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☆ Ryanair hiring Ukraine staff in anticipation of return after war
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: 1 min

DUBLIN, Jan 30 (Reuters) - Ryanair (RYA.I) is hiring significant numbers of Ukrainian pilots and cabin crew so that it will be ready to return to the country when the war with Russia ends, Chief Executive Michael O'Leary said on Monday. "We are very committed to returning to Ukraine as soon as it is safe to do so," said O'Leary, who had said on the eve of the conflict that he was considering basing up to 20 aircraft in the country. "We are hiring quite a number of Ukraine pilots and cabin crew specifically so that we can ... restore bases in Ukraine if and when it is safe to do so," O'Leary told analysts after the release of third-quarter financial results. Writing by Conor Humphries Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Exclusive: India's LIC reviewing Adani response to short seller's allegation
▼ + stars: | 2023-01-30 | by ( Nikunj Ohri | ) www.reuters.com time to read: +2 min

[1/2] Life Insurance Corporation of India (LIC) logo is seen displayed in this illustration taken February 20, 2022. REUTERS/Dado Ruvic/Illustration/FilesNEW DELHI, Jan 30 (Reuters) - India's Life Insurance Corporation (LIC) (LIFI.NS) said on Monday it was reviewing the Adani Group's response to scathing criticism by a U.S. short-seller and would hold talks with the group's management within days. State-run LIC, the country's largest insurer, says it has invested 364.7 billion rupees ($4.47 billion) in Adani companies, about 1% of its assets under management. "Of course we are studying the 413-page reply given by Adani Group," Kumar said. ($1 = 81.6120 Indian rupees)Reporting by Nikunj Ohri Editing by David Goodman and Raju GopalakrishnanOur Standards: The Thomson Reuters Trust Principles.

LONDON, Jan 27 (Reuters) - Oil prices rose for a second session on Friday, buoyed by stronger than expected U.S. economic growth, strong middle distillate refining margins and hopes of a rapid recovery in Chinese demand. OPEC+ delegates meet next week to review crude production levels, with sources from the oil producer group expecting no change to current output policy. "The positive batch of data gave oil prices a lift," said PVM analyst Stephen Brennock. Gains on U.S. crude were capped by a 4.2 million barrel build in stocks at Cushing, the pricing hub for NYMEX oil futures, this week. Reporting by Shadia Nasralla Additional reporting by Sudarshan Varadhan in Singapore Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ British motor insurer Direct Line's CEO Penny James steps down
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +1 min

Jan 27 (Reuters) - Direct Line Insurance Group's (DLGD.L) chief executive of nearly four years, Penny James, will step down with immediate effect after the British motor and home insurer faced "significant headwinds" in recent months, the company said on Friday. James, who joined Direct Line as finance chief in late 2017, took over as CEO in May 2019 and steered the company through the COVID-19 pandemic, when motor insurers performed well as restrictions limited the number of drivers on the road, leading to fewer accidents. The appointment of a new CEO will allow the company to "reset and rebuild" after a "tumultuous time", JPMorgan analysts wrote in a note. The company appointed Chief Commercial Officer Jon Greenwood as acting CEO, with Chair Danuta Gray saying Greenwood would focus on driving performance and restoring the balance sheet. Spells of extreme weather in Britain over the past year have also led to more claims for subsidence and burst pipes.

REUTERS/Todd Korol/File Photo/File PhotoNEW YORK, Jan 26 (Reuters) - Oil prices rose about 2% on Thursday on expectations that global demand will strengthen as top oil importer China reopens its economy and on positive U.S. economic data. Brent futures rose $1.35, or 1.6%, to settle at $87.47 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 86 cents, or 1.1%, to settle at $81.01. "Crude prices got an unexpected boost from a U.S. economy that doesn’t want to break," said Edward Moya, senior market analyst at data and analytics firm OANDA. China has been easing stringent COVID-19 restrictions this month, with Beijing reopening borders for the first time in three years. The OPEC+ ministerial panel meeting on Feb. 1 is likely to endorse the oil producer group's current output levels, OPEC+ sources said.

