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☆ Montenegro run-off presidential election under way
▼ + stars: | 2023-04-02 | by ( ) www.reuters.com time to read: +3 min

[1/13] A man prepares to vote at a polling station during the run-off presidential election in Podgorica, Montenegro, April 2, 2023. REUTERS/Marko DjuricaPODGORICA, April 2 (Reuters) - Montenegrins went to the polls on Sunday in a run-off presidential election pitting incumbent Milo Djukanovic against a Western-educated economist pledging to lift the nation out of a crisis marked by no-confidence votes in two governments. He led Montenegro to independence from a state union with much larger Serbia in 2006 and to NATO membership in 2017. Although the presidential post in Montenegro is largely ceremonial, victory in the election would bolster the chances of the winner's party in June. After Russia's invasion of Ukraine last year, Montenegro joined EU sanctions against Moscow and expelled a number of Russian diplomats.

☆ Swiss prosecutor investigates Credit Suisse takeover, Financial Times reports
▼ + stars: | 2023-04-02 | by ( ) www.reuters.com time to read: +1 min

April 2 (Reuters) - Switzerland’s Federal Prosecutor has opened an investigation into the state-backed takeover of Credit Suisse (CSGN.S) by UBS Group (UBSG.S), the Financial Times reported on Sunday. There were “numerous aspects of events around Credit Suisse” that warranted investigation and which needed to be analysed to “identify any crimes that could fall within the competence of the [prosecutor]”, the report added. Switzerland's federal prosecutor and Credit Suisse did not immediately respond to a Reuters request for comment. Last month, UBS acquired rival Credit Suisse in a deal worth 3 billion Swiss Francs ($3.3 billion). ($1 = 0.9148 Swiss francs)Reporting by Sneha Bhowmik in Bengaluru; Editing by David Goodman and David HolmesOur Standards: The Thomson Reuters Trust Principles.

SummarySummary Companies Plant to supply 1.2-1.4 mln tonnes of ammonia per yearYara attracted by low US gas prices, carbon capture costProduction start up set for 2027-28OSLO, March 31 (Reuters) - Norwegian fertiliser maker Yara (YAR.OL) and Canadian pipeline company Enbridge (ENB.TO) plan to invest up to $2.9 billion to build a low-carbon blue ammonia production plant in Texas, they said on Friday. Blue ammonia, rather than green ammonia derived from renewable energy, refers to ammonia produced from natural gas, with the carbon dioxide (CO2) byproduct captured and stored. The plant will supply 1.2 million to 1.4 million tonnes of low-carbon ammonia per year. High gas prices in Europe have made the case to build in the U.S. stronger, Ankarstrand said. Many similar facilities are in development and demand for low-carbon ammonia looks strong, said Vince Paradis, Enbridge's vice president of business development.

☆ China to conduct cybersecurity review on chipmaker Micron's products
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: 1 min

BEIJING, March 31 (Reuters) - China's cyberspace regulator will conduct a cybersecurity review on products sold in China by U.S. memory chip manufacturer Micron Technology (MU.O), the regulator said on Friday. The move is aimed at protecting the security of the supply chain for critical information infrastructure, prevent hidden risks and safeguard national security, the Cyberspace Administration of China said in a brief statement. It gave no other details, including what Micron products it was reviewing. Shares in Micron fell 3.3% in pre-market trading after the announcement. Reporting by Ella Cao and Meg Shen Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ S.Africa's Transnet halts gas supplies after pipeline damage
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +1 min

Companies Transnet SOC Ltd FollowMarch 31 (Reuters) - South Africa's Transnet has halted gas supplies through its Durban pipeline after it was damaged by an excavator, the state-owned logistics utility said on Friday. The incident took place on Thursday afternoon when an excavator deployed to clean up waste accidentally hit the pipeline, Transnet said. Repairs to the pipeline began on Friday morning after the fire was brought under control on Thursday night, it added. Transnet did not say when repairs could be completed but said it was working to restore supplies "as soon as possible". The gas pipeline runs from Secunda in Mpumalanga to the port city of Durban, transporting an average 450 million cubic metres of gas per year.

