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☆ Black Sea grain talks continue as Russia seeks 60-day renewal
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +3 min

[1/2] Vessels are seen as they await inspection under the Black Sea Grain Initiative, brokered by the United Nations and Turkey, in the southern anchorage of the Bosphorus in Istanbul, Turkey December 11, 2022. Since Russia and Ukraine signed the U.N.-backed Black Sea Grain Initiative in Turkey on July 22, millions of tonnes of grain and other food products have been exported from Ukrainian ports, helping lower global food prices from record highs. Russia on Monday suggested allowing the deal to be renewed for 60 days, half the term of the previous renewal. It was not immediately clear how the deal could be extended for half of the previous duration of 120 days. The United Nations would not be drawn on confirming whether the deal would continue for 60 days or 120 days.

Representatives of the renewable energy sector say those goals could be missed without policy changes, especially as other countries are doing more to attract investment in green power. Rod Wood, managing director at wind energy developer Community Wind Power, is among those seeking changes to the EGL in Britain's March 15 budget. OIL AND GAS SECTOR UNHAPPY TOOOil and gas producers, which have been subject to a windfall tax since May 2022, also want change. Finance Minister Jeremy Hunt, in a meeting in December, rebuffed calls from the oil and gas industry to amend the windfall tax. Meanwhile, Britain's biggest oil and gas producer Harbour , has announced job cuts and shunned the latest licensing round.

Markets have ramped up bets on further rate increases after the ECB has already tightened monetary policy by 3 percentage points since July. ECB President Christine Lagarde reckons a 50 basis points (bps) rate hike "is very, very likely". "The ECB is prioritising getting policy rates as high as needed and nothing else is as important," Pictet Wealth Management's head of macroeconomic research Frederik Ducrozet, said. Signs of economic resilience suggest ECB growth forecasts, also out on Thursday, could be revised upwards for 2023. Falling energy prices and a stronger euro, up around 6% in trade-weighted terms from August lows, suggest headline inflation forecasts could be revised lower.

Responding to SVB’s failure, the central bank promised to make available additional liquidity to banks and other deposit-taking institutions. By reassuring depositors, the central bank aims to prevent runs on other institutions and contagion through the financial system. And by promising to buy high-quality assets at face value, the central bank is trying to forestall a fire sale that could depress valuations and become self-reinforcing. POLICY AND SUPERVISIONThe central bank’s intervention has highlighted the complex interaction between monetary policy and bank supervision. But given the spillovers between monetary policy and supervision, the offer of additional liquidity is probably not enough to insulate monetary policy from financial stability considerations.

☆ Global equity funds draw first weekly inflow in four weeks - Refinitiv data
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +2 min

March 10 (Reuters) - Global equity funds drew their first weekly inflow in four weeks in the seven days to March 8 after strong consumption boosted the service sector in some major economies, easing worries over a recession. Data from Refinitiv Lipper showed global equity funds obtained inflows worth a net $2.36 billion in the week to March 8, the most since Feb. 1. Fund flows: Global equity sector fundsGlobal bond funds attracted inflows for a 10th straight week as they received $5.72 billion net. Data for 23,826 emerging market funds showed equity funds secured a ninth weekly inflow worth $1.35 billion. Investors also purchased a net $367 million in bond funds after three weeks of net selling in a row.

☆ Exclusive: Agrofert to win EU approval to buy Borealis' nitrogen unit
▼ + stars: | 2023-03-10 | by ( Foo Yun Chee | ) www.reuters.com time to read: +1 min

BRUSSELS, March 10 (Reuters) - Czech group Agrofert is set to win unconditional EU antitrust approval for its purchase of the nitrogen business of Austrian energy group OMV's (OMVV.VI) unit Borealis, a person with direct knowledge of the matter said on Friday. Borealis in June last year announced the deal to sell the business, which includes fertiliser, melamine and technical nitrogen, on the basis of an enterprise value of 810 million euros ($863.5 million). Borealis is 75%-owned by energy group OMV and 25% by Abu Dhabi state fund Mubadala. It finalised a turnaround programme in its fertiliser business two years ago. Agrofert has manufacturing facilities in Germany, Slovakia and the Czech Republic and is owned by Czech ex-premier and now opposition leader Andrej Babis.

