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☆ Oil bounces as China demand hopes offset recession fears
▼ + stars: | 2022-12-19 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

China, the world's top crude oil importer, is experiencing its first of three expected waves of COVID-19 cases after Beijing relaxed mobility restrictions but plans to step up support for the economy in 2023. Brent crude gained 37 cents, or 0.5%, to $79.41 a barrel by 1100 GMT while U.S. West Texas Intermediate crude rose 30 cents, or 0.4%, to $74.59. Oil surged towards its record high of $147 a barrel earlier in the year after Russia invaded Ukraine. It has since unwound most of this year's gains as supply concerns were edged out by recession fears, which remain a drag on prices. "The prospect of further rate rises will hit economic growth in the new year and in doing so curb demand for oil," said Stephen Brennock of oil broker PVM.

☆ Oil prices bounce as China demand hopes offset recession fears
▼ + stars: | 2022-12-19 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

SummarySummary Companies Reopening of Chinese economy buoys demand hopesRising interest rates and recession fears weighU.S. to begin purchases for strategic reserveLONDON, Dec 19 (Reuters) - Oil prices rose on Monday after tumbling by more than $2 a barrel in the previous session as optimism over the Chinese economy outweighed concern over a global recession. China, the world's top crude oil importer, is experiencing its first of three expected waves of COVID-19 cases after Beijing relaxed mobility restrictions but plans to step up support for the economy in 2023. Despite a surge in COVID cases, optimism over the reopening of the Chinese economy and its accommodative policy improve oil's demand outlook, said CMC Markets analyst Tina Teng. The U.S. Federal Reserve and European Central Bank raised interest rates last week and promised more. "The prospect of further rate rises will hit economic growth in the New Year and in doing so curb demand for oil," said Stephen Brennock of oil broker PVM.

☆ South African rand weakens as ruling ANC picks new leader
▼ + stars: | 2022-12-19 | by ( ) www.reuters.com time to read: +1 min

JOHANNESBURG, Dec 19 (Reuters) - South Africa's rand weakened early on Monday as investors awaited the outcome of voting for the new leader of South Africa's governing African National Congress (ANC). At 0707 GMT the rand traded at 17.6875 against the dollar, 0.43% weaker than its previous close. Voting for the ANC's new leader was almost complete on Monday as the race pitting President Cyril Ramaphosa against former health minister Zweli Mkhize entered the final stretch. "Anything short of that will likely see the USD-ZAR spike, with thin liquidity conditions amplifying the move," ETM said. The government's benchmark 2030 bond was weaker in early deals, with the yield up 11.5 basis points at 10.330%.

NEW YORK, Dec 15 (Reuters) - Oil prices slid about 2% on Thursday as traders worried about the fuel demand outlook due to a stronger dollar and further interest rate hikes by global central banks. "Crude prices edged lower as ... global recession risks increased after a wave of central banks delivered another strong round of tightening. Federal Reserve Chair Jerome Powell said on Wednesday the U.S. central bank will raise interest rates further next year, even as the economy slips toward a possible recession. On Thursday, the Bank of England and the European Central Bank raised interest rates to fight inflation. Also pressuring oil prices, Canada's TC Energy Corp (TRP.TO) said it was resuming operations in a section of its Keystone pipeline, a week after a leak of more than 14,000 barrels of oil in Kansas triggered a shutdown.

☆ Oil dips as dollar firms and more rate hikes loom
▼ + stars: | 2022-12-15 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

LONDON, Dec 15 (Reuters) - Oil prices dipped on Thursday as the dollar firmed, while the possibility of further increases to interest rates by global central banks also heightened demand concerns. A stronger dollar can weaken oil demand because it makes the commodity more expensive for those holding other currencies. Price declines were capped by projections from the International Energy Agency, which expects Chinese oil demand to recover next year after a contraction this year of 400,000 barrels per day. Meanwhile, U.S. crude oil stockpiles rose by more than 10 million barrels last week, the most since March 2021, the Energy Information Administration said. Goldman Sachs on Wednesday reduced its oil price forecasts for 2023, citing a projected market surplus early next year as supply from Russia remains robust and China demand ramps up.

☆ British American Tobacco closes Swiss plant, lays off 226
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: 1 min

ZURICH, Dec 15 (Reuters) - British American Tobacco (BAT) is to close a cigarette manufacturing plant in Switzerland next year, laying off 226 workers, the Tages-Anzeiger paper and other Swiss media reported on Thursday. “BAT Switzerland confirms that a final decision has been made to transfer cigarette production from Boncourt to larger factories within Europe and to close the Boncourt site," BAT said in a statement. The winding down of the factory located in Switzerland's french-speaking region will be completed by the end of 2023, the company said. Reporting by Noele Illien Editing by Michael Shields and David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Aramco and TotalEnergies to build $11 bln Saudi petrochemicals plant
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +1 min

[1/2] A sign with the logo of French oil and gas company TotalEnergies is pictured at a petrol station in Bouguenais near Nantes, France, November 14, 2022. REUTERS/Stephane Mahe/File PhotoPARIS, Dec 15 (Reuters) - Saudi Arabian Oil Company (Aramco) and TotalEnergies (TTEF.PA) will join forces to build a new petrochemicals complex in Saudi Arabia, the French energy group said on Thursday. The project involves investment of about $11 billion, of which $4 billion will be funded through equity by Aramco (62.5%) and TotalEnergies (37.5%), the statement said. The planned Amiral complex, integrated with the existing Saudi Arabia Total Refining and Petrochemical (SATORP) refinery located in Jubail on Saudi Arabia’s eastern coast, will be owned and operated by Aramco and TotalEnergies. The petrochemicals facility will enable SATORP to convert its refinery off-gases and naphtha, as well as ethane and natural gasoline supplied by Aramco, into higher-value chemicals.

