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A view of logo of the Organization of the Petroleum Exporting Countries (OPEC) at their headquarters in Vienna, Austria, June 2, 2023. REUTERS/Leonhard Foeger/File Photo Acquire Licensing RightsSummary OPEC+ had been scheduled to meet on SundayOil drops almost 5% as delay raises questions about output cutsDelay shows there are some different views in group - analystDUBAI/LONDON, Nov 22 (Reuters) - OPEC+ has delayed a ministerial meeting expected to discuss oil output cuts to Nov. 30 from Nov. 26, OPEC said in a statement on Wednesday, a surprise development that sparked a further drop in oil prices. The delay to the meeting into next week might be to allow more time for countries to discuss both compliance with existing output cuts and potential additional cuts, an OPEC+ source said, declining to be named. Saudi Arabia, Russia and other OPEC+ members have already pledged oil output cuts of about 5 million barrels per day (bpd), or about 5% of daily global demand, in a series of steps that started in late 2022. This figure includes a 1 million bpd voluntary reduction by Saudi Arabia and a 300,000 bpd cut in Russian oil exports, both of which last until the end of 2023.

Persons: Leonhard Foeger, Giovanni Staunovo, Brent, Helima Croft, Nadine Awadalla, Nayera Abdalla, Ahmad Ghaddar, Vladimir Soldatkin, El, Alex Lawler, Jason Neely, Mark Potter, Kirsten Donovan Organizations: Organization of, Petroleum, REUTERS, Sunday, DUBAI, RBC Capital, Bloomberg News, Thomson Locations: Vienna, Austria, LONDON, Russia, OPEC, OPEC's Vienna, Saudi Arabia

☆ LVMH heir Antoine Arnault in spotlight after management shuffle
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +2 min

Antoine Arnault, 46, is also in charge of image and environment at LVMH, and credited with negotiating a high-profile deal for the company to sponsor next summer's Paris Olympic Games. He will remain chairman of Berluti, which he has managed since 2012, as well as another LVMH fashion brand Loro Piana. Jean-Marc Mansvelt, CEO of historic jewellery label Chaumet, will become CEO of Berluti, while Charles Leung, CEO of jewellery label Fred, will become CEO of Chaumet. The group will seek a successor for Leung, who recently created buzz by introducing high-end jewellery featuring lab-created diamonds. Reporting by Mimosa Spencer; editing by Jason Neely and Jane MerrimanOur Standards: The Thomson Reuters Trust Principles.

Persons: Antoine Arnault, Du, Bernard Arnault, Berluti, Maison, Toni Belloni, Jean, Marc Mansvelt, Charles Leung, Leung, Bernard Arnault's, Delphine Arnault, Dior, Mimosa Spencer, Jason Neely, Jane Merriman Organizations: LVMH, Olympic, Thomson Locations: Paris, PARIS, LVMH

☆ Explainer: OPEC+ oil policies: what cuts are already in place and what could change
▼ + stars: | 2023-11-21 | by ( Alex Lawler | ) www.reuters.com time to read: +3 min

This figure includes a 1 million bpd voluntary reduction by Saudi Arabia and a 300,000 bpd cut in Russian oil exports, both of which last until the end of 2023. OPEC+ at its last meeting in June extended oil output cuts of 3.66 million bpd, amounting to 3.6% of global demand, until the end of 2024. That figure comprises a 2 million bpd cut agreed in 2022, and a further 1.66 million bpd in voluntary cuts from nine OPEC+ countries agreed earlier this year. OPEC+ could further revise 2024 targets for Nigeria, Angola and Congo after reviews by outside analysts, it said in June. *** Russia's 500,000 bpd voluntary cut is from March 2023 to December 2024 to around 9.5 million bpd, according to Deputy Prime Minister Alexander Novak.

