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SAO PAULO, May 16 (Reuters) - France's Thales SA (TCFP.PA) will provide maintenance services for Brazilian airline Gol (GOLL4.SA) in Brazil instead of abroad, the companies outlined on Tuesday in a deal that aims to cut turnaround time and lower costs. Under the deal, Gol Linhas Aereas Inteligentes SA, as the airline is formally known, will no longer need to ship its Thales equipment to the United States or France for maintenance, as they will now be repaired at a Thales plant near Sao Paulo. Thales supplies avionics to Gol, which has a fleet of roughly 120 Boeing (BA.N) aircraft, and to local rival Azul , which mainly operates Airbus (AIR.PA) and Embraer (EMBR3.SA) aircraft. Gol and Thales did not disclose financial details of their deal, but the carrier's director of maintenance, Fernando Miwa, said Thales' investments in Brazil would provide local operators with an opportunity to cut costs. "The market for this type of service in Brazil is still very limited," Miwa said.

☆ Brazil's Petrobras scraps fuel import parity policy, shares rise
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +2 min

Companies Petroleo Brasileiro SA Petrobras FollowRIO DE JANEIRO, May 16 (Reuters) - Brazil's state-run oil giant, Petrobras (PETR4.SA), has approved a new commercial strategy to set diesel and gasoline prices, it said on Tuesday, ditching its previous import parity policy without revealing a specific fresh pricing formula. "The end of pricing parity is not good, but this was already expected." "The new policy scraps the 'import parity' terminology, but in our view it has not changed materially," Credit Suisse analyst Regis Cardoso said. The import parity policy was adopted in 2016 by former President Michel Temer. People close to Lula celebrated the announcement, with his Mines and Energy minister, Alexandre Silveira, telling reporters the policy would not impose as much volatility as the import parity used to.

The new pricing system scraps a so-called fuel import parity policy that more closely aligned prices at the pump with the oil market and exchange rates. In a research note, JPMorgan (JPM.N) described the reworked pricing policy as "more friendly than investors expected." The policy shift will be tested when oil prices rise, and apply upward pressure on what consumers can expect to pay for motor fuels or LPG. Petrobras' new pricing policy also came under criticism from some as too opaque. The previous pricing policy was adopted seven years ago by conservative former President Michel Temer.

☆ Strong loan book powers Banco do Brasil to quarterly profit surge
▼ + stars: | 2023-05-15 | by ( Peter Frontini | ) www.reuters.com time to read: +2 min

Banco do Brasil's adjusted net income reached 8.55 billion reais ($1.71 billion) during the first three months of this year, while analysts polled by Refinitiv expected 8.69 billion reais. Its loan book reached 1.03 trillion reais, growing 16.8% year-on-year and 2.7% from the previous quarter, boosted by an expansion in agribusiness-related lending. During the quarter, Banco do Brasil reported 5.85 billion reais set aside for bad loans, more than doubling the figure reported a year ago, but down 10.4% from the previous three months. "Asset quality trends remain resilient, with non-performing loans formation under control and below peers," Citi analysts wrote. The company's interest income, a measure of earnings on loans minus deposit cost, rose 38% from a year earlier, to 21.16 billion reais.

☆ Banco do Brasil's profit jumps nearly 30% in first quarter
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: +2 min

Banco do Brasil's adjusted net income reached 8.55 billion reais ($1.71 billion) during the first three months of this year, while analysts polled by Refinitiv expected 8.69 billion reais. Its loan book reached 1.03 trillion reais, growing 16.8% year-on-year and 2.7% from the previous quarter, helped by a greater expansion in agribusiness-related lending. During the quarter, Banco do Brasil reported 5.85 billion reais set aside for bad loans, more than doubling the figure reported a year ago, but 10.4% down from the previous three months. Fee income grew 8.1% to 8.13 billion reais, while its return on equity, which measures profitability, landed at 20.8%, 2.9 percentage points above the previous year. The company's interest income, a measure of earnings on loans minus deposit cost, rose 38% from a year earlier, to 21.16 billion reais.

☆ EV startup Arrival's cash and equivalents slump at end of first quarter
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: 1 min

May 15 (Reuters) - British electric vehicle start-up Arrival SA (47K0.F), said on Monday it had $130 million in cash and cash equivalents at the end of March, down nearly 37% from the end of December. The company, which did not provide any details on first-quarter results in its earnings release, said it has built three vans at its Bicester factory, with five more in progress. Earlier in April, Arrival said it would merge with blank-check firm Kensington Capital Acquisition Corp V (KCGI.N). The transaction would allow Arrival to access up to $283 million of cash "held in trust" for building its Charlotte, North Carolina factory and for developing its XL Van, Arrival said on Monday. Reporting by Tiyashi Datta in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Brazil's Americanas looking for buyer for stake in Grupo Uni.co
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: 1 min

SAO PAULO, May 15 (Reuters) - Brazilian retailer Americanas SA (AMER3.SA), which filed for bankruptcy earlier this year after an accounting scandal, said on Monday it has started the market sounding process to prospect parties interested in buying its stake in Grupo Uni.co. Americanas, which has the billionaire trio that founded 3G Capital as reference shareholders, said in a securities filing it had hired Citigroup (C.N) as financial advisor to conduct the process, launched as part of its reorganization plan. Reporting by Gabriel Araujo; Editing by Steven GrattanOur Standards: The Thomson Reuters Trust Principles.