[1/2] Goldman Sachs CEO David Solomon speaks during the Goldman Sachs Investor Day at Goldman Sachs Headquarters in New York City, U.S., February 28, 2023. REUTERS/Brendan McDermidHONG KONG/SHANGHAI, March 31 (Reuters) - A flurry of top financial executives have visited China for the first time since the COVID-19 pandemic as global financial giants seek to cement their relations with Beijing at the start of President Xi Jinping's new term. International financial institutions and investors are welcome to expand in China, the chairman of the country's securities regulator said. Goldman Sachs' Solomon and Blackstone (BX.N) CEO Stephen Schwarzman met Peng Chun, chairman of China Investment Corporation (CIC), this week, according to official social media posts from the $1.35 trillion sovereign wealth fund. Meanwhile, Chip Kaye, Warburg Pincus's CEO, met Beijing's major Yin Yong during his visit to the city last week, according to a municipal statement from Beijing.

☆ UAE cancels licence for Russia's sanctioned MTS bank
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +2 min

DUBAI, March 31 (Reuters) - The United Arab Emirates' central bank on Friday said it will cancel the licence it granted last year to Russia's MTS bank, which was placed under British and U.S. sanctions in February. Operations at the bank's UAE branch, which is licensed in the emirate of Abu Dhabi, will be wound down within six months under central bank supervision. "This decision comes after considering the available options regarding the new status of the MTS Bank and taking into account the sanctions risks associated with the bank," the UAE central bank's statement said. U.S. officials have visited the UAE to discuss with regulators including the central bank the importance of clamping down on sanctions evasion. MTS Bank, a fintech unit of Russia's largest mobile operator Mobile TeleSystems (MTSS.MM), was part of a broader sanctions package against 200 entities and individuals announced in February on the first anniversary of Russia's invasion of Ukraine.

☆ Tunisia to cut off public water supplies overnight due to drought
▼ + stars: | 2023-03-31 | by ( Tarek Amara | ) www.reuters.com time to read: +2 min

TUNIS, March 31 (Reuters) - Tunisia will cut off water supplies to citizens for seven hours a night in response to the country's worst drought on record, state water distribution company SONEDE said in a statement on Friday. The country's agriculture ministry earlier introduced a quota system for potable water and banned its use in agriculture until Sept. 30, as the country battles with a drought that is now in its fourth year. SONEDE said in a statement that the water will be cut off daily from 9 p.m until 4 a.m, with immediate effect. Tunisia recorded a drop in its dam capacity to around 1 billion cubic meters, or 30% of the maximum, senior agriculture ministry official Hamadi Habib said. The agriculture ministry has also banned the use of potable water to wash cars, water green areas and clean streets and public places.

☆ China to examine US chipmaker Micron's products for cybersecurity risks
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +2 min

March 31 (Reuters) - China's cyberspace regulator will conduct a cybersecurity review of products sold in the country by U.S. memory chip manufacturer Micron Technology Inc (MU.O), the regulator said on Friday. It gave no other details, including which Micron products it was reviewing. The Netherlands, which makes advanced lithography equipment critical for the manufacture of advanced chips, made a similar announcement earlier this month. Weak consumer demand has roiled the memory chip market, which is dominated by South Korea's Samsung Electronics (005930.KS). The larger chunk of the company's products flowing into China are being purchased by non-Chinese firms for use in products manufactured in the country, according to analysts.

