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☆ London stocks fall as fears of a banking crisis linger
▼ + stars: | 2023-03-24 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

SummarySummary Companies Banks fall as fears of a banking crisis spikeEnergy down tracking lower oil pricesUK Feb retail sales rise unexpectedlyFTSE 100 down 1.4%, FTSE 250 off 1.0%March 24 (Reuters) - London stocks fell on Friday, dragged by energy shares that tracked oil prices lower, while banks extended declines at the end of a turbulent week as fears of a global banking crisis lingered. The blue-chip FTSE 100 (.FTSE) fell 1.4%, extending losses after a near 1% drop on Thursday. British banks (.FTNMX301010) lost 2.7%, falling for a third straight session, joining their European peers in Friday's slide. Energy majors Shell (SHEL.L) and BP (BP.L) fell 2.5% and 2.5%, respectively, dragging the broader energy sector (.FTNMX601010) down 2.5%, as oil prices extended losses on worries about a potential oversupply. Reporting by Shashwat Chauhan in Bengaluru; Editing by Subhranshu Sahu and Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ London stocks fall as hot UK inflation data spurs rate-hike fears; Fed in focus
▼ + stars: | 2023-03-22 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

SummarySummary Companies UK inflation still in double-digit territoryReal estate stocks fall on rate-hike concernsBank stocks gain, help cut lossesFed decision awaited on Wednesday, BoE on ThursdayFTSE 100 down 0.2%, FTSE 250 off 0.3%March 22 (Reuters) - London's exporter-heavy FTSE 100 fell on Wednesday, with real estate stocks leading the retreat, as hotter-than-expected UK inflation data raised fears of more interest rate hikes and boosted the pound. The blue-chip FTSE 100 index (.FTSE) fell 0.2% after a near 2% bounce on Tuesday, with investors also waiting for the U.S. Federal Reserve's monetary policy decision later in the day. The pound rose sharply against the dollar after Britain's consumer price index (CPI) inflation unexpectedly rose to 10.4% in February. Real estate stocks fell (.FTUB3510) 2.2%, with British Land Company (BLND.L) down 4.2% after Morgan Stanley reduced its price target. ,Helping cut losses were banking stocks (.FTNMX301010), which gained 0.9% as fears of a crises appeared to ease.

☆ Australia's Latitude takes systems offline, Federal Police investigate cyberattack
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +1 min

March 20 (Reuters) - Australian fintech firm Latitude Group Holdings Ltd (LFS.AX) said on Monday it had taken its platforms offline as the cyberattack detected last week remained active, adding the Federal Police was investigating the incident. Last week, the firm said personal information, mostly drivers' licence copies or licence numbers, of about 330,000 customers and applicants was stolen. Latitude said the Australian Federal Police and the Australian Cyber Security Centre were looking into the attack. Latitude shares have not traded since March 15, a day before the company first disclosed the cyberattack. Reporting by Harshita Swaminathan and Himanshi Akhand in Bengaluru; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

☆ Amgen to cut 450 jobs in second round of layoffs this year
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

March 16 (Reuters) - Amgen Inc (AMGN.O) said on Thursday it would cut 450 jobs, or less than 2% of its workforce, making it the company's second round of layoffs this year amid intensifying pressure on drug prices and high inflation. "We made these changes to realign our expense base in the face of intensifying pressure on drug prices and high levels of inflation," a company spokeswoman said in a statement to Reuters. Layoffs by U.S. companies over January and February this year touched the highest since 2009, a report showed. The biotech company forecasted 2023 revenue in a range of $26 billion to $27.2 billion, while analysts had estimated $27.17 billion. Reporting by Akanksha Khushi and Deena Beasley; Editing by Rashmi Aich and Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

☆ Gold poised for best week since mid-Nov on banking sector tension
▼ + stars: | 2023-03-17 | by ( Kavya Guduru | ) www.reuters.com time to read: +2 min

Spot gold was up 0.5% at $1,928.08 per ounce, as of 0313 GMT. U.S. gold futures rose 0.5% to $1,932.10. But the European Central Bank (ECB) raised interest rates by 50 basis points on Thursday, as concerns over high inflation outstripped fears of a global banking crisis. The dollar index was down 0.2%, making gold more attractive to buyers holding other currencies. All three metals were bound for weekly gains, with silver set for its best week since early December.

