DIRS.INFO The most relevant business & tech news

The more emitters have to pay for EU carbon permits to cover each tonne of C02 they produce, the greater the incentive to invest in low carbon technologies and switch to less polluting fuels. Still, rising carbon prices are a cause of political tensions in the EU and breaching the 100 euro threshold is likely to reignite debates over prices. Spanish Prime Minister Pedro Sanchez last year called for a CO2 price cap to help tackle soaring inflation. Other EU countries view a robust carbon price as vital to meeting climate goals. Years of weak prices followed until CO2 prices began to recover in 2018 when the EU agreed to remove surplus permits from the market.

☆ Euro zone business growth at 9-month high
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +3 min

LONDON, Feb 21 (Reuters) - Buoyant services growth meant the recovery in euro zone business activity gathered steam this month, expanding much faster than thought, according to a survey providing the latest evidence the currency union could escape a recession. S&P Global's flash Composite Purchasing Managers' Index (PMI), seen as a good gauge of overall economic health, climbed to 52.3 in February from January's 50.3, data showed on Tuesday. "Business activity across the euro zone grew much faster than expected in February, with growth hitting a nine-month high thanks to resurgent service sector activity," said Chris Williamson, chief business economist at S&P Global. The new business index rose to 50.6 from 48.9. The business expectations index rose to a nine-month high of 61.5, from 61.2 in January.

☆ UK business activity unexpectedly rebounds in February -flash PMI
▼ + stars: | 2023-02-21 | by ( Andy Bruce | ) www.reuters.com time to read: +2 min

"Much better than anticipated PMI data for February indicate encouraging resilience of the economy," said S&P Global Chief Business Economist Chris Williamson. "While many companies continue to report tough operating conditions, especially in the manufacturing sector, the broader business mood has been buoyed by signs of inflation peaking, supply chains improving and recession risks easing." Williamson added that the survey data boosted the likelihood of a BoE rate hike next month, something which most economists polled by Reuters already expect. The PMI for the services sector rose to 53.3 in February from January's 48.7, the highest reading since June last year. Factory activity continued to contract but at a much reduced pace, with the manufacturing PMI increasing to 49.2 from 47.0, close to 50, the no-change mark.

☆ Uber to introduce EVs in India in push to clean cars
▼ + stars: | 2023-02-20 | by ( Aditi Shah | ) www.reuters.com time to read: +2 min

NEW DELHI, Feb 20 (Reuters) - Uber Technologies (UBER.N) said on Monday it will introduce electric vehicles (EVs) in India for ride-sharing, its first move to adopt clean cars amid an Indian government push for greater electrification of public transport and shared mobility. Uber's fleet partners will buy the EVs from Tata Motors (TAMO.NS), India's biggest electric carmaker, Prabhjeet Singh, president, Uber India and South Asia, said during a phone interview on Monday. Even with 25,000 EVs, electric cars will still be a fraction of Uber's current overall active fleet of 300,000 vehicles in India, according to Singh. Uber has set a 2040 target for 100% of its rides to be in zero-emission vehicles, public transport or with micro-mobility, including in India. Tata rival Mahindra & Mahindra (MAHM.NS) is the only other Indian automaker to build electric cars locally.

☆ Indian edtech sector still attractive for investors, GSV Ventures says
▼ + stars: | 2023-02-20 | by ( M. Sriram | ) www.reuters.com time to read: +2 min

U.S.-based GSV invests only in edtech startups around the world and manages about $500 million in assets. These are very early days for the Indian edtech market," Deborah Quazzo, managing partner at GSV, told Reuters on the sidelines of the Emeritus-GSV Leaders Summit in New Delhi on Monday. Edtech startups in India have laid off thousands of employees in the past year and have been unable to raise funding as a slowdown gripped the market. Indian edtech startups raised $2.6 billion in 2022, down 36% compared to the previous year, according to data provider Tracxn Technologies. The Indian government is also "pretty constructive" on education policies, a key factor that encourages investors like GSV to invest, she said.

