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☆ European banks’ perfect moment will prove fleeting
▼ + stars: | 2022-10-26 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

LONDON, Oct 26 (Reuters Breakingviews) - Europe’s big banks are enjoying a perfect moment. That dream scenario allowed Deutsche Bank (DBKGn.DE), Barclays (BARC.L) and Banco Santander (SAN.MC) to report chunky profits in third-quarter results released on Wednesday. Barclays’ revenue from trading fixed-income securities, currencies, and commodities in the first nine months of 2022 was 63% higher year-on-year. Deutsche, Barclays and Santander have slashed their group-wide stock of loan-loss provisions since 2020, and in the latter two cases they’re even below pre-pandemic levels. Deutsche Bank and Barclays were down 0.5% and 0.9% respectively.

☆ Santander's profit tops forecast despite provisions, costs
▼ + stars: | 2022-10-26 | by ( Jesús Aguado | ) www.reuters.com time to read: +2 min

The euro zone's second-biggest lender by market value booked a net profit of 2.42 billion euros ($2.41 billion), up from 2.17 billion euros in the same quarter last year. Analysts polled by Reuters had expected a net profit of 2.19 billion euros. Net loan-loss provisions rose 24% year-on-year to 2.76 billion euros against an uncertain macroeconomic backdrop, mirroring the picture at lenders in the United States. Santander's diversification, especially in Latin America, has helped it cope with tough conditions for lenders in Europe since the financial crisis. Revenues climbed 13% year-on-year to 13.51 billion euros, more than the 13.15 billion euros analysts had forecast.

And Italy's UniCredit (CRDI.MI) raised its 2022 profit goal, helped by higher interest rates and lower loan loss provisions that also drove quarterly earnings above forecasts. For years, banks bemoaned ultra loose monetary policy, but now higher interest rates means banks can start to benefit from the increased gap between what they charge borrowers and what they pay savers. Standard Chartered's third-quarter profit surged 40% as higher interest rates boosted the emerging markets-focused bank's income, giving it ammunition to upgrade its revenue outlook despite a weakening global economy. For Santander, higher loan loss provisions in key markets like Brazil and the United States overshadowed better than expected third-quarter earnings. While benefiting from higher interest rates, banks also face the unwinding of a scheme that buoyed their profits for years.

☆ Inditex sells Russian business to Middle Eastern Daher Group
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +1 min

MADRID, Oct 25 (Reuters) - Zara owner Inditex (ITX.MC) has agreed to sell its stores in Russia to UAE-based Daher Group, though it did not rule out returning to the country if circumstances change, the Spanish clothing company said on Tuesday. Inditex closed its over 500 stores in Russia in March following Moscow's invasion of Ukraine on Feb. 24 and subsequent Western sanctions. Provided landlords approve the change in ownership, the Spanish firm said its premises could be adapted to accommodate Daher's operations. A company source told Reuters that Daher Group is Emirati. Reporting by David Latona and Corina Pons; Editing by Andrei Khalip and Josie KaoOur Standards: The Thomson Reuters Trust Principles.

☆ Fact Check-Boston University hybrid COVID virus kills 80% of mice, not people
▼ + stars: | 2022-10-25 | by ( Reuters Fact Check | ) www.reuters.com time to read: +6 min

The authors then infected different sets of transgenic mice designed to be susceptible to SARS-CoV-2 with one of the three strains: Omicron, the ancestral virus, or the Omi-S hybrid virus (here). In the study, 100% of mice infected with the ancestral virus strain died, while 80% of those infected with Omi-S died, and none of the mice infected with Omicron died. Others shared the claim that the Omi-S had an “80% kill rate,” without specifying whether this referred to mice or humans. The ancestral virus (the viruses as they were when introduced in Europe and the US) in this mouse model kills 100% of the animals. Early in the pandemic, the fatality rate of the ancestral virus for people in a multicountry European analysis was estimated at about 4% (here).

