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☆ 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.

☆ Oil slide resumes as banking fears offset China demand hopes
▼ + stars: | 2023-03-15 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

SummarySummary Companies Credit Suisse unease sparks global sell-offChinese economy shows signs of gradual recoveryChina reopening expected to boost oil demand -IEALONDON, March 15 (Reuters) - Oil extended losses on Wednesday with Brent crude hitting a three-month low as unease over Credit Suisse spooked world markets, offsetting hopes of a Chinese oil demand recovery. "Fears of contagion are clearly gaining traction," Tamas Varga of oil broker PVM told Reuters. "As a result, the dollar is stronger and equities are weakening - bad omens for oil." Wednesday's monthly report from the International Energy Agency provided support by flagging an expected boost to oil demand from China, a day after OPEC increased its Chinese demand forecast for 2023. Investors are now awaiting official U.S. oil inventory data later on Wednesday to see if it confirms the 1.2 million barrel rise in crude stocks reported on Tuesday by the American Petroleum Institute.

☆ Britain to announce energy security measures by month-end
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +2 min

LONDON, March 15 (Reuters) - British government measures to support energy security will be announced later in March, a budget document said on Wednesday without mention of any fresh incentives for oil and gas or renewable energy producers. "In addition to the measures in the spring budget, the government will set out further action later this month to ensure energy security in the UK and meet our net zero commitments," the government said in a budget document. "The Government has repeatedly ignored warnings from the renewable sector as it bulldozes through its tax raid on green electricity generators," said Rod Wood, managing director at wind energy developer Community Wind Power. "We are disappointed that it has not removed obstacles for offshore energy firms and the homegrown oil and gas producers." Reporting by Shadia Nasralla and Susanna Twidale Editing by David Goodman, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

LONDON, March 14 (Reuters) - Britain's NatWest (NWG.L) has imposed new limits on the daily and monthly amount customers can send to cryptocurrency exchanges, seeking to protect consumers from "crypto-criminals", the bank said on Tuesday. From Tuesday customer transfers to cryptocurrency exchanges will be limited to 5,000 pounds ($6,088) per 30-day period, with no more than 1,000 pounds per day, NatWest said. Regulators around the world have warned of the risks of scams and fraud in the largely unregulated world of crypto trading. In June 2021 NatWest introduced some daily caps on customers' crypto transfers to crypto exchanges, including top platform Binance, with the limits varying in size depending on the platform in question. Santander said in November last year that it would block customers from sending real-time payments to cryptocurrency exchanges some time this year.

☆ Silk-FAW drops plan to build Italian plant for electric sports cars
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +2 min

The facility was part of a wider plan to invest more than a 1 billion euros ($1.1 billion) to build electric cars in Italy under the Hongqi brand. The document includes acknowledgement by the Emilia-Romagna region of Silk-FAW's decision. Silk-FAW did not respond to a request for comment via the company's website. Two sources close to the matter said Italian prosecutors were investigating the Silk-FAW project. Silk-FAW did not respond to a separate request for comment on the matter via the company's website.

☆ EU watchdog extends deadline on Broadcom-VMware decision to June 21
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: 1 min

BRUSSELS, March 14 (Reuters) - EU antitrust regulators have extended their decision on U.S. chipmaker Broadcom's (AVGO.O) proposed $61 billion takeover of cloud computing company VMware (VMW.N) by two weeks to June 21, the European Commission said on Tuesday. The EU competition watchdog said the extension was agreed with Broadcom, which is looking to diversify into enterprise software. The Commission is expected to warn Broadcom about potential anti-competitive effects of the proposed deal in the coming weeks, sources close to the matter have told Reuters. The U.S. and UK antitrust agencies are also investigating the proposed acquisition. Reporting by Foo Yun Chee Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Russia's Sberbank expects profit to rebound this year
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: 1 min

MOSCOW, March 9 (Reuters) - Russia's largest lender Sberbank (SBER.MM) expects its profit this year to return close to levels before the Ukraine crisis, CEO German Gref said on Thursday after reporting a 78.3% slump last year owing to sweeping Western sanctions. Sberbank made a 270.5 billion rouble profit last year, down from a record 1.25 trillion roubles in 2021. Reporting by Elena Fabrichnaya Writing by Alexander Marrow Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Oil falls 3% on U.S. rate hike expectations, strong U.S. dollar
▼ + stars: | 2023-03-07 | by ( Laila Kearney | ) www.reuters.com time to read: +2 min

Brent crude futures shed $2.35, or 2.7%, to $83.83 a barrel by 1:05 p.m. EST (1805 GMT) . U.S. West Texas Intermediate crude dropped by $2.48 a barrel, or 3%, at $77.98. Prices sank after Powell told Congress the Fed would likely need to increase rates more than expected in light of recent strong economic data. More pressure came from a contraction in China's exports and imports in January and February, including crude oil imports, despite a lifting of COVID-19 restrictions. The American Petroleum Institute's weekly report is due at 2130 GMT on Tuesday, with U.S. Energy Information Administration data following at 1530 GMT on Wednesday.

