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☆ Nigeria mulls G20 bloc membership, president to attend summit in India
▼ + stars: | 2023-09-03 | by ( Felix Onuah | ) www.reuters.com time to read: +2 min

President Bola Tinubu will leave on Monday to attend the G20 summit in India at the invitation of Prime Minister Narendra Modi, spokesperson Ajuri Ngelale said. "While Nigeria's membership of the G-20 is desirable, the government has embarked on wide-ranging consultations with a view to ascertaining the benefits and risks of membership," Ngelale said in a statement. Tinubu's attendance was in part to further Nigeria's membership objective, he said. On Friday, Ngelale said Tinubu will attend the G20 summit to try to promote foreign investment in Nigeria and mobilize global capital to develop infrastructure. Tinubu will attend the summit with some of his cabinet members including foreign affairs, finance and trade ministers.

Persons: Bola Tinubu, Lewis Joly, Narendra Modi, Ajuri Ngelale, Ngelale, Tinubu, Felix Onuah, Chijioke Ohuocha, Andrew Cawthorne, Angus MacSwan Organizations: New Global Financial, Rights, Thomson Locations: Nigeria, Paris, France, Rights ABUJA, India, South Africa

☆ Wagner Group may be absorbed by the Russian Defense Ministry, which Prigozhin rallied against before his death. The mercenary group's current arrangement could 'disappear rather soon,' former GRU capt
▼ + stars: | 2023-08-29 | by ( Azmi Haroun | ) www.businessinsider.com time to read: +5 min

The fate of the Wagner Group is in the hands of Vladimir Putin and the Kremlin. The New York Times reported the Russian Defense Ministry was considering absorbing the group. AdvertisementAdvertisement"The Wagner Group will disappear rather soon," Boris Volodarsky, a former captain in Russia's Spetsnaz GRU special forces and a fellow with the Royal Historical Society in London, told Insider. As tensions mounted between Wagner and Putin this summer, the Kremlin mandated that Wagner recruits sign contracts with the Russian army — which Prigozhin resisted. In his tirade, Prigozhin said the ministry "must be stopped" and the people responsible for the death of Wagner fighters must be punished.

Persons: Vladimir Putin, Yevgeny Prigozhin, Prigozhin, Wagner, Boris Volodarsky, Russia's, Putin, Dmitry Utkin, Valery Chekalov, Volodarsky, —, Alexander Lukashenko Organizations: Wagner, Kremlin, The New York Times, Russian Defense Ministry, Service, Wagner Group, New York Times, Institute for, Royal Historical Society, Defense Ministry, Times, Central African, Associated Press, Russia's Defense Ministry, Belarusian Locations: Wall, Silicon, East, Africa, Russian, London, Tver, Moscow, Belarus, Bakhmut, Ukraine, Mali, Russia, Rostov

☆ Brazil's Natura mulls sale of The Body Shop
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +1 min

The logo of British cosmetics and skin care company The Body Shop is seen outside a store in Vienna, Austria, June 4, 2016. REUTERS/Leonhard Foeger Acquire Licensing RightsSAO PAULO, Aug 28 (Reuters) - Brazilian cosmetics maker Natura &Co (NTCO3.SA) said on Monday its board of directors had authorized the company to search for "strategic alternatives" for its subsidiary The Body Shop, including a potential sale of the business. The move comes after the Brazilian company in April agreed to sell its luxury brand Aesop to French cosmetics group L'Oreal (OREP.PA) at an enterprise value of $2.53 billion. Natura grew through high profile acquisitions in recent years, including the purchase of The Body Shop from L'Oreal in 2017, but has now been looking for "discipline" and deleveraging as it aims to bring back profitability. "There can be no assurance that this process will result in any transaction," Natura said in a securities filing about the potential Body Shop deal.

