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STOCKHOLM, Feb 27 (Reuters) - European Union energy ministers meet on Monday to debate upcoming power market reforms. Currently, power prices in Europe are set by the running cost of the plant that supplies the final chunk of power needed to meet overall demand. Often, that is a gas plant, so gas price spikes can send electricity prices soaring. They say Europe's existing power market is functioning well, and has fostered years of lower power prices, supported renewable energy and helped avoid energy shortages. The Commission initially pitched the reform as a chance to "decouple" gas and power prices in Europe, suggesting a redesign of the current system of setting power prices.
Under the deal, Nexi will buy 80% of Paycomet, Sabadell's payments subsidiary, for 280 million euros, with the Spanish lender retaining a 20% stake for at least three years. The business that handles shopowners' payments is a source of stable income for banks, but the need for hefty investments has prompted an increasing number of banks to dispose of all or part of their payments operations. With the deal, Nexi will come to handle transactions worth around 48 billion euros for more than 380,000 Spanish shopowners, adding around 30 million euros of core profit based on 2023 data, it said. The sale is at an enterprise value for the unit of 11.5 times earnings before interest, tax, depreciation and amortisation. Rothschild and Jefferies were financial advisers to Nexi which also worked with BCG, KPMG and Allen & Overy.
BARCELONA, Feb 26 (Reuters) - A clash between Big Tech and European Union telecoms firms over who will underwrite network infrastructure is set to dominate discussion at the world's largest telecoms conference this week. More than 80,000 people, including tech executives, innovators, and regulators, are set to descend on this year's Mobile World Congress (MWC) in Barcelona. EU industry chief Thierry Breton on Thursday launched a 12-week consultation on its "fair share" proposals, under which Big Tech platforms would bear more of the costs of the systems which give them access to consumers. By contrast, Deutsche Telekom (DTEGn.DE), Orange (ORAN.PA), Telefonica (TEF.MC) and Telecom Italia (TLIT.MI) have been actively lobbying for Big Tech to pay the fees. "This discussion around 'fair share', or what we sometimes call the 'investment gap', is going to be a threshold question," said John Giusti, GSMA's chief regulatory officer.
February 24, 2023, marked the one-year anniversary of Russia's invasion of Ukraine. Billions of dollars of aid has been sent, and Russia has lost about half its fleet of tanks. When his troops invaded on February 24, 2022, Russian President Vladimir Putin expected to quickly sweep through the country and capture Kyiv. Still, the cost of the war — in lives, dollars, and military equipment — has been high. AP Photo/Daniel ColeThe dead and woundedUkrainian refugees are seen after crossing into Poland on March 13, 2022.
Shares in Santander, the euro zone's second-biggest bank by market value, have fallen 47% since Sept. 10, 2014, while the European Stoxx 600 banks index (.SX7P) is down around 18%. "The bank will have a tailwind ... because half of the money comes from Europe. PAY-OUT FOCUSSome analysts expect a higher shareholder payout to be main plank of Santander's investor update in London. But lower valuations than European rivals and a better outlook for retail banks could help drive a share price rebound. Santander trades at a price to book value of 0.65%, compared to an average 0.73% from European peers.
The euro zone is expected to stagnate rather than contract, while cost of borrowing is still rising. The European Central Bank's campaign to raise interest rates as it fights to bring inflation back to its 2% target has been a boon for euro zone lenders. In the meantime, euro zone lenders' earnings per share (EPS) have surged to their highest since the global financial crisis in 2008. In the United State, where the rate cycle is more advanced, there's less potential for earnings upgrades at this point, she said. Earnings euro zone banks($1 = 0.9408 euros)Reporting by Joice Alves and additional reporting by Samuel Indyk in London; editing by Amanda Cooper and Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.
Big Tech in turn calls it an internet tax that will undermine EU network neutrality rules to treat all users equally. Tech and telecoms companies will be asked to respond to 60 questions. The Commission is likely to propose legislation after the consultation, which will need to be agreed with EU countries and EU lawmakers before it can become law. The questionnaire also asked whether the EU should create a continental or digital levy or fund. "Europeans already pay telecom operators for internet access, they should not have to pay telcos a second time through pricier streaming and cloud services," Christian Borggreen, CCIA Europe's senior vice president, said in a statement.
