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☆ Exxon profits slump 56%, joins global peers in energy price hit
▼ + stars: | 2023-07-28 | by ( Sabrina Valle | ) www.reuters.com time to read: +4 min

Profits for global oil majors have dropped by about half from a bumper 2022, when Russia's invasion of Ukraine sent oil and gas prices soaring. Excluding last year's record second quarter, however, Exxon posted its strongest result for the April-to-June quarter in more than a decade, the largest U.S. oil company said, helped by cost cuts and the sale of less profitable assets. "You would have to go back to the second quarter of 2011 to find the last time we produced this level of earnings in the second quarter" excluding last year, she said. "Exxon results came in slightly weaker than expected across earnings and cash flow," RBC analyst Biraj Borkhataria wrote in a note. It distributed about $8 billion in cash to shareholders in the second quarter, including about $3.7 billion in dividends.

Persons: Kathryn Mikells, Biraj Borkhataria, Darren Woods, Woods, Mikells, Sabrina Valle, Sonali Paul, Jason Neely, Marguerita Choy Organizations: Exxon, Reuters, RBC, Chevron, Brent, Reuters Graphics Reuters, Thomson Locations: Ukraine, U.S, Guyana

☆ Atos lifts sales target, expands divestment plan
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of French IT consulting firm Atos is seen on its new supercomputer BullSequana XH3000 during a news conference in Paris, France, February 16, 2022. REUTERS/Sarah MeyssonnierJuly 28 (Reuters) - France's Atos (ATOS.PA) raised its annual organic revenue target on Friday, pointing to improving commercial traction and high demand, and said it planned further divestments. Atos expects to achieve the initial divestment target by the end of 2023, when the sale of its sustainability consultancy unit Ecoact to Schneider Electric (SCHN.PA) is completed. "We have already received signals of interest for assets we've identified in our supplementary divestment plan," Senior Executive Vice President Diane Galbe said in a call with journalists. Atos's revenue for the six months through June was 5.5 billion euros ($6 billion), slightly below the 5.57 billion euros expected by analysts polled by Refinitiv Eikon.

Persons: Atos, Sarah Meyssonnier, Ecoact, Diane Galbe, Refinitiv Eikon, Victor Goury, Milla Nissi Organizations: REUTERS, Schneider Electric, Thomson Locations: Paris, France, Laffont, Gdansk

There is no suggestion the trades break sanctions, although they may make it difficult for sanctions enforcement agencies in Europe and the United States to track Russian oil transactions and prices. The new trading network and practices raise financial risks for Russian oil companies dealing with unknown entities with limited credit history. "We recognise that (sanctions on Russia are) going to change the shape and structure of the Russian oil markets," the official told reporters. In May, Russian seaborne oil supplies to India, which was a rare buyer of Russian oil before the war, reached a record of 1.95 million bpd while China imported 2.29 million bpd. A source with one major Russian oil company said his company was prepared to deal with higher credit risks from buyers for the sake of having stable and rising oil exports.

Persons: Russia's, Rosneft, Everest, Coral, Washington, Lukoil, Dmitry Zhdannikov, Nidhi Verma, Timothy Gardner, Laura Sanicola, Simon Webb, Frank Jack Daniel Our Organizations: NEW, Liberian, Reuters, Shell, Group, European Union, Bellatrix Energy, Leopard, Guron, SEA, Coral Energy, Everest Energy, U.S . Treasury, EU, UK, Treasury, UAE dirham, Shipping, Hindustan Petroleum, Gazprom Neft, Covart Energy, Orion Energy, Media, Rosneft, Nidhi, Thomson Locations: Russia, Ukraine MOSCOW, NEW DELHI, Russia's Ust, Hong Kong, India, Moscow, Asia, Ukraine, Refinitiv, Europe, United States, Australia, China, U.S, UAE, Dubai, Visakhapatnam, Surgutneftegaz, Russian, Geneva, Singapore, Rosneft, Venezuela, MOSCOW, LONDON, Washington, New York

☆ TotalEnergies Q2 net income falls as LNG, refining profits slump
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +1 min

Companies TotalEnergies SE FollowPARIS, July 27 (Reuters) - French oil company TotalEnergies (TTEF.PA) posted a drop in second-quarter net income on Thursday, reflecting lower natural gas prices and slimmer refining margins in Europe as energy markets calm. Adjusted net income fell to $5 billion compared with $6.5 billion in the first quarter, and $9.8 billion during the same period last year. Analysts had expected $5.2 billion in net income, according to a consensus established by Eikon Refinitiv. Total confirmed some $2 billion in share buybacks for the third quarter as expected. The company said European refining was impacted by higher Chinese exports and a quicker-than-expected reorganisation of Russian exports following an embargo on oil and oil products imposed by the European Union.

