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☆ Deutsche Bank Russian profits leapt in 2022, even as assets dropped
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +2 min

April 20 (Reuters) - Deutsche Bank's (DBKGn.DE) Russian subsidiary's profits jumped by almost six times in 2022 to 5.4 billion roubles ($66.42 million), Russian audit documents showed, the latest example of a foreign lender booking strong earnings in the Russian market. Deutsche Bank said it would wind down its business in Russia in March 2022, joining other foreign lenders in leaving the country. Profit for the period leapt by more than 480% to 5.4 billion roubles. However, total assets dropped 36.3% to 81.6 billion roubles. Net interest income jumped more than 10 times to just over 7 billion roubles.

☆ Austrian banks unaffected by banking turmoil - finance minister tells NZZ
▼ + stars: | 2023-04-08 | by ( ) www.reuters.com time to read: +2 min

They are very well prepared," Brunner told Swiss newspaper Neue Zuercher Zeitung. He also defended Raiffeisen Bank International (RBI) (RBIV.VI) which has come under fire for continuing to operate in Russia despite the war in Ukraine. "As for RBI, the bank complies with all international sanctions," Brunner told NZZ. "Incidentally, there are other European banks that continue to operate legally in Russia. The minister also said Austrian inflation, which fell to an estimated 9.2% in March, was still too high and called on the European Central Bank to do more to contain price increases.

☆ Austrian banks unaffected by banking turmoil, finance minister tells Neue Zuercher Zeitung
▼ + stars: | 2023-04-08 | by ( ) www.reuters.com time to read: +2 min

They are very well prepared," Brunner told Swiss newspaper Neue Zuercher Zeitung. He also defended Raiffeisen Bank International (RBI) (RBIV.VI) which has come under fire for continuing to operate in Russia despite the war in Ukraine. "As for RBI, the bank complies with all international sanctions," Brunner told NZZ. "Incidentally, there are other European banks that continue to operate legally in Russia. "The European Central Bank (ECB) in particular can do something about this, as a member of the euro zone we are dependent on the ECB," Brunner said.

☆ The Russian ruble is at its lowest level in a year on speculation Shell is going to repatriate $1 billion of recent earnings
▼ + stars: | 2023-04-06 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

The Russia ruble fell to its lowest since April 2022 amid speculation Shell could repatriate $1.2 billion of the currency. This comes amid a growing liquidity crunch and foreign flight on the back of Western sanctions. Meanwhile, the Chinese yuan recently surpassed the US dollar as the most traded currency in Russia. Trading at 81.6 rubles on Thursday, this marks the currency's lowest level since April 2022. "With liquidity in the currency market low, it leads to increased volatility for the ruble."

☆ Tesla delivers 88,869 China-made EVs in March - CPCA
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +1 min

April 4 (Reuters) - Tesla (TSLA.O) sold 88,869 units of China-made electric vehicles (EV) in March for both domestic sales and exports, up 35.0% from a year ago, data published by the China Passenger Car Association (CPCA) showed on Tuesday. That was up 19.4% from February, when the U.S. electric car maker delivered 74,402 China-made Model 3 and Model Y electric cars. By comparison, BYD sold 206,089 units last month with its Dynasty and Ocean series of EVs and hybrids, up 97.5% from a year ago, CPCA data showed. BYD took up 41% in that segment, CMBI data showed. Reporting by Zhang Yan, Brenda Goh, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Production is expected to have risen as the automaker ramped up production at new factories in Texas and Berlin, and as China production recovered from a COVID-19 lockdown hit. Analysts expect Tesla to further lower prices as many automakers have matched the price cuts and concerns about a weakening economy persist. Musk said in January that the price cuts stoked demand, playing down concerns about a weak economy. In China, Tesla's retail sales totaled 106,915 units in the year to March 19, one of the best quarters on record, according to data from China Merchants Bank International. Tesla's price cuts in China ignited a price war, with Chinese rivals including BYD (002594.SZ) and Xpeng (9868.HK) dropping prices.

☆ Putin: Sanctions could hurt Russia's economy
▼ + stars: | 2023-03-30 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —President Vladimir Putin has conceded that Western sanctions designed to starve the Kremlin of funds for its invasion of Ukraine could deal a blow to Russia’s economy. “The illegitimate restrictions imposed on the Russian economy may indeed have a negative impact on it in the medium term,” Putin said in televised remarks Wednesday reported by state news agency TASS. It is a rare admission by the Russian leader, who has repeatedly insisted that Russia’s economy remains resilient and that sanctions have hurt Western countries by driving up inflation and energy prices. Putin said Russia’s economy had been growing since July, thanks in part to stronger ties with “countries of the East and South,” likely referring to China and some African countries. Russia’s economy has showed surprising resilience to unprecedented sanctions imposed by the West, including an EU ban on most imports of oil products.

