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☆ Germany's Covestro rejects takeover proposal from ADNOC -Bloomberg News
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, June 22 (Reuters) - German plastics and chemicals maker Covestro AG (1COV.DE) has rejected an initial takeover proposal from Abu Dhabi National Oil Co (ADNOC) saying the offer was too low, Bloomberg News reported on Thursday citing people familiar with the matter. The stock jumped as much as 3.7% after the report was published, after trading down earlier in the day. Two people familiar with the matter told Reuters on Tuesday that ADNOC had approached Covestro with a takeover proposal worth more than 10 billion euros ($11.00 billion). It would probably only be a matter of price whether the existing shareholders would accept such a takeover offer," Arne Rautenberg, fund manager at Union Investment, told Reuters. Covestro, a maker of transparent polycarbonate plastics, as well as chemicals for insulation and upholstery foams, in April issued earnings guidance that reassured markets about its growth prospects.

Persons: ADNOC, Covestro, Arne Rautenberg, Gursimran Kaur, Victoria Farr, Jason Neely, Conor Humphries Organizations: Covestro, Abu Dhabi National Oil Co, Bloomberg, Reuters, Union Investment, Thomson Locations: FRANKFURT, Abu Dhabi, Bengaluru, Emma, Frankfurt

☆ Why GE plan to make fighter jet engines in India is a big deal
▼ + stars: | 2023-06-22 | by ( Yp Rajesh | ) www.reuters.com time to read: +4 min

GE says it has delivered more than 1,600 F414 engines and they have clocked more than 5 million flight hours. So far, 75 F404 engines have been delivered and another 99 worth $716 million are on order for Tejas Mark 1. Tejas Mark 2, still under development, is a more powerful jet and needs a bigger engine. The GE-HAL deal to co-produce F414 engines in India requires U.S. government and legislative approvals. Full scale production of F414 in India and Tejas Mark 2 is expected only early in the next decade.

Persons: Narendra, INDIA’S, Conor Humphries Organizations: General Electric, Hindustan Aeronautics, Indian Air Force, Indian, GE, U.S . Navy, HAL, Tejas, Aircraft, India's Air Force, New, YP Rajesh, Thomson Locations: DELHI, India, United States, U.S, Sweden, Australia, Kuwait, Brazil, South Korea, Indonesia, New Delhi, Washington, China, Pakistan, Russia, France, Israel

Violations were found in 25-50% of audits reviewed, depending on the audit standard at issue, the SEC said. "Marcum neglected its essential gatekeeper function in service to its own growth," said SEC Chair Gary Gensler in a statement. The SEC found the deficiencies were not limited to Marcum's SPAC clients. In addition to the civil penalty, settlement requires Marcum undertake remedial actions including hiring an independent consultant to review its policies procedures and to abide by certain restrictions when taking on new clients. Reporting by Chris Prentice; Editing by Conor HumphriesOur Standards: The Thomson Reuters Trust Principles.

Persons: Marcum, Nikola, Gary Gensler, Chris Prentice, Conor Humphries Organizations: Nikola, U.S . Securities, Exchange Commission, SEC, SPACs, Marcum, DraftKings Inc, Thomson

Companies Twitter Inc FollowJune 21 (Reuters) - Twitter Inc is facing a lawsuit claiming it failed to pay workers millions of dollars in promised bonuses, adding to a pile of court cases filed since Elon Musk acquired the social media company. Schobinger says that before and after Musk purchased Twitter last year, the company promised employees that they would receive 50% of their target bonuses for 2022. But those payments never materialized, according to the lawsuit, which accuses Twitter of breach of contract. Twitter in those cases is accused of failing to pay promised severance and targeting female employees and workers with disabilities for layoffs, among other claims. Many landlords, vendors and consultants have also sued Twitter over unpaid bills, some of which Musk inherited when he bought the company.

Persons: Elon Musk, Mark Schobinger, Schobinger, Musk, Shannon Liss, Riordan, Parag Agrawal, Daniel Wiessner, Alexia Garamfalvi, Conor Humphries Organizations: Twitter, Elon, X Corp, Thomson Locations: San Francisco federal, Delaware, Albany , New York

☆ Argentina to make $1.9 bln payment to IMF as scheduled - econ min source
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +1 min

BUENOS AIRES, June 21 (Reuters) - Argentina will make scheduled payments totaling some $1.9 billion to the International Monetary Fund (IMF) on Wednesday, an economy ministry source said. Argentina has $2.7 billion due to the fund this month alone. The government hopes to bring forward over $10 billion in IMF disbursements this year, though has been reluctant to agree to tough austerity measures as the next general elections scheduled for October approach. Economy Minister Sergio Massa is set to travel to Washington once an agreement to ease economic targets is drafted with IMF officials. Reporting by Jorge Otaola and Walter Bianchi; Editing by Conor HumphriesOur Standards: The Thomson Reuters Trust Principles.

