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☆ UniCredit CEO Orcel has leverage in pay debate
▼ + stars: | 2022-12-06 | by ( Lisa Jucca | ) www.reuters.com time to read: +4 min

Under UniCredit’s remuneration policies, Orcel receives 2.5 million euros in salary, with the potential for twice that via an annual bonus. A regulatory cap prevents UniCredit from paying its CEO a bigger bonus, so the board may have to hike his fixed salary to pay him more. UniCredit Chairman Pier Carlo Padoan said Orcel has not asked for a pay rise. Follow @LJucca on TwitterloadingCONTEXT NEWSItalian lender UniCredit will review the pay package of its Chief Executive Andrea Orcel ahead of its 2023 general meeting. Orcel’s pay package envisages a fixed salary of 2.5 million euros a year and a bonus of up 5 million euros.

Exports also benefited from the restart of a PDVSA-Chevron crude upgrader at their Petropiar joint venture in the Orinoco Belt. Nearby, one of Petrolera Sinovensa's two crude blending plants operated by PDVSA and China National Petroleum Corporation (CNPC) also resumed work. Venezuelan PDVSA's crude processing facilities restarted operations after outages and a lack of diluents, leading to a sale increase in November. PDVSA also sent about 38,000 bpd of crude, fuel oil and gasoline blend stock to key political ally Cuba. Another Iran-flagged tanker in Venezuela, the Huge, is also expected to navigate back carrying fuel oil for NICO this month as part of an oil swap with PDVSA, according to the documents.

☆ Germany, others demand clarity on EU plan on telco network costs
▼ + stars: | 2022-12-02 | by ( Foo Yun Chee | ) www.reuters.com time to read: +1 min

Deutsche Telekom (DTEGn.DE), Orange (ORAN.PA), Telefonica (TEF.MC), Telecom Italia (TLIT.MI) call it a fair share contribution, especially as the six largest content providers account for just over half of data internet traffic. The European Commission's industry chief Thierry Breton has said he will launch a consultation in early 2023 before proposing legislation. "We as member states have always considered an open and transparent debate on substance on the 'fair share' topic as of great importance," Austria, Estonia, Finland, Ireland, the Netherlands and Germany, Europe's leading economy, wrote in a joint letter to the Commission. "However, we urge the Commission to further create transparency on its intended timeline, analyses and steps on this topic," they said. Reporting by Foo Yun Chee; editing by Barbara LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Analysis: Retailers turn to robots in cost inflation fight
▼ + stars: | 2022-12-01 | by ( James Davey | ) www.reuters.com time to read: +6 min

He estimates the retail industry is 40% automated, but sees that jumping to 60-65% over the next three to four years. The march of the robots can be seen in fashion stores and food shops globally as an industry that employs millions grapples with the cost of rising wages, energy and raw goods. While processes at online retailers are largely automated, vast parts of a traditional retailer's operations are still carried out manually, according to consultants at McKinsey. Looking at the fashion industry, McKinsey expects fashion companies to double investment in technology from 1.6% to 1.8% of their revenue in 2021 to between 3.0% and 3.5% by 2030. "Retailers are saying 'robots are the future,'" Michel Spruijt, Brain Corp's chief revenue officer, told Reuters, adding that the shift could "free up workers from tedious" tasks.

[1/2] People take part in a protest against the electoral reform proposed by Mexican President Andres Manuel Lopez Obrador and in support of the National Electoral Institute (INE) in Ciudad Juarez, Mexico, November 13, 2022. Without opposition support, Lopez Obrador cannot pass his planned electoral overhaul, a constitutional reform which requires a two-thirds majority in Congress. Critics view that as a presidential power grab, something Lopez Obrador denies. If the bill founders, Lopez Obrador has mooted lesser changes that only require a simple majority. Lopez Obrador may have a last chance to reshape the INE when four of its 11 commissioners step down next April.

