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Oil prices hit 15-month lows on Monday in response to the banking crisis that followed the collapse of two U.S. lenders and resulted in Credit Suisse being rescued by Switzerland's biggest bank UBS (UBSG.S). Falling oil prices are a problem for most of the group's members because their economies rely heavily on oil revenue. A third delegate said the recent slump in oil prices was related to speculation in the financial market, not market fundamentals. In its most recent monthly report, OPEC upgraded its forecast for Chinese oil demand growth this year but maintained its projection for global demand growth at 2.32 million bpd. Reporting by Ahmad Ghaddar, Maha El Dahan and Alex Lawler Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Exclusive: Google to win EU antitrust okay for maths app deal, sources say
▼ + stars: | 2023-03-22 | by ( Foo Yun Chee | ) www.reuters.com time to read: +1 min

BRUSSELS, March 22 (Reuters) - Alphabet's (GOOGL.O) Google is set to gain unconditional EU antitrust clearance for its acquisition of Croatian maths app Photomath, people familiar with the matter said on Wednesday. Investors in the Croatian company include Menlo Ventures, LearnCapital, Goodwater Capital, GSV Ventures and Cherubic. The European Commission, which is scheduled to decide on the deal by March 28, and Google declined to comment. The app has been downloaded more than 300 million times worldwide and is available in more than 30 languages. Reporting by Foo Yun Chee Editing by David Goodman, Elaine HardcastleOur Standards: The Thomson Reuters Trust Principles.

☆ Baidu's smart car business to test autonomous vehicles in Shanghai
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: 1 min

[1/2] The Apollo logo is seen on a car of Baidu's driverless robotaxi service Apollo Go, in Wuhan, Hubei province, China February 24, 2023. REUTERS/Josh Arslan/File PhotoHONG KONG, March 22 (Reuters) - Apollo, Chinese tech giant Baidu's (9888.HK) smart car business, has received approval to be among the first companies to test fully autonomous vehicles in Shanghai, China's largest city, it said on Wednesday. The business currently operates driverless robotaxi services in specially designated areas of Wuhan, Chongqing and Beijing. Reporting by Twinnie Siu and Eduardo Baptista Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Goldman Sachs expects commodities supercycle
▼ + stars: | 2023-03-21 | by ( Julia Payne | ) www.reuters.com time to read: +1 min

LAUSANNE, Switzerland, March 21 (Reuters) - Goldman Sachs expects a commodities supercycle driven by China and the capital flight from energy markets and investment this month after concerns triggered by the banking sector, the U.S. bank's head of commodities said. "As losses mounted, it spilled into commodities," Jeff Currie, global head of commodities for Goldman Sachs, told the Financial Times Commodities Global Summit on Tuesday. Currie emphasised the hit was to the supply side rather than demand and he remains very bullish on copper. We have peak supply occuring in 2024...Near term we put (the copper price) at $10,500 and longer term our price target is $15,000 a tonne." Copper hit a record high $10,845 in March 2022.

☆ Saudi National Bank strategy unaffected by hit to Credit Suisse investment
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +1 min

DUBAI, March 20 (Reuters) - Saudi National Bank's (1180.SE) growth strategy will be unaffected by the reduced valuation on its investment in Credit Suisse after the Swiss bank was taken over by domestic rival UBS (UBSG.S) on Sunday. "Changes in the valuation of SNB’s investment in Credit Suisse have no impact on SNB’s growth plans and forward looking 2023 guidance," Saudi National Bank said in a bourse filing on Monday. Saudi National Bank's statement added that the potential impact to its capital adequacy ratio is about 35 basis points, with no impact on profitability. Investment in Credit Suisse formed less than 0.5% of the Saudi lender's total assets of more than 945 billion riyals as of last December. Saudi National Bank's chairman last week said the bank was not looking at any international acquisitions and was instead focused on growth in the Saudi market.