☆ European shares choppy ahead of ECB decision, Credit Suisse jumps
▼ + stars: | 2023-03-16 | by ( Bansari Mayur Kamdar | ) www.reuters.com time to read: +3 min

The STOXX 600 (.STOXX) was flat by 0925 GMT after rising as much as 1.6% in early trading. The banks sector index (.SX7P) added 1.3%, after logging its steepest one-day drop in more than a year in the previous session. Shares of the Zurich-based lender had tumbled 24% to a record low on Wednesday. The cost of insuring exposure to European junk corporate bonds also fell, in a sign of investor relief. Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by Subhranshu Sahu and Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Crypto group DCG seeks new partners for portfolio firms amid SVB collapse - CoinDesk
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +1 min

March 14 (Reuters) - Crypto conglomerate Digital Currency Group (DCG) is looking to find new banking partners for portfolio companies following the collapse of Silicon Valley Bank (SIVB.O), Signature Bank (SBNY.O) and Silvergate (SI.N), CoinDesk reported on Tuesday, citing messages viewed by the outlet. Santander (SAN.MC), HSBC (HSBA.L) and Deutsche Bank (DBKGn.DE) are still willing to connect with crypto firms, CoinDesk said, after recent banking failures in the United States left crypto firms and tech startups stranded and hunting for new banking partners. DCG has also reached out to BlackRock (BLK.N), JPMorgan (JPM.N) and Bank of America (BAC.N), the report added. Banks may restrict some services for crypto firms, such as brokerage and money market services and the ability to wire money to third parties, according to the messages seen by CoinDesk. Traditional banks may set up banking accounts for crypto firms, but would place restrictions based on the level of crypto exposure, the report added.

☆ Crypto group DCG looking for new partners following SVB collapse - CoinDesk
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +1 min

The pan-European STOXX 600 index (.STOXX) fell 1.7% on broad-based losses, with HSBC (HSBA.L), Deutsche Bank (DBKGn.DE), Barclays (BARC.L), Unicredit (CRDI.MI) and Commerzbank (CBKG.DE) down between 2.7% and 7.2%. If it can happen to a U.S. bank, it could potentially happen to a bank in Europe as well." Next week, the focus is likely to be on the European Central Bank which is expected to hike its key lending rate by 50 bps. Daimler Truck (DTGGe.DE) added 3.5% on dividend payment plans after hitting its 2022 targets and forecasting higher earnings and revenue this year. Reporting by Susan Mathew and Medha Singh in Bengaluru; Editing by Subhranshu Sahu and Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

The real estate sector (.SX86P) dropped 3.2% to more than two month lows, with shares in Germany's LEG Immobilien (LEGn.DE) tumbling 11.4% after the firm suspended its dividend. The STOXX 600 index (.STOXX) closed down 0.2% after recouping some of its losses earlier in the trading session. Although European stocks had a good start to the year, mixed economic data from China and worries that the ECB would stay hawkish for longer strained momentum in equities to the end of February and into March. Hugo Boss (BOSSn.DE) fell 2.1% after the German fashion house forecast 2023 sales to grow more slowly than last year. Shares of Dassault Aviation (AM.PA) soared 12.2% to a record high after the French aircraft manufacturer reported better-than-expected results for 2022.