☆ Dutch central bank fines cryptocurrency exchange Coinbase 3.3 mln euros
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +1 min

AMSTERDAM, Jan 26 (Reuters) - The Dutch central bank (DNB) has fined U.S. cryptocurrency exchange Coinbase (COIN.O) 3.3 million euros ($3.6 million) for failing to obtain the correct registration in the Netherlands before offering services. Cryptocurrency companies operating in the Netherlands have been obliged to register as money transmitters under the country's anti-money laundering rules since May 2020. The DNB said Coinbase was out of compliance between November 2020 and "at least" August 2022, before it successfully registered on Sept. 22, 2022. During that period "a large number of unusual transactions may have gone unnoticed by the investigative authorities", it said. The DNB said it had taken into consideration that Coinbase was one of the largest cryptocurrency companies and had a "significant number of customers in the Netherlands".

Jan 25 (Reuters) - Tesla Inc's (TSLA.O) aggressive price cuts have ignited demand for its electric vehicles, Chief Executive Elon Musk said on Wednesday, playing down concerns that a weak economy would throttle buyers' interest. However, Musk, who has missed his own ambitious sales targets for Tesla in recent years, said 2023 deliveries could hit 2 million vehicles, absent external disruption. He said he expected a "pretty difficult recession this year," but demand for Tesla vehicles "will be good despite probably a contraction in the automotive market as a whole." CYBERTRUCKThe company is relying on older products and Musk said its Cybertruck, its next new electric pickup truck, would not begin volume production until next year. Musk dismissed surveys that suggest his political comments on Twitter are damaging the Tesla brand.

☆ AB Volvo profit just short of forecast as supply strain lingers
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +1 min

[1/2] Volvo trucks are seen for sale in Linden, New Jersey, U.S., May 23, 2022. REUTERS/Andrew Kelly/File PhotoJan 26 (Reuters) - Swedish truck maker AB Volvo (VOLVb.ST) reported a slightly smaller rise than expected in fourth-quarter core profit on Thursday and proposed an extra dividend but warned that its supply chain struggles are set to linger. Adjusted operating profit at Volvo, a rival of German brands such as Daimler Trucks (DTGGe.DE), rose to 12.2 billion Swedish crowns ($1.19 billion) from 10.1 billion crowns a year earlier and an average forecast of 12.5 billion crowns from analysts in a Refinitiv poll. Chief Executive Martin Lundstedt said the business continued to be affected by a volatile supply chain for components as well as its supplier base being under financial pressure from high energy prices and input costs. The world's second-biggest truck manufacturer proposed an ordinary annual dividend of 7.00 crowns per share and a extra dividend of the same amount.

☆ Gas flows to Freeport LNG export plant resume, Refinitiv data shows
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +1 min

Jan 26 (Reuters) - Freeport LNG's long-shut liquefied natural gas (LNG) export plant in Texas started receiving small amounts of pipeline natural gas on Thursday, Refinitiv data shows. The flows were on track to reach only 22 million cubic feet per day (mmcfd) on Thursday, according to the data. The last time small amounts of gas started flowing to the plant from Jan. 14-19 - the company used it to maintain a flare system, according to sources familiar with the plant. With many analysts expecting the Freeport plant to remain shut until spring when demand for gas for heating will decline, U.S. gas futures fell to a 19-month low. Freeport, the second-biggest U.S. LNG exporter, is important to the gas market because prices and demand will likely rise once the plant restarts.

☆ Start-up and VC fund to move funds out of Israel over judicial plan
▼ + stars: | 2023-01-26 | by ( Steven Scheer | ) www.reuters.com time to read: +2 min

JERUSALEM, Jan 26 (Reuters) - An Israeli venture capital fund and a local startup are moving their bank accounts out of Israel, they said on Thursday, as opposition mounts against government plans to overhaul the country's judicial system. This is a painful but necessary business step," said Guez, a vocal critic of the government's judicial plans. Barnoach told the Calcalist financial daily that the reforms are like a "legal coup" that could lead to economic instability. He said his foreign investors are worried and they may not continue to invest in Israel if the reforms pass. An S&P Global Ratings analyst this month told Reuters that Israel's judicial reforms plan could pressure the country's sovereign credit rating.