☆ French insurer AXA has about $640 mln exposure to Credit Suisse
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: 1 min

PARIS, March 20 (Reuters) - French insurer AXA (AXAF.PA) had a "limited exposure" of about 0.6 billion euros ($639.5 million) to Swiss bank Credit Suisse (CSGN.S), it said on Monday. "AXA has no exposure to Credit Suisse AT1s or to Credit Suisse equity. The group has limited exposure to Credit Suisse of circa 0.6 billion euros, comprising covered bonds and senior bonds. AXA has less than 20 million euro exposure to bank AT1s," the insurer said in an emailed statement. ($1 = 0.9383 euros)Reporting by Sudip Kar-Gupta Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ French strikes continue to block refinery shipments and LNG terminals
▼ + stars: | 2023-03-20 | by ( Forrest Crellin | ) www.reuters.com time to read: +4 min

REUTERS/Eric GaillardPARIS, March 20 (Reuters) - Shipments of refined products from French refinery and depots were blocked on Monday by a 13th day of strike action, though some refineries operated with a reduced flow. The cost of keeping LR2 vessels floating outside ports is leading many traders to avoid shipments into France, traders said. Strikes also continued through the weekend and into Monday at ExxonMobil (XOM.N) subsidiary Esso's Fos refinery, blocking deliveries, CGT union representative Germinal Lancelin said. At French liquefied natural gas (LNG) terminals, the strike was extended until March 27 at the three terminals operated by Engie (ENGIE.PA) subsidiary Elengy, a union representative said. Another vote will be held later this week, possibly on Wednesday, on whether to take further strike action, the representative added.

☆ Oil hits lowest since 2021 on banking fears
▼ + stars: | 2023-03-20 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

Brent and WTI earlier hit lows last registered in December 2021, with WTI sinking below $65 a barrel. After the deal was announced, The U.S. Federal Reserve, European Central Bank and other major central banks pledged to enhance market liquidity and support other banks. "The market focus is on current banking sector volatility and the potential for further rate hikes by the Fed," said Baden Moore, National Australia Bank's head of commodity research. However, some executives are calling on the central bank to pause its monetary policy tightening for now but be ready to resume raising rates later. The group agreed in October to cut oil production targets by 2 million barrels per day until the end of 2023.

☆ Russian court freezes all Volkswagen assets in Russia
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +1 min

MOSCOW, March 20 (Reuters) - A Russian court on Monday froze all Volkswagen (VOWG_p.DE) assets in Russia, court documents seen by Reuters showed. Volkswagen was one of a string of foreign carmakers that suspended operations in Russia after western countries imposed unprecedented sanctions on Moscow over the conflict in Ukraine. Russian auto manufacturer GAZ, which was contracted to produce Volkswagen vehicles at its factory in Nizhny Novgorod, had sued the German carmaker for breach of contract after Volkswagen terminated the agreement in August. GAZ estimated its losses from the terminated contract at almost 16 billion roubles ($207.79 million). Volkswagen is attempting to sell its flagship Russian factory in Kaluga, south of Moscow.

☆ South Africa aware of legal obligations regarding Putin visit
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: +1 min

JOHANNESBURG, March 19 (Reuters) - South Africa is aware of its legal obligation, a spokesperson for President Cyril Ramaphosa said on Sunday, referring to a proposed visit by Vladimir Putin after an international court issued an arrest warrant against the Russian leader. Russian President Putin was expected to visit South Africa in August to attend a BRICS summit. But such a visit would place Ramaphosa's government, which has not condemned Russia's invasion of Ukraine, in a precarious position after the arrest warrant issued by the International Criminal Court (ICC) on Friday. "We note the report on the warrant of arrest that the ICC has issued," Magwenya said. "It remains South Africa's commitment and very strong desire that the conflict in Ukraine is resolved peacefully through negotiations."

