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☆ Column: Europe's stunted hydro & nuclear output may hobble recovery drive
▼ + stars: | 2023-04-12 | by ( Gavin Maguire | Thomson Reuters | Gavin Maguire Is The Global Energy Transition Columnist. He Was Previously Asia Commodities | ) www.reuters.com time to read: +6 min

PHASED OUT & DRIED UPNuclear and hydro power accounted for an average of 40% of total electricity generation in Europe from 2000 to 2020, Ember data shows. But that proportion of electricity generation dropped to less than 35% in 2022 as a combination of drought in key hydro areas alongside planned shutdowns of outdated nuclear capacity dealt a double-whammy to hydro and nuclear generation assets. Record low snowfall and precipitation over the past winter looks set to drive hydro generation potential even lower in 2023. France, Europe's top nuclear power producer, is also struggling with sharply lower nuclear power generation. If conditions stay dry and nuclear output remains curtailed, Europe's electricity producers will struggle to increase overall electricity generation without resorting to increased use of fossil fuels.

NEW YORK, April 11 (Reuters) - Private equity firm KKR & Co Inc (KKR.N) has agreed to buy a significant stake in FGS Global in a deal that values the financial communications group at about $1.4 billion. As part of the deal, KKR will buy up a 30% stake from senior employees at FGS Global and its largest investors, including London-based advertising giant WPP Plc (WPP.L). WPP, which was founded by Martin Sorrell, will retain a majority stake in FGS Global. Existing investor Golden Gate Capital is selling its entire stake to KKR, which is investing in FGS Global through its $8-billion European Fund VI. FGS Global currently employs more than 1,200 people across 27 offices globally.

☆ Buffett says he holds 7.4% stake in five Japanese trading houses, including Itochu, Nikkei reports
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: 1 min

TOKYO, April 11 (Reuters) - Berkshire Hathaway Inc's (BRKa.N) Warren Buffett is considering additional investment in Japanese stocks and said he holds a 7.4% stake in each of five Japanese trading houses, including Itochu Corp (8001.T), the Nikkei reported on Tuesday. In an interview with the newspaper, Buffett also said he would visit Japanese trading houses and Tungaloy Corp offices during his stay in Japan this time. Berkshire Hathaway had more than a 6% stake in each of those five trading houses, according to regulatory filings made in November last year. read moreThe other trading houses are Mitsubishi Corp (8058.T), Mitsui & Co(8031.T), Sumitomo Corp(8053.T) and Marubeni (8002.T). Reporting by Elaine Lies; Editing by Christopher Cushing and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

☆ Austria to extend checks at Hungarian, Slovenian borders
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: 1 min

VIENNA, April 11 (Reuters) - Austria plans to extend checks at its borders with Slovenia and Hungary by another six months from May 11, when the current six-month suspension of free travel over those boundaries expires, Interior Minister Gerhard Karner told ORF radio on Tuesday. "We will inform the European Commission in the coming days that we will have to extend these border checks," Karner said, adding that the continued suspension of the Schengen area's free-travel rules at those boundaries was necessary in order to fight illegal immigration. Reporting by Francois Murphy; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

The U.S. dollar rose after U.S. jobs data pointed to a tight labor market, heightening expectations of another Federal Reserve rate hike. Dollar strength makes oil more expensive for other currency holders and can weigh on demand. Oil also drew support from a steeper-than-expected drop in U.S. crude inventories last week, as well as a decline in gasoline and distillate stocks, hinting at rising demand. In global financial markets, a U.S. inflation report to be released on Wednesday could help investors to gauge the near-term trajectory for interest rates. Also coming up are monthly reports from OPEC on Thursday and the International Energy Agency on Friday, which will update oil demand and supply forecasts.

☆ Oil edges higher as tighter supply looms, growth concerns weigh
▼ + stars: | 2023-04-10 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

"I am in the latter camp and still see prices moving higher from here as we go through the year." Adding to tightness in supply has been a shutdown of Iraq's northern exports. A deal was signed last week to restart the flows, but as of Thursday they hadn't resumed. Oil also drew support from a steeper-than-expected drop in U.S. crude inventories last week, as well as a decline in gasoline and distillate stocks, hinting at rising demand. Also coming up are monthly reports from OPEC on Thursday and the International Energy Agency on Friday, which will update oil demand and supply forecasts.

Dominion asserts that Fox's top brass approved of the coverage, but the network says the evidence of high-level involvement is threadbare. The jury pool will be drawn from New Castle County, Delaware, where Democrats outnumber Republicans more than two-to-one, according to the state's Department of Elections. The network says scattered doubts about the claims among certain individuals cannot be attributed to the organization as a whole. "I think (Fox is) trying to argue that the employees themselves did not have that necessary mental state," said UNC's Papandrea. "But it's tricky when the organization itself has relevant information that would cast doubt on the veracity of the statements about Dominion."