Brands' continued availability shows the challenge companies face in controlling supply chains when exiting a market. Market leader Wildberries sells old stock from Inditex brands and has almost 17,000 goods in its Zara catalogue. Informal supply routes could lead to more poor-quality goods entering Russia, however, as regulators lose oversight, Ben Tzion said. IKEA brand owner Inter IKEA Group said it sold remaining stock for an undisclosed amount to Yandex as it down-scaled IKEA Retail Russia. IKEA said it was looking into goods being advertised as similar to IKEA online.
LONDON, Feb 20 (Reuters) - Faux fur, oversized coats and hot water bottles dominated Burberry’s (BRBY.L) runway as Daniel Lee presented his vision for the British heritage label at London Fashion Week on Monday. Burberry's mackintosh-style trench coat was re-imagined in a muted khaki with green faux fur lapels. English rose patterned tailoring sat alongside chunky rubber boots with an equestrian twist and cosy square toed shearling and faux fur shoes in the Autumn Winter 2023 collection. Monday's show follows the unveiling of Burberry's new logo: a sleeker elongated typeface and a campaign steeped in "Britishness". Lee previously created a buzz at Italy's Bottega Veneta with pillowy leather clutch handbags and slip-on heels.
"High spot LNG prices and dwindling domestic production will mean that Pakistan will continue facing issues with ramping up gas-fired power generation," said Poorna Rajendran, LNG consultant at FGE. Despite LNG prices having fallen from last year's record highs, the superchilled fuel is still expensive for South Asian buyers as their currencies have weakened sharply, making it hard for them to boost LNG imports this year. Ship tracking data from Kpler shows Pakistan's LNG imports in 2022 fell 17% from the previous year to a five-year low. Bangladesh's LNG imports in 2022 fell 14% from the previous year, according to Kpler, which drove down power output while demand was rising. LNG prices are unlikely to ease enough to help Bangladesh and Pakistan, with analysts expecting a rebound in Chinese purchases to push prices up in 2023.
Shein's ambitions are a bit of a stretch
  + stars: | 2023-02-20 | by ( ) www.reuters.com   time to read: +2 min
Shein’s top-line growth slowed from 57% in 2021 to 45% last year; the company expects that to continue, with its 2025 target implying average annual expansion of 37%. Meanwhile, Shein's projected 13% profit margin dwarfs that of web retailers like China's JD.com (9618.HK). The $118 billion PDD (PDD.O) recently rolled out its Temu shopping service; it is now the most downloaded app in the United States. Using the same 2.4 times forecast 2025 sales multiple the Inditex enterprise trades on, Shein's valuation could top $140 billion. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
SAO PAULO, Feb 17 (Reuters) - Electric aircraft maker Eve Holding Inc (EVEX.N) is "on track" to meet its goal of starting commercial operations in 2026, an executive said on Friday, and getting its aircraft certificated is the most immediate target. Eve is confident about the "robust project," which is backed by Embraer's expertise, said Mauad, reiterating the goal of starting operations in 2026. BNDES later announced it would grant Eve an additional 490 million reais ($94.47 million). Mauad acknowledged a consolidation process could happen in the sector, but noted Eve was still particularly focused on working through its partnerships. ($1 = 5.1871 reais)Reporting by Gabriel Araujo; Editing by Anthony Esposito and Susan FentonOur Standards: The Thomson Reuters Trust Principles.
Its fourth-quarter profit surged to 2.01 billion euros ($2.15 billion) from 872 million a year earlier, topping the 1.75 billion euros expected by analysts polled by Refinitiv Eikon. Net income for 2022 jumped to 4.25 billion euros up from 2.5 billion euros in 2021. "Repsol plans to spend more than 5 billion euros in organic investments. Repsol used its higher cash flow to increase capital investment by 40% in 2022, reduce its net debt by 60% to 2.26 billion euros and increase shareholders' remuneration. Repsol's hefty profit follows similar reports from larger rivals TotalEnergies (TTEF.PA), BP (BP.L), Shell (SHEL.L), Exxon Mobil (XOM.N) and Chevron (CVX.N), prompting calls to further tax the sector as households struggle to pay energy bills.
Feb 14 (Reuters) - Law firm Covington & Burling fired back at a lawsuit from the U.S. Securities and Exchange Commission on Tuesday, arguing the agency overstepped by asking it to identify clients affected by a 2020 cyberattack on the firm. Covington said an SEC subpoena for the names of nearly 300 publicly traded companies whose information was accessed or stolen during the hack threatened to expose confidential client information that the firm is required to protect. The SEC sued Covington last month to force the powerful D.C.-based firm to identify the clients as part of an investigation into potential securities law violations associated with the hack. The firm pointed to legal ethics rules that require law firms to keep the confidences of their clients and protect potentially embarrassing information. Covington said it worked with the FBI to investigate the cyberattack and notified all clients whose information was potentially compromised.
