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☆ 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.

Big hedge funds including Marshall Wace and Odey Asset Management added to short positions against Europe's banks, regulatory filings seen by Reuters and data from Breakout Point showed. Marshall Wace held the largest disclosed number of short positions against banks, public filings from Austria, Italy, Sweden, Britain, Spain and Poland analysed by Breakout Point showed. The banks included BAWAG (BAWG.VI), FinecoBank (FBK.MI), Handelsbanken (SHBa.ST), CaixaBank (CABK.MC), NatWest Group (NWG.L) and PKO Bank Polski (PKO.WA). BNP Paribas shares fell by as much as 12% on Wednesday before recovering to show a loss of 9%, while Deutsche Bank shares fell almost 9%. In the week to Wednesday, some 120 billion euros ($126 billion) had been wiped off the value of European bank shares.

☆ The man in charge of deporting Pablo Escobar's 'cocaine hippos' explains how he plans to fly 70 of them across the world
▼ + stars: | 2023-03-15 | by ( Crystal Raypole | Jessica Orwig | ) www.businessinsider.com time to read: +7 min

Authorities plan to relocate 70 of the hippos living wild in Colombia, but it's not an easy task. Very carefully, according to David Echeverri López, head of Biodiversity Management, Protected Areas, and Ecosystem Services at Cornare in Colombia. So, authorities will continue pursuing other options, from sterilization to searching for other zoos and sanctuaries willing to take hippos. The thickness of a hippo's skin, and the density of their subcutaneous tissue, also makes it challenging to deliver enough anesthesia to keep them asleep for the right amount of time. Cornare has sterilized 13 hippos, López said, and relocated seven to zoos in Colombia.

☆ Zara owner Inditex's profit jump in first year with Marta Ortega at helm
▼ + stars: | 2023-03-15 | by ( ) www.cnbc.com time to read: +1 min

Zara owner Inditex on Wednesday posted a 27% net profit increase in 2022 as sales exceeded pre-pandemic levels in the first full year since Marta Ortega, daughter of founder Amancio Ortega, took over at the helm of the company. In-store and online sales for the world's biggest fashion retailer reached 32.6 billion euros ($34.99 billion), 18% more than the 27.71 billion euros posted last year and 15% higher than in 2019, before the pandemic hit. The company net income soared to 4.1 billion euros ($4.40 billion). The fashion giant revenues were in line with what analysts expected as the company benefited from shoppers' appetite for fashion in the post-Covid period. Inditex's strong results will appease initial investor concerns 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.

☆ Ruben Gallego slams Kyrsten Sinema for raking in Silicon Valley Bank contributions ahead of 2018 deregulation vote
▼ + stars: | 2023-03-14 | by ( Warren Rojas | ) www.businessinsider.com time to read: +3 min

Rep. Ruben Gallego says Kyrsten Sinema is responsible for the Silicon Valley Bank implosion. Gallego talked about campaign contributions Sinema got from the failed lender on Tuesday in Tempe. "Sinema is in the pocket of Wall Street," he said, citing her 2018 vote to slash banking rules. Gallego also went after Sinema a day earlier, alleging that, "When bank lobbyists asked me to weaken bank regulations, I said no. When they asked Senator Sinema, she asked how much—and voted yes," DC outlet The Hill reported.

WASHINGTON/SINGAPORE, March 13 (Reuters) - U.S. authorities launched emergency measures on Sunday to shore up confidence in the banking system after the failure of Silicon Valley Bank (SIVB.O) threatened to trigger a broader financial crisis. Silicon Valley Bank (SVB), a mainstay for the startup economy, was a product of the decades-long era of cheap money, with unique risks that made it especially vulnerable. With the Fed poised to continue raising interest rates, investors said the financial system may not be fully out of the woods just yet. Goldman Sachs' analysts said they no longer expect it to raise rates at that meeting, amid the stress in the banking sector. A senior U.S. Treasury official said the actions taken would protect depositors, while providing additional support to the broader banking system, but officials and regulators were continuing to monitor financial system stability.

With assets of around 5.5 billion pounds and deposits of around 6.7 billion pounds, SVB UK is a minnow compared to HSBC. The situation was urgent because SVB UK had lost almost half of its deposits in the 48 hours leading up to its rescue, the source said. Officials from the Bank of England and Treasury along with board members from SVB UK were then locked in talks. HSBC also plans to inject 2 billion pounds of liquidity into SVB UK, a spokesperson for HSBC said. Advisory firm Rothschild, which advised SVB UK according to sources, also declined to comment.