☆ Tiny Baltic island finds itself 'a pawn' in Nord Stream gas drama
▼ + stars: | 2023-03-09 | by ( Nikolaj Skydsgaard | ) www.reuters.com time to read: +2 min

REUTERS/Tom LittleCHRISTIANSÖ in the Baltic Sea, Denmark, March 9 (Reuters) - Inhabitants of the tiny island of Christiansö in the Baltic Sea found themselves in the glare of global media attention this week after reports alleging a boat moored off the rocky outcrop was used to blow up the Nord Stream gas pipelines. I got calls from 87 different people," island caretaker Soren Thiim Andersen, the highest authority on the island that is Denmark's easternmost point, told Reuters. Andersen told Reuters the Danish police had interviewed local people for information about boats that moored on Christiansö on Sept. 16-18. That our small island could be a pawn in such a big political game. Christiansö is part of a small archipelago about 18 km northeast of the Baltic Sea island of Bornholm.

☆ Chinese EV comptition hots up as BYD offers discounts
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +1 min

[1/2] BYD electric vehicles (EV) are displayed at a car dealership in Shanghai, China, February 3, 2023. The discounts will be for buyers who place orders for the Song Plus and Seal models between March 10 and March 31, the company said on its social media account. In return for an 88 yuan ($12.64) deposit, buyers for a Seal EV can get 8,888 yuan deducted from the price, while for Song Plus models, the discount is 6,888 yuan. It sold 34,621 Song Plus SUVs and 14,372 Seal sedans in the first two months, according to China Passenger Car Association. The car association data showed Tesla (TSLA.O) sold 39,710 Model Ys and 21,056 Model 3s in January and February combined.

CAIRO, March 9 (Reuters) - Egypt, one of the world's largest wheat importers, has given notice it will withdraw at the end of June from a decades-old U.N. grains treaty, causing consternation among some other signatories to the convention. Egypt signed the GTC, the only international treaty covering trade in grains, at its inception in 1995, and has been a member of the council that governs it since 1949. Several delegations within the IGC are surprised and sad about the decision," Arnaud Petit, executive director of the International Grains Council, which administers the treaty, told Reuters. Other signatories to the GTC include major grain importers and exporters such as the United States and the European Union. Two sources familiar with the matter, who asked to remain anonymous, told Reuters that Egypt owed the IGC membership fees.

☆ EU pushes against 'Made in USA' rule for EV support
▼ + stars: | 2023-03-09 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +2 min

Washington is providing tax credits of up to $7,500 for consumers buying electric vehicles, but only if final assembly and battery components amounting to at least half of the value are made in North America. European Commission Vice President Valdis Dombrovskis, who oversees EU trade policy, said discussions were continuing on these local content requirements and that the EU wanted to establish how battery components were defined. "Is it only specific battery components or everything? A further criteria for the tax credit is that a large share of critical materials comes from a U.S. free trade agreement (FTA) partner, which the European Union is not. The United States and the European Union are nevertheless working towards a deal to make European minerals eligible for tax credits, a senior EU official said on Friday.

☆ Continental predicts higher margins, selling Russia operations
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +2 min

Announcing results on Wednesday, CEO Nikolai Setzer also said the company was selling its operations in Russia including its factory in Kaluga. Last year's performance was undermined by asset impairments of 87 million euros ($91.70 million) from its Russia operations, as well as negative special effects of around 1 billion euros due largely to high interest rates. Continental suspended production at its Kaluga plant in Russia after Moscow began its invasion of Ukraine in February last year. The company forecast a 5.5-6.5% margin for this year on higher consolidated sales of 42-45 billion euros, up from 39.4 billion last year. It incurred 3.3 billion euros in extra costs in 2022 and expected an extra 1.7 billion this year from the increased cost of materials, energy, logistics, wages and salaries.

India's oil trade, in response to the turmoil of sanctions and the Ukraine war, provides the strongest evidence so far of a shift into other currencies that could prove lasting. MTS had facilitated some Indian oil non-dollar payments, the trade sources said. An Indian refining source said most Russian banks have faced sanctions since the war but Indian customers and Russian suppliers are determined to keep trading Russian oil. "As it is, the government is not asking us to stop buying Russian oil, so we are hopeful that an alternative payment mechanism will be found in case the current system is blocked." Similarly, many banks from Russia have opened accounts with Indian banks to facilitate trade.

☆ Morning Bid: Powell's plan, China challenge
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +4 min

Powell's semi-annual testimony to the Senate Banking Committee is widely expected to condone the recent shift in market pricing toward more aggressive Fed rate hikes and a 'higher for longer' rate horizon. The Fed's accompanying report to Congress last week said there was clearly more work to do to curb inflation. As was the case after the last Fed meeting, Powell's unlikely to push back strongly against market re-pricing - not least ahead of the critical February employment report on Friday. Markets have scrambled to push up their bets on the likely peak Fed policy rate over recent weeks as U.S. jobs, retail and inflation soundings have run hotter than most expected. World stocks and Wall St futures were in a holding pattern for the most part ahead of the testimony.

