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☆ Oil steadies as China COVID hopes offset by OPEC+ output concerns
▼ + stars: | 2022-11-29 | by ( Laila Kearney | ) www.reuters.com time to read: +3 min

Summary China to speed up COVID-19 vaccinations for elderlyOPEC+ to weigh rollover or oil output cut at Sunday meetingEU fails to agree on Russian oil price cap, say diplomatsNEW YORK, Nov 29 (Reuters) - Oil steadied on Tuesday as gains on hopes for a loosening of China's strict COVID-19 controls were later offset by concerns that OPEC+ would keep its output unchanged at its upcoming meeting. Brent crude futures were up 48 cents at $83.67 a barrel by 11:24 a.m. 1624 GMT. Five OPEC+ sources said OPEC+ is likely to keep oil output policy unchanged at its Sunday meeting, while two sources said an additional production cut was also likely to be considered. OPEC+ started to lower its output target by 2 million barrels per day (bpd) in November, aiming to shore up oil prices. Markets are also assessing the impact of a looming Western price cap on Russian oil.

[1/2] Offshore oil and gas platform supply vessels (PSVs) are docked at a pier in Stavanger, Norway, August 10, 2021. The decision to postpone the so-called 26th licensing round was part of the minority government's budget deal with the opposition Socialist Left Party (SV), Terje Aasland said in an interview. The deal extends an agreement the minority cabinet and SV made last year, when the government won elections, which delayed the 26th licensing round by a year. Aasland said there was "no drama" in the decision as authorities still issue licences to oil companies in a parallel licensing around called the APA round, in so-called mature areas that are already open to oil companies. The 26th licensing round grants the right to oil companies to explore and produce oil and gas in areas not explored previously.

SEOUL, Nov 29 (Reuters) - South Korea will offer "tailored" incentives to encourage Tesla to set up an electric vehicle gigafactory in the country and will minimise any risks posed by militant unions, President Yoon Suk-yeol told Reuters. Yoon held a video call with Tesla Chief Executive Elon Musk last week and Yoon's office cited Musk as saying South Korea is among the top candidate locations for a new Tesla factory. Yoon said South Korea offers highly skilled workers and his government would ensure regulations align with international standards so that foreign firms do not face unexpected financial or regulatory hurdles. Yoon credited his government's tough response to labour union strikes this year for starting the process of establishing a rule of law in industrial relations for both management and labour. About 9,600 truckers have joined the strike organised by the truckers' union, demanding a permanent guarantee of a minimum freight rate to protect against rising and unpredictable fuel costs and overwork.

The Dow Jones industrial average (.DJI) for example had risen more than 10% in the last month and almost 20% since September. "Some of this is just a bit of consolidation from the last few weeks," she said, noting that stocks had taken a leg lower when Treasury yields gained and oil prices switched from red to green on Monday as the prospect of higher oil prices brought inflation concerns back to the forefront. Along with inflation trends, investors are also monitoring Federal Reserve commentary for any clues on its future rate hiking path. Earlier, U.S. crude oil futures had fallen to December 2021 levels on concerns about demand in China - the world's biggest crude importer. A view of a giant display of stock indexes, following the coronavirus disease (COVID-19) outbreak, in Shanghai, China, October 24, 2022.

The pan-European STOXX 600 index (.STOXX) slipped 0.50% and MSCI's gauge of stocks across the globe (.MIWD00000PUS) shed 0.71%. Emerging market stocks (.MSCIEF) dropped 0.94%. In currencies, the safe-haven Swiss franc and Japanese yen gained, while the Aussie dollar and Chinese yuan underperformed. CHINA FEARSIn Treasuries Benchmark 10-year notes were down 2.8 basis points to 3.674%, from 3.702% late on Friday. The 30-year bond was last down 2.7 basis points to yield 3.725%, from 3.752%, while the 2-year note was down 3.9 basis points to yield 4.4402%.

