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☆ Gucci Offices Raided By Antitrust Authorities in Europe
▼ + stars: | 2023-04-20 | by ( Nick Kostov | ) www.wsj.com time to read: 1 min

Raids by the European Commission are part of growing antitrust scrutiny in Europe of one of the continent’s most valuable sectors, fashion. Photo: Alessia Pierdomenico/Bloomberg NewsEuropean antitrust authorities raided the Italian offices of the Gucci fashion house this week, part of a probe the company said was focused on potential anticompetitive behavior in the fashion sector. Gucci owner Kering SA disclosed the search late Wednesday after the European Commission said earlier in the week that it had conducted unannounced inspections at several fashion companies. The commission said it was probing whether the companies had violated rules that “prohibit cartels and restrictive business practices.”

☆ Publicis Posts Better-Than-Expected Organic Growth as Ad Industry Appears Resilient
▼ + stars: | 2023-04-20 | by ( Megan Graham | ) www.wsj.com time to read: 1 min

Publicis Groupe SA expects to hit organic growth this year in the top half of its previously stated range of 3% to 5%. Photo: BENOIT TESSIER/REUTERSPublicis Groupe SA reported higher-than-expected organic growth of 7.1% in the first quarter, and the advertising holding company said demand for its services continues despite the choppy macroeconomic environment. Analysts expected 5.89% growth in the quarter, according to FactSet .

☆ Renault revenues rise 30% in first quarter on higher sales and prices
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +2 min

Companies Renault SA FollowVolkswagen AG FollowPARIS, April 20 (Reuters) - French car maker Renault (RENA.PA) said on Thursday revenues had grown by 30% in the first quarter thanks to a rebound in sales and higher prices. Revenues came in at 11.5 billion euros ($12.60 billion), compared with an analyst consensus of 11.08 billion euros provided by the company. It said its orderbook in Europe stood at 3.3 months of sales at the end of Q1, and would remain above the target of 2 months through 2023. Overall sales in Europe rose by 27.3% in the first three months of the year, outperforming a 16.2% average increase for the market. Renault ranked as the third EV brand for sales in Europe behind Tesla and Volkswagen (VOWG_p.DE) last year.

At $517 billion, Tesla's market capitalization ended Thursday below Meta Platforms' (META.O) for the first time since 2021. Tesla's automotive gross margin, excluding regulatory credits and leasing, stood at 18.3%, missing an 'above 20%' target provided in January by Tesla CFO Zachary Kirkhorn. At least 15 analysts cut their Tesla price targets following Tesla's report, pulling the median target of 42 analysts from $210 down to $200, or about 23% above the stock's current level, according to Refinitiv data. Investors dumped automaker shares from Europe to the United States on fears that they too will sacrifice margins to maintain market share. Tesla remains up 32% year to date, far outperforming the S&P 500's (.SPX) 8% rise.

☆ Brazil's government takes measures to boost consumer and capital market credit
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +3 min

BRASILIA, April 20 (Reuters) - Brazil's government announced a package of 13 measures on Thursday to ease consumer access to credit and reduce associated costs in the capital and insurance markets, a move the new leftist administration hopes will boost investment and revitalize a slowing economy. Brazil's Secretary of Economic Reforms, Marcos Barbosa, said the measures aim to strengthen the credit market in the long term, paving the way for the country's capital market to become as robust or larger than the 5 trillion reais ($988 billion) banking market. The package includes a decree to allow the issuance of bonds with an income tax exemption for investments in sectors such as healthcare, education, and public security. The government also plans to introduce legislation to enhance safeguards for minority investors in the capital market against harm caused by unlawful actions of controlling shareholders and administrators. Finance Minister Fernando Haddad on Monday had indicated that the package would also feature a measure to lower revolving credit card rates.

☆ Vietnam opposes China's unilateral South China Sea fishing ban
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +2 min

HANOI, April 20 (Reuters) - Vietnam took aim at China on Thursday for imposing an annual ban on fishing in a vast area of the South China Sea, calling it a violation of its sovereignty and urging Beijing not to complicate matters. China has imposed the ban each year since 1999 and Vietnam routinely opposes it. China says the ban, which will apply from May 1 to Aug. 16, is to promote sustainable fishing and improve marine ecology. "China's so-called fishing ban violates Vietnam's sovereignty over Hoang Sa and the sovereign rights and jurisdiction in Vietnamese waters and its exclusive economic zone," Doan Khac Viet, a Vietnam's foreign ministry spokesperson told a regular news briefing. Viet called on China to respect Vietnam's sovereignty and "not to complicate the situation".

