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☆ Global tax would spoil investors’ plastic party
▼ + stars: | 2023-06-01 | by ( Lisa Jucca | ) www.reuters.com time to read: +4 min

This may change if supporters of taxes and other restrictive measures prevail at ongoing talks for a global treaty to end plastic pollution by 2040. And the world lacks sufficient infrastructure to sort discarded resins: only 9% of global plastic is recycled each year, the Organisation for Economic Co-operation and Development reckons. Some 90% of people support measures to combat plastic pollution, a global Ipsos survey from 2021 shows. Countries including Britain have already started applying levies on virgin plastic packaging. CONTEXT NEWSRepresentatives of 175 countries in March endorsed a landmark resolution to develop international, legally binding rules to end plastic pollution by 2040.

Persons: Inger Andersen, Barr, Aimee Donnellan, Pranav Kiran Organizations: MILAN, Reuters, Big Oil, ExxonMobil, Dow, Indorama Ventures, Saudi Aramco, Minderoo, Organisation for Economic Co, ” United Nations, Reuters Breakingviews, Barclays, Twitter, Thomson Locations: Sinopec, Britain, Paris

The Hebei-based company is also considering establishing a research and development centre in Thailand that could work on battery powered pickup trucks, Narong Sritalayon, managing director of Great Wall Motor Thailand said in an interview. "I think there is a lot of things we can learn from Thailand's unique market for pickup trucks," Narong said. Great Wall launched its Ora Good Cat compact EV in Thailand in late 2021. Great Wall entered Thailand in 2020 after taking over a former General Motors Co (GM.N) plant that currently makes two of its Haval hybrid vehicles for sale in the country. But the facility could be upgraded for battery cell production with additional investment depending on demand and Thai government support, Great Wall added.

☆ Dollar buoyed by hawkish Fed expectations as debt deal eyed
▼ + stars: | 2023-05-19 | by ( Rae Wee | ) www.reuters.com time to read: +4 min

SINGAPORE, May 19 (Reuters) - The dollar firmed near a six-month peak against the yen on Friday on the back of rising U.S. Treasury yields, as optimism over debt ceiling talks in Washington raised expectations of higher-for-longer interest rates. The news helped calm fears of an unprecedented and economically catastrophic American debt default, leading markets to revise their expectations of where U.S. interest rates could go. The dollar stayed elevated in early Asia trade on Friday and last bought 138.40 yen , having risen to a near six-month high of 138.75 yen in the previous session. U.S. Treasury yields have climbed on the back of the hawkish Fed repricing and amid a pick up in risk sentiment. The two-year Treasury yield , which typically moves in step with interest rate expectations, last stood at 4.2581%, edging away from a low of 3.964% at the start of the week.

REUTERS/Dado RuvicMay 17 (Reuters) - Meta Platforms Inc (META.O) is set to face a record European Union privacy fine related to data transfer of Facebook's EU users to U.S. servers for failing to comply with a warning by a top EU court, two sources familiar with the matter said. The penalty will be higher than the previous record 746 million euros ($821.20 million) fine for Amazon.com Inc (AMZN.O), according to the sources. Meta declined to comment, while the Irish Data Protection Commission (DPC) and the European Commission did not immediately respond to Reuters' requests for comment. EU regulators led by Ireland's Data Protection Commissioner Helen Dixon have been finalising a ban on the legal tool used by Facebook to transfer European user data because of concerns U.S. intelligence agencies could access the information. Europe's highest court ruled in 2020 that an EU-U.S. data transfer agreement was invalid, citing surveillance concerns.

But Michelin, Continental and Pirelli (PIRC.MI) told Reuters they are pursuing alternatives to 6PPD, with Michelin and Continental adding collective industry action may be necessary to find solutions. Continental said its dandelion tyres were developed to find a sustainable form of natural rubber, and addressing 6PPD was a separate focus. The worst-performing rival tyres Michelin has tested so far emit around 8 kg per year. Michelin and Continental said they are already focused on making their tyres more durable - Michelin cut its tyre emissions 5% between 2015 and 2020, Roget said. "The advent of the EV is the time to make this change," to improve tyres," Enso's Erlendsson said.

