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BUENOS AIRES, April 7 (Reuters) - Argentina's state oil company YPF has agreed to pay nearly $300 million to the creditors of one of its now-bankrupt subsidiaries after they sued the company in relation to a historical U.S. environmental case, it said. In 2016, Maxus Energy Corporation filed for chapter 11 protection in the U.S. Bankruptcy Court in Delaware. YPF said its former subsidiary had met its obligations until then, without specifying if these were financial or environmental. Under the conciliation agreement reached this week, the Maxus Liquidation Trust agreed to drop the claims it had filed against both YPF and co-defendant Spanish oil company Repsol, the statement issued by YPF said. In turn, YPF and Repsol agreed to pay the trust $287.5 million each, without admitting any responsibility.

☆ Iberdrola aims for US subsidies after Mexican asset sale
▼ + stars: | 2023-04-05 | by ( Pietro Lombardi | ) www.reuters.com time to read: +2 min

Companies Iberdrola SA FollowMADRID, April 5 (Reuters) - Spanish power company Iberdrola (IBE.MC) will seek to expand in the United States and take advantage of its green subsidies after announcing the sale of gas assets worth $6 billion in Mexico, Chief Financial Officer Jose Sainz said on Wednesday. "Due to IRA, we will probably review our renewable plans in the U.S.," he said, adding that the Mexican sale could also allow acquisitions. Mexico remains a core market for the company, which aims to grow its renewables operations there, he added. Mexico's president hailed his government's purchase of 13 power plants from Iberdrola as a "new nationalisation" that will increase state control. For Iberdrola, RBC analyst Fernando Garcia said in a research note it "got rid of the Mexican headache".

☆ UK telecoms firm Virgin Media suffers widespread outages
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +1 min

LONDON, April 4 (Reuters) - British telecoms firm Virgin Media said on Tuesday there was an issue impacting its broadband services, after thousands of customers reported widespread problems with internet access and the group's website also appeared to be down. There were more than 28,000 reports of Virgin Media outages on the Downdetector website as of Tuesday morning, beginning in the early hours, with most users reporting that their internet was not working. "We're aware of an issue that is affecting broadband services for Virgin Media customers as well as our contact centres," Virgin Media said on Twitter. Virgin Media O2 is owned by Liberty Global (LBTYA.O) and Spain's Telefonica (TEF.MC). Reporting by Kylie MacLellan, Andy Bruce and Sachin Ravikumar; Editing by Kate HoltonOur Standards: The Thomson Reuters Trust Principles.

[1/2] The logo of Spanish energy, construction and services conglomerate Acciona, is projected on a wall during company's annual shareholder meeting in Alcobendas, outside Madrid, May 10, 2016. REUTERS/Sergio Perez/File PhotoMarch 31 (Reuters) - Spanish engineering firm Acciona (ANA.MC) and Germany's Nordex (NDXG.DE) said on Friday they teamed up to develop green hydrogen projects within the next 10 years in the United States, Latin America and Africa. Acciona owns a 41% stake in Nordex and its energy unit Acciona Energias (ANE.MC) will also participate in the joint venture. The joint company will not operate in Spain and Portugal, where Acciona Energias has an alliance with Plug Power (PLUG.O). Green hydrogen is seen as a potential solution to decarbonising heavy transport including commercial shipping.

☆ Air India's plans to modernise under new owner Tata
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +3 min

2022June 15 - Campbell Wilson, the New Zealand-born former CEO of Singapore Airlines (SIAL.SI) budget offshoot Scoot takes over as Air India CEO. July 4 - Air India signs a deal to adopt Amadeus IT Group's (AMA.MC) Altea software, including for revenue management. Nov. 2 - Air India completes a deal to acquire 100% of AirAsia India and begins to integrate it with Air India Express as part of a broader restructuring of Tata's airline business. Nov. 29 - Tata says it will merge Air India with Vistara, its joint venture with Singapore Airlines. Feb. 13 - Air India resumes non-stop service between Mumbai and New York, weeks after the launch of non-stop Mumbai-San Francisco.

☆ Zara founder buys luxury apartment building in Dublin for $108 million
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +1 min

MADRID, March 31 (Reuters) - Spanish billionaire and Zara founder Amancio Ortega has bought a luxury residential building with 120 apartments for rent in Dublin, Ireland, for around 100 million euros ($108 million), his private firm Pontegadea said on Friday. It is the first residential building that Ortega's firm has bought outside the United States, Pontegadea said, adding it was part of its strategy to invest in multiple real estate assets. The Opus 6 Hanover Quay building is at the heart of Silicon Docks, the nickname for Dublin's business and technology district, and offers luxury apartments and townhouses for long-term rent, according to the building's website. Pontegadea has focused on investing in real estate assets worldwide and in Spain's energy infrastructure. ($1 = 0.9189 euros)Reporting by Corina Pons Editing by David Latona and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Billionaire LeBron James is 'the cheapest guy in the NBA,' won't pay for Elon Musk's Twitter Blue
▼ + stars: | 2023-03-31 | by ( Nicolas Vega | ) www.cnbc.com time to read: +2 min

