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☆ ABN Amro's Q3 profit jumps as interest income recovers
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: 1 min

AMSTERDAM, Nov 9 (Reuters) - Dutch bank ABN Amro (ABNd.AS) beat analysts' expectations on Wednesday, as it said net profit had more than doubled to 743 million euros ($747.98 million) in the third quarter, helped by rising interest rates and low impairments. Analysts in a company-compiled poll on average had predicted net profit would fall to 323 million euros for the July-September period, down from 343 million a year ago. ($1=0.9933 euros)Reporting by Bart Meijer; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

☆ Blow for EU crackdown on tax deals as Fiat wins appeal
▼ + stars: | 2022-11-08 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

[1/2] New Fiat Panda and Fiat 500 mild-hybrid cars are seen in piazza Maggiore, in Bologna, Italy, February 4, 2020. REUTERS/Flavio Lo ScalzoLUXEMBOURG, Nov 8 (Reuters) - Fiat Chrysler on Tuesday won its fight against an EU order to pay 30 million euros ($30 million) in back taxes to Luxembourg, dealing a major setback to EU antitrust chief Margrethe Vestager's crackdown on sweetheart deals between EU countries and multinationals. In her 2015 decision, Vestager said Luxembourg had granted Fiat Chrysler, now part of Stellantis (STLA.MI), an unfair tax advantage by endorsing artificial and complex methods that artificially lowered the company's taxes. Judges faulted the EU competition watchdog for its analysis of the reference system used to determine whether Luxembourg had given a selective advantage to Fiat. Vestager's high profile cases include her record 13-billion-euro tax order for Apple (AAPL.O) and Amazon's (AMZN.O) Luxembourg deal.

☆ Time to finalise Sweden's and Finland's entry to NATO, Stoltenberg says
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: 1 min

ISTANBUL, Nov 3 (Reuters) - Sweden and Finland have delivered on the demands Turkey has set for their accession to NATO and time has come to welcome them to the alliance, NATO's Secretary General Jens Stoltenberg said on Thursday. "It's time to welcome Finland and Sweden as full members of NATO," Stoltenberg said at a news conference with Turkish Foreign Minister Mevlut Cavusoglu in Istanbul. "In these dangerous times it is even more important to finalise their accession, to prevent any misunderstanding or miscalculation in Moscow." Reporting by Bart Meijer Editing by Peter GraffOur Standards: The Thomson Reuters Trust Principles.

☆ ECB's next rate move likely between 50 and 75 bps, Knot says
▼ + stars: | 2022-10-30 | by ( ) www.reuters.com time to read: +1 min

AMSTERDAM, Oct 30 (Reuters) - The European Central Bank (ECB) could hike its interest rates by 75 basis points again at its next policy meeting in December, ECB governing council member Klaas Knot said on Sunday. The central bank for the 19 countries that share the euro raised the interest rate it pays on bank deposits by 75 basis points last week, taking it 1.5%, its highest level since 2009. "We will take a significant interest step again in December," Knot said in an interview with Dutch TV programme Buitenhof, adding that is was likely that the next raise would be between 50 and 75 basis points. "We are still returning interest rates towards their neutral level, for which we will also need the December meeting." "From 2023 we will play the second half, with smaller interest rate steps and by shrinking our balance sheet," the Dutch central bank president said.

☆ Philips to cut 5% of its workforce after medical equipment recall
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +2 min

AMSTERDAM, Oct 24 (Reuters) - Dutch medical equipment maker Philips (PHG.AS) said on Monday it expected to scrap around 4,000 jobs as it tried to streamline its organisation after a massive recall slashed around 70% off its market value in the past year. "My immediate priority is to improve execution so that we can start rebuilding the trust of patients, consumers and customers," Jakobs said in a statement. The cuts represent just over 5% of the company's workforce based on last year's total of 78,000. The company said it expected the reorganisation to cost around 300 million euros ($295.41 million) in the coming quarters. As flagged in a profit warning earlier this month, Philips said its adjusted earnings before interest, taxes and amortisation (EBITA) had tumbled 60% in the third quarter, to 209 million euros.

☆ Philips to cut 5% of workforce as new CEO acts to counter falling sales
▼ + stars: | 2022-10-24 | by ( Tosterling Bart H. Meijer | Bart H. Meijer | ) www.reuters.com time to read: +3 min

AMSTERDAM, Oct 24 (Reuters) - Philips' (PHG.AS) new CEO announced plans on Monday to cut around 4,000 jobs following falling sales and after a massive recall slashed around 70% off the Dutch medical equipment maker's market value in the past year. The company said it expected the reorganisation to cost around 300 million euros ($295.41 million) in the coming quarters. Philips is in talks with the U.S. Department of Justice on a settlement following the recall. Comparable sales dropped 6% to 4.3 billion euros in July-September as Philips said supply chain problems were worse than anticipated and would continue to weigh on sales in the last months of 2022. Jakobs said his top priorities were repairing the company's reputation by ensuring the recall is completed as soon as possible, and resolving the supply chain problems.

