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☆ Morning Bid: Debt vote in sight, but further Fed squeeze
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +4 min

[1/2] Visitors walk on the plaza at the U.S. Capitol in the midst of ongoing negotiations seeking a deal to raise the United States' debt ceiling and avoid a catastrophic default, in Washington, U.S. May 24, 2023. Relief over the likely lifting of the U.S. debt ceiling this week is being reined in by the uncomfortable prospect of even higher Federal Reserve interest rates - and the further evaporation of any 2023 easing hopes. Futures markets now see a 60% chance the Fed will lift rates by another quarter point to the 5.25-5.50% range at its June 14 meeting. Though largely illiquid out of U.S. hours, one-month Treasury bill yields were marked about 10 basis points higher than Friday's close. U.S. stock futures were about 0.5% higher, in part due to relief over the debt deal - even though, unlike the latest big debt ceiling standoff in 2011, there has been little noticeable disturbance in stock indices over the past month.

☆ CD Projekt is not for sale - CEO
▼ + stars: | 2023-05-29 | by ( Adrianna Ebert | ) www.reuters.com time to read: +2 min

GDANSK, May 29 (Reuters) - Polish games developer CD Projekt (CDR.WA) is not for sale, its CEO reiterated on Monday, following weekend rumours that the maker of "Cyberpunk 2077" could be targeted by Sony (6758.T). I can repeat what we've been saying throughout the years - CD Projekt is not for sale. CD Projekt, which has previously been rumoured to be a target for Microsoft, reported a 1% year-on-year rise in quarterly net profit, as it gears up to release an expansion to action role-playing game "Cyberpunk 2077". After two years without a major new release, CD Projekt is due to present "Cyberpunk 2077: Phantom Liberty" in Los Angeles on June 8 during the Summer Game Fest: Play Days. CD Projekt has sold over 20 million copies of Cyberpunk 2077 so far.

To be sure, the April inflation data hit the UK debt market like a thunderbolt. While the headline consumer price inflation rate dropped to 8.7% from 10.1% in March, as energy prices ebbed, that was still far higher than forecast and core inflation rates hit their highest in 31 years at just under 7%. And a chief concern for many households is ongoing annual food price inflation still near 20%. Sterling and real yield spreadsNew UK gilt shock? Using 5-year real yields from the index-linked bond market, that premium jumped almost 40bp this week to its highest since last October.

☆ Analysis: China's Micron ban highlights chipmakers' dilemma as Sino-U.S. tensions grow
▼ + stars: | 2023-05-22 | by ( Joyce Lee | ) www.reuters.com time to read: +5 min

SEOUL, May 22 (Reuters) - China's ban on the use of U.S.-based Micron Technology's (MU.O) chips in certain sectors, announced on Sunday, is a stark reminder of risks facing the global chip industry as it braces for escalating Sino-U.S. trade tensions. China's move against Micron, the biggest U.S. memory chipmaker, was widely seen as retaliation for Washington's efforts to restrict Beijing's access to key technology. Such tit-for-tat policies will make investment decisions difficult for all chipmakers, said Kim Sun-woo, analyst at Meritz Securities in Seoul. Analysts recommended accepting the rounds of Sino-U.S. trade war as status quo, while roundabout ways of importing memory chips may emerge in response to any further geopolitical pressure. "(Korean chipmakers) are stuck in the middle and being bothered by all sides," said Kim at Meritz.

☆ 'We can't afford anything': Turkey's cost-of-living crisis threatens Erdogan's re-election
▼ + stars: | 2023-05-08 | by ( Ali Kucukgocmen | ) www.reuters.com time to read: +5 min

But a cost-of-living crisis sparked by Erdogan's unorthodox economic programme over the past 1-1/2 years has eroded his popularity, posing the biggest electoral challenge to his 20-year hold on power. The parliamentary race remains on a razor edge, with the opposition seen potentially clinching a narrow majority. Food prices surged 54% year-on-year in April, with headline inflation dropping to 43.7% after peaking in October at 85.5%, the highest under Erdogan's rule. It began to surge after a currency crisis in late 2021, sparked by a series of interest rate cuts, in line with Erdogan's unorthodox views. But many AKP voters still believe only Erdogan can fix the economy, or blame other factors for its current state.