☆ M&G's FY assets under management drop by 28 bln pounds on weak investor sentiment
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +1 min

March 9 (Reuters) - British insurer and asset manager M&G Plc (MNG.L) reported a 28 billion pounds ($33.20 billion) drop in full-year assets under management on Thursday, as a global market rout last year curbed investor appetite for riskier assets. M&G's assets under management and administration dropped to 342 billion pounds for the year ended Dec. 31, compared with a company-compiled consensus of 340 billion pounds. Net client inflows stood at 300 million pounds. The company reported a 26.6% fall in full-year total adjusted operating profit to 529 million pounds, beating the company-compiled analyst consensus of 477 million pounds. ($1 = 0.8434 pounds)Reporting by Sinchita Mitra in Bengaluru; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

☆ UAE exchange house Al Ansari to float 10% in Dubai IPO
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +2 min

DUBAI, March 9 (Reuters) - UAE-based exchange house Al Ansari Financial Services said on Thursday it plans to float 10% of the company on the Dubai Financial Market (.DFMGI) through an initial public offering (IPO). Al Ansari said Abu Dhabi Commercial Bank (ADCB.AD), EFG Hermes UAE and Emirates NBD Capital were mandated as joint global coordinators for the IPO. It made 595 million dirhams ($162.01 million) in net profit last year, up from 491 million dirhams in 2021. Operating income rose to 1.15 billion dirhams from 988 million dirhams in 2021. The Emirates Investment Authority, the UAE's only federal sovereign wealth fund, has the right to subscribe to up to 5% of the offering, Al Ansari added.

☆ Citigroup expects ECB to take deposit rate to 4% by July this year
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: 1 min

March 7 (Reuters) - Citigroup expects the European Central Bank to hike rates by 50 basis points each in March and May to push its policy rates to about 4% by July. Economists led by Arnaud Marès said this course of action by the ECB will more likely result in overtightening of rates to tame record high inflation. Reporting by Aniruddha Ghosh in Bengaluru; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

☆ Saudi Arabia raises Arab Light crude price to Asia for 2nd month in April
▼ + stars: | 2023-03-06 | by ( Muyu Xu | ) www.reuters.com time to read: +2 min

SINGAPORE, March 6 (Reuters) - Top crude exporter Saudi Arabia raised prices for the flagship Arab light crude it sells to Asia for a second month in April, to $2.50 a barrel above the Oman/Dubai average, Aramco (2222.SE) said on Sunday night. The market is surprised by Saudi Arabia's price setting on Arab Heavy, a medium sour crude containing more sulphur than Arab Light. The official selling price (OSP) for Arab Heavy is $0.75 a barrel above the Oman/Dubai average, up $2.5 a barrel from March. PetroChina (601857.SS) is preparing to start its 400,000 barrels-per-day refinery in the southern Chinese province Guangdong, which has been designed to refine heavy grades such as Arab Heavy. Meanwhile, the OSP to Mediterranean was raised by 30 cents from last month at $0.80 versus ICE Brent for April.

☆ Australia's Nitro Software recommends $360 mln Potentia offer
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +1 min

March 2 (Reuters) - Australia's Nitro Software Ltd (NTO.AX) on Thursday recommended its shareholders accept private equity firm Potentia Capital's sweetened takeover offer of A$532.3 million ($359.78 million), weeks after they rejected a A$526.9 million offer from Alludo. Nitro shareholders early last month rejected Alludo's A$2.15 per-share bid, after which Potentia hinted at hiking its offer, securing access to the software company's books and making a A$2.17 apiece offer last week. Nitro said it now considers Potentia's latest offer to be "superior" to Alludo's, and unanimously recommends shareholders accept it in the absence of any other better offer. Potentia, which has a 19.31% stake in Nitro, also said its offer could go as high as A$2.25 per share if it obtained a 75% stake in Nitro by March-end and if at least 25% of total Nitro shareholders accepted a scrip offer, Nitro added. Shares of Nitro rose as much as 0.5% to A$2.190, while the broader market was slightly down.

