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☆ In Shift, Texas House Advances Bill to Raise Age to Buy Assault Weapons
▼ + stars: | 2023-05-08 | by ( J. David Goodman | ) www.nytimes.com time to read: +1 min

AUSTIN, Texas — What had for years been a solid wall of opposition among Texas Republicans to gun control showed small signs of cracking on Monday as a bipartisan committee of the State Legislature voted to advance a bill raising the minimum age to purchase AR-15-style rifles. The preliminary vote was remarkable in a State Capitol dominated by Republicans, all the more so because it had been entirely unexpected: When the day began, the 13-member committee had not been scheduled to meet at all. But the killing of eight people, including several children, at a shopping center in Allen, Texas, on Saturday has exerted an unexpectedly raw and emotional force on the Legislature. “It was the most emotional vote I’ve ever taken, and I started crying after I made it,” said State Representative Sam Harless, a Republican from the Houston area who voted to keep the bill moving toward the House floor. “That means my heart told me I made the right vote.”

☆ Citi appoints new North Africa, Levant and Central Asia head
▼ + stars: | 2023-05-08 | by ( ) www.reuters.com time to read: 1 min

DUBAI, May 8 (Reuters) - Banking group Citi has appointed Omar Hafeez as head of its North Africa, Levant and Central Asia operations based in Dubai after a reorganisation of the company's MENA region, it said on Monday. Hafeez transfers from Japan, where he was head of the corporate banking business, the third largest for Citi globally. The North Africa, Levant and Central Asia sub-cluster consists of Algeria, Tunisia, Morocco, Egypt, Jordan, Lebanon, Turkey, Kazakhstan and Israel, Citi said. Reproting by Yousef Saba Writing by Lisa Barrington Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

But the killings in Allen, coming after other recent mass shootings, has deepened her feeling that something has to be done. “I’m not totally against gun control, but they’re trying to control it for the wrong people. Mass shootings have not been,” Mr. Taggart said. “My first question would be, Why do we have mass shootings now? Mr. Abbott won by a wide margin.

☆ Tesla's April sales of China-made EVs down 14.7% from March -CPCA
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: 1 min

BEIJING/SHANGHAI, May 5 (Reuters) - Tesla Inc (TSLA.O) delivered 75,842 China-made electric vehicles (EVs) in April, down 14.7% from March, data from the China Passenger Car Association (CPCA) showed on Friday. The figure was a huge jump from a year earlier, when the city of Shanghai - where Tesla has a factory - was in COVID-19 lockdown and the company delivered only 1,512 China-made Model 3 and Model Y cars in the world's largest auto market. Local rival BYD Co (002594.SZ), with its Dynasty and Ocean series of EVs and hybrids, sold 209,467 vehicles in April, CPCA data showed, up 1.6% from March. Reporting by Qiaoyi Li, Zhang Yan and Brenda Goh Editing by Jamie Freed and David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Japanese chipmaker Rapidus considers listing for capex needs -Kyodo
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +1 min

TOKYO, May 3 (Reuters) - Japanese microchip maker Rapidus estimates that it needs about 2 trillion yen ($14.71 billion) for technological development, for which it will seek mid to long-term assistance from the government, the company's chairman told the Kyodo news agency. The company also requires an additional 3 trillion yen to fund mass production and is considering listing to raise capital for that purpose, Rapidus chairman Tetsuro Higashi said in the interview published on Wednesday. Industry Minister Yasutoshi Nishimura said last week the government plans to give 260 billion yen in additional subsidy on top of a 70 billion yen funding. Rapidus is planning to build a cutting-edge two-nanometre chip factory in Japan's northern major island of Hokkaido. "Going public is a major means of forming the foundation of the company" as a way to raise 3 trillion yen, Higashi said in the interview.

☆ Kuwait sets June 6 date for legislative elections, state news agency reports
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +1 min

KUWAIT, May 3 (Reuters) - Kuwait on Wednesday set June 6 as the date for its legislative elections, state news agency Kuna reported, two days after the Gulf state's parliament was dissolved by royal decree. The parliament was only reinstated in March based on a Constitutional Court ruling following a previous dissolution. The OPEC member has seen prolonged bickering between the government and the elected parliament that has hampered fiscal reforms. The June 6 date was agreed by the council of ministers on Wednesday and referred to Kuwait's Crown Prince, Kuna reported. Crown Prince Sheikh Meshal al-Ahmad al-Sabah had said last month the legislature would be dissolved and new parliamentary elections would be held in the coming months.