☆ Oil falls 2% on U.S. rate hike expectations, stronger U.S. dollar
▼ + stars: | 2023-03-07 | by ( Laila Kearney | ) www.reuters.com time to read: +2 min

Brent crude futures shed $1.46, or 1.7%, to $84.72 a barrel by 11:06 a.m. EST (1606 GMT). Prices declined after Powell told Congress the Fed would likely need to increase rates more than expected in light of recent strong economic data. The remarks pushed up the U.S. dollar , which rose 0.70% on the day at 104.97. A stronger dollar typically reduces demand for dollar-denominated oil from buyers paying with other currencies. Further pressure came from a contraction in China's exports and imports in January and February, including crude oil imports, despite a lifting of COVID-19 restrictions.

☆ Oil edges lower on stronger dollar and weak Chinese data
▼ + stars: | 2023-03-07 | by ( Rowena Edwards | ) www.reuters.com time to read: +2 min

Prices declined as the U.S. dollar rose ahead of Federal Reserve Chair Jeremy Powell's testimony to Congress at 1500 GMT on Tuesday. A stronger dollar typically reduces demand for dollar-denominated oil from buyers paying with other currencies. Further pressure came from a contraction in China's exports and imports in January and February, including crude oil imports. U.S. crude inventories could register their first decrease in 10 weeks, a Reuters poll showed before official data is published this week. The American Petroleum Institute's weekly report is due at 2130 GMT on Tuesday, with Energy Information Administration data following at 1530 GMT on Wednesday.

☆ China's Xi has mixed feelings about CATL's battery market dominance
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +3 min

[1/2] Chinese President Xi Jinping attends the opening session of the Chinese People's Political Consultative Conference (CPPCC) at the Great Hall of the People in Beijing, China March 4, 2023. "Emerging industries must do a good job in planning, figuring out how big the market is and where the risks are," Xi was quoted as saying. At the same time, it has come under growing pressure from Washington, which has restricted Chinese companies' access to advanced AI chips and other semiconductors, citing national security. The Ford-CATL partnership will be win-win for both parties without threatening China's leadership in the EV industry, Dong wrote. Reporting by Zhang Yan and Brenda Goh Editing by Edwina Gibbs and David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Oil steady as market juggles supply and demand fears
▼ + stars: | 2023-03-07 | by ( Rowena Edwards | ) www.reuters.com time to read: +2 min

Brent crude futures fell 22 cents, or 0.26%, to $85.96 a barrel by 1043 GMT. Bearish sentiment surrounded a contraction in China's exports and imports in January and February, including crude imports. The decline came despite a lifting of COVID-19 restrictions, pointing to weakness in foreign demand. "The key unknown for 2023 will be the disruption to Russia's oil and refined product exports," Commonwealth Bank of Australia analyst Vivek Dhar said in a note. The market will also look for direction from U.S. Federal Reserve Chair Jerome Powell's testimony before the Senate Banking Committee at 1500 GMT on Tuesday.

☆ Oil steadies after dipping on China outlook; investors await Fed clues
▼ + stars: | 2023-03-06 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

SummarySummary Companies China's growth outlook down from last year's targetFed chair speaks to Congress this weekU.S. February jobs report also in focusHOUSTON, March 6 (Reuters) - Oil prices were steady on Monday as top oil executives debated supply tightness at an oil conference in Houston. Oil market and logistics are tight and vulnerable to any unexpected supply disruption, as Russian oil is still getting to the market, but at different costs, oil major Chevron Corp (CVX.N) Chief Executive Mike Wirth said at the CERAWeek energy conference. Trading company Gunvor's CEO Torbjorn Tornqvist said crude prices may rise in the second half of the year as Chinese demand returns to the market, adding that the oil market has stabilised. China's closely watched growth outlook, announced on Sunday, was lower than last year's 5.5% target for gross domestic product (GDP) growth. At the same time, oil prices are likely to be affected by increases to interest rates across the world as global central banks tighten policy over fears of rising inflation.