Persons: Alexander Manzyuk, Alexander Novak, Alex Lawler, Dmitry Zhdannikov, Jason Neely Organizations: REUTERS, OPEC, International Energy Agency, United Arab Emirates, Reuters, Saudi, Thomson Locations: Republic of Tatarstan, Russia, Saudi Arabia, Vienna, OPEC, Nigeria, Angola, Congo, Bahrain, Brunei, Malaysia, Sudan, South Sudan

Ministers from OPEC+, which groups the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, meet on Sunday in Vienna. Robust global oil prices this year and Moscow's growing use of a shadow tanker fleet have meant that much Russian oil has traded mostly above the Western oil cap price. Moscow-based independent oil analyst Alexei Kokin said the oil prices declined from "very comfortable" levels to "just comfortable" levels. Russia has budgeted the price of Urals, its flagship oil grade, at 4,788 roubles ($53.36) per barrel this year. However, the share of energy sales in the federal budget proceeds - which used to exceed 50% of total budget revenue - has drastically declined.

Persons: Alexander Manzyuk, Vladimir Putin, Alexei Kokin, Ronald Smith, Vladimir Soldatkin, Guy Faulconbridge, Jason Neely Organizations: REUTERS, Energy, OPEC, Organization of, Petroleum, BCS, Investments, Brent, Thomson Locations: Republic of Tatarstan, Russia, MOSCOW, Vienna, OPEC, U.S, China, Saudi Arabia, United States, Moscow

LONDON, Nov 21 (Reuters) - The shares and bonds of CPI Property Group (O5G.DE) fell sharply on Tuesday after short-selling hedge fund Muddy Waters said it had bet against the credit of the Luxembourg-based commercial landlord. In a report, seen by Reuters, the fund said CPI Property Group's controlling shareholder, Czech billionaire Radovan Vitek, had misstated the value of the company. CPI Property Group's Frankfurt-listed shares were last down 2.8% on the day, while the price of its 2027 medium-term note fell 3.5 cents on the day to 70.259, data from Tradeweb showed. Muddy Waters did not specify against which bond it had taken a short position and the company has several outstanding notes listed. CPI Property Group owns properties in Germany, the Czech Republic, Poland and elsewhere in Central and Eastern Europe.

Persons: Muddy Waters, Radovan Vitek, Nell Mackenzie, Amanda Cooper, Jason Neely Organizations: CPI, Reuters, Group's, CPI Property Group, Thomson Locations: Muddy, Luxembourg, Czech, Group's Frankfurt, Tradeweb, Germany, Czech Republic, Poland, Central, Eastern Europe

☆ UK borrowing figures give Hunt some room for tax cuts
▼ + stars: | 2023-11-21 | by ( William Schomberg | ) www.reuters.com time to read: +4 min

Government borrowing between April and October totalled 98.3 billion pounds ($122.49 billion), the Office for National Statistics (ONS) said on Tuesday. The data meant borrowing was running about 22 billion pounds higher than in the same period last year but almost 17 billion pounds less than the Office for Budget Responsibility (OBR) forecast in March, giving Hunt some fiscal room for manoeuvre. The ONS said that in October alone, public sector net borrowing, excluding state-owned banks, was 14.9 billion pounds last month. A Reuters poll of economists had pointed to public sector net borrowing, excluding state-owned banks, of 12 billion pounds in the month. The figure was also higher than the OBR's forecast for borrowing of 13.7 billion pounds in the month.

Persons: Jeremy Hunt, Laura Kuenssberg, Isabel Infantes, Hunt, Rishi Sunak, Sunak, Liz, Michal Stelmach, Stelmach, William Schomberg, Kate Holton, Jason Neely Organizations: BBC Broadcasting House, REUTERS, National Statistics, KPMG, Labour Party, ONS, Thomson Locations: London, Britain

Money market traders are betting September's hike was the last, with almost 90 basis points of rate cuts priced by the end of 2024. European shares underperforming their U.S. counterparts was a common expectation amongst the survey's European respondents as the robust American economy looks more likely to achieve a 'soft landing' than Europe. European shares are much cheaper than those in the U.S., possibly reflecting the worse economic outlook. The STOXX Europe 600 trades at over 12 times 12-month forward earnings, a 35.6% discount to the S&P 500 (.SPX). "Still, as the broader economic slowdown takes hold of the continent's markets, we expect to see a rather challenging second half of 2024."

