DIRS.INFO The most relevant business & tech news

By offloading some of the risk on their loans, the banks can significantly reduce how much capital they need to set aside to cover potential losses, according to law firm Clifford Chance. A bank can normally transfer risks of losses equivalent to around 7% to 12% of a loan portfolio, two market sources said. With synthetic structures, a bank transfers the risk via credit derivatives or guarantees but keeps holding the underlying exposures. The IFC sold BNP a $50 million guarantee on $1 billion of loans to emerging markets, they said, without disclosing terms. While Europe has been at the forefront for risk transfers, the stock of loans covered by SRTs is small relative to European banks' balance sheets.

☆ Russia using ship-to-ship diesel transfers for transatlantic exports
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +2 min

A full EU embargo on Russian oil products on Feb. 5 has boosted Russian diesel exports to Asia, Africa and the Middle East, with STS loadings in the Mediterranean helping to shorten eastern routes. Last month, Russia sent about 1.0 million tonnes of diesel to African countries, some of which could be re-exported, traders said. Russian supply of diesel to Lomé almost doubled in March to about 200,000 tonnes, Refinitiv data showed. About 30,000 tonnes of Russian diesel has also been transhipping on to the tanker Savanna near the Nigerian port of Lagos, according to Refinitiv. STS transfers near Lomé and Lagos are commonly used for delivering diesel and gasoline, transferring such cargoes from large Aframax and Panamax tankers to vessels able to enter smaller harbours.

☆ Exclusive: Russia shifts to Dubai benchmark in Indian oil deal - sources
▼ + stars: | 2023-04-03 | by ( Nidhi Verma | ) www.reuters.com time to read: +4 min

REUTERS/Dado Ruvic/IllustrationNEW DELHI, April 3 (Reuters) - Russia's largest oil producer Rosneft (ROSN.MM) and India's top refiner Indian Oil Corp (IOC.NS) agreed to use the Asia-focused Dubai oil price benchmark in their latest deal to deliver Russian oil to India, three sources familiar with the deal said. Rosneft's chief executive Igor Sechin said in February that the price of Russian oil would be determined outside of Europe as Asia has emerged as largest buyer of Russian oil since the West imposed progressively tighter sanctions on the export. Under the new deal, announced on March 29, Rosneft will nearly double oil sales to Indian Oil Corp (IOC.NS), two of the sources told Reuters. The European Union nations stopped buying Russian oil from Dec. 5 and the Group of Seven (G7) countries joined the EU in imposing a price cap on Russian crude of $60 per barrel. The move was aimed at cutting Russia's oil revenue while maintaining stability on the global oil market.

☆ EU extends gas price cap system to all EU hubs
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +2 min

BRUSSELS, March 31 (Reuters) - The European Commission will extend its gas price cap system to all trading hubs in the European Union from May to prevent potential distortions to Europe's energy markets, it said on Friday. EU countries agreed the cap in December after drawn-out talks over taming gas prices that hit record levels after Russia cut gas deliveries to Europe following its invasion of Ukraine. For now, the cap is triggered if prices exceed 180 euros ($196) per megawatt hour for three days on the Dutch Title Transfer Facility (TTF) gas hub's front-month contract. The TTF price must also be 35 euros/MWh higher than a reference price based on existing liquefied natural gas (LNG) price assessments for three days. This caps the price at which gas can be traded, but the cap can fluctuate alongside global LNG prices - a system designed to ensure EU countries can still bid for gas in global markets.

☆ Google giggles at China tech’s shrinking act
▼ + stars: | 2023-03-31 | by ( Pete Sweeney | Thomson Reuters | Asia Economics Editor Pete Sweeney Joined Reuters Breakingviews In Hong Kong In September Previously He Served As Reuters' Chief Correspondent For China Economy | ) www.reuters.com time to read: +3 min

HONG KONG, March 31 (Reuters Breakingviews) - As an $18 trillion economy home to 1.4 billion people, China is a natural font of statistical superlatives. The country’s internet giants, however, are dwarfed by American colossi like the $1.3 trillion Google owner Alphabet (GOOGL.O). Access to cheap capital helped founders like Alibaba’s Jack Ma quickly diversify and build sprawling empires with global ambitions. Meanwhile, the top eight U.S. tech names, led by Apple (AAPL.O), Microsoft (MSFT.O) and Alphabet, are worth $8 trillion today. The American tech giants already generate three times more revenue and nearly five times more free cash flow than their aspirant Chinese challengers, Refinitiv Eikon data shows.