[1/2] Banknotes of Chinese yuan and U.S. dollar are seen in this illustration picture taken September 29, 2022. REUTERS/Florence Lo/Illustration/File PhotoLONDON/SINGAPORE, Nov 28 (Reuters) - The dollar fell sharply against Japan's yen on Monday as investors focused on rare protests in China, which pushed the yuan to a two-week low. China's onshore yuan finished the domestic session around 0.5% lower at 7.199 per dollar, the lowest close since Nov. 10. The offshore yuan fell to a more than two-week low in Asian trading and was last down 0.28% at 7.214. The Australian dollar , often used as a proxy for the yuan, slid 0.67% to $0.671.

STOCKHOLM, Nov 28 (Reuters) - Philip Morris International (PMI) (PM.N) said on Monday it now owned a big enough stake in Swedish Match (SWMA.ST) to initiate a compulsory redemption of remaining shares in its Swedish peer and would take it off the stock market. Marlboro maker PMI in May launched a $16 billion takeover bid for the Swedish tobacco and nicotine products company. Buying Swedish Match, with its popular wet snuff "snus" products and tobacco-free nicotine "ZYN" pouches, will aid PMI in its stated ambition to move away from health-harming cigarettes and eventually become a smoke-free company. Swedish Match was not immediately available for comment. ($1 = 10.3774 Swedish crowns)Reporting by Marie Mannes and Anna Ringstrom, editing by Essi Lehto and Susan FentonOur Standards: The Thomson Reuters Trust Principles.

☆ Barclays CEO Venkat to undergo cancer treatment, prognosis 'excellent'
▼ + stars: | 2022-11-28 | by ( Lawrence White | ) www.reuters.com time to read: +2 min

LONDON, Nov 28 (Reuters) - Barclays PLC (BARC.L) said on Monday that Chief Executive C.S. Venkatakrishnan would undergo treatment for non-Hodgkin lymphoma, a type of cancer, adding that the condition is treatable and that he would keep working when possible. The CEO, known inside the British bank as Venkat, said in a regulatory filing that doctors have said his prognosis is "excellent", with the treatment in New York expected to last 12 to 16 weeks. Barclays has not appointed an interim chief executive, with Venkat and the lender's executive committee expected to continue running the company, said a spokesperson for the bank. A former JPMorgan banker, Venkatakrishnan has endured a difficult first year in charge of Barclays since taking over from Jes Staley last November.

[1/2] Banknotes of Chinese yuan and U.S. dollar are seen in this illustration picture taken September 29, 2022. China's onshore yuan finished the domestic session around 0.5% lower at 7.199 per dollar, the lowest close since Nov. 10. The offshore yuan fell to a more than two-week low in Asian trading and was last down 0.1% at 7.201. The Australian dollar , often used as a proxy for the yuan, slid 0.7% to $0.671. China's stringent COVID restrictions have taken a heavy toll on its economy, and authorities have implemented various measures to revive growth.

MUMBAI, Nov 28 (Reuters) - Jet Airways' (JET.NS) creditors and its new owners are deadlocked over a resolution plan to lift the Indian airline out of bankruptcy, putting its future in limbo, four sources said. It was taken to bankruptcy court by creditors owed about 180 billion rupees ($2 billion). A spokesperson for Jet's owners said in a statement on Monday that the resolution plan was binding upon all involved parties and was approved by the bankruptcy court. "We are "working closely" with the erstwhile lenders of Jet to implement this plan, and remain "fully committed" to getting Jet Airways off the ground," it added. By not implementing the resolution plan, creditors are causing unnecessary delays, the source close to Jet said adding that the consortium has already invested more than 1 billion rupees in the airline.

☆ Energy firms' derivatives are financial stability risk, says ECB
▼ + stars: | 2022-11-16 | by ( John O'Donnell | ) www.reuters.com time to read: +3 min

Regulators and policymakers have been examining whether companies' use of such complex instruments, largely unregulated, threatens financial stability. "The volatility in ... energy markets ... has also affected the derivative markets which energy sector firms use to manage risk," the ECB said in its biannual Financial Stability Review, pointing to a concentration of such activity with a small number of big energy firms. The central bank said that about half of energy traders with power and gas derivatives could be hit with similar margin calls should prices rise. Policymakers in Brussels are also concerned and recently circulated a paper suggesting extending tough rules applied to banks to energy firms that trade derivatives. Energy companies say derivatives are chiefly to hedge or protect themselves against swings in prices.