Persons: Chris Beauchamp, Thomas Monteiro, Germany's DAX, Fiona Cincotta, Cincotta, Investing.com's Monteiro, Monteiro, Samuel Indyk, Danilo Masoni, Pranoy Krishna, Rahul Trivedi, Sarupya Ganguly, Jason Neely Organizations: IG, European Central Bank, ECB, Investing.com, FTSE, Bank of England, Thomson Locations: Europe, Germany, riskier, U.S, Bengaluru

☆ Why calls for oil embargo on Israel are unlikely to go anywhere
▼ + stars: | 2023-11-21 | by ( Ahmad Ghaddar | ) www.reuters.com time to read: +4 min

A view shows the logo of the Organization of the Petroleum Exporting Countries (OPEC) on their headquarters in Vienna, Austria, June 2, 2023. The conflict has led many analysts, oil market watchers and politicians to draw parallels with the 1973 OPEC embargo, when Arab oil producers cut off oil exports to several allies of Israel, including the United States and Britain, following the Israeli-Arab war that year. Analysts and OPEC sources, however, say that the energy world today is far different from 50 years ago, and play down any possibility of a new embargo. Last month, Iranian Foreign Minister Hossein Amirabdollahian urged members of the Organisation of Islamic Cooperation (OIC) to impose an oil embargo and other sanctions on Israel and expel all Israeli ambassadors. The embargo led to severe shortages with long queues forming at gas stations.

Persons: Leonhard Foeger, Israel, Hossein Amirabdollahian, Ayatollah Ali Khamenei, Ebrahim Raisi, JPM Morgan, Giovanni Staunovo, Morgan Bazilian, Mark Heinrich, Jason Neely Organizations: Organization of, Petroleum, REUTERS, Hamas, of, Reuters, Iranian, of Islamic Cooperation, OIC, Arab, Israel, GCC, Gulf Cooperation, UBS, Payne Institute, Thomson Locations: Vienna, Austria, Gaza, Iran, Israel, United States, Britain, Russia, OPEC, Riyadh, Saudi Arabia, Netherlands, Japan, U.S, Asia, China, India

☆ Germany's Scholz criticises Israel's settlements in occupied West Bank
▼ + stars: | 2023-11-18 | by ( Andreas Rinke | ) www.reuters.com time to read: +1 min

German Chancellor Olaf Scholz attends a press conference with Turkish President Tayyip Erdogan (not pictured) at the Chancellery in Berlin, Germany, November 17, 2023. REUTERS/Fabrizio Bensch/ File Photo Acquire Licensing RightsBERLIN, Nov 18 (Reuters) - German Chancellor Olaf Scholz criticised Israel's settlement policy in the occupied West Bank on Saturday and repeated calls for a two-state solution for Israel and the Palestinians. "We don't want any new settlements in the West Bank, no violence by settlers against the Palestinians in the West Bank," Scholz said during a visit to Nuthetal in Brandenburg state. The best outcome for Israelis and Palestinians remains the two-state solution, he said. Germany is not only on Israel's side, but together with the U.S., it is the largest donor of humanitarian aid for the Palestinians, the chancellor said.

Persons: Olaf Scholz, Tayyip Erdogan, Fabrizio Bensch, Scholz, Andreas Rinke, Maria Martinez, Kirsten Donovan, Jason Neely Organizations: Turkish, REUTERS, Rights, West Bank, U.S, Thomson Locations: Berlin, Germany, Israel, Nuthetal, Brandenburg

☆ Fan dies at Taylor Swift show in sweltering Rio de Janeiro
▼ + stars: | 2023-11-18 | by ( ) www.reuters.com time to read: +3 min

RIO DE JANEIRO, Nov 18 (Reuters) - A young Brazilian fan of U.S. singer Taylor Swift died in Rio de Janeiro on Friday night after falling ill inside the superstar's sweltering concert venue amid a record-breaking heatwave across large swathes of Brazil, prompting the government to mandate the provision of water during the tour. Swift said Benevides died "before my show" but Benevides' friends told local media that she became ill after the concert began. Swift is scheduled to perform in Rio on Saturday and Sunday followed by three shows in São Paulo between November 24 and 26. On Thursday, Rio's Christ the Redeemer statue welcomed Swift to town ahead of her first set of concerts. The more serious version is heat-stroke, when the body's core temperature goes above 105 degrees Fahrenheit (40.6 degrees Celsius).

