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Banks typically sold these perpetual bonds - known as AT1 bonds - with five years before an option to repay was triggered. In the past, investors got their money back, and banks replaced the bonds with new ones, but some are changing tack. The banks' actions show how the wipeout of billions of dollars of Credit Suisse AT1 bonds still reverberates around this market, which is estimated at roughly $275 billion. "The AT1 market is splitting," said Alessandro Cameroni, a portfolio manager at asset manager Lemanik. SHOCK ABSORBERThe AT1 bonds were designed to help banks absorb losses, and they count towards their capital buffers.

Persons: Kai Pfaffenbach, Banks, Alessandro Cameroni, Lemanik, Peter Harvey, Federated Hermes, Italy's, Morgan Stanley, Karsten Junius, J . Safra Sarasin, Chiara Elisei, Carlo Giovanni Boffa, Jane Merriman Organizations: REUTERS, Suisse, Raiffeisen Bank, Reuters, Deutsche, Aareal Bank, Credit Suisse, Investors, Federated, Lloyds, Societe Generale, UBS, Santander, J ., Thomson Locations: Frankfurt, Germany, Ukraine, Swiss, Schroders, Russia

☆ Companies like Microsoft can help manage migration: incoming UN migration chief
▼ + stars: | 2023-06-01 | by ( Emma Farge | ) www.reuters.com time to read: +3 min

SummarySummary Companies 9th American Amy Pope set to lead UN migration agencySays Western asylum systems are 'completely overwhelmed'Mediterranean deaths are symptom of broader trendGENEVA, June 1 (Reuters) - The incoming head of the U.N. migration agency said on Thursday that she has talked to companies like Microsoft (MSFT.O) to see how they can build partnerships to manage migration. "I want to go to the private sector being a major part of how we deliver around the world," Pope told Reuters in an interview. Pope, who formally takes office as Director-General in October, cited talks with Microsoft about projects in Africa as an example of increased private sector investment in migration work. At present only about $15 million of IOM's total budget of $2.5 billion comes from the private sector, she said. Another priority of her mandate is to create more "climate sustainable solutions" for migration, Pope said.

Persons: Amy Pope, Antonio Vitorino, Pope, It's, Joe Biden, Biden, Ted Hesson, Jane Merriman Organizations: Microsoft, Organization for Migration, Reuters, U.S, Biden, IOM, Thomson Locations: GENEVA, Geneva, Portuguese, Africa, U.S, Mexico, North Africa, Europe, Washington

☆ Morning Bid: China factory fright, dollar surges
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +4 min

The yuan , now down more than 3% from its early May peaks, skidded to its lowest level of the year against the dollar as investors considered the possibility of further credit easing by the Chinese central bank. The dollar index hit its highest level since mid-March, with the European inflation news and China demand picture knocking the euro to its lowest in two months too. German import prices fell at an annual rate of 7% in April and the ECB's financial stability report warned about a "disorderly" hit to house prices from higher mortgage rates. The House Rules Committee voted 7-6 on Tuesday to approve the rules allowing a debate and vote by the full chamber. Overall, stock markets slipped back slightly - with Hong Kong's Hang Seng index the big underperformer after the Chinese factory release.

Persons: Mike Dolan, Loretta Mester, Philip Jefferson, Susan Collins, Patrick Harker, Christine Lagarde, Jane Merriman Organizations: Federal Reserve, Cleveland Fed, Wednesday's Financial, European Central Bank, Dallas Fed, Boston, Philadelphia Fed, Consumer, Thomson, Reuters Locations: U.S, Europe, China, Italy, Chicago

☆ South Africa to investigate US allegation of arms shipment to Russia
▼ + stars: | 2023-05-28 | by ( ) www.reuters.com time to read: +2 min

The U.S. ambassador to South Africa Reuben Brigety said on May 11 that he was confident that a Russian ship, which docked at a naval base in Simonstown in the Western Cape in December last year, took aboard weapons from South Africa. An allegation South Africa has since denied. The allegations have caused a diplomatic row between the U.S., South Africa and Russia and called into question South Africa's non-aligned position on the Ukraine conflict. South Africa says it is impartial and has abstained from voting on U.N. resolutions on the war. "The President decided to establish the enquiry because of the seriousness of the allegations, the extent of public interest and the impact of this matter on South Africa's international relations," said the statement.

