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☆ Zara Extends Lead Over H&M, Faces Down Threat From Shein
▼ + stars: | 2023-03-15 | by ( Trefor Moss | ) www.wsj.com time to read: 1 min

Zara’s business model enables new designs to reach its stores relatively quickly. For years, Zara owner Inditex SA vied with H&M Hennes & Mauritz AB for global fast-fashion supremacy. Now, the Spanish retailer is pulling ahead of its rival, partly as its pricier offering has set it farther apart from new low-price, online competitors such as Shein. The perception among shoppers that Zara is more upmarket than H&M has also given the brand more leeway to increase prices at a time of cost inflation, analysts say.

☆ Zara Tightens Grip on Fast-Fashion Crown, Pulling Further Ahead of H&M
▼ + stars: | 2023-03-15 | by ( Trefor Moss | ) www.wsj.com time to read: 1 min

Credit Suisse Group AG shares fell more than 25% Wednesday and hit a fresh record low, reflecting increasing concerns that troubles that hit regional U.S. banks have migrated across the Atlantic. Other major European banks took hits, with shares in France’s two major international banks, Société Générale SA and BNP Paribas SA, both down more than 10%. Shares in Germany’s Deutsche Bank AG slid 8%.

☆ Miner BHP potentially faces $44 bln bill in Brazil dam case
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +2 min

[1/3] Members of the Krenak indigenous people, Daniel Krenak, Andreia Krenak, Djanira Krenak, Maycon Krenak and Marcelo Krenak, demonstrate outside the High Court in London, Britain December 13, 2022. BHP (BHP.AX) was initially sued by around 200,000 Brazilians over the 2015 collapse of the Fundao dam, owned by the Samarco joint venture between BHP and Brazilian iron ore mining company Vale (VALE3.SA). BHP, the world's biggest miner by market value, denies liability and in December applied to join Vale to the case. BHP has said the London lawsuit duplicates legal proceedings and reparation and repair programmes in Brazil. BHP has applied to the Supreme Court to overturn that decision and its application is pending.

☆ Brazil development bank aims to pay out sums totaling 2% of GDP by 2026
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +1 min

RIO DE JANEIRO, March 14 (Reuters) - An executive at Brazilian state development bank BNDES said on Tuesday the bank aims to pay out the equivalent of 2% of the country's Gross Domestic Product (GDP) by 2026. According to Brazil's government statistics agency, the country's 2022 GDP amounted to 9.9 trillion reais ($1.88 trillion). The comments follow the bank's 2022 earnings, in which it said it reported 46% jump year-on-year in its annual recurring net profit, reaching 12.5 billion reais. The bank posted a net profit of 41.7 billion reais, boosted by factors such as dividend income from state-run oil company Petrobras' (PETR4.SA), among others. ($1 = 5.2534 reais)Reporting by Rodrigo Viga; Writing by Carolina Pulice; Editing by Sarah MorlandOur Standards: The Thomson Reuters Trust Principles.

☆ Nike to drop use of kangaroo skins for its shoes in 2023
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +2 min

March 14 (Reuters) - Nike said it will stop using kangaroo skins for its shoes this year, weeks after a similar step from German rival Puma, which would end a highly controversial practice that has drawn ire from consumers and animal rights activists. Sportswear giant Nike Inc (NKE.N) in a statement issued on Monday said it would debut a new line of Tiempo football boots, called the Tiempo Legend Elite, with a proprietary synthetic material that replaces the use of kangaroo leather. The Tiempo Premier line of football boots, which is set to launch this summer, will also forego kangaroo skin, Nike said. The decision from Nike and Puma (PUMG.DE) to end the use of kangaroo skin in their football boots comes as a big win for animal welfare activists, who have for long urged companies to drop unethical practices involving animal cruelty. The group has spearheaded the "Kangaroos Are Not Shoes" campaign, which it announced in 2020, and has been key behind introducing legislation banning the import and sale of kangaroo products.

☆ French retailer Casino selling down stake in Brazil's Assai
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +1 min

Casino said it would be selling 12.9% of Assai's share capital, representing 174 million shares. The French company said the sale formed part of its previously announced plans to sell assets. Casino said the sale amount could be increased by up to 80 million common shares, representing an extra 5.9% of Assai's share capital. Casino owns a 30.5% stake in Assai, according to the Brazilian firm's website. Casino is also in exclusive talks to combine its French retail business with smaller food retailer Teract (TRACT.PA).

