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☆ Italy’s fiscal weakness toughens its green plight
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +2 min

Italian Prime Minister Giorgia Meloni looks on, on the day of the state funeral of the former Italian President and senator, Giorgio Napolitano in Rome, Italy, September 26, 2023. Rome also cut its GDP forecasts to 0.8% and 1.2% over the next two years, from 1% and 1.5% before. The ballooning deficit is chiefly a result of ill-fated renovation incentives introduced by previous governments and amounting to some 140 billion euros, or 7% of Italy’s GDP. Record-high euro zone interest rates are also increasing the cost of servicing Italy’s mammoth debt, seen at 140% of GDP by year-end. The risk is that Rome's green transition becomes a victim of its fiscal challenges.

Persons: Giorgia Meloni, Giorgio Napolitano, Yara, Europe’s, Lisa Jucca, ’, quagmire, Neil Unmack, Streisand Neto Organizations: Italian, REUTERS, Reuters, X, Thomson Locations: Italian, Rome, Italy, Ukraine

☆ Jittery markets may tie Dutch insurers' hands
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +2 min

LONDON, Sept 28 (Reuters Breakingviews) - Dutch insurers NN (NN.AS) and ASR (ASRNL.AS) have lost 3 billion euros of combined market value after court rulings in the Netherlands raised the prospect of large compensation claims. The respective 22% and 16% stock price collapse will put pressure on the two groups to reach a speedy resolution. But customers argue that the insurers marketing these policies failed to disclose how much of their premiums went to actual investments, and how much covered the sellers’ costs. Take Hague-based NN: it has 315,000 active woekerpolissen policies and 581,000 inactive ones, ING reckons. Its 2.1 billion euro market value loss is equivalent to a claim of 2,300 euros per policy.

Persons: Pamela Barbaglia, ’, quagmire, Neil Unmack, Streisand Neto Organizations: Reuters, ING reckons, JPMorgan reckons, Dutch, X, Thomson Locations: Netherlands, Ukraine

☆ Sanction shocker delays UBS valuation upgrade
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +2 min

That’s one lesson from the $3 billion slide in market value for his bank UBS (UBSG.S) on Wednesday. The report says that the DOJ is launching a full-scale investigation into Credit Suisse, which UBS now owns after a state-backed rescue in March. UBS has about $6 billion of provisions set aside for legal and regulatory bills, suggesting shareholders are well protected against Credit Suisse’s historic nasties. After Wednesday’s slide, UBS’s share price is almost exactly in line with its most recent tangible book value per share, compared with a roughly 30% premium back in early March. The implication is that investors are less excited about UBS’s prospects after incorporating Credit Suisse than they were about its standalone story.

Persons: Sergio Ermotti can’t, Liam Proud, ’, quagmire, Neil Unmack, Oliver Taslic Organizations: Reuters, UBS, Bloomberg, U.S . Department of Justice, DOJ, Credit Suisse, Credit, X, Thomson Locations: Ukraine

☆ UK disinflationary shock sharpens Bailey’s dilemma
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +2 min

Governor of the Bank of England Andrew Bailey speaks as he attends a press conference for the Monetary Policy Report August 2023, at the Bank of England in London, Britain, August 3, 2023. Alastair Grant/Pool via REUTERS Acquire Licensing RightsLONDON, Sept 20 (Reuters Breakingviews) - Bank of England Governor Andrew Bailey finally got some good news on Wednesday. UK annual inflation fell to 6.7% in August, from 6.8% in July, confounding market expectations of a rise to 7%. Domestic disinflationary forces offset a nearly 30% rise in oil prices to bring headline inflation to the lowest level since February 2022. Higher petrol prices did add around 0.3 percentage points to the consumer price index, according to Capital Economics.

Persons: Bank of England Andrew Bailey, Alastair Grant, Andrew Bailey, disinflation, Francesco Guerrera, Bernie Sanders’s, Neil Unmack, Streisand Neto Organizations: Bank of England, Monetary, REUTERS Acquire, Reuters, Capital Economics, CPI, Thomson Locations: London, Britain

☆ Britain is tossing aside its last green trump card
▼ + stars: | 2023-09-20 | by ( Neil Unmack | ) www.reuters.com time to read: +4 min

Ahead of a likely national poll next year, the British prime minister is considering watering down the country’s targets for electric vehicles and energy efficiency. Yet the weaker targets would come at a time when the Conservative government’s lackadaisical environmental approach means that green transition momentum is stalling. Faced with these obvious policy gaps, the government’s bold targets at least gave industry and consumers a clear signal that the green transition was inevitable. Weakening them will probably lead manufacturers to delay investment in new car or battery plants, and consumers to put off buying green vehicles. I am proud that Britain is leading the world on climate change.”Editing by George Hay and Oliver TaslicOur Standards: The Thomson Reuters Trust Principles.