☆ Brazil's Telefonica third-quarter profit up more than 9%
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, Oct 25 (Reuters) - Telefonica Brasil (VIVT3.SA) posted a wider third-quarter net profit on Friday, up 9.3% compared to the same quarter last year, with gains in part due to strong revenue growth in its mobile unit. The company's net income totaled 1.436 billion reais ($270.15 million) during the July through September period, according to a filing with the Brazilian stock exchange. The firm is a unit of Spain's Telefonica (TEF.MC) and operates in Brazil under the Vivo brand. Recurring earnings before interest, taxes, depreciation and amortization came in at 4.957 billion reais. ($1 = 5.3156 reais)Reporting by Peter Frontini and Carolina Pulice; Editing by David Alire Garcia and David GregorioOur Standards: The Thomson Reuters Trust Principles.

☆ Retailer Zara under fire in Israel over event for far right candidate
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +1 min

Labor Party leader and Transportation Minister Merav Michaeli said that she will no longer shop at Zara in Israel due to the event, local media quoted her as saying. Trimera holds the Israel franchise for Zara, which operates 24 stores in Israel and 1,800 globally. Zara is owned by Spain's Inditex, which did not immediately respond to a request for comment. Spokespeople for Schwebel and Zara described the event as private, declining further comment. While not confirming the campaign event, Ben-Gvir said Schwebel faced "a boycott based on his political background".

☆ Santander offers to buy 4% it doesn't own in Mexican unit prior to delisting
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: +1 min

MADRID, Oct 21 (Reuters) - Santander (SAN.MC) said on Friday it would launch a tender offer for the 4% of shares in its Mexican unit it doesn't own, a step prior to its delisting. The euro zone's second-biggest bank by market value intends to carry out the offer at the latest during the first quarter of next year, Santander said in a regulatory filing. The shares would be worth about $290 million, as Santander Mexico's (BSMXB.MX) market value was 146 billion Mexican pesos ($7.28 billion) on Thursday, according to data from Refinitiv. Over the past few years, Santander has expanded in emerging economies in search of faster growth than in core markets in Europe, where ultra low interest rates had made the banking business less profitable. ($1 = 20.0478 Mexican pesos)Register now for FREE unlimited access to Reuters.com RegisterOur Standards: The Thomson Reuters Trust Principles.

☆ Barcelona-Marseille pipeline could take 4-5 years to build, Spain says
▼ + stars: | 2022-10-21 | by ( David Latona | ) www.reuters.com time to read: +3 min

The joint project between Spain, Portugal and France, agreed on Thursday and dubbed BarMar, replaces the cross-Pyrenees MidCat pipeline that Spain had said could be ready by 2023 but was vetoed by France. All three countries said the pipeline should also temporarily allow for the transport of some natural gas to help alleviate Europe's supply problems stemming from Russia's invasion of Ukraine. She added that the connections between Spain and France, as well as between the entry point in Marseille and the hydrogen pipeline network in central Europe, are yet to be completed. Fernando Garcia, a London-based utilities analyst at RBC Capital Markets, said the BarMar route would "clearly" not fix Europe's short-term supply woes. The BarMar pipeline would also substitute an underwater gas link between Spain and Italy that was once considered, Ribera told Spanish TV station Antena 3 earlier on Friday.

☆ 'E.T. the Extra-Terrestrial' turns 40: Star Henry Thomas reflects on the film
▼ + stars: | 2022-10-21 | by ( Marianne Garvey | ) edition.cnn.com time to read: +3 min

the Extra-Terrestrial” celebrates its 40th anniversary, Henry Thomas, who starred as Elliott in the film, is reflecting on the movie and the fame that came with it. Thomas spoke to CNN this week as an updated 4K Ultra HD version of the movie was released. Initially, Thomas said, he didn’t understand the little alien who came to live in Elliott’s house. “I remember as a kid, you know, I was really into ‘Star Wars’ and ‘Indiana Jones,’ Thomas recalled. “I imagine if it were a bad film that was universally reviled, we wouldn’t be talking about it now 40 years later,” Thomas said.

