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☆ Zara starts charging for clothing returns from home in Spain
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +1 min

MADRID, Feb 1 (Reuters) - Fashion giant Zara has started charging shoppers in Spain for returns of online purchases, the company announced on Wednesday, though store returns remain free. However, items bought online can still be returned for free at physical stores, it added. Inditex, (ITX.MC) which owns Zara, will also introduce return charges in Spain for its other brands such as Massimo Dutti and Pull&Bear. Early last year, Zara introduced charges for some online returns in Britain and other core markets, following similar measures from rivals such as Uniqlo or Next. Inditex expects online sales to exceed 30% of total sales by 2024.

Feb 1 (Reuters) - Grupo Mexico (GMEXICOB.MX), the conglomerate controlled by billionaire German Larrea, has secured a $5 billion debt package for its proposed acquisition of Citigroup Inc's (C.N) retail operations in Mexico, according to people familiar with the matter. The move represents a major milestone in Grupo Mexico's efforts to put together the deal for Banamex, the unit that encompasses the Citigroup assets. Several banks, including Barclays Plc (BARC.L) and HSBC Holdings Plc (HSBA.L), have pledged to provide the debt financing, the sources said. Citi, Grupo Mexico, Barclays and HSBC declined to comment. Citi stepped back from conversations with Becker to prioritize a potential deal with Larrea, according to sources.

☆ Exclusive: European telecoms' advertising venture set for EU approval -sources
▼ + stars: | 2023-02-01 | by ( Foo Yun Chee | ) www.reuters.com time to read: +1 min

BRUSSELS, Feb 1 (Reuters) - Deutsche Telekom (DTEGn.DE), Orange (ORAN.PA), Telefonica (TEF.MC) and Vodafone's (VOD.L) plan to take on Big Tech with their own advertising joint venture is set to win unconditional EU antitrust approval, people familiar with the matter said. The joint venture marks 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. The EU competition enforcer describes the joint venture as a privacy-led, digital identification solution to support the digital marketing and advertising activities of brands and publishers. Earlier this week, pan-European consumer lobbying group BEUC voiced concerns over how data would be collected by the joint venture and how the partners aim to get users' consent.

☆ Exclusive: EU may miss gigabit target, more investments needed, telecoms group says
▼ + stars: | 2023-02-01 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

Total telecom investment in Europe peaked at 56.3 billion euros in 2021, the highest since 2016, but still lagged behind other regions, the report said. "Europe continues to trail its peers worldwide in terms of telecoms investment. The study also noted the large gap between the returns on investment for telecoms operators and those for Big Tech. "There is an acute discrepancy between the returns on investment in European telecoms infrastructure and the returns on investment of the largest services that run over this infrastructure," it said. "When it comes to internet access, it is telecoms operators that shoulder the investment burden, while in terms of new value creation it is tech companies that benefit the most."

☆ H&M highlights fast-fashion gloom as luxury takes hit in China
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +4 min

Shares in H&M, the world's No. 2 fashion retailer, fell as much as 6% in early trade after quarterly operating profit sank to 821 million Swedish crowns ($79.7 million) from 6.26 billion a year earlier. Zara has outperformed rivals after selling higher-priced garments and enticing shoppers who might have otherwise spent money at luxury stores. Disappointment over the impact of the China disruptions on its margins caused a record-breaking run in LVMH shares to briefly halt on Friday. The luxury industry is nevertheless expected to be one of the biggest winners from the loosening of restrictions that kept shoppers out of stores in China for months.

☆ Fashion retailer H&M's profit tumbles as costs bite
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +3 min

Operating profit in the period, the world's second-biggest fashion retailer's fiscal fourth quarter, was 821 million crowns ($79.7 million) against 6.26 billion a year earlier and a mean forecast of 3.67 billion in a Refinitiv poll of analysts. The hit from quitting Russia, higher raw material, freight and energy costs, currency translation effects and the restructuring charge totalled around 5 billion crowns, Chief Executive Helena Helmersson said. H&M in September launched a drive to cut costs by 2 billion crowns annually, with savings from layoffs and other measures expected to start showing from the second half of 2023. The group flagged in November it would cut around 1,500 jobs and book a roughly 800 million crown restructuring charge in the fourth quarter for the programme. Britain's Superdry (SDRY.L) on Friday cut its profit forecast for this year as its wholesale business underperformed.

☆ H&M’s fast-fashion parade is skating on thin ice
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +2 min

MILAN, Jan 27 (Reuters Breakingviews) - H&M’s (HMb.ST) outfit is once again failing to impress. That corresponds to a meagre operating margin of 1.3%, a far cry from the around 15% margin larger rival Inditex (ITX.MC) is expected to report in its fourth quarter. H&M’s operating margins were already lingering in the mid-single-digit area before inflation became a problem. Sales growth of just 5% in December and January suggests the Swedish retailer is struggling to recover to its pre-crisis levels. If a recession curbs even more consumer spending, H&M’s profit margin may disappear.