☆ Uganda confirms casualties among country's soldiers in Somali attack
▼ + stars: | 2023-05-28 | by ( ) www.reuters.com time to read: +2 min

The assailants numbered about 800 and during the attack the Ugandan troops were forced to withdraw to a nearby base, about nine kilometres away, he said. Al Shabaab fighters targeted the base early on Friday in Bulamarer, 130 km (80 miles) southwest of the capital Mogadishu. Al Shabaab said in a statement at the time that it had carried out suicide bomb attacks and killed 137 soldiers at the base. Al Shabaab tends to give casualty figures in attacks that differ from those issued by the authorities. ATMIS has so far not said how many troops were killed or wounded in the attack.

[1/3] A child walks at a polling station while people attend voting during the second round of the presidential election in Istanbul, Turkey May 28, 2023. REUTERS/Hannah McKayANKARA/ISTANBUL, May 28 (Reuters) - Here are some views from Turkish citizens as the country voted on Sunday in an election runoff that may extend President Tayyip Erdogan's rule into a third decade or see a transfer of power to his rival Kemal Kilicdaroglu. Nobody can deny this," said housewife Songul Aslan, 45, after voting for Erdogan. In Diyarbakir, largest city in the mainly Kurdish southeast:"In the first round I voted for Kilicdaroglu for the presidency. Change is essential to overcome the economic crisis and problems that Turkey faces, so I voted for Kilicdaroglu again.

☆ Thyssenkrupp Nucera to supply electrolysis plant in Sweden
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +2 min

STOCKHOLM, May 22 (Reuters) - IPO candidate Thyssenkrupp Nucera (TKAG.DE) will supply more than 30 of its flagship electrolysers, which provide the technology needed to produce carbon-neutral steel via green hydrogen, to Swedish fossil-free steel startup H2 Green Steel. The deal highlights growing demand for hydrogen technology as a way to decarbonise CO2-heavy industrial production techniques, a field where Europe wants to compete globally with subsidy-rich regions, notably the United States. Sources told Reuters last month that Thyssenkrupp Nucera, a 66-34 joint venture between Germany's Thyssenkrupp (TKAG.DE) and Italy's De Nora (DNR.MI), was targeting a stock market listing in June at a valuation of up to 5 billion euros ($5.5 billion). A H2 Green Steel spokesperson said the agreement was worth several billion Swedish crowns, declining to comment further. Green hydrogen is created through renewables-powered electrolysis, whereby water is split into hydrogen and oxygen.

The European Business Aviation Convention & Exhibition (EBACE), hosted in Geneva, kicks off on Tuesday and brings together everyone from brokers, planemakers to engine producers. CO2 emissions from private jets in Europe grew by 31% between 2005 and 2019, according to environmental group Transport and Environment. Protesters are expected to gather on Tuesday outside the conference location in Geneva to highlight the rising number of private jet flights amidst a worsening global climate crisis. "The big innovations are usually deployed first in our industry," Kok said. Business jet flights have dropped in Europe by around 6% compared with the same time in 2022, WINGX data showed.

☆ Elliott seeks investigation into Deutsche Wohnen loan to Vonovia
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +1 min

DUESSELDORF, May 22 (Reuters) - Activist investor Elliott is calling for a special investigation into a loan that German property company Deutsche Wohnen (DWNG.DE) made to its top shareholder Vonovia (VNAn.DE), documents filed ahead of a Deutsche Wohnen annual shareholder meeting (AGM) show. In 2021, Vonovia completed the takeover of rival Deutsche Wohnen to create a property group with more than 500,000 apartments. In January 2022, Deutsche Wohnen disclosed in a public filing that it would lend up to 2 billion euros to its new main shareholder. Cornwall, an investment vehicle owned by Elliott, wants shareholders to vote to install an independent investigator to examine the loan at the shareholder meeting slated for June 15 to examine whether the loan was in the best interest of investors, the AGM documents show. Deutsche Wohnen's supervisory board said that it did not see any need for an investigation.