Persons: Eikon Refinitiv, America Hernandez, Silvia Aloisi, Jon Boyle Organizations: Analysts, European Union, Thomson Locations: PARIS, Europe, Ukraine

July 26 (Reuters) - German sportswear retailer Puma (PUMG.DE) on Wednesday said second-quarter sales grew by 11%, slightly ahead of market expectations thanks to stronger revenues from Asia and Europe. "The macroeconomic environment and volatile retail demand remain challenging, particularly in North America and Europe, as recession risks weigh on consumer sentiment." Puma' sales came in at 2.12 billion euros ($2.34 billion) in the quarter, up from 2 billion a year earlier and above the 2.05 billion expected by analysts polled by Refinitiv Eikon. The company confirmed its full-year outlook for currency adjusted revenue growth in a high single-digit percentage rate, and an operating profit of between 590 million and 670 million euros. Operating earnings of 115 million euros for the quarter were down 21% from a year earlier but still above the 110 million expected by analysts.

Persons: Puma, Rihanna, Refinitiv Eikon, Linda Pasquini, Helen Reid, Milla Nissi, Jane Merriman Organizations: Puma, Super Team, Thomson Locations: Asia, Europe, North America, China, Frankfurt, Gdansk, London

Deutsche Bank's emerging market carry strategy index had its best year on record in the 12 months to May. Reuters GraphicsOVERCROWDING FEARSInvestors, however, are becoming concerned the carry trade might be becoming too popular for its own good. "You have to be worried about some of these more crowded positions," said Stephen Gallo, European head of FX strategy at BMO Capital Markets. "I think that is big enough to offset any carry trade income," said Yujiro Goto, head of FX strategy for Japan at Nomura. A hypothetical $50,000 invested in a short Norwegian crown, long dollar carry trade in the first three weeks of July would have lost $3,000, according to Refinitiv.

Persons: Refinitiv, Kamakshya Trivedi, Goldman Sachs, Stephen Gallo, Gallo, James Athey, Yujiro Goto, Oliver Brennan, Brennan, Robin Winkler, Goldman's Trivedi, Geoff Yu, BNY Mellon, Harry Robertson, Alun John, Ankur, Rae Wee, Bernadette Baum Organizations: LONDON, Bank of America, FX, Deutsche, Federal Reserve, European Central Bank and Bank of Japan, BMO Capital Markets, Nomura, BNP Paribas, Bank of England, Bank of Japan, Reuters Graphics, Federal, Deutsche Bank, Swiss, Reuters, Korean, BNY, Thomson Locations: SINGAPORE, Japan, European, U.S, America, Asia, London, Singapore

Russia's gas, in contrast to its oil, is not subject to Western sanctions, although Brussels is considering extending its embargo on Russian fuel. Gazprom's gas exports, mainly to Europe, almost halved last year because of the political crisis over Ukraine and after undersea Nord Stream pipelines were damaged by unexplained blasts last September. Timchenko had long challenged Gazprom's monopoly on Russian gas exports, saying in 2012 that Europeans wanted to have an alternative to Gazprom. "I believe that Gazprom Export's marketing campaign led to its European share decrease ... Liquefied natural gas has already come to the market. In essence, a new, cheaper gas market is emerging; one has to see such things," Timchenko told the Forbes magazine in 2012.