☆ OPEC oil output falls on Angola, Iraq outages - Reuters survey
▼ + stars: | 2023-03-31 | by ( Alex Lawler | ) www.reuters.com time to read: +3 min

The Organization of the Petroleum Exporting Countries (OPEC) has pumped 28.90 million barrels per day (bpd) this month, the survey found, down 70,000 bpd from February. OPEC+ lowered its output target by 2 million bpd, of which about 1.27 million bpd was to come from the 10 participating OPEC countries. With the declines in Angola and Iraq this month, compliance with the agreement increased to 173% of pledged cuts, according to the survey, against 169% in February. ANGOLA, IRAQThe largest drop of 100,000 bpd was in Angola due to a small export programme and field maintenance on the Dalia stream. Among countries with higher output, Nigerian production again posted OPEC's biggest increase in March, the survey found, bringing the country closer to a target to lift output to 1.6 million bpd this quarter.

Venezuelan oil resumed flowing to the U.S. in January under a Treasury Department license granted to Chevron that allowed it to expand output there and export the oil. Refiners including Valero and Phillips 66 (PSX.N) have bought cargoes from Chevron, according to U.S. Customs and shipping data. Chevron's license - and approvals granted to European firms Eni (ENI.MI) and Repsol (REP.MC) - allow only for oil or debt swaps. Chevron's resumption of Venezuelan crude imports has not led to an increase in the country's overall exports this year, according to PDVSA schedules and Refinitiv Eikon data. 2 U.S. oil company exported some 86,000 barrels per day of Venezuelan oil in February.

The unpaid invoices originated with dozens of little-known companies acting as middlemen for Venezuela's oil exports since U.S. sanctions in 2020 halted deals with international trading firms and customers. Venezuela's Attorney General's office in October began a probe after oil tankers absconded without full payment to PDVSA. Venezuela's oil ministry and PDVSA did not reply to a request for comment. Maroil boosted Venezuela's petcoke exports following a commercial pact with PDVSA in 2016. In Venezuela, two heavy oil upgrading facilities controlled by PDVSA, Petro San Felix and Petrocedeno, produce and store petcoke.

☆ Norway wealth fund to vote for labour rights motion at Starbucks AGM
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +1 min

[1/2] A Starbucks coffee shop is seen in downtown Los Angeles, California, U.S., June 29, 2022. REUTERS/Lucy NicholsonOSLO, March 23 (Reuters) - Norway's $1.3 trillion wealth fund, one of the world's largest investors, will vote in favour of a shareholder motion calling on Starbucks (SBUX.O) to report on how it respects labour rights, the fund's manager said on Thursday. The Norwegian fund owns 1.05% of Starbucks' shares, worth $1.2 billion at the end of 2022, according to fund data. Norges Bank Investment Management (NBIM), which operates the Norwegian wealth fund, said it would vote in favour of commissioning a third-party assessment of Starbucks' commitment to freedom of association and collective bargaining rights. "Freedom of association and the right to collective wage bargaining are fundamental employee rights - and human rights," they said.

