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REUTERS/Toby MelvilleLONDON, Feb 27 (Reuters) - British energy regulator Ofgem on Monday lowered its price cap on household energy bills from April, but it will offer little relief to consumers as costs continue to rise. The cap sets a maximum price suppliers can charge consumers for each kilowatt hour (kWh) of energy they use, but it has been superseded by a government-backed energy price guarantee (EPG) that limits the maximum costs of energy. "Although wholesale prices have fallen, the price cap has not yet fallen below the planned level of the Energy Price Guarantee. If wholesale prices continue to fall, the price cap could be lowered again in July, potentially reducing bills, the regulator said. British Gas owner Centrica (CNA.L) this month posted record annual profit of 3.3 billion pounds on soaring energy prices and production.

☆ Dutch gov't, Shell and Exxon ignored Groningen risks for years, inquiry finds
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +3 min

[1/4] Workers rebuild homes in the northern Dutch town of Overschild, where earthquakes from natural gas extraction have made them unsafe, Netherlands, March 10, 2022. REUTERS/Anthony Deutsch/File PhotoAMSTERDAM, Feb 24 (Reuters) - The Dutch government and energy companies Shell (SHEL.L) and Exxon Mobil (XOM.N) ignored the risks of gas production in Groningen for years, to the detriment of people living in the province, a parliamentary inquiry concluded on Friday. The massive Groningen field is operated by Shell and Exxon joint venture NAM and was one of Europe's major suppliers of natural gas for decades. Groningen gas production has been cut back significantly over the past decade and will be halted in the coming year because of the threat to life and property from the resulting earth tremors. "Gas extraction in Groningen was so successful and lucrative for the Dutch government, Shell and Exxon Mobil that they hardly took any notion of the long-term risks and the ever-clearer signs of the detrimental effects for the people in Groningen," it said.

[1/3] A man wearing a protective mask is seen inside the Shanghai Stock Exchange building, as the country is hit by a new coronavirus outbreak, at the Pudong financial district in Shanghai, China, February 28, 2020. REUTERS/Aly Song/File PhotoNEW YORK/SINGAPORE, Feb 24 (Reuters) - Many large money managers are steering clear of Chinese assets, missing out on the nation's post-COVID stock market rally in the latest example of strategic concerns trumping juicy returns. "For our investors who might have that concern, there are plenty of other opportunities away from China." The concern flagged by some is whether this is part of a structural downgrade for Chinese assets, said Will Malcolm, a Singapore-based portfolio manager at Aviva Investors. That could attract cash in a hurry, but the behaviour of large investors so far suggests that a large sentiment shift will be needed.

☆ Ant Group quarterly net profit plunges by 82.7% -Alibaba filing
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: 1 min

SHANGHAI, Feb 23 (Reuters) - China's Ant Group on Thursday made net profit of 3.05 billion yuan ($442.13 million) in the three months to Sept. 30, down 82.7% from a year earlier, according to Reuters calculations from Alibaba Group Holding's earnings report. The e-commerce giant reports profit from Ant one quarter in arrears. ($1 = 6.8985 Chinese yuan renminbi)Reporting by Josh Horwitz Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Russian rouble weakens ahead of Putin address to parliament
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +2 min

At 0732 GMT the rouble was 0.7% weaker against the dollar at 75.05 , edging closer to an almost 10-month low of 75.30 hit on Friday. The Russian currency had lost 0.5% to 80.04 versus the euro and was down 0.2% against the yuan at 10.89. The rouble is usually in greater demand before month-end taxes are due on Feb. 28, when exporters typically convert their foreign currency revenue. Nevertheless, oil prices remain high and the rouble should be supported by exporters in the final third of February, Kochetkov added. Banks, have also proved resilient, with lenders now jostling for business from the state and the country's big corporate players.