☆ Oil steadies as tighter supply balances growth concerns
▼ + stars: | 2023-04-10 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

Brent crude slipped 3 cents to $85.09 a barrel by 0816 GMT, while U.S. West Texas Intermediate crude gained 8 cents to $80.78. "I am in the latter camp and still see prices moving higher from here as we go through the year." Adding to tightness in supply has been a shutdown of Iraq's northern exports. Oil also drew support from a steeper-than-expected drop in U.S. crude inventories last week, as well as a decline in gasoline and distillate stocks, hinting at rising demand. In global financial markets, a U.S. inflation report to be released on Wednesday could help investors gauge the near-term trajectory for interest rates.

☆ India stalls trade talks with Britain over Sikh extremist group -The Times
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: 1 min

NEW DELHI, April 10 (Reuters) - India has "disengaged" from trade talks with Britain after accusing it of failing to condemn the Sikh extremist group that attacked the Indian High Commission in London last month, The Times reported on Monday, citing British government sources. The incident occurred on March 19, when protesters with 'Khalistan' banners staged a demonstration at the High Commission and took down an Indian flag from the building's first floor balcony to denounce recent police action in Punjab. "Indians don't want to talk about trade until they get a very public demonstration of condemnation of Khalistan extremism in the UK," a Whitehall source told The Times. Reporting by Sakshi Dayal; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

[1/2] Sam Altman speaks at the Wall Street Journal Digital Conference in Laguna Beach, California, U.S., October 18, 2017. "We hope to ... build something great for Japanese people, make the models better for Japanese language and Japanese culture," Altman told reporters following his meeting with Kishida. Asked about Italy's temporary ban on ChatGPT - developed by Microsoft Corp (MSFT.O) backed OpenAI - Matsuno told a regular news conference that Japan is aware of other countries' actions. Japan will continue evaluating possibilities of introducing AI to reduce government workers' workload after assessing how to respond to concerns such as data breaches, Matsuno said. OpenAI CEO Altman said he told Japan's Kishida about "the upsides of this technology and how to mitigate the downsides" at the Monday meeting in Tokyo.

TOKYO, April 10 (Reuters) - Japan will consider government adoption of artificial intelligence technology such as OpenAI's ChatGPT chatbot if privacy and cybersecurity concerns are resolved, Chief Cabinet Secretary Hirokazu Matsuno said on Monday. The remarks from Matsuno, the top government spokesperson, came shortly before Sam Altman, chief executive of OpenAI, met Japanese Prime Minister Fumio Kishida during a visit to Japan, where Altman said his company is "looking at opening an office". Asked about Italy's temporary ban on ChatGPT - developed by Microsoft Corp (MSFT.O) backed OpenAI - Matsuno told a news conference that Japan is aware of other countries' actions. Japan will continue evaluating possibilities of introducing AI to reduce government workers' workload after assessing how to respond to concerns such as data breaches, Matsuno said. Reporting by Kantaro Komiya and Satoshi Sugiyama; Editing by Christopher Cushing and Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

Eastern Theatre Command/Handout via REUTERSTOKYO/TAIPEI, April 10 (Reuters) - Japan has been following China's military drills around Taiwan consistently and "with great interest", a top government spokesperson said on Monday, on the last scheduled day for the exercises where Beijing has simulated striking the island. China claims democratically-governed Taiwan as its own territory and has never renounced the use of force to bring the island under Beijing's control. Japan has long worried about China's military activities in the area given how close its southern islands are to Taiwan. The United States has said it is also watching China's drills closely. China's military simulated precision strikes against Taiwan in the second day of drills around the island on Sunday.

☆ US Navy says destroyer conducts navigational rights mission in South China Sea
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +1 min

[1/2] The Arleigh Burke-class guided-missile destroyer USS Milius (DDG-69), deployed to the U.S. 7th Fleet area of operations, conducts underway operations, at an undisclosed location in South China Sea, in this handout picture released on April 10, 2023. U.S. Navy/Handout via REUTERSBEIJING, April 10 (Reuters) - The U.S. Navy said its guided-missile destroyer USS Milius conducted a navigational rights and freedoms mission in the South China Sea near the Spratly Islands on Monday. The U.S. Navy said the operation by the destroyer was consistent with international law. "At the conclusion of the operation, USS Milius exited the excessive claim area and continued operations in the South China Sea," a U.S. Navy statement said. Last month, China and the U.S. sparred over the movement of the USS Milius, which China said entered its territorial waters in the South China Sea near the Paracel Islands.