☆ Wimbledon to accept Russian and Belarusian players as 'neutral' athletes
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: 1 min

March 31 (Reuters) - Wimbledon will allow Russian and Belarusian players to compete at the grasscourt Grand Slam as 'neutrals' this year, having banned players from the two countries last year after Russia's invasion of Ukraine. "Our current intention is to accept entries from Russian and Belarusian players subject to them competing as 'neutral' athletes and complying with appropriate conditions," the All England Lawn Tennis Club (AELTC) said in a statement. Reporting by Rohith Nair in Bengaluru Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

SummarySummary Companies Shell eliminates role of global renewables generationWind and solar placed under regional headsBiofuels and CCS placed under Anna MascoloLONDON, March 30 (Reuters) - Shell (SHEL.L) is splitting up its renewables and low-carbon division as part of CEO Wael Sawan's shake-up to boost the energy giant's returns. Shell is eliminating the global role of executive vice president for renewable generation held by Thomas Brostrom, who joined the company in 2021 from Danish renewables giant Orsted, a company spokesperson said. Wind and solar power businesses will now fall under the regional heads of Shell Energy, reporting to Executive Vice President Steve Hill. At the same time, Shell named Anna Mascolo as executive vice president for low carbon products and sectors, including biofuels, carbon capture and nature-based solutions. Brostrom will remain at the company as senior vice president for Shell Energy in Europe and Asia, overseeing all offshore wind globally, he said.

☆ Manchester United back in the black ahead of potential sale
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +2 min

March 30 (Reuters) - Manchester United (MANU.N) swung to a second-quarter net profit on the back of higher commercial revenue and lower wages, the club said on Thursday. Net profit came in at 6.3 million pounds ($7.78 million) in the three months to Dec. 31, against a 1.4 million pound loss a year earlier. United said ticket sales for the current 2022/23 season have surpassed the record set in 2016/17, hitting a cumulative 2.3 million tickets sold. Prices for adult season ticket renewals have been increased by about 5% for next season, the club said. Short-term borrowing at the end of last year jumped 95% to 206.2 million pounds, the club said.

☆ Poland's CD Projekt posts 66% profit leap
▼ + stars: | 2023-03-30 | by ( Adrianna Ebert | ) www.reuters.com time to read: +2 min

[1/3] A bird flies in front of the Cd Projekt logo at its headquarters in Warsaw, Poland January 21, 2020. REUTERS/Kacper PempelGDANSK, March 30 (Reuters) - Poland's biggest game developer CD Projekt (CDR.WA) on Thursday posted a 66% leap in full-year net profit to 347.1 million zlotys ($81 million), boosted by higher sales of flagship titles "The Witcher 3: Wild Hunt" and "Cyberpunk 2077". "A large portion of this profit – over 200 million zlotys – was invested in our future development projects." This year CD Projekt stands before the premiere of the highly-anticipated first and only expansion to Cyberpunk 2077 under title Phantom Liberty with marketing campaign starting in June. CD Projekt has sold over 20 million copies of Cyberpunk 2077, with Wither trilogy sales exceeding 65 million copies.

☆ Infineon raises 2023 outlook on automotive and industrial strength
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, March 28 (Reuters) - German chipmaker Infineon (IFXGn.DE) has raised its outlook for both its financial second quarter and the whole of 2023, it said on Tuesday, citing "resilient business dynamics" at its automotive and industrials divisions. The group said it now expected 2023 sales significantly above the 15.5 billion euros ($16.8 billion) forecast previously. Second-quarter sales, which will be officially released on May 4, are now forecast above 4 billion euros, the group said, compared with around 3.9 billion euros previously. Infineon, whose chips are used in cars and data centres, last month lifted its full-year profit margin forecast on strong demand from carmakers that led to higher prices. ($1 = 0.9228 euros)Reporting by Christoph Steitz Editing by David Goodman and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Spanish competition watchdog opens disciplinary case against Google
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +1 min

[1/2] A man walks past a logo of Alphabet Inc's Google in front of an office building in Zurich, Switzerland July 1, 2020. REUTERS/Arnd Wiegmann/File Photo/File Photo/File PhotoMarch 28 (Reuters) - Spain's competition watchdog CNMC has opened a disciplinary case against Google for alleged anti-competitive practices affecting publishers and Spanish news agencies, the regulator said on Tuesday. CNMC said it was investigating whether Google had abused its dominant position in the Spanish market. The proceedings involve Google LLC, Google Ireland Ltd, Google Spain, S.L. The alleged practices also include distorting free competition and imposing unfair conditions on press publishers and Spanish news agencies, CNMC said.