Persons: Maxim Shemetov, Russia's, Ronald Smith of, Novatek, Vladimir Putin, Alexei Miller, Putin, Miller, Gennady Timchenko, Timchenko, Oksana Kobzeva, Vladimir Soldatkin, Barbara Lewis Organizations: Gazprom, REUTERS, Stream, EU, Kremlin, European Union, Novatek, BCS, Forbes, Thomson Locations: Russia, Europe, MOSCOW, Ukraine, Brussels, Siberia, LNG, Ronald Smith of Moscow, Germany, Italy, Soviet, St Petersburg, Moscow, Russian

[1/3] Goldman Sachs CEO David Solomon speaks during the Goldman Sachs Investor Day at Goldman Sachs Headquarters in New York City, U.S., February 28, 2023. David Wagner, a portfolio manager at Aptus Capital Advisors, exited his small position in Goldman Sachs months ago because he was unimpressed with managers' handling of the consumer business. Marcus, the consumer business, lost $3 billion in three years, and is being wound down. 1Solomon took the top job in 2018, leaning into Goldman's consumer business to broaden earnings beyond volatile revenue from trading and dealmaking. The retail operations struggled to gain traction against well-established consumer banks, prompting the bank to set aside billions to cover potential loan losses.

Persons: Goldman Sachs, David Solomon, Brendan McDermid, David Solomon's, Goldman, Morgan Stanley, Tom Montag, Solomon, JPMorgan Chase, Morgan Stanley's, David Wagner, Wagner, Marcus, Montag, David, Narendra Modi, Lakshmi Mittal, ArcelorMittal, Saeed Azhar, Lananh Nguyen, Megan Davies, Anna Driver Organizations: Goldman, REUTERS, JPMorgan, Aptus Capital Advisors, Bank of America, Thomson Locations: New York City, U.S, Solomon, India, New Delhi

☆ Novartis raises 2023 forecast, maps out Sandoz spin-off
▼ + stars: | 2023-07-18 | by ( Ludwig Burger | ) www.reuters.com time to read: +2 min

Companies Novartis AG FollowSandoz GmbH FollowFRANKFURT, July 18 (Reuters) - Novartis (NOVN.S) on Tuesday raised its full-year earnings forecast on strong drug sales and mapped out the planned spin-off and stock market debut of its generic medicines division Sandoz for early October. The Swiss drugmaker said in a statement it expected group core operating income to grow by a "low double-digit" percentage in 2023, up from high single-digit growth previously projected. Novartis shareholders will vote on the proposed Sandoz spin-off and complete separation at an extraordinary general meeting on Sept. 15. Gains were driven by better-than-expected sales of heart failure drug Entresto, up 37% in local currencies at $1.52 billion. Kesimpta, a new once-a-month injection against multiple sclerosis, also beat expectations with quarterly revenues more than doubling to $489 million.

Persons: Swiss drugmaker, Sandoz, Harry Kirsch ., Kirsch, Ludwig Burger, Rachel More, Sharon Singleton Organizations: Novartis, Sandoz, FRANKFURT, SIX Swiss Exchange, Swiss pharma, Thomson Locations: Swiss, United States, New Jersey

☆ Europe stocks open lower as momentum wanes; Richemont down 8%
▼ + stars: | 2023-07-17 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

Household goods stocks were 1.95% lower, as insurance nudged 0.2% higher. The Stoxx gained 2.94% last week, according to Eikon data, its strongest week since March. Investors will be assessing gross domestic product figures from China, which came in at 6.3%, lower than economists expected. Luxury Swiss retailer Richemont fell 8.6% Monday morning after its sales figures showed a slowdown in U.S. demand, though a significant rebound in Asia. Asia-Pacific markets are lower, while U.S. stock futures are down slightly.

Persons: Morgan Stanley, Tesla Organizations: Federal Reserve, Investors, Novartis, Ocado, juggernauts Bank of America, Netflix, United Airlines, IBM, Luxury, Richemont Locations: United States, China, ASML, Europe, Asia, Pacific

Analysts at Citigroup and JPMorgan both lowered their recommendations on AT&T shares in recent days. The shares hit a low of $13.68 in Monday's session, the lowest since March 1993. "We have not seen, nor have regulators identified, evidence that legacy lead-sheathed telecom cables are a leading cause of lead exposure or the cause of a public health issue,” a U.S. Telecoms spokesperson said in a statement. Shares of Verizon were also down on Monday, falling 5.5% to $32.14, a nearly 13-year low. Reporting by Chibuike Oguh in New York; Editing by Lance Tupper and Deepa BabingtonOur Standards: The Thomson Reuters Trust Principles.