☆ Icelandair orders 25 Airbus A321XLR as it replaces Boeing 757s
▼ + stars: | 2023-04-07 | by ( ) www.reuters.com time to read: +1 min

April 7 (Reuters) - Icelandair Group HF (ICEAIR.IC) said on Friday it secured a deal to purchase about 25 of European planemaker Airbus SE's (AIR.PA) latest A321XLR single-aisle jet, with deliveries slated to begin in 2029. Icelandair, however, said it plans to start using the world's largest planemaker's aircraft from 2025, and is currently in advanced negotiations to lease four Airbus A321LR planes for this purpose. "With the acquisition of the Airbus aircraft, Icelandair will complete the replacement of the Boeing 757," the company said in a statement. Icelandair said it would continue to operate a full Boeing fleet until 2025, after which a mixed fleet of both Airbus and Boeing planes will be in operation following the first deliveries from Airbus. But whereas this makes up some 12% of market forecasts for Boeing's 2023 deliveries, Airbus has secured just 9% of its 2023 target of 720 jets, below the trend for this time of year.

☆ South Korea to offer $5.3 bln in financing to support battery investment in North America
▼ + stars: | 2023-04-07 | by ( Heekyong Yang | ) www.reuters.com time to read: +2 min

SEOUL, April 7 (Reuters) - South Korea on Friday said it will provide 7 trillion won ($5.32 billion) in financial support for its battery makers seeking to invest in infrastructure in North America over the next five years to help firms cope with the U.S. Inflation Reduction Act. "Both the government and businessmen should cooperate to find solutions together to effectively cope with situations changing rapidly after the Inflation Reduction Act," Trade Minister Lee Chang-yang said while presiding over a meeting with major battery cell makers and materials firms. In November, South Korea launched the government-backed battery alliance to better source key metals dominated by China to bolster battery supply chain stability. In March, LGES said it would resume a stalled U.S. battery project with a $5.6 billion investment in Arizona to qualify for federal incentives under the Inflation Reduction Act. ($1 = 1,316.2200 won)Reporting by Heekyong Yang; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ Northern Ireland police warn of dissident violence ahead of Biden visit -BBC
▼ + stars: | 2023-04-07 | by ( ) www.reuters.com time to read: +1 min

April 7 (Reuters) - The Police Service of Northern Ireland (PSNI) has warned of the potential for public disorder by dissident republicans over the Easter weekend, days before a visit by U.S. President Joe Biden, the BBC reported on Thursday. The PSNI has made temporary changes to work shifts to put more officers onto frontline duties, he said. The Police warning comes ahead of President Biden's visit next week and after British intelligence agency MI5 increased the threat level from domestic terrorism in Northern Ireland to "severe". There is sporadic violence in Northern Ireland by small groups that has kept the threat level mostly at "severe" since the system was introduced in 2010. Reporting by Rahat Sandhu and Shivani Tanna in Bengaluru; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

Some senior dealmakers at China's third-largest brokerage by market value will see an even steeper cut of two-thirds to their 2022 bonuses, said one of the people. The trend has accelerated as employers cut pay and perks in response to the government's "common prosperity" rhetoric. MILDER CUTSA senior investment banker in China could earn three million to 10 million yuan ($445,000 to $1.48 million) a year in total remuneration, excluding stock incentives, industry sources have said. By way of comparison, Wall Street bonuses fell 26% last year to average $176,700, versus a record 2021, showed a report last month from New York State Comptroller Thomas DiNapoli. Besides remuneration cuts, some investment banks have asked staff to avoid displays of wealth such as by uploading photographs to social media of expensive meals or overseas trips, industry sources said.

☆ Asian stocks slide, bond yields depressed as recession worries weigh
▼ + stars: | 2023-04-06 | by ( Kevin Buckland | ) www.reuters.com time to read: +3 min

The Asia-wide index had surged more than 5% since mid-March to close at a 1 1/2-month high on Tuesday. E-mini futures for the broader S&P 500 indicated a 0.24% decline at the reopen, extending Wednesday's 0.25% slide. As signs have built this week for a sharp U.S. slowdown, traders have been pricing for a more dovish Fed. That helped the yen, which is highly sensitive to U.S. yields, gain against fellow safe haven the greenback. The dollar index rose 0.12% to 101.99, continuing its bounce from a two-month low.