☆ If Credit Suisse loves its bankers, set them free
▼ + stars: | 2022-10-21 | by ( Liam Proud | ) www.reuters.com time to read: +6 min

LONDON, Oct 21 (Reuters Breakingviews) - Credit Suisse (CSGN.S) is a weak bank with some strong bankers. SECOND COMINGImagine, then, that Credit Suisse spins out its advisory and capital-markets business. But Credit Suisse has never quantified the business it wins from intragroup referrals, which suggests it is low. In this case, it will be higher if those people are no longer at Credit Suisse. First Boston was a U.S. investment bank in which Credit Suisse first bought a stake in 1978.

☆ Ralph Lauren accused of plagiarizing indigenous Mexican designs
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +2 min

MEXICO CITY, 20 Oct (Reuters) - The wife of Mexico's president on Thursday accused luxury American clothes brand Ralph Lauren (RL.N) of plagiarizing indigenous designs, which she described as an appropriation of the work of the country's pre-Hispanic cultures. "Hey Ralph (Lauren): we already realized that you really like Mexican designs," writer and researcher Beatriz Gutierrez said in an Instagram post. "However, by copying these designs you are committing plagiarism, which is illegal and immoral." The post shows a photo of a coat with colorful indigenous motifs hanging in a store. "Hopefully you repair the damage to the original communities that do this work with love and not for profit," Gutierrez added, attributing the designs to the indigenous communities of Contla and Saltillo.

☆ Spanish energy firm Everwood in talks to sell 6.1 GW solar assets portfolio - sources
▼ + stars: | 2022-10-20 | by ( Andres Gonzalez | ) www.reuters.com time to read: +2 min

LONDON, Oct 20 (Reuters) - Spain-based renewable energy investor Everwood Capital has hired Bank of America to sell a portfolio of 6.1 gigawatts (GW) of solar power plants in Europe and Latin America, according to four sources with knowledge of the deal. Everwood expects to start receiving early offers for the projects, located in Spain, France, Italy, Germany, Colombia, Greece, Peru and Argentina, in two weeks. Appetite for low-carbon energy sources has taken on fresh urgency this year after Russia's invasion of Ukraine, with oil and gas companies setting ambitious green targets and jostling with utilities and existing renewables investors to lead the energy transition. Register now for FREE unlimited access to Reuters.com RegisterThe portfolio consists of 1.3 GW of solar photovoltaic projects in Spain and Italy and a development platform with 4.8 GW of solar pipeline and local teams in Spain, Italy, France, Germany and Latin America. The assets could be valued at up to 750 million euros ($735.15 million) depending on bidders' appetite, one of the sources said.

☆ Italy's Antitrust probes Iren, Iberdrola, E.On over customer contracts
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +1 min

MILAN, Oct 19 (Reuters) - Italy's competition watchdog has opened inquiries into Italian utility Iren (IREE.MI), Spain's Iberdrola (IBE.MC) and German's E.ON (EONGn.DE) over alleged electricity and gas contract issues with their customers, it said on Wednesday. The authority accused Iren and fellow Italian utility Dolomiti of allegedly making unlawful unilateral changes in the electricity supply price, it said in its statement. Iren said in response that its actions were in line with rules and it was committed to protecting its customers struggling with rising energy prices. There was no immediate comment from Iberdrola or E.ON. Register now for FREE unlimited access to Reuters.com RegisterReporting by Cristina Carlevaro, editing by Keith WeirOur Standards: The Thomson Reuters Trust Principles.

☆ No plans to oust Mediaset Espana CEO, top shareholder says
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: 1 min

MILAN, Oct 17 (Reuters) - The top investor of Mediaset Espana (TL5.MC) has no plan to oust Paolo Vasile from the role of CEO at the Spanish broadcaster, a spokesperson for MediaforEurope (MFEB.MI) said on Monday, denying Spanish media reports. "No ousting of Paolo Vasile as CEO is underway," the spokesperson said in a statement to Reuters, adding Vasile's results over his tenure at the helm of the company are "extraordinary." Register now for FREE unlimited access to Reuters.com RegisterReporting by Elvira Pollina Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

