DIRS.INFO The most relevant business & tech news

☆ Germany sees progress in EU talks for ban on fossil fuel cars
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +2 min

[1/2] Cars are pictured at rush hour traffic on A100 highway during a snowfall in Berlin, Germany, February 8, 2021. It wants sales of new cars with internal combustion engines to be allowed after that date if they run on e-fuels. "There are positive trends that are a good basis for further talks," a spokesman for the ministry told a news conference. The Commission declined to comment on the letter, which also suggested allowing carmakers to count such cars towards complying with CO2 targets. Such changes are legally problematic as the European Parliament has approved the regulations agreed between the bloc's member states and the Commission, meaning any change could be complicated and time-consuming.

REUTERS/Monicah MwangiNAIROBI, March 20 (Reuters) - Kenyan police fired tear gas and arrested several senior opposition politicians as hundreds of people protested against President William Ruto, the high cost of living and claims of cheating in last year's election. Raila Odinga, who lost to Ruto in August's poll, has urged nationwide protests as he attempts to harness dissatisfaction with the president. Police officers in riot gear fired tear gas at hundreds of rock-throwing protesters in the capital Nairobi's vast Kibera slum, who chanted: "Ruto must go." They also used tear gas to disperse demonstrators trying to gather in the Central Business District, from where Odinga has called for a march toward the president's State House residence, Reuters reporters said. In the western city of Kisumu, an Odinga stronghold, police fired barrages of tear gas in the direction of protesters who had started fires in the road, footage on Citizen TV showed.

☆ Factbox: Russia's tighter energy ties with China since Ukraine war
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +4 min

In February 2022, China also agreed to buy up to 10 bcm of gas annually by around 2026 via a pipeline from Russia's far east island of Sakhalin. Russia's gas exports to China are still a small fraction of the record 177 bcm it delivered to Europe in 2018-19. Since the start of the Ukraine war in February 2022, volumes to Europe have shrunk, reaching about 62 bcm in 2022. - China's seaborne imports of Russian oil are set to hit a record in March as Chinese refiners take advantage of cheap prices as domestic fuel demand rebounds. - China has largely ignored the sanctions imposed by Western nations on seaborne Russian crude since Dec. 5.

"So far, we have recycled more than 5 million plastic bags, but this is just the beginning," TileGreen co-founder Khaled Raafat told Reuters. "We aim that by 2025, we will have recycled more than 5 billion plastic bags." At the company's factory, on the outskirts of Cairo, workers carry large barrels loaded with mixed plastic waste to be melted down and compressed. An Egyptian start-up, TileGreen, is manufacturing interlocking tiles from recycled plastic and waste in an effort to reduce dependency on cement, which is a major polluter in the country. Plastic waste is often discarded in the street or disposed of in informal dumps or burned.

LONDON, March 20 (Reuters) - Europe has experienced a mild winter, but the region also managed to cut its temperature-adjusted gas consumption in response to high prices, public information campaigns and industrial closures. Chartbook: Europe gas consumptionOctober was unusually warm across the region and none of the major consuming countries made significant progress in reducing underlying demand. But the country also managed to reduce its consumption per degree day by 8% ensuring total consumption fell by 24%. Related columns:- Europe must prepare for next winter to be colder (March 15, 2023)- With winter almost over, Europe’s gas stocks are at seasonal record high (March 3, 2023)- Europe faces more high gas prices next winter (January 20, 2023)- Crisis over? Europe’s gas stocks at seasonal record high (January 17, 2023)- Europe should thank mild autumn for averting gas crisis this winter (December 16, 2023)John Kemp is a Reuters market analyst.

The ECB vowed to support euro zone banks with loans if needed, adding the Swiss rescue of Credit Suisse was "instrumental" for restoring calm. [1/6] Chairman of the Board of Directors of UBS, Colm Kelleher and Chairman of the Board of Directors of Credit Suisse, Axel Lehmann attend a news conference on Credit Suisse after UBS takeover offer, in Bern, Switzerland, March 19, 2023. The Swiss central bank said Sunday's deal includes 100 billion Swiss francs ($108 billion) in liquidity assistance for UBS and Credit Suisse. Credit Suisse shareholders will receive 1 UBS share for every 22.48 Credit Suisse shares held, equivalent to 0.76 Swiss francs per share for a total consideration of 3 billion francs, UBS said. Under the deal with UBS, some Credit Suisse bondholders are major losers.