The 38-year-old Los Angeles Lakers star on Friday tweeted that he has no plans to pay for Elon Musk's Twitter Blue subscription, even if it means he loses his blue verification check mark on Apr. "Welp guess my blue ✔ will be gone soon cause if you know me I ain't paying the 5," James tweeted to his 52.8 million followers. Twitter Blue will actually cost $8 per month, not $5, though the distinction probably doesn't mean much to James, who once agreed that he was "the cheapest guy in the NBA." "I don't know how long this could last," James says in the film when asked why he won't pick up the tab. 1 as he pushes users to sign up for Twitter Blue.

Operating profit in the Swedish group's fiscal first quarter was 725 million Swedish crowns ($69.73 million) against a profit of 458 million crowns a year earlier. H&M's operating profit margin was 1.3%, up from 0.9% a year earlier. Helmersson said the company expects a gross margin recovery over the year and is making progress towards its goal of a 10% operating margin next year. Analysts at Credit Suisse said it would be "very challenging" for H&M to return to a 10% margin in 2024. H&M said net sales for March were expected to increase by 4% in local currencies compared with the corresponding period last year.

Venezuelan oil resumed flowing to the U.S. in January under a Treasury Department license granted to Chevron that allowed it to expand output there and export the oil. Refiners including Valero and Phillips 66 (PSX.N) have bought cargoes from Chevron, according to U.S. Customs and shipping data. Chevron's license - and approvals granted to European firms Eni (ENI.MI) and Repsol (REP.MC) - allow only for oil or debt swaps. Chevron's resumption of Venezuelan crude imports has not led to an increase in the country's overall exports this year, according to PDVSA schedules and Refinitiv Eikon data. 2 U.S. oil company exported some 86,000 barrels per day of Venezuelan oil in February.

Repsol says the plant, which transforms used cooking oil into so-called sustainable aviation fuel (SAF), has attracted plenty of customers. But it is concerned Europe's investment environment will complicate the industry's efforts to take off. "Europe needs to step up and throw its weight behind a domestic SAF industry to ensure it does not fall behind." That's a bit under 1% of global aviation fuel demand," said Jonathan Wood, Neste's vice-president of renewable aviation. "America's programme of both federal and state incentives for SAF production is the mark of global leadership on the net-zero transition," IAG told Reuters.

☆ Europe banks can lose 38% of deposits before having to sell assets at a loss-research
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +2 min

MILAN, March 29 (Reuters) - The average European bank could withstand a loss of 38% of its deposits without having to sell at a loss government bond holdings or have a fire sale of illiquid assets, Jefferies analysts said. "Most investor discussions end up at deposit flight risk and the extent to which this can be offset," it added. But investors are worried about the risk that banks may at some point be forced to sell their HTM securities. Jefferies analysed the ability of banks to quickly cover deposit outflows with minimal or no losses, against the level of retail deposits, which comprise 63% of the median bank's deposit base. Following are the results of Jefferies' liquidity analysis:Jefferies liquidity analysis of EMEA banksReporting by Valentina Za and Iain Whithers.

☆ Xavier Niel can feast on European telco misery
▼ + stars: | 2023-03-27 | by ( Pamela Barbaglia | ) www.reuters.com time to read: +5 min

LONDON, March 27 (Reuters Breakingviews) - Xavier Niel is set to be more than a spectator in the looming consolidation of Europe’s telecoms industry. It earned EBITDA after leases of 3.3 billion euros last year. Those shareholdings have a combined market value of 1.2 billion euros, though they were partly funded through derivatives, potentially limiting the tycoon’s cash outlay. On a multiple of 6 times last year’s EBITDA of 652 million euros it’s worth little more than the 3.5 billion euros Niel and other investors paid in 2017. Smaller investments in Monaco Telecom and holdings in Senegal and the Comoros are probably worth a combined billion euros, bankers estimate.

☆ Amazon, other retailers revamp 'free' shipping as costs soar
▼ + stars: | 2023-03-24 | by ( Lisa Baertlein | ) www.reuters.com time to read: +6 min

REUTERS/Alyssa PointerLOS ANGELES, March 24 (Reuters) - There is no such thing as free shipping. "The days of free delivery are numbered," Ken Morris, managing partner at Cambridge Retail Advisors, said of the fast-changing retail marketing tool. It is an open secret that most retailers raise product prices to subsidize free shipping. Postal Service hitting record levels, the industry where nearly three-quarters of e-commerce companies offer some sort of free shipping is rethinking the financial cost of habituating shoppers to free shipping. While retailers like Amazon and fashion purveyor Asos Plc (ASOS.L) have raised thresholds for fast shipping, others are dropping free shipping altogether or taking product prices up again.