Persons: Leonhard Foeger, Roberto Marques, Fabio Barbosa, Gabriel Araujo, Kylie Madry Organizations: REUTERS, SAO PAULO, Natura, L'Oreal, Thomson Locations: Vienna, Austria, Brazilian, Natura

"There is an understanding with Tesla's proposal and government is showing interest," said the official, who is familiar with the issue. Indonesia, for example, has offered to reduce import duties from 50% to zero for EV makers planning investments, a move seen aimed at attracting Chinese players and Tesla. Tesla first tried to enter India in 2021 by pushing officials to lower the 100% import tax for EVs. One of the sources said Tesla told Indian officials a potential India factory could operate at full capacity by 2030. Outside the United States, Tesla currently has a plant in Shanghai - its largest factory worldwide - and one outside Berlin.

Persons: Narendra Modi, Elon Musk, Tesla, Tesla's, Nirmala Sitharaman, Rohan Patel, Aditi Shah, Aditya Kalra, Shivangi Acharya, Kevin Krolicki, Raju Gopalakrishnan, Sharon Singleton Organizations: India's, India's Press, REUTERS, India EV, NEW DELHI, Indian, Tata Motors, Reuters, Mahindra, Tata, EV, EVs, Thomson Locations: New York City , New York, U.S, India, Tesla, New Delhi, Indonesia, United States, Shanghai, Berlin, Mexico

☆ Citigroup mulls plan to split its largest division - source
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +2 min

The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. The bank is unlikely to replace Ybarra, the head of its Institutional Clients Group (ICG), the source said on Monday. The plans are still being considered and have not been finalized, the source said. The ICG unit provides financial services to institutional investors and governments. Its shares fell 0.6% alongside a broader decline in the S&P bank index, which dropped 0.5% in Monday trading.

Persons: Chris Helgren, Paco Ybarra, Jane Fraser, Scott Siefers, Piper Sandler, Ybarra, Tatiana Bautzer, Saeed Azhar, Lavanya, Dhanya Ann Thoppil, Hugh Lawson, Mark Potter Organizations: Citigroup Inc, Citi, REUTERS, Citigroup, Ybarra, Group, ICG, Financial Times, Reuters, Thomson Locations: Toronto , Ontario, Canada, New York, Bengaluru

☆ Citi mulls plan to split Institutional Clients Group in overhaul- FT
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +1 min

The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. The plan envisages splitting the bank's Institutional Clients Group (ICG) into its three primary business segments: investment and corporate banking, global markets and transaction services, the FT report said, citing people familiar with the proposal. The Institutional Clients Group which provides financial services to institutional investors and governments is one of the biggest divisions of the bank. The new segments will be run by their current heads, who would report directly to Fraser, the newspaper said. Reporting by Lavanya Ahire in Bengaluru; Editing by Nivedita Bhattacharjee and Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Chris Helgren, Jane Fraser, Fraser, Paco Ybarra, Lavanya, Nivedita Bhattacharjee, Dhanya Ann Thoppil Organizations: Citigroup Inc, Citi, REUTERS, Citigroup, Financial Times, Group, ICG, Reuters, Thomson Locations: Toronto , Ontario, Canada, Bengaluru

☆ Russia's ruble spikes as Putin and officials mull ways to prop up the currency after it dropped below a penny this week
▼ + stars: | 2023-08-16 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Russia's ruble jumped 5% against the dollar on Wednesday as the Kremlin mulls capital controls. President Vladimir Putin reportedly held talks with officials on ways to prop up the ruble. The ruble crashed Monday, and on Tuesday Russia's central bank raised its benchmark rate to 12% from 8.5%. Sources told the Financial Times that Putin was set to hear proposals Wednesday from the finance ministry that include forcing exporters to sell up to 80% of their foreign currency revenue, capping currency swaps, and limiting how much foreign currency exporters can move out of Russia. The Kremlin then turned to a host of emergency capital controls as well as sharp rate hikes to stabilize the ruble.