VIENNA, March 30 (Reuters) - Raiffeisen Bank International (RBI) (RBIV.VI) took aim on Thursday at "morally arrogant" critics of its dealings in Russia, although said it was considering spinning off its business there anyway amid mounting pressure. Chairman Erwin Hameseder accused critics of "black and white moral thinking" from a "risk free zone of comfort", and said most Western businesses had not left Russia. However, CEO Johann Strobl told the meeting the bank would pursue a possible sale or spin-off of its Russian business. Earlier this month, people familiar with the matter told Reuters the European Central Bank was pressing RBI to unwind its highly profitable business in Russia. The pressure comes after a top U.S. sanctions official raised concerns about RBI's business in Russia on a visit to Vienna last month, another person said.

☆ Europe bank regulators remained on sidelines after SVB, says CLS Bank International's Dino Kos
▼ + stars: | 2023-03-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEurope bank regulators remained on sidelines after SVB, says CLS Bank International's Dino KosDino Kos, CLS Bank International special advisor to CEO, joins CNBC's "Squawk Box" to discuss the turmoil hitting banks and what it means for markets.

[1/5] The logo of Raiffeisen Bank International (RBI) is seen on their headquarters in Vienna, Austria, March 14, 2023. REUTERS/Leonhard FoegerVIENNA, March 23 (Reuters) - The European Central Bank is pressing Austria's Raiffeisen Bank International (RBIV.VI) to unwind its highly profitable business in Russia, five people with knowledge of the matter told Reuters. One person said such a plan could include the sale or closure of its Russian bank. A Raiffeisen spokesperson said that it was examining options for its Russia business "including a carefully managed exit" and that it was "expediting" its assessment, adding that it had also reduced lending in the country. HIGH STAKESIn January, the U.S. sanctions authority launched an inquiry into Raiffeisen over its business related to Russia.

[1/4] FILE PHOTO-Austria's foreign minister Alexander Schallenberg speaks during an interview with Reuters in Vienna, Austria, March 16, 2023. REUTERS/Lisa LeutnerSummarySummary Companies Foreign minister says Russia important for Europe'Part of European culture, whether we like it or not'Schallenberg defends Raiffeisen against criticismVIENNA, March 22 (Reuters) - Russia will always remain important for Europe, Austria's foreign minister said, saying that to think otherwise was delusional. Schallenberg said it was for Austria to enforce sanctions and pointed the finger at other Western banks doing business in Russia. "Austrian companies have to stick to Austrian rules, part of which are the European Union sanctions." "There are enough American banks, one with the name Bank of America, present in Russia," said Schallenberg.

☆ Exclusive: BYD reduces shifts at two electric vehicle plants in China - sources
▼ + stars: | 2023-03-21 | by ( ) www.reuters.com time to read: +3 min

BYD also reduced shifts at its Shenzhen plant, which makes its Han sedans, from three shifts per day to two per day, four people with knowledge of the development said. BYD did not give a reason for the reduced shifts in its planning memo reviewed by Reuters. Reuters was not able to determine how long the reduced shifts would last for BYD and if any of its other three assembly plants in China were affected by production schedule changes. It was also not clear how the reduced shifts would translate into production volume changes. To spur demand, BYD began offering discounts for its best-selling Yuan Plus and Seal EVs in March.

☆ We are probably in the early stages of recession, says CLS Bank's Dino Kos
▼ + stars: | 2023-03-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe are probably in the early stages of recession, says CLS Bank's Dino KosDino Kos, special advisor to the CEO of CLS Bank International, joins 'Squawk Box' to discuss Fed policy expectations for next week, revising data to account for invariable lag effects, and more.

☆ File Raiffeisen’s sanctions-bypass idea in the bin
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +2 min

LONDON, March 16 (Reuters Breakingviews) - Raiffeisen Bank International thinks it may have found a clever way to repatriate a small part of its Russian assets. Hence the idea to swap its stranded roubles against the frozen euros accumulated by Sberbank, the Kremlin-owned bank forced to unwind its operations by the war in Ukraine. Up to 400 million euros of its assets are now sitting idle in a frozen fund. Promoters of the idea, now being tested with regulators, reckon this might conform with sanctions because the swap would not involve sending hard currency to Russia. In reality, it would allow Russia’s largest bank to recover its frozen money, opening a massive loophole in the sanctions regime.