☆ Iran proposes locations to Saudi Arabia for foreign minister meeting
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: +2 min

[1/3] Iranian Foreign Minister Hossein Amirabdollahian speaks during a news conference in Tehran, Iran March 19, 2023. Majid Asgaripour/WANA (West Asia News Agency) via REUTERSDUBAI, March 19 (Reuters) - The Iranian government has proposed to Saudi Arabia three locations for a meeting at foreign minister level, Iran's foreign minister said on Sunday, citing the latest messages with Riyadh since the countries agreed to re-establish ties. Iranian Foreign Minister Hossein Amirabdollahian told a news conference in Tehran his country had agreed to such a meeting, although he did not list the three locations or say when such a meeting might take place. Iran and Saudi Arabia, the region's Shi'ite Muslim and Sunni powers, agreed on March 10 to re-establish relations and re-open embassies within two months after years of hostility. Amirabdollahian signalled Iran was also hoping for steps towards normalising ties with Bahrain, a close Saudi ally.

☆ UBS agrees to buy Credit Suisse for more than $2 billion, Financial Times reports
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: 1 min

March 19 (Reuters) - UBS (UBSG.S) has agreed to buy Credit Suisse after increasing its offer to more than $2 billion, the Financial Times reported on Sunday. UBS will pay more than 0.50 francs ($0.5401) a share in its own stock, far below Credit Suisse’s closing price of 1.86 francs on Friday, FT reported, citing sources. The Swiss National Bank has agreed to offer a $100 billion liquidity line to Credit Suisse as part of the deal, the FT added, citing two people familiar with the matter. According to the report, UBS has agreed to a softening of a material adverse change clause that would void the deal if its credit default spreads jump. Credit Suisse and UBS declined to comment.

☆ Portugal's Delta Cafes founder Rui Nabeiro dies at 91
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: +1 min

LISBON, March 19 (Reuters) - Rui Nabeiro, the founder of Portugal's largest roasted coffee retailer Delta Cafes and one of the country's top entrepreneurs, has died at the age of 91, the company said on Sunday. Nabeiro, who died in a hospital in Lisbon "due to breathing problems", founded Delta Cafes in his home town of Campo Maior, Alentejo, in 1961, starting with a small warehouse that roasted only 30 kilos of coffee per day. He always reinvested the profits in innovation to grow his family business and the Delta Cafe now roasts 100 tonnes daily. The company's sales, through both retail and foodservice channels, rose 12% to 460 million euros in 2022, with more than 25% exported to around 40 countries. Reporting by Sergio Goncalves; editing by Barbara LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Thai authorities urge caution after hailstorm in northern province
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: 1 min

[1/4] A view of hailstones falling during a powerful storm, in Chiang Mai, Thailand March 18, 2023 in this screen grab obtained from a social media video. ChaiChai Wongkam/via REUTERSBANGKOK, March 19 (Reuters) - Thai authorities on Sunday told the public to beware of falling debris or branches after hail storms hit the northern part of the country and hundreds of homes were damaged. Footage on social media showed the impact of severe wind and hail in the northern province of Chiang Mai. "Heavy rains and hail fell for nearly 20 minutes," said Chaichai Wongkam, whose home was damaged. Reporting by Napat Wesshasartar, writing by Chayut Setboonsarng; editing by Barbara LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Mercedes set to invest billions in e-vehicles plants
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: +2 min

[1/2] An electric-powered Mercedes-Benz EQ Silver Arrow conception car is seen at the Auto Zurich Car Show 2022 in Zurich, Switzerland, November 10, 2022. Mercedes has said it will be ready to go electric by the end of the this decade, where market conditions allow. The carmaker will start work on the Rastatt plant over the coming months and will produce the first model of the compact vehicle platform MMA from 2024. In addition, Mercedes will invest a low single-digit billion dollar sum in modernising the painting systems at its Sindelfingen, Bremen and Rastatt plants in Germany. Burzer said Mercedes was ready to respond to any further changes in the regulatory environment.

☆ German minister to visit Taiwan in test of China relations
▼ + stars: | 2023-03-17 | by ( Andreas Rinke | ) www.reuters.com time to read: +3 min

China views democratically-governed Taiwan as its own territory and has increased military, political and economic pressure to assert those claims. The politically sensitive visit will take place at a time when Berlin is reviewing its previously close ties with China. Bettina Stark-Watzinger, also of the FDP, will begin her visit early next week, a ministry spokesperson said. Speaking at a regular news conference in Berlin, the education ministry spokesperson said the agenda during Stark-Watzinger's visit will also include battery research and supply chains. Last year, China condemned a visit to Taiwan by then-U.S. House of Representatives Speaker Nancy Pelosi, the highest-level U.S. visit in 25 years, as a threat to peace and stability in the Taiwan Strait.

☆ Take Five: Everything Everywhere All at Once
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +5 min

Lender Credit Suisse will likely dominate a Swiss National Bank meeting and the Bank of England might place its inflation fight on hold. Some predict Credit Suisse could merge with peer UBS to rebuild Switzerland's reputation as a finance safe haven. Credit Suisse will also take centre stage when the SNB meets on Thursday. The Bank of England could be on the verge of wrapping up a 17-month campaign of raising rates to combat inflation. Labour market pressures - including wage inflation - are starting to soften.