☆ China condemns British lawmakers for ignoring demand not to visit Taiwan
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: +1 min

BEIJING, March 19 (Reuters) - China's embassy in Britain on Sunday condemned a visit this week by British lawmakers to Taiwan, saying they were insisting on visiting the island despite China's strong opposition. Taiwan's Presidential Office said the group of six lawmakers from the British-Taiwanese All-Party Parliamentary Group would meet President Tsai Ing-wen in Taipei on Monday. China views democratically governed Taiwan as its own territory and has been ramping up military, political and economic pressure to assert those claims. A statement from China's embassy in London said that the lawmakers have "insisted on visiting the Taiwan region of China despite China's resolute opposition". Taiwan regularly hosts visiting foreign lawmakers, which China routinely condemns.

☆ Syria's Assad arrives in United Arab Emirates in official visit
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: +3 min

[1/5] Syria's President Bashar al-Assad meets with President of the United Arab Emirates Sheikh Mohamed bin Zayed Al Nahyan in Abu Dhabi, United Arab Emirates March 19, 2023. Hamad Al Kaabi/UAE Presidential Court/Handout via REUTERSDUBAI, March 19 (Reuters) - Syrian President Bashar al Assad arrived in the United Arab Emirates (UAE) on Sunday for an official visit, accompanied by his wife Asma al Assad, at a time when more Arab states have signalled openness to easing the isolation of Damascus. "We held constructive talks aimed at developing relations between our two countries," Sheikh Mohammed later said in a Twitter post. The Syrian presidency said Asma al Assad, on her first known official visit abroad with Assad since 2011, would meet with Sheikha Fatima bint Mubarak who is the Emirati president's mother and regarded in the UAE as the "Mother of the Nation". Saudi Arabia, Qatar and, to a lesser extent the UAE, once backed rebels against Assad.

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

March 19 (Reuters) - UBS Group AG (UBSG.S) has offered to buy Credit Suisse (CSGN.S) for up to $1 billion, with the Swiss government planning to change the country's laws to bypass a shareholder vote on the deal, the Financial Times reported on Sunday. Credit Suisse's shares closed at 1.86 Swiss francs on Friday. Credit Suisse declined to comment, while UBS Group and the Swiss government did not immediately respond to Reuters request for comment. UBS is examining a takeover of Credit Suisse that could see the Swiss government offer a guarantee against the risks involved, two people with knowledge of the matter told Reuters on Saturday. ($1 = 0.9258 Swiss francs)Reporting by Akriti Sharma in Bengaluru Editing by David Goodman, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ Iraq in final stages of talks on $27 billion TotalEnergies deal, says minister
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: +1 min

March 19 (Reuters) - Talks between French oil major TotalEnergies(TTEF.PA) and Iraq to resolve sticking points in a long-delayed $27 billion energy deal "have reached advanced stages", Iraqi oil minister Hayan Abdel-Ghani said on Sunday. "We will activate the deal very soon," Abdel-Ghani said at an energy event. Iraq's demand for a 40% share in the project is a key sticking point while TotalEnergies wants a majority stake, sources told Reuters. "We obliged some oil companies operating in the south to cut production to come in line with OPEC+'s agreed rates," he added. Reporting by Moayed Kenany Writing by Ahmed Rasheed and Hatem Maher Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Iraq and Iran sign deal to tighten border security
▼ + stars: | 2023-03-19 | by ( Ahmed Rasheed | ) www.reuters.com time to read: +2 min

[1/3] Iraqi Prime Minister Mohammed Shia al-Sudani looks on as Iraq's National Security Adviser Qasim al-Araji and Iran's Supreme National Security Council secretary Ali Shamkhani sign the security agreement that includes coordination in protecting the common borders between the two countries, in Baghdad, Iraq, March 19, 2023. The joint security agreement includes coordination in "protecting the common borders between the two countries and consolidating cooperation in several security fields", a statement from the Iraqi prime minister's office said. Iran's Supreme National Security Council secretary Ali Shamkhani signed the deal with Iraq's National Security Advisor Qasim al-Araji, in the presence of Iraqi Prime Minister Mohammed al-Sudani, the prime minister office said. "Under the signed security deal, Iraq pledges it would not allow armed groups to use its territory in the Iraqi Kurdish region to launch any border-crossing attacks on neighbour Iran," said an Iraqi security official who attended the signing. Iran has also accused Kurdish militants of working with its arch-enemy Israel and has often voices concern over the alleged presence of the Israeli spy agency Mossad in the autonomous Iraqi Kurdish region.

