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Lufthansa has offered to buy an initial minority stake in ITA, Italy's state-owned successor to Alitalia, it said on Wednesday. "This may be the next step in European airline consolidation," said Bernstein analyst Alex Irving, citing Portugal's national airline, TAP, as a prime target. Lufthansa, Air-France KLM (AIRF.PA) and British Airways owner IAG (ICAG.L) are potential buyers, analysts said. "At the same time, however, we closely monitor consolidation in the European airline market." Michael O'Leary, the outspoken CEO of fellow low-cost airline Ryanair (RYA.I), also weighed in with his predictions this week.

Brent futures rose 72 cents, or 0.8%, to $86.64 a barrel by 11:46 a.m. EST (1646 GMT), while U.S. West Texas Intermediate (WTI) crude rose 94 cents, or 1.2%, to $81.12. But the data still beat analysts' forecasts after China started rolling back its zero-COVID policy in early December. The lifting of COVID-19 restrictions in China is set to boost global oil demand to a record high this year, according to the International Energy Agency (IEA), while price cap sanctions on Russia could dent supply. A report showing U.S. retail sales fell more than expected in December provided some counterintuitive support for oil prices. A weaker dollar can boost demand for oil, as dollar-denominated commodities become cheaper for holders of other currencies.

☆ Davos 2023: China to boost oil demand by up to 500,000 bpd, OPEC tells Sky News Arabia
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: 1 min

DAVOS, Jan 17 (Reuters) - Chinese appetite for oil is expected to raise demand by 500,000 barrels per day after the country curbed its COVID-19 restrictions, OPEC Secretary General Haitham al-Ghais told Abu Dhabi-based Sky News Arabia from Davos on Tuesday. Demand from India and China could compensate for shrinkage expected from developed countries, he added. Separately, Al-Ghais said it is still early to assess the impact of sanctions on Russian oil supply. Reporting by Nadine Awadalla and Yomna Ehab Editing by Clauda Tanios Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ EU plans changes to pharmaceuticals law to avoid medicine shortages
▼ + stars: | 2023-01-17 | by ( Maggie Fick | ) www.reuters.com time to read: +1 min

Jan 17 (Reuters) - Proposed changes to a European Union pharmaceuticals law will include stronger obligations for the supply of medicines and earlier notifications of shortages, EU Health Commissioner Stella Kyriakides said on Tuesday. Kyriakides told a session of the European Parliament that shortages of antibiotics are a growing problem for many European countries. "Our objective is and remains to secure access to medicines for all patients in need and to avoid any market disruption of medicines in the EU," Kyriakides said. Shortages of antibiotics have been reported in 26 European countries, the European Medicines Agency says. The unseasonably early upsurge in respiratory infections in Europe this winter and insufficient production capacity are the root causes of the shortages, Kyriakides said.

☆ Didi's China ride-hailing app back on some app stores
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Jan 17 (Reuters) - Didi Global's Chinese ride-hailing app returned to some Android app stores on Tuesday, according to Reuters checks and a source with direct knowledge of the matter, signalling its emergence from around 1-1/2 years of regulatory troubles. Didi has been awaiting approval to resume new user registrations and downloads of its 25 banned apps in China as a key step to return to normal business since its regulatory problems started in mid-2021. Its 25 mobile apps were then ordered to be taken down from app stores, the registration of new users was suspended, and it was fined $1.2 billion over data-security breaches. Didi said in a statement on Monday it had been given the green light from domestic regulators to resume new user registrations for its core ride-hailing app from Monday. Reporting by Yingzhi Yang and Julie Zhu Editing by David Goodman and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Jan 16 (Reuters) - Oil prices slipped on Monday but were holding near their highest levels this month as easing COVID restrictions in China raised hopes of a demand recovery in the world's top crude importer. U.S. West Texas Intermediate crude was down $1.01, or 1.3%, at $78.85 in thin trade on a U.S. public holiday. "The narrative that Chinese growth is going to add to demand is playing a very large part here. Traffic levels in China are rebounding from record lows after the easing of COVID-19 restrictions, resulting in stronger demand for crude and oil products, ANZ analysts said in a note. The United Arab Emirates' energy minister, Suhail al-Mazrouei, said on Monday that oil markets were balanced.

The ban is likely to create a diesel supply shortfall that Europe hopes to fill with Chinese fuel, some of which will be produced from Russian crude. China has raised its first batch of 2023 export quotas for refined oil products by nearly half from a year ago. "But without Chinese exports pushing swing barrels westward, Europe is unlikely to replace the 0.5 million bpd loss in Russian diesel exports come the embargo," Energy Aspects analysts said. Russia has long been the main diesel supplier for Europe, where refineries do not produce enough to meet domestic demand from its large diesel car fleet. Reuters GraphicsAn EU ban on Russian crude imports that took effect in December will be broadened to include refined fuels from Feb. 5.