[1/2] A notice hangs on the door of Silicon Valley Bank (SVB) located in San Francisco, California, U.S. March 10, 2023. "Silicon Valley Bank cannot be allowed to fail given the vital community it serves," Bank of London co-founder and CEO Anthony Watson said. But an executive at a major UK bank said it was unlikely a high street lender would buy SVB UK because its credit products would not be a good fit for a mainstream bank. EXISTENTIAL THREATMore than 250 UK tech firm executives signed a letter addressed to Hunt on Saturday calling for government intervention and warned of an "existential threat" to the UK tech sector, a copy seen by Reuters shows. Sunak has said he wants to turn Britain into the "next Silicon Valley".

March 12 (Reuters) - Bank of London has tabled an offer to Silicon Valley Bank UK, SVB's subsidiary, the company said on Sunday, adding that it had sent the proposals to British authorities, including the Treasury and the Bank of England. Bank of London, a clearing bank, is leading a consortium of investors including private equity funds, which has submitted what it described as formal proposals. "Silicon Valley Bank cannot be allowed to fail given the vital community it serves," Bank of London co-founder and CEO Anthony Watson said in a statement. "This is a unique opportunity to ensure the UK has a more diversified banking sector, whilst allowing continuity of service to SVB's UK client base," he said. Unlike other financial institutions, Bank of London does not lend and holds all of its deposits with the Bank of England.

☆ SVB UK holds $3 billion of venture capital-backed firms' funds, survey shows
▼ + stars: | 2023-03-12 | by ( Pablo Mayo Cerqueiro | ) www.reuters.com time to read: +1 min

LONDON, March 12 (Reuters) - British start-ups backed by venture capital have around 2.5 billion pounds ($3 billion), largely in deposits, "locked" in Silicon Valley Bank's UK subsidiary, according to a weekend survey by an industry body seen by Reuters. Regulatory disclosures show SVB had some $2.9 billion worth of loans at its UK arm at the end of last year, along with more than $1 billion in bonds. In addition to their portfolio companies, venture capital and private equity funds are also customers of SVB UK, some of whom have been pulling deposits, one senior banker familiar with the matter said. SVB UK offers short-term “capital call” facilities to venture capital funds, providing them with bridge financing before they receive cash from their investors, that person said. ($1 = 0.8301 pounds)Reporting by Pablo Mayo Cerqueiro; Editing by John O'Donnell and Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

☆ UK finance minister and Bank of England work to contain SVB fallout
▼ + stars: | 2023-03-11 | by ( ) www.reuters.com time to read: +3 min

The Bank of England on Friday said it was seeking a court order to place SVB UK into an insolvency procedure. Advisory firm Rothschild & Co is exploring options for SVB UK as insolvency looms, two people familiar with the discussions told Reuters. More than 250 UK tech firm chief executives signed a letter addressed to Jeremy Hunt, the British chancellor of the exchequer (finance minister), calling for government intervention, a copy seen by Reuters shows. "The recent news about SVB going into insolvency represents an existential threat to the UK tech sector," the letter said. Sky News had reported earlier on Saturday that a British clearing bank, the Bank of London, was considering a rescue bid for the UK arm of SVB.

☆ Colombia, ELN rebels have made first steps toward ceasefire
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Henry RomeroBOGOTA, March 10 (Reuters) - Colombia's government and the left-wing ELN guerrilla group have taken the first steps toward a bilateral, temporary ceasefire, the heads of their delegations at peace talks said on Friday, as they closed their second cycle of negotiations in Mexico City. The ELN is Colombia's oldest remaining rebel group, and the talks are the cornerstone of efforts by leftist President Gustavo Petro - himself once a member of the now-demobilized M-19 insurgents - to bring "total peace" to Colombia. "We took the first steps to firm up a bilateral, national and temporary ceasefire which will create better conditions for Colombians' mobilization and participation in the peace process," said the ELN's Pablo Beltran. On New Year's Eve, Petro announced a ceasefire, but days later the ELN said it had not agreed to the measure. The ELN, founded in 1964 by radical Catholic priests, has some 2,500 combatants and is accused of financing itself through drug trafficking, illegal mining and kidnapping.

☆ Bank of America names senior Europe TMT bankers in reshuffle -memo
▼ + stars: | 2023-03-09 | by ( Amy-Jo Crowley | ) www.reuters.com time to read: +1 min

LONDON, March 9 (Reuters) - Bank of America (BAC.N) has made a handful of senior appointments within its investment banking team advising European technology, media and telecom (TMT) companies, an internal memo seen by Reuters showed. The memo, which was confirmed by a Bank of America spokesperson, said the U.S. bank has named veterans Alexandre Gafsi and Emmanuel Hibou as chairs of TMT Investment Banking in Europe, the Middle East and Africa (EMEA) to "focus fully on covering some of our key clients". It has also appointed Thomas Koehrer and James Robertson as co-heads of TMT Investment Banking for the EMEA region. Peter Luck, who has been co-head of UK Investment Banking with Robertson, is now taking over full UK responsibilities. Reporting by Amy-Jo Crowley; Additional reporting by Pablo Mayo Cerqueiro; Editing by Elisa Martinuzzi and Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