Persons: Sergio Massa, Jorge Otaola, Walter Bianchi, Conor Humphries Organizations: International Monetary Fund, IMF, Thomson Locations: BUENOS AIRES, Argentina, Washington

MAS imposed penalties of S$2.6 million ($1.93 million) for DBS, S$600,000 for OCBC, or Oversea-Chinese Banking Corp, S$400,000 for Citibank and S$200,000 for Swiss Life. Asked whether illicit activities had taken place involving the institutions, MAS said its checks focused on compliance with its requirements. DBS failed to adequately inquire into the background and purpose of "unusually large transactions", it said. A Swiss Life spokesperson said it had terminated a client relationship in 2020 after being approached by authorities about a contract. "Since then, and in close cooperation with the authorities, additional measures have been implemented within Swiss Life (Singapore) to detect client misconduct more effectively."

Persons: Wirecard, OCBC, Chen Lin, Yantoultra, Selina Li, Martin Petty, Conor Humphries Organizations: Citibank, DBS, Swiss, Monetary Authority of Singapore, Chinese Banking Corp, MAS, FIs, Singapore police, Thomson Locations: SINGAPORE, Singapore

A source previously told Reuters that Musk would brief Modi on plans to set up a manufacturing base in India. "He (Modi) really cares about India because he's pushing us to make significant investments in India, which is something we intend to do," Musk told ANI. Executives of Tesla visited India and held talks with Indian bureaucrats and ministers last month on establishing a manufacturing base for cars and batteries in India. U.S. companies need to reduce reliance on China as a manufacturing base in the face of tensions between Washington and Beijing. If we don't obey local government laws, we will get shut down...," Musk told reporters on Tuesday.

Persons: Elon Musk, Narendra Modi, Modi, Musk, Tesla, Jack Dorsey, Hyunjoo Jin, Shivangi Acharya, Aftab Ahmed, Aditya Kalra, Aditi Shah, Tanvi Mehta, Conor Humphries, Angus MacSwan, Mark Heinrich, Cynthia Osterman, Kim Coghill Organizations: Reuters, Tesla, Twitter, Thomson Locations: United States, India, U.S, China, Washington, Beijing

☆ Heavy-duty truck emissions: US Senate upholds Biden veto protecting regulation
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, June 21 (Reuters) - The U.S. Senate on Wednesday confirmed President Joe Biden's veto of legislation that would have stopped the Environmental Protection Agency from enforcing new limits on soot and smog emissions from heavy-duty trucks. A Senate attempt to override Biden's veto got just 50 votes, far short of the 67 affirmative votes that needed. The vote allows the EPA to go ahead with plans to impose the regulations, although it still faces legal challenges. Among the heavy vehicles covered under the regulation are delivery trucks, motor homes, refuse haulers, transit, shuttle and school buses and tractor-trailers. Reporting by Richard Cowan and David Shepardson; Editing by Mark Porter and Conor HumphriesOur Standards: The Thomson Reuters Trust Principles.

Persons: Joe Biden's, Richard Cowan, David Shepardson, Mark Porter, Conor Humphries Organizations: U.S, Senate, Environmental Protection Agency, EPA, Thomson

REUTERS/Mike Segar/File PhotoNEW YORK, June 21 (Reuters) - JPMorgan Chase & Co's (JPM.N) commercial bank is entering Singapore and Israel this year as its unit catering to midsize and small companies makes a global push, the bank said. The moves will give the commercial bank a presence in 28 countries by year-end. The largest U.S. lender has been beefing up its global presence, with a goal of quadrupling the number of commercial clients as it enters new geographies. JPMorgan's commercial bank began branching outside of the U.S. and Canada in 2019, establishing bases in Europe and Asia. Revenue for the international commercial business stood at $847 million at the end of 2022, reflecting annual growth of 17%.