☆ EU agrees on new Iran sanctions over drone deliveries to Russia -EU presidency
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: 1 min

BRUSSELS, Oct 20 (Reuters) - European Union members have agreed on new measures against Iran over its supply of drones to Russia, the Czech presidency of the EU said on Thursday. "EU ambassadors agreed on measures against entities supplying Iranian drones that hit Ukraine," the Czech EU presidency said in a tweet. "EU states decided to freeze the assets of three individuals and one entity responsible for drone deliveries (and) is also prepared to extend sanctions to four more Iranian entities that already featured in a previous sanctions list." Register now for FREE unlimited access to Reuters.com RegisterReporting by Bart Meijer, Editing by Charlotte Van CampenhoutOur Standards: The Thomson Reuters Trust Principles.

☆ EU leaders will discuss gas price cap for power generation, Michel says
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +1 min

BRUSSELS, Oct 18 (Reuters) - European Union leaders will discuss putting a cap for the price of gas used to generate electricity - over which member states are divided - when they meet for a summit at the end of this week, European Council President Charles Michel said on Tuesday. "We must intensify our three lines of action: reducing demand, ensuring security of supply and containing prices," Michel said in his invitation letter to leaders for the Thursday-Friday meeting in Brussels. "This includes: jointly purchasing gas, developing a new benchmark that more accurately reflects conditions on the gas market, and examining a temporary dynamic price limit," Michel said. "I also expect us to address other short and long-term market interventions, such as an EU framework to cap the price of gas for electricity generation." Register now for FREE unlimited access to Reuters.com RegisterReporting by Bart Meijer and John ChalmersOur Standards: The Thomson Reuters Trust Principles.

☆ Dutch crown princess Amalia under heightened security
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +2 min

AMSTERDAM, Oct 13 (Reuters) - Dutch Crown Princess Catharina-Amalia is under heightened security due to concern that she could be targeted by criminals, Dutch news agency ANP reported on Thursday, citing her parents. "She can hardly leave the house," ANP quoted Queen Maxima as saying during a state visit to Sweden with her husband King Willem-Alexander. Register now for FREE unlimited access to Reuters.com RegisterLast month, several Dutch media outlets reported that the princess, whose formal title is Princess of Orange, was under heightened security due to fears that criminal gangs may target her for kidnapping or an attack. Dutch police and the country's secret service have declined to discuss security arrangements around the Royal House. Dutch Prime Minister Mark Rutte on Thursday evening said he could not specify the details of the threats.

☆ Philips shares slump on profit warning and sleep apnea device writedown
▼ + stars: | 2022-10-12 | by ( Bart H. Meijer | ) www.reuters.com time to read: +3 min

Shares were down 9% at 0750 GMT at 14.13 euros, hitting their lowest level since June 2012. In its second profit warning of the year, Philips said third-quarter core profit would drop around 60%, as ongoing supply chain problems had pushed down comparable sales by around 5%. This was expected to have limited adjusted earnings before interest, taxes and amortisation (EBITA) to 210 million euros in the third quarter, down from 512 million euros a year before. RECALL HITS SLEEP BUSINESSPhilips last year shocked investors by recalling 5.5 million ventilators used to treat sleep apnoea, over worries that foam used in the machines could become toxic. "Details of the consent decree have not been fully negotiated at this time," Van Houten said in a call with analysts.

☆ Philips expects profit to drop with $1.3 bln hit to sleep business
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +2 min

AMSTERDAM, Oct 12 (Reuters) - Dutch health technology company Philips (PHG.AS) said on Wednesday its third-quarter core profit would drop around 60%, and it flagged a charge of 1.3 billion euros ($1.26 billion) on the value of its plagued sleep and respiratory care business. In a trade update, Philips said its comparable sales fell around 5% in the third quarter, as supply chain problems remained bigger than the company had anticipated. This was expected to have pushed adjusted earnings before interest, taxes and amortisation (EBITA) down to 210 million euros, or around 5% of sales, Philips said. Register now for FREE unlimited access to Reuters.com RegisterAdjusted EBITA was 512 million euros in the third quarter of 2021. Philips will publish its full third-quarter results on Oct. 24.

Gas bubbles from the Nord Stream 2 leak reaching surface of the Baltic Sea in the area shows disturbance of well over one kilometre diameter near Bornholm, Denmark, September 27, 2022. NATO Secretary-General Jens Stoltenberg said he discussed the "sabotage" of the pipelines at a meeting with Danish Defence Minister Morten Bødskov in Brussels. "We addressed the protection of critical infrastructure in NATO countries," the chief of the Western military alliance that also includes most EU countries said on Twitter. The EU, meanwhile, issued a strong warning to anybody attempting to attack the energy backbones of the 27-nation bloc. Borrell announced the bloc would step up the protection of its energy infrastructure following the incidents.