☆ Fact Check-Anheuser-Busch stock did not hit 52-week high after boycott over sponsorship with trans influencer
▼ + stars: | 2023-04-17 | by ( Reuters Fact Check | ) www.reuters.com time to read: +2 min

In other posts, users said: “So, while the Qrackheads are out there shootin’ up cases of ‘woke’ Bud Light and puttin’ Coors in their Koozies instead… Anheuser-Busch stock just hit a 52-week high?! However, Reuters data shows that the stock hit a nearly-62-week high on March 31, before the boycott, and since April 1, U.S.-listed Anheuser-Busch Inbev SA shares have dipped. Graphics showing Anheuser-Busch Inbev SA stock prices can be seen on the websites of Reuters (here) and Google Finance (here). Reuters has previously debunked claims related to the Bud Light partnership with Mulvaney (here), (here), (here), (here). Anheuser-Busch Inbev SA stock did not hit a 52-week high following a boycott prompted by Bud Light’s partnership with Dylan Mulvaney.

☆ Tesla price cuts are "a warning"-Renault brand CEO
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +1 min

Companies Renault SA FollowTesla Inc FollowPARIS, April 17 (Reuters) - A wave of price cuts by Tesla (TSLA.O) is a "warning" for rival manufacturers of electric vehicles, the chief executive of French car maker Renault's flagship brand said on Monday. But Fabrice Cambolive, the CEO of the Renault brand, said Tesla's price cuts would force the group to take a close look at its pricing policy worldwide. "We will analyse country by country, market by market, which level of competitiveness we need to have to stay in the match," he told reporters. Worldwide sales for the brand reached 354,545 units in the first three months of the year, the company said on Monday. Sales for the Renault brand, which represents two-thirds of group sales, fell by 9.4% last year, also recording their fourth consecutive annual decline.

[1/2] Sanofi logo at the company's headquarters during the annual results news conference in Paris, France, February 4, 2022. Sanofi in 2009 acquired the rights to Auvi-Q, an epinephrine auto-injector intended to compete with EpiPen. Injection of epinephrine is used to treat serious and sometimes life-threatening allergic reactions to foods, medications, bee stings and other causes. Circuit Court of Appeals last July agreed, noting that the exclusive contracts in question were "a normal competitive tool within the epinephrine auto-injector industry." The 10th Circuit added that Sanofi could have competed on those terms, but instead chose initially to market Auvi-Q as a more expensive, premium product.

☆ Teck's base metals business attracts offers from Freeport, Vale, Anglo
▼ + stars: | 2023-04-16 | by ( Mrinmay Dey | ) www.reuters.com time to read: +2 min

These approaches from international miners come as the Vancouver-based miner is fending off unsolicited bids from Glencore Plc (GLEN.L). Freeport, Vale and Anglo American declined to comment. Teck investors will decide on the Canadian miner's restructuring plan on April 26. Influential proxy advisor Institutional Shareholder Services (ISS) on Thursday advised shareholders to reject Teck's restructuring plan on uncertainties and structural issues. The Globe and Mail first reported interest in Teck's base metals business.

☆ Teck approached by other companies while fending off Glencore offers -Globe and Mail
▼ + stars: | 2023-04-16 | by ( ) www.reuters.com time to read: +1 min

A vote on Teck's plan to fully separate the copper and zinc business Teck Metals from the steelmaking coal Elk Valley business is scheduled on April 26. These approaches from international miners come as the Vancouver-based miner is fending off unsolicited bids from Glencore Plc (GLEN.L) that would involve combining and spinning off the thermal and steelmaking coal businesses of both companies. The Swiss mining company has offered Teck shareholders 24% of the combined metals group and up to $8.2 billion in cash for those who may not want exposure to thermal coal. Two proxy shareholder advisory firms have recommended that Teck Resources shareholders vote against the planned split. On Saturday, Bloomberg News reported that Glass Lewis also asked Teck Resources shareholders to vote against Teck's plan to spin off its coal business.

☆ Ukraine's fighter jet fleet is slowly growing, but its weapons to bring down Russian jets are dwindling, leaked US document shows
▼ + stars: | 2023-04-16 | by ( Christopher Woody | ) www.businessinsider.com time to read: +9 min

The jets will bolster Ukraine's fighter fleet, which is still under fire from Russia's larger air force. But air-defense ammunition is a more urgent need, one underscored in recently leaked US documents. Berlin approved Warsaw's request to send jets to Ukraine on Thursday, the same day it was received. Both air forces have shifted tactics and now operate farther from the front line, playing to the advantage of the Russian aircraft, which have an edge at longer ranges. Without the threat posed by those interceptor missiles, Russian aircraft would have greater freedom to attack Ukrainian aircraft and bomb Ukrainian targets, including in support of Russian front-line troops, the leaked document says.