Persons: Sunak, Sunak’s, Goldman Sachs, –, Rishi Sunak, ” Sunak, George Hay, Oliver Taslic Organizations: Reuters, BBC News, Conservative, BBC, Thomson Locations: Germany, France, Britain

☆ Cazoo’s debt fix points to bumpy ride
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +2 min

That’s not the fate of shareholders in UK-based and U.S.-listed Cazoo (CZOO.N), which has just announced a brutal debt restructuring. Under the deal announced on Wednesday, bondholders will swap $630 million of convertible notes for $200 million of fresh debt and a large slug of the equity. The debt cut will do little to fix Cazoo’s rickety engine. Although the company had 195 million pounds of cash at the end of June, it burnt through over 50 million pounds in the previous six months. And revenue this year is expected to fall nearly 40%, as customers racked by high interest rates tighten their belts.

Persons: That’s, Cazoo, Aimee Donnellan, Bernie Sanders’s, Neil Unmack, Oliver Taslic Organizations: Reuters, Thomson Locations: U.S

☆ Lonza’s CEO churn adds to company’s ailments
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Denis Balibouse Acquire Licensing RightsLONDON, Sept 18 (Reuters Breakingviews) - Lonza’s (LONN.S) new broom will face even more challenges than its old one. Since he was appointed CEO in 2020, the Swiss group has increased capital expenditure as a percentage of revenue from 20% to 30% last year. Even before Monday’s fall, the stock was trading at 32 times its forward earnings, around the same level as before its pandemic surge. The disruption of another CEO exit, without a clear explanation, means that the hoped-for growth will take even longer to arrive. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Denis Balibouse, Pierre, Alain Ruffieux, Albert Baehny, Aimee Donnellan, Neil Unmack, Streisand Neto Organizations: REUTERS, Reuters, Swiss, X, Thomson Locations: Lonza, Visp, Switzerland, Swiss

☆ S4 misery offers reality check on tech exuberance
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +2 min

LONDON, Sept 18 (Reuters Breakingviews) - Is the technology sector bouncing back? The tech-heavy Nasdaq Composite Index (.IXIC) is up 31% this year, and chip designer Arm enjoyed a 25% first-day pop on its listing. S4 on Monday downgraded its 2023 like-for-like net revenue growth forecast to “down on last year”. The news still sent S4 shares down 25% on Monday morning. Any recovery will require Sorrell to show he can keep winning business in an era of tech uncertainty.

Persons: Martin Sorrell, That’s, Publicis, Sorrell, Oliver Taslic, Neil Unmack, Streisand Neto Organizations: Reuters, Nasdaq, S4, Nvidia, Meta, X, Thomson

☆ AstraZeneca succession sickness demands urgent fix
▼ + stars: | 2023-09-15 | by ( Aimee Donnellan | ) www.reuters.com time to read: +3 min

LONDON, Sept 15 (Reuters Breakingviews) - Can a CEO be worth $9 billion? That’s the question posed by the 4% fall in AstraZeneca’s (AZN.L) shares following an article stating boss Pascal Soriot may soon resign. The company has played down the report, and its stock has recovered, but the episode highlights its uncertain position were 64-year-old Soriot to leave. Without a clear succession plan, investors should prepare for further swings. Small wonder investors and analysts wonder whether AstraZeneca will be able to find a successor capable of replicating his success.