☆ Oil falls $2/barrel on economic jitters, U.S. crude stock build
▼ + stars: | 2023-01-24 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

The U.S. economy "still could roll over and some energy traders are still sceptical on how quickly China's crude demand will bounce back this quarter," OANDA analyst Edward Moya said in a note. Euro zone business activity made a surprise return to modest growth in January, S&P Global's flash Composite Purchasing Managers' Index (PMI) showed. Crude oil prices in physical markets have started the year with a rally on increased buying from China after the relaxation of pandemic controls and on trader concern that sanctions on Russia could tighten supply. U.S. oilfield services firm Halliburton Co (HAL.N) said its shale oil-well fracking equipment remains fully booked with oil prices driving increased drilling. Investors have also piled back into petroleum futures and options at the fastest rate for more than two years as concerns over a global business cycle downturn eased.

☆ Oil dips $2 on global economic concerns
▼ + stars: | 2023-01-24 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

SummarySummary Companies U.S. business activity contracts in JanU.S. crude stocks likely to rise - pollOPEC+ panel unlikely to tweak oil policy at Feb. 1 meetingComing up: API inventory data at 2130 GMTHOUSTON, Jan 24 (Reuters) - Crude oil prices slipped on Tuesday on concerns about a global economic slowdown and an expected build in U.S. oil inventories. Euro zone business activity made a surprise return to modest growth in January, S&P Global's flash Composite Purchasing Managers' Index (PMI) showed. Yet British private sector economic activity fell at its fastest rate in two years. U.S. oilfield services firm Halliburton Co (HAL.N) said its shale oil-well fracking equipment remains fully booked with oil prices driving increased drilling. Investors have also piled back into petroleum futures and options at the fastest rate for more than two years as concerns over a global business cycle downturn eased.

☆ Oil dips $1 on global economic concerns
▼ + stars: | 2023-01-24 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

SummarySummary Companies U.S. business activity contracts in JanU.S. crude stocks likely to rise - pollOPEC+ panel unlikely to tweak oil policy at Feb. 1 meetingComing up: API inventory data at 2130 GMTHOUSTON, Jan 24 (Reuters) - Crude oil prices dipped on Tuesday on concerns about a global economic slowdown and expected build in U.S. oil inventories. Euro zone business activity made a surprise return to modest growth in January, S&P Global's flash Composite Purchasing Managers' Index (PMI) showed. Crude oil prices in physical markets have started the year with a rally on increased buying from China after the relaxation of pandemic controls and on trader concern that sanctions on Russia could tighten supply. U.S. oilfield services firm Halliburton Co (HAL.N) said its shale oil-well fracking equipment remains fully booked with oil prices driving increased drilling. Investors have also piled back into petroleum futures and options at the fastest rate for more than two years as concerns over a global business cycle downturn have eased.

☆ EU financial services need shake-up to benefit retail investors, top official says
▼ + stars: | 2023-01-24 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

[1/2] Mairead McGuinness, EU commissioner of financial services, financial stability and Capital Markets Union speaks during the European Parliament's plenary session in Brussels, Belgium November 23, 2020. This could include the ban on "inducements" or commission as part of efforts to give EU retail investors better value for money. Insurers and banks have already begun lining up to lobby against the potential ban on this sales model, which dominates how retail financial products are sold in the EU. Products sold through inducements are on average 35% more expensive than products sold where no inducements are paid, she said. EU states and the European Parliament would have the final say on any proposal to ban inducements.