☆ Oil dips on China outlook while investors await Fed clues
▼ + stars: | 2023-03-06 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

Brent crude futures were trading down 60 cents, or 0.7%, at $85.23 a barrel by 1520 GMT. "Crude remains in a tug-of-war between optimism over Chinese reopening and nervousness over a hawkish Fed hurting the U.S. economy," said Vandana Hari, founder of oil market analysis provider Vanda Insights. China's closely watched growth outlook, announced on Sunday, was lower than last year's 5.5% target for gross domestic product (GDP) growth. Policy sources had told Reuters the target could be set as high as 6% for 2023. At the same time, oil prices are likely to be affected by increases to interest rates across the world as global central banks tighten policy over fears of rising inflation.

☆ Morgan Stanley forecasts key ECB rate to peak at 4%
▼ + stars: | 2023-03-03 | by ( Sudip Kar-Gupta | ) www.reuters.com time to read: +1 min

PARIS, March 3 (Reuters) - Wall Street bank Morgan Stanley on Friday raised its forecast for the European Central Bank's (ECB) so-called terminal rate - the level to which it believes the ECB's key interest rate will rise - to 4% as inflationary pressures weigh on the euro zone. "Following material revisions to our inflation forecast, we now expect the ECB's terminal rate at 4%," the bank wrote in a research note. The move by Morgan Stanley, which had previously seen the ECB terminal rate at 3.25%, follows similar revisions by other leading investment banks, driven by inflationary pressures within the euro zone. JP Morgan this week raised its forecast on the ECB's 'terminal' rate to 3.75% from 3.50% previously. On Friday, ECB governing council member and Belgian national bank governor Pierre Wunsch said the ECB could consider raising its key interest rate to as high as 4% if underlying inflation in the euro zone remains persistently high.

LONDON, March 3 (Reuters) - Oil prices slumped on Friday after the Wall Street Journal reported that the United Arab Emirates had an internal debate about leaving the Organization of the Petroleum Exporting Countries and pumping more oil. Oil prices this week had been boosted by strong Chinese economic data, underpinning hopes for oil demand growth, but those gains were all but erased on Friday. China's seaborne imports of Russian oil are set to hit a record high this month. "Those betting on higher oil prices are basking in the afterglow of the positive macro data out of China," said PVM analyst Stephen Brennock. Russia's plan to deepen oil export cuts in March also helped to buoy prices.

LONDON, March 3 (Reuters) - Oil prices slumped on Friday after the Wall Street Journal reported that the United Arab Emirates had an internal debate about leaving OPEC and pumping more oil, but retraced some losses after a source told Reuters this was not true. Oil prices this week had been boosted by strong Chinese economic data, underpinning hopes for oil demand growth, but those gains were all but erased on Friday. "The driver was the WSJ story, with concerns that this might impact the OPEC+ production (cut) deal. China's seaborne imports of Russian oil are set to hit a record high this month. The world's top oil importer is becoming increasingly ambitious with its 2023 growth target, aiming as high as 6%, sources told Reuters.

But EU countries still need to rubber stamp the decision before it can take effect. EU countries' ambassadors on Friday cancelled the vote that had been planned for March 7, the spokesperson for Sweden said. Italy, which has previously said it will vote against the EU cars law, on Friday welcomed the postponement of the vote. Such an outcome, along with some resistance from Italy and some eastern European countries, could throw the whole EU ban into question. European Commission President Ursula von der Leyen will attend a German cabinet meeting at the Schloss Meseberg palace on Sunday, where the topic is likely to be discussed.

The world's largest and oldest metals market annulled all nickel trades in March last year after chaotic price action and suspended trading for the first time since 1988. "That the FCA has decided to investigate means it considers there are circumstances suggesting that LME may have committed serious misconduct. ACTIVE STEPSThe 146-year-old LME said it had taken active steps to enhance nickel market liquidity and transparency, including 15% daily price limits and over the counter (OTC) position reporting for all physically delivered metals. The FCA and Bank of England began a review last April into the trading halt by the LME, owned by Hong Kong Exchanges and Clearing (0388.HK). In January management consultants Oliver Wyman released an independent review of the nickel trading debacle and the exchange said it would set out an implementation plan for the report's recommendations by the end of March.