Persons: Pascal Soriot, AstraZeneca’s, Ivan Menezes, Debra Crew, Soriot, Susan Galbraith, David Fredrickson, Luke Miels, Soriot’s, Neil Unmack, Streisand Neto Organizations: Reuters, Pfizer, pharma, Novartis, Sanofi, GSK, AstraZeneca, Diageo, Thomson Locations: AstraZeneca’s, Swedish

☆ Deliveroo lacks tasty recipe for takeover call
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +2 min

LONDON, Sept 14 (Reuters Breakingviews) - Deliveroo’s (ROO.L) valuation makes it a plausible takeover target, but Chief Executive Will Shu has a weak hand in negotiating any deal. Activist investor Sachem Head Capital Management has built a stake in the London-listed food delivery company, Bloomberg reported late on Wednesday. Share prices of Deliveroo rose nearly 5% on Thursday morning. That’s below the 1.5 times average of rivals Delivery Hero (DHER.DE), Just Eat Takeaway.com (TKWY.AS), HelloFresh (HFGG.DE) and DoorDash (DASH.N). Lastly, Delivery Hero and Amazon’s 5% and 12.5% stakes could complicate any deal.

Persons: Will Shu, LSEG, Uber, Karen Kwok, BoE, Neil Unmack, Streisand Neto Organizations: Reuters, Head Capital Management, Bloomberg, X, Treasury, Thomson Locations: London

☆ China is bitter medicine for Europe’s EV pivot
▼ + stars: | 2023-09-12 | by ( Neil Unmack | ) www.reuters.com time to read: +7 min

LONDON, Sept 12 (Reuters Breakingviews) - China can offer a bitter medicine for Europe’s bold electric vehicle pivot. That has prompted carmakers to develop premium e-cars for richer punters, rather than mass market vehicles. More competition from Chinese carmakers should help bring down prices of electric vehicles in Europe. It will force Western players to keep cutting costs to avoid losing too much market share, boosting overall e-car adoption. Sales of EVs picked up in August, with Jefferies analysts estimating a total market share across Europe of 23%.

Persons: Oliver Zipse, Olaf Scholz, carmakers, Morgan Stanley, Encouragingly, BYD, ”, EVs, Lisa Jucca, Oliver Taslic, Thomas Shum Organizations: Reuters, Volkswagen, European Automobile Manufacturers ’ Association, HK, Norway, BMW, Reuters Graphics, Jato Dynamics, Benchmark Mineral Intelligence, BYD, Renault, UBS reckons, Financial, Electric, European Union, Jefferies, Thomson Locations: China, Europe, Italy, Europe’s, Germany, Norway, Latvia, Bulgaria, Britain, Polo . China, Western, EU

☆ New boss will be EIB’s chance to stay relevant
▼ + stars: | 2023-09-07 | by ( Rebecca Christie | ) www.reuters.com time to read: +5 min

Flags are seen behind the logo of the European Investment Bank in the city of Luxembourg, Luxembourg, March 25, 2017. Reuters/Eric Vidal Acquire Licensing RightsBRUSSELS, Sept 7 (Reuters Breakingviews) - The European Investment Bank has a chance to remake itself when it gains a new leader next year. The EIB has been making infrastructure loans since 1958, and now channels some 65 billion euros in annual financing to the economy. To do that, the next EIB chief will need to let the bank shoulder more risk, as suggested by Vestager on Thursday. By comparison, the World Bank has $240 billion loans outstanding.

Persons: Eric Vidal, Werner Hoyer, Nadia Calviño, Denmark’s Margrethe Vestager, Daniele Franco, Teresa Czerwińska, Thomas Östros, Vestager, Margrethe Vestager, Spain’s Nadia Calviño, Poland’s Teresa Czerwińska, Italy’s Daniele Franco, Sweden’s Thomas Östros, Denmark’s Vestager, Neil Unmack, Streisand Neto Organizations: European Investment Bank, Reuters, Rights, Spanish, World Bank, AAA, European Union, Financial Times, European Investment, Union, Thomson Locations: Luxembourg, Rights BRUSSELS, Italian, Europe, Ukraine, France, Spain

☆ Direct Line stays in ditch but now faces right way
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +2 min

Vehicles are seen on the M1 motorway in Milton Keynes following the outbreak of the coronavirus disease (COVID-19), Milton Keynes, Britain May 11, 2020. REUTERS/Andrew Boyers Acquire Licensing RightsLONDON, Sept 7 (Reuters Breakingviews) - Direct Line (DLGD.L) is still in the ditch. The good news is that the company is at least now facing the right way. Direct Line’s scope to actually exit its ditch hinges on customers swallowing the price rises it’s belatedly pushing through. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Milton Keynes, Andrew Boyers, Adam Winslow, George Hay, Hong Kong, Neil Unmack, Streisand Neto Organizations: REUTERS, Reuters, RSA, X, Hong, Thomson Locations: Milton Keynes, Britain

