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Enel, hitherto the world's biggest listed renewables developer, plans 35.8 billion euros ($39 billion) of gross capital expenditure in its plan to 2026, of which nearly 19 billion euros will help to modernise and make its networks more resilient. Shares in the state-controlled power group were down 0.4% at 1530 GMT paring a 1% initial loss on the Milan bourse and underperforming a nearly flat blue-chip index. Rising indebtedness was one of the reasons why the Italian government, which is the single biggest shareholder in Enel, decided to oust the group's previous CEO, Francesco Starace. New CEO Flavio Cattaneo pledged to spend only the cash generated by the business, without increasing the debt pile. The group will devote some 3 billion euros to actively manage its customer portfolio through bundled offers, which will include different commodities and services.

Persons: Antonio Parrinello, Enel, Francesco Starace, Flavio Cattaneo, Cattaneo, Stefano De Angelis, Starace, Francesca Landini, Giancarlo Navach, Keith Weir, Giulia Segreti, Elaine Hardcastle, Jonathan Oatis Organizations: REUTERS, Milan bourse, Thomson Locations: Catania, Italy, MILAN, Milan, Enel

Investments in renewables will be more selective, the group said, adding it would spend 12.1 billion euros in onshore wind, solar and battery storage. It will devote 49% of gross capex to investments in Italy, up from a 48% in the previous plan, which envisaged investment of 37 billion euros including 17 billion for renewables. Flavio Cattaneo, who succeeded long-serving CEO Francesco Starace in May, said the new 2024-26 business plan would turn Enel into a leaner and more flexible group. Enel said its net ordinary income was expected to grow to between 6.6 billion and 6.8 billion euros next year and rise to 7.1-7.3 billion euros in 2026. ($1 = 0.9168 euros)Reporting by Francesca Landini, editing by Giulia SegretiOur Standards: The Thomson Reuters Trust Principles.

Persons: Flavio Cattaneo, Francesco Starace, Cattaneo, Enel, Francesca Landini, Giulia Segreti Organizations: MILAN, Investments, Thomson Locations: Italy

Russia's parliament approved a federal budget Wednesday that increases spending by around 25% in 2024-2026 and devotes a record amount to defense. The budget was passed unanimously by the Federation Council — the upper chamber of the Russian parliament — and will be sent to President Vladimir Putin to sign it into law. Under the budget, the country’s largest, defense expenditure is expected to overtake social spending next year for the first time in modern Russian history. It comes as the Kremlin is eager to shore up support for President Vladimir Putin before a March presidential election. Record low unemployment, higher wages and targeted social spending should help the Kremlin ride out the domestic impact of pivoting the economy to a war footing but could pose a problem in the long term, analysts say.

Persons: —, Vladimir Putin, Vyacheslav Volodin, ”, Richard Connolly Organizations: Federation Council, Royal United Services Institute Locations: Russia, Ukraine, London

☆ Nigeria lawmakers pass 2024-2026 budget framework with naira at 700 to dollar next year
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +1 min

ABUJA, Nov 21 (Reuters) - Nigeria's lower house of parliament passed the medium-term expenditure framework for 2024-2026 on Tuesday, a set of assumptions that will be used to prepare the country's budget over the next three years. The naira last week briefly slumped to a record low of 1,105 against the dollar on the official market, bringing the official exchange rate within touching distance of the parallel market rate. The fiscal framework must also be passed by the upper chamber of parliament. Tinubu is also due to send the country's 2024 spending plan of 26 trillion naira ($34 billion) to parliament for approval. Below are some of the assumptions in the medium-term expenditure framework:Reporting by Camillus Eboh in Abuja Writing by Chijioke Ohuocha Editing by Alexander Winning and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

Persons: Bola Tinubu's, firming, Camillus, Chijioke, Alexander Winning, Matthew Lewis Organizations: Thomson Locations: ABUJA, Tinubu, Camillus Eboh, Abuja