☆ Sweden's H&M to lay off 1,500 staff in drive to cut soaring costs and rescue profits
▼ + stars: | 2022-11-30 | by ( Stine Jacobsen | ) www.reuters.com time to read: +3 min

The cuts by H&M, which employs roughly 155,000 people, are part of a plan laid out in September to save 2 billion Swedish crowns per year. "Keeping the lights and heating on in vast stores is becoming increasingly unaffordable with energy prices so volatile," she added. In contrast to H&M, Inditex reported in September quarterly sales growth and said it planned to hike prices to offset soaring costs. British fashion retailer Primark has announced plans to add 1,800 jobs in Spain and Britain as it expands. H&M said its savings would start to kick in from the second half of next year, while it will take a restructuring charge of 800 million Swedish crowns in the fourth quarter.

☆ UK banks’ Big Bang thankfully looks like big flop
▼ + stars: | 2022-11-30 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

Yet, the mooted changes would probably only benefit middling lenders like Santander UK, Virgin Money (VMUK.L) and Banco Sabadell’s (SABE.MC) TSB Bank, according to the FT. And on Wednesday, the BoE’s supervisory body said it planned largely to stick to international bank-capital rules, dubbed Basel 3.1. But the big flop might not be such a bad thing for the country’s financial sector. Separately, the government’s City minister Andrew Griffith said on Nov. 29 that he wanted to relax the so-called ringfencing regime that forces large British lenders to separate their retail and investment banking arms. According to the Financial Times, the ringfencing regime would still apply to the biggest UK banks but there could be exemptions for lenders with limited trading operations including Santander UK, Virgin Money and TSB Bank.

☆ A US plan to drop bombs from cargo planes hit another milestone, but the Air Force is still figuring out how it would use it in a war
▼ + stars: | 2022-11-30 | by ( Christopher Woody | ) www.businessinsider.com time to read: +8 min

US Air Force special operators launched a cruise missile from a cargo plane over Norway this month. The Air Force wants to have more planes that can launch long-range strikes, but there are logistical hurdles. US Air Force personnel load a Rapid Dragon deployment system on an MC-130J before a test in November 2021. Air Force Research Laboratory"The beauty of that capability is it doesn't require any aircraft modifications. We are intentionally trying to be provocative without being escalatory," said Melnicoff, Special Operations Command Europe's lead officer for Operation Atreus.

☆ Rate shock calls time on funky debt boom
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: +2 min

The Luxembourg-based group’s move portends a shakeout in the once vibrant market for funky debt that has equity-like characteristics. Hybrid debt boomed during the low-rate era, with issuance topping 35 billion euros last year, according to ING. Yet calling bonds now means issuing new securities at a high cost, especially for weaker companies. Some, like Telefonica (TEF.MC), are still issuing, even at a higher cost. If investors demand higher returns to compensate for the risk of extension, the result will be a smaller, more discerning market.

☆ Spanish banks mull legal challenge to bank tax proposal
▼ + stars: | 2022-11-28 | by ( Jesús Aguado | ) www.reuters.com time to read: +2 min

MADRID, Nov 28 (Reuters) - Spanish banks Bankinter (BKT.MC) and Caixabank (CABK.MC) are considering challenging the government's new banking tax proposal in court, executives from the lenders said on Monday. An amended windfall tax proposal for Spanish banks and large energy companies last week cleared its first hurdle in parliament with the backing of the leftist ruling coalition and several regional parties. Earlier this month, the banking tax was amended to impose levies on the local units of foreign lenders after the ECB said the proposal would distort competition. Any potential legal challenge from the sector against the government would constitute an unprecedented legal move. BBVA's (BBVA.MC) Chief Executive Onur Genc said his bank would analyse the implications of the bank tax proposal and "we will decide in due time whether to appeal it".