☆ Global stocks rise but Polish deaths raise market concerns
▼ + stars: | 2022-11-15 | by ( Herbert Lash | ) www.reuters.com time to read: +5 min

Stocks wavered and the dollar briefly rose on initial reports of the Polish deaths as the market was overstretched as data suggested inflation was coming off its peak, said Marc Chandler, chief market strategist at Bannockburn Global Forex in New York. The Polish deaths were reminiscent of U.S. bombs that killed three people in the Chinese Embassy in Belgrade in 1999, he said. Reuters Graphics Reuters GraphicsMSCI's gauge of stocks across the globe (.MIWD00000PUS) gained 1.03%, while its emerging markets index (.MSCIEF) rose 2.22%. The euro up 0.22% to $1.0348, after briefly slipping on the Polish reports, and the yen strengthened 0.50% versus the dollar at 139.18. U.S. crude futures settled up $1.05 at $86.92 a barrel, while Brent futures rose 72 cents to settle at $93.86.

[1/2] The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, November 14, 2022. As soon as these numbers can start coming down, even if it's a slow walkdown in inflation, the market will be relieved." MSCI's gauge of stocks across the globe (.MIWD00000PUS) gained 1.55%, while its emerging markets index (.MSCIEF) rose 2.35%. The pull-back we've seen, the dollar sells off last week sharply, some of the currencies were three standard deviation moves." Data out on Tuesday showed that the British unemployment rate rose in September.

☆ EXCLUSIVE India mills renegotiate, default on sugar export deals to catch rising prices -dealers
▼ + stars: | 2022-11-15 | by ( Rajendra Jadhav | ) www.reuters.com time to read: +3 min

The renegotiations and defaults by mills in India, the world's second biggest sugar exporter, could support global prices . Mills started selling sugar to trade houses in late August and signed deals to supply around 2 million tonnes of sugar for export even before New Delhi approved an export quota of 6 million tonnes earlier this month. They are threatening to default unless buyers are ready to renegotiate at higher prices," said a Mumbai-based dealer with a global trade house. The defaults by mills in Maharashtra are forcing trade houses to make purchases from mills in the northern state of Uttar Pradesh, dealers said. Indian mills have so far signed contracts to export 4 million tonnes of sugar during November to February, they said.

☆ Ant's consumer finance unit to more than double capital to $2.62 bln
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: 1 min

HONG KONG, Nov 14 (Reuters) - The consumer finance unit of China's Ant Group will increase its registered capital to 18.5 billion yuan ($2.62 billion) from 8 billion yuan previously, and take on new investors, an exchange filing released on Monday said. Ant, which will retain its 50% stake in the unit, Chongqing Ant Consumer Finance Co Ltd, will invest 5.25 billion yuan as part of the capital injection, according to the filing made by the unit's minority shareholder Yuyue medical (002223.SZ). Hangzhou Jintou Digital Technology Group, a company controlled by the local government, will invest 1.85 billion yuan and become the second biggest shareholder with a 10% stake, according to the filing. ($1 = 7.0662 Chinese yuan renminbi)Reporting by Julie Zhu; Editing by Toby Chopra and Susan FentonOur Standards: The Thomson Reuters Trust Principles.

☆ Factbox: German government's plan to reform welfare
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +1 min

The government has aimed to introduce the reform from Jan. 1. Labour Minister Hubertus Heil now wants to call on a committee that mediates between the lower house and upper house of parliament to fast-track a resolution so the bulk of the reform can still come into force at the start of 2023. Below are some key points on the Buergergeld, or "citizens' money", which will replace the Hartz IV system introduced in 2005. * The reform provides for a significant increase in monthly benefit payments. In future, a single adult will receive 502 euros ($516.21) per month for living expenses, a rise of 53 euros.

