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☆ British EV startup Arrival announces reverse stock split
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +1 min

April 11 (Reuters) - British EV startup Arrival SA said on Tuesday its shareholders, on April 6, approved a reverse stock split at a ratio of one-for-fifty to gain compliance with Nasdaq's listing regulations. Arrival's stock fell about 8% to $0.13 in trading before the bell. The reverse stock split will be effective on April 14. Last week Arrival said it would merge with blank-check firm Kensington Capital Acquisition Corp V (KCGI.N). The special purpose acquisition company had about $283 million in cash held in trust, that will contribute to the business, Arrival had said.

"I am convinced that both Ukraine and Russia are waiting for someone else to say, 'Let's sit down and talk,'" Lula told journalists last week. Lula has suggested a peace solution could be the return of newly invaded territory, though not Crimea - an option that Ukrainian President Volodymyr Zelenskiy has rejected outright. For his initiative to advance, Lula needs China to send a message to Russia, said a European diplomat in Brasilia. Some 20 agreements to be signed include creation of a sixth satellite in a joint program started in 1988, which will be used for monitoring the Amazon, Brazil's foreign ministry said. China overtook the United States as Brazil's top trading partner in 2009 and is a major market for Brazilian soybeans, iron ore and oil.

RIO DE JANEIRO, April 11 (Reuters) - Brazilian planemaker Embraer SA (EMBR3.SA) aims to sign a deal for the sale of 20 commercial jets to a Chinese airline during President Luiz Inacio Lula da Silva's visit to China this week, two people familiar with the matter told Reuters on Tuesday. The deal would mark a breakthrough for Embraer in China, where it has struggled to find new business since the 2016 closure of a joint venture at a factory in Harbin. That venture with Chinese group Avic, launched in 2003 during Lula's first presidential term, produced a previous generation of regional jets and Legacy 650 executive jets. Embraer has delivered 110 commercial aircraft to Chinese airlines, including 70 to Hainan Airlines (600221.SS) and 20 to China Southern (600029.SS), according to securities filings. The planemaker has not received a new order from a Chinese airline since leaving Harbin in 2016.

☆ Gold advances on softer dollar as traders await U.S. inflation data
▼ + stars: | 2023-04-11 | by ( ) www.cnbc.com time to read: +2 min

A mark of 999.9 fine sits on hallmarked one kilogram gold bullion bars at the Valcambi SA precious metal refinery in Lugano, Switzerland, on April 24, 2018. Gold prices gained on Tuesday after falling over 1% in the previous session, as the dollar eased ahead of key U.S. inflation data. U.S. gold futures rose 0.5% to $2,013.30. The opportunity cost of holding the non-yielding bullion rises when interest rates are raised to bring down inflation. Data on Tuesday showed top bullion consumer China's March consumer inflation hit the slowest pace since September 2021 and suggested demand weakness persisted amid an uneven economic recovery.

☆ Gold slides 1% after U.S. jobs data raises rate hike bets
▼ + stars: | 2023-04-10 | by ( ) www.cnbc.com time to read: +2 min

An Argor-Heraeus SA branded two hundred and fifty gram gold bar, center, sits in this arranged photograph at Solar Capital Gold Zrt. Gold prices fell about 1% to slip below $2,000 on Monday, after U.S. employment data pointed to a tight labor market and raised expectations of another rate hike by the Federal Reserve in May. Friday's data from the U.S. Labor Department showed non-farm payrolls increased by 236,000 jobs in March, versus expectations of 239,000. The data also showed the unemployment rate dipped to 3.5% from 3.6% in the prior month. The report raised bets that the U.S. central bank would increase rates next month, with markets pricing in a 66% chance of a 25 basis-point (bps) rate hike, according to the CME FedWatch tool.