☆ Russia targets Netherlands' North Sea infrastructure, says Dutch intelligence agency
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: +2 min

THE HAGUE, Feb 20 (Reuters) - Russia has in recent months tried to gain intelligence to sabotage critical infrastructure in the Dutch part of the North Sea, Dutch military intelligence agency MIVD said on Monday. A Russian ship has been detected at an offshore wind farm in the North Sea as it tried to map out energy infrastructure, MIVD head General Jan Swillens said at a news conference. The vessel was escorted out of the North Sea by Dutch marine and coast guard ships before any sabotage effort could become successful, he added. "We saw in recent months Russian actors tried to uncover how the energy system works in the North Sea. "Russia is mapping how our wind parks in the North Sea function.

☆ Embraer's electric aircraft maker Eve 'on track' to start service in 2026
▼ + stars: | 2023-02-17 | by ( Gabriel Araujo | ) www.reuters.com time to read: +3 min

SAO PAULO, Feb 17 (Reuters) - Electric aircraft maker Eve Holding Inc (EVEX.N) is "on track" to meet its goal of starting commercial operations in 2026, an executive said on Friday, and getting its aircraft certificated is the most immediate target. Eve is confident about the "robust project," which is backed by Embraer's expertise, said Mauad, reiterating the goal of starting operations in 2026. BNDES later announced it would grant Eve an additional 490 million reais ($94.47 million). Mauad acknowledged a consolidation process could happen in the sector, but noted Eve was still particularly focused on working through its partnerships. ($1 = 5.1871 reais)Reporting by Gabriel Araujo; Editing by Anthony Esposito and Susan FentonOur Standards: The Thomson Reuters Trust Principles.

LONDON, Feb 17 (Reuters) - The U.S. partner of global cryptocurrency exchange Binance has confirmed that a trading firm managed by Binance CEO Changpeng Zhao operated as a market maker on its platform. It did not elaborate on when in 2021 the activity ceased, or comment on Zhao's role at the trading firm. Binance transferred over $400 million from the account at California-based Silvergate Bank to Merit Peak between January and March of 2021, Reuters reported on Thursday. Before that story's publication, Binance.US had told Reuters that "Merit Peak is neither trading nor providing any kind of services on the Binance.US platform," without giving further details. A spokesperson for the global Binance exchange, which did not respond to Reuters' questions for the story on Thursday, told crypto news outlet CoinDesk that the transfers were "a Binance.US issue."

☆ Factbox: Key ECB policymaker comments since Feb rate hike
▼ + stars: | 2023-02-17 | by ( ) www.reuters.com time to read: +4 min

By smoothing our policy rate hikes – that is, moving in small steps – we can ensure that we calibrate (policy) more precisely. Boris Vujcic, Croatian central bank governor, Feb. 10"I would agree that we are likely to see more rate action beyond March." Joachim Nagel, German central bank chief, Feb. 7"From where I stand today we need further, significant rate hikes." Pierre Wunsch, Belgian central bank chief, Feb. 3"I don’t think we're going to move from 50 basis points (in March) to zero. Gediminas Simkus, Lithuanian central bank chief, Feb. 3"The March rate hike is not the last one.

☆ Investors pull cash from classic risk plays as Fed rate picture shifts
▼ + stars: | 2023-02-17 | by ( ) www.reuters.com time to read: +2 min

BofA Global Research's weekly "Flow Show", released on Friday, showed the largest outflows from technology funds since September, the largest outflows from emerging market debt funds in 14 weeks, and the largest outflows from junk debt funds in eight weeks. Emerging market debt funds saw outflows of $700 million, the largest weekly outflow in 14 weeks, according to the report which attributed the decline to debt investors reducing risk. High yield - or junk - debt saw outflows of $2.6 billion, the largest in eight weeks, and tech funds had $1.1 billion of outflows, the most since September. Elsewhere, there were $5.5 billion inflows to bonds, $1 billion inflows to cash, $300 million to equities and $45 million to gold. Reporting by Alun John; editing by Amanda Cooper and Susan FentonOur Standards: The Thomson Reuters Trust Principles.