Companies Brf Sa FollowMay 15 (Reuters) - Brazil, the world's top chicken exporter, has for the first time confirmed Highly Pathogenic Avian Influenza (HPAI) cases but only in wild birds, the Agriculture Ministry said on Monday. The avian influenza virus can kill entire flocks of birds and cause losses for the farming sector. Epidemiological surveillance services will be intensified to detect potential cases in wild and commercial animals in the area close to where the cases were confirmed, a government source said. The agriculture ministry said that because the cases were detected in wild animals, Brazil's status "as a country free of HPAI" was not affected. The main importers of Brazil's chicken products in April included China, Japan, South Africa and Saudi Arabia.

Eve, controlled by aircraft manufacturer Embraer (EMBR3.SA), said it expects to start commercial operations of its fully electric vehicle in 2026. The concept, called an electric vertical take-off and landing vehicle, or eVTOL, has been dubbed a flying taxi. The completed wind tunnel tests are seen as key for certification by regulators, as well as future production and sales to buyers worldwide. The wind tunnel tests were completed in Switzerland using an eVTOL scale model, which the company said helped it investigate how components such as its fuselage and wings will perform in flight. "The Eve eVTOL is unlikely to be first to market, although the order pipeline provides runway to capture market share of the emerging eVTOL market," according to Jefferies analysts.

The NESDC kept its 2023 GDP growth forecast unchanged at between 2.7% and 3.7%. It also kept its forecast for 2023 foreign tourist arrivals at 28 million. Thailand beat its tourism target in 2022 with 11.15 million foreign visitors. Pre-pandemic 2019 saw a record of nearly 40 million foreign tourists, who spent 1.91 trillion baht ($56 billion). The NESDC also kept its 2023 forecasts for goods exports to drop 1.6% and headline inflation to be between 2.5% and 3.5%.

SummarySummary Companies Q1 investment bank sales up 20%Trading activity outperforms peersConfirms 2025 targetsPARIS, May 10 (Reuters) - Credit Agricole SA (CAGR.PA), France's second-biggest listed bank, posted better-than-expected earnings on Wednesday, as market volatility boosted trading revenue. This helped drive Credit Agricole's quarterly sales to 6.12 billion euros ($6.74 billion), up 9.6% from a year earlier, while net income more than doubled to about 1.23 billion euros. Both figures beat market expectations of 5.9 billion euros and 816 million euros, respectively, according to an analyst consensus compiled by the company. Deposit levels were stable in the quarter from a year earlier for the group, Credit Agricole said. The cost of risk -- money set aside for failing loans -- fell to 374 million euros, as concerns linked to the war in Ukraine subsided.

☆ Gold holds ground as investors brace for U.S. inflation data
▼ + stars: | 2023-05-09 | by ( ) www.cnbc.com time to read: +2 min

A five hundred gram gold bar, left, and a a one kilogram gold bar, produced by Swiss manufacturer Argor Hebaeus SA, in Budapest, Hungary. Gold prices flitted in a narrow range on Tuesday ahead of U.S. inflation data, which investors will scrutinize for clues on the Federal Reserve's policy path. If the inflation report comes hot and fans worries of another Fed rate hike in June, gold prices could eventually drop to $1,950-$1,920 level, said Ajay Kedia, director at Kedia Commodities in Mumbai. Besides economic data, market participants are also monitoring developments surrounding the U.S. banking sector and debt ceiling. "If there is news of further stress in the banking sector, we will see gold move towards the $2,100 level," Kedia added.

☆ Former Goldman Sachs partner launches fund of up to $550 mln in Portugal
▼ + stars: | 2023-05-09 | by ( Sergio Goncalves | ) www.reuters.com time to read: +2 min

LISBON, May 9 (Reuters) - Fortitude Capital, founded by former Goldman Sachs (GS.N) partner Antonio Esteves, Brazilian bank BTG Pactual (BPAC3.SA) and Portuguese asset manager Atrium, has launched its first fund with a target size of up to 500 million euros ($550 million). He said that, contrary to the majority of funds in Portugal, the first Fortitude fund would be mostly funded by private investors and its founders will be the fund's biggest investors. He added that Portugal, only sporadically on the radar of global private equity funds and international investment banks, was always short of private capital and very dependent on national banks. In Portugal, private equity funds are normally funded by public money and tend to be up to 100 or 200 million euros. The first investment should be 50 million euros in the agricultural sector "in the next two months", with an investment of 350 million euros also in the pipeline by the end of the year.