☆ Tupperware Brands boxes itself into a corner
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +2 min

TORONTO, April 10 (Reuters Breakingviews) - Tupperware Brands’ (TUP.N) options are looking less airtight. As with other direct selling companies, it casts doubt over its business model, as well as how speedily it can remake itself as consumer habits shift. An earnings misstatement, which has left it late in filing its annual report, could cause creditors to declare Tupperware has violated its debt covenants. Even if Tupperware can appease its creditors or find new investors, the rise of e-commerce has dented the fortunes of companies that lean on direct selling. Compared with the company’s heyday, customers have more options for food storage, more places to buy from, and less time for Tupperware parties.

☆ Exclusive: China plans $500 million subsea internet cable to rival US-backed project
▼ + stars: | 2023-04-06 | by ( Joe Brock | ) www.reuters.com time to read: +10 min

China's three main carriers – China Telecommunications Corporation (China Telecom), China Mobile Limited and China United Network Communications Group Co Ltd(China Unicom) – are mapping out one of the world’s most advanced and far-reaching subsea cable networks, according to the four people, who have direct knowledge of the plan. They said HMN Tech, which is majority-owned by Shanghai-listed Hengtong Optic-Electric Co Ltd, would receive subsidies from the Chinese state to build the cable. China Mobile, China Telecom, China Unicom, HMN Tech, and Hengtong did not respond to requests for comment. The consortium on the SeaMeWe-6 cable – which originally had included China Mobile, China Telecom, China Unicom and telecom carriers from several other nations – initially picked HMN Tech to build that cable. China Telecom and China Mobile pulled out of the project after SubCom won the contract last year and, along with China Unicom, began planning the EMA cable, the four people involved said.

DETROIT, April 6 (Reuters) - Ford Motor Co (F.N) unveiled a new electric Courier van aimed at winning business customers in Europe, and boxing out electric van startups such as Arrival SA.47K.FThe electric Courier is part of a revamped lineup of smaller, commercial vans for the European market that will also include gasoline and diesel models, Ford said. The new Courier vans are 25% larger than the current model, and will carry heavier loads, Ford Pro chief Ted Cannis said in an interview. The electric Courier will respond to European commercial customers who operate in cities, such as Paris, where officials have mapped out plans to ban combustion vehicles from city centers, Cannis said. The electric Courier will launch next year. Separately, Cannis said Ford expects many U.S. commercial fleet customers will receive $7,500 tax credits if they buy electric Transit vans.

☆ Exclusive: China plans $500 mln subsea internet cable to rival U.S.-backed project
▼ + stars: | 2023-04-06 | by ( Joe Brock | ) www.reuters.com time to read: +10 min

China's three main carriers – China Telecommunications Corporation (China Telecom), China Mobile Limited and China United Network Communications Group Co Ltd(China Unicom) – are mapping out one of the world’s most advanced and far-reaching subsea cable networks, according to the four people, who have direct knowledge of the plan. They said HMN Tech, which is majority-owned by Shanghai-listed Hengtong Optic-Electric Co Ltd, would receive subsidies from the Chinese state to build the cable. China Mobile, China Telecom, China Unicom, HMN Tech, Hengtong and China’s Foreign Ministry did not respond to requests for comment. The consortium on the SeaMeWe-6 cable – which originally had included China Mobile, China Telecom, China Unicom and telecom carriers from several other nations – initially picked HMN Tech to build that cable. China Telecom and China Mobile pulled out of the project after SubCom won the contract last year and, along with China Unicom, began planning the EMA cable, the four people involved said.

☆ Brazil's Lula mulls inflation target change as interest rates 'inexplicable'
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, April 6 (Reuters) - Brazilian President Luiz Inacio Lula da Silva on Thursday again criticized the country's interest rates, saying at a meeting with journalists that current lending costs were inexplicable and hinting at a potential change to inflation targets. "If the inflation target is wrong, change the target," Lula said, according to remarks broadcast by TV channel GloboNews. Brazil has an inflation target of 3.25% for this year, which will be lowered to 3% in 2024, but consumer prices reached 5.6% in the 12 months through February. Benchmark interest rates stand at a six-year high of 13.75%. Reporting by Eduardo Simoes and Pedro Fonseca; Writing by Gabriel Araujo; Editing by Steven GrattanOur Standards: The Thomson Reuters Trust Principles.

