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☆ Spain expects to agree with banks mortgage relief measures by end of week
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +2 min

[1/2] A general view shows houses, amid the coronavirus disease (COVID-19) outbreak, in the old town in Ronda, southern Spain, April 12, 2020. REUTERS/Jon NazcaMADRID, Nov 15 (Reuters) - Spain's government expects to reach by the end of this week an agreement with banks on mortgage relief measures to help vulnerable households and middle-class clients cope with rising borrowing costs on such loans, the economy minister said. She said the government and banks were working on expanding and improving an existing industry-wide code of good practice to support vulnerable groups. In Spain around three-quarters of the population are homeowners, with most opting for floating-rate mortgages. Reporting by Jesús Aguado, editing by Andrei Khalip and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

☆ Russia's Lavrov went to hospital for 'checkup': Indonesia official
▼ + stars: | 2022-11-14 | by ( Associated Press | ) www.nbcnews.com time to read: +3 min

Russian Foreign Minister Sergey Lavrov visited and later left a Bali hospital ahead of the Group of 20 summit being held on the island, Indonesian authorities said Monday. Four Indonesian government and medical officials earlier told The Associated Press that Lavrov was treated at the hospital in the provincial capital, Denpasar. Lavrov is Russia’s longest-serving foreign minister since Soviet times, when Andrei Gromyko, nicknamed “Mr Nyet” in the West for his uncompromising approach, held the post for 28 years. Before becoming foreign minister, Lavrov served as Russia’s permanent representative to the United Nations. Before Russia’s invasion of Ukraine, Lavrov repeatedly dismissed U.S. and British assertions that Putin was preparing to order an invasion.

☆ NHL roundup: Surging Jets tie it late, sink Kraken in OT
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +5 min

With Winnipeg goalie David Rittich pulled for the extra skater, Blake Wheeler scored his 300th career NHL goal on the power play to tie the score with 5.2 seconds left. Jordan Eberle and Brandon Tanev scored for Seattle, which is 5-1-1 in its past seven games. The Kraken took a 2-1 lead on Tanev's goal at 7:02 of the third. Bruins 5, Canucks 2Five different players scored goals and defenseman Hampus Lindholm assisted on three as Boston downed visiting Vancouver for its fourth straight win. Travis Konecny scored the lone goal for the Flyers, who went 0-for-6 on the power play en route to losing their third straight game.

☆ Spain's Sacyr sees motorways fuelling double-digit core profit growth
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +2 min

Motorways recently completed in several Latin American countries and in Italy, along with three more transport projects that will be ready by 2023, should provide the world's fourth-largest transport concession group with steady cash flow for the next 25 years. Most of Sacyr's concession contracts are tied to inflation and have a mechanism making them less dependent on traffic volumes. The divestment plan would bring additional funds to speed up growth in its concession infrastructure businesses mainly in continental Europe, Britain, Australia and Canada. The CFO ruled out a total exit from the water business as it looks to take advantage of opportunities for new water supply units in Central Europe, the United States and Australia amid widening droughts. ($1 = 0.9707 euros)Reporting by Corina Pons, editing by Andrei Khalip, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ Bank of Spain urges lenders to preserve capital as risks mount
▼ + stars: | 2022-11-11 | by ( Jesús Aguado | ) www.reuters.com time to read: +2 min

MADRID, Nov 11 (Reuters) - Spanish banks need to preserve capital and keep a lid on mortgage loan costs to cope with a potential deterioration of the economic outlook, the Bank of Spain warned on Friday. The central bank said that risks to financial stability had increased since its last report on the matter in April. Though Spanish banks, including Santander (SAN.MC) and BBVA (BBVA.MC), posted better-than-expected third-quarter earnings but they were overshadowed by higher loan-loss provisions. Spanish lenders have been increasing their shareholder remuneration through higher pay-outs averaging 40%-60%, share buy-backs or a combination of both. Echoing the ECB's non-binding opinion on Spain's banking tax proposal, the Bank of Spain said the levy would hurt banks' profitability and capital generation in 2023-24.