☆ NATO calls Nord Stream leaks acts of sabotage
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: 1 min

BRUSSELS, Sept 28 (Reuters) - NATO Secretary-General Jens Stoltenberg on Wednesday attributed the leaks on the Nord Stream pipelines to acts of sabotage and said he had discussed the protection of critical infrastructure in NATO countries with the Danish defence minister. "Discussed the sabotage on the NorthStream pipelines with Defence Minister Morten Bødskov," he said on Twitter. "We addressed the protection of critical infrastructure in NATO countries." Register now for FREE unlimited access to Reuters.com RegisterReporting by Sabine Siebold and Bart MeijerOur Standards: The Thomson Reuters Trust Principles.

☆ NATO warns Russia of "severe consequences" in case of a nuclear strike
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +1 min

BRUSSELS, Sept 27 (Reuters) - Any use of nuclear weapons by Russia is unacceptable and would have severe consequences, NATO said on Tuesday after an ally of Russian President Vladimir Putin issued another stark nuclear warning to Ukraine and the West. "Any use of nuclear weapons is absolutely unacceptable, it will totally change the nature of the conflict, and Russia must know that a nuclear war cannot be won and must never be fought," NATO Secretary-General Jens Stoltenberg said. "When we see that kind of nuclear rhetoric again and again from Russia, from President Putin, it is something that we have to take seriously - and therefore we are conveying the clear message that this will have severe consequences for Russia." Register now for FREE unlimited access to Reuters.com RegisterReporting by Sabine Siebold and Bart MeijerOur Standards: The Thomson Reuters Trust Principles.

☆ Italy's election result is cause for concern, Dutch PM says
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: 1 min

Netherlands’ Prime Minister Mark Rutte addresses the 77th United Nations General Assembly at U.N. headquarters in New York City, New York, U.S., September 23, 2022. REUTERS/Caitlin OchsAMSTERDAM, Sept 26 (Reuters) - The election victory of the right-wing coalition led by Giorgia Meloni is cause for concern over developments in Italy, Dutch Prime Minister Mark Rutte said on Monday. "Italy of course is a cause for concern. This relates to Russia, and to financial and economic issues," Rutte said in an interview on Dutch TV. Register now for FREE unlimited access to Reuters.com RegisterReporting by Bart Meijer Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

☆ Russia's mobilisation is a sign of the Kremlin's panic, Dutch PM says
▼ + stars: | 2022-09-21 | by ( ) www.reuters.com time to read: +1 min

Dutch Prime Minister Mark Rutte attends a joint news briefing with Ukraine's President Volodymyr Zelenskiy (not seen), as Russia's attack on Ukraine continues, in Kyiv, Ukraine July 11, 2022. REUTERS/Valentyn Ogirenko/File PhotoAMSTERDAM, Sept 21 (Reuters) - Dutch Prime Minister Mark Rutte on Wednesday said Russia's mobilisation order is a sign of panic at the Kremlin, that should not be taken as a direct threat of full-out war with the West. "The mobilisation, calling for referenda in the Donetsk, it is all a sign of panic. His rhetoric on nuclear weapons is something we have heard many times before, and it leaves us cold," Rutte told Dutch broadcaster NOS. Register now for FREE unlimited access to Reuters.com RegisterReporting by Bart Meijer; Editing by Andrew CawthorneOur Standards: The Thomson Reuters Trust Principles.

☆ Three EU leaders urge calm over Putin's nuclear rhetoric
▼ + stars: | 2022-09-21 | by ( Gabriela Baczynska | ) www.reuters.com time to read: +2 min

His rhetoric on nuclear weapons is something we have heard many times before, and it leaves us cold," said Dutch Prime Minister Mark Rutte. Register now for FREE unlimited access to Reuters.com RegisterHis Belgian peer, Alexander de Croo, also urged a calm response between not provoking Russia, and supporting Ukraine. We must be clear in our position and continue to support Ukraine." The EU leaders' chairman, European Council President Charles Michel, said the bloc would not be scared away from supporting Ukraine. 'RECKLESS'While there have been no immediate comments from the leaders of Germany or France, the EU's executive European Commission said Putin's "reckless" nuclear gamble had to stop.

☆ Dutch town takes Twitter to court to remove conspiracy theories
▼ + stars: | 2022-09-16 | by ( ) www.reuters.com time to read: +2 min

A promoted tweet on Twitter app is displayed on a mobile phone near a Twitter logo, in this illustration picture taken Sept. 8, 2022. REUTERS/Florence Lo/IllustrationTHE HAGUE, Sept 16 (Reuters) - A small Dutch town took Twitter (TWTR.N) to court on Friday to demand the social media giant takes down all messages relating to a supposed ring of satan-worshipping paedophiles that were alleged to have been active in the town in the 1980s. Twitter's lawyer Jens van den Brink declined to comment before the hearing at The Hague District Court on Friday. But despite their conviction, stories about Bodegraven still circulate on social media as others have continued to echo their story, leading the town to take the matter up with Twitter itself. "If conspiracy theorists don't remove their messages, then the platforms involved need to act," the town of Bodegraven's lawyer Cees van de Zanden was quoted as saying by Dutch newspaper De Volkskrant on Friday.

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