First-quarter underlying replacement cost profit, the company's definition of net income, reached $4.96 billion, up from $4.8 billion in the fourth quarter of 2022 and above expectations of $4.3 billion in a company-provided survey of analysts. The profit reflects "an exceptional gas marketing and trading result, a lower level of refinery turnaround activity and a very strong oil trading result", BP said, noting the partial offset from lower oil and gas prices and refining margins. BP had reported a $6.25 billion profit in the first quarter of 2022. Benchmark Brent crude oil prices averaged $81 per barrel in the first three months of the year, down 16% from a year earlier and 7% from the fourth-quarter. BP's profit hit a record $28 billion in 2022 on soaring energy prices and market volatility which benefited its large trading business.

SummarySummary Companies Profit lifted by strong tradingBP to purchase $1.75 bln of sharesLONDON, May 2 (Reuters) - BP (BP.L) made a $5 billion profit in the first quarter of 2023, up from the previous three months on the back of strong oil and gas trading as the company pared back a share buyback programme. The profit reflects "an exceptional gas marketing and trading result, a lower level of refinery turnaround activity and a very strong oil trading result", BP said, noting the partial offset from lower oil and gas prices and refining margins. Benchmark Brent crude oil prices averaged $81 per barrel in the first three months of the year, down 16% from a year earlier and 7% from the fourth-quarter. BP's profit hit a record $28 billion in 2022 on soaring energy prices and market volatility which benefited its large trading business. The company had said in February it would repurchase $2.75 billion worth of shares over the next three months after buying $11.7 billion in 2022.

☆ Man Accused of Killing 5 in Texas Is Arrested
▼ + stars: | 2023-05-02 | by ( J. David Goodman | ) www.nytimes.com time to read: 1 min

HOUSTON — After a manhunt that stretched to the Mexican border, Texas law enforcement officials on Tuesday arrested the man who they believe shot and killed five people in a neighborhood dispute outside the town of Cleveland, a top official in San Jacinto County said. “My emergency manager called me and said they caught him,” Mr. Faulkner said in a brief phone interview on Tuesday. He said that the arrest had taken place in a neighboring county. This is a breaking news story. Check back for updates.

☆ In Texas, Aimless Gunfire Rattles Residents, but It’s Hard to Stop
▼ + stars: | 2023-05-02 | by ( J. David Goodman | ) www.nytimes.com time to read: +1 min

CLEVELAND, Texas — The sound of gunfire — whether from hunting, or target practice, or celebration — is common in much of rural America. Perhaps nowhere is this more true than in Texas, where the occasional volley rarely raises alarm. Officers did not arrive until after the neighbor had stormed into the family’s house and killed five people, including a 9-year-old boy and a 16-year-old girl, with his AR-15-style rifle. More than 250 officers from a dozen agencies were working to find Mr. Oropesa, a Mexican immigrant who had been deported four times before. Law enforcement officials feared that he could be heading to Mexico, or may have already arrived there.

[1/3] People walk past a branch of Industrial and Commercial Bank of China (ICBC) in Beijing, China April 1, 2019. REUTERS/Florence LoSummarySummary Companies Top five lenders post shrinking net marginsNon-performing loans hold steady at all fiveQ1 net profit growth mostly flatSHANGHAI/BEIJING, April 28 (Reuters) - Five of China's largest lenders posted shrinking margins in the first quarter on Friday, as loan re-pricing bites. Following suit were Agricultural Bank of China Ltd (AgBank) (601288.SS), Bank of China (BoC) (601988.SS), China's Bank of Communications Co Ltd (BoCom) (601328.SS), and China Construction Bank Corp (CCB)(601939.SS), all posting dips in their NIM. All lenders posted flat to around 5% net profit growth with BoCom logging the highest first-quarter net profit at over 5%. AgBank came in second with 1.75% as the others posted flat net profit growth over the same period.

☆ Russia's Yandex reports revenue jump, return to Q1 profitability
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +2 min

April 27 (Reuters) - Russian tech giant Yandex (YNDX.O) on Thursday reported a 54% jump in first-quarter revenue to 163.3 billion roubles ($2 billion) and a return to profitability after sliding to a net loss in the same period last year. Since Russia despatched troops to Ukraine in February 2022, Yandex - often dubbed "Russia's Google" - has struggled to balance domestic pressure with the interests of its Western investors. Yandex last year reported a net loss of 8.1 billion roubles in the first quarter of 2022. Alphabet's (GOOGL.O) Google stopped selling online advertising in Russia last March while keeping some free services available, allowing Yandex to gain market share. Yandex said its search and portal market share averaged 63.3% in the quarter, up from 61% a year ago.