SINGAPORE, March 27 (Reuters) - Saudi Aramco's Jizan refinery is set to increase output of ultra-low sulphur diesel (ULSD) and reduce exports of vacuum gasoil (VGO) as it ramps up production in the second quarter, industry sources said. The refinery could produce up to 250,000 barrels per day (bpd) of ULSD, or 10-ppm gasoil, when it hits full capacity. This could boost Aramco's fuel exports to Europe, the sources said. A hydrocracker processes residual fuel and VGO to produce diesel and kerosene. This could end Jizan's residual fuel exports, with about 90,000 bpd of high-sulphur fuel oil and vacuum residues estimated to be fed into the power plant, said FGE.

☆ Abu Dhabi's Presight AI soars on market debut
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +1 min

DUBAI, March 27 (Reuters) - Shares in Abu Dhabi big data analytics company Presight AI climbed as much as 176% on their stock market debut after raising 1.82 billion dirhams ($495.6 million) in an initial public offering (IPO) for almost a third of the business. Presight's shares rose as high as 3.70 dirhams on the Abu Dhabi Securities Exchange before retreating a little to 3.40 dirhams. The company is majority owned by G42, controlled by Sheikh Tahnoon bin Zayed al-Nahyan. Sheikh Tahnoon is the UAE's national security adviser and has acted as a foreign policy troubleshooter for his brother, President Sheikh Mohammed bin Zayed al-Nahyan. He was also recently named chair of Abu Dhabi Investment Authority, the emirate's largest sovereign wealth fund, and was already chair of smaller wealth fund ADQ.

☆ Saudi National Bank appoints Al Ghamdi as chairman
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +1 min

DUBAI, March 27 (Reuters) - Saudi National Bank Chief Executive Saeed Mohammed Al Ghamdi has been appointed as the bank's chairman after the resignation of Abdul Wahed Al Khudairy for personal reasons, it said on Monday. The bank's board also appointed Talal Ahmed Al Khereiji as acting CEO, with all changes effective March 27. The changes come nearly two weeks after Al Khudairy told Reuters the kingdom's biggest bank by assets would not buy more shares in Credit Suisse (CSGN.S) on regulatory grounds, which sent the Swiss bank's shares to record lows. Saudi National Bank, which acquired almost 9.9% of Credit Suisse for 5.5 billion riyals ($1.46 billion) last November, was sitting on a loss of about 80% on its investment last week in the wake of a forced takeover of the Swiss bank by its domestic rival UBS (UBSG.S) for $3.2 billion. Reporting by Hadeel Al Sayegh Editing by Sherry Jacob-Phillips and David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ More than 94,000 prepayment meters forcibly installed in Britain in 2022
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +2 min

LONDON, March 27 (Reuters) - More than 94,000 prepayment meters were installed in homes in Britain using warrants and without customer consent in 2022, the government said on Monday, adding that British Gas, Scottish Power and OVO Energy accounted for 70% of them. Prepayment meters allow customers to pay for gas and electricity on a pay-as-you-go basis. British Gas, Scottish Power and OVO Energy forcibly installed 66,187 prepayment metres under warrant last year, the Department for Business, Energy and Industrial Strategy (BEIS) said. Scottish Power was the worst offender when taking its customer base into account, force-fitting more than 24,300 meters, BEIS said. The company is not currently installing prepayment meters or recovering debt from those customers on new prepayment meters unless requested by the customer, the spokesperson added.