☆ Just Eat Takeaway swings to small 2022 core profit, sees better 2023
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +2 min

AMSTERDAM, March 1 (Reuters) - Just Eat Takeaway.com (TKWY.AS), Europe's largest meals delivery company, swung to a small 2022 core profit on Wednesday and said it was targeting 225 million euros of core profit this year. Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) in 2022 stood at 19 million euros ($20.13 million), compared with a loss of 350 million euros in 2021. Jefferies said in a note that Wednesday's report showed most of the company's EBITDA, 313 million euros worth, came from Northern Europe. Revenue was 5.56 billion euros, up from 4.50 billion euros a year earlier, and net loss was 5.67 billion euros, up from a loss of 1.04 billion euros. The company ended the year with just over 2 billion euros in cash.

☆ Aston Martin forecasts positive free cash flow in second half
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +1 min

[1/2] An Aston Martin Valkyrie car is driven off the production line at the company’s factory in Gaydon, Britain, March 16, 2022. REUTERS/Phil NobleMarch 1 (Reuters) - Aston Martin (AML.L) said on Wednesday it expected to improve its profitability this year and turn positive free cash flow in the second half, after 2022 losses came in better than market expectations. The London-listed company forecast wholesale volumes of about 7,000 units for 2023, slightly below average market expectations of 7,134. The British company reported a bigger adjusted operating loss of 118 million pounds ($142.20 million) for the year ended Dec. 31, compared with a loss of 74.3 million pounds for the same period a year earlier. Analysts on average had expected adjusted operating loss to come in at 135 million pounds for 2022, according to a company-compiled consensus.

☆ Instant view: Incoming BOJ chief Ueda says current low rates appropriate
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +6 min

Feb 24 (Reuters) - Incoming Bank of Japan (BOJ) Governor Kazuo Ueda said on Friday it was appropriate to maintain ultra-loose monetary policy as inflation has yet to sustainably and steadily meet the central bank's 2% target. "I think he's intentionally doing that, so that the market will calm down a little bit about policy change expectations." "I don't think Ueda has the same stance as (Haruhiko) Kuroda but it is not clear whether Ueda would tweak the BOJ policy as the market expected." CHARU CHANANA, MARKET STRATEGIST, SAXO MARKETS, SINGAPORE"No surprises there, we expected Ueda to take it slow and he's starting off echoing Kuroda's views. He has been out of touch with the BOJ policy making since 2005 and will take time even if he was to consider policy normalisation at some stage."

☆ Gold Fields sees lower 2023 production on Chile project delays
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +2 min

[1/2] A mine worker walks underground as South Africa's Gold Fields bets on solar to cut costs and carbon, at Gold Fields' South Deep mine, south-west of Johannesburg, South Africa October 12, 2022. Gold Fields said COVID-19 and severe weather were causing the delays at the project, which is expected to produce at least 450,000 ounces of gold per annum in the first seven years of operations. Gold Fields said it would continue to explore opportunities to expand production through acquisitions of both greenfield projects and producing assets, despite its failed bid to buy Canada's Yamana Gold (YRI.TO) late last year. A $202 million break fee payment from the failed bid drove Gold Fields' headline annual profit 19% higher, offsetting cost pressures. Gold Fields declared a final dividend of 4.45 rand ($0.2443) per share, bringing the total payout for 2022 to 7.45 rand.

☆ Wells Fargo lays off mortgage bankers - CNBC
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +1 min

Feb 22 (Reuters) - Wells Fargo & Co (WFC.N) laid off hundreds of mortgage bankers this week as part of its recent strategic shift, CNBC reported on Wednesday, citing people with knowledge of the matter. The layoffs affected top producers, including bankers who exceeded $100 million in loan volumes last year and some who attended an internal sales conference for high achievers, the report added. In an emailed statement to Reuters, Wells Fargo said there were "displacements" across its home lending business in alignment with previously announced strategic plans and a decrease in mortgage volumes. The affected workers this week include mortgage bankers and home loan consultants, who work across the United States and are compensated mostly on sales volume, the report said. Reporting by Anirban Chakroborti in Bengaluru; Editing by Shinjini Ganguli and Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

☆ Eli Lilly's diabetes drug back to shelf after two-month shortage
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +1 min