☆ Iberdrola aims for US subsidies after Mexican asset sale
▼ + stars: | 2023-04-05 | by ( Pietro Lombardi | ) www.reuters.com time to read: +2 min

Companies Iberdrola SA FollowMADRID, April 5 (Reuters) - Spanish power company Iberdrola (IBE.MC) will seek to expand in the United States and take advantage of its green subsidies after announcing the sale of gas assets worth $6 billion in Mexico, Chief Financial Officer Jose Sainz said on Wednesday. "Due to IRA, we will probably review our renewable plans in the U.S.," he said, adding that the Mexican sale could also allow acquisitions. Mexico remains a core market for the company, which aims to grow its renewables operations there, he added. Mexico's president hailed his government's purchase of 13 power plants from Iberdrola as a "new nationalisation" that will increase state control. For Iberdrola, RBC analyst Fernando Garcia said in a research note it "got rid of the Mexican headache".

☆ Warburg Pincus Cashes Out of Polyplus in Lucrative Exit
▼ + stars: | 2023-04-05 | by ( Maria Armental | ) www.wsj.com time to read: 1 min

Warburg Pincus notched a hefty gain on its 2020 investment in gene-therapy technology company Polyplus-transfection SA, the latest in a string of healthcare transactions with big payoffs for the private-equity firm. Warburg Pincus stands to make a more-than fourfold return on its initial investment through a sale to strategic buyer Sartorius AG for about €2.4 billion, or roughly $2.62 billion, according to people familiar with the deal announced last week. Polyplus co-owner ArchiMed, a European healthcare investment specialist, could reap a much greater gain as it first backed the company in 2016 at a valuation of less than €10 million, according to a person familiar with the deal.

☆ Mexican Government to Buy Power Plants From Spain’s Iberdrola
▼ + stars: | 2023-04-05 | by ( Anthony Harrup | ) www.wsj.com time to read: 1 min

Iberdrola said it would continue to develop renewable energy in Mexico with the backing of the Mexican government. MEXICO CITY—The Mexican government reached an agreement to buy 13 power-generation plants from Spanish electricity company Iberdrola SA for around $6 billion, the latest bid by Mexican President Andrés Manuel López Obrador to recover state share of the industry, the government and the company said. Mr. López Obrador, whose government has been in disputes with Iberdrola in recent years, met in Mexico City on Tuesday with Iberdrola executives.

☆ Gold hovers near 2020 record highs on softer dollar, weak US data
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Alexander ManzyukApril 5 (Reuters) - Gold prices hovered near record highs seen in 2020, trading steady above the key $2,000 level on Wednesday, as the dollar eased after weak U.S. economic data fanned expectations that the Federal Reserve might loosen its monetary policy trajectory. FUNDAMENTALS* Spot gold held its ground at $2,020.39 per ounce, as of 0123 GMT. * Data showed U.S. job openings in February dropped to the lowest level in nearly two years, suggesting the labor market was cooling. * While gold is traditionally considered a hedge against inflation and economic uncertainties, higher interest rates dim the appeal for non-yielding bullion. * Spot silver eased 0.1% to $24.99 per ounce, while platinum was 0.2% higher at $1,020.47 and palladium edged up 0.1% to $1,458.51.

BRASILIA, April 5 (Reuters) - A Supreme Court judge backed a government move to crack down on illegal gold mining in Brazil, suspending a legal practice of buyers accepting the origin of the precious metal with paper receipts based on the "good faith" of the seller. The injunction by Justice Gilmar Mendes gave the government 90 days to adopt a new regulatory framework for the gold trade to stop the sale of gold mined illegally from indigenous lands and other environmentally protected areas. The previous government of President Jair Bolsonaro eased environmental protections and encouraged wildcat mining in the Amazon rainforest. A surge in illegal mining on the Yanomami indigenous reservation caused disease and malnutrition that led the Lula government to declare a humanitarian crisis. The Brazilian Institute of Mining (Ibram), which represents gold mining companies such as AngloGold Ashanti Ltd (ANGJ.J) and Yamana Gold Inc (YRI.TO), as well as multinational giants such as Vale (VALE3.SA), Rio Tinto Ltd (RIO.AX) and BHP Group Ltd (BHP.AX), said 20% of Brazilian gold had no declared origin in 2021, citing data from the National Mining Agency.