ISTANBUL, March 24 (Reuters) - Scores of foreign investors are returning to Istanbul and Ankara after years in the cold for a flurry of meetings to understand whether Turkish elections could bring a tidal change for its economy and financial markets. President Tayyip Erdogan's unorthodox policy approach, including aggressive rate cuts in the face of soaring inflation, left the economy and markets heavily state-managed and spurred an exodus of foreign investors over the last five years. Investors seek to understand "who will win, who will hold key positions and what the programme will be." Wall Street bank Citi said it held two days of meetings in Istanbul earlier this month for its bond and equity investors. "It may be a good opportunity to rethink Turkey's currently significant 'underweight' positioning among peer markets," the investor said.

Hohn, who runs hedge fund TCI Fund Management, owns 3.1% of Cellnex's shares and 5.9% in derivatives, corporate records show. However, Hohn last month wrote to Airbus, in which TCI has a 3% stake, demanding it drop a deal. "We believe that the subsequent hiring process for a new CEO has been mishandled by the board and resulted in insufficient progress to recruiting a suitable replacement," Hohn wrote in the letter, published on TCI's website. "We intend to exercise our shareholder rights to request certain shareholder resolutions be added to the next AGM," the letter said. Kan was named Cellnex's chairman in 2021 and has been an independent member of the board since 2015.

☆ Ardian mobile towers pounce would be a mouthful
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +2 min

MILAN, March 23 (Reuters Breakingviews) - Ardian’s mobile towers takeover in Italy looks a stretch. Buying the rest could cost Ardian 10 billion euros, assuming a modest 20% premium. It would also need UK telco Vodafone (VOD.L) to sell the 33% stake it indirectly controls. Mobile towers are in hot demand among private equity players because of their steady cash flow. A 20% premium may value INWIT at 17.7 billion euros, including net debt of around 4 billion euros.

☆ Meta says a network fee is not the fix for European telecoms firms' financial problems
▼ + stars: | 2023-03-23 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

Deutsche Telekom (DTEGn.DE), Orange (ORAN.PA), Telefonica (TEF.MC), Telecom Italia (TLIT.MI) and other operators have lobbied for two decades for U.S. tech giants to contribute to 5G and broadband roll-out. "We recognise the financial challenges that European telecom operators now face after decades of strong performance," Kevin Salvadori, Meta's vice president for network and Bruno Cendon Martin, its director and head of reality labs wireless, wrote in a blog post. "However, proposals by some European telecom operators to impose network fees on Content Application Providers (CAPs) such as Meta are not the solution," they said. It dismissed telecoms providers' arguments that the expansion of the metaverse, shared virtual worlds accessible via the internet, would strain infrastructure capacity. The development of the metaverse will not require telecom operators to grow capital expenditures for greater network investment," Salvadori and Martin said.

☆ Swiss CoCo shakeout may yet help bank regulators
▼ + stars: | 2023-03-22 | by ( Neil Unmack | ) www.reuters.com time to read: +3 min

LONDON, March 22 (Reuters Breakingviews) - Switzerland’s forced merger of Credit Suisse (CSGN.S) with UBS (UBSG.S) has caused a real stink. European regulators on Monday mobilised to calm debt investors after Swiss authorities chose to write off 16 billion Swiss francs of Credit Suisse’s Additional Tier 1 CoCos. Both the Bank of England and European regulators pledged on Monday to respect the bank rescue hierarchy that says shareholders should lose money before debt. A case in point: only last year the already creaking Credit Suisse chose to redeem a bond. Follow @Unmack1 on TwitterCONTEXT NEWSPrices of contingent capital securities, a kind of junior ranking loss-absorbing bank debt, fell after bonds issued by Credit Suisse were wiped out following its takeover by UBS.

☆ Oxbotica, Goggo team up for autonomous middle-mile delivery
▼ + stars: | 2023-03-22 | by ( Nick Carey | ) www.reuters.com time to read: +1 min

LONDON, March 22 (Reuters) - British self-driving software startup Oxbotica and autonomous delivery company Goggo Network said on Wednesday they are teaming up to test middle-mile deliveries for retailers and other customers including Carrefour (CARR.PA) and Dia (DIDA.MC). The partnership will initially see Berlin-based Goggo deploying Oxbotica's autonomy software in Spain in middle-mile delivery operations for partners like Spanish pizza chain Telepizza. Goggo will also use Oxbotica's fleet management system to optimise the operational performance of its autonomous vehicles (AVs), the companies said. Middle-mile delivery routes, where vehicles run on fixed routes between distribution centres, are seen as easier to automate than last-mile deliveries to individual consumers' homes. Oxbotica said in January it had raised $140 million from investors to speed the deployment of AVs in areas including heavy industry, ports and airports.