Persons: Taylor Swift, Ana Clara Benevides, Nilton Santos, T4F, Salgado, Swift, Benevides, I'm, Flavio Dino, Wadih Damous, Rio's, Marcela Ayres, Gabriel Stargardter, Jason Neely, Diane Craft Organizations: RIO DE, Nilton, Hospital, Justice, Twitter, National Consumer, Thomson Locations: RIO DE JANEIRO, Brazilian, Rio de Janeiro, Brazil, Rio, São Paulo

☆ Russia's Urals oil from Baltic ports falls below $60 cap amid sanctions
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +1 min

MOSCOW, Nov 17 (Reuters) - Russia's Urals oil prices on Friday fell below the Western price cap level of $60 per barrel amid a rise in freight rates fuelled by fresh U.S. sanctions on shipowners and weaker global oil prices, two traders said and Reuters calculations showed. Russia's main export grade had been trading above $60 since mid-July amid output cuts by OPEC+ producers including Saudi Arabia and Russia. On Friday freight rates for Urals oil shipments from Russia's Baltic ports of Primorsk and Ust-Luga to India rose to $9.2-9.5 million per tanker per voyage from $8 million last week. Urals oil prices on a delivered ex-ship basis in Indian ports were stable at a discount of around $5 per barrel to dated Brent, traders said. High transportations costs weighed on FOB prices for Russian Urals oil, traders said, adding that amid weakness in Brent the grade's price was below $60 as of Friday.

Persons: Brent, Jason Neely Organizations: U.S . Treasury Department, United, Thomson Locations: MOSCOW, U.S, United Arab Emirates, Australia, Ukraine, Saudi Arabia, Russia, Primorsk, Ust, Luga, India, Brent

A sign is pictured outside an Eli Lilly and Company pharmaceutical manufacturing plant at 50 ImClone Drive in Branchburg, New Jersey, March 5, 2021. Incretins are peptide-based drugs such as Mounjaro that mimic gut hormones to suppress appetite and stimulate insulin secretion. Lilly said it had announced investments of more than $11 billion in global manufacturing in the past three years. Major production sites that Lilly runs outside of its U.S. home market are in Ireland, France, Spain, Italy and China. The new Alzey site will employ up to 1,000 highly skilled workers such as engineers, technicians and scientists, said Lilly.

Persons: Eli Lilly, Mike Segar, Lilly, Karl Lauterbach, Lauterbach, generics, Patrick Wingrove, Matthias Williams, Jason Neely, David Evans Organizations: Company, REUTERS, Rights, Reuters, U.S ., Novo Nordisk, European Union, pharma, The U.S ., Thomson Locations: Branchburg , New Jersey, Germany, Alzey, U.S, United States, Danish, Berlin, Fegersheim, France, European, Indiana , North Carolina, Limerick, Ireland, Spain, Italy, China, The U.S

☆ UK insurer Aviva posts 13% rise in nine-month premiums
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +2 min

A man walks past an AVIVA logo outside the company's head office in the city of London March 5, 2009. REUTERS/Stephen Hird (BRITAIN)/File Photo Acquire Licensing RightsLONDON, Nov 16 (Reuters) - British insurer Aviva (AV.L) on Thursday posted a 13% rise in its general insurance gross written premiums for the first nine months of the year, saying it would continue to return surplus capital to shareholders. Insurers have dealt with issues such as rising inflation and the higher cost of claims by increasing premiums. The life and general insurer, whose main markets are Britain, Canada and Ireland, reported premiums of 8 billion pounds ($9.91 billion), up from 7.2 billion a year earlier. "We see significant opportunities to generate further higher return, capital-light growth in the future as we prioritise these segments."