☆ Oil steady as China reopening is balanced by economic concerns
▼ + stars: | 2023-01-24 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

LONDON, Jan 24 (Reuters) - Crude oil prices were steady on Tuesday as concerns about a global economic slowdown and expected build in U.S. oil inventories were offset by hopes of a fuel demand recovery from top importer China. This week traders are watching for more business data as corporate earnings season gathers momentum, offering clues to the health of economies around the globe. On the inventory side, U.S. stocks of crude oil and gasoline were expected to have risen last week while distillate stocks were forecast to fall, a preliminary Reuters poll showed on Monday. Goldman Sachs analysts expect commodities such as crude oil, refined petroleum products, LNG, and soybeans to rise on the back of a rebound in Chinese demand. Crude oil prices in physical markets have started the year with a rally on increased buying from China after the relaxation of pandemic controls and on trader concern that sanctions on Russia could tighten supply.

☆ Industrial tech group Hexagon flags positive momentum
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: +2 min

STOCKHOLM, Jan 24 (Reuters) - Industrial technology group Hexagon (HEXAb.ST) on Tuesday proposed a 9% increase to its dividend, with the Swedish company's new CEO flagging "good momentum" going into 2023. The maker of measurement and positioning systems and software had released fourth-quarter earnings on Monday after information security concerns prompted it to report results earlier than planned. Hexagon said on Monday that it had discovered an isolated event of unauthorised access on one email account containing information related to the results. We are well placed to deal with the global economy's many challenges and will continue to invest in new technologies." The former chief operating officer has been CEO since the end of 2022, succeeding Ola Rollen, who is set to become group chairman from May.

☆ Tank maker Rheinmetall raises sales view as Ukraine war boosts demand
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: +3 min

Shares in Rheinmetall, which together with Krauss-Maffei Wegmann makes the Leopard tanks Germany is under pressure from Kyiv and some allies to send to Ukraine, have risen 170% in the past year. For 2022 the company expects sales of 6.5 billion euros. A company spokesperson told media group RND that it could deliver 139 Leopard tanks to Ukraine if needed. It could also supply 88 older Leopard 1 tanks, the spokesperson said, without giving a timeframe for potential delivery. It said positives, including mid-term defence spending, had been priced into the stock.

The company wants to axe up to 2,500 jobs in product development and up to 700 in administrative roles, with German locations most affected, IG Metall said. Ford last year announced a $2 billion investment to expand production at its Cologne plant to make an all-electric model for the mass market. It also has a partnership with Volkswagen (VOWG_p.DE) to produce 1.2 million vehicles on the German carmaker's MEB electric platform over six years. That partnership remains in place, Ford and Volkswagen representatives said, though Ford's U.S. spokesperson added that Volkswagen's role in Ford's next generation of European electric vehicles was still to be determined. "We will not hold back from measures that could seriously impact the company, not just in Germany but Europe-wide."

☆ South African retailer TFG posts 17% third-quarter sales jump
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: 1 min

JOHANNESBURG, Jan 23 (Reuters) - South African retailer TFG (TFGJ.J) on Monday reported a 17.3% rise in third-quarter sales after Black Friday sales and holiday specials spurred demand for summer clothes and furniture. "TFG achieved a record Black Friday and Cyber Monday, with turnover exceeding 1 billion rand ($58.14 million) over these two days," the owner of Foschini and Markham clothing brands said. ($1 = 17.1985 rand)Reporting by Nqobile Dludla Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Insurer ASR to consider sale of bank acquired in Aegon deal, source says
▼ + stars: | 2023-01-23 | by ( Pablo Mayo Cerqueiro | ) www.reuters.com time to read: +2 min

LONDON/AMSTERDAM, Jan 23(Reuters) - Dutch insurer ASR (ASRNL.AS) will consider a sale of its banking arm after completing its acquisition of rival Aegon's (AEGN.AS) domestic operations, a source close to the matter told Reuters. The lending business, however, is likely to be put up for sale, given ASR's previous stance on banking operations, the source said on condition of anonymity because the discussions are private. ASR labelled its original banking arm, ASR Bank, as "non-core" in 2018 and sold part of it to rival Achmea the following year. Aegon Bank had 16.2 billion euros ($17.6 billion) in assets on its balance sheet at the end of 2021, with 735.2 million euros of equity. ASR paid 2.5 billion euros in cash for Aegon's Dutch operations, with Aegon to retain a 30% stake in the enlarged group.