☆ China brokerage CITIC posts 3.6% rise in Q1 profit
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies Net profits rise to 5.4 bln yuanNet fee and commission income down 10.8% on-yearInvestment income up 89.6% on-yearBEIJING/SHANGHAI, April 27 (Reuters) - CITIC Securities Co (600030.SS), , China's biggest brokerage, reported a 3.6% rise in first-quarter profit on Thursday, thanks to stronger investment returns as the economy recovers. Net profit in the January-March period rose to 5.4 billion yuan ($780.22 million), the company said in a stock exchange filing. The company's investment income surged 89.6% year-on-year to 5.82 billion yuan in the first quarter this year. Its net fee and commission income fell 10.8% to 7.3 billion yuan, the filing showed. ($1 = 6.9211 Chinese yuan renminbi)Reporting by Ziyi Tang and Engen Tham Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Bombardier swings to profit on deliveries of pricier business jets
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +1 min

MONTREAL, April 27 (Reuters) - Bombardier Inc (BBDb.TO) swung to a first-quarter adjusted profit, helped by increased deliveries of its pricier planes, the business jet maker said on Thursday. Business jet makers are planning to deliver more planes this year, despite concerns over supply chain snarls, following a surge in demand to fly private during the COVID-19 pandemic. But analysts have reported softening business jet traffic in major markets compared with 2022 as fears of an economic downturn loom. Bombardier delivered 22 business jets during the quarter, up one from a year earlier. However the company delivered two more medium-sized and two more large-cabin business jets which command stronger pricing.

☆ Chinese EV giant BYD's first-quarter profit jumps fivefold
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +1 min

BEIJING/SHANGHAI, April 27 (Reuters) - Chinese electric vehicle giant BYD Co. (002594.SZ) posted a fivefold jump in its first-quarter profit on Thursday as the company consolidated its leadership in the domestic market. Net profit for the first three months of the year was 4.13 billion yuan ($596.56 million), up 410.9% from 808.41 million yuan a year earlier, on revenue up 79.8% at 120.17 billion yuan, the company said in a stock market filing. The company sold more than 1.86 million vehicles in 2022, mostly in China. The price cuts have eaten into automakers' earnings, with Tesla reporting a 24% plunge in first-quarter net income. ($1 = 6.9230 Chinese yuan renminbi)Reporting by Qiaoyi Li, Zhang Yan and Brenda Goh Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

Oil prices dropped almost 4% on Wednesday as jitters about a U.S. economic downturn overshadowed a larger-than-expected fall in U.S. crude inventories. The OPEC+ group of leading oil producers does not see the need for further oil output cuts but is always able to adjust its policy, Novak said. Data on Thursday showed U.S. economic growth slowed by more than expected in the first quarter, although jobless claims fell in the week ending April 22. Oil prices were also pressured as weak risk sentiment spread from the banking sector after First Republic Bank's continued slump. Analysts see weak refinery margins as a major contributor to the recent oil price decline, with oil broker PVM's Tamas Varga pointing to heating oil and gasoil as "the main possible culprit for the outsized weakness".

☆ Teleperformance launches 3 bln euro offer for call centre group Majorel
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +2 min

April 26 (Reuters) - Shares in Teleperformance (TEPRF.PA) dropped over 14% in early Wednesday trade after the French outsourcing and call centre group said it intends to buy rival Majorel (MAJ.AS) for 3 billion euros ($3.30 billion). The group, which employs more than 420,000 call centre workers worldwide, plans to raise 2.05 billion euros through a highly dilutive capital hike to entirely fund the acquisition. The announcement follows a $4.8 billion merger deal between U.S.-based competitor Concentrix Corp (CNXC.O) and French firm Webhelp in March. Majority shareholders in Majorel, Bertelsmann (BTGGg.F) and Saham, have irrevocably committed to tender their shares, Teleperformance said in a statement. Teleperformance is offering 30 euros per Majorel share, with an option for the latter's shareholders to receive Teleperformance shares at an exchange ratio of 0.1382.

Companies GSK plc FollowLONDON, April 26 (Reuters) - British drugmaker GSK on Wednesday warned that the overhaul of laws governing the EU's pharmaceuticals industry risks forcing companies to invest and innovate elsewhere, which would hurt EU efforts to improve access to medicines. The European Commission will publish its long-awaited draft on Wednesday, detailing the biggest overhaul of medical laws in 20 years. The Commission has said the reforms aim to tackle unequal access to medicines across Europe while retaining the region's competitiveness for pharma companies developing and bringing new treatments to market. However, pressure to weaken market exclusivity protections could discourage companies from researching and launching treatments in Europe, she added. Reporting by Maggie Fick and Natalie Grover Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ BYD lowers starting price for Seagull electric hatchback
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