☆ Japan cuts view on economy for first time in 10 months
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +2 min

TOKYO, Nov 22 (Reuters) - Japan's government on Wednesday slashed its view on the economy for November in its first such downgrade in 10 months, as weak demand weighed on capital spending and consumer expenditure. The new assessment by the Cabinet Office came after data last week showed the economy shrank in July-September for the first time in three quarters as demand waned. "The economy is recovering moderately, although some areas showed stalemate recently," said the report issued by the Cabinet Office on Wednesday. It was the first time the government has cut its view on the overall economy since January. The government expects the economy to continue to recover moderately but there are risks such as those from global monetary tightening and the Chinese economy.

Persons: inflation's, Fumio, Kaori Kaneko, Sam Holmes Organizations: Cabinet, Thomson Locations: TOKYO

☆ EU fiscal pact ignores green elephant in the room
▼ + stars: | 2023-11-21 | by ( Lisa Jucca | ) www.reuters.com time to read: +8 min

REUTERS/Henry Nicholls Acquire Licensing RightsMILAN, Nov 21 (Reuters Breakingviews) - The European Union’s troubled fiscal pact, once branded as "stupid" by former European Commission President Romano Prodi, has reached its sell-by date. Average EU debt has been consistently above the 60% target. NEW COURSEThe proposed revamp of the fiscal pact, now under discussion, is an improvement. BRAVE NEW DEBT WORLDFor all of Brussels’ reforming zeal, Europe’s future debt rules ignore a giant elephant in the room: climate change. Another option is to remove green investments from the fiscal rules’ deficit calculations.

Persons: Henry Nicholls, Romano Prodi, Christian Lindner, Giorgia Meloni, Breakingviews, Bruno Le Maire, Olaf Scholz’s, Mario Draghi, Francesco Guerrera, Thomas Shum Organizations: Trust, REUTERS, Reuters, European, Reuters Graphics Reuters, European Commission, French Finance, EU, Intel, European Central Bank, Italian, Union, Thomson Locations: Green Park, London, Britain, Maastricht Treaty, Germany, it's, Italy, Greece, Brussels, EU, United States, Spain, Europe

☆ 'The gorilla is gone for the moment': OpenAI's rivals see ways to profit from a Silicon Valley drama
▼ + stars: | 2023-11-21 | by ( Riddhi Kanetkar | ) www.businessinsider.com time to read: +5 min

An in-demand talent pool"Many previously poorly understood secrets will be more widely disseminated across the ecosystem," one European AI founder who spoke on the condition of anonymity said. But European competitors can still benefit from OpenAI's implosion. The startup had been on an uninterrupted run for the past year, said EarlyBird VC partner and Aleph Alpha investor Andre Retterath. The turmoil at OpenAI has also galvanized both AI founders and investors in Europe. The company's top expenditure, besides employee salaries, is manually cleaning and sourcing the data they use to train their models, a European VC said.

Persons: Sam Altman, unseats, Nathan Benaich, Altman, Marc Benioff, Salesforce, Silvio Savarese, Einstein, 1RXoc9ekeo, Benaich, Alpha, EarlyBird, Andre Retterath, Retterath, Mariam Pettit, they've, OpenAI, Andrew Scott, 7percent, David Grimm, Grimm, Rebecca Gorman Organizations: Air Street Capital, Business, Aleph Alpha, Microsoft, Google, Alpha, Global Founders Capital, Albion Locations: Europe, OpenAI

☆ Exploding drones are proving a weapon unlike any other in Ukraine, and no one is safe, combat videos show
▼ + stars: | 2023-11-17 | by ( Ryan Pickrell | ) www.businessinsider.com time to read: +6 min

These weapons are unlike any other threat in Ukraine and are reshaping combat. AdvertisementMore and more, it isn't just tanks and armored vehicles falling prey to cheap hobby drones packed with explosives in Ukraine. "Earlier, FPV strikes took place only after it was scouted by an ISR drone," he said, referring to intelligence, surveillance, and reconnaissance operations. "Now, FPV drones take off and look for the target while in flight," and when they find one, "they just strike it." A serviceman of Separate 14th Regiment of Armed Forces of Ukraine, holds FPV strike drone on the front line on October 26, 2023 in Zaporizhzhia Oblast, Ukraine.