☆ Equinor, partners to invest $9 bln in new gas field off Brazil
▼ + stars: | 2023-05-08 | by ( ) www.reuters.com time to read: +1 min

OSLO, May 8 (Reuters) - Equinor (EQNR.OL) and its partners have decided to invest about $9 billion to develop the BM-C-33 gas and condensate discovery off Brazil Norwegian company said on Monday. The field which is estimated to hold more than one billion barrels of recoverable oil equivalent is expected to start production in 2028. "Gas exported from the project could represent 15% of the total Brazilian gas demand at start-up," Equinor said in a statement. Gas from the offshore field will be directly injected into the national gas grid via a 200 kilometres pipeline landing at the city of Macae in the state of Rio de Janeiro. Equinor has a 35% stake in the project, while Repsol Sinopec (REP.MC)(600028.SS) holds 35% and Petrobras (PETR4.SA) the remaining 30%.

☆ European shares edge higher as energy, bank stocks gain; US inflation data eyed
▼ + stars: | 2023-05-08 | by ( Amruta Khandekar | ) www.reuters.com time to read: +3 min

The pan-European STOXX 600 (.STOXX) rose 0.2% to 466.29 points by 0805 am GMT. The index was pressured last week when, unlike the Fed, the European Central Bank signalled more rate hikes were on the table. A slump in energy shares on weakness in crude prices also added to the declines. Energy (.SXEP) was the top sectoral gainer on Monday, up 0.8% as crude prices strengthened. Dutch Central Bank President Klaas Knot on Sunday said the ECB's rate hikes are starting to have an effect, but more will be needed to contain inflation.

☆ The Coronation of King Charles: Order of Service
▼ + stars: | 2023-05-06 | by ( ) edition.cnn.com time to read: +46 min

The Archbishop saysI here present unto you King Charles, your undoubted King: Wherefore all you who are come this day to do your homage and service, are you willing to do the same? Christopher Finney GC saysI here present unto you King Charles, your undoubted King: Wherefore all you who are come this day to do your homage and service, are you willing to do the same? We praise thee, we bless thee,we worship thee, we glorify thee,we give thanks to thee for thy great glory,O Lord God, heavenly King, God the Father Almighty. O clap your hands together, all ye people;O sing unto God with the voice of melody. The King touches the Ring and the Archbishop saysReceive this Ring, symbol of kingly dignity and a sign of the covenant sworn this day, between God and King, King and people.

☆ European shares rise on smaller ECB rate hike, upbeat earnings
▼ + stars: | 2023-05-05 | by ( Shubham Batra | ) www.reuters.com time to read: +3 min

SummarySummary Companies STOXX 600 index up 0.1%Adidas jumps on upbeat earningsEvotec drops on leaving MDAXMay 5 (Reuters) - European shares rose on Friday, as the European Central Bank's smaller rate hike, and market-beating results from Adidas and Apple boosted sentiment. The pan-European STOXX 600 index (.STOXX) edged up 0.1%, but is on track for its second consecutive weekly loss. Energy (.SXEP) and utilities shares (.SXPP) led the gains on the index, rising 1.4% and 1.0% respectively, while food and beverage shares (.SX3P) slid 0.4%. "Inflation pressures worldwide help in driving equity markets although we don't like to pay higher prices, as consumers it eats into our pockets. The higher prices go to some company reaping the rewards of those higher prices," said Chi Chan, Portfolio Manager and Senior Research Analyst, Federated Hermes.

May 5 (Reuters) - U.S. electric-vehicle startups are expected to report another quarter of dwindling cash reserves next week, piling pressure on a group of companies that are struggling to ramp up production and have few options for funding in a turbulent economy. Lucid Group (LCID.O) kicks off first-quarter earnings for the group on Monday, with the company expected to report a 36% sequential slide in cash reserves, according to Visible Alpha. Rivian Automotive (RIVN.O), meanwhile, will likely report on Tuesday that its cash balance fell by 6.8% to $10.78 billion from the preceding quarter, per a Visible Alpha estimate. Fisker Inc (FSR.N) and Nikola (NKLA.O), both of which report earnings on Tuesday, are expected to see their cash reserves decline by 5% and 15%, respectively, according to Visible Alpha. Its earnings in an unscheduled release on Thursday showed Lordstown's cash balance fell 11% sequentially.

