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☆ French, German central bank chiefs urge faster pace on EU capital markets union
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +2 min

PARIS, Nov 14 (Reuters) - The war in Ukraine, inflation and the energy crisis have made it more important than ever to press ahead with a capital markets union to finance green and digital transitions, the governors of the French and German central banks said on Monday. "Europe is at the heart of the crisis: Russia’s war against Ukraine, energy crunch, inflation. France and Germany have been at loggerheads over the last month and have postponed a summit to try and resolve their differences. The two said it was vital that the 2015 capital markets union (CMU) initiative launched by the European Union needed to press ahead for financial stability to foster the geographical diversification of funding sources and by strengthening private sector risk sharing through the development of equity funding. "Completing the capital markets union is certainly a long-distance run.

Kherson, Ukraine CNN —For eight months, residents of the Ukrainian city of Kherson have been living under brutal Russian occupation. But on Friday, Ukrainian forces swept into the city and Russian troops retreated to the east. Another local resident named Andrew said he was so glad to see Ukrainian soldiers. The woman said it felt “amazing” to see Ukrainian troops in Kherson. He warned that many Russian troops “threw away their military uniforms, and are now hiding with civilian clothes on.”

☆ ECB to continue raising rates even as economy suffers
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +2 min

The ECB has been raising interest rates at record pace and steering investors towards more hikes ahead to bring double-digit inflation in the euro zone back to its 2% target. ECB vice-president Luis de Guindos and Bundesbank president Joachim Nagel said this involved costs in terms of economic growth. "Because in a situation where monetary policy gets behind the curve, the overall economic costs would be significantly higher," Nagel said. De Guindos said this so called quantitative tightening had to be done "with a lot of prudence" but it might start while the ECB is still raising rates. Markets expect the ECB to continue raising rates until the middle of next year, with a peak rate of around 3% from 1.5% currently.

☆ Jimmy Kimmel returns as host for the 95th Oscars
▼ + stars: | 2022-11-07 | by ( ) www.nbcnews.com time to read: +4 min

Jimmy Kimmel is back as host of the 95th Oscars in 2023, marking the late-night star’s third time fronting the ceremony — which he last did five years ago. The “Jimmy Kimmel Live” host previously led the 2017 and 2018 telecasts, the former of which produced the famous “La La Land” and “Moonlight” best picture screw-up. “Being invited to host the Oscars for a third time is either a great honor or a trap,” Kimmel said in a statement. “Jimmy is the perfect host to help us recognize the incredible artists and films of our 95th Oscars,” Academy CEO Bill Kramer and Academy president Janet Yang said in a statement. Added Craig Erwich, president, ABC Entertainment, Hulu & Disney Branded Television Streaming Originals: “Having Jimmy Kimmel return to host ‘The Oscars’ is a dream come true.

☆ Logistics Companies Are Reversing Their Hiring Binge
▼ + stars: | 2022-11-04 | by ( Liz Young | ) www.wsj.com time to read: +4 min

The hiring frenzy in logistics driven by pandemic-fueled shopping appears to be cooling off. “We got ahead of ourselves in terms of head count,” said Bob Biesterfeld, chief executive of C.H. Newsletter Sign-up The Logistics Report Top news and in-depth analysis on the world of logistics, from supply chain to transport and technology. Chief Executive Judy McReynolds said the company would now look to get “greater efficiency” from the people it already employs. “We aren’t really hiring other than filling vacancies and whatnot,” Chief Executive Greg Gantt said on an Oct. 26 earnings call.

☆ ECB should hike interest rates further to combat inflation, Nagel says
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: 1 min

MADRID, Nov 3 (Reuters) - The European Central Bank should hike interest further to bring inflation back under control, policymaker Joachim Nagel said on Thursday. "The ECB should not refrain from further hike rates, we need to increase them further to bring inflation down to our mid-term target," Nagel said at an event in Madrid. He did not however want to speculate when the path of higher borrowing costs would end and added that the euro zone was in a different situation to that of the United States. Reporting by Jesús Aguado; editing by Emma PinedoOur Standards: The Thomson Reuters Trust Principles.