Persons: Stephen Hird, Amanda Blanc, Blanc, Eva Mathews, Carolyn Cohn, Huw Jones, Sherry Jacob, Phillips, Jason Neely Organizations: AVIVA, REUTERS, Aviva, RSA, Reuters, Thomson Locations: London, BRITAIN, British, Britain, Canada, Ireland, Bengaluru

☆ EU banks may face major hit if they need to sell bonds -Lagarde
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: 1 min

International Monetary Fund (IMF) Managing Director Christine Lagarde delivers a speech at the U.S. Chamber of Commerce in Washington, U.S., April 2, 2019. REUTERS/Kevin Lamarque/File photo Acquire Licensing RightsFRANKFURT, Nov 16 (Reuters) - European banks may suffer significant losses if they need to sell their bond holdings to raise cash, the European Central Bank's President Christine Lagarde said on Thursday. "EU banks’ holdings of fixed income securities could be marked down quite significantly, should they need to be sold," she told the annual conference of the European Systemic Risk Board, which she chairs. Reporting by Francesco Canepa; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: Christine Lagarde, Kevin Lamarque, Francesco Canepa, Jason Neely Organizations: Monetary Fund, U.S . Chamber of Commerce, REUTERS, Rights, Central Bank's, Thomson Locations: Washington , U.S

☆ EU asks Amazon to clarify its measures to protect customers
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: 1 min

The logo of Amazon is seen on the door of an Amazon Books retail store in New York City, U.S., February 14, 2019. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsBRUSSELS, Nov 15 (Reuters) - The European Commission on Wednesday said it had given Amazon (AMZN.O) until Dec. 6 to provide more information on measures the online retailer takes to protect customers against illegal products. Under new online content rules known as the Digital Services Act (DSA) which came into force recently, major online platforms are required to do more to take down illegal and harmful content or risk fines of as much as 6% of their global turnover. Reporting by Bart Meijer; editing by Charlotte Van Campenhout and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Bart Meijer, Charlotte Van Campenhout, Jason Neely Organizations: Amazon, REUTERS, Rights, European Commission, Digital Services, Thomson Locations: New York City, U.S, Rights BRUSSELS

☆ Commerzbank receives crypto custody licence in Germany
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: 1 min

Nov 15 (Reuters) - Commerzbank AG (CBKG.DE) on Wednesday said it has received a crypto custody licence in Germany, allowing it to build up a broad range of digital asset services, with particular emphasis on crypto assets. Reporting by Nilutpal Timsina in Bengaluru; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: Nilutpal, Jason Neely Organizations: Commerzbank, Thomson Locations: Germany, Bengaluru

☆ Ethio Lease set to wind down operations in Ethiopia
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +2 min

NAIROBI, Nov 15 (Reuters) - Equipment leasing company Ethio Lease, Ethiopia's only foreign-owned firm to obtain a financial services licence from the central bank, said on Wednesday it was winding down operations in the east African country. The National Bank of Ethiopia granted a financial services license to Ethio Lease in 2019 - the first such for a foreign firm - as part of the government's economic reforms aimed at opening up the economy. New York-based African Asset Finance Company, the owner of Ethio Lease, has instructed the company to begin the process of voluntary liquidation, Ethio Lease said in a statement. "Despite their sustained efforts, Ethio Lease and its investors have been unable to achieve resolution with the Ethiopian government." Ethio Lease's license enabled it to lease equipment such as MRI scanners, tractors and drilling rigs to companies that could not import such equipment themselves due to foreign exchange shortages.

Persons: Abiy Ahmed, Bhargav Acharya, Duncan Miriri, Jason Neely, Alexander Winning, Nellie Peyton, Sharon Singleton Organizations: Equipment, Ethio, National Bank of, Lease, African Asset Finance Company, Ethio Lease, birr, Ethiopian, Thomson Locations: NAIROBI, National Bank of Ethiopia, New York, birr, Johannesburg, Nairobi

Emirates airliners are seen on the tarmac in a general view of Dubai International Airport in Dubai, United Arab Emirates January 13, 2021. He told reporters Emirates would be prepared to order between 35 and 50 of the jets if Rolls-Royce improved both the durability and maintenance costs. Reuters reported on Monday that an order from Emirates for the largest version of the A350 appeared to be on hold over terms of engine guarantees with Rolls-Royce. With plans for an Emirates A350 order off the table for now, Airbus also saw a second major order from Turkish Airlines (THY) (THYAO.IS) slip off the show's agenda, industry sources said. Airbus said on Monday it had reached agreement "in principle" on a significant THY order.