☆ French minister to raise protection of minors with Pornhub's new owners
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

PARIS, March 17 (Reuters) - A French government minister will meet the new owners of the pornography website Pornhub to ensure minors are protected and that the site does not break any laws, he said on his Twitter account on Friday. Earlier this week, Canadian private equity firm Ethical Capital Partners said it had bought MindGeek, which has faced complaints over Pornhub's content. MindGeek said it would work with Ethical Capital Partners (ECP) on matters of trust and safety with regulators. "We have spoken with the partners at ECP. Reporting by Sudip Kar-Gupta and Eva Mathews; Editing by Barbara Lewis and Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

☆ UN backs Turkey, Ukraine in call for 120-day grain deal rollover
▼ + stars: | 2023-03-16 | by ( Michelle Nichols | ) www.reuters.com time to read: +3 min

UNITED NATIONS, March 16 (Reuters) - The United Nations backed Turkey and Ukraine on Thursday by calling for a 120-day rollover of an agreement allowing the safe export of grain from several Ukrainian Black Sea ports after Russia said it would only extend the pact for 60 days. "For us, the text in the agreement is clear and it calls for a 120-day rollover," U.N. spokesman Stephane Dujarric told Reuters when asked about remarks by Turkey. Turkey said on Wednesday that it would continue talks to extend the deal for 120 days rather than 60 days. Senior U.N. and Russian officials met in Geneva on Monday to discuss extending the grain deal. Ukraine has so far exported nearly 25 million tonnes of mainly corn and wheat under the deal, according to the United Nations.

☆ Death toll from Colombia coal mine explosion climbs to 21
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +1 min

BOGOTA, March 16 (Reuters) - Ten miners reported missing after an explosion caused by accumulated gas in coal mines in central Colombia have been found dead, raising the death toll to 21, authorities said on Thursday. The explosion in several adjoining coal mines took place late on Tuesday in a rural area of Sutatausa, about 75 km (46 miles) north of Bogota. Serious accidents are common at open pit and subterranean coal and gold mines in Colombia, mostly at illegal or informal operations and those without proper safety measures. There were 117 accidents at mines in Colombia last year, according to the agency, killing 146 people. The deadliest recent accident was in June 2010, when 73 people were killed in a mine explosion the northwest.

☆ Factbox: Credit Suisse's troubles - spies, money laundering and takeover
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +6 min

Credit Suisse has said it expects the case, which it is appealing, to cost it around $600 million. The hedge fund's highly leveraged bets on certain technology stocks backfired and the value of its portfolio with Credit Suisse plummeted. Swiss regulators have rebuked Credit Suisse for "serious" failings in its handling of the multi-billion dollar business with Greensill. Switzerland's financial regulator said Credit Suisse had misled it about the scale of the spying. In response, Credit Suisse said it condemned the spying and had taken "decisive" steps to improve its governance and strengthen compliance.

☆ Investors punish Zara owner Inditex over spending plans
▼ + stars: | 2023-03-15 | by ( Corina Pons | ) www.reuters.com time to read: +4 min

As the cost of making garments increased, H&M took a profit hit while Inditex was able to pass on costs to shoppers. But higher expected capital expenditure for 2023, of 1.6 billion euros, surprised investors, sending Inditex shares down more than 5% by 1140 GMT. An Inditex logo is seen at the entrance of a Zara factory, the headquarters of Inditex group, in Arteixo, northern Spain, March 9, 2016. Inditex closed stores in mainland China at double its average rate, shutting a fifth of its shops there in 2022. Meanwhile Inditex plans to continue expanding in the United States, with at least 30 new projects planned from 2023 to 2025.

☆ Zara owner Inditex invests in tech to speed future sales
▼ + stars: | 2023-03-15 | by ( Corina Pons | ) www.reuters.com time to read: +3 min

Inditex has extended its lead over Swedish rival H&M (HMb.ST), in part because of a less price-sensitive customer base. As the cost of making garments increased, H&M took a profit hit while Inditex was able to pass on costs to shoppers. In-store and online sales rose 18% to 32.6 billion euros ($34.99 billion) from 2021 and were 15% higher than in 2019, before the pandemic hit. Excluding Russia, where Inditex stores have been closed since the Ukraine conflict started just over a year ago, sales in that period were up 17.5% in constant currency terms. Inditex also delivered a surprise, but by hiking capital expenditure to 1.6 billion euros from 1.1 billion euros previously.