☆ European shares gain on earnings optimism
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +1 min

Jan 26 (Reuters) - European shares gained on Thursday as upbeat quarterly results from STMicroelectronics, Sabadell and Nokia eased worries over the corporate earnings season amid signs of a recession. The pan-European STOXX 600 (.STOXX) rose 0.6% at 0835 GMT, with technology (.SX8P) and financial services (.SXFP) stocks leading gains. Spanish lender Sabadell (SABE.MC) gained 8.8% following the management's upbeat commentary on 2024 net interest income despite a fall in fourth-quarter net profit. Nokia (NOKIA.HE) rose 5.5% after the Finnish telecom equipment maker beat quarterly operating profit expectations and forecast higher 2023 sales. Reporting by Ankika Biswas in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Euro-banks have done their time in valuation jail
▼ + stars: | 2023-01-26 | by ( Liam Proud | ) www.reuters.com time to read: +7 min

Major euro zone and UK banks are trading at a 40% discount to the region’s wider benchmark index, using price to forward earnings multiples tracked by Refinitiv. The subsequent euro zone crisis in 2012 prompted a wave of bad debt that weighed down earnings. More recently, though, euro zone lenders have been facing up to their past sins, and offloading non-performing loans. There’s no evidence of a bank lending splurge, despite years of rock-bottom interest rates. Between November 2012 and November 2022, euro zone banks’ total lending to households and companies grew at an annual clip of under 2%, a fraction of its pre-2008 pace.

☆ Morning bid: Parsing the peak, sidestepping a slump
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +4 min

"We are turning the corner on inflation," BoC Governor Tiff Macklem told reporters, while dismissing any thought of policy easing for now. Just how bad the underlying economy gets before the central banks are done is the other burning question. On the activity side, the prospect of reviving growth in China and the euro zone certainly changes the international picture. In Europe, STMicroelectronics jumped 8% after the chipmaker reported a sales beat and Finnish telecom equipment maker Nokia jumped 5% after its own beat. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Spain's Iberdrola sounds out sale of $700 million wind, gas portfolio -sources
▼ + stars: | 2023-01-26 | by ( Andres Gonzalez | ) www.reuters.com time to read: +3 min

[1/2] The logo of Spanish utility company Iberdrola is seen on its headquarters in Bilbao, Spain, October 25, 2022. REUTERS/Vincent West/File PhotoLONDON, Jan 26 (Reuters) - Iberdrola (IBE.MC) is looking to sell a portfolio of gas, wind and solar assets in Spain which could raise more than $700 million, three sources with knowledge of the plans told Reuters. Iberdrola is working with Deutsche Bank on the sale of the 2.4-gigawatt (GW) portfolio, the sources said. The final price for the Iberdrola portfolio will depend on the valuation of the gas assets, which were underused in Spain until last year when production increased, the sources said. The sale is still at an early stage and Iberdrola could decide to delay or abandon the disposals, the people said.

European stocks have vastly outperformed their U.S. peers. The euro STOXX (.STOXXE) benchmark has beaten its U.S. peer, the S&P 500 (.SPX), by over 18 percentage points since September. "It's a very big move in European gas prices and that has dramatically improved the outlook. "Lower gas prices are surely a positive, but their rapid fall also tell us that they can rise just as fast should things go wrong. A closely watched index of European corporate credit (.MERER00) has seen its yield fall nearly 50 basis points this year.

☆ Amazon creates bazaar for U.S. banking wannabes
▼ + stars: | 2023-01-24 | by ( Jeffrey Goldfarb | ) www.reuters.com time to read: +3 min

The e-commerce goliath recently added to its growing pile of debt with an $8 billion loan. After first tapping the market’s biggest bookrunners, Amazon enlisted Canada’s TD Securities to shop the lesser-traveled byways around Wall Street for the follow-up deal. It’s easy to understand why the wannabes would jump at the chance to work with Amazon. Others such as BBVA, which offloaded its American subsidiary but kept its broker-dealer business, are keen to expand in U.S. investment banking. For Amazon, spreading the wealth is a chance to trial new banking relationships before potentially hiring them for more complicated matters.

The pan-European STOXX 600 (.STOXX) climbed 0.3% at 0936 GMT, boosted by gains in banks (.SX7P) and industrials (.SXNP). European shares were on track to snap a two-week winning streak, thanks to the worst single-day selloff so far this month on Thursday following disappointing earnings reports, weak U.S. economic data and hawkish comments from central bankers. Energy stocks (.SXEP) gained 0.8%, tracking firm crude prices on hopes of demand recovery in the world's second-biggest economy. "Europe has more exposure to China reopening and luxury is a big part of the European market," said Jamie Mills O'Brien, investment manager at Abrdn. "Some of the big players are pure China reopening bets."