LONDON, March 2 (Reuters) - Haleon (HLN.L), the world's biggest standalone consumer health business with brands such as Sensodyne toothpaste and Advil painkillers, reported its first full-year results on Thursday which analysts said were in line with expectations. Analysts said on Thursday that Haleon has had a strong start to 2023, and its full-year revenue growth forecast of 4% to 6% was in line or just ahead of consensus estimates. Rivals with consumer health operations, such as Bayer (BAYGn.DE) and Reckitt (RKT.L), have charged higher prices to partly offset broader falls in sales volumes. "Our organic (full-year) revenue growth ... was well balanced between volume and price, with two thirds of the business gaining or holding share," McNamara said. Haleon, which is made up of assets previously owned by GSK and Pfizer (PFE.N) reported organic revenue growth of 9% last year, just ahead of the 8-8.5% increase it predicted for 2022.

☆ Prosus considers sale of automotive classified advertising business
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +1 min

AMSTERDAM, March 2 (Reuters) - Technology investor Prosus (PRX.AS) is considering a sale of its OLX Autos classified advertising business, the company said on Thursday. Prosus said the pursuit of growth in the car advertising business was no longer the right approach because the second-hand car market had been hit by a "significant and persistent slowdown" owing to weakening economic growth and high inflation. "Prosus will explore all options for the OLX Autos business, acknowledging that significant value exists within local markets," the company's statement said. "The exit of OLX Autos will lead to a significant improvement in the profitability profile of the classifieds segment as a whole." OLX Autos increased revenue by 84% to $1 billion in the first half of its 2022/2023 financial year, Prosus said in November, but trading losses increased to $206 million owing to investment in expansion of the direct-to-consumer business.

☆ Flutter profit at lower end of guidance, U.S. outperforms
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +1 min

DUBLIN, March 2 (Reuters) - Flutter on Thursday reported full-year core profit at the lower end of its guidance range but its fast growing U.S. business outperformed expectations as it became the betting company's largest division by revenue. Full-year core profit excluding the U.S. grew 4% to 1.295 billion pounds ($1.55 billion) versus the forecast range of 1.29 billion pounds to 1.39 billion pounds. Customer-friendly sports results hit profitability in December, it said, but $3.2 billion in revenue at its U.S. FanDuel business was at the top end of a range that it upgraded in November. The U.S. operation made a core loss of $313 million, compared with expected losses of $300 million to $360 million. ($1 = 0.8352 pounds)Reporting by Padraic Halpin Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

LONDON, March 2 (Reuters) - Britain's Nationwide Building Society has restricted customers' ability to buy cryptocurrencies, the lender said in an email to its members on Thursday. Nationwide said it will not allow payments to crypto exchanges using credit cards and will limit adult current accounts to 5,000 pounds ($5,995) of purchases per day. The building society said the move was in response to regulatory concern over the risks of buying digital currencies. Cryptocurrency prices surged in 2020 and 2021 before sharp declines last year as rising interest rates prompted investors to ditch riskier assets. In November, as part of measures to protect customers from scams, Santander (SAN.MC) introduced limits on the amount customers could transfer to cryptocurrency exchanges and said it would soon block UK customers from sending any real-time payments to cryptocurrency exchanges.

Feb 28 (Reuters) - British housebuilders Persimmon (PSN.L) and Taylor Wimpey (TW.L) publish full-year earnings this week with analysts seeking to establish whether a protracted sector downturn is on the cards. Analysts, therefore, will be focusing on sales updates within Persimmon and Taylor Wimpey's annual results statements on Wednesday and Thursday respectively. The two companies are expected to report a slight improvement to full-year earnings, but trading statements last month said their order books were down year on year. The focus in this week's earnings statements will be sales trends and pricing, said Aynsley Lammin, equity research analyst at Investec Bank. Barratt (BDEV.L), meanwhile, has cut its mid-year dividend by 9% as housebuilders increasingly look to preserve cash.

☆ Strikes at German regional airports ground majority of flights
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +2 min

BERLIN, Feb 27 (Reuters) - The majority of flights at Germany's Duesseldorf and Cologne Bonn regional airports were grounded by a 24-hour strike by the Verdi trade union on Monday, the airports said. Of Monday's usual 136 daily passenger flights scheduled for Cologne Bonn airport, only two were set to operate as scheduled. The union brought air traffic to a standstill earlier this month with one-day strikes at seven major airports, including the Frankfurt and Munich hubs, affecting nearly 300,000 passengers. Cities across the western state of North Rhine Westphalia, including Cologne, Leverkusen and Bonn, were also affected by public service worker strikes on Monday. Verdi and the German Civil Service Association are demanding 10.5% more pay for state employees, or at least 500 euros ($527.75) more a month.

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