☆ ECB not pre-committed to raise rates by 75 bps again, De Cos says
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: 1 min

MADRID, Nov 11 (Reuters) - The European Central Bank has not pre-committed to make another 75 basis-point increase at its next policy meeting, policymaker Pablo Hernandez de Cos said on Friday. "The fact that we have raised rates by 75 basis points ... does not mean that this will be the future pattern, it will depend on the data," De Cos said. The ECB has been raising its rates at record speed but it is still buying bonds to replenish its 5-trillion-euro ($5.07 trillion) stimulus portfolio, which has a dampening impact on long-term bond yields. Reporting by Jesús Aguado and Emma Pinedo; editing by Andrei KhalpiOur Standards: The Thomson Reuters Trust Principles.

Crypto markets have come under intense pressure this year, as rising interest rates prompt investors to ditch risky or speculative assets. In the case of FTX, U.S. residents can't trade on its global platform due to strict regulations for the crypto space in the United States. Ken Lo, co-founder at Hong Kong-based crypto exchange and custodian Hong Kong Digital Asset Exchange, said counterparty risk, which comes from a lack of transparency and information disclosure, underscores the need for "clear regulatory framework and vision statement." In an interview with Reuters in July, Bankman-Fried said his company still had a "few billion" on hand to shore up struggling firms that could further destabilize the digital asset industry. Max Boonen, co-founder of digital asset liquidity provider B2C2, said FTX's problems have set the crypto space back by six months.

☆ Russia's Sberbank makes over 50 bln rbls profit in 10-months
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +2 min

Russian financial authorities have managed to stabilise the situation - yet restrictions, including capital controls, remain and partial mobilisation led to cash outflows from retail accounts in September and October. Sberbank shares were trading at 5.6% and VTB shares were up 3.1% at 1136 GMT, respectively. Sberbank's results "are good news allowing us to expect strong financial results in the remaining months and to hope for a dividend payout return," Promsvyazbank analysts said in a note. Dividends from Sberbank and VTB are an important source of budget revenues. Sberbank sees no restrictions on dividend payments in the coming years while VTB would use the bulk of its profit to beef-up the capital, their CEOs have said.

☆ SEAT-VW says to go ahead with Spanish e-car, battery project
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +1 min

MADRID, Nov 9 (Reuters) - Volkswagen's (VOWG_p.DE) Spanish unit SEAT will go ahead with a mega project to make electric vehicles and batteries after overcoming initial reservations about government subsidies, it said on Wednesday. The SEAT-led project, in which 60 other Volkswagen-linked companies will also take part, foresees an investment of 10 billion euros ($10.06 billion) to electrify Spain's auto industry and turn the country into a European hub for e-vehicle and battery production. The government said last month VW-SEAT would receive 397.4 million euros of the 877 million total in the first phase of the electric vehicle financing programme using EU pandemic recovery funds. Although it was the carmaker that received the largest allocation, SEAT initially said the funding was not sufficient. ($1 = 0.9939 euros)Reporting by Andrei Khalip and Jessica JonesOur Standards: The Thomson Reuters Trust Principles.

☆ NHL roundup: Devils top Flames, run win streak to 7 games
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +6 min

The Devils have won seven straight -- their longest winning streak since winning eight straight from Feb. 6-22, 2011. Golden Knights 4, Maple Leafs 3 (OT)Reilly Smith scored his second goal of the game 23 seconds into overtime and visiting Vegas defeated Toronto. Oilers left winger Evander Kane was stable and transported to a local hospital for a procedure following a serious left wrist laceration in the second period. After Jason Robertson gave Dallas a 1-0 lead at 3:06 of the second period, Winnipeg scored four straight goals in the frame. Dallas, which had outscored its opponents 18-6 during a three-game winning streak entering play Tuesday, seemed shellshocked following the results of the second period.