☆ Saudi’s sweetened oil lollipop betrays its nerves
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

LONDON, Sept 6 (Reuters Breakingviews) - Prince Abdulaziz bin Salman thinks he needs to sweeten his oil lollipop. The Saudi energy minister has announced that the world’s top oil exporter will extend its 1 million barrels a day production cuts for another three months until the end of this year. On the surface, global trends are helpful for oil, reducing the need for extended OPEC+ cuts. Besides uncertainties over the effectiveness of China’s latest property measures, one surprise has been the strength of Iranian supplies, which are set to rise by 1 million barrels this year to 3.5 million barrels per day by late September. Moreover, Washington may not sit idly by if higher oil prices sabotage the Federal Reserve’s inflation target and damage the economy.

Persons: Prince Abdulaziz bin Salman, Brent, Yawen Chen, Hong Kong, Neil Unmack, Streisand Neto Organizations: Reuters, Organization of, Petroleum, X, Hong, Thomson Locations: Saudi, Russia, U.S, China, Washington

☆ UBS cost-cut gains are a double-edged sword
▼ + stars: | 2023-08-31 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

LONDON, Aug 31 (Reuters Breakingviews) - UBS’s (UBSG.S) acquisition of Credit Suisse looks increasingly good – maybe a little too good. There were three key questions for shareholders ahead of UBS’s delayed second-quarter results on Thursday, its first since completing the emergency rescue of Credit Suisse in June. And what would UBS do with Credit Suisse’s local business? He’s keeping Credit Suisse’s Swiss business, which allows him to establish a dominant position at home and wring out juicy cost savings. And while some Credit Suisse businesses are disappearing, Ermotti won’t mind.

Persons: Boss Sergio Ermotti, Ralph Hamers, UBS’s, Ermotti, it’s, Sergio Ermotti, Neil Unmack, Streisand Neto Organizations: Reuters, Credit Suisse, UBS, Credit, Suisse’s, Suisse, Swiss Competition, Thomson Locations: Suisse’s Swiss, Switzerland, Schweiz

☆ Pernod Ricard shares face a lengthy dry spell
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +2 min

A glass of cognac is pictured on a bar in the Manhattan borough of New York City, November 13, 2015. REUTERS/Mike Segar Acquire Licensing RightsLONDON, Aug 31 (Reuters Breakingviews) - Pernod Ricard (PERP.PA) shareholders have few reasons to cheer. The owner of Mumm champagne and Absolut Vodka said that China’s property crunch was making wholesalers cautious and keeping punters out of nightclubs. China has been a key source of growth for drink-makers: helped by Asia, Pernod Ricard’s sales outside of Europe and the Americas grew 17% in 2023. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Mike Segar, Pernod Ricard, Mumm, Remy Cointreau, Aimee Donnellan, Mukesh Ambani’s, Neil Unmack, Oliver Taslic Organizations: REUTERS, Reuters, Investors, Pernod, Diageo, X, Thomson Locations: Manhattan, New York City, U.S, China, Asia, Europe, Americas

HONG KONG, Aug 23 (Reuters Breakingviews) - Volkswagen’s (VOWG_p.DE) China shortcut sets a tricky roadmap for its western rivals. An increasingly competitive Chinese market means others may also need to plot a new route. VW’s western peers may feel they do not need to follow in its tracks. Second, VW’s Xpeng deal highlights how companies need to adapt quickly to stay relevant in China. Both partnerships will see the companies jointly develop intelligent, connected electric vehicles for the Chinese market.

Persons: China’s, that’s, Bernstein, Alix, Elon Musk’s, VW’s, Auto, Neil Unmack, Pranav Kiran, Thomas Shum Organizations: Reuters, HK, FAW, SAIC, VW, BMW, upstarts, Alix Partners, Elon, Mercedes, Benz, Nissan, General Motors, Honda, Toyota, Volkswagen, Volkswagen’s Audi, Zhejiang Leapmotor Technology, Jetta, Thomson Locations: HONG KONG, China, Xpeng, Kingdom, Shanghai, Hong Kong, Zhejiang

☆ Saudi binge is fiscal free kick for European clubs
▼ + stars: | 2023-08-18 | by ( Streisand Neto | ) www.reuters.com time to read: +3 min

The Saudi binge may help European teams raise funds and meet tough new financial rules. The Roshn Saudi League is a top scorer in the football transfer market. UEFA, the governing body for European football, has introduced new rules limiting clubs’ spending on wages, transfers and agent fees to 70% of revenue. European clubs should take the money before the referee's whistle blows. Saudi clubs have spent over 550 million euros buying players from European clubs in the 2023/2024 transfer season, according to Transfermarkt.