☆ Rolls-Royce seeks to progress mini nuclear plants by site visits
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +2 min

Companies Rolls-Royce Holdings PLC FollowLONDON, Jan 13 (Reuters) - British engineering company Rolls-Royce (RR.L) has begun to assess potential sites for mini nuclear reactors it aims to connect to the country's power grid by the end of the decade. Britain also needs to replace ageing nuclear plants as all but one of its nuclear sites, which generate around 13% of the country's electricity, are scheduled to close by 2030. The power plants will be about the size of two soccer fields and power one million homes. Rolls-Royce has short-listed three sites for the factory to make the SMRs, two in the northeast of England and one in north Wales. Reporting by Sarah Young Editing by David Goodman and Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

☆ Hitachi and Petrofac to work on TenneT offshore power conversion stations
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: 1 min

AMSTERDAM, Jan 13 (Reuters) - TenneT, the Dutch-German electricity grid operator, has struck an agreement for Hitachi Energy (6501.T) and Petrofac (PFC.L) to work on two 2 gigawatt (GW) conversion stations it is planning in the North Sea, the company said on Friday. Financial terms were not disclosed, but TenneT said it expects to award full framework contracts this quarter. TenneT is building the conversion stations to collect electricity from offshore wind farms and send it onshore efficiently. The company has been engaged to connect about two thirds of the 65 GW in offshore wind capacity targeted by Germany, the Netherlands, Denmark and Belgium by 2030. (This story has been refiled to fix the typo in Hitachi in the headline)Reporting by Toby Sterling Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Bulgaria clears way to take control of Lukoil oil refinery if needed
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +1 min

The 196,000 barrel per day refinery, the biggest fuel producer in Bulgaria, has switched to processing only Russian crude after the country was granted an exemption from the European Union's ban on imports of Russian oil over the invasion of Ukraine. Under the exemption to the end of 2024, the refinery cannot export fuels or oil products from Feb. 5 - with exception of deliveries to Ukraine. The refinery can also export by-products that cannot be safely stored in Bulgaria and could pose an environmental hazard. Lukoil Neftochim has previously said it could be forced to shut down if it cannot export its output. A special representative can also be appointed if the refinery breaches competition rules or European Union sanctions.

☆ BlackRock quarterly profit slips on lower fee income
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +1 min

Jan 13 (Reuters) - BlackRock Inc (BLK.N) reported an 18% drop in fourth-quarter profit on Friday, hit by a global market rout that squeezed fee income. Analysts on average had expected a profit of $8.11 per share, according to IBES data from Refinitiv. Full-year revenue declined by 8% last year, "primarily driven by the impact of significantly lower markets and dollar appreciation on average AUM and lower performance fees", a BlackRock statement said. For the whole of 2022 BlackRock inflows reached more than $300 billion. Reporting by Mehnaz Yasmin in Bengaluru and Davide Barbuscia in New York Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Chevron, Exxon and Total keen to invest in India, says minister
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, Jan 13 (Reuters) - Global energy majors Chevron Corp (CVX.N), Exxon Mobil Corp (XOM.N) and TotalEnergies (TTEF.PA) are interested in investing in India's oil and gas exploration and production sector, the country's oil minister said in a speech on Friday. India, the world's third biggest oil importer and consumer, buys more than 84% of its oil needs from overseas and wants to quickly monetise its hydrocarbon reserves to reduce its dependence on costly imports. "India is ready to explore opportunities for joint development production of oil and gas assets for mutual benefit and also invites investment in our domestic E&P (exploration and production) sector," Hardeep Singh Puri said. The minister added that India aims to double the area under oil and gas exploration to 500,000 sq km by 2025. Reporting by Nidhi Verma Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Italian watchdog fines online retailer YNAP more than $5 mln
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +1 min

ROME, Jan 13 (Reuters) - Italy's antitrust agency has fined online fashion retailer YOOX Net-A-Porter (YNAP) 5.25 million euros ($5.69 million) over misleading pricing and its returns policy, the regulator said on Friday. YNAP did not immediately respond to an emailed request for comment. The regulator said the violations took place between 2019-2022. The business was controlled by Swiss luxury group Richemont (CFR.S) until last year, when it sold a majority stake to luxury e-commerce specialist Farfetch (FTCH.N) and Dubai Mall developer Mohamed Alabbar. ($1 = 0.9229 euros)Reporting by Alvise Armellini Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Greek PM dashes hopes of swift return of Parthenon marbles
▼ + stars: | 2023-01-11 | by ( Renee Maltezou | ) www.reuters.com time to read: +3 min

ATHENS, Jan 11 (Reuters) - Greek Prime Minister Kyriakos Mitsotakis on Wednesday dismissed reports of an imminent repatriation of the Parthenon sculptures known in Britain as the Elgin marbles. Greece has accused Lord Elgin of theft and does not recognise the British Museum as owner of the sculptures. [1/3] A man looks at the Parthenon Marbles, a collection of stone objects, inscriptions and sculptures, also known as the Elgin Marbles, on show at the British Museum in London October 16, 2014. The British Museum has always rejected returning the parts in its collection, which include about half of the 160 metre (525 ft) frieze that adorned the Parthenon. Many countries have pressured British institutions to return looted artefacts, especially given that the British Museum only displays about 1% of its collection.