☆ Chinese EV comptition hots up as BYD offers discounts
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +1 min

[1/2] BYD electric vehicles (EV) are displayed at a car dealership in Shanghai, China, February 3, 2023. The discounts will be for buyers who place orders for the Song Plus and Seal models between March 10 and March 31, the company said on its social media account. In return for an 88 yuan ($12.64) deposit, buyers for a Seal EV can get 8,888 yuan deducted from the price, while for Song Plus models, the discount is 6,888 yuan. It sold 34,621 Song Plus SUVs and 14,372 Seal sedans in the first two months, according to China Passenger Car Association. The car association data showed Tesla (TSLA.O) sold 39,710 Model Ys and 21,056 Model 3s in January and February combined.

☆ China's Jan-Feb passenger cars sales down 20% - CPCA
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI/BEIJING, March 8 (Reuters) - China's passenger vehicle sales fell 20% in the first two months of this year, industry data showed on Wednesday, underscoring weak demand in the world's biggest auto market even as some car manufacturers offer reduced prices to revive demand. Sales in February, 1.42 million units, were 10.4% higher than a year earlier, a low base period when a week-long Lunar New Year holiday reduced business activity, the China Passenger Car Association (CPCA) said. Sales of new energy vehicles (NEVs), which include pure battery electric cars and plug-in hybrids, grew faster than the overall market, up 61% in February on a year earlier. NEVs accounted for more than 30% of new car sales. Tesla accounted for 11.5% of China's battery electric car sales in February, little changed from 11.3% a year before, indicating a waning effect of price cuts it implemented in early January.

☆ Tesla sold 74,402 China-made EVs in February, up 32% y/y
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of Tesla is seen at a Tesla Supercharger station October 21, 2020. REUTERS/Arnd WiegmannCompanies Tesla Inc FollowSHANGHAI, March 3 (Reuters) - Tesla (TSLA.O) sold 74,402 China-made electric vehicles (EV) in February, up 31.65% from a year earlier, China Passenger Car Association (CPCA) data showed on Friday. That was up 12.6% from January, when the U.S. electric car maker delivered 66,051 China-made Model 3 and Model Y electric cars. Rival BYD with its Dynasty and Ocean series of EVs and hybrids sold 191,664 vehicles last month, CPCA data showed. It has started delivering cars to Thailand and set up its first Supercharger station in there in February.

☆ Tesla sold 74,402 China-made EVs in February, up 32% year over year
▼ + stars: | 2023-03-03 | by ( ) www.cnbc.com time to read: +1 min

Tesla sold 74,402 China-made electric vehicles in February, up 31.65% from a year earlier, China Passenger Car Association data showed on Friday. That was up 12.6% from January, when the U.S. electric car maker delivered 66,051 China-made Model 3 and Model Y electric cars. Rival BYD with its Dynasty and Ocean series of EVs and hybrids sold 191,664 vehicles last month, CPCA data showed. BYD's market share increased to 37% from 27%. As competition intensifies, Tesla aims to increase its exports and expand into new markets to digest output from its factory in Shanghai.

☆ Raiffeisen Bank's Russian branch halts opening of new corporate accounts
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +1 min

MOSCOW, March 3 (Reuters) - The Russian branch of Austrian lender Raiffeisen Bank International <RBIV.VI. said on Friday that it was temporarily suspending the opening of accounts for new corporate clients and restricting the opening of new foreign currency for existing corporate clients. In a statement to Reuters, the bank's press service said: "The bank faced a large number of new applications for opening accounts and, in the face of increased requirements, including for checks and currency payments from correspondent banks, decided to concentrate on servicing the existing volume of transactions". The U.S. Department of the Treasury Sanctions Enforcement Office launched an investigation earlier this year against Raiffeisen Bank International in connection with the bank's activities in Russia. Reporting by Reuters; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ Austria plays down concerns over U.S. scrutiny of RBI over Russia business
▼ + stars: | 2023-03-02 | by ( Alexandra Schwarz-Goerlich | ) www.reuters.com time to read: +2 min