☆ Russia's elite fear for their safety after a Putin ally advocated punishing those who don't support the war, report says
▼ + stars: | 2022-11-09 | by ( Sophia Ankel | ) www.businessinsider.com time to read: +2 min

Putin ally Yevgeny Prigozhin has been an influential player during Russia's war in Ukraine. He said that tycoons who don't show enough support for the war should face "Stalinist repressions." Prigozhin's comments have worried Russian elites, who told Bloomberg they fear for their safety. The officials told Bloomberg they were concerned for their own safety, and that they were checking in with each other regularly to see if their family members are safe. Andrei Kolesnikov, a senior fellow at the Carnegie Endowment for International Peace, told Bloomberg that Prigozhin is "behaving like a parallel government."

☆ A failed war helped bring down the Soviet Union. Now Putin's failing war in Ukraine might set Russia up for a bleak future.
▼ + stars: | 2022-11-09 | by ( Joy Neumeyer | ) www.businessinsider.com time to read: +13 min

The Soviet Union's war in Afghanistan and Russia's current war in Ukraine have obvious similarities in their disastrous planning and execution. In the 1990s, Afghanistan veterans' sense of aggrievement fused with that of veterans returning from Boris Yeltsin's war in Chechnya. Putin's war, Russia's futurePutin meets soldiers at a military training center outside the town of Ryazan in October. While glasnost-era revelations about the Soviet war shocked the country into supporting withdrawal, these days there is little left to expose. Public self-criticism surrounding the Soviet war in Afghanistan, however brief and contested, shows that reassessment of imperial ambitions is possible.

[1/2] An Ukrainian start-up desk is seen at the Web Summit, Europe's largest technology conference, in Lisbon, Portugal, November 2, 2022. REUTERS/Pedro NunesLISBON, Nov 4 (Reuters) - Ukrainian entrepreneurs brought a message of hope to this week's Web Summit in Lisbon, Europe's largest tech gathering that ended on Friday: the war has made them more resilient than ever. "Many more Ukrainians came to the Web Summit this time," he added, standing in front of the Ukrainian pavillion. Web Summit chief Paddy Cosgrave told Reuters last week 59 Ukrainian startups were at the 2022 event. "This is a good sign that the Ukrainian tech and startup ecosystem is developing even during a time of war," said Sobolenko.

☆ ECB warns of potential impact on economy from Spanish banking tax
▼ + stars: | 2022-11-03 | by ( Jesús Aguado | ) www.reuters.com time to read: +3 min

Two sources with direct knowledge of the matter told Reuters last month that the ECB was set to warn of the adverse impact on Spanish banks' solvency and of a higher cost of credit. In that context, lenders could become "less able to absorb the potential downside risks of an economic downturn." The banking tax includes a 4.8% charge on banks' net interest income and net commissions above a threshold of 800 million euros, leaving out smaller Spanish lenders and the units of foreign banks in Spain. On this issue, the ECB said that the application of the levy only to certain Spanish lenders could distort market competition and impair a level playing field. Though the Spanish legislation bill aims to avoid passing on the costs to clients, the ECB said it "generally expects lenders to reflect in loan pricing all relevant costs, including tax considerations".

☆ Russian rouble slides past 62 vs dollar to over 2-week low
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +2 min

By 0758 GMT, the rouble was 0.7% weaker against the dollar at 62.20, earlier sliding to its weakest mark since Oct. 17. The Russian currency had gained 0.4% against the euro to 60.91. A slip in oil prices, Russia's key export, also put pressure on the Russian currency, with Brent crude oil trading down 0.9% to $95.3 a barrel. The rouble has also now lost the support of month-end tax payments, that usually see exporters convert foreign currency revenues to pay local liabilities. Russian stock indexes opened sharply lower, tracking global markets after the Fed's rate hike fuelled fears of a recession.