☆ Chevron-chartered tanker involved in collision with sanctioned vessel in Venezuela
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +2 min

Companies Chevron Corp FollowHOUSTON, March 20 (Reuters) - A Liberia-flagged oil tanker chartered by Chevron Corp (CVX.N) had a minor collision with another vessel, the Bueno, in Venezuelan waters on Sunday, according to sources and a shipping report seen by Reuters on Monday. Incidents involving vessels, oil spills, fires and power outages are very frequent in Venezuela as state-run PDVSA's aging oil infrastructure does not receive proper maintenance and needed repairs amid U.S. sanctions on the country. Both were told by the port captain to anchor in specific positions and await inspections, according to a PDVSA shipping report. Tanker Bueno has been working for PDVSA since last year, moving oil and fuel between domestic ports under a time-charter contract. As of Monday, the Kerala had moved away from the collision site while waiting for a loading window at the Bajo Grande terminal, according to Refinitiv Eikon vessel monitoring data.

Oil futures have fallen over 8% since last Friday as the collapse of SVB Financial (SIVB.O) and peer Signature Bank (SBNY.O) prompted concerns of a wider banking crisis. Investors in the oil market, including oil producers, have rushed to buy put options, used to either bet on or protect against downside movement. For U.S. crude futures options open interest, the ratio of puts to calls is the highest since August 2022. The discount of later-dated oil futures contracts to the front-month contract tightened on Wednesday, indicating that market participants were less confident in short-term demand. That short-term uncertainty should buoy put buying, Price Futures Group's Flynn said.

☆ Analysis: Russian sanctions shift oil price-making power to Asia from Europe
▼ + stars: | 2023-03-14 | by ( Alex Lawler | ) www.reuters.com time to read: +6 min

Western Sanctions have led Russia to sell more than twice as much crude to Asia in the year to January, according to Kpler data. Iran, under U.S. sanctions, has boosted exports to the highest in three years on some estimates, with China the biggest buyer. Hardeep Singh Puri, India's oil minister, said in early February the country will keep buying from Russia if prices "continue to be good". EUROPE LOSES SUPPLY SOURCEIndia was among those to have complained about the Asian premium they paid to the big exporters. "These normal sorts of patterns of Asian premium or discount don't really apply," he said.

A large fire last year destroyed a portion of the country's largest oil terminal, Matanzas, and has created obstacles to discharge fuel imports. The Panama-flagged supertanker Nolan this week is loading 400,000 barrels of fuel oil for power generation at Venezuela's Jose terminal. Seeking to avoid its own fuel crisis, Venezuela's oil supplies to Cuba last year fell about 6% to 53,600 barrels per day (bpd), independent data based on tanker movement showed. PDVSA, Venezuela's oil ministry and Cuba's Center for International Press did not immediately reply to requests for comment. The tanker has not sent a signal from its transponder since mid-December while in Venezuela, according to Refinitiv Eikon vessel monitoring data.

☆ Exclusive: Russian crude oil heads to UAE as sanctions divert flows
▼ + stars: | 2023-03-06 | by ( Alex Lawler | ) www.reuters.com time to read: +3 min

Refinitiv Eikon data shows the first Russian crude shipment to the country was in 2022, with a spike in volumes in April 2022. Only one shipment of Russian crude to the UAE has previously been reported. China, India and several African and other Middle Eastern nations have also increased Russian crude and products imports, while many countries have banned or discouraged such purchases. Data seen by Reuters on Eikon ship tracking showed a shipment of Russian crude arrived at the UAE Ruwais refinery in November 2022. "Shipments to UAE are occasional," a Russian crude trading source said.

☆ Egypt's Suez Canal tugboats working to move stranded container ship, other shipping not blocked
▼ + stars: | 2023-03-05 | by ( ) www.reuters.com time to read: +1 min

March 5 (Reuters) - Four Suez Canal tugboats were working to move a stranded container ship after it broke down in the waterway on Sunday, but the vessel was not blocking other shipping, the Canal Authority said. A fifth tugboat was on its way to take part in the re-floating efforts, he added. "All the ships that are coming from the north have normally passed and navigation from the south also proceeded normally after the ships were diverted from the western channel to the eastern channel," Safwat said. Eikon shipping data showed the vessel as having run aground at about 1600 GMT on Sunday. Reporting by Yusri Mohamed Writing by Hatem Maher Editing by Hugh Lawson and Frances KerryOur Standards: The Thomson Reuters Trust Principles.