☆ 'Firebrand' puts spotlight on Henry VIII's sixth and final wife
▼ + stars: | 2023-05-21 | by ( ) www.reuters.com time to read: +2 min

[1/5] The 76th Cannes Film Festival - Screening of the film "Firebrand" (Le jeu de la reine) in competition - Red Carpet Arrivals - Cannes, France, May 21, 2023. Cast member Jude Law poses. REUTERS/Sarah... Read moreCANNES, May 21 (Reuters) - For Brazilian director Karim Ainouz the prospect of making a film about King Henry VIII's court was particularly exciting, partly because it focuses on Catherine Parr, the wife who survived Henry. "Firebrand," which is competition for the Palme d'Or, stars Alicia Vikander as Catherine, Henry's sixth and last wife as she navigates Tudor court politics towards the end of his life. "The pain he was suffering was excruciating," said Jude Law, who plays the king.

☆ Trevi Fountain water turns black in Rome climate protest
▼ + stars: | 2023-05-21 | by ( ) www.reuters.com time to read: +1 min

[1/4] Climate activists pour vegetable charcoal in the Trevi Fountain water, during a demonstration against fossil fuels, in Rome, Italy May 21, 2023 in this image obtained from social media. Allesandro... Read moreROME, May 21 (Reuters) - Seven young activists protesting against climate change climbed into the Trevi Fountain in Rome on Sunday and poured diluted charcoal into the water to turn it black. The protesters from the "Ultima Generazione" ("Last Generation") group held up banners saying "We won't pay for fossil (fuels)," and shouted "our country is dying". Rome mayor Roberto Gualtieri condemned the protest, the latest in a series of acts targeting works of art in Italy. The tradition is for visitors to toss coins into the famous 18th century Trevi Fountain to ensure that they will return to Rome one day.

☆ Analysis: Investors see trouble ahead after Europe's stellar first quarter
▼ + stars: | 2023-05-19 | by ( Joice Alves | ) www.reuters.com time to read: +5 min

Europe's largest listed company LVMH (LVMH.PA) produced stellar sales as China rebounded sharply after COVID restrictions ended. The robust corporate margins on show in the first quarter are seen coming under pressure later in the year. Based on Refinitiv I/B/E/S estimates, STOXX 600 companies are expected to report net profit margins of 11.4% in the first quarter, up from 10.2% in the last quarter of 2022. But margins are seen declining to 10.5% in the third quarter, according to Refinitiv estimates. But there has not been a wave of companies revising earnings forecasts down, providing a cushion for European equities.

☆ Investors see trouble ahead after Europe's stellar first quarter
▼ + stars: | 2023-05-19 | by ( Joice Alves | ) www.reuters.com time to read: +5 min

☆ US consumers keep vehicles for a record 12.5 years on average -S&P
▼ + stars: | 2023-05-15 | by ( Paul Lienert | ) www.reuters.com time to read: +1 min

May 15 (Reuters) - Americans in the waning days of the COVID pandemic are keeping their combustion-engine vehicles longer, according to a new study. Despite six straight years of increases, average vehicle age is expected to drop over the coming year as rising availability and renewed demand push new vehicle sales above 14.5 million in 2023, the S&P research said. Electric vehicles are bucking the aging trend, according to S&P. The average age of battery electric vehicles (BEV) in the U.S. actually fell to 3.6 years, down slightly from 3.7 years in 2022. During the same period, just 5.2% of combustion vehicles left the fleet, S&P said.

☆ Philippines' finance minister says no reason for rate hike
▼ + stars: | 2023-05-14 | by ( ) www.reuters.com time to read: +2 min

MANILA, May 15 (Reuters) - The Philippine central bank has no reason to raise interest rates further as domestic inflation is easing, the country's finance minister said ahead of a May 18 monetary policy meeting. Finance Secretary Benjamin Diokno reiterated his stance against a rate hike when he spoke to reporters. "I'm for a pause, that's my opinion. "So over all, there's no reason why we should increase the rates." Some economists believe the inflation downtrend and cooling economic growth have built the case for the BSP to pause in its tightening cycle.