Persons: Abdel Hadi Ramahi, Royce, Tim Clark, Christian Scherer, Trent XWB, Tim Hepher, Alexander Cornwell, Tom Hogue, Jason Neely Organizations: Emirates, Dubai International, United Arab Emirates, Rights, Airbus, Dubai, Boeing 777X, Royce, Reuters, GE, Boeing, Turkish Airlines, Thomson Locations: Dubai, United Arab, Rights DUBAI, Emirates, Egyptair, East, India

☆ Imperial Brands expects profit growth next year, raises dividend
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNov 14 (Reuters) - Imperial Brands (IMB.L) on Tuesday forecast revenue and profit growth next year led by the second half helped by pricing actions and investments in tobacco alternatives. The maker of Winston cigarettes, Backwoods cigars and Golden Virginia rolling tobacco reported an adjusted operating profit of 3.89 billion pounds ($4.78 billion) for the year ended Sept. 30, up from 3.69 billion. Imperial said next year it anticipates low-single-digit revenue growth, while it expects adjusted operating profit close to the middle of its mid-single digit range. This means adjusted operating profit will likely grow by low single digits in the first half, it continued. Imperial raised its annual dividend by 4%, and said its ongoing multi-year share buyback would increase 10% in 2024.

Persons: Dado Ruvic, Winston, Stefan Bomhard, Imperial, Eva Mathews, Emma Rumney, Subhranshu Sahu, Jason Neely Organizations: Imperial Brands, REUTERS, Thomson Locations: Virginia, Bengaluru, London

The IEA joins the Organization of the Petroleum Exporting Countries in raising its oil demand growth forecast for 2023. Demand in 2023 has been supported by resilient U.S. deliveries and record September demand from China, the IEA said. SLOWDOWN IN VIEWFor 2024, the IEA raised its oil demand growth forecast to 930,000 bpd from 880,000 bpd. OPEC and the IEA have clashed in recent years over issues such as the long-term oil demand outlook and the need for investment in new supplies. The IEA said the 2024 demand slowdown will arise as "the last phase of the pandemic economic rebound dissipates and as advancing energy efficiency gains, expanding electric vehicle fleets and structural factors reassert themselves."

Persons: Pascal, Brent, Natalie Grover, Alex Lawler, David Goodman, Jason Neely, David Evans Organizations: IPC Petroleum France, REUTERS, International Energy Agency, OPEC, IEA, Organization of, Petroleum, Thomson Locations: Soudron, Reims, France, Paris, Saudi Arabia, Russia, China, Libya, OPEC, Saudi, London

☆ Lloyd's of London SPAC venture scrapped due to volatile markets
▼ + stars: | 2023-11-13 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

A view shows the Lutine Bell during an event to mark accession of Britain's King Charles at the Lloyd's Building in the City of London, Britain, September 15, 2022. The special purpose acquisition company (SPAC) had unveiled plans to combine with London Innovation Underwriters (LIU) and raise additional funds to deploy in the Lloyd's of London insurance market. The SPAC has an end of year deadline to use funds raised for a takeover, and said it would not seek an extension. LIU said it would consider exploring alternative options to pursue its strategy of accessing the Lloyd's of London insurance market. The failed effort comes amid a dearth of new listings in London and concerns over its appeal as a capital markets hub, despite profits at Lloyds of London which are booming thanks to rising prices for insuring commercial risks.

Persons: Britain's King Charles, Sarah Meyssonnier, LIU, Huw Jones, Sinead Cruise, Jason Neely Organizations: City of, REUTERS, Financials, London Innovation Underwriters, Company, Corp, Lloyds of, Thomson Locations: City, City of London, Britain, London, Lloyds of London

☆ Tullow in $400 million debt deal, Ghana oil marketing pact with Glencore
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsNov 13 (Reuters) - Tullow Oil (TLW.L) said on Monday it signed a $400 million five-year debt deal with Glencore (GLEN.L) to help manage its senior notes maturing through 2026 and will see the trading house take over marketing the crude from its flagship Ghana oilfields. The facility "significantly de-risks" Tullow's ability to refinance its 2026 notes, Peel Hunt analysts wrote in a note. Tullow's shares were up 3.6% at 31.5 pence in early trade. The company also signed an oil marketing and offtake contract with Glencore for Tullow's crude oil entitlements in Ghana and Gabon. Tullow reiterated its free cashflow guidance of $800 million between this year and 2025.