☆ Aesop deal spreads scent of stressed M&A
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +2 min

TORONTO, April 4 (Reuters Breakingviews) - The scent of stress is wafting from the Brazilian backer of Aesop. Natura (NTCO3.SA)agreed to sell the luxury lotion maker to French cosmetics giant L’Oreal (OREP.PA) for about $2.5 billion. It offloaded the successful investment to shore up its balance sheet, an M&A motivation that probably will spread. With recessions being anticipated in a higher interest rate environment, more companies are bound to consider a similar calculus. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ China's GWM taps Brazil's WEG for electric vehicle charging network
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +1 min

[1/2] EV car Good Cat by Ora, a brand by Great Wall Motors, is displayed at the Bangkok International Motor show in Bangkok, Thailand, March 22, 2022. REUTERS/Athit PerawongmethaSAO PAULO, April 4 (Reuters) - Chinese electric car maker Great Wall Motors (GWM) (601633.SS) on Tuesday said is planning to install an electric vehicle charging network in Brazil through an exclusive partnership with local motor manufacturer WEG (WEGE3.SA). The partnership involves developing "a broad network for recharging electrified vehicles at dealerships, parking lots, shopping malls and other commercial establishments," GWM said in a statement. WEG will provide the Chinese firm "electric vehicle chargers to be sold to consumers and to be installed at the automaker's dealerships," it added. ($1 = 5.0852 reais)Reporting by Alberto Alerigi Jr., editing by Deepa BabingtonOur Standards: The Thomson Reuters Trust Principles.

☆ Gold prices ease as traders gauge OPEC+ output cuts, weak U.S. data
▼ + stars: | 2023-04-04 | by ( ) www.cnbc.com time to read: +2 min

Oil prices steadied with investors' attention shifting to demand trends and the impact of higher prices on the global economy. Gold prices dropped on Monday after a surprise cut in OPEC+ crude production was announced over the weekend. Bullion is seen as a hedge against inflation, but higher rates increase the opportunity cost of holding the non-yielding asset. "If we are right, this should send the dollar lower and clear the 'runway' for an additional move higher." Spot silver slipped 0.5% to $23.88 per ounce, platinum eased 0.1% to $984.99 and palladium ticked 0.1% lower to $1,458.42.

☆ L'Oreal buys luxury brand Aesop from Brazil's Natura for $2.5 bln
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of French cosmetics group L'Oreal in the western Paris suburb of Levallois-Perret, France, February 7, 2020. REUTERS/Gonzalo FuentesSAO PAULO, April 3 (Reuters) - French cosmetics group L'Oreal (OREP.PA) struck a deal with Brazil's Natura & Co (NTCO3.SA) to buy Aesop, its Australian luxury brand, at an enterprise value of $2.53 billion, both firms said on Monday. The deal, L'Oreal's largest ever brand acquisition according to Dealogic data, expands the firm's presence in the luxury cosmetics market, while also providing the Brazilian company with some financial relief amid shrinking margins and heavy debt. The acquisition is also the third largest on record of an Australian company in the consumer products sector, the data showed. "Aesop taps into all of today's ascending currents and L'Oreal will contribute to unleash its massive growth potential, notably in China and travel retail," L'Oreal CEO Nicolas Hieronimus said in a statement.