Persons: Michael Rollins, Rollins, ”, Philip Cusick, Michael Hodel, Chibuike Oguh, Lance Tupper, Deepa Babington Organizations: YORK, T Inc, U.S, Verizon, Citigroup, JPMorgan, U.S ., Citi, U.S . Telecom, Morningstar, Thomson Locations: U.S, New York

☆ Nokia issues profit warning, rival Ericsson delivers 'lukewarm' results
▼ + stars: | 2023-07-14 | by ( Martin Coulter | ) www.reuters.com time to read: +3 min

Nokia's shares dropped 7.8% in early trade to their lowest since April 2021, while Ericsson shares were down 7.7%. Nokia reported preliminary second-quarter sales of 5.7 billion euros ($6.4 billion), while analysts polled by Refinitiv had estimated sales of 6 billion euros on average. Nokia said it now expects 2023 sales of 23.2-24.6 billion euros ($26.1-$27.6 billion) against 24.6-26.2 billion euros estimated previously. Meanwhile, Ericsson reported a 62% fall in second-quarter adjusted operating profit, slightly above market expectations. The Swedish telecom equipment maker's operating profits, excluding restructuring charges, fell to 2.8 billion Swedish crowns ($271 million), compared with 7.4 billion crowns the previous year.

Persons: Refinitiv, Börje Ekholm, Ericsson's, Richard Webb, Webb, we’ll, Martin Coulter, Anna Ringstrom, Krishna Chandra Eluri, Tom Hogue Organizations: Nokia, Ericsson, Markets, Reuters, 5G, CSS Insight, Thomson Locations: North America, India, Swedish

☆ Singapore property tycoon cooperating with anti-graft agency - company
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +2 min

[1/2] Property tycoon Ong Beng Seng walks out of the Corrupt Practices Investigation Bureau headquarters in Singapore July 12, 2023. SINGAPORE, July 14 (Reuters) - A Singapore-based property tycoon known for bringing Formula One races to the city-state is cooperating with the anti-graft agency in a case launched earlier this week involving the transport minister, his company said on Friday. The CPIB earlier this week said it had launched an investigation into Iswaran, but did not provide further details. The case is a rare high-level probe in Singapore, a top Asian financial hub that prides itself on a corruption-free government. Ong, who was travelling on Friday, will surrender his passport to the CPIB upon his return to Singapore, his company said.

Persons: Ong Beng Seng, Ho Peng Yew, Iswaran, Lee Hsien Loong, Ong, Christina Ong, Kanupriya Kapoor, Martin Petty, Raju Gopalakrishnan Organizations: Practices, Singapore Press Holding Media, Formula, Properties, Reuters, Concorde, London Stock, Forbes, Thomson Locations: Singapore, SINGAPORE, COMO, Malaysia

☆ Exclusive: Russia sets plans for oil export cuts in August - sources
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +3 min

Moscow this month pledged to cut exports by 500,000 bpd in August, while Saudi Arabia extended its 1 million bpd output cuts. Russia exports oil and products via the Pacific and a direct pipeline to China as well as its European ports. Three sources familiar with the matter told Reuters that Russia had instructed oil companies to reduce supply plans for the next month. Russian offline primary oil refining capacity is seen rising by 40% in August from July, making additional oil export cuts next month even tougher for many. If Russia wants to cut oil exports in August from July, companies may postpone some planned works to autumn months to increase domestic oil consumption, or cut oil production, traders said.

Persons: Alexander Novak, Novak, Igor Sechin, Rosneft, Jan Harvey Organizations: Pacific, Reuters, OPEC, Thomson Locations: Russia, Ukraine, MOSCOW, Moscow, Saudi Arabia, OPEC, Ust, Luga, Baltic, China

CompaniesLaw Firms Ripple Labs Inc FollowCoinbase Global Inc FollowJuly 13 (Reuters) - Ripple Labs Inc did not violate federal securities law by selling its XRP token on public exchanges, a U.S. judge ruled on Thursday, a landmark legal victory for the cryptocurrency industry that sent the value of XRP soaring. An SEC spokesperson said the agency was pleased with part of the ruling in which the judge held that Ripple violated federal securities law by selling XRP directly to sophisticated investors. XRP sales on cryptocurrency platforms by Garlinghouse and co-founder and former CEO Chris Larsen, and other distributions including compensation to employees also did not involve securities, Torres ruled. PARTIAL WIN FOR THE SECThe SEC won a partial victory as Torres found the company's $728.9 million of XRP sales to hedge funds and other sophisticated buyers amounted to unregistered sales of securities. Both the Ripple and Coinbase cases focus on registration requirements and whether certain digital assets are securities under U.S. law.