MERIDA, Mexico, March 16 (Reuters) - The Mexican arm of Spain's Banco Santander (SAN.MC) plans to launch digital lender Openbank by the end of March 2024 to offer checking accounts, credit cards and other services over time, the head of the local unit said on Thursday. "We need to 'tropicalize' it and make it fit for the Mexican market and regulation," Santander's Mexico country head Felipe Garcia told Reuters in an interview, adding that because the digital bank already operates in Argentina and some European countries the operation will not be starting from scratch. Garcia did not say how much Spain's biggest bank would invest in the move. The unit is Mexico's third-biggest bank by the size of its credit portfolio and managed some 810 billion pesos ($43.23 billion) at the end of last year, according to data from the national banking regulator. ($1 = 18.7385 Mexican pesos)Reporting by Valentine Hilaire and Noe Torres; Editing by Sarah Morland and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

☆ Enel self-help plan has one known unknown
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +2 min

MILAN, March 17 (Reuters Breakingviews) - Enel (ENEI.MI) Chief Executive Francesco Starace’s slim-down plan is not getting enough attention. That prompted the group to start aggressively selling assets in places like Chile, Argentina and Romania to cut debt by 21 billion euros. As of Thursday, it had clinched sales equivalent to around 8 billion euros, while net debt had fallen to 60 billion euros. Since taking the helm in 2014, the 67-year-old Italian executive has set the state-controlled power company on a clear green energy trajectory, with one of the biggest green generation pipelines. If Enel replaces its green champion with someone less competent, investors may stay jittery.

REUTERS/Brian Snyder/File PhotoLONDON, March 15 (Reuters) - Investment managers Bridgewater Associates, Millennium Management and Marshall Wace added to short positions on European banking shares after the collapse of Silicon Valley Bank sparked contagion fears across global banks, according to data from Breakout Point. Short sellers had amassed bearish positions worth more than $15.7 billion against European banks by Tuesday, according to S&P Global Market Intelligence. Millennium Management, Citadel, Wellington Management, Capital Fund Management, Odey Asset Management and Marshall Wace declined to comment. Marshall Wace held the largest disclosed number of short positions against banks, public filings from Austria, Italy, Sweden, Britain, Spain and Poland analysed by Breakout Point showed. Its shares were up 18% at 1602 GMT, in a broader European banking index (.SX7P) up 1.4%In the week to Wednesday, some 120 billion euros had been wiped off the value of European bank shares.

☆ Spanish banks' exposure to Credit Suisse well below 1 bln euros, source says
▼ + stars: | 2023-03-16 | by ( Jesús Aguado | ) www.reuters.com time to read: +2 min

MADRID, March 16 (Reuters) - Spanish banks' exposure to struggling Swiss lender Credit Suisse (CSGN.S) is immaterial and lower than 1 billion euros ($1.1 billion), a source with knowledge of the matter said on Thursday. "The total exposure from Spanish lenders to Credit Suisse is well below 1 billion euros," the source said, without elaborating further. Credit Suisse in Spain declined to comment. Two supervisory sources told Reuters on Wednesday that the European Central Bank had contacted banks on its watch to quiz them on their exposure to Credit Suisse. On Thursday, the head of Spanish banking association AEB Alejandra Kindelan said she saw "no risk of contagion to Spanish banks", adding that domestic banks were well funded and properly supervised.

☆ Investors punish Zara owner Inditex over spending plans
▼ + stars: | 2023-03-15 | by ( Corina Pons | ) www.reuters.com time to read: +4 min

As the cost of making garments increased, H&M took a profit hit while Inditex was able to pass on costs to shoppers. But higher expected capital expenditure for 2023, of 1.6 billion euros, surprised investors, sending Inditex shares down more than 5% by 1140 GMT. An Inditex logo is seen at the entrance of a Zara factory, the headquarters of Inditex group, in Arteixo, northern Spain, March 9, 2016. Inditex closed stores in mainland China at double its average rate, shutting a fifth of its shops there in 2022. Meanwhile Inditex plans to continue expanding in the United States, with at least 30 new projects planned from 2023 to 2025.

Credit Suisse fell below 2 Swiss francs ($2.18) for the first time after Saudi National Bank said it could not go above 10% ownership due to a regulatory issue. Credit Suisse shares fell by as much as 23.8% and were last down 20.2%. An index of European bank stocks (.SX7P) fell in morning trading and was last down 6.1%, hitting its lowest since January 3. Fears of contagion after the collapse of tech-focused lender SVB (SIVB.O) and New York-based Signature Bank (SBNY.O) last week have weighed on European bank stocks. We move from the problems of American banks to those of European banks, first of all Credit Suisse," said Carlo Franchini, head of institutional clients at Banca Ifigest in Milan.

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