☆ US meatpacker JBS opens cleaning unit after outside firm fined for hiring kids
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +2 min

The new company, JBS Sanitation, will "immediately begin the transition" to cleaning 10 JBS USA facilities, which produce beef and pork, according to a statement issued this week. JBS Sanitation will also do in-house cleaning for Pilgrim's Pride Corp (PPC.O) and create "hundreds of union jobs," the statement said. JBS USA is the North American unit of Brazil's JBS SA (JBSS3.SA), which also owns most of Pilgrim's Pride. JBS USA did not immediately respond to questions about the costs of the launch on Thursday. JBS USA previously said it terminated contracts with PSSI at "numerous" facilities, including three plants where alleged child-labor violations occurred.

☆ There's big problems with the way the Kremlin drone incident went down, and war experts say Russia 'likely staged' it
▼ + stars: | 2023-05-04 | by ( Mia Jankowicz | ) www.businessinsider.com time to read: +5 min

However, a US think tank has said it was "likely" a Russian false flag operation. As military experts told Insider, many details of the incident — and ultimate responsibility for it — remain unconfirmed as of Thursday. The think tank pointed to geolocated images of Russia installing advanced Pantsir surface-to-air missile defense systems around Moscow earlier this year. The Russian defense ministry is also working to further bolster these capabilities by year-end. The Russian Defense and Foreign Ministries did not immediately respond to Insider's request for comment.

☆ Former F-16 pilot says he would not want to fly missions over Ukraine right now, arguing 'there is no fighting chance'
▼ + stars: | 2023-05-03 | by ( Jake Epstein | ) www.businessinsider.com time to read: +7 min

Ukraine has repeatedly asked the US for fourth-generation fighter jets like the F-16. A former F-16 pilot said these jets don't have a fighting chance given Russia's air defense systems. One former F-16 pilot told Insider he wouldn't want to attempt to fly missions over Ukraine right now, asserting that the aircraft can't outmatch Russia's air defense systems. Fourth-generation fighters "have no business in a modern-day battlefield," John Venable, a 25-year veteran of the US Air Force, told Insider in a recent interview. F-16 fighters would likely be outmatched by Russian air defense systemsThe airspace above Ukraine remains contested after 14 months of war.

☆ Kolisi's World Cup in the balance after SA Rugby confirm surgery
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +1 min

CAPE TOWN, May 3 (Reuters) - South African Rugby confirmed on Wednesday that Springboks captain Siya Kolisi underwent knee surgery last week and said it is unclear if he will be fit for this year's Rugby World Cup. "Mampane said it was too early to make any reliable forecasts on when Kolisi may be able to return to play." SA Rugby and Kolisi's club had remained tight-lipped about his condition over the last 10 days. Kolisi, one of the most respected figures in the game, is due to move to French club Racing 92 after the World Cup, which runs from Sept. 8-Oct. 28. South Africa, who name their final 33-man squad on Aug. 8, begin their title defence against Scotland in Marseille on Sept. 10.

☆ Factbox: Tech firms, Wall Street lead job cuts in Corporate America
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +8 min

read moreSpotify Technology SA (SPOT.N):Music streaming service Spotify is cutting 6% of its workforce, or roughly 600 roles. read moreMicrosoft Corp (MSFT.O):The U.S. tech giant said it would cut 10,000 jobs by the end of the third quarter of fiscal 2023. Workday Inc (WDAY.O):The software company will cut roughly 500 jobs, or 3% of its workforce, citing a challenging macroeconomic environment. Morgan Stanley (MS.N):The Wall Street powerhouse is planning to cut about 3,000 jobs in the second quarter, Reuters reported. MANUFACTURING SECTOR3M Co (MMM.N):The industrial conglomerate said it would cut 2,500 manufacturing jobs after reporting a lower profit.

☆ Logitech International revenue drops 22% in Q4
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: 1 min

May 1 (Reuters) - Computer peripherals maker Logitech International SA (LOGN.S) reported a 22% drop in fourth-quarter sales to $960 million on Tuesday. Reporting by Urvi Dugar in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

CNN —Palestinian detainee Khader Adnan, an Islamic Jihad commander who became a symbol of Palestinian resistance to Israeli detention policies, died Tuesday after 87 days of hunger strike, authorities said. He was found dead in his cell early Tuesday following his almost 3-month hunger strike, the prison service added. According to the Palestinian Prisoners’ Society, he has been arrested at least 11 times since 2004 and held five hunger strikes. In 2015, he went on hunger strike for 55 days before Israeli authorities released him. Israel has 4,900 Palestinian detainees in Israeli prisons, with 1,000 of them being held in administrative detention without charge – the highest number since 2003, according to the Palestinian Prisoners’ Society.

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