☆ Khartoum region under bombardment as Sudan's rivals talk
▼ + stars: | 2023-05-14 | by ( ) www.reuters.com time to read: +3 min

KHARTOUM, May 14 (Reuters) - Shelling and air strikes pounded parts of Sudan's capital on Sunday with little sign that warring military factions were ready to back down in a conflict that has killed hundreds despite ceasefire talks in Saudi Arabia. Shelling struck Bahri and air strikes hit Omdurman early on Sunday, according to a Reuters reporter and witnesses. "There were heavy air strikes near us in Saliha that shook the doors of the house," said Salma Yassin, a teacher in Omdurman. The fighting has killed hundreds of people, sent 200,000 into neighbouring countries as refugees, displaced another 700,000 inside Sudan triggering a humanitarian catastrophe and threatens to draw in outside powers and destabilise the region. The house became unsafe and we don't have enough money to travel out of Khartoum.

☆ Ghana's main opposition party picks Mahama as 2024 presidential candidate
▼ + stars: | 2023-05-14 | by ( ) www.reuters.com time to read: +1 min

ACCRA, May 14 (Reuters) - Ghana’s main opposition party, the National Democratic Congress, voted overwhelmingly on Saturday to retain former president, John Mahama, as its leader for the 2024 presidential election. This is the third time Mahama will run for the top job in Ghana, one of Africa's most stable democracies. The upcoming presidential vote is expected to be keenly contested. Mahama, 64, secured 297,603 votes, representing 98.9% of votes cast, the electoral commission said early on Sunday. "I am humbled by the overwhelming vote of confidence reposed in me by the party," Mahama said shortly after the declaration.

☆ Sterling hits one-year high as Bank of England decision nears
▼ + stars: | 2023-05-05 | by ( Harry Robertson | ) www.reuters.com time to read: +3 min

LONDON, May 5 (Reuters) - The pound rose to just shy of a one-year high against the dollar on Friday, and to a one-month high against the euro, as traders eyed the Bank of England's interest rate decision next week. Sterling was up 0.21% at $1.26 on Friday, after reaching $1.263 earlier in the session, the highest since late May last year. The euro was down 0.14% against the pound at 87.49 pence, after earlier falling to 87.42 pence, the lowest since April 6. The European Central Bank on Thursday raised rates by 25 bps, a step down in the pace of monetary tightening. Traders broadly expect the Bank of England to raise rates by 25 basis points to 4.5% on Thursday next week, according to pricing in derivatives markets.

LONDON, May 4 (Reuters) - Blackstone (BX.N) is weighing options for Spanish gambling company Cirsa, including an initial public offering (IPO), people familiar with the matter told Reuters. The U.S. buyout group recently invited proposals from investment banks to manage a possible share sale and refinancing of Cirsa's debt, said the people, speaking on condition of anonymity. An IPO would follow a public share sale by Italian peer Lottomatica (LTMC.MI), backed by Apollo Global Management (APO.N), whose shares began trading in Milan on Wednesday. Cirsa, a casino operator, posted 552.5 million euros ($609.24 million) in earnings before interest, tax, depreciation and amortisation (EBITDA) for 2022. Based on Lottomatica's valuation, Cirsa could be worth several billions of euros, including debt.

The seizure was to "thwart the activity" of Islamic State and "impair its ability to further its goals," the NBCTF said on its website. The NBCTF document, which has not been previously reported, did not give any details on the value of the crypto seized, nor how the accounts were connected to Islamic State. Binance, the world's largest crypto exchange by trading volumes, did not respond to Reuters' calls and emails seeking comment. The U.S. Treasury said in a report last year that Islamic State had received crypto donations it later converted to cash, accessing funds via crypto trading platforms. The owner of the two Islamic State-linked Binance accounts seized by Israel was a 28-year old Palestinian called Osama Abuobayda, the NBCTF document shows.