☆ Eurovision 2023 opens with acts walking Liverpool's 'Turquoise Carpet'
▼ + stars: | 2023-05-07 | by ( ) www.reuters.com time to read: +1 min

LIVERPOOL, England, May 7 (Reuters) - Eurovision 2023 kicked off on Sunday when 37 contenders walked the "Turquoise Carpet" in Liverpool, the English city hosting the competition on behalf of Ukraine. The "Turquoise Carpet" is Eurovision's version of the red carpet. Ukraine was last year's winner but was unable to stage the event this year, as the winner usually does, because of Russia's invasion. The other 31 contenders will compete in semi-finals on Tuesday and Thursday for 20 places in the grand final. Reporting by Steve Hignett; Writing by Paul Sandle; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

☆ Erdogan calls opposition 'pro-LGBT' at election rally
▼ + stars: | 2023-05-07 | by ( ) www.reuters.com time to read: +3 min

ANKARA, May 7 (Reuters) - Turkey's President Tayyip Erdogan accused the opposition of being "pro-LGBT" at a rally in Istanbul on Sunday, as he stepped up his rhetoric against his opponents a week before what is expected to be a tight election. Elsewhere, protesters threw stones at Istanbul Mayor Ekrem Imamoglu, a member of the main opposition Republican People's Party (CHP), during an election rally in the eastern city of Erzurum, a stronghold of Erdogan's AK Party (AKP). On Sunday, he also attacked his key election rival Kemal Kilicdaroglu, who heads the main opposition alliance. The opposition has previously denounced claims by Erdogan linking them to terrorists as divisive and dangerous campaign rhetoric. In the 2018 presidential election Erdogan won 72% of votes in Erzurum.

☆ Israel demolishes Palestinian West Bank school
▼ + stars: | 2023-05-07 | by ( Emily Rose | ) www.reuters.com time to read: +3 min

[1/6] Israeli troops take position during clashes between Palestinians and Israeli troops after Israeli machinery demolish a school near Bethlehem in the Israeli-occupied West Bank May 7, 2023. REUTERS/Mussa QawasmaJERUSALEM, May 7 (Reuters) - Israeli authorities demolished a Palestinian school in the occupied West Bank on Sunday, drawing harsh condemnation from the European Union. "We got ready to come to school and when we arrived we didn't find the school," student Mohammed Ibrahim told Reuters. Israel has often cited a lack of building permits, which Palestinians and rights groups say are nearly impossible to obtain, in destroying Palestinian structures in the West Bank, an area it captured in the 1967 Middle East war. The Gush Etzion Regional Council, which represents a nearby block of Jewish settlers in the West Bank, welcomed the demolition.

☆ India's RR Kable files for IPO to raise up to $27.5 million -draft prospectus
▼ + stars: | 2023-05-07 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, May 7 (Reuters) - Indian wire and cable maker RR Kabel Ltd., backed by private equity firm TPG, filed for an initial public offering on Sunday, seeking to raise up to $27.53 million, according to its draft prospectus filed to India's market regulator and seen by Reuters. RR Kabel, India's fifth largest branded wires and cable manufacturer, plans to use funds raised through the IPO to repay or prepay borrowings, in part or in full, from banks and financial institutions, according to the prospectus. TPG Asia VII SF Pte Ltd, a U.S.-based private equity firm, holds a 20.99% stake in RR Kabel and will sell some of its stake in the IPO, the prospectus shows. RR Kabel's business is primarily business-to-consumer sales of wires and cables products. ($1 = 81.7200 Indian rupees)Reporting by M. Sriram and Shivangi Acharya; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

☆ Israel to boost energy storage with eye on facilitating Sabbath supplies
▼ + stars: | 2023-05-07 | by ( ) www.reuters.com time to read: +2 min

JERUSALEM, May 7 (Reuters) - Israel approved on Sunday a plan to create an energy storage network in cities to produce off-peak electricity, which will also supply "kosher" electricity for ultra-Orthodox Jews observing the Sabbath. In some neighbourhoods generators are activated ahead of time and provide electricity for the day, which is expensive, polluting and can be dangerous, Israel's energy ministry says. "Storing electrical energy will be one way to allow the expansion of electricity production from renewable energies," said the ministry. "At the same time, in Israel there are populations interested in consuming 'kosher electricity' that was not generated on Sabbath." If successful, hundreds of megawatts in storage facilities will be built nationwide, the ministry said, without giving a timeframe.