Persons: —, Samuel Bendett, Bendett, Vitalii Nosach Organizations: Service, Regiment, Armed Forces of Locations: Ukraine, Russia, Armed Forces of Ukraine, Zaporizhzhia Oblast, Ukrainian

The economy and finance ministry declined immediate comment. "So the ruling could have a negative impact on economic growth," the source added. Last month, the economy ministry predicted 1.3% growth for next year. Although the Greens want additional spending, the Free Democrats (FDP), which heads the finance ministry, reject additional debt and higher taxes. "There is a clear political decision in favour of Intel and nothing has changed yet," said an economy ministry spokesperson on Friday.

Persons: Liesa, Olaf Scholz's, Christian Lindner, Chancellor Olaf Scholz's, Joerg Kraemer, Robert Habeck, Habeck, Friedrich Merz, Christian Haase, Commerzbank's Kraemer, Maria Martinez, Andreas Rinke, Holger Hansen, Christian Kraemer, Madeline Chambers, Matthias Williams, Clarence Fernandez, Gerry Doyle, David Evans Organizations: REUTERS, Rights, Thursday, Greens, Free Democrats, Transformation, Intel, U.S, Christian Democratic Union, ESF, Economic, Stabilization, Thomson Locations: Berlin, Germany, Europe's

[1/3] The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. Beijing needs to pull "multiple levers" at the same time to address the "vulnerabilities" in the financial system, local government financing, as well as consumer sentiment, said Edward Al-Hussainy, head of emerging market fixed income research at Columbia Threadneedle, which owns Country Garden bonds. China property sector slumpShoring up confidence is the biggest challenge facing Beijing and is key to getting homebuyers spending again, which analysts says isn't likely to happen soon given an uncertain economic outlook. Reuters reported last week that Chinese authorities have asked domestic financial behemoth Ping An Insurance Group to take a controlling stake in Country Garden. "You need to fix the macro environment first; if you don't earn enough how do you buy a property?," said Xu, whose firm holds China property dollar bonds.

Persons: Aly, Edward Al, isn't, Morgan Stanley, Ping, Ping An, Elliot Hentov, Steven Xu, Xu, Raymond Cheng, Goldman Sachs, Clare Jim, Davide Barbuscia, Karin Strohecker, Summer Zhen, Rae Wee, Sumeet Chatterjee Organizations: Shanghai Country Garden, REUTERS, HONG KONG, Columbia, Reuters, HK, Economic Work Conference, Reuters Graphics, HIT, Insurance Group, State Street Global Advisors, Country, Harmonia, Bloomberg, China, CIBM Securities, Thomson Locations: Shanghai, China, HONG, Beijing, outflows, Hong Kong, New York, London, Singapore

☆ Germany's budget committee pauses 2024 budget deliberations -panel members
▼ + stars: | 2023-11-17 | by ( Maria Martinez | Thomson Reuters | Maria Martinez Is A Reuters Correspondent In Berlin Covering German Economics | ) www.reuters.com time to read: +4 min

REUTERS/Liesa Johannssen/File Photo Acquire Licensing RightsBERLIN, Nov 17 (Reuters) - Germany's budget committee paused final deliberations on the 2024 draft budget early on Friday morning, according to the chief budget officers of the coalition government, after a constitutional court ruling threw negotiations into disarray. The contents of the ministries' budgets were finalised during the committee meeting, the budget officers said. On Wednesday, the constitutional court decision prompted the government to postpone the formal vote of the budget committee until next Thursday. Despite the court ruling, the 2024 budget is expected to be passed as planned at the end of the Bundestag's budget week on Dec. 1, according to members of the budget committee. The chief budget officers of the coalition government accused the opposition of refusing to cooperate in budget deliberations.

