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☆ ECB, UniCredit clash over capital plans, Russia presence, FT says
▼ + stars: | 2022-11-06 | by ( ) www.reuters.com time to read: +1 min

Nov 6 (Reuters) - The European Central Bank (ECB) has clashed with UniCredit (CRDI.MI) over the Italian lender's plans to return cash to shareholders and its failure to leave Russia, the Financial Times reported on Sunday. The report further said that, there is also tension over UniCredit's failure to cut ties with Russia, as the ECB views the bank's Russian presence as an unwelcome source of risk and has been pushing it to exit the country. UniCredit last month said it expected a 400 million euro contribution from the ECB's longer-term funds this year under the central bank's new terms, while it no longer saw any potential benefits next year. The ECB and UniCredit did not immediately respond to Reuters' request for comment. ($1 = 1.0094 euros)Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

☆ Jeremy Hunt set to outline 60 billion pounds in tax rises and spending cuts, the Guardian reports
▼ + stars: | 2022-11-06 | by ( ) www.reuters.com time to read: +1 min

Nov 6 (Reuters) - British finance minister Jeremy Hunt plans to set out on Nov. 17 up to 60 billion pounds ($67.82 billion) of tax rises and spending cuts, including at least 35 billion pounds ($39.56 billion) in cuts, the Guardian reported on Sunday. Citing a Whitehall source, the newspaper said the figures remained estimates and subject to change, but that Hunt had told staff he was looking for at least 50-60 billion pounds' worth of measures in his autumn statement. Responding to a Reuters request for comment, the Treasury said it does not comment on speculation around fiscal events. Early drafts of the statement to be delivered on Nov. 17 contain plans for up to 35 billion pounds of spending cuts and up to 25 billion pounds of tax rises, likely to include freezing income tax thresholds and targeting dividend tax relief, the Guardian report said. ($1 = 0.8847 pounds)Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Catherine EvansOur Standards: The Thomson Reuters Trust Principles.

Oct 31 (Reuters) - Emerson Electric Co (EMR.N) will sell a majority stake in its climate technologies unit to Blackstone Inc (BX.N) in a deal that values the business at $14 billion, as the U.S. industrial firm pivots to supplying to a booming automation market. Emerson's shares edged up 1% in a weak broader market as the company also beat fourth-quarter earnings and revenue. The Climate Technologies business, which will be structured as a joint venture, generated net sales of $5 billion in fiscal 2022. Emerson said it plans to use proceeds from the deal to invest in automation-related businesses and spend around $2 billion on share repurchases in 2023. Centerview Partners LLC and Goldman Sachs are financial advisers to Emerson, while Barclays is the lead financial adviser to Blackstone.

☆ Blackstone to buy majority stake in Emerson's climate tech unit in $14 bln deal
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +2 min

Oct 31 (Reuters) - Emerson Electric Co (EMR.N) will sell a majority stake in its climate technologies unit to Blackstone Inc (BX.N) in a deal that values it at $14 billion, the latest revamp by the U.S. industrial firm as it focuses on the booming automation market. Emerson's shares rose about 3.8% before the bell as the company also beat fourth-quarter earnings and revenue. Emerson, which will retain about 45% stake in the climate tech unit, said Blackstone and co-investors Abu Dhabi Investment Authority and GIC, would contribute $4.4 billion in equity toward the deal, which would be supplemented by $5.5 billion of debt financing. read moreThe Climate Technologies business, which will be structured as a joint venture, generated net sales of $5 billion in fiscal 2022. The unit includes its Copeland compressor business and products and services across residential and commercial heating and cooling.

☆ Emerson sells majority stake in climate tech unit to Blackstone
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +1 min

Oct 31 (Reuters) - Emerson Electric Co (EMR.N) is selling a majority stake in its climate technologies unit to Blackstone Inc (BX.N), the U.S. industrial firm said on Monday, in a deal that values the unit at $14 billion. The deal would give Blackstone a 55% stake in the unit. Blackstone and co-investors would contribute $4.4 billion in equity toward the deal, which would be supplemented by $5.5 billion of debt financing, Emerson said. As part of that pivot, Emerson in August also sold its unit that makes waste disposal equipment and hot water dispensers to Whirlpool Corp (WHR.N). The Blackstone deal is expected to close in the first half of 2023.