Persons: Vladimir Putin, Putin Organizations: Kremlin, Service, Financial Times, Bloomberg Locations: Wall, Silicon, Russia, Ukraine, Moscow

This would boost the oil giant's non-binding bid to about 11.6 billion euros ($12.63 billion), the people said. The indication of a raised offer is, however, not in writing, the people cautioned, adding that Covestro will take time to consider any next steps. ADNOC last raised its informal offer to 57 euros per share in July. Covestro shares jumped about 4.2% in a volume spike after Bloomberg News first reported that ADNOC was prepared to sweeten its offer. Earlier in August, Covestro reported a 21% fall in revenues to 3.7 billion euros in the second quarter.

Persons: Toru Hanai, ADNOC, Covestro, Austria's, Emma, Victoria Farr, Maha El Dahan, Yousef Saba, Tomasz Janowski Organizations: REUTERS, Abu Dhabi National Oil Co, Reuters, Bloomberg News, Thomson Locations: Gastech, Chiba, Japan, FRANKFURT, DUBAI, Abu Dhabi, Frankfurt, Maha, Dubai

☆ Canada's Algonquin mulls sale of renewable energy unit, CEO exits
▼ + stars: | 2023-08-10 | by ( Tanay Dhumal | ) www.reuters.com time to read: +2 min

Aug 10 (Reuters) - Canada's Algonquin Power & Utilities (AQN.TO) on Thursday announced the resignation of CEO Arun Banskota and said it was considering a sale of its renewable energy unit, after activist firms urged action to reduce debt and boost earnings. The decision to divest comes months after the company initiated a strategic review of the renewable energy division, following a push for changes by activist firms including Corvex Management and Starboard Value. Algonquin said it had received interest for the renewable energy unit, but did not provide financial details or timelines for any potential deals. The company said on Thursday JPMorgan (JPM.N) would act as its financial advisor for the possible sale of the renewable energy unit, which includes all of the company's non-regulated operating and development power generation assets. Algonquin also posted a wider second-quarter loss of $253.2 million, compared with a loss of $33.4 million a year earlier.

Persons: Arun Banskota, Christopher Huskilson, Nelson Ng, Tanay, Milla Nissi Organizations: Algonquin Power & Utilities, Thursday, Corvex Management, Capital, JPMorgan, Thomson Locations: Algonquin, Bengaluru

☆ US stocks whipsaw but close higher as Wall Street mulls Fed outlook after July CPI
▼ + stars: | 2023-08-10 | by ( Max Adams | ) www.businessinsider.com time to read: +2 min

US stocks closed higher Thursday but gave up their biggest gains as traders assess July CPI data. Inflation last month came in at 3.2%, higher than June but lower than what was expected. Markets are deciding if it was enough to warrant a full pivot by the Fed away from tight monetary policy. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Prices last month rose at a rate of 3.2%, slightly below expectations of 3.3%.

Organizations: Service, July's, Dow Jones, Investors, Federal Reserve, BNP, Nasdaq Locations: Wall, Silicon, Here's

☆ US mulls backing Kenya-led multinational force in Haiti
▼ + stars: | 2023-08-04 | by ( Sarah Morland | ) www.reuters.com time to read: +2 min

The U.S. has said it is willing to introduce a resolution at the UN Security Council to authorize such a force. "We will be doing everything that we can to support that process and ensure swift passage of that resolution," Feinstein said. She said the U.S. would seek contributions such as personnel, equipment, training, financing or other support from countries across the world. Recommendations from an Aug. 15 UN report are likely to shape what the force would look like, she said. Haiti's government requested international security assistance last year and the UN has repeatedly voiced its support for a security force.