☆ Exclusive: Japan's Rakuten plans new share issue to raise around $2.2 bln -sources
▼ + stars: | 2023-05-15 | by ( Miho Uranaka | ) www.reuters.com time to read: +3 min

The public offering is expected to raise roughly 300 billion yen ($2.2 billion) but the amount could change depending on Rakuten's share price, which will influence the pricing of its new equity issuance. Additionally, Rakuten plans to issue shares to founder and CEO Hiroshi Mikitani and a fund controlled by the entrepreneur, the person said. A Rakuten spokesperson said it was not something it could comment on. Rakuten shares erased gains and tumbled, closing down 9% after the Reuters report. The group has some 400 billion yen in bonds due by 2024 and a further 430 billion yen in 2025, Refinitiv data showed.

A Virgin Australia spokesperson confirmed the contents of the internal email. A Bain Capital spokesperson declined to comment. "I can also confirm the IPO planning is well advanced," Cotton said in the email to staff seen by Reuters. Virgin Australia Chief Executive Jayne Hrdlicka said on Monday that she would take several weeks of leave to spend time with family after the death of her husband from cancer. Bain Capital bought Virgin Australia in 2020 after it was placed in voluntary administration, the closest Australian equivalent to Chapter 11 bankruptcy.

☆ 'As long as he's happy', Argentina boss unconcerned about Messi moves
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +1 min

May 10 (Reuters) - Argentina's World Cup-winning coach Lionel Scaloni said he does not care where Lionel Messi plays his club football as long as he feels comfortable and happy. French media on Tuesday reported that a move to a Saudi club was a "done deal", adding that the Argentina captain was in the process of finalising details before signing a contract. "Let him go to where he will feel comfortable with his team mates and the club's fans," Scaloni told Qatar's Al-Kass channel. "The matter does not affect us as a national team as long as he's happy when he joins us and we need him to be happy." Messi, who apologised to PSG and his team mates last week, returned to training on Monday.

☆ Messi's father dismisses Saudi links
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +1 min

May 9 (Reuters) - Lionel Messi has not "signed or agreed" a deal to play in Saudi Arabia next season, the Argentine's father said after reports on Tuesday linked the Paris St Germain forward with a move to the Middle East. Messi's future at PSG has been the subject of much speculation in recent days after the Ligue 1 side suspended him for making a trip to Saudi Arabia and missing a training session as a result. On Tuesday, French media reported that Messi's move to Saudi Arabia was a "done deal", adding that the 35-year-old was in the process of finalising details before signing a contract. The decision will never be made before Lionel finishes the league (season) with PSG," Messi's father Jorge said in a statement on Instagram. He returned in January to play a friendly match with PSG against a team of Saudi League stars, when he faced his great rival Cristiano Ronaldo.

Companies TotalEnergies SE FollowBAGHDAD, May 3 (Reuters) - Iraq and TotalEnergies (TTEF.PA) expect to kick-start a long-delayed $27 billion project within the next two weeks, Iraq's oil minister Hayan Abdel-Ghani said on Wednesday. Abdel-Ghani said at a conference in Baghdad he expected five side agreements related to the deal to be signed in the next two weeks, paving the way for implementation to commence. Chief Executive Patrick Pouyanne said last week the two sides had reached an agreement on Iraq's stake in the project. "I think (it) is a good setup with our finalising of all the paperwork," Pouyanne said on TotalEnergies' first-quarter results call last week. "The government of Iraq confirmed the whole contract, no modification at all ... so that was for me more than a good news," Pouyanne said.