☆ Emerson sells majority stake in $14 bln climate tech unit to Blackstone - WSJ
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +1 min

Oct 31 (Reuters) - U.S. industrial firm Emerson Electric Co (EMR.N) is selling a majority stake in its climate-technologies unit to Blackstone Inc (BX.N), in a deal that would value the unit at $14 billion including debt, the Wall Street Journal reported on Monday. The deal, expected to be announced later in the day, would give Blackstone a 55% stake in the unit, according to the report, citing executives. Blackstone and its co-investors would contribute $4.4 billion in equity toward the deal, which would be supplemented by $5.5 billion of debt financing, the report said. Last month, Emerson Electric announced that it would sell its Russian business to the local management team for an undisclosed amount. Emerson Electric and Blackstone did not immediately respond to Reuters' request for comment outside regular business hours.

☆ Musk denies reports he is firing Twitter employees in attempt to avoid payouts
▼ + stars: | 2022-10-30 | by ( ) www.reuters.com time to read: +2 min

In a response to a Twitter user asking about the layoffs, Musk tweeted: "This is false." Citing unidentified people familiar with the matter, the Times reported the cuts could begin as soon as Saturday. According to media reports on Saturday, Musk fired top executives in an effort to avoid hefty severance payouts, while lining up other layoffs as soon as Saturday. In a tweet on Saturday LightShed analyst Rich Greenfield said Musk fired top Twitter execs "for cause," preventing their unvested stock from vesting as part of a change of control. Reuters wasn't immediately able to contact the fired executives.

Oct 30 (Reuters) - Hong Kong's Cathay Pacific Airways Ltd (0293.HK) will resume using Russian airspace on some flights, the Hong Kong-based airline said on Sunday, restarting flights it had stopped after Moscow invaded Ukraine in February. Cathay Pacific will begin flying from New York to Hong Kong using the popular "Polar route" from Tuesday, the company told Reuters in an emailed statement. Citing strong headwinds and payload issues affecting its flights from the East Coast of North America to Hong Kong, Cathay Pacific said it will overfly the far eastern part of Russia. Cathay Pacific said in March that it was not routing flights through Russia's airspace, avoiding the area after the invasion of Ukraine despite longer flight times. Russia this year closed its airspace to European and U.S. airlines, forcing some long-haul flights to Asia to take longer routes.

☆ Cathay Pacific to resume some flights using Russian airspace - Bloomberg News
▼ + stars: | 2022-10-30 | by ( ) www.reuters.com time to read: +1 min

Oct 30 (Reuters) - Hong Kong's Cathay Pacific Airways Ltd (0293.HK) will resume using Russian airspace on some flights, becoming the first major airline to do so since Moscow invaded Ukraine in February, Bloomberg News reported on Sunday. Cathay Pacific will fly from New York to the Asian financial hub using the so-called 'Polar Route' from Nov. 1, the report said citing an emailed response from the airline to the agency. Cathay Pacific said in March that it was not routing flights through Russia's airspace, avoiding the area after the invasion of Ukraine despite longer flight times. Russia earlier this year, had closed its airspace to European and U.S. airlines, forcing some long-haul flights to Asia to take longer routes. Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

☆ Musk fired Twitter execs in attempt to avoid payouts, layoffs planned - reports
▼ + stars: | 2022-10-30 | by ( ) www.reuters.com time to read: +2 min

Oct 29 (Reuters) - Twitter's (TWTR.N) new owner Elon Musk fired top executives in an effort to avoid hefty severance payouts, while lining up other layoffs as soon as Saturday to avoid stock grants due on Nov. 1, according to media reports on Saturday. He had accused them of misleading him and Twitter investors over the number of fake accounts on the platform. In a tweet on Saturday LightShed analyst Rich Greenfield said Musk fired top Twitter execs "for cause," preventing their unvested stock from vesting as part of a change of control. Reuters wasn't immediately able to make contact with the fired executives. Citing unidentified people familiar with the matter, the Times reported the cuts could begin as soon as Saturday.

☆ Apple freezes plans to use China's YMTC chips - Nikkei
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +1 min

Oct 17 (Reuters) - U.S. tech giant Apple Inc (AAPL.O) has put on hold plans to use memory chips from China's Yangtze Memory Technologies Co (YMTC) in its products, after Washington imposed tighter export controls against Chinese technology companies, the Nikkei reported on Monday. Apple had originally planned to start using state-funded YMTC's NAND flash memory chips as early as this year, Nikkei said, citing people familiar with the matter. The chips were initially planned to be used only for iPhones sold in the Chinese market. It was considering eventually purchasing up to 40% of the chips needed for all iPhones from YMTC, the newspaper said. Apple did not immediately respond to Reuters' request for comment, while YMTC declined to comment.