Persons: XRP, Analisa Torres, Brad Garlinghouse, We’ve, Torres, Paul Grewal, Chris Larsen, Garlinghouse, Larsen, Gary DeWaal, Rosenman, Tom Emmer, Jody Godoy, Chris Prentice, Tom Hals, Chizu Nomiyama, Conor Humphries, Leslie Adler, David Gregorio Our Organizations: Labs, Ripple Labs, U.S, District, U.S . Securities, Exchange Commission, SEC, Twitter, Supreme, WIN FOR, Republican, Thomson Locations: U.S, XRP, Katten, New York, Wilmington , Delaware

☆ US airline stock valuations stuck on runway despite travel boom
▼ + stars: | 2023-07-12 | by ( Rajesh Kumar Singh | ) www.reuters.com time to read: +4 min

REUTERS/Jim Vondruska/File PhotoCHICAGO, July 12 (Reuters) - Relentless travel demand has sent bookings at U.S. carriers soaring, translating into bumper earnings. Airline shares have suffered because of bearish sentiment about the broader economy as interest rates are up sharply and inflation remains high, analysts said. There are still no signs of air travel demand waning as ticket purchases for the rest of 2023 are up 4%, said Steve Solomon, ARC's chief commercial officer. Believers in airline stocks have seen signs of hope this year. Global Investors' Holmes said airline shares are poised for even more gains.

Persons: Jim Vondruska, Refinitiv, Jefferies, Sheila Kahyaoglu, TD Cowen, Frank Holmes, Steve Solomon, Hopper, Hayley Berg, Hopper's, airfares, Holmes, Rajesh Kumar Singh, Ben Klayman, Nick Zieminski Organizations: Chicago Midway International, REUTERS, Airline, US Global Jets ETF, United Airlines, Delta Air Lines, Airlines, Global Investors, U.S . Transportation, Airlines Reporting Corporation, ARC, airfare, Delta, American Airlines, Global, Thomson Locations: Chicago , Illinois, U.S, Europe, United

☆ SPECIAL REPORT-Inside the subsea cable firm secretly helping America take on China
▼ + stars: | 2023-07-06 | by ( Joe Brock | ) www.reuters.com time to read: +23 min

Reuters is revealing details of the Diego Garcia project and SubCom’s deepening ties with the Pentagon. SubCom’s loyalty is especially important because it is the only major U.S. subsea cable company. Rather, they carefully obscured the U.S. military component within a larger private-sector cable project, according to four subsea cable industry sources with knowledge of the arrangement. That project, known as the Oman Australia Cable, was spearheaded by SUBCO, a Brisbane-based subsea cable investment company owned by Australian entrepreneur Bevan Slattery. Once the Navy project was complete, AT&T’s submarine cable project morphed into a commercial business, the former employees said.