U.S. West Texas Intermediate (WTI) crude rose $2.29, or 3.1%, to settle at $77.41. Global equities were up on hopes that U.S. inflation and earnings figures due on Thursday will indicate a resilient economy and result in a slower pace of interest rate hikes. Oil demand is coming back and expectations are high that China’s demand is about to skyrocket," said Edward Moya, senior market analyst at data and analytics firm OANDA. Analysts polled by Reuters had forecast a 2.2 million-barrel decline in crude stocks, and industry data from the American Petroleum Institute (API) showing a 14.9 million-barrel build. ,EIA this week forecast U.S. crude production will reach all-time highs in 2023 and 2024.

☆ Oxbotica raises $140 mln to deploy self-driving commercial vehicles
▼ + stars: | 2023-01-11 | by ( Nick Carey | ) www.reuters.com time to read: +2 min

LONDON, Jan 11 (Reuters) - Self-driving software startup Oxbotica has raised $140 million from investors to speed deployment of autonomous vehicles (AVs) in areas including heavy industry, ports and airports. The Series C round includes funding from new investors including Japanese insurer Aioi Nissay Dowa Insurance, the venture capital arm of software company Trimble (TRMB.O) and the venture capital arm of Japanese oil refiner Eneos (5020.T). Oxbotica has now raised about $225 million in total and the company said that additional investors are expected to sign up before the funding round closes in a few months. Once regulations catch up with the industry, the company will start running tests on limited routes for Ocado in 2025, Jackson said. "The proceeds (of this funding round) will really accelerate deployment for our commercial customers."

☆ German premium car brands handled supply chain woes better than VW
▼ + stars: | 2023-01-10 | by ( Victoria Waldersee | ) www.reuters.com time to read: +3 min

[1/4] The new hybrid-electric BMW XM is displayed at the BMW manufacturing plant in Greer, South Carolina, U.S., October 19, 2022. Though the fourth quarter provided universal relief for the carmakers, China's extensive lockdowns early in the year were particularly hard on sales volumes. Audi's deliveries fell 3.9% to 1.61 million, with Europe the only region to register marginal growth after an 18.7% jump in German sales. That compared with only a 1% drop in Mercedes-Benz total sales and its 143% leap in deliveries of electric and hybrid vehicles. The Volkswagen brand fared worst year on year, with a 6.8% fall in sales attributed to supply chain issues affecting all model types.

☆ BMW sales recover in fourth quarter as supply chain issues ease
▼ + stars: | 2023-01-10 | by ( Victoria Waldersee | ) www.reuters.com time to read: +2 min

Full-year deliveries were down 4.8%, with Europe and China hardest hit by supply chain troubles that curbed output, particularly in the first half of the year. But sales bounced back in the fourth quarter as the group rejigged supply chains in Europe and lockdowns were lifted in China. Sales of fully electric vehicles also performed well, more than doubling to 215,755 over the year. BMW weathered the early days of the COVID-19 pandemic better than competitors, achieving record sales in 2021. The carmaker now plans to to move to a direct sales model in 24 European markets, with agents acting as sales representatives, it said in Tuesday's trading update.

Brent crude was up $1.29, or 1.6%, at $79.80 a barrel by 1:29 p.m. EST (1829 GMT). "The gradual reopening of the Chinese economy will provide an additional and immeasurable layer of price support," said Tamas Varga of oil broker PVM. The rally followed a drop last week of more than 8% for both oil benchmarks, their biggest weekly declines at the start of a year since 2016. As part of a "new phase" in the fight against COVID-19, China opened its borders over the weekend for the first time in three years. "The NY Fed data should be supportive for oil prices, as it suggests that inflation is peaking," said Phil Flynn, analyst at Price Futures group.