The planned listing will end a prolonged hiatus in initial public offerings (IPO) on Spain's main market since renewables company Opdenergy's (OPDE.MC) lackluster debut in July. EiDF Solar, which installs solar panels, currently trades on the junior market of the BME Exchange and plans to relist its shares on the senior stock market, known as Mercado Continuo. The group must place more shares with investors to meet a 25% minimum free-float requirement for the country's main market. Shares in EiDF, one of the most actively traded stocks on BME Growth, have rocketed since its stock market debut in 2021. It posted third-quarter 2022 revenues of 315.54 million euros, up from 30.55 million euros the previous year, and earnings before interest, tax, depreciation and amortisation (EBITDA) of 46.86 million euros, up from 7.10 million euros.
CTIL is attracting interest from pension funds including Britain's largest, the Universities Superannuation Scheme (USS), which has started preliminary work on a potential offer, two of the sources said. Telefonica, Liberty Global and USS declined to comment. A number of telecom towers deals in Europe have seen infrastructure investors compete for a slice of the continent’s largest towers networks partly because of their stable cash yield and long-term contracts. Vodafone (VOD.L) owns 50% of CTIL through its Frankfurt-based subsidiary Vantage Towers (VTWRn.DE), and is not planning to cut its holding, the people said. Telefonica and Liberty Global do not plan to ask Vantage Towers to bid for the holding for competitive reasons, according to the sources.
[1/3] A man carrying his computer passes by the logo of German telecommunication company "Deutsche Telekom" at the ITS World Congress 2021, a fair for intelligent transport systems, in Hamburg, Germany, October 13, 2021. REUTERS/Fabian BimmerBRUSSELS, Feb 10 (Reuters) - Deutsche Telekom (DTEGn.DE), Orange (ORAN.PA), Telefonica (TEF.MC) and Vodafone (VOD.L) on Friday secured unconditional EU antitrust approval for their advertising joint venture to take on Big Tech. "The transaction, as notified, would not significantly reduce competition in French, German, Italian and Spanish markets," the European Commission said in a statement. This is the telecoms sector's first attempt to take on Meta (META.O) and Alphabet's (GOOGL.O) Google in the lucrative online advertising sector and diversify their revenue streams. Google is the world's leading seller of online advertising, well ahead of Meta, with the business generating about 80% of its revenue.
Much as he would have liked to significantly increase supplies, Biosca-Reig said he couldn't justify investing millions of euros in new production lines unless he was paid more for the generic drug to cover sharply rising costs. European generic drugmakers say the tender system and regulated prices have fuelled a race to the bottom, and European firms are being undercut by suppliers from Asia. BRUSSELS, WE HAVE A PROBLEMThe European Medicines Agency (EMA) and European Union lawmakers acknowledge there is a problem. Half the generic medicines sold in Spain are priced below 1.60 euros per box or bottle, the country's generics manufacturing association said. But companies with smaller market shares, such as Israel's Teva (TEVA.TA), which has 5% of the region's amoxicillin market according to Medicines for Europe, are constrained.
Siemens Energy Q1 net loss more than doubles on wind unit woes
  + stars: | 2023-02-07 | by ( ) www.reuters.com   time to read: +1 min
FRANKFURT, Feb 7 (Reuters) - Siemens Energy (ENR1n.DE) said on Tuesday its net loss more than doubled in the first quarter, blaming charges related to quality issues at Siemens Gamesa (SGREN.MC) which the German firm is trying to fix via a full takeover of the wind division. Siemens Energy, which pre-released first-quarter results last month, said its net loss widened to 598 million euros ($641 million) in the October-December period, compared with a loss of 246 million euros in the same period a year earlier. Order backlog, however, hit a new record at 98.8 billion euros at the end of December, said the group that was spun off from Siemens (SIEGn.DE), driven by its grid technology division which recorded a major win last month. The group, in presentation slides, said the order backlog would translate into 22 billion euros of revenues in 2023, 21 billion euros in 2024 and 55 billion in 2025. ($1 = 0.9330 euro)Reporting by Christoph Steitz in Frankfurt Editing by Matthew Lewis and Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.