The five-phase project to integrate gas production, storage, pipeline transportation and liquefaction is key for the South American country to monetize its vast reserves and become an exporter on liquefied natural gas (LNG). A delegation of technicians from Petronas traveled to Argentina in February to plan for the project. Drilling rigs could be imported for the upstream portion of the gas project as Argentina struggles to secure specialized equipment, YPF Chief Executive Officer Pablo Iuliano told journalists at the CERAWeek conference in Houston. If the decision is yes, then construction could begin between late 2023 and early 2024,The gas project with Petronas, the oil terminal and a two-phase gas pipeline connecting Vaca Muerta to the country's Northern region are needed to boost the country's oil and gas output and exports. Oil and gas producers expect the government will send draft legislation for promoting LNG production to Congress in the coming weeks, Iuliano said.

☆ Bertarelli-backed Volta Trucks seeks $264 mln in pre-IPO round, says CEO
▼ + stars: | 2023-03-08 | by ( Pablo Mayo Cerqueiro | ) www.reuters.com time to read: +3 min

LONDON, March 8 (Reuters) - Volta Trucks, the electric-truck maker backed by billionaire Ernesto Bertarelli, is in advanced discussions to raise as much as 250 million euros ($263.58 million), its CEO told Reuters. Volta Trucks is gearing up to roll out its electric trucks, after delays in obtaining certification for its vehicles and constraints in sourcing supplies held up production, according to a company spokesperson. The company just months ago tapped investors for around 300 million euros in a deal that valued it at close to 600 million euros. Volta Trucks' existing backers include Kuwaiti supply-chain services provider Agility Public Warehousing Co (AGLT.KW), Bertarelli's family office B-Flexion, Swedish investor Byggmastare Anders J Ahlstrom (AJAb.ST) and U.S. hedge fund Luxor Capital. A spokesperson for B-Flexion said the investor remains "wholly committed" to Volta Trucks, but declined to comment further.

☆ Argentina makes headway in establishing a cannabis export industry
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +3 min

"The industry has incredible potential," said Gabriel Gimenez, director of the ARICCAME cannabis agency created in January this year, last week. Argentina is looking to build its domestic medical cannabis market and generate foreign currency through exports. In Santa Fe province, the medical cannabis research and development center (CIDCam), which has over 200 cannabis plants of various varieties, is expecting a second harvest this month. Pablo Fazio, president of the Argentine Chamber of Cannabis (ARGENCANN) and Pampa Hemp's co-founder, said demand could ignite a new domestic industry for products made from the raw material. The chamber comprises some 200 private firms either directly or indirectly linked to the industrial hemp and medical cannabis business.

☆ Pablo Escobar and the real story behind 'Cocaine Bear'
▼ + stars: | 2023-03-05 | by ( Chris Dalby | Insight Crime | ) www.businessinsider.com time to read: +7 min

"Cocaine Bear" depicts an ursine rampage through Georgia's Chattahoochee-Oconee National Forest. The film is a fictionalization of a real event involving a bear finding cocaine thrown from a drug-laden airplane. Plenty has been written on the film's fictionalization of a real event involving a bear finding cocaine thrown from a drug-laden airplane. The real bear, which found packets of cocaine in the forest in 1985, never got a chance to go on a murder spree. The companyFor all its insanity, Cocaine Bear screenwriter Jimmy Warden does include elements of the real story.

☆ Messi's boyhood club Newell's Old Boys display banner in support after threats
▼ + stars: | 2023-03-04 | by ( ) www.reuters.com time to read: +1 min

BUENOS AIRES, March 4 (Reuters) - Lionel Messi's boyhood club Newell's Old Boys of Argentina put up a banner of support for their country's captain in their stadium on Saturday, following the attack against his wife Antonela Roccuzzo's family business. A threatening hand-written message to the Paris St Germain forward was left on a supermarket belonging to the Roccuzzo's early on Thursday morning, after two people on motorcycles shot the business. (Pablo) Javkin (Rosario's mayor) is also a narco, he will not take care of you," read the handwritten text left on the door. The message of support from Newell's was posted on social media hours before Saturday's home game against Barracas Central in the Argentine league. Newell's is with you," read the red and black banner, which was placed behind one of the goals at the Coloso Marcelo Bielsa stadium ahead of the match.

[1/2] A worker shelters from the rain under a Union Flag umbrella as he passes the London Stock Exchange in London, Britain, October 1, 2008. REUTERS/Toby Melville/File PhotoLONDON, March 3 (Reuters) - London risks losing its appeal for stock market listings, some investors and financial executives said, with sluggish trading and low valuations driving more companies to float elsewhere. That dashed government hopes that Arm, seen as a British tech success story, would return to the London market, where it was listed before being taken over in 2016. Arm's announcement came a day after Dublin-based construction materials company CRH recommended moving its primary listing from London to the United States. But British companies that floated in New York have not necessarily had the smooth ride they expected, data compiled by the London Stock Exchange (LSE) (LSEG.L) suggests.