☆ Spanish coal mine operator gets four-year prison sentence for environmental damage
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +1 min

MADRID, May 5 (Reuters) - Spain's Supreme Court upheld a four-year prison sentence and a 24-million-euro ($26.44 million) fine handed down to a local businessman for environmental damage caused while operating an open-cast coal mine in northern Spain. The court said the mine's activity damaged more than 400 hectares of land and that Alonso made no effort to repair it. Alonso, in a previous court hearing, had said he had not been aware of the extent of the damage caused by his company. Coto Minero Cantabrico was previously known as Minero Siderurgica de Ponferrada. ($1 = 0.9076 euros)Reporting by Emma Pinedo; editing by Charlie Devereux and Susan FentonOur Standards: The Thomson Reuters Trust Principles.

Observers often disagree at the time whether the economy is already in recession, and sometimes afterwards whether a recession has occurred or just a “soft patch” in an otherwise uninterrupted business cycle expansion. But the same surveys show the much larger service sector still reporting marginal growth, keeping the economy as a whole out of recession so far. Chartbook: U.S. economic indicatorsThe Institute for Supply Management's (ISM) service sector index stood at 51.9 in April (with more businesses reporting expanding activity than contraction) compared with a manufacturing sector index of just 47.1. In April, the ISM services index was in only the 15th percentile for all months since 1997 compared with the manufacturing index in only the 9th percentile. If the manufacturing sector has already fallen into recession, the services sector is only just avoiding it at the moment.

ROME, May 5 (Reuters) - Italy's Treasury is open to reducing its 64% stake in Monte dei Paschi di Siena (MPS) (BMPS.MI) through one or more share sales on the market, three people briefed on the matters told Reuters. After rescuing MPS at a cost of 5.4 billion euros ($6 billion) for taxpayers, Rome pumped another 1.6 billion into the Tuscan bank last November when it covered 64% of a 2.5 billion euro capital raise. MPS had to raise fresh capital to fund staff exits and replenish its capital reserves after the Treasury failed to clinch a sale of the bank to UniCredit (CRDI.MI) in 2021. Prime Minister Giorgia Meloni said several times that MPS's privatisation should foster the creation of several large banking groups in the country. ($1 = 0.9081 euros)Reporting by Giuseppe Fonte in Rome and Valentina Za in Milan; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

Shell shares were up 0.8% by 1242 GMT. "In Q1, Shell delivered strong results and robust operational performance, against a backdrop of ongoing volatility," Chief Executive Officer Wael Sawan said in a statement. Sawan, who took the helm in January, told reporters he was focused on narrowing a wide gap in the share performance of Shell and its European peers against their U.S. rivals. Lower natural gas prices in the quarter weighed on Shell's giant integrated gas business, with profits slumping 18% to $4.9 billion. Shell showed "strong operational performance in the quarter across all divisions with oil and gas trading playing a key role," Jefferies analyst Giacomo Romeo said in a note.

REUTERS/Dado Ruvic/IllustrationSummarySummary Companies Shell maintains dividend unchangedAnnounces $4 bln in share buybacksLONDON, May 4 (Reuters) - Shell (SHEL.L) on Thursday posted first-quarter net profit of $9.65 billion, topping analysts' forecasts, as strong earnings from fuel trading and higher liquefied natural gas (LNG) sales offset cooling energy prices. Lower natural gas prices in the quarter weighed on Shell's giant integrated gas business, with profits slumping 18% to $4.9 billion. Shell shares were up 2% by 0830 GMT. Reuters GraphicsPROFITS BEATShell reported adjusted earnings of $9.65 billion in the first quarter, exceeding a company-provided analyst forecast of $8 billion. That compared with earnings of $9.1 billion a year earlier and $9.8 billion in the fourth quarter of 2022, when Shell reported a record annual profit of $40 billion.