NEW YORK, April 14 (Reuters) - Societe Generale SA (SOGN.PA) agreed to pay $105 million to settle U.S. investor litigation accusing the French bank of violating antitrust law by conspiring with rivals to rig Euribor, a key European interest rate benchmark. A preliminary settlement was filed late Friday with the U.S. District Court in Manhattan, and requires a judge's approval. Societe Generale denied wrongdoing in agreeing to settle, court papers show. The case is Sullivan et al v. Barclays Plc et al, U.S. District Court, Southern District of New York, No. Reporting by Jonathan Stempel in New York, Editing by Rosalba O'BrienOur Standards: The Thomson Reuters Trust Principles.

[1/2] An Airbus A320neo aircraft is pictured during a news conference tin Colomiers near Toulouse, France, October 17, 2017. Airbus' defense portfolio includes the A400M and the C295, which are respectively larger and smaller than Embraer's KC-390. De La Vela said he sees potential collaborations emerging in areas such as unmanned aircraft and space technologies, including for new products, adding that he would like to hear from Embraer before elaborating. De La Vela said Airbus expects the Brazilian MRTTs to open the Latin American market for the aircraft, noting talks with four other undisclosed countries in the region were underway. Reporting by Gabriel Araujo and Rodrigo Viga Gaier; Editing by Bill BerkrotOur Standards: The Thomson Reuters Trust Principles.

☆ Sweden, Colombia interested in Embraer's KC-390, says Brazilian minister
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +2 min

RIO DE JANEIRO, April 14 (Reuters) - Brazilian Defense Minister Jose Mucio said late Thursday that countries such as Sweden and Colombia had expressed interest in buying Embraer's (EMBR3.SA) KC-390 military cargo aircraft. But the concept of the KC-390 is very big with all the countries," he told Reuters. "Sweden itself has talked about the KC-390, others have also talked about it and it's a big success. Sweden was expected to give an answer and Colombia is also interested in making an acquisition," he added. Earlier this week, Reuters reported, citing sources, that Austria was looking to advance in talks with Embraer on purchasing four or five KC-390 aircraft.

Pemex, which had financial debt totaling nearly $108 billion at the close of last year, pays a profit sharing rate (DUC) - effectively a tax paid to the government - of 40%. Delaying Pemex's payment of the DUC should give the oil giant some $2 billion in cash flow, said Yorio. "We can do this quickly to provide liquidity to Pemex, not through a capitalization, but by allowing it not to immediately pay the royalty, the profit sharing rate," said Yorio. Separately, Yorio said Mexico would not need to issue debt to finance its $6 billion deal to buy 13 power plants from Spanish energy company Iberdrola (IBE.MC). Lopez Obrador has described the deal, which will boost state power utility Comision Federal de Electricidad's (CFE) market share to nearly 56% of Mexico's total power generation from about 40%, as a "new nationalization".

Imbalance had long riled Nissan executives who complained Renault did not pay its fair share of costs for innovation and development. In a joint statement to Reuters, Nissan and Renault said they were working toward final partnership terms that would make them more competitive. Nissan will invest and provide technology for the venture but will limit its operational involvement, one of the people told Reuters. In rebalancing talks, Nissan has pushed for protection of its technology to limit any downside from continued partnership, people involved have said. Among technology Nissan wants to protect is its work on solid-state lithium-ion battery making and its e-Power electric hybrid powertrain, the people said.

NEW YORK, April 14 (Reuters) - Societe Generale SA (SOGN.PA) agreed to pay $105 million to settle U.S. investor litigation accusing the French bank of violating antitrust law by conspiring with rivals to rig Euribor, a key European interest rate benchmark. A preliminary settlement was filed late Friday with the U.S. District Court in Manhattan, and requires a judge's approval. If approved, the accord would mean investors have obtained $651.5 million of settlements with seven banks. Societe Generale denied wrongdoing in agreeing to settle, court papers show. The case is Sullivan et al v. Barclays Plc et al, U.S. District Court, Southern District of New York, No.

☆ Takeaways from Biden's trip to Ireland
▼ + stars: | 2023-04-14 | by ( Kevin Liptak | ) edition.cnn.com time to read: +10 min

Biden’s trip came as he nears a decision on running again for president. “I own property in Ireland, I’m not going to Ireland,” former President Donald Trump said during Biden’s trip. Patrick Semansky/APDiplomatic legacy: ‘Keep the peace’White House officials made little attempt at ascribing major policy objectives to Biden’s trip. Kevin Lamarque/ReutersBiden makes Ireland visit a family affairMore than anything, Biden’s trip this week had the feeling of a family spring break. Throughout the sometimes-rainy trip, Biden kept his head dry with a baseball cap from the Beau Biden Foundation.