☆ Exchanges and asset managers square off over EU market rules
▼ + stars: | 2023-04-16 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, April 17 (Reuters) - Stock exchanges and asset managers have squared off ahead of European Union negotiations this week over how much information investors should be given to find the best deals on Europe's fragmented stock markets. The European Parliament and EU states begin negotiations on Tuesday on finalising reform of the bloc's securities rules, known as MiFID, aimed at making its capital market more efficient now that if faces competition from a post-Brexit London. Exchanges, which earn money from market data, say parliament is going beyond transparency to give investors a trading tool. "The inclusion of real-time pre-trade data, as per the European Parliament proposal... would only further distort EU market structure," the Federation of European Securities Exchanges (FESE) said in a statement last week. The European Fund and Asset Management Association (EFAMA) also backs parliament's position, saying liquidity in European stock markets has contracted by 25% since 2013 compared with a 23% rise on U.S. markets, with a number of factors contributing to this.

☆ Irish regulator has month to make order on EU-US Facebook data transfers
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +1 min

DUBLIN, April 13 (Reuters) - Ireland's data regulator has one month to make an order on blocking Facebook's transatlantic data flows, European Union regulators said on Thursday. EU regulators led by Ireland's Data Protection Commissioner (DPC) Helen Dixon have been finalising a ban on the legal tool used by Facebook to transfer European user data because of concerns U.S. intelligence agencies could access the information. Dixon, who is lead regulator for Facebook parent Meta (META.O) because its European headquarters are in Ireland, last month said the ban could be in place by mid-May. While the statement did not say what the decision was, Dixon has said other regulators had not disputed her order to ban the data transfer mechanism. Officials have said a new EU-U.S. data protection framework, which aims to offer EU citizens the same level of data protection as under European law, may be ready by July.

☆ India NSE's IPO plan stumbles at market watchdog's door - sources
▼ + stars: | 2023-04-11 | by ( Jayshree P Upadhyay | ) www.reuters.com time to read: +3 min

The Securities and Exchange Board of India (SEBI) has formed an internal view that due to the pending cases it won't approve NSE's application made last year for an IPO, the sources said. “Till the legal and regulatory issues are cleared there is no chance that SEBI will approve NSE's IPO plans,” said one of the sources, who is a senior regulatory official. A delayed NSE IPO will test the patience of its core shareholders - banks, insurance companies and foreign funds - who have been waiting for an exit opportunity in rising markets. The regulator's reluctance to approve NSE's IPO has not been previously reported. These include whether certain brokers made unfair gains due to preferential access to NSE’s trading systems and another lapse in NSE’s trading architecture, the source said.

☆ Japan to add $2.3 billion subsidy to Rapidus for Chitose chip plant, media report
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +1 min

TOKYO, April 10 (Reuters) - Japan's industry ministry is finalising a plan to provide state-backed chip maker Rapidus an additional 300 billion yen ($2.27 billion) in funding to build a semiconductor plant in the northern island of Hokkaido, a local paper reported on Saturday. Rapidus, which in February picked Chitose, near Sapporo, as the site for a cutting-edge two-nanometre chip factory, previously secured an initial 70 billion yen funding from the government. The additional grant will be used to help Rapidus build a prototype line scheduled to launch in 2025, the Hokkaido Shimbun paper said, citing multiple unidentified sources. The Japanese government is also offering up to 476 billion yen in subsidies to a Taiwan Semiconductor Manufacturing Co (TSMC) (2330.TW) plant in Kyushu, in which Sony Group Corp (6758.T) and Denso Corp (6902.T) each have a minority stake. ($1 = 132.3100 yen)Reporting by Kantaro Komiya; Editing by Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

☆ Germany warns EU over tampering with schemes for struggling banks
▼ + stars: | 2023-04-05 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

The EU's executive European Commission is due on April 18 to set out draft reforms to rules for handling stricken banks. The schemes link banks in a national network, allowing a struggling lender to get financial aid from the scheme's other members, forming part of a country's protections for bank depositors. CARVE OUTLindner said the commission's current plans would introduce a "number of new and significant restrictions" on IPS schemes by treating them like deposit guarantee schemes. A "clear and precise carve-out for IPS from newly introduced restrictions would be the easiest and cleanest way" to respect last year's agreement not to tamper with IPS, Lindner said. A report for the European Parliament last year said IPS represents a central and substantial component of depositor protections in Germany.