☆ Ukraine pushes for Western warplane 'coalition'
▼ + stars: | 2023-04-06 | by ( Pavel Polityuk | ) www.reuters.com time to read: +4 min

[1/5] A MiG-29 and F-35 planes are parked on a tarmac during a NATO media event at an airbase in Malbork, Poland, March 21, 2023. During a visit to Warsaw on Wednesday, Zelenskiy said Poland had been instrumental in getting Western allies to send battle tanks to Ukraine and he believed it could play the same role in a "planes coalition". MACRON IN CHINAEuropean Union executive head Ursula von der Leyen and French President Emmanuel Macron are expected to discuss Ukraine during talks with Chinese President Xi Jinping in Beijing on Thursday. The U.S. and NATO have said China is considering sending arms to Russia, which Beijing has denied. 'SHOULDER TO SHOULDER'Polish President Andrzej Duda said Warsaw was working to secure additional security guarantees for Ukraine at a NATO summit to be held in Lithuania in July.

☆ Morning Bid: Weary markets wary of recession
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +2 min

Asian stocks sagged, while the dollar was on the front foot as investors kept their risk-off hat ahead of the long weekend. Oil prices eased after the shock at the start of the week from OPEC+ to cut production. Futures hint at a muted open in Europe, with the pan-European STOXX 600 index aiming to break its losing streak this week. European equities had a stellar start to the year but the March madness due to the banking turmoil has weighed. Meanwhile, UBS executives sought to assure investors on Wednesday that Switzerland's largest bank can make its shotgun takeover of Swiss rival Credit Suisse work.

☆ New Exxon Beaumont, Texas crude unit completes startup -sources
▼ + stars: | 2023-04-06 | by ( Erwin Seba | ) www.reuters.com time to read: +1 min

The new 250,000 barrel-per-day (bpd) Crude C CDU lifts the Beaumont refinery's capacity to 619,024 bpd, second only to the Motiva Enterprises (MOTIV.UL) refinery in nearby Port Arthur, Texas, the people said. Exxon has also restarted the Beaumont refinery's 65,000 diesel-producing hydrocracker, which was shut by a compressor outage on March 22, the people said. Alongside Crude C, Exxon has said it built a hydrotreater. Crude C is the third CDU at the Beaumont refinery. The CDUs break down crude oil into feedstock for all other production units.

☆ Australian mayor readies world's first defamation lawsuit over ChatGPT content
▼ + stars: | 2023-04-05 | by ( Byron Kaye | ) www.reuters.com time to read: +3 min

The lawyers said they sent a letter of concern to ChatGPT owner OpenAI on March 21, which gave OpenAI 28 days to fix the errors about their client or face a possible defamation lawsuit. OpenAI, which is based in San Francisco, had not yet responded to Hood's legal letter, the lawyers said. If Hood files a lawsuit, it would accuse ChatGPT of giving users a false sense of accuracy by failing to include footnotes, Naughton said. "It's very difficult for somebody to look behind that to say 'how does the algorithm come up with that answer?'" ($1 = 1.4850 Australian dollars)Reporting by Byron Kaye; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ Several people hurt after trains collide in southern Netherlands
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: 1 min

April 4 (Reuters) - Several people were 'seriously injured' and a potential fire was reported after a passenger train derailed following a collision with a freight train in southern Netherlands, local emergency services said early on Tuesday. Emergency services were at the scene rescuing those injured in the town of Voorschoten, a village between The Hague and Amsterdam, a notice from the local emergency services showed. Reporting by Akriti Sharma in Bengaluru; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ Micron says operations normal in China amid government review
▼ + stars: | 2023-04-04 | by ( Stephen Nellis | ) www.reuters.com time to read: +1 min

April 3 (Reuters) - Micron Technology Inc (MU.O) on Monday said that its business operations in China are normal while it is cooperating with a Chinese government cybersecurity review of its products. Last week, the Cyberspace Administration of China said it would conduct a security review of Micron's products sold in the country. The move comes amid a deepening rift between the United States and China over chip technology that has left companies caught in the crossfire. Micron is the only U.S.-based player in the global market for memory chips and is building a new $15 billion factory in upstate New York. Chinese companies have also been working to break into the memory market, but the U.S. last year restricted export of chipmaking tools to the country.

☆ Branson's Virgin Orbit files for bankruptcy, to seek buyer
▼ + stars: | 2023-04-04 | by ( Joey Roulette | ) www.reuters.com time to read: +4 min

Virgin Orbit went public in 2021 through a blank-check deal, raising $255 million less than expected. Spun off from Branson's space tourism firm Virgin Galactic in 2017, Virgin Orbit air-launches rockets from beneath a modified Boeing (BA.N) 747 plane to send satellites into orbit. Virgin Orbit's strategy has been that launching small rockets from a 747 in flight would allow for short-notice launches from anywhere. Virgin Investments, a unit of Virgin Group, will provide $31.6 million in new money to Virgin Orbit through debtor-in-possession financing to fund operations while it looks for a buyer in bankruptcy, the companies said. Virgin Orbit's bankruptcy filing showed its largest creditor as London-based Arqit Ltd, which was owed almost $10 million for services and as a customer deposit.

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