☆ Philips management will not receive bonuses for 2022
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: 1 min

AMSTERDAM, Feb 21 (Reuters) - Dutch health technology company Philips' (PHG.AS) top management will not take any bonuses for 2022 after a global recall of respiratory devices resulted in a 70% plunge in the company's market value, it said on Tuesday. In light of the company's performance and negative experience of shareholders and other stakeholders, the supervisory and management boards have waived any 2022 annual incentive payouts, the company said in its annual report. "2022 was a very disappointing year for Philips and its stakeholders," it said. Reporting by Bart Meijer Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

SummarySummary Companies Ministry plans for low-carbon power systemAims for 80% green power in 2030Will prepare tenders to attract stable capacityFRANKFURT, Feb 20 (Reuters) - Germany will do most of the work this year to prepare its power market for greater reliance on renewable supplies by the end of the decade, Economy Minister Robert Habeck said on Monday. "We will do most of the necessary work in 2023," he said at a consultation meeting on power market reform. To back up swings in green power as more reliable nuclear and coal production is phased out, the government will prepare tenders for gas-fired power capacity, Habeck said. A further challenge will be the simultaneous increase in demand for power to run electric cars and heat pumps. Germany's plan could set it apart from some other European Union countries holding on to more stable sources of power, said Habeck.

☆ Oil rises on China demand hopes and supply concerns
▼ + stars: | 2023-02-20 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

LONDON, Feb 20 (Reuters) - Oil prices rose on Monday, buoyed by optimism over Chinese demand, continued production curbs by major producers and Russia's plans to rein in supply. Separately Russia plans to cut oil production by 500,000 bpd, equating to about 5% of its output, in March after the West imposed price caps on Russian oil and oil products. China and India have become major buyers of Russian crude since the European Union embargo. At the same time, future oil supply shortages are likely to drive prices toward $100 a barrel by the end of the year, Goldman Sachs analysts said in a Feb. 19 note. Prices will move higher "as the market pivots back to deficit with underinvestment, shale constraints and OPEC discipline ensuring supply does not meet demand", they wrote.

☆ OPEC+ decisions not politicised, Saudi energy minister says
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: 1 min

RIYADH, Feb 20 (Reuters) - Decisions by OPEC+ are not politicised and are based on market fundamentals, Saudi Arabian energy minister Prince Abdulaziz bin Salman said on Monday, adding that the alliance of oil producers is sufficiently flexible to adjust policy as needed. Prince Abdulaziz was speaking at a media forum in the capital Riyadh about last October's decision to cut the group's production target by 2 million barrels per day. The group comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia agreed the cuts until the end of 2023. Prince Abdulaziz reiterated in an interview with Energy Aspects last week that the decision was locked in for the rest of the year. Reporting by Aziz El Yaakoubi Editing by Kirsten Donovan and David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Ericsson to cut 1,400 jobs in Sweden
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: +1 min

STOCKHOLM, Feb 20 (Reuters) - Telecoms gear maker Ericsson (ERICb.ST) plans to cut about 1,400 jobs in Sweden as part of a broader plan to reduce costs globally, it said on Monday. The company had earlier announced plans to cut costs by 9 billion crowns ($880 million) by the end of 2023 as demand slows in some markets, including North America. Further job cuts, numbering several thousands in other countries, are likely to be announced in the coming days, said two sources close to the matter. Ericsson last made deep cuts in 2017 when it laid off thousands of employees and focused on research to pull the company out of losses. The company was negotiating with its employee union in Sweden for months on how to handle cost cuts.

☆ China has to figure out how to care for 400 million people over the age of 60 by 2040 — and it's off to a rocky start
▼ + stars: | 2023-02-20 | by ( Matthew Loh | ) www.businessinsider.com time to read: +11 min

By 2040, it's expected to have 400 million people above the age of 60 — more people than in the entire US. "It's obvious that relying on contributions from medical insurance schemes to fund age care services is not likely to be viable in the longer term," she said. Alzheimer's is quickly rising as a concern in China, Luk said. "Is China aging rapidly? Beijing has been pressuring the private sector into building daycare centers, wards, and other age care infrastructure to shore up gaps in local government finances, Gu said.