☆ Britain's banks urge Bank of England to keep small company capital rule
▼ + stars: | 2023-04-03 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, April 3 (Reuters) - Forcing banks to set aside more capital in case loans to small and medium-sized companies turn sour would hit Britain's economy, banking industry body UK Finance said on Monday. It has proposed ending the preferential capital treatment for loans to small businesses, known as the SME supporting factor. "The SME support factor should not be completely and suddenly removed," UK Finance said in a statement. Britain should bring the floor into line with other countries to avoid a competitive disadvantage, UK Finance said. The BoE plans a simpler capital regime for smaller UK lenders, and UK Finance said the central bank should apply it to subsidiaries of foreign lenders operating in Britain as well.

☆ Riyadh joins Shanghai Cooperation Organization as ties with Beijing grow
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +2 min

RIYADH, March 29 (Reuters) - Saudi Arabia's cabinet approved on Wednesday a decision to join the Shanghai Cooperation Organization, as Riyadh builds a long-term partnership with China despite U.S. security concerns. Saudi Arabia has approved a memorandum on granting the kingdom the status of a dialogue partner in the Shanghai Cooperation Organization (SCO), state news agency SPA said. Joining the SCO was discussed during a visit by Chinese President Xi Jinping to Saudi Arabia last December, sources have told Reuters. Dialogue partner status will be a first step within the organisation before granting the kingdom full membership in the mid-term, they said. Riyadh's growing ties with Beijing have raised security concerns in Washington, its traditional ally.

☆ Analysis: Sudan paramilitary leader jostles for role ahead of civilian handover
▼ + stars: | 2023-03-19 | by ( Khalid Abdelaziz | ) www.reuters.com time to read: +7 min

General Mohamed Hamdan Dagalo commands tens of thousands of fighters in the paramilitary Rapid Support Forces (RSF) and has amassed considerable mineral wealth. He is also deputy leader of Sudan's ruling council, which took power in a coup more than a year ago. Hemedti and other military men are unlikely to be able to stand for election in the short term. The main signatories to the outline agreement are Burhan's military and Hemedti's RSF on one side and the civilian Forces for Freedom and Change (FFC) coalition on the other. Any final transition agreement would likely bar Hemedti and Burhan from standing in the first post-deal elections, one international diplomat said.

☆ Kosovo, Serbia leaders arrive for EU-backed talks on deal to normalise ties
▼ + stars: | 2023-03-18 | by ( Fatos Bytyci | ) www.reuters.com time to read: +2 min

"I am optimistic," Kurti said ahead of the meetings, taking place in the lakeside town of Ohrid in North Macedonia. Kosovo and Serbia agreed in Brussels last month to a Western-backed deal to normalise relations, following nearly 10 years of EU-mediated dialogue during which little progress was made. "The eyes of the EU & the Western Balkans are on Ohrid today," Borrell tweeted. Belgrade and Pristina need to mend bilateral ties for both to achieve their strategic goal of joining the EU. "I want to caution that we may not have a final agreement," Gabriel Escobar, the senior U.S. diplomat for the Western Balkans who is also attending the Ohrid talks, told Pristina-based RTV21 station.

☆ Volkswagen invests in batteries, raw materials in race for affordable EV
▼ + stars: | 2023-03-14 | by ( Victoria Waldersee | ) www.reuters.com time to read: +4 min

Over two-thirds of the company's five-year investment budget announced on Tuesday is allocated to electrification and digitalisation, including up to 15 billion for batteries and raw materials. Volkswagen, Europe's top carmaker, is striving to close a gap with electric vehicle (EV) pioneer Tesla (TSLA.O) by expanding its slice of the growing market for battery-powered cars. Buzz EV car, on the day of the annual news conference of the Volkswagen Group at DRIVE.Volkswagen Group Forum, in Berlin, Germany March 14, 2023. Volkswagen met analysts' expectations in 2022 on revenues but missed the consensus estimate for earnings before interest and taxes by 3%. The most likely actual stock market candidate is battery unit PowerCo.