Persons: Liesa, Chancellor Olaf Scholz's, Joerg Kraemer, Friedrich Merz, Commerzbank's Kraemer, Maria Martinez, Holger Hansen, Clarence Fernandez, Gerry Doyle Organizations: REUTERS, Rights, Greens, Free Democrats, European Commission, dpa, Bundestag's Energy, CDU, CSU, Christian Democratic Union, ESF, Economic, Stabilization, Thomson Locations: Berlin, Germany, Ukraine

☆ 'Pretty inexpensive': Morgan Stanley bullish on one Big Tech stock, says it looks cheap on some metrics
▼ + stars: | 2023-11-16 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +3 min

Shares of tech giant Meta Platforms are set to jump over 10% in the next 12 months, according to Brian Nowak, an equity analyst at Morgan Stanley. While Meta has been on investors' radars, the stock was under pressure last month during a recent tech sell-off. META YTD mountain Year-to-date share price of Meta Going forward, Nowak remains overweight on the tech giant. Nowak also believes the tech giant's strength comes from the discipline on its operating expenditure. It will also result in incremental Reels ad revenue of $11.4 billion in 2024 and $12.9 billion in 2025, the analysts led by Nowak detailed.

Persons: Brian Nowak, Morgan Stanley, Susan Li's, –, Li, Nowak, CNBC's, —, Isabella Lok Organizations: Meta, Apple, Microsoft, Nvidia, Tesla, Facebook Locations: U.S

☆ Japan's export growth slows as China, global downturn risks loom
▼ + stars: | 2023-11-16 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +3 min

A worker is seen among newly manufactured cars awaiting export at port in Yokohama, Japan, November 15, 2017. Weak exports have complicated Japan's efforts to spur economic growth with sluggish domestic demand also weighing on the post-pandemic recovery. Japan's export growth slowsJapan's economy weakened in July-September, snapping two straight quarters of expansion on soft consumption and exports, data showed on Wednesday. By destination, exports to China, Japan's largest trading partner, fell 4.0% year-on-year in October, posting 11 straight months of declines. The trade balance came to a deficit of 662.5 billion yen ($4.38 billion), versus the median estimate for a 735.7 billion yen deficit.

Persons: Toru Hanai, Atsushi Takeda, Tetsushi Kajimoto, Satoshi Sugiyama, Sam Holmes Organizations: REUTERS, TOKYO, Ministry of Finance, Itochu Economic Research Institute, Thomson Locations: Yokohama, Japan, China, United States, Europe

“Representative Santos sought to fraudulently exploit every aspect of his House candidacy for his own personal financial profit,” the report concluded. Ethics panel concludes sexual harassment allegation against Santos was not substantiatedThe House Ethics panel said there was not substantial evidence to support a sexual harassment allegation brought against Santos. But the report also indicates that there was some tension between the overlapping DOJ criminal probe and House ethics probe. The ethics panel reached out to the Justice Department to deconflict their investigations, and top DOJ officials asked them in March to pause the ethics probe. The House report says DOJ’s “deferral requests” prevented them from getting to the bottom of certain allegations.

Persons: George Santos, Santos, Santos ’, ”, Ubers, ” Santos, Mary Altaffer, AP Santos, –, “, Nancy Marks, Santos “, ‘, it’s, DOJ’s Organizations: New York Rep, US, Republican, “, US Justice Department, Santos ’, New York University, Baruch College, ”, New York's, AP, Federal, Commission, ” “, Santos, Resources, CNN, Justice Department, ISC, DOJ Locations: ”, Washington, Florida, Las Vegas, Atlantic City, Jericho , New York, CityMD, Huntington , New York, Rhinebeck , New York, Queens , New York, Glen Cove , New York, United States, Santos ’