☆ Britain, France sign deal to boost cooperation on illegal migration
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +2 min

[1/3] French Interior Minister Gerald Darmanin greets Britain's Home Secretary Suella Braverman as she arrives for a meeting and joint declaration signature at the Hotel Beauvau Interior Ministry in Paris, France November 14, 2022. So far this year more than 40,000 people have crossed the Channel in small boats, up from 28,526 last year, putting pressure on new British Prime Minister Rishi Sunak and interior minister Suella Braverman to do more to stem the flow. "It is in the interests of both the UK and French governments to work together to solve this complex problem," Braverman said in a statement, after meeting with French interior minister Gerald Darmanin in Paris on Monday morning. The British government said the multi-year deal would see a 40% increase in the number of UK-funded officers patrolling French beaches in the coming months. ($1 = 0.9693 euros)Reporting by Paris Newsroom, Kylie MacLellan and Muvija M in London; Editing by Susan Fenton and Kate HoltonOur Standards: The Thomson Reuters Trust Principles.

☆ Rheinmetall agrees 1.2 billion euro deal to acquire Spanish explosives maker Expal
▼ + stars: | 2022-11-13 | by ( ) www.reuters.com time to read: +1 min

LONDON, Nov 13 (Reuters) - German military equipment manufacturer Rheinmetall (RHMG.DE) said on Sunday it has agreed a deal to acquire Spanish explosives and ammunition maker Expal Systems for an enterprise value of 1.2 billion euros ($1.24 billion). Expal is a subsidiary of Spanish company Maxam, owned by private equity firm Rhone Capital. With the acquisition, Rheinmetall said it aims to bolster its core weapon, ammunition and propellants business. Rheinmetall said Expal Systems expects sales in 2023 of around 400 million euros. Expal has a workforce of more than 1,000 employees and 11 production sites and is present in over 60 countries.

☆ Rheinmetall to acquire Spanish explosives maker Expal for 1.2 billion euros
▼ + stars: | 2022-11-13 | by ( ) www.reuters.com time to read: 1 min

LONDON, Nov 13 (Reuters) - German military equipment manufacturer Rheinmetall (RHMG.DE) said on Sunday it has agreed to acquire Spanish explosives and ammunition maker Expal Systems for an enterprise value of 1.2 billion euros ($1.24 billion). Expal is a subsidiary of Spanish company Maxam, owned by private equity firm Rhone Capital, and generated revenue of 350 million euros in 2021, according to a source familiar with the deal. Expal has a workforce of more than 1,000 employees and 11 production sites and is present in over 60 countries. ($1 = 0.9660 euros)Reporting by Andres Gonzalez, editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

☆ Biden says U.S., Japan, South Korea are 'more aligned than ever' on North Korea
▼ + stars: | 2022-11-13 | by ( Nandita Bose | ) www.reuters.com time to read: +3 min

PHNOM PENH, Nov 13 (Reuters) - The United States, Japan and South Korea are "more aligned than ever" on North Korea's "provocative behaviour," U.S. President Joe Biden said on Sunday, as his national security adviser promised a joint response if Pyongyang carries out a seventh nuclear test. Speaking in Cambodia after a trilateral meeting with Japanese Prime Minister Fumio Kishida and South Korean President Yoon Suk-yeol, Biden called their countries "critical allies" that share the United States' concerns about North Korea's missile tests. Yoon said North Korea's recent provocations showed its regime's "nature against humanitarianism", while Kishida said its actions were "unprecedented". "I look forward to strengthening the coordination between the U.S., South Korea and Japan to respond firmly" to North Korea's actions, he added. In October, North Korea test fired a ballistic missile farther than ever before, sending it soaring over Japan for the first time in five years and prompting a warning for residents there to take cover.