☆ French government says has deal on anti-inflation shopping basket
▼ + stars: | 2023-03-06 | by ( Dominique Vidalon | ) www.reuters.com time to read: +2 min

The discounts are expected to cost retailers "hundreds of millions of euros", Le Maire said. From June, retailers and government officials will reassess the situation and may ask large consumer goods suppliers to re-negotiate prices with retailers, he added. French annual inflation rose unexpectedly to 7.2% in February from 7.0% in January, partly as a result of higher food prices, preliminary figures from the INSEE statistics body found. INSEE has forecast that food price inflation would remain at 13% for the first half of the year. The basket of anti-inflation groceries is the government's latest effort to show political support to lower-income citizens.

☆ Horses on the catwalk: Stella McCartney pushes leather-free style
▼ + stars: | 2023-03-06 | by ( Mimosa Spencer | ) www.reuters.com time to read: +2 min

[1/2] Models present creations by designer Stella McCartney as part of her Fall-Winter 2023/2024 Women's ready-to-wear collection show during Paris Fashion Week in Paris, France, March 6, 2023. REUTERS/Sarah MeyssonnierPARIS, March 6 (Reuters) - Stella McCartney drove home her leather-free fashion message by sending a team of horses to canter alongside models wearing styles crafted from new, eco-conscious materials. "I just really want to show everyone in the world - and the world of fashion - that you don't really need to do that," she said. At the show in the Ecole Militaire stables in Paris, seven horses, guided by their trainer, Jean-Francois Pignon, performed individually and in formation. LVMH owns a minority stake in the label and McCartney serves as environmental adviser to the entire luxury group.

☆ AB InBev upbeat on 'resilient' beer, China recovery
▼ + stars: | 2023-03-02 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +3 min

AB InBev's sales and earnings declined in China due to a strict zero COVID policy that was suddenly dropped in December. In the United States, AB InBev's largest market, profit and revenue increased, largely because of price increases, although those same increases, along with harsh winter weather in December, cut into beer sales in volume terms. REUTERS/Toby Melville 1 2Brewers have raised beer prices in response to higher energy and raw materials costs, and both Heineken (HEIN.AS) and Carlsberg (CARLb.CO) have warned of reduced beer consumption in Europe because of the increases. For the whole year, core profit growth was 7.2%. AB InBev also increased its full-year dividend to a proposed 0.75 euros from 0.50 euros in each of the past two years.

☆ Givenchy gowns sweep the runway at Paris Fashion Week
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +2 min

[1/5] A model presents a creation by designer Matthew M. Williams as part of his Fall-Winter 2023/2024 Women's ready-to-wear collection show for fashion house Givenchy during Paris Fashion Week in Paris, France, March 2, 2023. REUTERS/Benoit TessierPARIS, March 2 (Reuters) - Givenchy creative director Matthew M. Williams focused on dresses at the French fashion house’s fall runway show at Paris Fashion Week on Thursday, sending out a line-up of long, slinky gowns that swept the runway. Layered looks were less present than in previous seasons, though there were a few, mixing brown shearling and slick, black leather. While the models marched to a solemn, electronic beat in a temporary tent at the Ecole Militaire in central Paris, some of the guests were more flamboyant. The show took place on the fourth day of Paris Fashion week, which runs through March 7, and features big name labels including Dior, Saint Laurent, Louis Vuitton Hermes and Chanel.

☆ S.Africa's Aspen set for deals to revive idled production lines
▼ + stars: | 2023-03-01 | by ( Promit Mukherjee | ) www.reuters.com time to read: +2 min

Aspen had a contract with Johnson & Johnson (JNJ.N) to produce 250 million doses a year of COVID vaccine from its South African plant. It expanded the capacity to 400 million annual doses last year to sell its own branded COVID vaccine Aspenovax anticipating a major flow of orders from African countries. That was a bit of a commercial disappointment," CEO Stephen Saad told Reuters in an interview after its interim earnings. But Saad said the partnerships it was pursuing meant production lines designed for COVID vaccine would start generating returns. The company anticipates a contribution of 2 billion rand ($110.22 million) in calendar year 2024, increasing to 4 billion rand by 2025 under these partnerships, Saad added.

☆ Japan can achieve 90% clean power share by 2035, US study finds
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +2 min

The study also finds Japan's power grid, with extra battery storage and inter-regional transmission lines, can remain reliable without coal generation or new gas-fired power plants. Resource-poor Japan faces a significant energy security risk as it imports nearly all of the fuel used in its power sector. Clean electricity - which includes generation from solar, wind, hydropower, biomass, hydrogen and nuclear sources - accounts for 24% of the total. The study finds raising the share to 90% would cut electricity costs by 6% and power sector emissions by 92% from 2020 levels. Japan aims to cut greenhouse gas emissions by 46% by 2030 versus 2013 levels by boosting renewable energy in its electricity mix to 36%-38%, double 2019's levels, and nuclear power to 20%-22% from 2019's 6%.