☆ Credit Agricole and CACEIS to buy RBC Investor Services' Europe unit
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +1 min

PARIS, Oct 17 (Reuters) - CACEIS, the asset servicing business owned by French bank Credit Agricole (CAGR.PA) and Spanish bank Santander (SAN.MC), has struck a preliminary deal to buy the European asset servicing business of RBC Investor Services (RY.TO). The acquisition, due to be completed by the end of the third quarter in 2023, would result in CACEIS having about 4.8 trillion euros ($4.7 trillion) worth of assets under custody and 3.5 trillion euros of assets under administration, CACEIS said on Monday. The acquisition of the European asset servicing activities of RBC Investor Services will also entail the takeover of an associated Malaysian division. "This combination with RBC Investor Services helps us consolidate our position as a leading European player in asset servicing," said CACEIS Chief Executive Jean-François Abadie. ($1 = 1.0256 euros)Register now for FREE unlimited access to Reuters.com RegisterReporting by Sudip Kar-Gupta Editing by Kim Coghill and David GoodmanOur Standards: The Thomson Reuters Trust Principles.

Up to 200 million euros of the capital will come from France's AXA (AXAF.PA), MPS' partner in an insurance joint-venture. Another 50 million euros are being guaranteed by London-based fund Algebris, whose founder Davide Serra is a close associate of Lovaglio. The state will put in 1.6 billion euros towards the capital raising, based on its 64% stake. Local banking foundations in Tuscany - charitable organisations overseen by Italy's Treasury - have already put in some 30 million euros. After its market value shrunk to just 256 million euros, MPS will sell the new shares with a discount of only 8.6% over Wednesday's closing price stripped of subscription rights.

Another 50 million euros are being guaranteed by London-based fund Algebris, whose founder Davide Serra is a close associate of Lovaglio. The state will put in 1.6 billion euros towards the capital raising, based on its 64% stake. If MPS gathers less than the maximum 2.5 billion euros, the state's contribution will be proportionally reduced so as not to exceed 64% of the total. At least 100 million euros will come from France's AXA (AXAF.PA), MPS' partner in an insurance joint-venture. After its market value shrunk to just 256 million euros, MPS will sell the new shares with a discount of just 8.6% over Wednesday's closing price stripped of subscription rights.

☆ Caixabank proposes sector-wide freeze in variable mortgage costs, source says
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +2 min

MADRID, Oct 11 (Reuters) - Caixabank (CABK.MC), Spain's biggest lender by domestic assets, has proposed a sector-wide measure to cushion the rise in payments on variable mortgage contracts for a year, a source with direct knowledge of the matter said on Tuesday. The source said that the proposal was being debated among lenders and could still change. Register now for FREE unlimited access to Reuters.com RegisterThe Spanish banking association (AEB), the country's economy ministry and Caixabank declined to comment. The association for savings banks CECA, of which Caixabank is a member, was not immediately available for comment. Caixabank is the market leader in the mortgage business in Spain with a 25.4% share as of June.

☆ Siemens Energy CEO eyes chairman role at Gamesa - Handelsblatt
▼ + stars: | 2022-10-10 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Oct 10 (Reuters) - Siemens Energy Chief Executive Christian Bruch is planning to take on the role of chairman of the board of directors at Siemens Gamesa once the takeover of the Spanish wind turbine maker has been completed, Handelsblatt reported, citing company sources. A Siemens Energy (ENR1n.DE) spokesperson declined to comment. Siemens Energy in May announced plans to bid 4.05 billion euros ($3.93 billion) for the remaining third of Siemens Gamesa (SGREN.MC) it does not already own, hoping to get a better handle on ongoing problems at the wind turbine maker. Register now for FREE unlimited access to Reuters.com RegisterIt is not uncommon for CEOs to take on the position of chairman at majority-owned subsidiaries that are listed on the stock exchange. ($1 = 1.0309 euros)Register now for FREE unlimited access to Reuters.com RegisterWriting by Rachel More and Christoph Steitz, editing by Kirsti Knolle and Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