☆ Credit Suisse's First Boston plan in doubt amid crisis talks -Bloomberg
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: 1 min

March 19 (Reuters) - Credit Suisse's (CSGN.S) plan to spin off its investment bank under the First Boston brand are being thrown into doubt by takeover talks, Bloomberg News reported on Sunday. UBS (UBSG.S) is showing little appetite for Credit Suisse's investment banking business as part of a government-orchestrated takeover, the report said, adding that plans to separate and eventually list that business are in doubt. UBS and Credit Suisse did not immediately respond to Reuters requests for comment. Reporting by Akriti Sharma in Bengaluru Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Stellantis invests 200 million euros to produce Fiat cars in Algeria
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: 1 min

Companies Stellantis NV FollowPARIS, March 19 (Reuters) - Carmaker Stellantis will spend more than 200 million euros ($213.32 million) to manufacture four Fiat models in Algeria, it said on Sunday. Construction of the plant will be completed by August with production of the the first Fiat 500 expected by the end of the year, it said. By 2026 the plant will have created nearly 2,000 local jobs and have production capacity of 90,000 vehicles a year. ($1 = 0.9376 euros)Reporting by Dominique Vidalon and Gilles Guillaume Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Black Sea drones show U.S. involvement in conflict against Russia, says Kremlin
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: +1 min

March 19 (Reuters) - U.S. drone flights over the Black Sea are a sign of direct U.S. involvement in conflict with Russia, Kremlin spokesman Dmitry Peskov was quoted as saying on Sunday. "And in fact, we are talking about the direct involvement of the operators of these drones in the conflict, and against us." Russia said the drone had violated airspace restrictions and lost control after manoeuvring sharply. Moscow says the United States and its allies are using Ukraine to wage war on it and inflict a "strategic defeat" on Russia. (This story has been corrected to say Black Sea from Baltic Sea in paragraph 1)Reporting by Reuters Editing by David Goodman and Peter GraffOur Standards: The Thomson Reuters Trust Principles.

☆ Kuwait court reinstates previous parliament
▼ + stars: | 2023-03-19 | by ( Ahmed Hagagy | ) www.reuters.com time to read: +2 min

KUWAIT, March 19 (Reuters) - Kuwait's Constitutional Court on Sunday ruled that last September's parliamentary election, in which the opposition made gains, was void and that the previous assembly must be reinstated. Kuwait's crown prince last year dissolved parliament and called early polls in an effort to end prolonged domestic political feuding that has hindered fiscal reform. However, Justice Mohammad bin Naji on Sunday said the court had declared that dissolution of parliament as void and had annulled the early elections held in September. "The constitutional authority of the dissolved parliament shall be restored as of the date of this ruling," he told the court session attended by reporters. "Kuwait does not deserve such farces," MP Saleh Ashour said on Twitter after the court ruling.

☆ Former Taiwan president Ma to visit China in landmark trip
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: 1 min

TAIPEI, March 19 (Reuters) - Former Taiwan President Ma Ying-jeou will visit China this month, his office said on Sunday, the first time a former or current Taiwanese leader has visited since the defeated Republic of China government fled to the island in 1949. Ma, who remains a senior member of Taiwan's Kuomintang (KMT) opposition party, held a landmark meeting with Chinese President Xi Jinping in Singapore in late 2015, shortly before current Taiwan President Tsai Ing-wen was elected. Ma's office said that he would visit China from March 27 to April 7 and go to the cities of Nanjing, Wuhan, Changsha, Chongqing and Shanghai. Reporting by Ben Blanchard Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