Persons: Ralph Tedy Erol, Haiti Barbara Feinstein, Feinstein, Haiti's, Sarah Morland, Grant McCool Organizations: Haitian National Police, U.S . Embassy, REUTERS, UN, State Department, State, Caribbean Affairs, UN Security Council, Thomson Locations: Port, Prince, Haiti, Kenya, United States, Haitian, U.S, Ouest

☆ Pfizer mulls cost cuts on volatile COVID products demand
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +2 min

Comirnaty sales declined 83% to $1.49 billion in the second quarter and antiviral treatment Paxlovid revenue tumbled 98% to $143 million. That compared with analysts' estimates of $1.40 billion for the vaccine and $1.08 billion for the pill. However, the company maintained its forecast for annual COVID revenues at about $21.5 billion. Pfizer also trimmed the upper end of its annual revenue forecast by $1 billion to $70 billion while retaining the low end at $67 billion. Total revenue for the second quarter fell 54% to $12.73 billion, compared with analysts' estimates of $13.27 billion, according to Refinitiv data.

Persons: drugmaker, Albert Bourla, Bhanvi, Sriraj Organizations: Pfizer, Thomson Locations: U.S, Bengaluru

☆ Apps Like Robinhood Make Trading Fun, But SEC Fears It’s Costing Investors
▼ + stars: | 2023-07-26 | by ( Paul Kiernan | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/sec-mulls-new-limits-on-apps-that-use-data-to-make-stock-trading-fun-674abf3c

Persons: Dow Jones

☆ Apps Like Robinhood Make Trading Fun, but SEC Fears It Is Costing Investors
▼ + stars: | 2023-07-26 | by ( Paul Kiernan | ) www.wsj.com time to read: 1 min

Persons: Dow Jones

Ms. Sims, 54, may be the most surprising legal figure to emerge as the world grapples with the devastating impacts of a warming planet. And she is now the singular force behind a creative legal gambit to make oil and gas companies pay for the devastation being wrought by climate change in Puerto Rico. Her strategy is being carefully watched by the fossil fuel industry and environmental groups as well as other lawyers and municipalities. The lawsuit she filed in November goes after a who’s who of the fossil fuel industry — Exxon Mobil, Chevron, Royal Dutch Shell, BP and others. The case is part of a new wave of litigation targeting oil, gas and coal companies over climate change, which is driven by the burning of their products.

Persons: Sims Organizations: Exxon Mobil, Chevron, Royal, Shell Locations: Puerto Rico

☆ Strike founder Jack Mallers on the future of crypto as SEC mulls bitcoin ETF proposals
▼ + stars: | 2023-07-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailStrike founder Jack Mallers on the future of crypto as SEC mulls bitcoin ETF proposalsJack Mallers, Strike founder, joins 'Power Lunch' to discuss the future of crypto as Bitcoin edges back above $30,000.

Persons: Jack Mallers Organizations: Email, SEC mulls

☆ IBM mulls using its own AI chip in new cloud service to lower costs
▼ + stars: | 2023-07-11 | by ( Stephen Nellis | ) www.reuters.com time to read: +2 min

IBM is hoping to take advantage of the boom in generative AI technologies that can write human-like text more than a decade after Watson, its first major AI system, failed to gain market traction. One of the barriers the old Watson system faced was high costs, which IBM is hoping to address this time. Khare said using its own chips could lower cloud service costs because they are very power efficient. IBM has joined other tech giants such as Alphabet's (GOOGL.O) Google and Amazon.com (AMZN.O) in designing its own AI chips. Instead, IBM's chip aims to be cost-efficient at what AI industry insiders call inference, which is the process of putting an already trained AI system to use making real-world decisions.