☆ EV maker Canoo slashes spending for second half of 2023, forecasts smaller loss
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +2 min

A view shows the Canoo logo on a Canoo LV (Lifestyle Vehicle) electric vehicle outside a manufacturing site in Livonia, Michigan, U.S. November 29, 2022. The EV maker expects capital expenditure of $30 million to $40 million in the second half of 2023, compared with its prior forecast range of $70 million to $100 million. Canoo projects core loss to be between $85 million and $105 million for the second half, versus its previous range of $120 million to $140 million. Adjusted loss per share was 6 cents, compared with LSEG estimates of a 12-cent loss. Its cash and cash equivalents were $8.3 million as of Sept. 30, compared with $5 million in the preceding three months.

Persons: Rebecca Cook, Canoo, Tony Aquila, EVs, Aquila, Samrhitha, Shilpi Majumdar Organizations: REUTERS, Ford, General Motors, U.S . Defense Department, Walmart, NASA, Thomson Locations: Livonia , Michigan, U.S, Oklahoma, Bengaluru

☆ Low Platinum Prices Show How Banking on Miners Could Threaten the Energy Transition
▼ + stars: | 2023-11-15 | by ( Yusuf Khan | ) www.wsj.com time to read: +5 min

Platinum is used to make the electrolyzers that produce hydrogen and the sharp down cycle in South Africa’s platinum mining sector demonstrates the risk that low prices and lack of investment could slow the energy transition. Prices for other commodities have also fallen, while miners have been complaining of rising costs and seem to be limiting their capital expenditures. Photo: michele spatari/Agence France-Presse/Getty ImagesFor the mining sector, cyclical returns are nothing new. Ray said many South African PGM miners are now selling their output at close to the cost of production, eating away at profitability. “To the extent that PGM prices stay at current levels, I would not be surprised to see more supply-side reaction,” Ray said.

Persons: Waldo Swiegers, ”, Tom Price, michele spatari, We’ve, ” Emma Townshend, ” Townshend, Raj Ray, Ray, ” Ray, ” Implats’s Townshend, Implats, Yusuf Khan Organizations: Bloomberg, Liberum, Agence France, PGM, Times, Business, BMO Capital Markets, Metals Locations: Sibanye, Africa, Johannesburg, Stillwater, South, South Africa, Marikana, U.S, China, Europe, Implats

☆ Japan's economy shrinks far more than expected in third quarter
▼ + stars: | 2023-11-15 | by ( Clement Tan | ) www.cnbc.com time to read: +1 min

Japan's economy shrank way more than expected in the July-September period, provisional government data showed Wednesday, amid slowing global demand and rising domestic inflation. Provisional gross domestic product fell 2.1% in the third quarter compared to a year ago, after expanding 4.8% in April-June. The world's third-largest economy also contracted 0.5% in the third quarter from the previous quarter, after expanding 1.2% in the second quarter from the first. The weaker GDP print was partly driven by weaker than expected domestic capital expenditure, which contracted 0.6% in the third quarter from the second quarter — as opposed to expectations for a 0.3% expansion, according to the same government release. Private consumption in Japan was flat in the third quarter from the previous quarter, as domestic and foreign demand weighed on the economy.

Persons: Kazuo Ueda Organizations: Bank of Japan Locations: Japan

"Given the absence of a growth engine, it wouldn't surprise me if the Japanese economy contracted again in the current quarter. The risk of Japan falling into recession cannot be ruled out," said Takeshi Minami, chief economist at Norinchukin Research Institute. "The weak growth and the spectre of slowing inflation could delay the BOJ's exit from negative interest rates," he said. Japan’s economy contracts in the third quarterThe weak reading reflects lacklustre consumption and capital expenditure, dashing policymakers' hopes for a post-pandemic rebound in domestic activity to offset weaker external demand from China and elsewhere. He said better net exports, underpinned by car shipments and tourism, helped lift growth in the second quarter, belying the weakness in domestic demand.