LONDON, Feb 6 (Reuters) - Proposals to reimburse hundreds of millions of pounds to scam victims in Britain are "fundamentally flawed" and are taking too long to come into force, lawmakers said in a report published on Monday. So-called "authorised push payment" scams have become Britain's largest type of payment fraud and cost customers 583 million pounds ($715 million) in 2021. Lawmakers on Britain's powerful Treasury Select Committee criticised the plans and said mandatory reimbursements should begin this year at the latest, and not as late as 2024. "Putting an industry body in charge of reimbursing scam victims is like asking a fox to guard the henhouse," said Harriett Baldwin, chair of the Treasury committee. The PSR said it would consider all feedback before publishing its final position in May this year, adding it regulated payment system operators including Pay.UK.
The euro zone's second-biggest lender by market value posted net profit in the October to December period of 2.29 billion euros, up around 1% from a year before and above the 2.07 billion euros forecast by analysts in a Reuters poll. In the fourth quarter however loan loss provisions rose 106% year-on-year to 3.02 billion euros, mainly in the United States and Brazil, though that was slightly below an analysts' forecast of 3.08 billion euros. Santander said in a statement additional provisions had resulted from "updated macro assumptions... given the economic uncertainty". The lender's cost of risk - the cost of managing credit risks and potential losses - rose to 99 basis points from 86 basis points at the end of September, still below the 100 basis points guided for the year. For 2023, it expected cost of risk to rise but remain below 120 basis points.
MADRID, Feb 2 (Reuters) - Spain's Santander (SAN.MC) is not interested in the potential acquisition of Orange Bank (ORAN.PA), the mobile banking unit of Orange, chairman Ana Botin said on Thursday. Les Echos reported on Wednesday that French banks BNP Paribas , Credit Agricole (CAGR.PA) and Societe Generale (SOGN.PA) were mulling a bid for Orange Bank. The newspaper added that Spanish bank Santander and U.S. private equity fund Cerberus were also considering a bid. "We are not interested in Orange," Botin said during the annual earnings press conference in Madrid. Reporting by Emma Pinedo; Editing by Jesus AguadoOur Standards: The Thomson Reuters Trust Principles.
[1/2] Two sportsmen sail near an offshore wind turbine of the Siemens Gamesa company is seen from the Telde coast on the island of Gran Canaria, Spain, May 2, 2022. REUTERS/Borja SuarezFRANKFURT/MADRID, Feb 2 (Reuters) - Beleaguered wind turbine maker Siemens Gamesa (SGREN.MC), soon to be delisted and folded into parent Siemens Energy (ENR1n.DE), said on Thursday its first-quarter net loss more than doubled on higher warranty provisions as a result of faulty components. The net loss in the October-December period, Siemens Gamesa's fiscal first quarter, widened to 884 million euros ($974 million) from 403 million in the same period last year, the company said. "The negative development in our service business underscores that we have much work ahead of us to stabilize our business and return to profitability," said Siemens Gamesa Chief Executive Jochen Eickholt, who joined from Siemens Energy last year. Still, Siemens Gamesa confirmed the outlook for the wind industry remained good, pointing to the U.S. Inflation Reduction Act as well as the continent's RePowerEU programme aimed at ditching fossil fuels.
Feb 2 (Reuters) - The chief executive of Poland's Santander Bank Polska (SPL1.WA) said on Thursday the lender plans to share profit with its shareholders through "a solid dividend". The Polish arm of Spain's Banco Santander (SAN.MC) reported a net profit of 2.8 billion zloty ($654.3 million) in 2022, up 152% year on year, helped by high interest rates. "I am optimistic, because all indicators show, the huge capital surplus plus meeting all criteria to pay a solid dividend," CEO Michal Gajewski told a post-earnings media call. The bank paid a dividend of 2.68 zlotys per share on 2021 results. Chief Financial Officer Maciej Reluga added the bank expects its net interest margin to stabilise this year, provided there are no further interest rate hikes.
SAO PAULO, Feb 2 (Reuters) - Banco Santander Brasil SA (SANB3.SA) on Thursday posted a slump in fourth-quarter net profit as loan-loss provisions rose against a backdrop of higher interest rates and deteriorating credit conditions. The bank's quarterly net profit reached 1.69 billion reais ($334.3 million), down 56% from the previous year, as provisions for bad credit nearly doubled amid higher interest rates. He said net interest income came under pressure from changes in the product mix and higher interest rates, a trend set to persist throughout this year. Santander Brasil's loan-loss provisions reached 7.36 billion reais, pressured by bad credit in loans to individuals, the bank said. In the full year of 2022, its net profit dropped 21.1% from the previous year to 12.9 billion reais, while full-year provisions rose 72.7% and net interest income fell 6.8%.
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