Persons: Diego Garcia, SubCom, Cerberus, Stephen Feinberg, Donald Trump, Feinberg, Joe Biden, Biden, Eckhard Bruckschen, They’ve, ” Bruckschen, Trump, Brad Smith, –, Mao Ning, ”, Jacob Helberg, Bevan Slattery, SUBCO’s, Richard Payne, Payne, “ We’re, ” Payne, Alex Kerska, Catherine Creese, Creese, David Coughlan, Coughlan, Slattery, SubCom’s Coughlan, Rich, Australia West Express –, John Mariano, Anthony Albanese, Albanese, Caesar, Kellee Wicker, ” Wicker Organizations: CS, SubCom, Google, Microsoft, Meta, ., U.S, Navy, Cerberus Capital Management, U.S . Navy, President’s Intelligence, Board, U.S . Navy’s Pacific Fleet, U.S . Pacific Fleet, U.S ., Pentagon, America Inc, Cable Consultancy, Reuters, Japan’s NEC Corporation, France’s Alcatel Submarine Networks, China’s HMN, U.S . Department of Defense, White, U.S . Department of Justice, Foreign, Oracle, China Economic, Security, Commission, U.S . Department of Transportation, Department of Defense, government’s, Cable Security Fleet, Oman Australia Cable, SUBCO, The, The U.S . Pacific Fleet, SUBCO’s Oman Australia Cable, Facebook, Defense, Intelligence, SubCom’s, London Stock Exchange Group, U.S . Coast Guard, Naval, Cable, Office, Tyco Telecommunications, Australian, Financial, Australia West Express, GoTo Networks, couldn’t, Netflix, AT, Tyco International, Tyco, New, Washington, Science, Technology, Wilson, “ Cables Locations: Diego, Indian, China, New Jersey, United States, U.S, Soviet, Washington, New York, Philippine, South China, Beijing, America, American, Hong Kong, Switzerland, Eatontown , New Jersey, British, Britain, Australian, Australia, Oman, Brisbane, Southeast Asia, The U.S, SUBCO’s Oman, Perth, SubCom, Guam, U.S . Pacific, Republic of Djibouti, of Africa, Djibouti, Sri Lanka, Scotland, Newfoundland

☆ China's chipmaking export curbs 'just a start', Beijing adviser warns before Yellen visit
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +6 min

Shares in some Chinese metals companies rallied for a second session as investors bet that higher prices for gallium and germanium, which Beijing's export restrictions target, could boost revenues. China is the world's biggest producer of rare earths, a group of metals used in EVs and military equipment. Asked about the metals export curbs, Chinese foreign ministry spokesman Wang Wenbin said on Wednesday the government's actions were reasonable and lawful. WARNING SHOTSome larger chip manufacturers view China's export controls on gallium as more of a warning shot about what economic pain the country could inflict. China's germanium ingot was priced at 9,150 yuan per kg on Tuesday, also flat on the day and on the week, Refinitiv data showed.

Persons: Janet Yellen, Wei Jianguo, Wei, Yellen, Biden, China's, Wang Wenbin, Wang, Gecamines, Belgium's Umicore, Xi Jinping, Eikon, Brenda Goh, Amy Lv, Tian, Nick Carey, Muralikumar Anantharaman, Jacqueline Wong, Catherine Evans Organizations: Treasury, Thursday Analysts, Washington, Commerce, China Daily, China Center for International Economic, Independence, Analysts, Micron, Global Times, Union, Benchmark Mineral Intelligence, AMS, Democratic, Shanghai Cooperation Organisation, Shanghai Metal Exchange, Beijing, Thomson Locations: Beijing, China, BEIJING, SHANGHAI, U.S, Japan, Netherlands, United States, Swiss, Teck Resources, North, Democratic Republic of Congo, Russia, Washington, Yunnan, London

☆ Inside the subsea cable firm secretly helping American take on China
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +24 min