☆ Apple freezes plan to use China's YMTC chips - Nikkei
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: 1 min

Oct 17 (Reuters) - Apple Inc (AAPL.O) has put on hold plans to use memory chips from China's Yangtze Memory Technologies Co (YMTC) in its products, the Nikkei reported on Monday, citing people familiar with the matter. Register now for FREE unlimited access to Reuters.com RegisterReporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ ITV explores options for its production arm, including sale, Financial Times reports
▼ + stars: | 2022-10-16 | by ( ) www.reuters.com time to read: +1 min

Oct 16 (Reuters) - British commercial broadcaster ITV (ITV.L) is reviewing the future of its production arm ITV studios, including whether to sell a stake, the Financial Times reported on Sunday. Britain's biggest free-to-air commercial broadcaster has recently fielded expressions of interest in ITV Studios, the report said citing people familiar with the discussions. Potential buyers include private equity groups and other large independent producers such as Bertelsmann's Freemantle or FL Entertainment, the parent company of Banijay, the newspaper added. An ITV spokesperson declined to comment on the FT report. ($1 = 0.8953 pounds)Register now for FREE unlimited access to Reuters.com RegisterReporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Alexandra HudsonOur Standards: The Thomson Reuters Trust Principles.

☆ IMF team heads to Ghana on Monday to discuss loan programme request
▼ + stars: | 2022-09-25 | by ( ) www.reuters.com time to read: +1 min

The International Monetary Fund logo is seen at IMF headquarters in Washington, U.S., October 14, 2017. Ghana turned to the IMF for help in July as its balance-of-payments deteriorated and hundreds took to the streets to protest against economic hardship. An IMF staff team briefly visited the country two weeks later. Reuters' reported last week that an IMF team would visit Ghana this week. The IMF, in a statement on Sunday, said the team would arrive on Monday and stay until Oct. 7.

☆ Courbit-led group offers 20 euros a share for M6 stake, Bloomberg reports
▼ + stars: | 2022-09-25 | by ( ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterA view shows French television group M6 headquarters in Neuilly-sur-Seine, near Paris, France, May 21, 2021. The offer is a 39% premium to Friday's closing price of 14.43 euros per share, and values the 48% stake around 1.22 billion euros. Register now for FREE unlimited access to Reuters.com RegisterReuters could not immediately reach Courbit for comment. In March 2021, when Bertelsmann confirmed talks to sell its stake, French media reported that RTL's stake was worth 1.5 billion euros ($1.48 billion), valuing all of M6 at about 3 billion euros. ($1 = 1.0320 euros)Register now for FREE unlimited access to Reuters.com RegisterReporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

☆ GSK poaches Burberry CFO Julie Brown to create all-female top team, Sky News reports
▼ + stars: | 2022-09-24 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterGSK (GlaxoSmithKline) logo is seen in this illustration, August 10, 2022. REUTERS/Dado Ruvic/IllustrationSept 24 (Reuters) - British drugmaker GSK plc has poached Burberry Group's (BRBY.L) finance chief to create a rare all-female executive leadership team, Sky News reported on Saturday. GSK could announce as soon as Monday morning that it has recruited Julie Brown to replace Iain Mackay, who has served as its chief financial officer since 2019, the report added. On Friday, Burberry announced that its finance chief Julie Brown will step down in April 2023 after more than five years in the role. Register now for FREE unlimited access to Reuters.com RegisterReporting by Jaiveer Singh Shekhawat in Bengaluru Editing by Peter GraffOur Standards: The Thomson Reuters Trust Principles.

☆ GSK poaches Burberry CFO Julie Brown to create all-female top team - Sky News
▼ + stars: | 2022-09-24 | by ( ) www.reuters.com time to read: +1 min

☆ Trump SPAC fails to pay proxy firm despite tough hunt for votes, Financial Times reports
▼ + stars: | 2022-09-17 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterThe Truth social network logo is seen on a smartphone in front of a display of former U.S. President Donald Trump in this picture illustration taken February 21, 2022. REUTERS/Dado Ruvic/Illustration/File PhotoSept 17 (Reuters) - Executives behind a blank-cheque company Digital World Acquisition Corp (DWAC.O) that plans to take Donald Trump's media business public have failed to pay their proxy solicitors, The Financial Times reported on Saturday. https://on.ft.com/3BpVjalDigital World Acquisition Corp, set up by Patrick Orlando, has not paid Saratoga Proxy Consulting for its work helping to rally shareholders, report said, citing people familiar with the matter. Digital World and Saratoga Proxy Consulting did not respond to emailed requests for comment outside of business hours. Register now for FREE unlimited access to Reuters.com RegisterReporting by Jaiveer Singh Shekhawat in Bengaluru, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

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