☆ How TikTok is changing the music industry
▼ + stars: | 2022-11-25 | by ( Dan Whateley | ) www.businessinsider.com time to read: +15 min

TikTok is an essential promotional tool for music artists and record labels. Watch a full replay of Insider's webinar on TikTok's impact on the music industry, featuring execs from TikTok, Universal Music Group, and UnitedMastersFor some, the hyper-focus on TikTok can be draining. "The argument from TikTok's side is TikTok is now so important to the music industry that they can't afford to not have their music on the platform." Read more about the 'complicated' and codependent relationship between TikTok and music rights holdersBut the industry's attention on TikTok isn't unfounded. Read about why TikTok music marketers are turning to general-interest accounts to promote songsCreating TikTok music challenges to spark user-generated videosAnd some marketers are opening the door for social-media users who wouldn't traditionally be considered influencers to get paid to promote music.

☆ BP wins contract to market Guyana's share of oil production
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Lee SmithNov 25 (Reuters) - BP Plc (BP.L) will market Guyana's share of crude oil produced over the next year from two offshore production platforms, the South American country's Ministry of Natural Resources said. The London-based oil company agreed to market the state's share produced from the Liza Destiny and Liza Unity platforms at no charge per barrel, according to a ministry statement on Thursday. Through mid-year, Guyana's share of oil production from the consortium composed of Exxon Mobil (XOM.N), CNOOC Ltd (0883.HK) and Hess Corp (HES.N) was worth $307 million. The group markets two crudes: a medium to light sweet oil called Liza, and an even lighter grade called Unity Gold. BP will market crude to refiners, provide benchmark and performance comparisons, and help the government understand the behavior and yields of the Liza blend, the ministry said.

☆ Atlantia set to be delisted as buyout bid reaches 90% threshold
▼ + stars: | 2022-11-24 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +1 min

MILAN, Nov 24 (Reuters) - A buyout offer launched by the Benetton family and U.S. investment fund Blackstone (BX.N) for Italy's Atlantia (ATL.MI) has reached the 90% threshold for the deal to proceed and trigger the company's delisting, the bidders said on Thursday. The bid initially failed to reach the threshold but was then reopened for another five days and closes on Friday. The bidders' vehicle named Schema Alfa said in a statement the planned delisting would happen "as soon as possible in the following weeks". The enterprise value of the deal was around 54 billion euros ($56.32 billion) based on Atlantia's debt level at the end of last year. Atlantia shares closed at 22.95 euros on Wednesday, just below the 23 euros per share Schema Alfa is offering to pay.

☆ List of bidders for Citigroup's Mexican retail arm shrinks as Inbursa drops out
▼ + stars: | 2022-11-24 | by ( Valentine Hilaire | ) www.reuters.com time to read: +2 min

MEXICO CITY, Nov 23 (Reuters) - Mexican bank Grupo Financiero Inbursa (GFINBURO.MX) said on Wednesday it had pulled out of the bidding process for U.S. bank Citigroup's Mexican retail arm Citibanamex. Carlos Slim's Inbursa and German Larrea's Grupo Mexico (GMEXICOB.MX) were seen as the frontrunners in bidding for Citibanamex, known also as Banamex. "We considered from the beginning (of the bid) that it was going to be difficult for a player in the sector to make such an acquisition. Other heavyweight names such as Grupo Financiero Banorte (GFNORTEO.MX), Spanish bank Santander (SAN.MC) and media tycoon Ricardo Salinas have previously also pulled out of the process. Reporting by Carolina Pulice and Valentine Hilaire; Editing by Anthony Esposito, Stephen Coates and Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

SummarySummary Companies Coal miners struggling to fund expansion plansThermal coal costs more than coking coal after price surgeMost Western bankers pulling back from coal industryLONDON, Nov 24 (Reuters) - It's the best of times, it's the worst of times. At least when it comes to mining coal. With funding hard to come by from Western banks, coal miners outside China have turned more to equity markets this year. "With regard to thermal coal mining, any transaction in coal mining requires an enhanced environmental risk review," a Deutsche spokesperson said, adding that the bank was updating its coal policy. Bens Creek listed shares partly because of the lack of appetite from banks to support any expansion of coal mining, chief executive Wilson said.