☆ Volkswagen to invest $193 billion over 5 years to hit EV target
▼ + stars: | 2023-03-14 | by ( Victoria Waldersee | ) www.reuters.com time to read: +4 min

[1/2] The logo of carmaker Volkswagen Commercial Vehicles is pictured at the IAA Transportation fair, which opened its doors to the public on September 20, 2022, in Hanover, Germany, September 19, 2022. The investments come as Volkswagen, Europe's top carmaker, tries to close a gap with electric vehicle (EV) pioneer Tesla (TSLA.O) by expanding its slice of the growing market for battery-powered cars. In the latest investment plan, up to 15 billion euros is ringfenced for battery plants and raw materials. VW outperforms EU rivalsThe investment decisions are targeted towards fulfilling a 10-point plan developed by Volkswagen CEO Oliver Blume after he took the helm in September. The most likely actual stock market candidate is battery unit PowerCo.

☆ Volkswagen: to share results of mock listing exercise in June
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: 1 min

BERLIN, March 14 (Reuters) - Volkswagen (VOWG_p.DE) will share the outcome of a mock listing exercise for its brands and Volkswagen Group instigated by Chief Executive Oliver Blume at a capital markets day on June 21, Blume said on Tuesday. The carmaker intended to keep its combustion engine models competitive for as long as they are on the market but was shifting to being a technology and mobility company, Chief Financial Officer Arno Antlitz added. Blume also said the carmaker was finalising a high-performance software for luxury and premium brands, which would be brought into a software architecture for the whole company in the medium term. Reporting by Victoria Waldersee; editing by Matthias WilliamsOur Standards: The Thomson Reuters Trust Principles.

☆ Pacific's Micronesia in talks to switch ties from Beijing to Taiwan- letter
▼ + stars: | 2023-03-10 | by ( Kirsty Needham | ) www.reuters.com time to read: +3 min

We can and will receive this, over a three year period, if and when we establish diplomatic relations with Taiwan," he wrote. In the letter, Panuelo accused China of waging "political warfare" in his country, and bribing his government's officials. Beijing and Taiwan have a history of competing in the Pacific islands, where four of Taiwan's 14 diplomatic allies are located. Two Pacific island nations, Kiribati and Solomon Islands, cut diplomatic ties with democratically ruled Taiwan in 2019 after offers of aid from China, which views Taiwan as its own territory. Reporting by Kirsty Needham in Sydney; Additional reporting by Ben Blanchard in Taipei and Beijing newsroom; Editing by Lincoln Feast.

☆ BOJ set to keep ultra-low rates at Kuroda's final policy meeting
▼ + stars: | 2023-03-09 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

"After conducting an examination of its policy framework, the BOJ will either abandon the 10-year yield target or shift to one targeting a shorter duration," she said. At the two-day meeting ending on Friday, the BOJ is set to maintain its short-term interest rate target at -0.1% and that for the 10-year bond yield around 0%. Some market players bet the BOJ could widen the band set around the 10-year yield target, allowing the yield to rise up to 0.75%, from the current 0.5%, as early as Friday. But many analysts polled by Reuters expect any tweak in YCC to happen after Ueda takes over as new governor. Ueda will chair his first policy meeting on April 27-28, when the board will produce closely watched, fresh quarterly growth and price forecasts extending through fiscal 2025.

☆ Sri Lanka to announce debt restructuring strategy in April - cenbank chief
▼ + stars: | 2023-03-09 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +3 min

The bailout is the culmination of months of negotiations as Sri Lanka looks to emerge from its worst economic crisis in more than seven decades. Weerasinghe said the country would expedite negotiations with commercial creditors and announce the debt restructuring strategy in consultation with them, before finalising the debt restructuring terms. Currently, Sri Lanka has to repay about $6 billion annually until 2029, President Ranil Wickremesinghe told parliament on Tuesday, but Weerasinghe said this amount will be reduced post-debt restructuring. Sri Lanka also has a $1.5 billion swap arrangement with China but that can only be used if domestic reserves support three months of imports. Weerasinghe also said that inflation is likely to come down faster than earlier forecast, even by the central bank.

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