Persons: Mukesh Khare, Watson, Khare, Stephen Nellis, Jamie Freed Organizations: FRANCISCO, Business Machines, IBM, Reuters, IBM Semiconductors, Artificial Intelligence, Samsung Electronics, Google, Nvidia, Thomson Locations: San Francisco, watsonx

☆ India's Adani mulls bidding for Anil Ambani's bankrupt coal plants, Bloomberg reports
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +1 min

July 11 (Reuters) - Indian billionaire Gautam Adani is considering a bid for the bankrupt coal-fired power plants belonging to industrialist Anil Ambani, Bloomberg News reported on Tuesday, citing people familiar with the matter. Ambani's Reliance Power Ltd (RPOL.NS) will also likely make an offer to win back control of the firm, the report added. Last week, Adani Green Energy Ltd (ADNA.NS) approved raising 123 billion rupees ($1.49 billion), while two other Adani group companies - Adani Transmission (ADAI.NS) and Adani Enterprises (ADEL.NS) - had in May outlined plans to raise funds totalling $2.57 billion. Adani's bids are aimed at strengthening the company's growing portfolio of coal power projects, the report said. Adani Enterprises or Reliance Power did not immediately respond to a Reuters' request for comment.

Persons: Gautam Adani, Anil Ambani, Ambani, Adani, Jose Joseph, Kashish Tandon, Sohini Goswami Organizations: Bloomberg, Vidarbha Industries Power Ltd, Ambani's Reliance Power, Green Energy Ltd, Adani Enterprises, Hindenburg Research, Reliance, Thomson Locations: Vidarbha, Nagpur, Maharashtra, Bengaluru

☆ Earnings season is upon us. What to look out for when major banks report Friday
▼ + stars: | 2023-07-10 | by ( Morgan Chittum | ) www.cnbc.com time to read: +8 min

Wells Fargo (WFC) and Morgan Stanley (MS), our two financial holdings, will report quarterly numbers Friday and a week from Tuesday, respectively. All 23 institutions tested, including Wells Fargo and Morgan Stanley, passed the exercise that simulates a hypothetical severe global recession. Wells Fargo and Morgan Stanley announced increases in their capital returns to shareholders after clearing that regulatory hurdle. WFC YTD mountain Wells Fargo YTD performance Wells Fargo has a unique story among the major U.S. banks because of its multiyear restructuring plan. MS YTD mountain Morgan Stanley YTD performance When Morgan Stanley reports, net assets in its wealth management (WM) business will be a key metric.

Persons: Wells Fargo, Morgan Stanley, Christopher Whalen, Whalen, Banks, Wells, ROTCE, there's, Jim Cramer's, Jim Cramer, Jim, JPMorgan, Goldman Sachs Organizations: Federal, Silicon Valley Bank, Street, Street Journal, CNBC, Barclays, Investment, Citibank, JPMorgan Chase, Bank of America, Reuters Locations: U.S, Silicon, SVB, Wells, Wells Fargo

☆ Here's why we're bullish on this mega-cap stock and cautious on this health name
▼ + stars: | 2023-07-10 | by ( Morgan Chittum | ) www.cnbc.com time to read: +2 min

Earnings and inflation Watch J & J Strong outlook for Meta 1. J & J has maintained its talc products do not and have not contained asbestos and are not cancer-causing. Strong outlook for Meta Meta Platforms' (META) Threads, a Twitter rival, reported over 100 million user signs up since announcing its launch late last week. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer, Wells, Johnson, Jim Cramer's, Jim Organizations: CNBC, Meta, Dow, Federal, Johnson, Evercore Locations: U.S, California

In 2022, top importers of China's gallium products were Japan, Germany and the Netherlands, news website Caixin said, citing customs data. Top importers of germanium products were Japan, France, Germany and the United States, it said. The buyers were anticipating it could take as long as two months to obtain export permits. Jefferies analysts said they saw the export controls as China's second and bigger countermeasure after the Micron ban. "If this action doesn't change the U.S.-China dynamics, more rare earth export controls should be expected."