☆ Brazil's Natura swings to loss as revenue shrinks across cosmetics lines
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, March 13 (Reuters) - Brazilian cosmetic maker Natura & Co (NTCO3.SA) on Monday reported a fourth-quarter net loss of 890.4 million reais ($169.7 million), as it reported lower revenues across all its business lines. Natura reported net revenues down 11% at 10.39 billion reais, dragged by Avon International and The Body Shop which both posted reported revenues down more than 20%. However, in terms of constant currency, net revenues increased by 3%. In a statement, Chief Executive Fabio Barbosa said the company was "resizing" The Body Shop, focusing on "efficiencies and key retail channels in light of the challenging channel mix changes that have taken place." Looking ahead, he added, Natura is focusing on improving profitability, cash flow, and making a return to growth.

☆ Mitsubishi Motors to sell only EVs, hybrids by mid-2030s
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +2 min

[1/3] A Mitsubishi Motors signage is pictured next to a Mitsubishi Motors electric car at the Tokyo Motor Show, in Tokyo, Japan October 24, 2019. Mitsubishi considers plug-in hybrids (PHEV), hybrid electric vehicles and battery electric vehicles (BEV) as electrified vehicles. Electrified vehicles accounted for about 7% of the company's total new car sales in fiscal 2021. Mitsubishi, an early mover in EVs in the early 2010s, currently has no BEVs in its line-up in Europe. Of the other 14 models Mitsubishi plans to launch, seven will be purely combustion engine-powered ones, five will be hybrids and the remaining two will be BEV, the company said.

☆ Gold holds above $1,900 as SVB collapse fuels Fed slowdown hopes
▼ + stars: | 2023-03-14 | by ( ) www.cnbc.com time to read: +2 min

Two Argor-Heraeus SA 250 gram gold bars at Solar Capital Gold Zrt. Spot gold was down 0.3% at $1,906.75 per ounce, as of 0321 GMT, after rising more than 2% on Monday to hit its highest since Feb. 3. Markets are now pricing in a 29.4% chance of a pause in rate hikes at next week's Fed policy meeting. Considered a hedge against economic uncertainties, zero-yield gold also becomes a more attractive bet in a low interest rate environment. Spot silver fell 0.5% to $21.70 per ounce, platinum lost 0.5% at $991.19 and palladium shed 1% at $1,459.20.

March 13 (Reuters) - France's Sanofi SA (SASY.PA) on Monday agreed to acquire Provention Bio Inc <PRVB.O> for $2.9 billion to bolster its work on a U.S.-approved type 1 diabetes therapy and strengthen its drug pipeline following development setbacks. The deal builds on an existing co-promotion agreement between the two companies, and would give the French drugmaker full ownership of the drug, Tzield, Sanofi said, adding it expects to complete the acquisition in the second quarter of 2023. While growth in asthma and eczema drug Dupixent is boosting Sanofi's sales, investors have criticised its drug development pipeline as weak. Sanofi, the maker of long acting insulin products Toujeo and Lantus for type 2 diabetes, in 2019 quit further type 2 diabetes drug development. Chief Executive Officer Paul Hudson said last month the company saw great promise in type 1 diabetes drug development and reaffirmed his commitment to steer clear of further work on type 2 diabetes and obesity.

☆ Colombian president accuses criminal group of breaking ceasefire
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +2 min

BOGOTA, March 13 (Reuters) - Colombian President Gustavo Petro on Monday said the Clan del Golfo, the country's largest criminal organization, has broken a ceasefire and there is no possibility of negotiations with the group if they continue attacks. In a radio interview, Petro accused the group of destroying a municipal aqueduct in Antioquia province amid roadblocks connected to protests by informal gold miners. The Clan del Golfo versus humble people," Petro said in a Twitter message on Sunday. Gold miner Mineros SA has suspended operations in the region until it can guarantee security, it said in a statement. The government's National Mining Agency (ANM) last year said it would create a public company to help informal miners and put a dent in Colombia's illegal gold trade.

☆ Executive Bet on Partner’s Idea for U.S.-Style Hotels in France
▼ + stars: | 2023-03-12 | by ( Bob Tita | ) www.wsj.com time to read: 1 min

Gérard Pélisson helped build one of the world’s largest hotel companies in Accor SA. Gérard Pélisson bet on an untested business idea for hotels in Europe and picked the right partner for it. Mr. Pélisson gave up a career as an executive at International Business Machines Corp. in the 1960s to start a hotel company with Paul Dubrule, who had taken notice of successful hotel chains like Holiday Inn while working in the U.S. Mr. Dubrule convinced Mr. Pélisson that similar hotels could work in France and elsewhere in Europe, too. Mr. Pélisson mostly focused on the financing for the project and Mr. Dubrule devised the marketing plans. They opened their first Novotel hotel in northern France four years later in 1967.

