportunity Act (AGOA) which expires in 2025. Apparel companies and industry insiders warn that Africa risks a once-in-a-generation shift away from Chinese manufacturing passing it by, with an estimated 240,000 to 290,000 jobs such as Nasimiyu's under threat. Apparel has been the standout success story of AGOA, which launched in 2000 to help develop African economies and foster democracy. African apparel exports under the programme reached nearly $1.4 billion last year, double the amount pre-AGOA. "We've been struck by how open the opportunity is now for us," South African Trade Minister Ebrahim Patel said last week.

Persons: Norah Nasimiyu, Thomas Mukoya, Pankaj Bedi, Norah Nasimiyu's, We've, Ebrahim Patel, Stephen Lamar, Michael Walsh, Constance Hamilton, Biden, Greg Poole, Bedi, Joe Bavier, Duncan Miriri, Alexander Smith Organizations: United Aryan, Processing, The U.S, REUTERS, U.S . Congress, AFRICA Industry, African Trade, United States Fashion Industry Association, American Apparel and Footwear Association, Congress, Research, U.S . International Trade Commission, GSP, UAL, Thomson Locations: Ruaraka district, Nairobi, Kenya, China, NAIROBI, U.S, South Africa, Africa, Philadelphia, Moscow, Beijing, Russia, Lesotho, Madagascar, Ethiopia, AGOA, gridlock, United States, Johannesburg

[1/2] Kenyan workers check clothes made for export at the United Aryan Export Processing Zone (EPZ) factory, operating under the U.S. African Growth and Opportunity Act (AGOA), in Ruaraka district of Nairobi, Kenya October 26, 2023. REUTERS/Thomas Mukoya Acquire Licensing RightsNov 1 (Reuters) - South Africa will host the annual African Growth and Opportunity Act (AGOA) Forum in Johannesburg from Nov 2-4 to discuss the United States' flagship trade programme for the continent. The African Growth and Opportunity Act is a U.S. trade initiative passed in 2000 under former President Bill Clinton to deepen trade ties with Sub-Saharan Africa and help African countries develop their economies. AGOA provides duty-free access to the U.S. market for most agricultural and manufactured products exported by eligible African countries. African countries are pushing for an early 10-year extension without changes in order to reassure businesses and investors who might have concerns over AGOA's future.

Persons: Thomas Mukoya, Bill Clinton, AGOA, Nellie Peyton, Joe Bavier, Alexander Smith Organizations: United Aryan, Processing, U.S ., REUTERS, WHO, AGOA, U.S . Trade, Thomson Locations: Ruaraka district, Nairobi, Kenya, South Africa, Johannesburg, United States, U.S, Saharan Africa, Ghana, Lesotho, Madagascar, Ethiopia, AGOA .

☆ Spain's state fund considers taking Telefonica stake after STC move
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +2 min

The logo of Spanish Telecom company is displayed atop the company's building in Madrid, Spain, September 6, 2023. Acting Economy Minister Nadia Calvino has said Madrid will carry out a thorough evaluation before approving STC's stake, while acting labour minister Yolanda Diaz has called for the transaction to be blocked. Spain's SEPI said in a stock market filing on Tuesday that it was carrying out an "exploratory internal analysis over a potential acquisition" of a stake in Telefonica. STC declined to comment on any potential plans by SEPI. Caixabank, which owns 3.5% stake of Telefonica, said last week it would not raise its stake in response to STC's move, and would analyse with Telefonica any potential cooperation with the Saudi Arabian telecoms company.