☆ Cellnex shares soar on report that American Tower, Brookfield mulling possible bid
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +1 min

MADRID, Jan 20 (Reuters) - Shares in Spain's Cellnex (CLNX.MC) jumped 8% on Friday after a media report that said American Tower (AMT.N) and asset manager Brookfield (BN.TO) were weighing a possible takeover bid for the mobile phone tower operator. Spanish online outlet Okdiario quoted unidentified sources close to the operation saying Goldman Sachs was advising Cellnex, while Morgan Stanley was advising American Tower and Brookfield. Cellnex, Brookfield, American Tower and their advisers declined to comment. Cellnex shares were up 8.3% at 12.21 GMT to lead gains in Spain's blue chip index Ibex-35 (.IBEX). Reporting by Andres Gonzalez and Emma Pinedo; additional reporting by Jesús Aguado; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ Brazilian lender Santander's Chairman Rial resigns
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, Jan 20 (Reuters) - Brazilian lender Santander Brasil SA said on Friday its chairman and former chief executive, Sergio Rial, is resigning from his position at the firm. The resignation comes just days after Rial quit his short-lived job as chief executive of retailer Americanas SA after finding accounting "inconsistencies" that led the company to file for bankruptcy protection. Rial was Santander Brasil's CEO for six years, as well as the bank's regional head for South America, before transitioning to board chairman in early 2022. He is also chairman of the board at fuel distributor Vibra Energia SA (VBBR3.SA), vice chair at BRF SA (BRFS3.SA) and a board member at Delta Air Lines (DAL.N). Rial will be replaced on an interim basis by his vice chair, Deborah Stern Vieitas, until the bank's next general meeting on April 28.

☆ Santander lagging behind on inflation payment for German bank staff
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, Jan 20 (Reuters) - Spain's Santander (SAN.MC) is the only major bank operating in Germany that has not announced a special payment to local staff to help them with soaring inflation, union officials told Reuters, although the bank said talks were ongoing. Last year, German union Verdi called on banks to give some of their lowest-earning workers a special payment to help them combat higher energy prices. "Santander is the big exception among public and private banks," said Stefan Wittmann, a Verdi official negotiating on behalf of Santander employees. On Friday, Santander and union officials agreed to take up the issue at a meeting next week, but Santander hasn't made a binding offer, Wittmann said. Santander said it was in talks with Verdi on amending its collective wage agreement, and the inflation demands came up in talks late last year.

☆ Cellnex takeover would disrupt key strategic pivot
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +2 min

LONDON, Jan 20 (Reuters Breakingviews) - A week after founder Tobias Martinez resigned from his chief executive role, Cellnex (CLNX.MC) could also lose its shareholders. Meanwhile the departure of Martinez was expected to herald a return to sobriety in a sector where low interest rates and high leverage boosted consolidation. In the age of higher interest rates, it may be time for the former predator to become prey. Okdiario hints that Cellnex’s main shareholders, led by Italy’s Benetton family with an 8% stake, are inclined to sell. Everything has a price, but the high premium needed to convince shareholders to change tack amid a strategic pivot could be hard to justify.

☆ Siemens Energy cuts profit outlook as Siemens Gamesa woes continue
▼ + stars: | 2023-01-19 | by ( Christoph Steitz | ) www.reuters.com time to read: +3 min

SummarySummary Companies Siemens Gamesa reveals higher warranty, maintenance costsProblems trigger 472 mln euro hit in Q1Parent Siemens Energy cuts 2023 profit outlookFrankfurt-listed Siemens Energy shares fall 4.8%FRANKFURT, Jan 19 (Reuters) - Siemens Energy on Thursday slashed its 2023 profit outlook after faulty components at the wind turbine fleet of its Siemens Gamesa unit led to higher warranty and maintenance costs, marking the latest setback in the group's troubled relationship. Siemens Energy shares were down 4.8% in late Frankfurt trade. Siemens Gamesa earlier reported a 760 million euro ($823 million) loss before interest and tax pre-purchase price allocation and before integration and restructuring costs for the first quarter, including a 472 million euro charge. Siemens Gamesa Chief Executive Jochen Eickholt, who joined the Spanish-listed firm from Siemens Energy last year, has already announced far-reaching job cuts and pledged to turn around the loss-making firm, the world's top maker of offshore wind turbines. Siemens Energy kept its outlook for sales excluding currency translation and portfolio effects, still expecting them to grow by 3%-7%.