Persons: Arnd, Rahul Dhir, Peel, Tullow, Radhika Anilkumar, Shadia Nasralla, Savio D'Souza, Jason Neely Organizations: REUTERS, Glencore Energy UK Ltd, Peel Hunt, Glencore, Thomson Locations: Baar, Switzerland, Ghana, Gabon, Bengaluru, London

☆ Greece starts process to sell 20% stake in National Bank
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +1 min

People walk outside the National Bank of Greece headquarters in Athens, Greece, January 17, 2022. REUTERS/Louiza Vradi/File photo Acquire Licensing RightsATHENS, Nov 13 (Reuters) - Greece on Monday announced plans to sell a 20% stake in National Bank of Greece (NBG) after concluding the sale of a 9% stake in Alpha Bank to UniCredit as it looks to divest from the country's lenders. It currently holds a 40.4% stake in NBG and a 27% stake in Piraeus Bank (BOPr.AT), Greece's third largest lender. NBG's shares were down about 1% at 5.39 euros at 1012 GMT on Monday, with the 20% stake valued at about one billion euros ($1.07 billion). Earlier on Monday, HFSF said it sold its 9% stake in Alpha Bank (ACBr.AT) to UniCredit for 293.5 million euros after an improved bid from the Italian bank.

Persons: Louiza, HFSF, Lefteris Papadimas, Jason Neely Organizations: National Bank of, REUTERS, Rights, Monday, National Bank of Greece, Alpha Bank, Hellenic, Stability, Piraeus Bank, Reuters, Global, Thomson Locations: National Bank of Greece, Athens, Greece, UniCredit, NBG

☆ Nepal to ban China's TikTok, alleges damaging social impact
▼ + stars: | 2023-11-13 | by ( Gopal Sharma | ) www.reuters.com time to read: +2 min

TikTok app logo is seen in this illustration taken, August 22, 2022. TikTok has already been either partially or completely banned by other countries, with many citing security concerns. Nepal's Minister for Communications and Information Technology Rekha Sharma said the decision to ban TikTok had been made at a cabinet meeting earlier on Monday. "Colleagues are working on closing it technically," Sharma told Reuters. Nepal's neighbour India banned TikTok along with dozens of other apps by Chinese developers in June 2020, saying that they could compromise national security and integrity.

Persons: Dado Ruvic, China's, TikTok, Technology Rekha Sharma, Sharma, Purushottam Khanal, Khanal, Pradeep Gyawali, Gopal Sharma, Sakshi Dayal, Jason Neely, Alexander Smith Organizations: REUTERS, Nepal's, Communications, Technology, Reuters, Nepal Telecom, Communist Party of Nepal, Marxist, Thomson Locations: Nepal, India, Pakistan

☆ Hungary's Orban says EU must not start membership talks with Ukraine
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +2 min

Hungarian Prime Minister Viktor Orban looks on as he attends a European Union leaders summit in Brussels, Belgium October 27, 2023. REUTERS/Johanna Geron/File Photo Acquire Licensing RightsBUDAPEST, Nov 10 (Reuters) - The EU must not start membership talks with Ukraine, Prime Minister Viktor Orban told state radio on Friday, stressing this was Hungary's "clear stance" on the issue. EU countries' leaders are due to decide in mid-December on whether to accept the Commission's recommendation to invite Kyiv to begin membership talks as soon as it meets final conditions. "Membership talks must not be started, this is the clear Hungarian stance," Orban said, adding that Brussels "owed Hungary money." Investors have been eyeing Budapest's talks with Brussels over the EU funds very closely.

Persons: Viktor Orban, Johanna Geron, Nationalist Orban, Orban, Budapest's, Krisztina, Jason Neely, Christina Fincher Organizations: European Union, REUTERS, Rights, EU, European Commission, Thomson Locations: Brussels, Belgium, EU, Ukraine, Hungary, Budapest

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