☆ Russian lawmaker who called for an end to Ukraine war injured in mysterious circumstances, reports say
▼ + stars: | 2022-11-03 | by ( Mia Jankowicz | ) www.businessinsider.com time to read: +3 min

Russian lawmaker Anatoly Karpov received serious head injuries outside the State Duma, per multiple reports. A string of Russian officials have died in mysterious ways since the invasion of Ukraine began. Karpov's spokesperson Albert Stepanyan denied he had been injured at all, saying: "There was no attack ... there are no injuries," state media outlet TASS reported. He was taken to the neurocritical care unit at the Sklifosovsky Institute in Moscow with a fractured femur and severe head injuries, per RIA Novosti. "In the end ordinary people are the victims," he continued.

☆ Turkey's President Erdogan is emerging as a power player in Ukraine after brokering an abrupt reversal by Russia
▼ + stars: | 2022-11-03 | by ( Kit Gillet | ) www.businessinsider.com time to read: +4 min

Turkey's President Recep Tayyip Erdoğan has become a key bridge between Russia and Ukraine. He was critical in efforts Wednesday to get Russia to abandon a threat to block grain exports. When Russia backed down earlier this week over its threats to block grain shipments out of Ukraine, it was Turkish President Recep Tayyip Erdoğan who was among the first to break the news. Speaking to Turkey's parliament, Erdogan said Russian Defence Minister Sergei Shoigu had informed his Turkish counterpart that the deal would resume shortly. As Russia grows more isolated, both diplomatically and economically, Turkey's role is becoming increasingly important.

That means vineyards - which have for centuries transplanted cuttings to ensure robust and flavourful fruit - are now looking for grape types that are more resistant to climate change. It has determined that vines aged 35 years and older appear to cope better with climate change because they are more genetically diverse. The lab's ultimate goal is to ensure winemakers plant specific vines proven to be "more adaptable to climate change conditions", said Carbonell. "We are very worried about climate change," said Iñigo Torres, director of Grupo Rioja, an association representing 60 wineries that together account for 80% of sales. The grapevines were transplanted after being carefully selected from another vineyard where RODA studies the behaviour of old vines - some up to 110 years old.

LISBON, Nov 2 (Reuters) - Portugal is likely to scrap its "golden visa" programme giving wealthy foreigners residence rights, Prime Minister Antonio Costa said on Wednesday, saying that the 10-year-old scheme had already fulfilled its role. Speaking at Lisbon's Web Summit, Europe's largest tech event, Costa said several visa schemes offered by Portugal were currently being re-evaluated and the golden visa was one of them. Costa said Portugal wanted to continue to be attractive, with one example being its recent law, enacted on Monday, that created the so-called digital nomads visa. It gives foreigners with high monthly income from remote work to live and work from Portugal for a year. read moreReporting by Catarina Demony; Additional reporting by Patricia Rua; Editing by Andrei Khalip and Angus MacSwanOur Standards: The Thomson Reuters Trust Principles.

☆ ECB will need more rate hikes to fight off inflation, De Cos Says
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +1 min

MADRID, Nov 2 (Reuters) - The European Central Bank "will need additional interest rate increases" to fight off inflation even considering the growing likelihood of a euro zone recession, policymaker Pablo Hernandez de Cos said on Wednesday. "But to what level and how fast will depend on the inflation outlook, which, in turn, depends on the growth outlook and therefore includes the higher probability of recession that we are now estimating," De Cos, who also heads the Bank of Spain, said in a statement. While the bank last week dropped the reference in its policy statement to likely rate hikes at "several" more meetings, ECB President Christine Lagarde appeared to revert back to this terminology after raising the deposit rate on Oct. 27 by 75 basis points to 1.5%, its highest level since 2009. Inflation in the euro zone accelerated to 10.7% in October and is expected to stay above the ECB's 2% target through 2024. Reporting by Jesús Aguado; editing by Andrei KhalipOur Standards: The Thomson Reuters Trust Principles.