☆ Abu Dhabi's ADNOC to float 4% of gas business - sources
▼ + stars: | 2023-02-16 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +1 min

DUBAI, Feb 16 (Reuters) - Abu Dhabi National Oil Company (ADNOC) plans to float 4% of its gas business in an initial public offering, two sources told Reuters on Thursday. The state oil giant made the decision on ADNOC Gas ahead of the official announcement of the IPO expected on Friday, said the sources, declining to be named as the matter is not public. Sources told Reuters last month that ADNOC was eyeing a valuation of at least $50 billion for its gas business, which would translate to proceeds from the IPO of roughly $2 billion, according to Reuters calculations. The company announced in November it was combining its gas processing arm and its liquefied natural gas (LNG) subsidiary into a single listed entity. Over the past two years, ADNOC has listed petrochemicals company Borouge (BOROUGE.AD), fertilisers and clean ammonia products maker Fertiglobe (FERTIGLOBE.AD), and ADNOC Drilling (ADNOCDRILL.AD).

☆ IMF chief says markets have good reasons to be more upbeat on economy
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: +2 min

DUBAI Feb 13 (Reuters) - The head of the International Monetary Fund (IMF) said on Monday that financial markets have good reason to be more upbeat, pointing to the U.S. economy likely avoiding recession and China's reopening from pandemic controls. Positive factors were resilient U.S. and EU labour markets, China's reopening and "surprisingly good results of central banks tightening up financial conditions and inflation finally trimming down, although the fight is not yet won", she added. Asked whether there would be more doses of monetary tightening, Georgieva said the Fund expected monetary tightening this year but did not project it would continue "way into" 2024. The IMF chief was speaking in an onstage interview at the annual summit hosted by Dubai in the United Arab Emirates (UAE). Georgieva lauded Gulf Arab oil and gas producers for "relentlessly" pursuing fiscal reforms, including diversifying revenue sources by introducing new taxes.

☆ Islamist group approval issues hold up Syria quake aid, U.N. says
▼ + stars: | 2023-02-12 | by ( ) www.reuters.com time to read: +2 min

BEIRUT, Feb 12 (Reuters) - Earthquake aid from government-held parts of Syria into territory controlled by hardline opposition groups has been held up by approval issues with Islamist group Hayat Tahrir al-Sham (HTS), a United Nations spokesperson told Reuters on Sunday. A spokesperson for the U.N.'s humanitarian aid office told Reuters "there are issues with approval" by HTS, without giving further information. An HTS source in Idlib told Reuters the group would not allow any shipments from government-held parts of Syria and that aid would be coming in from Turkey to the north. The European Union's envoy to Syria on Sunday urged authorities in Damascus to "engage in good faith" with aid workers to get help to those in need. "It is important to allow unimpeded access for aid to arrive in all areas where it is needed," Dan Stoenescu told Reuters.

☆ M.East/N.Africa region needs to bolster fiscal resilience -IMF
▼ + stars: | 2023-02-12 | by ( ) www.reuters.com time to read: 1 min

DUBAI, Feb 12 (Reuters) - The head of the International Monetary Fund said on Sunday that public debt in some Middle East and North Africa (MENA) countries is of concern and that governments need to build resilience through fiscal policies to protect against shocks. Kristalina Georgieva, addressing an Arab Fiscal Forum in Dubai, said the earthquake that devastated large parts of Syria and Turkey "brought tremendous tragedy on people but also very significant impact on the Turkish economy". "So we have to build more resilience to these shocks," she said. The IMF forecast last month that economic growth in the MENA region will slow to 3.2% this year, before ticking up to 3.5% in 2024. Reporting by Yousef Saba and Ghaida Ghantous; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

☆ Israel delays bill to freeze mortgage rates for first-time buyers
▼ + stars: | 2023-02-12 | by ( Steven Scheer | ) www.reuters.com time to read: +1 min

JERUSALEM, Feb 12 (Reuters) - Israel will delay passing a new law that would freeze mortgage rates for first-time home buyers, Finance Minister Bezalel Smotrich said on Sunday, as the proposed legislation faces opposition from the country's central bank. Gafni and Smotrich said they would meet with the banking regulator, which is part of the central bank, to come up with a solution for mortgage holders. The benchmark interest rate is expected to soon reach at least 4%. Gafni for months has promoted a bill to protect some mortgage holders from higher rates to help ease the financial burden. Last week, he said he planned to bring the bill to the government's ministerial legislation committee on Sunday.