Persons: Morgan Chase, Mike Segar, Andrew Kresse, Doug Petno, Morgan McGrath, Nupur Anand, Lananh Nguyen, Conor Humphries Organizations: Co, New York City, REUTERS, JPMorgan Chase, U.S, JPMorgan, World Trade Organization, Revenue, Thomson Locations: New York, Singapore, Israel, U.S, Paris, London, Tel Aviv, Sydney, Canada, Europe, Asia

☆ Texas grid operator again forecasts record power use amid heat wave
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +2 min

June 21 (Reuters) - The Texas power grid operator again projected electric use would break a record - this time on Wednesday - after forecast usage fell short of the all-time high on Tuesday as consumers heeded calls to conserve energy during an early summer heat wave. After setting 11 new peak demand records last summer, the Electric Reliability Council of Texas (ERCOT) projected peak demand would break records again next week when extreme heat returns to the Lone Star State. ERCOT operates the grid for more than 26 million customers representing about 90% of the state's power load. ERCOT forecast power use would rise from 79,203 megawatts (MW) on Tuesday to 80,458 MW on Wednesday, which would top the grid's current record peak of 80,148 MW on July 20, 2022. Next week, ERCOT forecast demand would reach 82,080 MW on June 26 and 83,555 MW on June 28.

Persons: Scott DiSavino, Conor Humphries Organizations: Electric, of Texas, Lone Star State, ERCOT, Texans, Thomson Locations: Texas, Houston

☆ US bond traders seek edge by adopting tech -report
▼ + stars: | 2023-06-21 | by ( Matt Tracy | ) www.reuters.com time to read: +2 min

Traders have slowly adopted execution management systems (EMS) in their workflow to enhance their execution capabilities as the market evolves, wrote Audrey Blater, senior analyst at Greenwich, in a report released on Tuesday. The fixed-income market adoption of EMS is at "a tipping point" where some traders, while reluctant to use technology, "acknowledged a change of habit is imminently necessary," said Blater. The tech makeover of a market that sees billions of dollars of trades in a year though is still gradual. The study found that only 39% of some 41 senior fixed-income traders in US asset management firms, hedge funds and insurance companies, identified using an EMS. Some 34% of the 41 traders in the study looked to chat to execute trades, versus 27% that turned to technology as their top choice.

Persons: Audrey Blater, Matt Tracy, Shankar Ramakrishnan, Conor Humphries Organizations: Coalition, Traders, Thomson Locations: Coalition Greenwich, Greenwich

☆ Italy's Brembo to move to Amsterdam to increase M&A options
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +2 min

MILAN, June 20 (Reuters) - Italy's Brembo (BRBI.MI) is to move its legal headquarters to the Netherlands and strengthen its loyalty share scheme in a move aimed at increasing M&A opportunities, the premium brake maker said on Tuesday. The announcement follows similar moves by other major Italian companies, including Ferrari (RACE.MI), Exor (EXOR.AS), Mediaset (MFEB.MI) and Campari (CPRI.MI), to establish in the Netherlands to enjoy the benefits of the country's favourable loyalty share legislation. Brembo's tax residence will remain in Italy while its shares will continue to be listed in Milan, the group said. "Brembo intends to continue to grow and remain a competitive key player in the global automotive market that is currently undergoing a great transformation," he said. Reporting by Giulio Piovaccari and Francesca Landini; editing by Keith Weir and Conor HumphriesOur Standards: The Thomson Reuters Trust Principles.

Persons: Brembo, Matteo Tiraboschi, Camfin, Marco Tronchetti Porvera, Giulio Piovaccari, Francesca Landini, Keith Weir, Conor Humphries Organizations: MILAN, Ferrari, Brembo's, Citigroup, Brembo, Pirelli, Thomson Locations: Netherlands, Italy, Milan

☆ Musk to brief Modi on Tesla's India investment plans in U.S. meeting
▼ + stars: | 2023-06-20 | by ( Shivangi Acharya | ) www.reuters.com time to read: +2 min

June 20 (Reuters) - Tesla (TSLA.O) chief executive Elon Musk will directly brief Indian Prime Minister Narendra Modi on plans to set up a manufacturing base there, a source with direct knowledge said. Executives of the U.S. automaker visited India and held talks with Indian bureaucrats and ministers last month on establishing a manufacturing base for cars, and also to make batteries in India. Musk will discuss investment plans and outlook with Modi, the source said, describing the planned discussion as a "high-level meeting about India's economic potential". "Tesla has very strong plans for India, including looking at manufacturing," the person added. Tesla last year shelved its India entry plans due to high import tax structures, but has renewed talks in recent weeks by sharing plans with Indian officials about a manufacturing base there, which India has long sought.