Feb 21 (Reuters) - Eli Lilly & Co (LLY.N) said on Tuesday all doses of its new diabetes drug Mounjaro were now available with wholesalers having inventory on hand after a two-month-long shortage. "Because Mounjaro is still a launch product with dynamic demand, some pharmacies may continue to experience intermittent delays from time to time," Eli Lilly told Reuters in an emailed statement. In December, the U.S. health regulator had added Mounjaro to its list of drugs facing shortages, highlighting Lilly's struggles to meet booming demand for the newly approved diabetes injection. Mounjaro was approved in the United States last May to help people with type 2 diabetes control their blood sugar levels. The company anticipates the drug, which has the common name tirzepatide, to get nod for obesity, an even bigger market, next year.

LONDON, Feb 22 (Reuters) - Rio Tinto (RIO.AX), (RIO.L) posted a 38% drop in annual profit and more than halved its dividend on Wednesday, hurt by weaker iron ore prices as demand from China slowed, while higher labour and material costs also ate into earnings. Strict COVID-19 curbs in top steel producer China curtailed economic activity last year, dragging down iron ore prices from lofty levels a year earlier. The world's top iron ore producer said China consumption showed signs of rebounding and commodity prices had found support in recent months, although the economy remained volatile. Rio Tinto last year earned an average realised price of just $106.10 per dry metric tonne (dmt) of iron ore, down from $143.80 per dmt in 2021. Rio Tinto reported underlying earnings of $13.3 billion for 2022, compared with a record $21.4 billion in 2021.

MELBOURNE, Feb 16 (Reuters) - Australia's Whitehaven Coal Ltd (WHC.AX) posted a more than five-fold jump in first-half profit on Thursday, aided by soaring coal prices, but paid a lower than expected dividend, sending its shares down. But Whitehaven announced an interim dividend of only 32 Australian cents per share, about 30% lower than Citi estimates and about 16 cents below Goldman Sachs' forecast. Whitehaven shares slid as much as 12.3% after news of the coal reservation scheme broke, before paring loses to A$7.88, down 3.8%. "We do think the structural underpinnings of the market are very positive, but in the short term, coal prices have come off quite a bit," Flynn added. Subsequently, the company kept its run-of-mine coal production guidance of between 19.0 million and 20.4 million tonnes for the 2023 fiscal year unchanged.

☆ Glencore declares $7.1 bln payout to shareholders after record 2022
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Adjusted EBITDA up 60% to record $34.1 billionMetals and fossil fuels trading profit up 73% to record highLONDON, Feb 15 (Reuters) - Glencore (GLEN.L) announced a payout of $7.1 billion to its investors on Wednesday, including a $1.5 billion share buyback, as strong oil and coal prices helped it post a record 2022 profit. Its adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose 60% to a record $34.1 billion, smashing a previous best of $21.3 billion a year earlier, in line with analysts' estimates. Profit on metals and fossil fuels trading hit a record $6.4 billion in 2022, up 73%, though analysts see a repeat of that performance this year or next as unlikely. "COVID, supply chain disruptions and the power crisis in Asia/Europe has created exceptional opportunities for Marketing," UBS analysts said in a note. Reporting by Clara Denina, Helen Reid, Muhammed Husain; editing by Subhranshu Sahu and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ Portugal's Galp posts record profit in 2022 on soaring oil prices, wider refining margins
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: +2 min

Companies Galp Energia SGPS SA FollowLISBON, Feb 13 (Reuters) - Portuguese oil and gas company Galp Energia (GALP.LS) on Monday reported a record adjusted net profit for 2022, due to soaring oil prices and wider refining margins in the fourth quarter. Galp said its adjusted profit almost doubled to 881 million euros ($940.03 million), surpassing the previous record of 707 million euros set in 2018. Its fourth-quarter bottom line more than doubled to 273 million euros, compared with 130 million euros a year earlier. The average forecast of 20 analysts polled by the company was 225 million euros. Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 48% to 951 million euros in the fourth quarter, in line with the average forecast.

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