Companies BYD Co Ltd FollowSHANGHAI, April 26 (Reuters) - Chinese electric car maker BYD (002594.SZ) has set the starting price for its Seagull hatchback at 73,800 yuan ($10,658.89), about 6.3% lower than its initial advertised price, its website showed. The vehicle attracted significant attention at the Shanghai auto show at a price starting from 78,800 yuan - half the price of the cheapest new energy vehicles available elsewhere. It had advertised the two versions at 78,800 yuan and 83,800 yuan during the auto show. The company's longer-range version will be priced at 89,800 yuan, down from the 95,800 yuan advertised at the show. ($1 = 6.9238 Chinese yuan renminbi)Reporting by Brenda Goh Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Rainy weather hits spring sowing in Ukraine but favours winter crops
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +2 min

Ukrainian farmers started spring sowing in late February, but only about 1 million hectares of crops were sown by April 21. "Agrometeorological conditions ... were generally unfavourable for field work on tillage and sowing of early spring crops," APK-Inform consultancy quoted forecasters as saying. Ukraine traditionally plants winter wheat, which accounts for more than 95% of the total wheat harvest. Forecasters said that most of the winter wheat crop was in good or perfect condition. Ukraine harvested a record 86 million tonnes of grain in 2021, including 32 million tonnes of wheat, before Russia's invasion of the country.

☆ Oil prices steady as strong China data offsets US rate worries
▼ + stars: | 2023-04-18 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

2 oil consumer China offset concerns that possible increases in U.S. interest rates could dampen growth in the top consuming country. China's economy grew by a faster-than-expected 4.5% in the first quarter while oil refinery throughput rose to record levels in March, data showed. The dollar eased on Tuesday after the upbeat China data. Most traders, however, believe that the recent crude price rally is in need of a correction, said Dennis Kissler, senior vice president of trading at BOK Financial. Crude prices posted gains for the last four weeks, a streak not seen since June 2022.

☆ Russia says Wagner fighters take two more blocks in battered Bakhmut
▼ + stars: | 2023-04-16 | by ( ) www.reuters.com time to read: +1 min

April 16 (Reuters) - Russia said on Sunday that Wagner mercenary units supported by airborne troops had captured two more city blocks in the eastern Ukrainian city of Bakhmut, target of a major offensive by Moscow. Wagner has spearheaded Russia's attempt to take Bakhmut since last summer in what has been the longest and deadliest battle of the war for both sides. Russia's defence ministry said Wagner assault squads had taken two blocks in the northwestern and southeastern parts of Bakhmut, which has largely been destroyed in the fighting. Russian army paratroop units were supporting Wagner by holding back Ukrainian forces on the flanks, it added. Serhiy Cherevatyi, spokesperson for Ukraine's eastern military command, said Wagner troops were acting as a battering ram and attacking dozens of times a day.

☆ Saudi Aramco 4% stake transferred to PIF's Sanabil
▼ + stars: | 2023-04-16 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: 1 min

DUBAI, April 16 (Reuters) - A 4% stake in oil major Saudi Aramco (2222.SE) has been transferred from state ownership to Sanabil Investments, which is wholly owned by the Saudi Arabia's sovereign wealth fund, Crown Prince Mohammed Bin Salman said on Sunday. The state remains Aramco's biggest shareholder, owning 90.18% of the company. Riyadh-based Sanabil is an investment company that commits approximately $3 billion a year to private transactions, its website says. The transfer will solidify PIF’s strong financial position and credit rating, the crown prince's statement said of the fund that is responsible for the bulk of projects aimed at transforming the Saudi economy to reduce its reliance on oil revenue. Reporting by Hadeel Al Sayegh Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ A Well of Conservative Support for Public Schools in Rural Texas
▼ + stars: | 2023-04-14 | by ( J. David Goodman | ) www.nytimes.com time to read: +1 min

NEW HOME, Texas — Bright yellow uprights tower over what was recently a flat expanse of cotton fields, now transformed into football turf. Nearby, cranes pull up the walls of what will soon be a new elementary school. Not too long ago, you could count on two hands the number of annual graduates from the New Home Independent School District. Now, families are flocking to the windswept patch of West Texas just south of Lubbock, drawn to the deeply conservative farming community by the promise of good public schools. “What’s keeping this place together is the school,” said Ramon Benitez, 39, an agriculture science teacher at New Home.

☆ Oil falls 1% on recession fears, OPEC summer demand warning
▼ + stars: | 2023-04-13 | by ( Shariq Khan | ) www.reuters.com time to read: +3 min

[1/2] The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. However, minutes from the Fed's last policy meeting indicated that banking sector stress could tip the economy into recession, which would weaken U.S. oil demand. Also weighing on prices, the Organization of the Petroleum Exporting Countries (OPEC) flagged downside risks to summer oil demand in a monthly report on Thursday. Oil price declines were limited, however, as OPEC kept its forecast for global oil demand growth in 2023 unchanged. Signs of a demand recovery in China, the top importer of crude oil and products, provided more support for oil prices, Yawger said.

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