☆ Israel strike hits major air base in central Syria, military sources say
▼ + stars: | 2022-11-13 | by ( ) www.reuters.com time to read: +1 min

CAIRO/AMMAN Nov 13 (Reuters) - Syrian air defences shot down Israeli missiles over Homs province on Sunday, state news agency SANA said, in what military sources said was a strike on a major Syrian air base. Syrian state television posted a short video of the "aggression" but gave no further details. A Syrian army source, who was not authorised to speak publicly, said that the strikes targeted Shayrat air base, a military complex southeast of Homs city. Its runway and underground facilities have undergone a major expansion by the Russia military in the last three years, he added. Russia, which maintains a major military presence in Syria, has forces stationed near to Shayrat air base, which has also been used recently by the Iranian air force, another security source told Reuters on condition of anonymity.

☆ UK pubs call for beer duty freeze ahead of tough Christmas
▼ + stars: | 2022-11-12 | by ( ) www.reuters.com time to read: +2 min

Nov 12 (Reuters) - Britain's pubs want the government's help in keeping prices of a pint affordable this Christmas, as surging inflation is driving up costs for businesses and hampering consumers' purchasing power. The British Beer and Pub Association (BBPA), in a letter dated Nov. 11 to finance minister Jeremy Hunt, called on the government to bring back a freeze on beer duty in its budget announcement due on Nov. 17. "We need the beer duty freeze reinstated to alleviate at least some of the cost pressure on our pubs and brewers and to avoid undermining the crucial Alcohol Duty reform measures," Chief Executive of BBPA Emma McClarkin said in a statement on Saturday. The industry body warned that failing to introduce the beer duty freeze would take the tax to its highest ever for the sector, adding that a freeze would channel about 360 million pounds ($423.5 million) back into the industry. ($1 = 0.8500 pounds)Reporting by Amna Karimi and Muhammed Husain in Bengaluru; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

Three quarters of cars produced by South Africa's auto industry, which accounts for 5% of gross domestic product and over 100,000 jobs, are exported, mostly to European countries. Martina Biene, Volkswagen South Africa's new managing director, told Reuters the company's manufacturing facilities in the country do not plan an immediate pivot to producing electric vehicles. "I think by 2035 there will be production of electric vehicles in Africa ... but in the meantime we will export probably less to Europe than other countries." Volkswagen South Africa produced over 129,000 vehicles last year along with more than 58,000 engines, mostly destined for exports. That would focus on selling South African-manufactured petrol and diesel vehicles in most markets and imported EVs in countries like Mauritius, Cape Verde and South Africa as demand for more environmentally friendly cars picks up there.

LONDON, Nov 11 (Reuters) - Russia's oil export revenues are at much greater risk from a global economic recession than the price cap being planned by the United States and the European Union. Sanctioned petroleum could only be traded freely below the price cap while unsanctioned petroleum could be traded at any price, including prices well above the cap. If the crude cap is set at $60-65 per barrel, while unsanctioned crude trades at $120, the incentives for circumvention will be enormous. Recession and price capping turn out to be complementary approaches rather than substitutes for reducing Russia’s oil revenues. RECESSION AND ALTERNATIVESIn the event of a recession, consumption of crude and diesel would be hit, reducing the call on Russia’s crude exporters and refineries.

BRUSSELS, Nov 11 (Reuters) - Belgium, Greece, Italy and Poland on Friday threatened to block a new set of European Union steps to alleviate an acute energy crunch because they are angry that a gas price cap is not among detailed proposals, diplomats said. Persistent disagreements between the 27 EU countries raise the prospect that the bloc's energy ministers will not be able to give a final approval to the cap at a meeting on Nov. 24 as had been expected. The four countries told a meeting of national envoys to the European Union that they wanted a comprehensive proposal on the cap from the EU's executive European Commission before Nov. 24, according to four diplomatic sources. The European Commission - which drafts EU laws for approval by member countries - reacted by promising to put forward an outline of a gas cap in time for the discussion on Nov. 24. But they could if they build a broader coalition among most of the EU states that have been calling for months for a gas cap to bring down high market prices.

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