☆ Mitsubishi Motors to electrify 100% of its fleet by 2035 - Yomiuri
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +1 min

TOKYO, March 10 (Reuters) - Japanese carmaker Mitsubishi Motors Corp (7211.T) plans to electrify 100% of its fleet by 2035 through active introduction of hybrid and electric vehicles (EV), the Yomiuri Shimbun daily said on Friday. Mitsubishi is a junior member of the partnership of French carmaker Renault SA (RENA.PA) and Nissan Motor Co (7201.T), which last month announced a deal to redesign their alliance. Mitsubishi had previously said it would have 50% of its fleet electrified by 2030, a goal the Yomiuri said would remain unchanged, with emphasis then being on pushing forward with electrification over the next five years. Mitsubishi also plans on introducing EVs in Europe, it added, saying the company would make an announcement about its plans soon. The company, which is scheduled to hold a news conference later on Friday, declined to comment when asked about the report.

But production is running at least a third below plan, keeping the Ariya from shipping to new customers, according to three of the people and production planning notes reviewed by Reuters. Implementation has proved "an extremely, extremely high challenge" and the advanced paint line has become a persistent headache, one of the people said. In a statement to Reuters, Nissan said Ariya production had faced challenges including supply of semiconductors, disruptions in components shipments and the factory's paint line. EVs accounted for just 4.5% of Nissan's global sales of 3.2 million vehicles in 2022. Output over the next two months is expected to fall short of that, according to production planning notes from last month reviewed by Reuters.

☆ Foreign Companies’ Supply Financing to Face Greater Disclosure Rules Next Year
▼ + stars: | 2023-03-09 | by ( Jennifer Williams-Alvarez | ) www.wsj.com time to read: 1 min

Brazilian retailer Americanas SA in January filed for bankruptcy protection after revealing a roughly $4 billion hole in its balance sheet that was at least in part masked by its supply-chain finance program. An international accounting standards-setter has moved up by a year the timing for when companies would have to disclose details on their supply-chain financing, a move aimed at improving transparency after several high-profile blowups in recent years. The International Accounting Standards Board, which sets standards required globally, tentatively agreed at a Feb. 20 meeting on a one-year acceleration for standards that aim to outline what companies disclose on their supply-chain finance programs. As of Jan. 1, 2024, instead of 2025, businesses subject to the standards will have to disclose details such as the size and certain terms of their supply-chain finance programs.

☆ Americanas scandal won't affect Brazil banks much even in "extreme scenario" - cenbank
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +2 min

BRASILIA, March 9 (Reuters) - Brazil's central bank stated on Thursday that the potential impact of the accounting scandal involving retailer Americanas SA on banks would be 'insignificant' even in an extreme scenario. Americanas (AMER3.SA) filed for bankruptcy in January after disclosing "accounting inconsistencies" worth 20 billion reais ($3.84 billion), leading banks to increase their provisioning in their most recent earnings release. The central bank noted that the provisions stem from "a specific event related to a large company" and have already absorbed most of the materialization of the risk. "The central bank estimated the remaining potential impact, plus a contagion scenario over the entire production and supply chain that depends on the company in a relevant way," it said. "In this extreme scenario, the impact on the consolidated financial system is insignificant and there would be no capital default in any financial institution," it added.

HOUSTON, March 8 (Reuters) - Billions of dollars in clean energy incentives are poised to speed investment on American soil while putting the European Union's energy transition at risk by luring away money and talent, executives at the CERAWeek energy conference said this week. European energy companies echoed the call for Europe to come up with its own new incentives. Patrick Pouyanne, CEO of French energy giant TotalEnergies told the conference the IRA was an "invitation to accelerate green infrastructure." In Europe, you begin to regulate," he said, adding that Europe and the United States should consider forming a free trade agreement on renewable energy infrastructure. Ken Gilmartin, CEO of British engineering firm Wood Plc, said the IRA would put the United States in first place in the decarbonization race.