☆ Norway's Equinor nears deal to buy Suncor's UK oilfields
▼ + stars: | 2023-03-01 | by ( Ron Bousso | ) www.reuters.com time to read: +2 min

LONDON, March 1 (Reuters) - Norway's Equinor (EQNR.OL) is close to reaching a deal to buy Suncor Energy's (SU.TO) British North Sea oil and gas assets for around $1 billion, three sources familiar with the matter told Reuters on Wednesday. The deal includes Suncor's 40% stake in the Equinor-operated offshore Rosebank oil and gas project, located some 130 km (80 miles) northwest of Shetland Islands, and one of the largest developments in the ageing basin. Equinor, which already owns 40% of Rosebank, had previously estimated the project's cost at about 4.3 billion pounds ($5.22 billion). The windfall tax led many companies, including Equinor, to warn that they could reduce their UK North Sea investments. The acquisition of the Suncor assets gives Equinor a large amount of tax losses that it could use to offset future investments in the basin, the sources said.

☆ Russian internet speeds drop on hardware shortage, research finds
▼ + stars: | 2023-03-01 | by ( Alexander Marrow | ) www.reuters.com time to read: +2 min

The country's largest telecoms operators, including MTS (MTSS.MM) and Megafon disputed the research, saying they had noted increased speeds in February, both in Moscow and beyond. It also said a fall in mobile internet traffic in Moscow had contributed to a rise in speeds there. MTS said it had noted increased traffic and mobile internet speeds in the regions, recording no decrease. "MTS is constantly working to expand network capacity, and telecoms operators and regulators are engaged in dialogue aimed at removing administrative barriers and stimulating the industry's development," it said. Rival Megafon said the median mobile internet speed on its network in regions excluding Moscow was 14% higher in February year-on-year, and up 18.5% in the capital.

Nearly 80% of distillates are used in freight transport, manufacturing and construction, so fuel consumption is closely geared to the manufacturing and freight cycle. Growth in both manufacturing activity and distillate consumption peaked in the first half of 2021 as the economy rebounded after the first wave of the pandemic. Distillate consumption also fell below prior-year levels in six of the nine months between April and December 2022 as demand dropped. Slower consumption created some scope to stabilise depleted distillate inventories towards the end of 2022. Notwithstanding the impact of poor weather, growth seems to have been decelerating slightly since November, as oil prices and drilling rates have fallen.

Analysts have gradually raised their forecasts for where the key rate will end this year, to 7.5% from 7.13% in the previous poll. "High budget spending is the key issue," said Anton Tabakh, Chief Economist at RA Expert, who expected the upsurge in inflation at the beginning of the year due to higher budget spending to be contained. "But at the same time, there will be a preventative rate increase and, accordingly, we see the key rate at 7.5% in December, from 8%-8.25% in the middle of the year." Tabakh also said that all risks were higher and the level of uncertainty elevated. Inflation expectations, an indicator to which the central bank pays close attention ahead of meetings, rose to 12.2% in February.

"For energy, food and goods, there’s a lot of forward-looking indicators saying that inflation pressures in all of those categories should come down quite a bit." Other policymakers, including board member Isabel Schnabel and Dutch central bank chief Klaas Knot, have expressed concern core inflation could get stuck and perpetuate inflation. For the ECB to end rate hikes, Lane outlined three criteria. The bank needs lower inflation projections through its three-year forecasting horizon and to make progress in lowering actual underlying inflation. "Actual goods retail prices are still very strong, but the intermediate stage has been a good predictor of price pressures," Lane said.

☆ French court dismisses Uganda lawsuit against TotalEnergies
▼ + stars: | 2023-02-28 | by ( America Hernandez | ) www.reuters.com time to read: +2 min

Companies TotalEnergies SE FollowPARIS, Feb 28 (Reuters) - A French civil court ruled on Tuesday that a lawsuit brought by campaigners against energy major TotalEnergies (TTEF.PA) over its oil projects in Uganda and Tanzania was inadmissible. TotalEnergies in a statement to Reuters said the court had found it "formally established a vigilance plan comprising the five items required by the duty of vigilance law, in sufficient detail so as not to be considered purely summary". The court in its ruling, the first based on the 2017 law, said nothing prevented France from enacting laws that govern the overseas activities of companies present in France. TotalEnergies had argued a French court did not have jurisdiction over the overseas activities of its subsidiary TotalEnergies EP Uganda. Reporting by America Hernandez and Benjamin Mallet; editing by Silvia Aloisi and Barbara LewisOur Standards: The Thomson Reuters Trust Principles.

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