☆ Norway's wealth fund buys 49% stake in Iberdrola's Spanish renewables portfolio
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +1 min

OSLO, Jan 17 (Reuters) - Norway's $1.3 trillion sovereign wealth fund, the world's largest, said on Tuesday it had agreed to buy a 49% stake in Iberdrola's 1.3 gigawatt (GW) portfolio of Spanish solar plants and onshore wind farms for 600 million euros ($650 million). Iberdrola (IBE.MC) will remain co-owner and operator of the portfolio, Norges Bank Investment Management (NBIM), the operator of the Norwegian fund, said in a statement. "The portfolio comprises seven solar plant projects and five onshore wind projects with an installed capacity of 1265 MW, equivalent to the annual electricity consumption of 700,000 Spanish households," NBIM said. Solar plants make up 80% of the portfolio, while onshore wind accounts for the remaining 20%. It recently sold a 49% stake in an offshore wind farm in Germany for 700 million euros.

☆ Factbox: European companies cut jobs as economy sputters
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +5 min

REUTERS/Stephane MaheJan 17 (Reuters) - Decades-high inflation and the impact of war in Ukraine have forced companies across Europe into lay-offs or hiring freezes. * HUSQVARNA (HUSQb.ST): the garden equipment and tools maker announced in late October it will cut 1,000 jobs, the vast majority of them related to the shift from petrol to battery-powered tools. * SIEMENS GAMESA (SGREN.MC): the Spanish wind turbine maker in late September said it plans to cut 2,900 jobs, mostly in Europe, as part of a plan to return to profitability. * CLAS OHLSON (CLASb.ST): the Swedish hardware store chain said in December it would cut about 85 full-time jobs amongst other measures to deliver cost savings and reduced depreciation. BANKS AND FINANCIALS* KLARNA: Dagens Industri reported in May the Swedish payments company would lay off about 10% of its 7,000 employees.

Americanas on Tuesday disclosed that it did not pay interest due on Monday of more than 2 billion reais ($392 million) in local bonds. It made the disclosure in a filing responding to a question by securities regulator CVM, saying that it was allowed not to pay under the injunction. Fitch said that if Americanas formally announces a debt restructuring plan, its ratings will be downgraded to RD or D reflecting a default. Fitch said the retailer, backed by the billionaire founders of 3G Capital, has an unsustainable capital structure with the addition of an estimated 20 billion reais in previously undisclosed liabilities. The company last year paid 516.6 million reais in dividends related to the results in 2021, according to securities filings.

☆ Morning Bid: Let it go
▼ + stars: | 2023-01-16 | by ( ) www.reuters.com time to read: +2 min

A look at the day ahead in European and global markets from Anshuman DagaThe land of rising yields is the No. 1 focus of investors on Monday, as Japan's central bank may again let its bond-market peg go higher. Global inflation data due this week could underscore investors' expectations that the worst of the global price squeeze is over. A final read of euro zone inflation for December, as well as readings from Britain, Canada and Japan are due. Core inflation in all four regions is mostly rising and above target but the worst may have passed.

SAO PAULO, Jan 16 (Reuters) - Brazilian lenders BTG Pactual, Bradesco and Santander Brasil are among those most exposed to debt of Americanas SA (AMER3.SA), analysts' estimates showed on Monday, after the retailer obtained an injunction protecting it from creditors. Analysts at JPMorgan and Citi said in research notes that Banco Bradesco SA (BBDC4.SA) had the largest nominal exposure to the firm, while Banco BTG Pactual SA topped exposure as a proportion of loans. Considering JPMorgan's and Citi's estimates, BTG had a 1.9 billion-real exposure to Americanas, which was seen accounting for roughly 1.5% of its loans, while Bradesco had exposure of 4.7 billion reais, or 0.5% of loans. Banco Santander Brasil SA , the local unit of Spain's Banco Santander (SAN.MC), had 3.7 billion reais in exposure, or about 0.6% of loans. Sergio Rial, the outgoing Americanas chief executive who uncovered the accounting inconsistencies, is a former head of Santander Brasil, where he still serves as chairman of the board.

☆ Spain's BBVA sees significant rise in 2022 dividend, Chairman says
▼ + stars: | 2023-01-15 | by ( ) www.reuters.com time to read: +1 min

MADRID, Jan 16 (Reuters) - Spain's BBVA (BBVA.MC) expects its 2022 dividend to significantly top the 0.31 euros dividend per share paid out in 2021, Chairman Carlos Torres said in a post on the Spanish bank's website on Monday. In October, BBVA paid an interim cash dividend of 0.12 euros ($0.1160) per share from its 2022 results, a 50% increase compared with the interim dividend paid in October 2021. The interim dividend was backed by a net profit of 3 billion euros in the first half of 2022 lifted up by a strong performance in income from lending and its main market Mexico. Analysts expect BBVA's 2022 net profit to rise to 6.2 billion euros, according to data from Refinitiv. In 2021, Spain's second-biggest lender by market value reported a net profit of 4.65 billion euros.

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