☆ Former Fox exec convicted in FIFA bribery case, other acquitted
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +2 min

Jurors found Hernan Lopez guilty but acquitted Carlos Martinez on the same charges. Martinez and Lopez denied wrongdoing. A lawyer for Burzaco denied those claims. Lawyers for Martinez and Lopez denied Burzaco's account and said their clients were unaware of his scheme. Prosecutors said Burzaco’s testimony was “devastating” and alleged that emails showed him discussing the bribes with Martinez and Lopez in coded terms.

A jump in air travel demand has driven up sales at its aerospace division, which makes and services engines for Boeing Co (BA.N) and Airbus SE (AIR.PA) jets. GE also reiterated its profit outlook for 2023 as booming demand in its aerospace business is expected to make up for the challenges in its renewable energy business. It expects adjusted earnings of $1.60 to $2.00 per share in 2023, with revenue growth percentage in high single digits. GE estimated that the aerospace business would generate double-digit revenue growth this year, translating into an operating profit of $5.3 billion-$5.7 billion. However, supply and labor shortages have hurt jet engine output, with CEO Culp saying it was a daily battle to meet jet engine demand.

☆ Brazil airline Gol's shares soar after unexpected Q4 net profit
▼ + stars: | 2023-03-08 | by ( Gabriel Araujo | ) www.reuters.com time to read: +2 min

The surprisingly strong figures sent shares in the company soaring more than 12% in Sao Paulo morning trading, with analysts highlighting improving operating figures and strong revenue trends. The firm's shares had already jumped roughly 30% in the previous two sessions after rival carrier Azul SA predicted bluer skies ahead, driving travel-related stocks in Brazil up. Analysts polled by Refinitiv had forecast a net loss of 484.75 million reais. Quarterly net revenue totaled 4.7 billion reais, up 61.7% and above analysts' forecasts of 4.46 billion. Full-year net revenue expectations were reduced by 500 million reais to about 19.5 billion reais, but diluted earnings per share in the full year were kept at 0.3 real, the airline added.

☆ Spotify Launches New Video Feed to Keep Listeners Listening
▼ + stars: | 2023-03-08 | by ( Anne Steele | ) www.wsj.com time to read: 1 min

Spotify Technology SA wants users to discover their next favorite artist on its platform, and not on TikTok or YouTube. The Swedish music-streaming company on Wednesday introduced a new video feed for its app, aiming to recommend music, podcasts and audiobooks to users via short clips, similar to TikTok and YouTube Shorts.

☆ Spotify listeners cross half a billion mark
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +1 min

March 8 (Reuters) - Spotify Technology SA (SPOT.N) said on Wednesday it would roll out new features like smart shuffle and previews of podcasts and music playlists on its audio streaming platform, as it crossed 500 million in monthly active listeners. Spotify also shared an update to its annual music royalties report, noting that the number of artists making over $1 million as well as those generating over $10,000 had more than doubled in the past five years. Earlier this year, Spotify said it would tighten spending and work to become efficient given the tough macroeconomic backdrop and projected the number of listeners would reach 500 million in the current quarter. Features like autoplay for podcasts, personalized visual and audio previews of podcast episodes and audiobooks or music playlists, and new feeds for discovery will be rolled out in waves starting Wednesday, Spotify said. Reporting by Eva Mathews in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ Swiss antitrust agency names four firms in fragrances cartel probe
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of Swiss flavours and fragrances maker Givaudan is seen at its innovation center in Kemptthal, Switzerland January 10, 2020. REUTERS/Arnd WiegmannZURICH, March 8 (Reuters) - Swiss antitrust authorities on Wednesday named four companies targeted in an international investigation into an alleged fragrances cartel. They are Switzerland's Givaudan SA (GIVN.S), U.S.-headquartered Firmenich International, U.S.-based International Flavors & Fragrances Inc (IFF.N) and Germany's Symrise AG (SY1G.DE), Swiss competition commission COMCO said. News of the probe into the supply of fragrances and fragrance ingredients broke on Tuesday, when fragrance and flavour maker Givaudan confirmed it was being targeted. A Symrise spokesperson confirmed the group was part of the investigation and would cooperate with authorities.

Among methods that produce what is known as green hydrogen are electrolysis to split water into hydrogen and oxygen using power from renewables. The technology for shipping hydrogen is still in early stages of development, said Chevron's vice president of hydrogen Austin Knight. About 30-35% of the total energy system will need hydrogen to decarbonize, he said. NextEra is working with the U.S. Treasury on rules that govern what can be considered green hydrogen, he said. The process is complicated by the variability of renewable power supply from wind and solar, he said.

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