LISBON, Nov 2 (Reuters) - Plans by central banks to launch digital currencies are not a threat to other cryptocurrencies as they would validate blockchain technology and build trust among sceptics, the CEO of the world's largest crypto exchange, Binance, said on Wednesday. Most major central banks, including the U.S. Federal Reserve, the Bank of England and the European Central Bank, are studying the potential launch of a digital version of their currencies, dubbed CBDC. read more"Is it (CBDC) a threat to Binance or other crypto-currencies? He said the blockchain technology behind cryptocurrencies should be available for CBDC and adopted by governments. Still, he said, recently cryptocurrency has been highly correlated with the stock market, with both assets correcting sharply as central banks hike interest rates to control record inflation.

☆ NHL roundup: Tage Thompson's 6 points help Sabres blast Wings
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +2 min

[1/3] Oct 31, 2022; Buffalo, New York, USA; Hats are thrown on the ice to celebrate Buffalo Sabres right wing Tage Thompson (72) third goal of the game during the third period against the Detroit Red Wings at KeyBank Center. The franchise record is seven points, set by Gilbert Perreault on Feb. 1, 1976. However, the Sabres' defense clamped down and Dahlin, Dylan Cozens, Thompson and Rasmus Asplund each followed with goals. The Red Wings won all four games against the Sabres during the 2021-22 season. Hurricanes 3, Capitals 2 (SO)Andrei Svechnikov scored the decisive goal in a shootout as host Carolina beat Washington.

☆ KFC is about to disappear in Russia as its new owners rebrand all 1,000 stores as 'Rostic's', report says
▼ + stars: | 2022-10-30 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +2 min

Brands said it had reached a deal to sell its 1,000 KFC stores in Russia. All KFC stores in Russia will be rebranded as fast-food chain "Rostic's", The Moscow Times reported. According to Russian business newspaper Kommerstant, Smart Service will be responsible for rebranding all 1,000 stores as Rostic's. Last month Yum Restaurants Russia LLC registered rights to the Rostic's brand, Kommerstant reported, and the KFC stores will begin rebranding in early 2023. It rivaled American fast-food stores until 2006, per the report.

☆ NHL roundup: Christian Dvorak's hat trick carries Canadiens to victory
▼ + stars: | 2022-10-30 | by ( ) www.reuters.com time to read: +8 min

Mandatory Credit: Jeff Curry-USA TODAY SportsOctober 30 - Christian Dvorak scored a third-period hat trick as the visiting Montreal Canadiens rallied past the St. Louis Blues 7-4 on Saturday night. Rangers 6, Stars 3Zac Jones scored the tiebreaking goal in the third period to help New York notch a victory over host Dallas. Red Wings 2, Wild 1Lucas Raymond scored his first two goals of the season and host Detroit downed the Wild. Capitals 3, Predators 0Darcy Kuemper made 34 saves for his first shutout of the season and visiting Washington defeated Nashville. Mikael Backlund scored a short-handed goal, and Brett Ritchie also scored for Calgary, which had a two-game winning streak snapped.

☆ Putin's top diplomat in the UK says Russia won't use nukes in Ukraine as Moscow spreads baseless 'dirty bomb' claims
▼ + stars: | 2022-10-26 | by ( John Haltiwanger | ) www.businessinsider.com time to read: +3 min

Russia's top diplomat in the UK said his country will not use a nuke in Ukraine. Putin has made repeated nuclear threats since the war began. "Russia is not going to use nukes," Andrei Kelin, Russia's ambassador to the UK, told CNN's Christiane Amanpour. He added that were Russia to make such a play, "it would be a serious, serious mistake." Ukrainian Defense Minister Oleksiy Reznikov on Wednesday also threw cold water on the notion Russia would use a nuclear weapon in Ukraine.

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