☆ Struggling Everton sack manager Lampard - reports
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +2 min

[1/5] Soccer Football - Carabao Cup Second Round - Fleetwood Town v Everton - Highbury Stadium, Fleetwood, Britain - August 23, 2022 Everton manager Frank Lampard before the match Action Images via Reuters/Ed SykesJan 23 (Reuters) - Everton have sacked manager Frank Lampard, British media reported on Monday, after a poor run of form that has left the Premier League club in a relegation battle. Lampard was appointed by Everton in January 2022 after he managed Chelsea from 2019-2021 and Derby County in the second tier in 2018-19. The 44-year-old was sacked as Chelsea manager in January 2021, having returned to the west London club where he holds the goalscoring record. He took over at Everton after the Merseyside club parted ways with Rafa Benitez, continuing the managerial revolving door at a club struggling to revive former glories. Everton next host leaders Arsenal on Feb. 4 followed by the Merseyside derby at Liverpool on Feb. 13.

☆ Russia ramps up January oil exports, India remains top buyer
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +1 min

Around 70% of January cargoes of Urals oil are heading to India, according to traders' data and Reuters calculations. India has been a top buyer of the Russian grade for several months now, filling the void left by EU buyers. In December India's oil imports jumped to a five-month record amid active buying of the Russian oil. Russia loaded 4.7 million tonnes of Urals and KEBCO from Baltic ports in December, traders said and Refinitiv data showed. Last year Kazakhstan changed the name of the oil it exports via Russian sea ports, from Urals to Kazakhstan Export Blend Crude Oil (KEBCO), dissociating it from oil originating in Russia to avoid sanction risks and issues with financing.

The government had been preparing a third and final annual dispensation to cover the 2023 sugar beet crop. Sugar beet growers group CGB condemned the "brutality of the decision" a few weeks before spring planting. That could further discourage sugar beet growers who faced drought-related yield losses last year and put a question mark over sugar production capacity. "When sugar manufacturers don't have enough sugar beet they have to close. The EU court's ruling followed a challenge to a similar exemption for neonicotinoid use on sugar beet in Belgium.

☆ Orsted shares slide on 2023 outlook
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +2 min

Companies Orsted A/S FollowCOPENHAGEN, Jan 20 (Reuters) - Shares in Danish energy company Orsted (ORSTED.CO) tumbled by more than 7% on Friday after announcing a writedown on a large U.S. offshore wind project and an earnings forecast for 2023 that fell short of analyst estimates. Late on Thursday Orsted, the world's biggest offshore wind farm developer, announced a 2.5 billion Danish crown ($366 million) writedown on its Sunrise Wind project off the coast of New York, citing changes to its earnings projections. Orsted expects 2023 earnings before interest, tax, depreciation and amortisation (EBITDA) excluding new partnerships of 20-23 billion crowns, short of the 24.2 billion crowns expected by analysts in a company-compiled consensus. Shares in Orsted were trading 6.6% down by 0937 GMT. Announcing preliminary results for 2022, the company said it expects EBITDA excluding new partnerships at 21.1 billion crowns.

☆ Four countries urge EU to set end date for new CO2-emitting trucks
▼ + stars: | 2023-01-20 | by ( Kate Abnett | ) www.reuters.com time to read: +2 min

The European Commission is set to propose tougher CO2 standards next month for heavy goods vehicles to comply with the bloc's climate change goals. It has already set more ambitious targets for cars, including a 2035 deadline for all new cars sold in Europe to have zero CO2 emissions. Next month's EU proposal should set a 100% zero emissions target for heavy duty vehicles, the four countries said. They did not specify a target date but said it must comply with the EU's goal to have zero net greenhouse gas emissions across its economy by 2050. Growing demand for freight transport raised CO2 emissions from heavy duty vehicles each year from 2014 until the COVID-19 pandemic brought a temporary reduction in 2020, the EU environment agency says.

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