[1/2] Shell logo and stock graph are seen through a magnifier displayed in this illustration taken September 4, 2022. REUTERS/Dado Ruvic/IllustrationSummarySummary Companies Shell maintains dividend unchangedAnnounces $4 bln in share buybacksLONDON, May 4 (Reuters) - Shell (SHEL.L) on Thursday posted first-quarter net profit of $9.65 billion, topping analysts' forecasts, as strong earnings from fuel trading offset cooling oil and gas prices. Shell reported adjusted earnings of $9.65 billion in the first quarter, exceeding a company-provided analyst forecast of $8 billion. That compared with earnings of $9.1 billion a year earlier and $9.8 billion in the fourth quarter of 2022, when Shell reported a record annual profit of $40 billion. Lower natural gas prices in the quarter weighed on Shell's giant integrated gas business, with profits slumping 18% on the quarter to $4.9 billion.

☆ AIB upgrades guidance after 70% jump in first quarter income
▼ + stars: | 2023-05-04 | by ( Padraic Halpin | ) www.reuters.com time to read: +2 min

SummarySummary Companies Bank increases FY net interest income guidance by 10%New savings products to be introduced in H2CFO comfortable with market consensus for 2024, 2025DUBLIN, May 4 (Reuters) - Ireland's largest mortgage lender AIB (AIBG.I) revised its full year guidance upwards across the board on Thursday after its total income jumped 70% year-on-year in the first quarter due to record increases in official interest rates. The bank said it expects net interest income of 3.3 billion euros this year versus the 3 billion guided in March, increased its net interest margin forecast to above 2.70% from 2.40% and forecast 2023 return on tangible equity (ROTE) to be a high-teens percentage. A 215 million euro direct share buyback last week cut the government's stake in the bank to 53%. The bank's net interest margin (NIM), a key metric showing the profitability of its lending, rose to 2.78% in the first quarter versus 1.45% a year ago when it was still operating in a negative interest rate environment. AIB Chief Financial Officer Donal Galvin said the market consensus for NIMs of 2.40% and 2.50% in 2024 and 2025 seemed reasonable.

☆ Generali agrees sale of German specialised pension unit to Fosun-backed company
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

MILAN, May 4 (Reuters) - Italy's top insurer Generali (GASI.MI) said on Thursday it had agreed to sell its German specialised pension unit to Fosun-backed Frankfurter Leben as it seeks to improve profitability in the life business and free up capital. By selling Generali Deutschland Pensionskasse (GDPK), the Italian insurer will add one percentage point to its Solvency position and around 10 percentage points to that of its German holding company, it said in a statement. In 2019 Generali sold a majority stake in life insurer Generali Leben, to private equity-backed Viridium, as it sought to cut risks on savings business amid record low interest rates. Generali said that the deal to sell GDPK was expected to be completed by the end of 2023, subject to the approval of the German financial regulator BaFin and some local anti-trust authorities. Frankfurter Leben Group is majority-owned by Fosun International (0656.HK) and specialises in buying life insurance portfolios from other insurers and continuing to manage them.

☆ EU's von der Leyen hails Infineon factory as chip production milestone for Europe
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +2 min

DRESDEN, Germany May 2 (Reuters) - European Commission President Ursula von der Leyen on Tuesday hailed the construction of a new factory by Germany's Infineon (IFXGn.DE) a milestone in mass chip production as Europe tries to capture a larger slice of the strategic industry. Speaking at the groundbreaking ceremony of Infineon's factory in the German city of Dresden, von der Leyen said it was a step in Europe's goal of doubling its share of global chip production to 20% by 2030 by quadrupling its current capacity. But she warned that Europe was still too dependent for raw materials on individual suppliers, citing in particular that China has a 76% share of producing the silicon metals needed in chip production. This is why it is vital that we in Europe strengthen the supply chains of our most important goods and technologies," von der Leyen said in a speech. Infineon expects production at the 5-billion-euro semiconductor plant, the largest investment in the company's history, to start in 2026.