Persons: Elon Musk, Narendra Modi, Musk, Modi, Tesla, Jack Dorsey, Shivangi Acharya, Aftab Ahmed, Aditya Kalra, Aditi Shah, Hyunjoo Jin, Conor Humphries, Angus MacSwan, Mark Heinrich Our Organizations: Indian, U.S ., Apple, Twitter, Reuters, Thomson Locations: United States, India, Indian, U.S, China, Washington, Beijing

☆ Philip Morris to launch new $30 mln production facility in western Ukraine
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +1 min

KYIV, June 20 (Reuters) - Philip Morris International Inc (PM.N) will launch a new $30 million production facility in the Lviv region in western Ukraine in the first quarter of next year, the company said on Tuesday. "This investment reflects our commitment as Ukraine's long-term economic partner," Maksym Barabash, Chief Executive Officer of Philip Morris Ukraine, said in a statement. Some large multinationals that were active in Ukraine for many years have recently announced investment plans to launch production in the country's central and western regions, far from front lines. Nestlé (NESN.S) started construction in May of a 40-million Swiss franc ($42.7-million) production facility in the west of Ukraine. Philip Morris has invested over $700 million in the Ukrainian economy since the start of its operations in the country in 1994.

Persons: Philip Morris, Barabash, Philip Morris Ukraine, Olena Harmash, Timothy Heritage, Conor Humphries Organizations: Philip Morris International Inc, Gross, Unilever, Thomson Locations: Lviv, Ukraine, Kyiv, Ukrainian

☆ Kyiv official named as suspect in bomb shelter deaths probe
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +1 min

KYIV, June 20 (Reuters) - Prosecutors served a notice of suspicion to the head of Kyiv's municipal department for security on Tuesday after three people died in a Russian air attack when they were unable to get into a bomb shelter, the prosecutor's office said. The prosecutor's office said the suspect was accused of improperly performing their official duties and that a lack of control over the maintenance and readiness of city bomb shelters led to the deaths and injuries of people. Kyiv's prosecutor's office did not name the suspect, but the capital's city council identified him as Roman Tkachuk and said the municipal security department was cooperating and providing access to available documentation. An audit, ordered by Zelenskiy, showed that condition of 15% of Kyiv's 4,655 shelters was suitable, while only 44% were freely accessible. Reporting by Anna Pruchnicka and Kyiv Newsroom; Editing by Tom Balmforth and Conor HumphriesOur Standards: The Thomson Reuters Trust Principles.

Persons: Volodymyr Zelenskiy, Kyiv's, Roman Tkachuk, Zelenskiy, Anna Pruchnicka, Tom Balmforth, Conor Humphries Organizations: Prosecutors, Kyiv, Thomson Locations: Kyiv's, capital's

Spokespeople for Micron and the Indian government, including its technology ministry, did not respond to requests for comment. A senior Biden administration official said the White House was "encouraged" by the number of U.S. firms considering India investments. An Indian industry source familiar with Micron's approvals said the so-called Assembly Testing Marking and Packaging will be built in the city of Sanand. Micron could procure and package chip for clients at the plant, or other companies could send their chips for testing before shipping. The source added that Micron's India plant would boost Modi's vision of making India a semiconductor base but true success would require actual manufacturing.

Persons: Narendra Modi's, Modi, Biden, Aditya Kalra, Aftab Ahmed, Trevor Hunnicutt, Conor Humphries, David Goodman Organizations: chipmaker Micron, U.S, Micron, FedEx, MasterCard, House, White House, Reuters, Biden, United, U.S . Commerce Department, Thomson Locations: India, DELHI, WASHINGTON, Gujarat, China, Sanand

☆ New US home construction surges by most in 3 decades in May
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +3 min

Housing starts rose to a seasonally adjusted annual rate of 1.631 million units last month from April's downwardly revised 1.34 million, the Commerce Department said on Tuesday. May's rate was the highest since April 2022, which was then the highest since 2006. Starts rose by double-digit margins in the South, Midwest and West while declining by nearly 19% in the Northeast. Permits for future construction, for instance, rose 5.2% to the highest since October at 1.491 million units, led by a 27.1% surge in the Northeast. Permits for single-family projects rose 4.8% while multi-family were up 7.8%.