March 17 (Reuters) - Oil prices took a dive on Friday, reversing early gains of more than $1 a barrel and falling by more than $3, as banking sector fears set crude on course for its biggest weekly decline in months. Brent was on track for its biggest weekly fall since December at more than 10%, with WTI heading toward a loss of more than 11%, its biggest since last April. Pressure this week followed the collapse of Silicon Valley Bank (SVB) and Signature Bank and trouble at Credit Suisse and First Republic Bank. The drop in prices highlights "the continued fragile state of the market", said Ole Hansen, head of commodity strategy at Saxo Bank. Analysts still expect constrained global supply to support prices in the foreseeable future.

March 17 (Reuters) - Oil prices settled lower Friday, reversing early gains of more than $1 a barrel as banking sector fears caused both benchmarks to reach their biggest weekly declines in months. U.S. West Texas Intermediate crude fell $1.61, or 2.4%, at $66.74. Oil prices tracked equity markets lower, dogged by the banking sector crisis and worries about possible recession. Pressure stemmed from "the continued fragile state of the market", said Ole Hansen, head of commodity strategy at Saxo Bank. Analysts still expect constrained global supply to support oil prices in the foreseeable future.

☆ UK's Ofcom delays BT fibre pricing decision after CEO remarks
▼ + stars: | 2023-03-17 | by ( Paul Sandle | ) www.reuters.com time to read: +3 min

Rivals such as Virgin Media O2 and alternative fibre providers known as altnets are investing billions of pounds to build competing networks. 'SIGNIFICANT CONCERN'But comments made by BT Chief Executive Philip Jansen to the Financial Times - headlined "BT chief warns Openreach fibre push will 'end in tears' for rivals" - caused "significant concern", Ofcom said. Ofcom chief Melanie Dawes said in a letter to Jansen, published on Friday, that the regulator was committed to network competition. "They must question why BT Group is reducing its wholesale charges whilst increasing the prices that consumers pay for broadband," INCA said. BT's earlier wholesale pricing, Equinox, was challenged by altnet CityFibre, but Ofcom decided not to intervene.

☆ Dubai's Majid Al Futtaim cuts 105 jobs as new CEO makes mark
▼ + stars: | 2023-03-16 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +2 min

DUBAI, March 16 (Reuters) - Dubai's Majid Al Futtaim (MAF) has cut 105 jobs out of its total staff of 46,000, the Middle Eastern shopping mall developer and operator told Reuters, as its new CEO seeks to boost returns. Three sources familiar with the move said it was part of a restructuring following the abrupt removal of former chief executive Alain Bejjani in January. "These measured actions and continuous business-as-usual reviews enable Majid Al Futtaim to deliver competitive returns to our shareholders while maximising opportunities for value accretive, profitable and sustainable growth," it added. MAF was founded by Emirati businessman Majid Al Futtaim, whose death at the end of 2021 was announced by Dubai's ruler Sheikh Mohammed bin Rashid al-Maktoum, who paid tribute to him as one of the emirate's pioneers. Reporting by Hadeel Al Sayegh; Editing by David Goodman and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Novo Nordisk suspended from UK lobby group
▼ + stars: | 2023-03-16 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

ABPI's statement linked to a website of a self-regulatory body run by the association that pointed to a complaint alleging that Novo Nordisk had sponsored courses on weight management on LinkedIn for health professionals, without making clear the company's involvement. The move amounted to "bribing health professionals with an inducement to prescribe," the complaint alleged. In response, Novo said that it had agreed to provide sponsorship to ensure that health professionals would receive training from a reputable provider, but that it had supported the activity at "arms length". Novo is the market leader in the rapidly growing area of weight loss through medicinal treatment rather than only dieting or exercising. Novo has since developed a more effective obesity treatment called Wegovy, which has been in great demand globally and is being lined up for its UK launch.

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