"We are ready to add a number of your nominees to the board promptly and well before the general meetings," Capricorn said in a letter to Palliser posted on its website. Capricorn declined to clarify how exactly the board might change. Madison Avenue Partners, Capricorn's biggest shareholder at around 8%, on Monday separately reiterated its opposition to the board. The shareholder meeting to vote on the board changes is planned for Feb. 1, with a shareholder vote on the NewMed deal "on or around the same date", Capricorn said. "Holding the general meetings so close together deprives any reconstituted Capricorn board of the opportunity to re-assess the merits and terms of the NewMed transaction in parallel with a consideration of a range of other options," the statement said.

☆ EU regulators to rule on Viasat's Inmarsat takeover by Feb. 13
▼ + stars: | 2023-01-09 | by ( Foo Yun Chee | ) www.reuters.com time to read: +1 min

BRUSSELS, Jan 9 (Reuters) - EU antitrust regulators will decide by Feb. 13 whether to clear U.S. company Viasat's (VSAT.O) $7.3 billion takeover of satellite rival Inmarsat, a European Commission filing showed on Monday. The EU antitrust enforcer can either clear the deal with or without remedies or it can open a full-scale investigation if it has serious concerns about the tie-up. The companies compete with market leaders Panasonic (6752.T) and Intelsat in the market for in-flight Wi-Fi on long-haul flights. Viasat offers connectivity services to residential, aviation and defence customers in North America while Inmarsat's clients include the shipping and aviation sectors as well as government departments. Reporting by Foo Yun Chee Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Oil jumps 3% on demand optimism as China borders reopen
▼ + stars: | 2023-01-09 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

"If recession is avoided, global oil demand and demand growth will remain resilient," said Tamas Varga of oil broker PVM, adding that developments in China were the main reason for Monday's gains. "The gradual reopening of the Chinese economy will provide an additional and immeasurable layer of price support," he said. The rally followed a drop last week of more than 8% for both oil benchmarks, their biggest weekly declines at the start of a year since 2016. As part of a "new phase" in the fight against COVID-19, China opened its borders over the weekend for the first time in three years. ,Reporting by Alex Lawler Additional reporting by Florence Tan and Jeslyn Lerh Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Norway expects jump in oil output and gas near record highs
▼ + stars: | 2023-01-09 | by ( Nerijus Adomaitis | ) www.reuters.com time to read: +2 min

OSLO, Jan 9 (Reuters) - Norway's oil output is expected to rise by 6.9% this year as the huge Johan Sverdrup field ramps up production while gas volumes are predicted to remain unchanged near record highs, the Norwegian Petroleum Directorate (NPD) said on Monday. Production of crude oil and other petroleum liquids such as condensate is likely to increase to 2.02 million barrels per day (bpd) in 2023 from 1.89 million last year, NPD's forecasts show. The combined volume of oil and gas is expected to rise to 4.12 million barrels of oil equivalent per day (boed) in 2023, up from a preliminary 3.99 million boed last year, the NPD's forecasts show. The country's gas output is expected to stay virtually unchanged in 2023 at 122 billion cubic metres (bcm), or 2.1 million barrels of oil equivalent per day, the NPD said, in line with a recent government projection. ($1 = 9.9232 Norwegian crowns)Reporting by Nerijus Adomaitis Editing by Terje Solsvik and David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Carmaker Stellantis seals batteries material deal with Element 25
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +2 min

MILAN, Jan 9 (Reuters) - Carmaker Stellantis (STLA.MI) has signed a deal with Australian miner Element 25 (E25.AX) for the supply of manganese sulphite for batteries for its electric vehicles (EVs), the two companies said on Monday. Based on the five-year binding agreement announced on Monday, Element 25 will supply Stellantis with high-purity manganese sulphate monohydrate to be used in battery packs. Element 25 will source the material from its Butcherbird project in Western Australia and plans to construct a processing facility in the United States. Stellantis, meanwhile, will make an equity investment in Element 25, the two companies added in a statement. "Our commitment to a carbon net-zero future includes creation of a smart supply chain to ensure we meet our customers' desire for EVs," Stellantis CEO Carlos Tavares said.

☆ Shell's LNG trading provides quarterly boost despite output drop
▼ + stars: | 2023-01-06 | by ( Ron Bousso | ) www.reuters.com time to read: +2 min

Companies Shell PLC FollowLONDON, Jan 6 (Reuters) - Earnings from Shell's (SHEL.L) liquefied natural gas (LNG) trading operations are likely to have been significantly higher in the fourth quarter of last year despite a sharp output drop owing to plant outages, it said on Friday. But Shell, the world's top LNG trader, said its LNG trading results are set to be "significantly higher" than in the previous quarter. Shell's third quarter results were dented by weaker refining performance and a slump in LNG trading. Several governments across Europe and Britain have imposed windfall taxes on energy companies this year to rein in excess profits as energy prices have soared since Russia's invasion of Ukraine. (This story has been corrected to change date of Shell results to Feb. 2 from Feb. 3)Reporting by Ron Bousso Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

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