LISBON, Nov 23 (Reuters) - Further consolidation of Portugal's banking sector is inevitable, European Central Bank member Mario Centeno told Reuters on Wednesday, calling "remarkable" the recent progress the country's banks have made on strengthening capital and reducing risk. Analysts have said that Portuguese banks should bet on M&A operations to achieve better competitive conditions, despite the five largest players' owning 80% to 85% of banking assets. Portugal's banks are still scarred from a debt crisis and a spike in NPLs after the 2010-13 recession. The NPL ratio for Portugal's lenders was 3.4% of total credit in June, versus 17.9% in mid-2016. "Although I am very satisfied with the evolution...there is no point in resting, we have to challenge ourselves," Centeno said.

☆ Spain approves mortgage support for more than 1 mln households
▼ + stars: | 2022-11-22 | by ( Jesús Aguado | ) www.reuters.com time to read: +3 min

In Spain, around three-quarters of the population are homeowners, with most opting for floating-rate mortgages which are exposed to interest rate rises. Other countries, such as Hungary, Portugal, Poland and Greece, have approved different forms of mortgage support. Spain's banks will provide mortgage support for vulnerable families earning less than 25,200 euros ($25,815) per year through an amended industry-wide code of good practice. They will be able to restructure mortgages at a lower interest rate during a five-year grace period. Measures will also make it cheaper for families to switch from variable to fixed rate mortgage contracts.

☆ European companies are tapping bond markets again as investors return
▼ + stars: | 2022-11-22 | by ( Chiara Elisei | ) www.reuters.com time to read: +4 min

German housing giant Vonovia (VNAn.DE) last week raised 1.5 billion euros ($1.54 billion) amid strong investor demand in primary markets, a bright spark for a beleaguered property sector. Also noteworthy was a 750 million euro hybrid bond sale from Spanish telecoms firm Telefonica (TEF.MC), the first offering of its kind in Europe in two months. There were no hybrid bond deals in June and July, and only one transaction in September before Telefonica's offering. New hybrid bond sales total just over 10 billion euros so far this year, compared with 30 billion euros for the whole of 2021. In the broader market, investment grade corporate issuers have raised 258 billion euros so far this year compared with 322 billion euros in 2021, according to Refinitiv data.

☆ Spanish banks have one month to agree with proposed mortgage relief measures
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: 1 min

MADRID, Nov 22 (Reuters) - Spanish banks have one month to agree with the mortgage relief measures proposed by the government, Economy Minister Nadia Calvino said on Tuesday. She added Caixabank (CABK.MC), the bank with the largest assets in Spain, has said it intends to agree with the measures. Reporting by Belén Carreño; writing by Inti Landauro; editing by David LatonaOur Standards: The Thomson Reuters Trust Principles.

☆ Spanish short-term rentals boom has tourist sector clamouring for rules
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +3 min

Spanish travel industry association Exceltur said that about 300,000 homes are offered for short-term rental in the country's 20 largest cities, with some 389,779 rooms managed by hotels. Exceltur, which groups together major Spanish hotel chains, travel agents, tour operators and airlines, is lobbying for a new law to regulate short-term rental platforms such as such as Airbnb, describing the situation as "out of control". Renting to tourists is twice as profitable as offering long-term rentals to residents, the Exceltur study showed. In Spain, short-term rentals are also cheaper, on average, than hotels. These include forcing platforms to verify that individual hosts are properly registered as tourist accommodation providers, with official permission to operate.