Persons: Violeta Santos Moura, Spanish telco Caixabank, SEPI, Nadia Calvino, Yolanda Diaz, Spain's SEPI, Belen Gualda Gonzalez, Onur Genc, It's, Genc, Inti Landauro, Pietro Lombardi, Louise Heavens, Alexander Smith Organizations: Spanish Telecom, REUTERS, BBVA, Telefonica Bank, Telefonica MADRID, Telefonica, Saudi, STC, Saudi Arabia's, SEPI, Thomson Locations: Madrid, Spain, Spanish, Saudi Arabian

One of them said that the cut off point could be closer to 6 billion euros ($6.33 billion). Some analysts had already questioned Renault's hoped-for valuation of up to 10 billion euros, with some suggesting the carmaker should pursue alternative options to raise cash. De Meo said in September that the listing could value Ampere at between 8 and 10 billion euros, above the French carmaker's own current market capitalisation of 9.55 billion euros. Other EV makers have seen their market value fall sharply in recent months. The Ampere IPO would include a mix of Renault's shares and new shares and could happen as early as April 2024, one of the people said, depending on market conditions.

Persons: Gonzalo Fuentes, Ampere, France's, Tesla, Renault's, Luca de Meo, China's Geely, IPOs, De Meo, Bernstein, de Meo, Elon Musk's Tesla, Mathieu Rosemain, Silvia Aloisi, Pablo Mayo Cerqueiro, Gilles Guillaume, Anousha Sakoui, Alexander Smith Organizations: Renault, Viva Technology, Porte de, REUTERS, Reuters, DKV Mobility, HK, Saudi Arabia's Aramco, Nissan, IPOs Renault, EV, Commission, UBS, Barclays, Ampere, Mitsubishi, Thomson Locations: Porte, Paris, France, LONDON, China, Saudi, Europe, Ampere, Elon

☆ Italy's Prysmian lands Clean Path New York cable deal
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +1 min

Companies Prysmian SpA FollowOct 30 (Reuters) - Italian cable maker Prysmian (PRY.MI) said on Monday it had signed a deal worth about 900 million euros ($954 million) with a public-private consortium to supply a submarine and land power cable system in the state of New York. Prysmian said in a statement that it will design, manufacture, construct, install and commission a high-voltage direct current (HVDC) 400 KV (kilovolt) single core cable system with XLPE insulation for Clean Path New York, a renewable energy project that is worth $11 billion in total. The joint venture between Invenergy, energyRe, and the New York Power Authority, comprises 3,800 MW (megawatt) of wind and solar power from more than 20 new resources and a 175-mile (281.64 km), underground and submarine transmission link. Works are conditionally expected to start in spring 2024. ($1 = 0.9433 euros)Reporting by Alessandro Parodi and Alberto Chiumento in Gdansk; Editing by Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

Persons: Prysmian, Alessandro Parodi, Alberto Chiumento, Alexander Smith Organizations: New York Power Authority, Thomson Locations: New York, York, Invenergy, Gdansk

☆ Death toll rises to 42 in ArcelorMittal Kazakh mine fire
▼ + stars: | 2023-10-29 | by ( ) www.reuters.com time to read: +1 min

[1/2] Relatives of miners gather at the Kostenko coal mine operated by ArcelorMittal Temirtau during a power outage, as a rescue operation continues following a mine fire, in Karaganda, Kazakhstan October 28, 2023. REUTERS/Stringer Acquire Licensing RightsALMATY, Oct 29 (Reuters) - The death toll from a fire at a mine owned by ArcelorMittal in Kazakhstan rose to 42 people on Sunday as a search for four miners continued, the Ministry for Emergency Situations said. "The search operation is hampered by the presence of destroyed mining equipment, as well as rubble in some places", the ministry said in a statement. On Saturday, operator ArcelorMittal Temirtau, the local unit of Luxembourg-based steelmaker ArcelorMittal (MT.LU) , said 206 of 252 people at the Kostenko mine had been evacuated after what appeared to be a methane blast. The Ministry for Emergency Situations said it was still monitoring the gas situation at the mine.

Persons: ArcelorMittal Temirtau, Stringer, ArcelorMittal, Mariya Gordeyeva, Andrew Osborn, Alexander Smith Organizations: REUTERS, Rights, ArcelorMittal, Ministry, Emergency Situations, Emergency, Thomson Locations: Karaganda, Kazakhstan, Rights ALMATY, Luxembourg

Search resuls for: "Alexander Smith"

25 mentions found