Persons: Al Hilal's, Neymar, Fahd bin Saad Al, Neymar da Silva Santos Júnior, Germain, Rúben Neves, Prince Mohammed bin Salman, Len Blavatnik, China’s, Oscar, Marouane, Hilal, Cristiano Ronaldo, Karim Benzema, Neil Unmack, Thomas Shum, Pranav Kiran Organizations: Soccer, Al, Saudi Pro League, REUTERS Acquire, Reuters, Paris Saint, Saudi, Saudi Public Investment Fund, Britain’s Premier League, Premier League, Deloitte’s Sports Business, UEFA, Deloitte, Reuters Graphics Reuters, Bloomberg, BBC, Thomson Locations: Al Hilal, Paris, France, Saudi, Hilal, Saudi League, Al, Ittihad, Saudi Arabia, Riyadh, Kingdom, Saudi Arabian

☆ ECB core obsession raises risk of policy mistake
▼ + stars: | 2023-08-17 | by ( Francesco Guerrera | ) www.reuters.com time to read: +4 min

Headline inflation in the euro zone has halved in the past nine months and was 5.3% in July. Granted, both headline and core inflation are currently above the ECB’s 2% target. In fact, core tends to follow headline inflation because its narrower composition makes it stickier. That’s because, as the chair of the U.S. Federal Reserve Jerome Powell said recently, headline inflation is “really what the public experiences”. ECB President Christine Lagarde has pledged to be “data-dependent”.

Persons: Wolfgang Rattay, Martin Heidegger, that’s, Joachim Nagel, Germany’s Bundesbank, Klaas Knot, Lucrezia Reichlin, Michele Lenza, Jerome Powell, Christine Lagarde, Klaas, Neil Unmack, Oliver Taslic, Streisand Neto Organizations: European Central Bank, REUTERS, Reuters, ECB, Reuters Graphics Reuters, Financial Times, U.S . Federal, Eurostat, Central, Thomson Locations: Frankfurt, Germany, German, Ukraine

☆ BAE’s stratospheric space deal has sound logic
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: +2 min

People gather at the BAE Systems' booth during the Association of the United States Army (AUSA) Global Force Symposium & Exposition in Huntsville, Alabama, U.S. March 28, 2023. REUTERS/Cheney Orr/File Photo Acquire Licensing RightsLONDON, Aug 17 (Reuters Breakingviews) - BAE (BAES.L) is showing off its deep pockets. On Thursday, the $37 billion maker of war ships and armored vehicles said it will splurge over $5.5 billion in cash on Ball Corp’s (BALL.N) aerospace arm. BAE CEO Charles Woodburn beat off private equity bidders including Blackstone (BX.N) to seal the deal, which bulks up his exposure to civil and military space surveillance solutions. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Cheney Orr, Ball, Charles Woodburn, Woodburn, Woodburn’s pricey, Aimee Donnellan, EY’s loveless, Neil Unmack, Streisand Neto Organizations: BAE Systems, Association of, United States Army, Global, REUTERS, Reuters, BAE, Blackstone, Ball Aerospace, Twitter, TPG, Thomson Locations: Huntsville , Alabama, U.S

☆ High services costs make UK rate-cutting laggard
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +2 min

Governor of the Bank of England Andrew Bailey speaks as he attends a press conference for the Monetary Policy Report August 2023, at the Bank of England in London, Britain, August 3, 2023. Alastair Grant/Pool via REUTERS Acquire Licensing RightsLONDON, Aug 16 (Reuters Breakingviews) - UK inflation is slowing, according to many metrics. Unfortunately, those are not the ones the Bank of England values the most. Prices in that category grew 7.4% in July, faster than June’s 7.2%, due to more expensive restaurants, hotels and airfares. Policymakers keep a close eye on services’ prices and wage growth, which hit a record in the three months to June.