☆ H&M to cut costs as profits hit by inflation, cautious shoppers
▼ + stars: | 2022-09-29 | by ( Anna Ringstrom | ) www.reuters.com time to read: +4 min

Pretax profit in the June-August period, the Swedish group's fiscal third quarter, fell to 689 million crowns ($60.9 million) from 6.09 billion a year-earlier. Five analysts polled by Refinitiv had on average forecast a 2.98 billion crown profit. "Overall, these factors had a substantial negative impact on profit for the quarter," CEO Helena Helmersson said. "We have chosen not to fully compensate for the increased costs, which is reflected in the gross margin." Market leader Inditex (ITX.MC), the owner of Zara, which has been weathering the tough market conditions better than H&M, increased sales in its May-July quarter.

☆ India's Reliance launches first in-house premium fashion store
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Sept 29 (Reuters) - Reliance Industries Ltd's (RELI.NS) retail unit launched its first in-house premium fashion and lifestyle store on Thursday, as the billionaire Mukesh Ambani-led company continues to grab a bigger slice of India's luxury market. "The mid-premium fashion segment is one of the fastest growing consumer segments as millennials and the Gen Z are increasingly demanding the latest of international and contemporary Indian fashion," said Akhilesh Prasad, chief executive officer of the fashion and lifestyle arm of Reliance Retail. Register now for FREE unlimited access to Reuters.com RegisterThe company plans to have up to 40 stores across 12 cities over the next nine months, he added. In three years, Azorte will contribute to 15% incremental revenue of Reliance Retail's fashion and lifestyle business, Prasad said at the store launch in Bengaluru. The new store chain is a part of Reliance Industries' aggressive strides in the retail industry, forging partnerships with domestic and global brands.

This figure compares with 1.1 million bpd of offline capacity in September, and is above the 2015-2019 average for this period. Maintenance outages next month include Eni's Sannazzaro refinery in Italy, Repsol's (REP.MC) Tarragona refinery in Spain, and Galp Energia's (GALP.LS) Sines refinery, among others. read more"The European diesel market is looking a bit softer than we had expected say this time last month," Gallarti said, adding that the consultancy has softened its European demand forecast as economic pressures mount. read moreBut while higher imports and a softening demand outlook are helping to ease the pressure on diesel markets, widespread refinery outages in France, partly due to strike action, could tighten supplies again. Benchmark European diesel profit margins hit a two-week high of about $50 a barrel on Wednesday, based on Reuters assessments, driven by the French strikes.

☆ Siemens Gamesa to cut 2,900 jobs as part of its turnaround
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +2 min

MADRID, Sept 29 (Reuters) - Wind turbine maker Siemens Gamesa (SGREN.MC) plans to cut 2,900 jobs, mostly in Europe, as part of a plan to return to profitability, it said in a statement on Thursday. Siemens Gamesa has done an organisational review to identify synergies across several functions, and to adjust the manufacturing footprint and capacity to match market demands, the company said. "Around 2,900 positions will be impacted globally, particularly in Siemens Gamesa’s major European countries: Denmark (800), Germany (300), Spain (475) and the United Kingdom (50)," it said in its statement on Thursday. The deal awaits final approval from the market regulator in Madrid, where Siemens Gamesa was listed in 2017. Register now for FREE unlimited access to Reuters.com RegisterReporting by Emma Pinedo; Editing by Inti Landauro and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Morning Bid: Dysfunction and intervention
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +5 min

Amid all the chaos in British bond markets, the forced intervention by the Bank of England to buy gilts has given some investors a crumb of comfort about the limits of central bank tightening. Cold comfort maybe, but enough to drag bond yields back and lift stocks briefly around the world. While 30-year gilt yields steadied just below 4% on Thursday after their 100bp swoon the previous day, the pound was sliding again and UK midcap stocks dropped. read moreEasing inflation in Spain was better news read more . Market leader Inditex (ITX.MC), the owner of Zara, slipped 2.2%, while the wider STOXX retailers index <.SXRP> slid 4.3%.

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