☆ ECB could start shrinking bond portfolio from start of 2023, Nagel says
▼ + stars: | 2022-11-01 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

FILE PHOTO: Bundesbank president Joachim Nagel attends a dinner program at Grand Teton National Park where financial leaders from around the world are gathering for the Jackson Hole Economic Symposium outside Jackson, Wyoming, U.S., August 25, 2022. REUTERS/Jim UrquhartFRANKFURT (Reuters) - The European Central Bank has a long way to go before it is done with interest rate hikes and it should also start reducing its oversized holding of government debt at the start of next year, Bundesbank President Joachim Nagel told a German newspaper. “We should start shrinking our bond portfolio at the beginning of next year, for example by allowing existing bonds to expire in a market friendly way,” Frankfurter Allgemeine Zeitung quoted Nagel as saying on Tuesday in an interview. Nagel, asked about future rate hikes, also said: “There’s still a long way to go. “I am convinced that this is not the end of the rate hikes.”

☆ Mediobanca open to talks on Banca Generali buyout if asked
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +2 min

Last month a source said insurer Generali (GASI.MI) could sell Banca Generali (BGN.MI) to Mediobanca to raise cash for a potential big deal of its own in the United States. If we are contacted, we are willing to talk about it," Nagel told a briefing call when asked about a possible interest in Banca Generali. "This applies to every asset," he added, not only to Banca Generali. To grow Mediobanca's wealth management operations, Nagel in 2020 considered swapping the group's 13% stake in Generali with Banca Generali. Net income in the quarter came in at 263 million euros ($264.2 million), above an analyst consensus provided by the bank of 230 million euros.

Investors will also look to ECB boss Christine Lagarde for guidance on how the ECB views the trade-off between recession risks and inflation, and when it might pause tightening. Economists say it's too early to call a peak in inflation but the chances of one arriving soon are growing. While an inflation peak may be close if there are no additional shocks from the war in Ukraine, the retreat will be slow initially, ECB policymaker Bostjan Vasle believes. Reuters Graphics Reuters Graphics4/ Is the ECB giving away cash to banks and what will it do about it? Aggressive rate hikes from major central banks and a rout in British bonds have sparked concern about financial instability.

☆ Athleisure products are flowing now, says Oppenheimer's Brian Nagel
▼ + stars: | 2022-10-20 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAthleisure products are flowing now, says Oppenheimer's Brian NagelBrian Nagel, Oppenheimer, joins 'Closing Bell' to discuss his bullish case for athleisure.

☆ Oppenheimer upgrades Dick's Sporting Goods, says stock is underappreciated and poised to rally
▼ + stars: | 2022-10-20 | by ( Samantha Subin | ) www.cnbc.com time to read: +1 min

Oppenheimer says investors are underappreciating shares of Dick's Sporting Goods , a retailer poised to profit from consumer demand shifts in a post-pandemic world. Analyst Brian Nagel upgraded shares of the retail stock to outperform, highlighting in a note to clients Thursday that shares trade at only 12 to 14 times the firm's expected recession case earnings for the retailer. "In our view, a now better-positioned and more strategically merchandised Dick's Sporting Goods is likely to continue to capitalize well upon positive, post-pandemic shifts in consumer demand and stepped-up competitive fallout within sporting goods retail," Nagel said. The firm placed a $138 price target on the stock, reflecting the possibility of shares gaining 26% from Wednesday's close. Despite this backdrop, shares of Dick's Sporting Goods have outperformed the broader S & P 500 and the retail sector.

☆ ECB policymakers put balance sheet run-off on the table
▼ + stars: | 2022-10-15 | by ( Balazs Koranyi | ) www.reuters.com time to read: +3 min

"Once we will have reached neutral territory with our policy rate, it makes sense to consider the roll-off of asset purchases by limiting reinvestments," Knot said in a speech in Washington. Register now for FREE unlimited access to Reuters.com RegisterThe balance sheet run off, part of a broader scheme of monetary policy tightening, is needed as inflation is running at 10% and will stay above the ECB's 2% target for years to come. A presentation to policymakers earlier this month provided a possible timeline for a balance sheet run-off starting in the second quarter but there has been no firm decision by the 25-member Governing Council, sources told Reuters earlier. Others on the Governing Council have also said quantitative tightening should start soon but none have called for immediate action, indicating that policymakers are keen to be done with the bulk of rate hikes before dealing with the balance sheet. Knot also said that rate hikes should not end at the neutral rate, an undefined level, and the ECB will likely have to enter a territory that brakes growth.