☆ Israel blames Iran for attack on oil tanker
▼ + stars: | 2023-02-19 | by ( ) www.reuters.com time to read: +1 min

JERUSALEM, Feb 19 (Reuters) - Israeli Prime Minister Benjamin Netanyahu on Sunday said that Iran was responsible for a reported attack on an oil tanker last week. Shipping databases linked the tanker to Zodiac Maritime, which is controlled by Israeli shipping magnate Eyal Ofer. "Last week Iran again attacked an oil tanker in the Persian Gulf and harmed the international freedom of navigation," Netanyahu said at a weekly cabinet meeting. Regional defence and security sources have said they suspected the assault was carried out by Iran, which did not comment on the incident. British maritime security company Ambrey Intelligence said unmanned aerial systems had attacked two tankers and one bulk carrier in the Arabian Sea and assessed that Tehran had mounted the attack.

☆ Italian PM Meloni to visit Kyiv on Monday to meet Zelenskiy
▼ + stars: | 2023-02-19 | by ( ) www.reuters.com time to read: +1 min

ROME, Feb 19 (Reuters) - Italian Prime Minister Giorgia Meloni will travel to Kyiv on Monday to meet Ukrainian President Volodymyr Zelenskiy, a political source said on Sunday. Meloni, who took office in October, had said she planned to visit Kyiv before the Feb. 24 anniversary of Russia's invasion of Ukraine last year. Despite friction on the issue within her rightist ruling coalition and divided public opinion, Meloni has been a firm supporter of Ukraine. Italy and France have recently finalised talks over delivery of an advanced air defence system to Kyiv in the spring. Reporting by Angelo Amante Writing by Gianluca Semeraro Editing by David Goodman and Gavin JonesOur Standards: The Thomson Reuters Trust Principles.

☆ Medecins Sans Frontieres (MSF) aid convoy enters northwestern Syria
▼ + stars: | 2023-02-19 | by ( ) www.reuters.com time to read: 1 min

PARIS, Feb 19 (Reuters) - Paris-founded medical charity Medecins Sans Frontieres (MSF) said that a convoy of 14 MSF trucks had entered northwestern Syria on Feb. 19 from a nearby border crossing to assist in earthquake rescue operations. More than 46,000 people have been killed as a result of the quake that struck Turkey and Syria on Feb. 6. The toll is expected to climb, with about 345,000 apartments in Turkey now known to have been destroyed and many people still missing. Reporting by John Irish Editing by Sudip Kar-Gupta and David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ French car parts group Faurecia to sell SAS cockpit unit to Motherson
▼ + stars: | 2023-02-19 | by ( ) www.reuters.com time to read: +1 min

PARIS, Feb 19 (Reuters) - French car parts maker Faurecia (EPED.PA) has agreed to sell its SAS Cockpit Modules arm to automotive supplier Motherson Group (SAMD.NS), in a transaction based on an enterprise value of 540 million euros ($577.5 million), Faurecia said on Sunday. Faurecia last year took over German rival Hella (HLE.DE) to form a new European car parts company called FORVIA, and Faurecia chief Patrick Koller said the sale of the SAS business would help FORVIA to focus better on its core activities. "I am convinced that this transaction would unlock additional value for SAS," Koller said in a statement. "This would also allow FORVIA to focus on its core business activities developing breakthrough technologies and would fulfil our non-strategic asset divestment programme of 1 billion euros by end-2023," he added. ($1 = 0.9351 euros)Reporting by Sudip Kar-Gupta; Editing by David Goodman and David HolmesOur Standards: The Thomson Reuters Trust Principles.