☆ Biden urges consensus in Israel on judiciary plans as protest mounts
▼ + stars: | 2023-02-12 | by ( ) www.reuters.com time to read: +2 min

JERUSALEM, Feb 12 (Reuters) - U.S. President Joe Biden has called for wide agreement to be reached in Israel on sweeping changes to the judiciary pushed by Prime Minister Benjamin Netanyahu's hard-right government which have sparked nationwide protests. Israel's parliament may on Monday begin the legislation process of the judicial overhaul, which would increase the government's sway in selecting judges while weakening Supreme Court power to strike down laws or rule against the executive. Building consensus for fundamental changes is really important to ensure that the people buy into them so they can be sustained." He was referring to a Supreme Court ruling on Friday instructing Netanyahu and his government to submit a response to a petition demanding the premier be declared incapacitated over his legal situation. Many legal experts, economists and former security and economic officials, who include Netanyahu confidants and appointments, have come out against the government's judicial plans.

☆ Wagner founder Prigozhin says Russian forces take Ukraine village Krasna Hora, north of Bakhmut
▼ + stars: | 2023-02-12 | by ( ) www.reuters.com time to read: +2 min

Feb 12 (Reuters) - Yevgeny Prigozhin, founder of Russia's Wagner Group, said on Sunday that the mercenary force had taken the village of Krasna Hora on the northern edge of the embattled Ukrainian city of Bakhmut. Bakhmut, a city in the eastern Donetsk region, has been the scene of brutal warfare for months. Kyiv's top military commander, Valeriy Zaluzhnyi, said on Saturday that Ukraine continues to hold Bakhmut, trying to "stabilise" the frontline around it. Prigozhin also published a short video, apparently showing Wagner fighters at the entrance sign to Krasna Hora, which had a pre-war population of 600. Prigozhin has previously engaged in public feuds with Russia's Defence Ministry, which he has accused of taking credit for Wagner successes.

☆ BMW meets 2022 pretax earnings target -Focus magazine citing CFO
▼ + stars: | 2023-02-12 | by ( ) www.reuters.com time to read: +1 min

Companies Bayerische Motoren Werke AG FollowBERLIN, Feb 12 (Reuters) - BMW (BMWG.DE) met its 2022 target for significantly higher pretax earnings than in the previous year, Focus Money magazine reported on Sunday, citing the German carmaker's chief financial officer. Otherwise we wouldn't be sitting here so relaxed," CFO Nicolas Peter was quoted as saying by Focus Money magazine. The carmaker, which is due to publish its full-year results in mid-March, was not immediately available to confirm the report. "France and Spain are doing better," he told Focus Money. Reporting by Riham Alkousaa; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

☆ Russia proposes caps on oil export discounts -draft law
▼ + stars: | 2023-02-12 | by ( ) www.reuters.com time to read: +1 min

Companies NK Rosneft' PAO FollowMOSCOW, Feb 12 (Reuters) - Russia's State Duma introduced a bill late on Saturday setting discounts for Russian oil exports, according to the lower house of parliament's website. Under the draft proposal, the discount on dated Brent oil will be limited to $34 per barrel in April, declining to $31 in May, $28 in June and $25 in July. The government has been debating how to calculate Russia's taxable oil price following the European Union's import ban and the resulting lack of a reliable price-setting mechanism. Russia currently uses Urals price assessments in Europe's Rotterdam and Augusta ports, provided by commodity price reporting agency Argus, to determine its mineral extraction tax, additional income tax, oil export duty and reverse excise on oil. Russia said on Friday it will cut oil production by 500,000 barrels per day, or around 5% of output, in March, following the West's imposition of price caps on Russian oil and oil products.

☆ Berlin chooses change in rerun election with clear lead for conservatives
▼ + stars: | 2023-02-11 | by ( Riham Alkousaa | ) www.reuters.com time to read: +3 min

[1/7] Berlin?s frontrunner for the Christian Democratic Union (CDU), Kai Wegner, for the rerun of state elections reacts at the regional state parliament in Berlin, Germany, February 12, 2023. The Social Democrats, who have governed the German capital in a coalition with the environmentalist Greens and hard-left Die Linke, scored 18.2%. "Berlin chose change", CDU top candidate Kai Wegner said of the results, adding that there was a clear mandate for his party to form a state government. Berlin's left-wing mayor Franziska Giffey acknowledged the election defeat but said the CDU would still need a stable majority to govern in the city. Talk of a possible two-way coalition with the CDU was received with booing at the Greens election party on Sunday.