☆ Spain's mortgage relief plans may mean higher provisions, Santander CEO says
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +1 min

MADRID, Nov 22 (Reuters) - Santander (SAN.MC) said on Tuesday that Spain's mortgage relief plans could lead to an increase in bad debt provisions and use up more capital reserves. The Spanish government and the country's banks on Monday reached an agreement in principle on mortgage relief measures, such as extending loan repayments, for more than one million vulnerable households and on help for middle-class families. Alvarez said even small changes in how a potential mortgage refinancing or extension is done could have an impact on capital consumption related to the bank's mortgage loans. Alvarez also said Santander had still not signed off on the mortgage support agreement though it planned to do so. The CEO also said care must be taken to ensure the support measures do not make access to loans more difficult.

☆ Cellnex says inflation has shut down European phone masts market, Financial Times reports
▼ + stars: | 2022-11-20 | by ( ) www.reuters.com time to read: +1 min

[1/2] A telecom antenna of Spain's telecoms infrastructures firm Cellnex are seen under main telecom tower, known as "Piruli", in Madrid, Spain, March 10, 2016. REUTERS/Sergio Perez/File PhotoMADRID, Nov 20 (Reuters) - The European mobile towers market is "pretty much closed" as rising inflation makes it harder for companies to finance new deals and the availability of assets declines, the chief executive of Cellnex (CLNX.MC) told the Financial Times. Material, inorganic growth, for the next 24 months is over," Tobías Martínez Gimeno told the newspaper in reference to the overall market. When interest rates were low and debt was cheap, mobile towers were among the most attractive assets in telecoms. But since June, the share prices of most tower groups have fallen as rising rates have driven up costs.

☆ Analysis: The final season of ‘Dead to Me’ is a poignant eulogy
▼ + stars: | 2022-11-19 | by ( Lisa Respers France | ) edition.cnn.com time to read: +6 min

Believe it or not, one of the things that has been helping me lately is just carving out some chill time. Three things to watch‘Dead to Me’ Season 3Christina Applegate as Jen Harding in a scene from "Dead to Me" on Netflix. Saeed Adyani/NetflixThe new season of “Dead to Me,” starring Christina Applegate and Linda Cardellini, will be the dark comedy series’ last. I am especially invested in this last season given Applegate’s revelation that she has multiple sclerosis. ‘The Santa Clauses’Tim Allen (second from right) in a scene from "The Santa Clauses" on Disney+.

BERLIN/PARIS, Nov 18 (Reuters) - France, Germany and Spain have reached agreement over starting the next phase of the development of a new fighter jet dubbed FCAS, Europe's largest defence project at an estimated cost of more than 100 billion euros, two sources told Reuters on Friday. The three countries and their respective industries had struck a deal, said a defence source who spoke on condition of anonymity and did not give details. According to earlier information, the next development phase for the Future Combat Air System (FCAS) is expected to cost some 3.5 billion euros ($3.63 billion), to be shared equally by the three countries. France's Dassault (AM.PA), Airbus (AIR.PA) and Indra (IDR.MC) - the latter two representing Germany and Spain respectively - are involved in the scheme to start replacing French Rafale and German and Spanish Eurofighters from 2040. ($1 = 0.9642 euros)Writing by Sabine Siebold, Editing by Miranda, Kirsti KnolleOur Standards: The Thomson Reuters Trust Principles.

☆ Spanish shopworkers' unions to discuss wages with Zara bosses
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +2 min

MADRID, Nov 16 (Reuters) - Trade unions representing about 1,000 Zara shop assistants in the Spanish apparel maker's hometown of A Coruña will meet with the company on Thursday to negotiate a pay rise, a union leader said. Zara owner Inditex (ITX.MC) has so far offered a rise of 183 euros per month, staggered over three years, on salaries that range between 1,058 euros and 1,400 euros a month, Naveiro said. Representatives of the company's two largest unions, UGT and CCOO, confirmed they will also attend the meeting. "We're placing our bets on negotiations because Inditex is sitting at the table," Lucia Trenor, a union leader at CCOO said. The shop assistants want to be paid the same as workers at the company's logistics centres, who earn about 2,000 euros a month.

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