☆ BBVA, Santander, Bank of America want to back Mexico's $6 billion power deal, Bloomberg reports
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of Spanish utility company Iberdrola is seen outside its headquarters in Madrid, Spain, May 23, 2018. REUTERS/Sergio Perez/File PhotoApril 13 (Reuters) - Banco Bilbao Vizcaya Argentaria (BBVA.MC), Banco Santander SA (SAN.MC) and Bank of America Corp (BAC.N) together plan to fund Mexico's $6 billion deal to purchase power plants from Spain's Iberdrola (IBE.MC), Bloomberg News reported on Thursday citing people familiar with the talks. The three lenders are among a consortium looking to finance the deal, the report said, with local banks such as Grupo Financiero Banorte and billionaire Carlos Slim's Grupo Financiero Inbursa also interested. The Bank of America declined to comment on the report, while Banco Bilbao Vizcaya Argentaria, Banco Santander SA and Iberdrola did not immediately respond to Reuters' requests for comment. Reporting by Nilutpal Timsina in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ LSE teams with digital trading platform to offer bitcoin futures and options
▼ + stars: | 2023-04-13 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, April 13 (Reuters) - London Stock Exchange Group has teamed up with Global Futures and Options (GFO-X) to offer Britain's first regulated trading and clearing in bitcoin index futures and options derivatives, the companies said on Thursday. GFO-X, which is licensed by the UK's Financial Conduct Authority, is a start-up platform aimed at global institutional investors who want to trade digital asset derivatives. LSEG's Paris-based LCH SA clearing unit will introduce a new, segregated clearing service, DigitalAssetClear, for cash-settled dollar-denominated digital assets traded on GFO-X. "GFO-X is taking the first steps to extracting efficiencies from new technologies within a traditional market structure, with the goal over time of delivering 24/7 trading to global regulated digital asset markets," GFO-X said in a statement. Frank Soussan, head of LCH DigitalAssetClear, said bitcoin index futures and options are a rapidly growing asset class, with increasing interest among institutional investors.

April 12 (Reuters) - A U.S. judge on Tuesday approved a $75 million settlement between Smithfield Foods Inc and a class of consumers who accused the pork producer of conspiring to restrict supply in order to keep prices artificially high. Pork consumers last year settled with Smithfield rival JBS SA for $20 million. The judge in a separate order on Tuesday awarded nearly $25 million in legal fees to the plaintiffs firms representing the consumer class. The consumer class attorneys said in a court filing in January that they'd spent more than 37,000 hours pursuing antitrust claims over four years. The case is In re Pork Antitrust Litigation, U.S. District Court, District of Minnesota, No.

☆ UK court approves German property group Adler's restructuring plan
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +2 min

LONDON, April 12 (Reuters) - Adler Group SA's (ADJ.DE) restructuring plan to prevent the German property company's imminent collapse was approved by London's High Court on Wednesday, despite opposition from some bondholders. He told a short hearing on Wednesday that he would provide his reasons for allowing the plan at a later date. Adler Group has external debts of approximately 6.1 billion euros ($6.66 billion), according to court documents filed by AGPS Bondco for last week's hearing. Under the restructuring plan, the company will borrow 938 million euros of new funding and the terms of unsecured notes that mature between 2024 and 2029 will be amended. A group of creditors that holds notes that mature in 2029 – including investment firms DWS Investment GmbH and Strategic Value Partners – opposed the plan, saying they would be better off if Adler Group were formally liquidated.

☆ Fact Check-Satirical article about Budweiser losing $800 million in one day taken seriously online
▼ + stars: | 2023-04-11 | by ( Reuters Fact Check | ) www.reuters.com time to read: +2 min

An article about Budweiser, a brand owned by brewing company Anheuser-Busch, losing $800 million in one day following its collaboration with transgender social media influencer Dylan Mulvaney stems from a satirical website but has been mistaken as authentic online. The claim originated from a satirical website called Patriot Party Press (here). The stock price graphic for Anheuser-Busch’s parent company AB InBev SA shows no significant losses visible in the first few days of April (here), (here). On Monday, its stock price had dropped 2.8% to $64.96 at the closing bell but rose again to $65.50 on April 11 as of this article’s writing. An article about Budweiser losing $800 million in one day was originally published by a satirical website.

☆ Meta's WhatsApp rolls out business payment tool in Brazil
▼ + stars: | 2023-04-11 | by ( Andre Romani | ) www.reuters.com time to read: +2 min

SAO PAULO, April 11 (Reuters) - Meta Platforms (META.O) on Tuesday began rolling out its payments tool to small and medium-sized firms through its WhatsApp messaging platform in Brazil, part of Meta's strategy to use the Brazilian market as a key test space for business messaging. The development of business messaging has become all the more urgent as Meta's core advertising business has stalled. The tool will initially be available for some merchants that use WhatsApp Business. While Brazil is the first country to have the service launched for small businesses using the free version of WhatsApp Business, in India, WhatsApp's largest market, users can make payments to businesses that use the application's paid API. WhatsApp users in Brazil have been able to make payments between users through the app since 2021, and last year, Meta launched a commercial directory for WhatsApp in Brazil, allowing users find companies with business messaging accounts.

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