☆ Russia condemns Israeli strike on Damascus
▼ + stars: | 2023-02-19 | by ( ) www.reuters.com time to read: +1 min

[1/2] Russian Foreign Ministry spokeswoman Maria Zakharova listens during the annual news conference of Foreign Minister Sergei Lavrov (not pictured) in Moscow, Russia January 18, 2023. REUTERS/Shamil ZhumatovFeb 19 (Reuters) - Russia's Foreign Ministry on Sunday said that it strongly condemned an Israeli air strike on the Syrian city of Damascus and its surroundings, calling it a "flagrant violation" of international law. "We strongly urge the Israeli side to stop armed provocations against the Syrian Arab Republic and refrain from steps that are fraught with dangerous consequences for the entire region," spokeswoman Maria Zakharova said. Witnesses and officials said an Israeli rocket strike early on Sunday hit a building in central Damascus's Kafr Sousa neighbourhood near a large, heavily guarded security complex close to Iranian installations, killing five people. Reporting by Reuters Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ EU regulator expects eventually to introduce annual COVID shots
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +1 min

LONDON, Feb 15 (Reuters) - The European Medicines Agency (EMA) expects COVID vaccination campaigns to be conducted once a year, similar to the approach with flu inoculation, it said on Wednesday. In Europe, there is a marked decline in new COVID cases, hospitalisations and deaths - the lowest levels observed in the European Union in the past twelve months, he said, citing data from the European Centre for Disease Prevention and Control (ECDC). Still, the virus continues to evolve, and an organised approach is needed to maintain the range of vaccines to confer an adequate breadth of protection to emerging variants, he said. The EMA is currently in discussions with the World Health Organization and other regulatory agencies about the criteria and process that will lead to the potential update of the vaccines in view of future vaccination campaigns, he added. Reporting by Natalie Grover in London Editing by David Goodman and Jane MerrimanOur Standards: The Thomson Reuters Trust Principles.

☆ Bavarian Nordic to buy travel vaccine portfolio for up to $380 mln
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +1 min

Feb 15 (Reuters) - Danish pharmaceuticals company Bavarian Nordic (BAVA.CO) has agreed to buy a portfolio of travel vaccines from Emergent BioSolutions Inc (EBS.N) for up to $380 million, it said on Wednesday after delivering an upbeat outlook for 2023. The company said it would acquire a typhoid fever vaccine, one against cholera and a Chikungunya virus treatment that is in Phase III trials. Bavarian Nordics makes the only approved mpox vaccine and started receiving massive orders last year as the virus became a global issue. The company expects 2023 revenue of about 6 billion Danish crowns ($863 million) against the 3.15 billion crowns in preliminary 2022 results, with 4.4 billion crowns coming from mpox and smallpox vaccined contracts alone. Earnings before interest, tax, depreciation and amortisation (EBITDA) are expected to reach 2.2 billion crowns this year, up from 329 million crowns in the preliminary results for 2022.

☆ ASML: trade war risks increasing, but no 2023 impact on China sales
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +2 min

AMSTERDAM, Feb 15 (Reuters) - ASML Holding NV (ASML.AS) on Wednesday warned growing global trade and export controls pose a threat to its business, but it does not expect new restrictions on exports to China to affect 2023 earnings. Curbs imposed by the Dutch government under pressure from the U.S. have prevented ASML from selling its most advanced machines to China since 2019. "Such developments, including the drive for technological sovereignty, could also lead to long-term changes in global trade, competition and technology supply chains, which could adversely affect our business and growth prospects," ASML said. "We do not expect these measures to have a material effect on our expectations for 2023." Last month ASML forecast a 25% rise in sales for 2023 with sales to China steady at about 2.2 billion euros, or 14% of 2021 revenue.

☆ OPEC raises forecast for China-led oil demand growth in 2023
▼ + stars: | 2023-02-14 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

OPEC had kept its 2023 demand growth forecast steady for the past two months after a series of downgrades. "Concern hovers around the depth and pace of the country's economic recovery and the consequent impact on oil demand." OPEC expects Chinese demand to grow by 590,000 bpd in 2023, up from last month's forecast at 510,000 bpd. On the flipside, it noted a number of factors that could curb economic growth and oil demand. OPEC said its crude oil output in January fell by 49,000 bpd to 28.88 million bpd.