Persons: Androniki, Takeshi Minami, Stefan Angrick, Angrick, Fumio Kishida, Tetsushi Kajimoto, Sam Holmes Organizations: REUTERS, Norinchukin Research, Gross, Moody's, Thomson Locations: Tokyo, Japan, TOKYO, China

☆ Manchester City’s $500 Million Payroll Is Largest in English Soccer History
▼ + stars: | 2023-11-15 | by ( Tariq Panja | More About Tariq Panja | ) www.nytimes.com time to read: +1 min

Manchester City, the Premier League’s dominant team for much of the past decade, announced on Wednesday it had spent more on player salaries last season than any team in British soccer history, paying out more than $500 million as it claimed English and European championships. Cup and its first Champions League title — completing a so-called treble that only one English team had previously managed to do. City now trails only Barcelona in how much it pays its players in salaries, but unlike that Spanish superteam City’s expenditure has not resulted in financial crisis. Instead, City also announced record revenues of 712.8 million pounds, or almost $900 million — another British record — for the year through June 2023. The club’s annual statement also boasted a profit of 80 million pounds, double what it reported a year earlier.

Persons: Sheikh Mansour bin Zayed al Nayhan, City, Pep Guardiola Organizations: Manchester City, League’s, United Arab Emirates, Premier League Locations: Manchester, Spanish, City, Barcelona

☆ Exclusive: China orders local governments to cut exposure to public-private projects as debt risks rise, sources say
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +5 min

The guidelines were mentioned in a cabinet document that was circulated among local governments, policy banks and state lenders last month, said the two sources with knowledge of the matter. The move comes after numerous local governments' PPP expenditure hit the upper limit of the threshold in recent years. But the PPP boom has alarmed authorities who say some local governments have used public-private partnerships, government investment funds and government procurement services as "disguised channels" for raising debt. The State Council and the NAO did not immediately respond to Reuters requests for comments. A portion of the $12.6 trillion local government debt is linked to the PPP projects, as municipalities used these infrastructure-building initiatives as a conduit to raise capital.

Persons: Thomas Peter, NAO, Kevin Yao, Ziyi Tang, Sumeet Chatterjee Organizations: Central Business District, National People's Congress, REUTERS, Rights, International Monetary Fund, National Audit, State, State Council, Bank of, Reuters, National Development, Reform Commission, Thomson Locations: Beijing, China, Rights BEIJING, Bank of China

☆ Europe’s shrinking stash heralds economic trouble
▼ + stars: | 2023-11-14 | by ( Francesco Guerrera | ) www.reuters.com time to read: +7 min

But the interest they earned on their assets increased from 16 billion euros to 66 billion euros in the same period. As a result, euro zone firms’ net interest was negative 19 billion euros in the second quarter of 2023. These financial gains may have helped euro zone growth. A further 700 billion euros matures in 2026. Homeowners with mortgages, which account for around 27% of euro zone households, are yet to feel the brunt of higher rates.

Persons: That’s, Mathieu Savary, Gross, Peter Thal Larsen, Oliver Taslic, Thomas Shum Organizations: Reuters, European Central Bank, Reuters Graphics Reuters, ECB, BCA Research, Oxford Economics, International Monetary Fund, Oxford, IMF, Thomson Locations: Oxford, Spain, Italy, France, Germany, United States, China

"These investments are being made in areas with very high growth," Christel Bories, Eramet's chair and CEO, told Reuters. "Lithium is not tied to world economic growth, it's tied to the development of batteries and the energy transition." A $400 million deal with Glencore (GLEN.L) to market lithium from the project's first stage will mostly cover Eramet's financing needs for the next tranche, Bories said. In Chile, meanwhile, the group said it had acquired for an initial $95 million a 120,000-hectare lithium concession in the Atacama region. Reporting by Gus Trompiz, Editing by Charlotte Van Campenhout and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: Ivan Alvarado, it's, Bories, Eramet's, Gus Trompiz, Charlotte Van Campenhout, Louise Heavens Organizations: National Reserve, REUTERS, Rights, Reuters, Centenario, BASF, Koniambo, SAS, Thomson Locations: Antofagasta region, Chile, Argentina, Indonesia, Centenario, Atacama, Gabon, China, New Caledonia, SLN