☆ ECB needs more rate hikes, smaller balance sheet, Nagel says
▼ + stars: | 2022-10-15 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, Oct 15 (Reuters) - The European Central Bank (ECB) needs several more rate hikes to tame inflation despite what is likely to be a deep recession in Germany, and should also look into scaling down its balance sheet, Bundesbank President Joachim Nagel said on Saturday. "Further interest rate hikes will be needed to bring the inflation rate back to 2% in the medium term – not just at the monetary policy meeting at the end of October," Nagel said in a speech in Washington. Register now for FREE unlimited access to Reuters.com Register"The ECB Governing Council must not let up too soon." Monetary policy tightening is needed as inflation is likely to stay high, and Nagel predicted Germany's rate would reach more than 7% next year. "GDP (in Germany) could decline significantly in the final quarter of 2022 and the first quarter of 2023," Nagel said.

☆ Germany needs to tackle inflation threat, wants transparency from China - Lindner
▼ + stars: | 2022-10-13 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

Inflation can bring that foundation to erosion," Lindner said in Washington. Speaking alongside Bundesbank President Joachim Nagel, Lindner said Germany has the means to address its weaknesses, including by investing in alternative energy resources. China has argued it would not take part in some cases unless the IMF and World Bank also took a haircut. "I have used the opportunity again to remind creditors, in particular China, of their own responsibility," Lindner said. It's regrettable that China did not accept the invitation to participate in the G7 roundtable with African countries.

☆ Germany needs to tackle inflation threat, wants fairness from China - Lindner
▼ + stars: | 2022-10-13 | by ( Andrea Shalal | ) www.reuters.com time to read: +1 min

"Inflation is the biggest danger for our economic foundation, inflation can bring that foundation to erosion," Lindner said in Washington. Register now for FREE unlimited access to Reuters.com RegisterThe latest forecasts suggest Germany is on the brink of recession and the central bank sees inflation staying at over 7% next year. Speaking alongside Bundesbank President Joachim Nagel, Lindner said German growth had slipped behind other countries because it was especially vulnerable to Europe's energy crisis and supply chain disruptions. Germany has the means to address its weaknesses, including by investing in alternative energy resources, Lindner said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Andrea Shalal; writing by Matthias Williams, Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

☆ Inflation in Germany could hit a 70-year high of 10% amid Russia's natural-gas squeeze, German central bank chief says
▼ + stars: | 2022-08-22 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Germany's inflation rate could hit 10% this fall, the country's chief central banker told Rheinische Post. The country is dealing with an energy crisis as Russian natural-gas supplies slow. "The issue of inflation will not go away in 2023," Nagel told Rheinische Post, according to an official transcript from the German central bank. The German central bank had in June forecast 2023 inflation to reach 4.5%, but Nagel told Rheinische Post that price gains are likely to average over 6% instead. "If further delivery problems are added, for example due to prolonged low water levels, the economic prospects for the second half of the year would deteriorate further," Nagel told the German media outlet.

☆ German investor Kuehne boosts stake in Lufthansa to 10%
▼ + stars: | 2022-04-11 | by ( ) www.reuters.com time to read: +1 min

ZURICH, April 11 (Reuters) - German logistics entrepreneur Klaus-Michael Kuehne has increased his stake in Germany's flag carrier Lufthansa (LHAG.DE) to 10%, Kuehne Holding AG said in a statement on Monday. Kuehne, 84, had earlier boosted his stake in Lufthansa to 5% about a month ago, becoming the airline's second-biggest shareholder behind the German government, according to Refinitiv data. Kuehne Holding AG has acquired a stake of 10% in Deutsche Lufthansa AG on the market via a wholly owned German subsidiary, the holding company owned by Klaus-Michael Kuehne said. "The investment in Deutsche Lufthansa represents an excellent rounding off of the existing portfolio, in which logistical knowhow is bundled through various independent holdings," Kuehne was quoted as saying in the statement. The German billionaire is also the controlling shareholder of Swiss logistics firm Kuehne & Nagel (KNIN.S) and has a 30% stake in container shipping company Hapag-Lloyd AG (HLAG.DE).

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