☆ Puma sees 2023 profit at about last year's level as costs weigh
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +1 min

March 1 (Reuters) - German sportswear maker Puma (PUMG.DE) on Wednesday gave 2023 operating profit outlook with midpoint below last year's level, as it expects currency effects and higher freight and raw material costs to again weigh on profitability. Rising materials and freight costs as well as stronger U.S. dollar, inventory markdowns and higher promotion expenses have put pressure on margins in the sporting goods sector. The company sees operating profit (EBIT) in a range of 590 million to 670 million euros ($626 million to $711 million) this year, with currency-adjusted sales growth in a high-single-digit percentage rate. It reported EBIT of 641 million euros for 2022, up from 557 million a year earlier but slightly below the 644 million euros expected by analysts, according to Refinitiv Eikon data. Puma had guided for 2022 EBIT in a range of 600 million to 700 million euros.

☆ Oil settled up as rising supplies face Chinese demand hopes
▼ + stars: | 2023-03-01 | by ( ) www.cnbc.com time to read: +3 min

Permian Basin rigs in 2020, when U.S. crude oil production dropped by 3 million a day as Wall Street pressure forced cuts. Oil prices settled up slightly on Wednesday as signs of ample supply, including growing U.S. crude inventories, offset growing hopes for higher demand after a jump in manufacturing in top crude importer China. Brent crude futures settled up 86 cents, or 1%, to $84.31 a barrel. In other signs of ample supply, Russia's oil production reached the pre-sanctions level for the first time in February, the Kommersant business daily reported. An official index showed China's manufacturing activity expanded in February at the fastest pace in more than a decade, feeding hopes for a boost in oil demand.

☆ Repsol's profit beats forecasts, flags big spending increase
▼ + stars: | 2023-02-16 | by ( Inti Landauro | ) www.reuters.com time to read: +2 min

Its fourth-quarter profit surged to 2.01 billion euros ($2.15 billion) from 872 million a year earlier, topping the 1.75 billion euros expected by analysts polled by Refinitiv Eikon. Net income for 2022 jumped to 4.25 billion euros up from 2.5 billion euros in 2021. "Repsol plans to spend more than 5 billion euros in organic investments. Repsol used its higher cash flow to increase capital investment by 40% in 2022, reduce its net debt by 60% to 2.26 billion euros and increase shareholders' remuneration. Repsol's hefty profit follows similar reports from larger rivals TotalEnergies (TTEF.PA), BP (BP.L), Shell (SHEL.L), Exxon Mobil (XOM.N) and Chevron (CVX.N), prompting calls to further tax the sector as households struggle to pay energy bills.

☆ Exclusive: After costly bond issue, Mexico's Pemex banks on high oil prices to pay off debt -sources
▼ + stars: | 2023-02-15 | by ( Ana Isabel Martinez | ) www.reuters.com time to read: +4 min

The high cost of borrowing forced a recalibration in Pemex and renewed determination to avoid the market, two company sources familiar with the matter said. Pemex has said it must pay back some $8 billion of financial debt this year and $8.7 billion next. But both sources said Pemex was banking on high crude oil prices to maintain the investments for this year as well as meet its financial obligations - without issuing more bonds. Financial debt started ballooning years ago when the oil company took on debt to pay its debts. Pemex declined to reveal the total value of debt payments due and Reuters was unable to independently calculate the figure.

☆ Chinese EV brand Zeekr is now worth more than Xpeng
▼ + stars: | 2023-02-13 | by ( Evelyn Cheng | ) www.cnbc.com time to read: 1 min

Pictured here is a Zeekr electric vehicle charging station in Dongguan, Guangdong province of China, on Nov. 14, 2022. BEIJING — Geely -backed electric car brand Zeekr said Monday it's now valued at $13 billion after a $750 million raise from Chinese battery giant CATL and others. Zeekr is not yet publicly listed, but Geely said in December the brand filed confidentially for an initial public offering in the U.S. The new $13 billion valuation makes Zeekr worth more on paper than Xpeng , which had a market value of $8.01 billion, according to Refinitiv Eikon data accessed Monday. Nio and Li Auto are worth much more, with market valuations of $17.22 billion and $25.22 billion, respectively, the data showed.