Livent CEO Paul Graves will take the top job at the newly minted Arcadium Lithium, if Allkem shareholders vote for the deal on Dec. 19. Merging the two companies would create the world's third-largest lithium producer by volume with assets spanning Australia, Canada and Argentina. Graves has said that one of his first priorities would be expanding Arcadium's footprint in Western Australia's world-class lithium districts. Under the deal, Allkem shareholders will get one share in the combined entity for each of their shares and the company will ultimately own 56% of the new firm. Livent shareholders will get 2.406 shares in the new firm, which will be called Arcadium Lithium, for each existing share.

Persons: Arcadium, Paul Graves, Kroll, Chile's, Graves, Albemarle, Livent Corp, Livent, Allkem, Scott Murdoch, Melanie Burton, Robert Birsel Organizations: JV, SYDNEY, Albemarle Corp, Liontown Resources, Hancock, Livent, FMC Corp, Galaxy Resources, Thomson Locations: Australia, U.S, Canada, Argentina, Western Australia, Sydney, Melbourne

☆ Weight-loss drug maker Novo Nordisk to invest $6 bln in expanding plant
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +1 min

OSLO, Nov 10 (Reuters) - Novo Nordisk (NOVOb.CO) said on Friday it plans to invest more than 42 billion crowns ($6 billion) in the coming years as it seeks to meet booming demand for its Wegovy weight-loss treatment and other drugs. Novo Nordisk said in a statement investments include an expansion of its capacity for GLP-1 products, which include the active ingredients in Wegovy as well as the company's Ozempic diabetes treatment. "Our continued investment in global capacity demonstrates the belief we have in our current and future product portfolio," said Henrik Wulff, Novo's head of Product Supply, Quality & IT. A portion of the investment was included in a 25 billion crowns capital expenditure announced in February, Novo said. ($1 = 6.9904 Danish crowns)Reporting by Terje Solsvik, editing by Essi Lehto and Anna RingstromOur Standards: The Thomson Reuters Trust Principles.

Persons: Henrik Wulff, Novo's, Terje Solsvik, Essi Lehto, Anna Ringstrom Organizations: Novo Nordisk, Supply, Thomson Locations: OSLO, Denmark, Wegovy, Novo

☆ China's SMIC sees lower Q4 gross margin, lifts annual capex forecast
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +1 min

A logo of Semiconductor Manufacturing International Corporation (SMIC) is seen at China International Semiconductor Expo (IC China 2020) following the coronavirus disease (COVID-19) outbreak in Shanghai, China October 14, 2020. REUTERS/Aly Song/File photo Acquire Licensing RightsNov 9 (Reuters) - Semiconductor Manufacturing International Corp (0981.HK) on Thursday lifted its annual capital expenditure forecast to around $7.5 billion and said it expects lower fourth-quarter gross margins. SMIC expects a gross margin of between 16% and 18% in the fourth quarter, compared with 19.8% in the third quarter. Revenue for the third quarter fell to $1.62 billion from $1.91 billion a year ago, but the company expects a sequential increase of 1% to 3% in the fourth quarter. SMIC had previously said it expects capital expenditure in 2023 to be roughly flat compared with 2022, which came in at about $6.35 billion.

Persons: Aly, TSMC, Germany's, SMIC, Nausheen, Devika Organizations: Semiconductor Manufacturing International Corporation, China International Semiconductor, REUTERS, Semiconductor Manufacturing International Corp, HK, SMIC, Revenue, Thomson Locations: Shanghai, China, Bengaluru

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