Persons: April's, Ben Ayers, Alicia Huey, Dan Burns, Conor Humphries, Andrea Ricci Organizations: Federal Reserve, Housing, April's downwardly, Commerce Department, Reuters, Nationwide, National Association of Home Builders, Mortgage, Association, Thomson Locations: South, Midwest, West, Wells Fargo

☆ Rheinmetall to boost propellant powder production by up to 600 tons per year, CEO says
▼ + stars: | 2023-06-16 | by ( Sabine Siebold | ) www.reuters.com time to read: +2 min

REUTERS/Fabian Bimmer/File PhotoBRUSSELS, June 16 (Reuters) - Rheinmetall will ramp up production of propellant powder for ammunition at its plant in the Bavarian town of Aschau by 500 to 600 metric tons per year, adding some 10% to its current global capacity of more than 6,000 tons, its CEO Armin Papperger said. Rheinmetall (RHMG.DE) has already kicked off an investment programme with this goal, Papperger told Reuters in an interview late on Thursday. "You can only do it if you have a very, very large order of, for example, 800,000 artillery shells," Papperger said. "This is not a situation we find ourselves in, which means we are finding other ways such as expanding our powder plant in Bavaria." In January, Papperger told Reuters that Rheinmetall was considering building a new powder plant, possibly in the eastern German state of Saxony, but that the investment of 700-800 million euros would have to be footed by the government in Berlin.

Persons: Fabian Bimmer, Armin Papperger, Papperger, Sabine Siebold, Conor Humphries Organizations: Lynx, Rheinmetall, REUTERS, Reuters, Thomson Locations: Unterluess, Germany, BRUSSELS, Bavarian, Aschau, Bavaria, Saxony, Berlin, Ukraine

The facility in Poland will employ 2,000 workers and create several thousand additional jobs during the construction phase and hiring by suppliers, the company said in a statement. "Poland was just a little bit hungrier to win this site," Intel CEO Pat Gelsinger said in a news conference. Handelsblatt newspaper reported on Thursday that the German government and Intel were close to an agreement for 9.9 billion euros ($10.83 billion) in subsidies, up from a previously agreed 6.8 billion. The level of any subsidy offered to Intel by Poland was not made public during Friday's announcement. Mateusz Morawiecki, prime minister of Poland, called Intel's factory "the largest greenfield investment in the history of Poland".

Persons: chipmaker, Pat Gelsinger, Gelsinger, Olaf Scholz, Mateusz Morawiecki, Karol Badohal, Supantha Mukherjee, Jason Neely, Conor Humphries Organizations: Intel, Labour, AMD, Nvidia, Samsung, Thomson Locations: Poland, WROCLAW, STOCKHOLM, Wrocław, Europe, U.S, Germany, Ireland, France, Berlin, Wroclaw, Stockholm

June 16 (Reuters) - Volkswagen (VOWG_p.DE) will face investors hungry for answers at its capital markets day next Wednesday on how it will achieve high cost-cutting targets and whether it will heed their calls for an independent audit of its co-owned Xinjiang plant. "The 21 June CMD is an opportunity to reset a fraught relationship with investors, a challenging exercise," Jefferies wrote in a note on Friday. Investors also demanded that Volkswagen conduct an independent audit of the Urumqi plant, which executives have is only possible with the agreement of joint venture partner SAIC (600104.SS). Alongside targets, investors needed details on how the carmaker expects to make its EV production more cost-effective, Daniel Roeska of Bernstein Research wrote in a note on Thursday. "The risk is that instead we see more punchy earnings and volume targets, with little to support them," he added.

Persons: CMD, Jefferies, carmaker, Oliver Blume, Arno Antlitz, Blume, Daniel Roeska, Jan Schwartz, Victoria Waldersee, Conor Humphries Organizations: Porsche, Volkswagen, Investors, SAIC, Bernstein Research, Thomson Locations: Xinjiang, Urumqi, Germany

☆ Brazil's Localiza launches $935.5 mln share offering to expand fleet
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, June 16 (Reuters) - Brazilian car rental company Localiza (RENT3.SA) said on Friday it will launch a follow-on share offering aimed at raising as much as 4.5 billion reais ($935.51 million) to expand its car fleet and service network. The primary offering will initially comprise 60.02 million new shares, Localiza said in a securities filing, but could be increased by up to 12.5% if demand allows it. Considering its closing price of 66.64 reais per share on Thursday, the offering would total around 4 billion reais, the company said. Shares of Localiza slipped around 2% after the move was announced, making it one of the biggest fallers on Brazil's Bovespa stock index (.BVSP). ($1 = 4.8102 reais)Reporting by Gabriel Araujo; Editing by Steven Grattan, Louise Heavens and Conor HumphriesOur Standards: The Thomson Reuters Trust Principles.