☆ Exclusive: EU's Breton to kick off network cost consultation end-Feb
▼ + stars: | 2023-02-14 | by ( ) www.reuters.com time to read: 1 min

STRASBOURG, Feb 14 (Reuters) - EU industry chief Thierry Breton is poised to launch a consultation on whether Big Tech should bear some telecoms network costs, he said on Tuesday ahead of a telecoms conference taking place in Barcelona from Feb. 27 to March 2. Asked when the consultation would be launched, Breton told Reuters: "Wait for my speech at Barcelona. Yes, I will announce it soon. At Barcelona." Reporting by Foo Yun Chee Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

Surging Shanghai metal stocks have injected an element of doubt into the bull narrative and the LME Index is now showing year-to-date gains of only 3% after a February pull-back. Shanghai Futures Exchange stocks of aluminium, copper and zincSEASONAL SURGEMetals bulls have been nervously watching the fast build in Shanghai Futures Exchange (ShFE) stocks over the past few weeks. Copper stocks have grown equally dramatically, from 69,268 tonnes to 242,009 tonnes over the same period. It is currently assessed by Shanghai Metal Market at a bombed-out $22.50 a tonne, down from an October high of $152.50. WAIT AND WATCHIt's difficult to say until China's seasonal stocks pattern plays out in full.

☆ Earthquake impact on Turkey's GDP unlikely to be as much as in 1999
▼ + stars: | 2023-02-12 | by ( ) www.reuters.com time to read: 1 min

DUBAI, Feb 12 (Reuters) - The impact of last week's earthquake on Turkey's growth domestic product (GDP) is unlikely to be as pronounced as after the earthquake that hit the country in 1999, IMF Executive Director Mahmoud Mohieldin told reporters on the sidelines of the Arab Fiscal Forum on Sunday. Mohieldin added that, after the initial impact over the next few months, public and private sector investments in rebuilding could boost GDP growth going forward. Reporting by Yousef Saba Writing by Nafisa Eltahir Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Saudi bourse has 23 companies waiting to go public, says CMA head
▼ + stars: | 2023-02-12 | by ( Aziz El Yaakoubi | ) www.reuters.com time to read: +1 min

RIYADH, Feb 12 (Reuters) - Saudi Arabia has 23 companies approved to list on the kingdom's stock exchange, the head of the kingdom's Capital Market Authority (CMA) said on Sunday. Companies that secure approval from the CMA have six months to launch their public share sales. "If you look at this in tandem, it gives us an indication that we still have a very, very healthy pipeline," Elkuwaiz said at the Saudi Capital Market Forum. The Saudi stock market had 49 new listings last year, in which companies raised about 40 billion riyals ($10.66 billion), he said, adding that the market watchdog is also planning to create a regulatory framework for dual listings. ($1 = 3.7525 riyals)Reporting by Aziz El Yaakoubi Editing by Frances Kerry and David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Pope voices his concern for imprisoned Nicaraguan bishop
▼ + stars: | 2023-02-12 | by ( ) www.reuters.com time to read: +1 min

VATICAN CITY, Feb 12 (Reuters) - Pope Francis on Sunday spoke of his concern over the imprisonment of Nicaraguan Bishop Rolando Alvarez, who was sentenced to more than 26 years in prison in the Latin American country. The Pope's comments about Alvarez, who is a vocal critic of Nicaraguan President Daniel Ortega, were made in his weekly blessing to pilgrims and tourists in St. Peter's Square. Ortega has accused Catholic leaders of attempting to overthrow him after protests that killed about 300 people in 2018. Since then, the government of the former Cold War-era Marxist rebel has expelled Catholic nuns and missionaries. Alvarez was convicted on Friday of treason, undermining national integrity and spreading false news, among other charges.

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