☆ Zara owner Inditex sees 2023 sales keep pace, but capex plans disappoint
▼ + stars: | 2023-03-15 | by ( Corina Pons | ) www.reuters.com time to read: +2 min

In-store and online sales for the world's biggest fashion retailer rose 18% to 32.6 billion euros ($34.99 billion) from 2021 and were 15% higher than in 2019, before the pandemic hit. The pace of sales continued in the first six weeks of Inditex's current fiscal year to Jan. 31, 2024. Between Feb. 1 and March 13, Inditex said sales jumped by 13.5% from the same period a year earlier. Excluding Russia, where Inditex stores have been closed since the Ukraine conflict started just over a year ago, sales in that period increased by 17.5% in constant currency terms. But Inditex surprised investors with a hike in capital expenditure to 1.6 billion euros from 1.1 billion euros in the previous year, a higher level than expected by the market.

☆ Zara owner Inditex's profit jumps in Marta Ortega's first year in charge
▼ + stars: | 2023-03-15 | by ( Corina Pons | ) www.reuters.com time to read: +2 min

MADRID, March 15 (Reuters) - Zara owner Inditex (ITX.MC) on Wednesday posted a 27% increase in net profits in 2022 as sales exceeded pre-pandemic levels in the first full year since Marta Ortega, daughter of founder Amancio Ortega, took over as company chair. Between Feb. 1 and March 13, Inditex said its sales jumped by 13.5% from the same period a year earlier. The 2022 revenues were in line with analysts' expectations as the company benefited from shoppers' appetite for fashion as COVID-19 lockdowns ended. The results may also lessen investor doubts about Marta Ortega succeeding the veteran Pablo Isla as non-executive chair in April, in a generational handover that began a decade ago when her father retired. Also on Wednesday, rival H&M (HMb.ST) reported a 12% increase in net sales for its December-February period.

U.S. West Texas Intermediate crude futures (WTI) gained 98 cents, or 1.4%, to $72.31 a barrel. "The OPEC upgrade in Chinese oil demand outlook also lent support, though investors were still concerned over a cascading financial crisis after the recent collapse of U.S. banks," he said, noting that whether WTI can stay above $70 a barrel is being closely watched. The Organization of the Petroleum Exporting Countries (OPEC on Tuesday further raised its forecast for Chinese oil demand growth in 2023 due to the relaxation of the country's COVID-19 curbs, although it left total global demand steady, citing potential downside risks for world growth. China's demand recovery is bullish for oil prices, said Stefano Grasso, a senior portfolio manager at 8VantEdge in Singapore. U.S. crude oil inventories rose by about 1.2 million barrels in the week ended March 10, in line with a Reuters poll, while fuel stockpiles fell, according to market sources citing American Petroleum Institute figures on Tuesday.

Shares in H&M were down 6% in early trade, underperforming the wider Swedish market (.OMXSPI). The Swedish group said sales measured in local currencies for the period, its fiscal first quarter, rose 3% from a year earlier. Jefferies said local-currency sales, the figures most watched by markets, were significantly lighter than consensus estimates and implied that sales in reality fell 3% in February. By contrast, market leader Inditex (ITX.MC) reported on Wednesday a 13.5% increase in Feb. 1 - March 13 sales and a 27% net profit increase for its fiscal year through January. Royal Bank of Canada (RBC) said it expected continued input cost increases in the first quarter for the retailer and that it would stay under pressure into the second quarter.

☆ Autonomy founder Lynch fights extradition to US on fraud charges
▼ + stars: | 2023-03-15 | by ( Sam Tobin | ) www.reuters.com time to read: +2 min

LONDON, March 15 (Reuters) - Tech entrepreneur Mike Lynch asked a London court to block his extradition to the United States to face criminal charges over Hewlett Packard's $11 billion acquisition of his software company Autonomy, arguing he should be prosecuted in Britain. Lynch – the co-founder of Autonomy, who was once hailed as Britain's answer to Bill Gates – faces 17 charges over the 2011 takeover, which was one of Britain's biggest tech deals. Britain's interior ministry on the same day ordered Lynch's extradition to the United States. Bailin also gave updated details of HP's civil lawsuit against Lynch and Hussain, who was jailed in a San Francisco court for five years in 2019. Lynch intends to apply for permission to appeal against the ruling on HP's lawsuit, Bailin said in court filings.

☆ Analysis: Russian sanctions shift oil price-making power to Asia from Europe
▼ + stars: | 2023-03-14 | by ( Alex Lawler | ) www.reuters.com time to read: +6 min

Western Sanctions have led Russia to sell more than twice as much crude to Asia in the year to January, according to Kpler data. Iran, under U.S. sanctions, has boosted exports to the highest in three years on some estimates, with China the biggest buyer. Hardeep Singh Puri, India's oil minister, said in early February the country will keep buying from Russia if prices "continue to be good". EUROPE LOSES SUPPLY SOURCEIndia was among those to have complained about the Asian premium they paid to the big exporters. "These normal sorts of patterns of Asian premium or discount don't really apply," he said.

Search resuls for: "Barbara Lewis"

25 mentions found