Persons: Peter Arkell, Jeffries, Janet Yellen, Arkell, Caixin, Morris Young, Roy Lee, Amy Lv, Brenda Goh, Siyi Liu, Kentaro Sugiyama, Joyce Lee, Ben Blanchard, Melanie Burton, Tom Hogue Organizations: China, Companies, Global Mining Association of China, U.S, AXT Inc, Micron, Jefferies, ., Thomson Locations: China, Beijing BEIJING, SHANGHAI, United States, Washington, Beijing, Japan, Germany, Netherlands, France, Europe, Taiwan, South Korea, Yunnan, Shanghai, Tokyo, Seoul, Taipei, Melbourne

☆ US firm AXT applying for permits after China restricts chipmaking exports
▼ + stars: | 2023-07-04 | by ( ) www.reuters.com time to read: +2 min

California-headquartered AXT, which has manufacturing facilities in China, said its Chinese subsidiary Tongmei would immediately proceed to apply for the permits. China's commerce ministry said on Monday it would control exports of eight gallium products and six germanium products from Aug. 1 to protect its national security and interests. Gallium is used in gallium nitride and gallium arsenide compound semiconductors for products ranging from power electronics to 5G base stations. In 2022, top importers of China's gallium products were Japan, Germany and the Netherlands, news website Caixin said, citing customs data. Top importers of germanium products are Japan, France, Germany and the United States.

Persons: Morris Young, AXT, Jefferies, Caixin, Brenda Goh, Tom Hogue Organizations: AXT Inc, U.S ., Micron, ., Thomson Locations: SHANGHAI, China, Beijing, . California, United States, Washington, U.S, Netherlands, Japan, Germany, France

☆ China to restrict exports of chipmaking materials as US mulls new curbs
▼ + stars: | 2023-07-04 | by ( Reuters Staff | ) www.reuters.com time to read: +2 min

FILE PHOTO: Flags of China and U.S. are displayed on a printed circuit board with semiconductor chips, in this illustration picture taken February 17, 2023. The controls, which China said were aimed at protecting national security and interests, will require exporters to seek permission to ship some gallium and germanium products. China’s controls, to take effect from August 1, will apply to eight gallium-related products: gallium antimonide, gallium arsenide, gallium metal, gallium nitride, gallium oxide, gallium phosphide, gallium selenide and indium gallium arsenide. They will also apply to six germanium products: germanium dioxide, germanium epitaxial growth substrate, germanium ingot, germanium metal, germanium tetrachloride and zinc germanium phosphide. Anyone exporting these products without permission and those who export in excess of the permitted volumes will be punished, it said.

Persons: Florence Lo Organizations: REUTERS Locations: China, U.S, BEIJING, Beijing, United States, Washington, Netherlands

☆ Cyanide maker Draslovka mulls equity raise to drive new mining technology
▼ + stars: | 2023-06-30 | by ( Jan Lopatka | ) www.reuters.com time to read: +3 min

REUTERS/Jan LopatkaPRAGUE, June 30 (Reuters) - Cyanide maker Draslovka is considering an equity fundraising worth hundreds of millions of dollars support the roll out of new technology that could help miners slash use of cyanide, its CEO said in an interview on Friday. The privately-held Czech company is the world's leading sodium cyanide maker. It acquired Australian Mining & Process Solutions last year, which developed innovative glycine leaching technology that can cut cyanide usage in mining by about half, depending on the circumstances. Draslovka hopes the technology will spearhead a transformation of the industry, raising its effectiveness and reducing environmental impacts. Bruzek said Draslovka had another 10 similar potential projects lined up by year-end, including a top nickel and cobalt miner.

Persons: Pavel Bruzek Jr, Jan Lopatka, Draslovka, Bruzek, JP Morgan, Barrick, Emma Rumney Organizations: Draslovka, REUTERS, Australian Mining, U.S, Oaktree Capital Management, Partners, Thomson Locations: Prague, Czech Republic, Jan Lopatka PRAGUE, Czech, London, United States, Sasol, South Africa

☆ Big Oil Mulls a Slippery Future
▼ + stars: | 2023-06-29 | by ( Carol Ryan | ) www.wsj.com time to read: 1 min

Persons: Dow Jones, bb8d07bb

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