Persons: Bank of England Andrew Bailey, Alastair Grant, Andrew Bailey, Bailey, Francesco Guerrera, Exor’s Philips, Bain, Neil Unmack, Streisand Neto Organizations: Bank of England, Monetary, REUTERS Acquire, Reuters, Bank of, Office, National Statistics . Services, European Central Bank, U.S . Federal Reserve, Twitter, FC Barcelona’s, Messi, Thomson Locations: London, Britain, Bank of England, June’s

☆ TPG dangles messy end for EY’s loveless marriage
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +2 min

On Monday, the Financial Times reported that private equity firm TPG (TPG.O) had approached EY about buying a stake in its consulting arm. Back in May of last year when EY’s split was leaked to the press, valuations were much more attractive. If TPG pushes for a full breakup, EY would still have to work out how to divvy up its tax advice business between audit and consulting. Given the challenges, EY may well decide it’s better to soldier on with an awkward marriage than risk a messy divorce. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: EY’s, EY, Aimee Donnellan, Exor’s Philips, Bain, Neil Unmack, Oliver Taslic Organizations: Reuters, Financial Times, TPG, Big, Partners, Twitter, Thomson

A Russian rouble banknote is seen in front of a descending and rising stock graph in this illustration taken March 1, 2022. So it’s no surprise that a day after prodding by a Kremlin official, the central bank announced an emergency rate increase of 350 basis points to 12%. Stricter fiscal or monetary policies would hurt an economy weakened by the war effort and Western sanctions. After a record high in 2022, it fell 85% in the first seven months of the year, to some $25 billion, according to the Russian central bank. Before the plunge in the currency, the central bank forecast prices rising 5% to 6.5% this year, above its 4% target.

Persons: Dado Ruvic, Vladimir Putin, it’s, Putin, Elvira Nabiullina, Vladimir Putin’s, Maxim Oreshkin, Neil Unmack, Oliver Taslic Organizations: REUTERS, Reuters, Kremlin, Reuters Graphics Reuters, Thomson Locations: Russia, Russian, Europe

☆ Exor’s Philips bet looks well-timed
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +2 min

The Agnelli family’s investment company on Monday said it bought a 15% stake in the toothbrushes-to-defibrillators group for 2.6 billion euros ($2.8 billion). Philips’ shares are down some 62% since the peak in April 2021, and it now looks much cheaper than the sum of its parts. Based on peer multiples, its diagnostics business could be worth 14 times 2024 EBITDA, while its connected care unit, which helps hospitals manage patient data, might be valued at 18.5 times EBITDA. Lastly, throw in the consumer division, which makes toasters and TVs, and could fetch 12 times EBITDA. Using Refinitiv forecasts, that would imply a total enterprise value of 33 billion euros, and equity of some 24 billion euros, after taking off debt and 2.4 billion euros for legal costs estimated by Bernstein analysts.

Persons: John Elkann, Agnelli, Philips ’, EBITDA, Bernstein, Roy Jakobs, Philips, Karen Kwok, Bain, BoE, Neil Unmack, Streisand Neto Organizations: Reuters, Koninklijke Philips, U.S . Department of Justice, Philips, Twitter, FC Barcelona’s, Messi, Siemens, Thomson

☆ OPEC’s oil sweet spot may not last long
▼ + stars: | 2023-08-11 | by ( Yawen Chen | ) www.reuters.com time to read: +5 min

True, a likely El Niño weather event could bring a colder winter, boosting demand for gas and oil. Saudi Arabia has already extended its extra million barrels per day cut until September. At the same time Saudi Arabia pledged a voluntary production cut for July that it has since extended to include August and September. Saudi Arabia told OPEC that it cut output by 943,000 barrels per day (bpd) in July to 9.013 million bpd, Reuters reported on Aug. 10. OPEC’s total output fell by 836,000 bpd to 27.31 million bpd in the same month.

Persons: Prince Abdulaziz bin Salman, Goldman Sachs, Abdulaziz’s, Joe Biden, Neil Unmack, Oliver Taslic Organizations: Reuters, of, Petroleum, OPEC, International Energy Agency, Federal Reserve, Traders, U.S, Federal, Organization of, Brent, West Texas, Thomson Locations: Saudi, Russia, OPEC, Saudi Arabia, U.S, China, Gulf Coast, Iran

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