Persons: Diego Garcia, SubCom, Cerberus, Stephen Feinberg, Donald Trump, Feinberg, Joe Biden, Biden, Eckhard Bruckschen, They’ve, ” Bruckschen, Trump, Brad Smith, –, Mao Ning, ”, Jacob Helberg, Bevan Slattery, SUBCO’s, Richard Payne, Payne, “ We're, ” Payne, Alex Kerska, Catherine Creese, Creese, David Coughlan, Coughlan, Slattery, SubCom’s Coughlan, Rich, Australia West Express –, John Mariano, Anthony Albanese, Albanese, Caesar, Kellee Wicker, ” Wicker, Joe Brock, Mohammad Kawoosa, Edgar Su, Catherine Tai Design, Eve Watling, Marla Dickerson Organizations: CS, SubCom, Google, Microsoft, Meta, ., U.S, Navy, Cerberus Capital Management, U.S . Navy, President’s Intelligence, Board, U.S . Navy’s Pacific Fleet, U.S . Pacific Fleet, U.S ., Pentagon, America Inc, Cable Consultancy, Reuters, Japan’s NEC Corporation, France’s Alcatel Submarine Networks, China’s HMN, U.S . Department of Defense, White, U.S . Department of Justice, Foreign, Oracle, China Economic, Security, Commission, U.S . Department of Transportation, Department of Defense, government’s, Cable Security Fleet, Oman Australia Cable, SUBCO, The, The U.S . Pacific Fleet, SUBCO’s Oman Australia Cable, Facebook, Defense, Intelligence, SubCom’s, London Stock Exchange Group, U.S . Coast Guard, Naval, Cable, Office, Tyco Telecommunications, Australian, Financial, Australia West Express, GoTo Networks, couldn’t, Netflix, AT, Tyco International, Tyco, New, Washington, Science, Technology, Wilson, “ Cables Locations: Diego, Indian, China, New Jersey, United States, U.S, Soviet, Washington, New York, Philippine, South China, Beijing, America, American, Hong Kong, Switzerland, Eatontown , New Jersey, British, Britain, Australian, Australia, Oman, Brisbane, Southeast Asia, The U.S, SUBCO’s Oman, Perth, SubCom, Guam, U.S . Pacific, Republic of Djibouti, of Africa, Djibouti, Sri Lanka, Scotland, Newfoundland

☆ Beijing's curbs on niche metal exports threaten China supply glut
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +3 min

Gallium prices in China have dropped 12% this year, pressured by its slowing economy. China's germanium ingot price has advanced only 1% to 7,250 yuan per kg since Monday. Overseas price offers are rising much faster, amid fears that Beijing may use the permitting system to restrict shipments. The Chinese government enforces export controls that do not target any particular country," spokesperson Shu Jueting told a weekly press conference. China produces around 60% of the world's germanium, and over 90% of the world's gallium.

Persons: Theo Ruas, Willis Thomas, Ruas, Shu Jueting, Amy Lv, Siyi Liu, Seher, Dominique Patton, Kim Coghill Organizations: China's Ministry of Commerce, Washington, Producers, Corporation, Shanghai Metal Exchange, CRU, Reuters, Thomson Locations: BEIJING, China, Beijing, U.S, London, Bangalore

☆ Tomb Raider games group Embracer raises $182 mln in share issue
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +1 min

STOCKHOLM, July 6 (Reuters) - Sweden's Embracer (EMBRACb.ST) has raised 2 billion crowns ($182 million) in a share issue directed at institutional investors, the gaming group said on Thursday, after last month flagging a need to cut investments and costs. It issued 80,000 new shares at a subscription price of 25 crowns per share, it said in a statement, sending its shares down 13%. "The proceeds from this share issue will further strengthen our financial position, improving both financing cost and our operational flexibility, and enabling us to focus on the key aspects of the program," it said. Trading was heavy, with hourly volume running at over 9 million shares, the second-highest on record after May 24's hourly rate of over 10 million, Refinitiv Eikon data showed. Embracer, which last year bought several development studios and the intellectual property rights to a number of games including a new Tomb Raider game, announced plans for the share issue late on Wednesday.

Persons: Anna Ringstrom, Louise Rasmussen, Jason Neely Organizations: Thomson Locations: STOCKHOLM, Embracer

☆ Kenyan, Zambian currencies expected to weaken
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +4 min

[1/2] Kenya Central Bank Governor Patrick Njoroge displays Kenyan shilling bank notes during a news conference at the Central Bank in Nairobi, Kenya, June 3, 2019. One trader at a commercial bank said the currency was expected to float around 141.00 levels. GHANAGhana's cedi is expected to hold steady against the dollar next week on the back of high foreign exchange liquidity following central bank support, traders said. Bid-offer spreads are also expected to tighten further," said Sedem Dornoo, a senior trader at Absa Bank Ghana. UGANDAThe Ugandan shilling is expected to firm in the coming week, drawing support from hard currency inflows from exporters of commodities such as coffee.