☆ ON Semi jumps after results while Nvidia hits 13 month high
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +1 min

May 1 (Reuters) - ON Semiconductor's (ON.O) shares jumped 7% on Monday after the chipmaker's quarterly guidance beat Wall Street's expectations, spurring other chip stocks with heavyweight Nvidia (NVDA.O) hitting its highest level in over a year. The Philadelphia Semiconductor index (.SOX) climbed 0.7%, outperforming the Nasdaq's (.IXIC) 0.1% rise. Nvidia, the world's most valuable chipmaker, climbed 3.5% to its highest since March 2022. Lattice Semiconductor (LSCC.O) rose 1.8% ahead of its quarterly report expected after the bell. The Philadelphia chip index has rebounded nearly 40% from its closing low in October 2022, but is down 25% from its high in 2021.

☆ US construction spending rebounds in March on nonresidential structures
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, May 1 (Reuters) - U.S. construction spending increased more than expected in March, boosted by investment in nonresidential structures, but single-family homebuilding remained depressed amid higher mortgage rates. The Commerce Department said on Monday that construction spending rose 0.3% in March after declining 0.3% in February. Construction spending increased 3.8% on a year-on-year basis in March. Outlays on private non-residential structures like gas and oil well drilling surged 1.0% in March. Investment in state and local government construction projects increased 0.3%, while federal government construction spending declined 0.7%.

☆ German energy regulator expects lower power reserve needs this winter
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +2 min

The Federal Network Agency, called Bundesnetzagentur, said it had cut the amount of winter power capacity needed in reserve for the 2023/24 season by 44% from 2022/23 to 4,616 megawatts (MW). Also, the slow pace of network expansion is hampering the delivery of wind power from the north of Germany to the industrial south. That amount of capacity could be raised by combining plants operating regularly in the market with domestic and foreign network reserve capacities and the "winter" reserve, it said. Under the network reserve schemes, Germany can draw year-round on domestic plants that were registered for closure but declared system-relevant. Some power plants abroad will also be contracted under one-off agreements, where a relevant tender runs until May 15.

TOKYO, April 27 (Reuters) - Japanese trading house Toyota Tsusho Corp (8015.T) is concerned that there may be more moves by countries like Chile to restrict exports of raw minerals such as lithium, its chief financial officer said on Thursday. "Like what happened in Chile, there could be more cases of restrictions on export of raw materials due to growing nationalism in emerging countries," CFO Hideyuki Iwamoto told a news conference. Toyota Tsusho, together with Australian miner Orocobre, began production of lithium carbonate at a mine on the Olaroz salt flat in Argentina in 2014, and decided to expand the production capacity in 2018. Battery grade lithium prices touched record levels of $85,000 a tonne in December, but have slumped by nearly 50% since then. "Compared to the previous year, the lithium prices have halved, but the stock prices of lithium-producing companies have not fallen, so we expect the lithium prices to rise slightly from the current level in the medium to long term," Iwamoto said.

☆ India to invite fresh bids for import quotas for UAE gold
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, April 27 (Reuters) - India's government said on Thursday it will invite fresh bids for quotas to import gold from the United Arab Emirates (UAE) with a concessional duty agreed under a trade pact between the two countries. The quotas are for the import of 140 tons of gold from UAE in total in the financial year that started on April 1 with a duty that is one percentage point lower than India's standard 15% gold import duty, the government said in a statement. India is the world's second-largest gold consumer and imports the bulk of its gold. Under the agreement, over a period of five years, the quota to import gold at a lower duty from UAE will be raised to as much as 200 tons. Reporting by Shivangi Acharya; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

Low and stable inflation is good for markets and the economy, so central banks had to show their seriousness on inflation, Tannenbaum added. Central banks softened rate rises with communication that was mindful of instability risks, showing reassuring "humility", said Perkins. "The bank resolution framework created after the great financial crisis," said Francesco Papadia, senior fellow at Bruegel and former ECB director general for market operations, "is proving difficult to implement." Reuters Graphics4/ UNITED WE STANDAfter CS's rescue, the Fed and other big central banks supported market liquidity with dollar swap lines. Amundi's Pradhan said the "case by case" central bank responses to individual lenders failing in March exposed the lack of a coordinated bank resolution system.

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