VIENNA, March 2 (Reuters) - Austria's finance ministry on Thursday played down concerns about U.S. sanctions officials scrutinising Raiffeisen Bank International (RBIV.VI) over its Russia business. "The inquiry from the U.S. sanctions authority is a normal process that gives no cause for concern, because sanctions authorities naturally keep informing themselves about Austrian companies doing business in Russia," Austria's finance ministry told Reuters in a statement. The Austrian finance ministry said it would in due course address questions from parliament about Raiffeisen, as the lender's activities drew more domestic political scrutiny. "A risky deal for the Austrian Raiffeisen, which instead of - like other European banks - ending its business in Russia, is focusing on intensifying business relations," Greens lawmaker Nina Tomaselli said in a parliamentary question. The finance ministry welcomed the prospect of such a deal, suggesting it could prevent losses to savers and deposit insurance of hundreds of millions of euros.

☆ Tesla's China sales slow as price-cut boost wanes
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +3 min

The U.S. automaker nearly doubled weekly retail sales in the week of Feb. 20 to 10,703 vehicles versus a week prior, showed data from China Merchants Bank International (CMBI) on Tuesday, which tracks weekly retail sales based on car insurance registrations. Sales are slowing in part due to an ageing product line, said Yale Zhang, managing director at Shanghai-based consultancy Automotive Foresight. Consumers are also delaying purchases while waiting to see if other EV makers cut prices, Zhang said. Meanwhile, the market share of BYD Co Ltd (002594.SZ), surged to 37% from 27%, CMBI data showed. Smaller EV players such as Leap Motor and Great Wall Motor Co Ltd's (601633.SS) Ora are among those whose market share shrank.

☆ One year of war in Europe: How the dollar, energy and food prices swirled
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +6 min

LONDON, Feb 24 (Reuters) - Russia's invasion of Ukraine has disrupted economies and markets around the world, from energy and food prices to European banks, emerging market stocks and the Russian currency. Below are five charts that show how Europe's biggest conflict since World War Two has shaped global financial markets in the last 12 months. But when Russian tanks rolled into Ukraine in late February, European natural gas prices rocketed by almost 400% in two weeks. Energy prices soared, bringing the threat of blackouts, recession and a worrying switch back to dirtier sources of fuel. Food price pressures are easing, but that does little to soften the blow for many developing nations, where food and energy prices make up a larger share of spending.

The pan-European STOXX 600 index (.STOXX) closed 0.1% higher ahead of a slew of economic data due later this week. Telecom Italia (TIM) (TLIT.MI) fell 2.7% as a government-sponsored offer rivalling KKR's bid for the former phone monopoly's prized grid failed to materialise over the weekend. The EURO STOXX index (.STOXXE), which houses major companies in the eurozone, inched down 0.1%. On the economic front, euro zone consumer confidence rose by 1.7 points in February from January, as expected, figures showed. Forvia, the European car parts maker born from Faurecia's (EPED.PA) takeover of Hella (HLE.DE), forecast stable 2023 sales, sending Faurecia nearly 2.3% higher.

☆ Raiffeisen stock slumps after U.S. sanctions authority asks about Russia business
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: +1 min

Feb 20 (Reuters) - Shares in Raiffeisen Bank International fell more than 7% at the open on Monday after the Austrian Bank had said on Friday it had received a request for information from the United States' sanctions authority about its business related to Russia. Earlier in February, Raiffeisen reported it earned more than half of its 2022 profit from Russia, a market it is considering exiting after the country's invasion of Ukraine. RBI has operated in Russia since the collapse of the Soviet Union and is Russia's 10th-largest bank by assets. The bank's shares have fallen 19% since the start of the war in February last year. Reporting by Bartosz Dabrowski in Gdansk Editing by Paul CarrelOur Standards: The Thomson Reuters Trust Principles.

☆ European shares flat as Telecom Italia drags eurozone stocks
▼ + stars: | 2023-02-20 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +2 min

The pan-European STOXX 600 index (.STOXX) was flat after opening marginally higher. That also boosted oil prices, lifting European energy stocks (.SXEP) by 0.3%. The EURO STOXX index (.STOXXE), which houses major companies in the eurozone, dipped 0.1%. Telecom Italia (TIM)(TLIT.MI) shares dropped 3% as a government-sponsored offer rivalling KKR's bid for the former phone monopoly's prized grid failed to materialise over the weekend. The European autos and auto parts sector index (.SXAP) rose 0.6%.

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