Persons: Kenya Central Bank Governor Patrick Njoroge, Baz Ratner, GHANA Ghana's cedi, Sedem Dornoo, Chris Nettey, ZAMBIA Zambia's kwacha, Elias Biryabarema, Chris Mfula, Bhargav Acharya, Elisha Bala, Hereward Organizations: Kenya Central Bank Governor, Central Bank, REUTERS, KENYA, GHANA Ghana's, greenback, Absa Bank, Trading Stanbic Bank, ZAMBIA Zambia's, Access Bank, Bank, Thomson Locations: Nairobi, Kenya, JOHANNESBURG, Ghana, Nigeria, NIGERIA, GHANA, Absa Bank Ghana, Trading Stanbic Bank Ghana, UGANDA, Kampala, ZAMBIA

☆ China adviser warns chipmaking export curbs are 'just a start', as Yellen visit looms
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +4 min

Shares in some Chinese metals companies rallied for a second session, with investors betting that higher prices on gallium and germanium, which Beijing's export restrictions target, could boost revenues. Germanium is used in high-speed computer chips, plastics, and in military applications such as night-vision devices as well as satellite imagery sensors. China is the world's biggest producer of rare earths, a group of metals used in EVs and military equipment. CURBS ON EXPORTS TO CHINAWashington is considering new restrictions on the shipment of high-tech microchips to China, following a series of curbs over the past few years. China's germanium ingot was priced at 9,150 yuan per kg on Tuesday, also flat on the day and on the week, Refinitiv data showed.

Persons: Janet Yellen, Yellen's, Biden, China's, Wei Jianguo, Wei, Xi Jinping, Eikon, Brenda Goh, Amy Lv, Christopher Cushing, Muralikumar Organizations: Independence, Analysts, Micron, Commerce, China Daily, China Center for International Economic Exchanges, Global Times, Shanghai Cooperation Organization, Shanghai Metal Exchange, Beijing, Thomson Locations: BEIJING, SHANGHAI, Beijing, Japan, Netherlands, China, CHINA Washington, United States, Yunnan

☆ What are Gallium and Germanium and which countries are producers?
▼ + stars: | 2023-07-04 | by ( ) www.reuters.com time to read: +5 min

Germanium ores are rare and most germanium is a by-product of zinc production and from coal fly ash. Gallium is found in trace amounts in zinc ores and in bauxite, and gallium metal is produced when processing bauxite to make aluminium. U.S. imports of gallium metal and gallium arsenide (GaAs) wafers in 2022 were worth about $3 million and $200 million, respectively, according to USGS. U.S.-based Indium Corporation also produces germanium, while Belgium's Umicore (UMI.BR) makes both germanium and gallium. "Zinc selenide and germanium glass substitute for germanium metal in infrared applications systems, but often at the expense of performance."

Persons: Belgium's, Eikon, Dominique Patton, Mai Nguyen, Melanie Burton, Pratima Desai, Tom Hogue, Himani Sarkar, Catherine Evans, David Evans Organizations: Alliance, . Geological Survey, WHO, Teck Resources, Shanghai Metal Exchange, Thomson Locations: China, Canada, Finland, Russia, United States, Europe, Japan, U.S, South Korea, Germany, Kazakhstan, Teck, North America, British Columbia, Beijing

☆ Which countries produce strategic materials Gallium and Germanium?
▼ + stars: | 2023-07-04 | by ( ) www.reuters.com time to read: +4 min

Germanium ores are rare and most germanium is produced as a by-product of zinc production and from coal fly ash. China produces around 60% of the world's germanium, according to the European association Critical Raw Materials Alliance (CRMA), with the rest coming from Canada, Finland, Russia and the United States. Gallium is found in trace amounts in zinc ores and in bauxite, and gallium metal is produced when processing bauxite to make aluminium. U.S. imports of gallium metal and gallium arsenide (GaAs) wafers in 2022 were worth about $3 million and $200 million, respectively, according to USGS. U.S.-based Indium Corporation also produces germanium, while Belgium's Umicore (UMI.BR) makes both germanium and gallium.

Persons: Belgium's, Eikon, Dominique Patton, Mai Nguyen, Melanie Burton, Tom Hogue, Himani Organizations: Alliance, WHO, United States Geological Survey, Teck Resources, Shanghai Metal Exchange, Thomson Locations: China, Canada, Finland, Russia, United States, Europe, Japan, U.S, South Korea, Germany, Kazakhstan, Teck, North America, British Columbia, Beijing

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