☆ Chinese commerce minister in talks with Apple boss Tim Cook
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +1 min

BEIJING, March 27 (Reuters) - Chinese commerce minister Wang Wentao met Apple (AAPL.O) CEO Tim Cook on Monday and exchanged views on the company's development in China, the commerce ministry said. The two talked about stabilising industrial and supply chains, the ministry said, adding that Wang told Cook China is willing to provide a good environment and services for foreign companies including Apple. Cook was in Beijing over the weekend to attend the government-organised China Development Forum. Wang told Cook that China unswervingly promotes a high-level opening-up of rules, regulations, management, standards and other systems, the ministry added. Reporting by Beijing newsroom Writing by Bernard Orr Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ France to ban TikTok on work phones of civil servants -minister
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: 1 min

PARIS, March 24 (Reuters) - France will ban the use of Chinese-owned video-sharing app TikTok on the work phones of civil servants, Civil Service Minister Stanislas Guerini said on his Twitter account. "In order to guaratne the cybersecurity of our administrations and civil servants, the government has decided to ban recreational applications such as TikTok on the professional phones of civil servants," he said in a statement. Reporting by GV De Clercq Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Emirates airline says 'substantial' ticket revenue trapped in Nigeria
▼ + stars: | 2023-03-24 | by ( Ghaida Ghantous | ) www.reuters.com time to read: +2 min

DUBAI, March 24 (Reuters) - Emirates Airline has a "substantial" amount of ticket sale revenue trapped in Nigeria and has made only slow progress in repatriating blocked funds out of Africa's biggest economy, it said on Friday. Emirates declined to say how much was trapped in Nigeria, but a spokesperson said about half of the amount in its backlog was overdue for repatriation and that the process "remains beset with constant delays". Nigeria is withholding $743 million in revenue earned by international carriers operating in the country, the highest amount owed by any nation, global airline industry association IATA said last week. Oil is Nigeria's biggest foreign exchange earner, but rampant crude theft in the Niger Delta and years of under-investment have hit output and strained government finances. For a few months last year, Angola overtook Nigeria as Africa's biggest oil producer and exporter.

☆ Chinese smartphone maker Xiaomi's revenue and profit slides
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +3 min

SHANGHAI, March 24 (Reuters) - Chinese smartphone maker Xiaomi Corp (1810.HK) on Friday reported a record drop in fourth-quarter revenue as the company weathered a slowdown in consumption and disruptions due to China's COVID-19 curbs. Xiaomi's sales in the fourth quarter of 2022 reached 66.05 billion yuan ($9.6 billion), down 22.8% from 85.58 billion yuan a year earlier. Net income fell to 1.46 billion over the period, down 67.3% from 4.473 billion yuan a year earlier. The company's revenue for 2022 was 280.04 billion yuan, a drop of 14.7%, while net income came in at 8.52 billion yuan, down 61.4%. China's smartphone sales endured a record fall in 2022, down 14% to 287 million units, Canalys data shows.

HONG KONG, March 22 (Reuters) - China Evergrande Group (3333.HK) on Wednesday announced plans for the restructuring of its $22.7 billion in offshore debt, which could set a template for distressed rivals and shape investor sentiment on the country's embattled property sector. The world's most indebted property developer gave creditors a basket of options to swap their debt into new bonds and equity-linked instruments tied to two Hong Kong-listed companies, Evergrande Property Services Group (6666.HK) and Evergrande New Energy Vehicle Group (0708.HK). With more than $300 billion in total liabilities including offshore debt, Evergrande has been at the centre of a property debt crisis in which multiple Chinese developers defaulted over the past year, forcing many to enter debt restructuring talks. "The proposed restructuring will alleviate the company's pressure of offshore indebtedness and facilitate the company's efforts to resume operations and resolve issues on shore," Evergrande said in the filing. Evergrande, which began one of China's biggest debt restructuring processes early last year, said on Monday that a key bondholder group had agreed to its proposed terms.

LONDON, March 22 (Reuters) - The banking turmoil sparked by the collapse of Silicon Valley Bank is not yet over, and a significant number of banks will fail within two years, the CEO of hedge fund Man Group (EMG.L) told a Bloomberg conference in London on Wednesday. Asked whether the crisis in the sector was over, Man Group's Luke Ellis told delegates he did not think so. "I think we will have significantly more banks that don't exist in 12-24 months," Ellis said, adding that he thought smaller and regional banks in the United States and challenger banks in Britain could be at risk. Many hedge funds have made money from the banking sector volatility in recent days by betting against banks. Central banks globally have responded to the turmoil with coordinated measures to ensure the flow of cash between banks around the world.

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