Persons: Localiza, Bradesco, BTG Pactual, Gabriel Araujo, Steven Grattan, Louise Heavens, Conor Humphries Organizations: SAO PAULO, JPMorgan, UBS Brasil, Santander, Bank of America, Banco Safra, XP, Thomson Locations: Santander Brasil

☆ Murray feeling his best since surgery as he gears up for Wimbledon
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +2 min

June 16 (Reuters) - Andy Murray is in the best shape since his hip surgery as the former world number one prepares for a run at Wimbledon, he said after cruising into the quarter-finals of the Rothesay Nottingham Open. "It is really hard to say if I'm playing my best level overall," Murray added. Murray added that he is giving his best as he bids to be seeded by the time of the grasscourt Grand Slam, which runs from July 3-16. "I am doing my best to give myself the best preparation I can for Wimbledon," he said. Murray will play Swiss eighth-seed Dominic Stricker later on Friday before returning to the Queen's Club Championships on June 19.

Persons: Andy Murray, Scot, Murray, Hugo Grenier, Dominic Stricker, Pearl Josephine Nazare, Conor Humphries Organizations: Wimbledon, Rothesay Nottingham, Queen's, Thomson Locations: Rothesay, Aix, Monte Carlo, Madrid, Rome, Bordeaux, Swiss, Bengaluru

AHMEDABAD, India, June 16 (Reuters) - Early warnings, accurate identification of vulnerable areas and timely evacuations helped India to avert major casualties from cyclone Biparjoy, which battered the west coast near Pakistan late on Thursday, authorities said. India and Pakistan evacuated more than 180,000 people from the coastal areas to safety ahead of the cyclone. In 1998, a major storm in Gujarat killed about 4,000 people, according to local media, while in 2021, close to 100 people died in an 'extremely severe cyclone' named Tauktae. "Early identification of areas that were likely to be impacted by the cyclone and timely evacuation of people living within 10 km of the coasts are the biggest reasons" for low casualties, said Kamal Dayani, a senior Gujarat official. [1/5] A drone view of a broken bridge during the aftermath of Cyclone Biparjoy after it made landfall, along the Naliya-Bhuj highway, in the western state of Gujarat, , India, June 16, 2023.

Persons: Kamal Dayani, Francis Mascarenhas, Atul Karwal, Dayani, Sumit Khanna, Sudipto Ganguly, Kevin Liffey, Conor Humphries Organizations: Biparjoy, REUTERS, Authorities, Force, Thomson Locations: AHMEDABAD, India, Pakistan, Gujarat, Bhuj, Kutch, Ahmedabad, Mumbai

India's foreign ministry is consulting with departments on their appetite for fertiliser and gas from Cairo as part payment for the credit line, an Indian official said. India, the world's second-largest wheat producer, banned wheat exports in May 2022 to help control rising domestic prices, rescinding a plan to export 3 million tons of wheat to Egypt in the year 2022/23. The other sources from India and Egypt did not wish to be identified as they are not authorised to speak to the press. India's external affairs ministry, finance ministry, trade minister, and Egypt's foreign ministry and trade ministry did not immediately respond to requests for comment. India exported $4.11 billion of goods to Egypt in the last fiscal year, while importing $1.95 billion.

Persons: Narendra Modi's, Ali Moselhy, Moselhy, Rajendra Jadhav, Conor Humphries Organizations: Reuters, Indian, Thomson Locations: CAIRO, DELHI, India, Egypt, Delhi, Cairo, New Delhi, Russia

☆ Intesa launches cloud-based Isybank in digital push
▼ + stars: | 2023-06-15 | by ( Vaibhav Sadhamta | ) www.reuters.com time to read: +2 min

Isybank is powered by cloud technology provided by Britain's ThoughtMachine, a cloud-native banking technology firm. High-street banks globally face a big challenge in replacing their existing core IT infrastructure, known as mainframe, with cloud technology. Legacy systems pose a major hurdle, while the task is easy for challenger banks built from scratch on cloud technology. Intesa Sanpaolo has forecast its new digital bank would save around 800 million euros a year in 2026-2027, up from 600 million euros in 2025, according to a strategy presentation delivered in February last year. Isybank targets some 4 million Intesa customers who generate around 200 million euros in revenues a year and could become more profitable for the bank if shifted away from branches given they already only use digital bank services.

Persons: Britain's ThoughtMachine, Paul Taylor, Intesa, Intesa Sanpaolo, Carlo Messina, Stefano Barrese, Valentina Za, Conor Humphries Organizations: MILAN, Google, Thomson Locations: Italy's, Italy, Europe

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