☆ Alibaba sells remaining stake at India's Paytm as it continues to exit market
▼ + stars: | 2023-02-13 | by ( Laura He | ) edition.cnn.com time to read: +3 min

In January, Alibaba sold about 3% of Paytm for $125 million, cutting its holdings from 6.26%, based on NSE data. ‘India’s Alipay’Founded in 2010, Paytm is India’s largest payment platform, with more than 300 million registered customers and over 20 million merchants. Paytm and Ant Group had been working on “synergies” since Ant made the initial investment, the company said. In early 2021, Alibaba sold a major stake in BigBasket, an online grocery retailer, to Indian conglomerate Tata Group. In May 2022, Alibaba and Ant Group offloaded their entire stake in Paytm Mall, the e-commerce platform of Paytm.

☆ NYU's 'Dean of Valuation' says Adani Group exploited 'weakest links' in Indian institutions
▼ + stars: | 2023-02-09 | by ( Sumathi Bala | ) www.cnbc.com time to read: +4 min

The Adani Group didn't play a "con game" but has exploited the "weakest links" in India's institutions to its advantage, according to NYU's "Dean of Valuation" Aswath Damodaran. It's not healthy for a market," Damodaran, told CNBC's "Streets Sign Asia" on Thursday. "That's why I said Adani is not about the company … this is about the weakest links in the India story. Art school teacher Sagar Kambli gives final touches to a painting of Indian businessman Gautam Adani (L) highlighting the ongoing crisis of the Adani group in Mumbai on February 3, 2023. The Adani Group firmly denied the accusations, calling it a "calculated attack on India" and its institutions.

☆ Stocks making the biggest moves midday: Sonos, Salesforce, Disney, Credit Suisse and more
▼ + stars: | 2023-02-09 | by ( Sarah Min | ) www.cnbc.com time to read: +4 min

Sonos — Shares surged 17% after Sonos reported a big beat in its fiscal first-quarter results. The audio products developer posted per-share earnings of 57 cents, compared to consensus estimates of 40 cents per share, according to Refinitiv. Affirm Holdings — The buy now, pay later finance company slumped 20% a day after its fiscal second-quarter earnings and revenue missed analysts' estimates, according to Refinitiv. Revenue and earnings were both below analysts' estimates, according to Refinitiv. Credit Suisse Group — Shares plunged 14% after the Swiss bank reported a fourth-quarter and annual net loss that missed estimates, according to Eikon.

A massive earthquake that struck Turkey and Syria early on Monday had halted operations at Ceyhan and stopped key crude oil flows from Iraq and Azerbaijan. A trading source said the vessel was given the all clear to load Iraqi oil from storage. While Iraqi crude flows and exports have resumed, exports of Azeri crude were still stopped. The Azeri BTC pipeline was however still working and sending oil to storage in Ceyhan, two sources said. The Alfa Baltica and the Nordlotus tankers were waiting in the area for the Azeri crude BTC terminal at Ceyhan to reopen.

☆ Thyssenkrupp top-20 investor calls for sale of defense division
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, Feb 3 (Reuters) - A top-20 investor of Thyssenkrupp (TKAG.DE) on Friday called for a fast disposal of the German industrial group's warship and submarine division, saying the risks associated with the business outweighed potential benefits. "We demand the immediate sale of all defense activities. According to Refinitiv Eikon data, Deka holds 0.45% of Thyssenkrupp shares, making it the company's 12th-biggest shareholder. Thyssenkrupp is weighing what it calls a standalone solution for its defense division, Thyssenkrupp Marine Systems (TKMS), which potentially covers partnerships, joint ventures or any other form of consolidation. "Even a partial sale would be a step in the right direction," Speich said in a speech embargoed for the start of Thyssenkrupp's annual general meeting.

Search resuls for: "Eikon"

25 mentions found