☆ Brazil's Energisa wins Espirito Santo gas firm at privatization auction
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: 1 min

SAO PAULO, March 31 (Reuters) - Brazilian energy company Energisa Transmissao de Energia SA (ENGI11.SA) won ownership of natural gas firm ESGas at a privatization auction on Friday, buying stakes from the state government and Vibra Energia (VBBR3.SA). Energisa offered 1.42 billion reais ($280 million) for Companhia de Distribuiçao de Gas do Espirito Santo, as it is formally known, marking a 7.28% premium from its minimum fixed grant value. ESGas is responsible for the distribution of piped natural gas to more than 60,000 consumer units in the southeastern state of Espirito Santo, with residential, commercial, industrial, automotive, air conditioning and thermoelectric businesses. ($1 = 5.0744 reais)Reporting by Letícia Fucuchima; Writing by Carolina Pulice; Editing by Giles Elgood Editing by Sarah MorlandOur Standards: The Thomson Reuters Trust Principles.

☆ Satellite Operators SES, Intelsat Discuss Merger as Industry Looks to Consolidate
▼ + stars: | 2023-03-29 | by ( Denny Jacob | ) www.wsj.com time to read: 1 min

Starlink, operated by Elon Musk’s SpaceX, uses a fleet of satellites to enable what is designed to be high-speed internet connections. Satellite operator SES SA on Wednesday said it is in talks with Intelsat about a possible combination, the latest example of satellite-internet providers seeking to merge as competition intensifies. Any deal between the two companies would position them to better compete with Starlink, the satellite-internet service operated by Elon Musk’s SpaceX.

☆ BHP Group seeks delay to Brazil dam court case
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Ricardo Moraes/File PhotoLONDON, March 29 (Reuters) - Mining group BHP Group (BHP.AX) is seeking to delay a potential 36 billion pound ($44 billion) London lawsuit over Brazil's worst environmental disaster as it needs more time to prepare, the company's lawyers said on Wednesday. BHP denies liability and in December applied to join Vale to the case. Simon Salzedo, representing Vale, argued that BHP has no case against Vale and that, if it did, any lawsuit should be brought in Brazil. Reparation and compensation programs implemented by the Renova Foundation funded $6 billion in financial aid by the end of 2022, BHP added. BHP has applied to the Supreme Court to end the case without trial following the Court of Appeal's decision last year.

The trial will be the first test of how Zantac cancer claims will fare before a jury. GSK said in a statement it disagreed with the ruling and would defend the case at trial. Originally marketed by a forerunner of GSK, it was later sold successively to Pfizer (PFE.N), Boehringer Ingelheim and finally Sanofi (SASY.PA). While NDMA is found in low levels in food and water, it is known to cause cancer in larger amounts. Analysts said it was not surprising that Grillo ruled differently from the federal court because California's courts are known to be friendlier to plaintiffs.

March 24 (Reuters) - Financial sector headwinds are creating fresh openings for private equity investments in aerospace, as suppliers' need for capital to meet soaring demand for planes and parts risks further turbulence, executives said. He said he would not oppose a private equity investment, as long as he maintains control and the combination makes sense by lowering costs. Global private equity deals among companies with aerospace portfolios rose to 216 in 2022, more than double 2019's figure and the highest in over a decade, according to Refinitiv data. Permanent Equity wants to invest in repair stations and suppliers with large inventories of aerospace parts. In Canada, while bank loans remain accessible for small suppliers, rising rates have flattened real estate pricing.

☆ U.S. and China wage war beneath the waves – over internet cables
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +28 min

Three of China’s state-owned carriers – China Telecommunications Corporation (China Telecom), China Mobile Limited and China United Network Communications Group Co Ltd (China Unicom) – had committed funding as members of the consortium, which also included U.S.-based Microsoft Corp and French telecom firm Orange SA, according to six people involved in the deal. China Telecom, China Mobile, China Unicom and Orange did not respond to requests for comment. China Telecom, China Mobile and China Unicom were resolutely behind HMN Tech, which had come in with a bid of around $500 million. China Telecom and China Mobile threatened to walk off the project, taking tens of millions of dollars of investment with them. Among them is China Telecom, which had previously won authorization to provide services in the United States.

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