☆ Adidas forecasts high single-digit sales decline in 2023
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Feb 9 (Reuters) - Adidas (ADSGn.DE) said on Thursday its revenue grew by 1% in currency-neutral terms in 2022, lagging its forecasts, and flagged that it expects a high single-digit decline in sales in 2023. The sporting goods maker said not selling its existing Yeezy stock could reduce revenue by around 1.2 billion euros ($1.29 billion) in 2023 and operating profit by around 500 million. Writing off the inventory altogether would lead to an additional 500 million euro drop in operating profit, it said, along with one-off costs in 2023 of up to 200 million euros as part of a review to return to profitable growth in 2024. "Against this background, Adidas expects currency-neutral sales to decline at a high-single-digit rate in 2023," it said in its statement. ($1 = 0.9307 euros)Reporting by Victoria Waldersee; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

[1/2] The logo for AstraZeneca is seen outside its North America headquarters in Wilmington, Delaware, U.S., March 22, 2021. REUTERS/Rachel Wisniewski/Companies AstraZeneca PLC FollowLONDON, Feb 9 (Reuters) - Britain's business climate is deterring biopharma companies from investing in the country, AstraZeneca (AZN.L) chief Pascal Soriot said on Thursday, highlighting his company's decision to shift plans for a new manufacturing plant to Ireland. He highlighted AstraZeneca's recent decision to build a manufacturing facility in Ireland instead of the UK as evidence of Britain becoming less attractive for drugmakers. The decision, made in 2021, was also linked to the UK government's Voluntary Scheme for Branded Medicines Pricing and Access (VPAS), a company spokesperson added. Reporting by Natalie Grover and Maggie Fick Editing by Tomasz Janowski, Barbara Lewis and Susan FentonOur Standards: The Thomson Reuters Trust Principles.

☆ Analysis: Investors see Erdogan's earthquake response as pivotal
▼ + stars: | 2023-02-09 | by ( Marc Jones | ) www.reuters.com time to read: +4 min

Kopf was referring to Turkey's 2002 election which came three years after a 7.6 magnitude earthquake in Izmit near Istanbul that killed nearly 18,000 people. The southeast region hit by Monday's disaster accounts for a much smaller 9.3% of national GDP and a modest 8.5% of exports. Erik Meyersson, a senior economist at Handelsbanken, said it was that power that voters would now need to see working. "But if he bungles the response, perhaps this is the straw that breaks the camel's back." Magnitude 7.9 earthquake hit southern Turkey on Feb. 6Reporting by Marc Jones; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

☆ Tellurian woos Indian investors for its Driftwood LNG project
▼ + stars: | 2023-02-07 | by ( Shariq Khan | ) www.reuters.com time to read: +2 min

Feb 7 (Reuters) - Tellurian Inc is continuing discussions with the Indian government and oil companies for investments in its Driftwood liquefied natural gas project in Louisiana, its chief executive told Reuters on Tuesday. "The only way India and Indian companies can supply LNG at the lowest possible cost is if they invest equity in a project that allows them to lift the LNG at cost. We offer that, so obviously, it is very, very attractive to the Indian companies and the Indian government," Simoes said. Houston, Texas-based Tellurian resumed talks with Indian oil and gas companies for investments in Driftwood LNG late last year. No other competing project is under construction," Simoes said.

Global markets revenue jumped by about 24% in October-December, the euro zone's biggest bank said on Tuesday, fuelled by a 45% leap in revenue from trading in commodity derivatives, rates, foreign exchange and emerging markets. BNP's 45% sales growth in FICC trading (fixed income, commodities, currencies) compared with 25% growth at peers, analysts at Barclays said. Shares in BNP Paribas (BNPP.PA) were up as much as 4% by 1432 GMT on Tuesday, outperforming the euro zone bank index (.SX7E) and valuing the group at more than 78 billion euros ($83 billion). "These are upward revisions that are quite significant and not so frequent," Bonnafe told reporters in a call. BNP Paribas' net income fell by 6.7% to 2.15 billion euros.

Search resuls for: "Susan Fenton"

25 mentions found