☆ Since David Solomon became Goldman Sachs CEO, more than 80 partners have left. See the running list here.
▼ + stars: | 2023-03-03 | by ( Carter Johnson | Dakin Campbell | ) www.businessinsider.com time to read: +6 min

David Solomon has been Goldman Sachs' CEO for more than four years since succeeding Lloyd Blankfein. There's been a lot of talk about the morale at Goldman Sachs. In reality, Solomon said, there were fewer "partner transitions at Goldman Sachs" in 2022 than any year "going back to 2014." "At the moment, year-to-date, our turnover is at a 5-year low, not just for partners, in the whole firm," Solomon added. Here is a running list of Goldman's partners that have retired from the firm — or moved on to roles at other companies — since Solomon became CEO.

LONDON, March 3 (Reuters) - European buyout houses Montagu Private Equity and Astorg Partners are preparing to hang the "for sale" sign on their UK insurance software investments, hoping to woo insurers and fellow private capital funds with their technology. Acturis, Astorg and Open GI did not respond to requests for comment. It last attempted to sell the business in 2018 and has since strived to transform it into a software-as-a-service (SaaS) platform, which could attract fellow private equity funds with existing investments in the insurance industry, sources said. Open GI could be worth up to 12 times its expected core earnings of more than 30 million pounds ($35.96 million) expected for 2023, two sources said. Revenue rose to 111.9 million pounds from 102.4 million pounds the previous year, as the company added new brokers and insurers to its eponymous SaaS platform.

☆ ATP roundup: Jiri Lehecka upsets Doha top seed Andrey Rublev
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +2 min

1 seed Andrey Rublev 4-6, 6-4, 6-3 in the quarterfinals of the Qatar ExxonMobil Open on Thursday in Doha. Lehecka will face Great Britain's Andy Murray in the semifinals after Murray rallied past French qualifier Alexandre Muller 4-6, 6-1, 6-2. 7 seed Alejandro Davidovich Fokina 6-4, 7-6 (5) on Thursday while Medvedev battled past Christopher O'Connell of Australia 6-2, 4-6, 7-5. 1 seed Hubert Hurkacz of Poland dropped his first set before rallying past Switzerland's Leandro Riedi 4-6, 6-3, 6-2 in second-round action at Marseille, France. Third seed Alex de Minaur of Australia beat Swiss qualifier Alexander Ritschard 6-3, 6-3, while fourth seed Grigor Dimitrov of Bulgaria was a 6-3, 6-2 winner over Dutch qualifier Gijs Brouwer.

☆ Google tests blocking news content for some Canadians
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +2 min

Feb 22 (Reuters) - Alphabet Inc's (GOOGL.O) Google is rolling out tests that block access to news content for some Canadian users, the company confirmed on Wednesday, in what it says is a test run of a potential response to the government's online news bill. "We're briefly testing potential product responses to Bill C-18 that impact a very small percentage of Canadian users. We run thousands of tests each year to assess any potential changes to Search," a Google spokesperson said in an emailed statement to Reuters. A spokeswoman for Canadian Heritage Minister Pablo Rodriguez said Canadians will not be intimidated and called it disappointing that Google is borrowing from Meta's playbook. Tech giants need to be more transparent and accountable to Canadians," the spokeswoman said.

☆ Morning Bid: Blue chips cheered up
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +5 min

[1/2] The logo of technology company Nvidia is seen at its headquarters in Santa Clara, California February 11, 2015. Its CEO Jensen Huang said use of its chips to power AI had "gone through the roof in the last 60 days." The Federal Reserve at least seems keen on the higher-for-longer message that's shaken world stock and bond markets this week. And as the minutes pre-date red-hot jobs and retail data for January, the message from Fed officials is probably even sterner now. A Reuters poll of equity analysts showed global stock markets are expected to correct in the next three months.

☆ U.S. agrees to extradite former Peruvian President Toledo, says Peru
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +2 min

LIMA, Feb 21 (Reuters) - Peru's attorney general's office said on Tuesday on Twitter that the U.S. State Department had agreed to extradite former Peruvian President Alejandro Toledo on corruption charges. Toledo, 76, was arrested in the United States in 2019 after Peru formally requested his extradition. Last August, the U.S. Department of Justice said it would return to Peru about $686,000 seized from Toledo. Federal prosecutors in the New York City borough of Brooklyn said Odebrecht had paid Toledo $25 million in bribes for highway construction contracts. Peru has faced a wave of corruption scandals related to the Odebrecht case in recent years.

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