☆ Universal Music reiterates AI concerns as quarterly profit slumps
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +2 min

April 26 (Reuters) - Universal Music Group (UMG.AS), the label representing Drake and Taylor Swift, on Wednesday posted a slump in first-quarter core profit due to compensation expenses, and reiterated concerns over AI-made music. Core profit, or earnings before interest, taxes, depreciation and amortisation (EBITDA), slumped 43.4% in constant currency to 261 million euros ($288.04 million), due to non-cash, share-based compensation expenses, part of an equity compensation plan announced last year. Excluding these expenses, adjusted EBITDA was 522 million euros, up 13.0% on the same basis, and beating a consensus cited by Credit Suisse which had expected 513 million euros. UMG's CEO, Lucian Grainge, has come under shareholder pressure over an "excessive" $100 million pay deal, The Financial Times reported on Wednesday. Labels now face challenges like slowing global revenue growth in recorded music, particularly in established markets like the U.S, while the emergence of AI-generated music adds to their concerns, as many laws do not currently deem the replication of artists' voices as strictly illegal.

FRANKFURT, April 26 (Reuters) - Deutsche Bank (DBKGn.DE) is undertaking its biggest management shake-up since 2019, the German bank said on Wednesday as it announced the departure of Christiana Riley, who oversaw its U.S. operations. "It is time to focus the management board on the next phase of the bank's growth strategy, which is now more than ever about sustainable profitability, efficiency and effective controls," Wynaendts said. Riley was one of two women on Deutsche's 10-member board, which will now only consist of only nine people - eight men and one woman - in what Deutsche said would be a "leaner" team. Claudio de Sanctis, a Deutsche veteran who has overseen wealth management, will join the board to oversee the retail bank, Deutsche said. And Chief Financial Officer James von Moltke will take on oversight of asset management, which includes its DWS fund management business.

☆ Universal Music profit slumps due to compensation expenses
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

April 26 (Reuters) - Universal Music Group (UMG.AS), the label representing Drake and Taylor Swift, on Wednesday posted a significant drop in core profit due to compensation expenses, even as sales edged up in the first quarter. Core profit (EBITDA) for the first quarter fell 43.4% at constant currency to 261 million euros ($288.07 million), with the metric's margin also dropping to 10.6% from 20.6% in the same quarter a year earlier. The drop was due to non-cash, share-based compensation expenses of 261 million euros during the quarter, part of a global equity compensation plan announced in the fourth quarter of last year, UMG said. UMG's CEO Lucian Grainge has come under shareholder pressure over an "excessive" $100 million pay deal, The Financial Times reported on Wednesday. The group nonetheless posted higher first quarter sales, helped by growth in recorded music and music publishing.

☆ Chipmaker ASMI sees more business coming in from China this year
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: 1 min

April 26 (Reuters) - ASM International (ASMI.AS) sees more business coming from China this year compared with previous years, the Dutch semiconductor equipment maker said on Wednesday. When asked by analysts about how much growth the company would see in its domestic China business in the current year, Chief Financial Officer Paul Verhagen said: "I think you know we will see probably more business coming in from China compared to, you know, previous years, but it's not going to be at the same level as what perhaps one of our peers have mentioned." ASML Holding (ASML.AS) said last week that it expects sales to mainland China to pick up for the remainder of 2023 following a dip in the first quarter. Reporting by Dina Kartit. Editing by Jane MerrimanOur Standards: The Thomson Reuters Trust Principles.

☆ Singapore hikes property stamp duties to cool property market
▼ + stars: | 2023-04-26 | by ( Chen Lin | ) www.reuters.com time to read: +2 min

SINGAPORE, April 26 (Reuters) - Singapore raised taxes on private property purchases in a surprise move late on Wednesday night that includes a doubling of stamp duties for foreigners to an eye-watering 60%. The ABSD on Singaporeans' second and subsequent home purchases will rise to 20% from 17%, and 30% from 25%, respectively. The government said in a news release that property prices showed "renewed signs of acceleration amid resilient demand." The last time it raised stamp duties was in December 2021, when it said the property market was "buoyant" despite the economic impact of COVID-19. Property prices and rents in Singapore have been climbing steadily over recent years due to construction delays caused by the COVID-19 disruptions.

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