☆ Gazprom says it supplied record volume of gas to China on Dec. 14
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: 1 min

Companies Gazprom PAO FollowMOSCOW, Dec 15 (Reuters) - Russian energy giant Gazprom (GAZP.MM) supplied a record daily volume of gas to China via the Power of Siberia pipeline on Dec. 14, it said on Thursday. The company did not disclose the volume but said that the daily supply to China National Petroleum Corporation exceeded contractual obligations by 16.5%Reporting by Vladimir Soldatkin Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Gotion and PTT Group plan battery venture in Thailand
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Dec 15 (Reuters) - Volkswagen-backed Chinese battery maker Gotion High Tech (002074.SZ) will partner Thailand's PTT Group in the production and export of battery modules and packs in Thailand, the company said in a Shenzhen filing on Thursday. Gotion's Singapore unit will set up a joint venture with PTT for the projects with initial registered capital of 300 million Thai Baht ($8.60 million), the company said. ($1 = $1.0000)($1 = 34.9000 baht)Reporting by Zhang Yan, Ella Cao and Meg Shen Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

Brent crude futures were down $2.18, or 2.6%, at $83.39 a barrel by 1:23 p.m. EST (1823 GMT). read moreThe news caused oil and stock markets to pare gains. The data challenges hopes that the Fed might slow the pace and intensity of its rate hikes amid recent signs of ebbing inflation. The Group of Seven (G7) countries and Australia last week agreed on a $60 a barrel price cap on seaborne Russian oil. At the same time, in a positive sign for fuel demand in the world's top oil importer, more Chinese cities eased COVID curbs over the weekend.

☆ Tesla sold 100,291 China-made vehicles in Nov -Xinhua
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, Dec 5 (Reuters) - Tesla Inc (TSLA.O) delivered 100,291 China-made electric vehicles (EVs) in November, the highest monthly sales since its Shanghai factory opened in late 2020, a Xinhua report said on Monday. The number marks a 40% increase from October and 89.7% more than a year earlier after the U.S. automaker ramped up output at the Shanghai plant, cut prices for the best-selling models and offered incentives to Chinese buyers. However, BYD (002594.SZ) led all brands in China's November EV sales at 229,942 electric cars including plug-in hybrids and pure electric vehicles, three times more than a year earlier and more than double Tesla's tally, China Passenger Car Association data shows. BYD was the top-selling car brand in China in the first four weeks of November, data from China Merchants Bank International shows, outperforming the Volkswagen brand in a reversal that highlights the pressure on legacy brands in the world's largest auto market. Reporting by Zhang Yan, Brenda Goh and Beijing Newsroom Editing by Alison Williams and David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Spain to lend Airbus 2.14 bln euros for miltary programmes
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +1 min

MADRID, Dec 5 (Reuters) - Spain will lend Airbus (AIR.PA) 2.14 billion euros ($2.26 billion) to help the company to develop its military drone and helicopter programmes in the country, Industry Minister Reyes Maroto said on Monday. The two multi-year loans include 1.43 billion euros for Airbus Defence and Space as part of the European Union's military drone development programme, an Industry Ministry statement said. An additional 707 million euros will be lent to Airbus Helicopters to help to modernise the Tiger helicopter fleets of Spain and France within a bilateral programme. The ministry said the EUROMALE RPAS drone development programme, which is scheduled to begin deliveries in 2028, is expected to generate 3,000 jobs a year in Spain over the next 15 years. ($1 = 0.9458 euros)Reporting by Belen Carreno Writing by David Latona Editing by Inti Landauro and David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ World food prices ease further in November, says FAO
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +2 min

The Food and Agriculture Organization's (FAO) price index, which tracks the most globally traded food commodities, averaged 135.7 points last month, down from 135.9 for October, the agency said on Friday. Lower readings for cereals, meat and dairy products in November offset higher prices for vegetable oils and sugar, the FAO said. The slight decrease in November meant that the FAO food index is now only 0.3% above its level a year earlier, the agency said. The FAO warned last month that expected record food import costs in 2022 would lead the poorest countries to cut back on shipped volumes. In separate cereal supply and demand estimates, the FAO lowered its forecast for global cereal production in 2022 to 2.756 billion tonnes from 2.764 billion estimated last month.

☆ Swiss engineering group ABB fined $4.3 mln
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of Hitachi ABB is seen at an office building in Zurich, Switzerland September 10, 2020. REUTERS/Arnd Wiegmann/File PhotoZURICH, Dec 2 (Reuters) - Swiss engineering and technology group ABB (ABBN.S) has been fined 4 million Swiss francs ($4.3 million) by the country's Attorney General in connection with a bribery case in South Africa. The company agreed to pay 2.5 billion rand ($144.51 million) in punitive reparations to South Africa within 60 days from Dec. 1, the NPA's statement said. This is in addition to 1.6 billion rand ($92.48 million)the company paid back to South African state power utility Eskom in 2020. ABB was found guilty of improper payments and other compliance issues at the Kusile power station after a wide-scale investigation into state corruption concluded in June 2022.

☆ HSBC will have to share custody with JPMorgan of $52 bln in gold bars
▼ + stars: | 2022-12-01 | by ( Peter Hobson | ) www.reuters.com time to read: +2 min

[1/2] Gold bars are displayed during a photo opportunity at the Ginza Tanaka store in Tokyo September 7, 2009. HSBC had been the sole custodian for SPDR Gold Trust, also known as GLD, since it launched in 2004. The bank currently stores about 910 tonnes of gold for GLD in London -- around a quarter of all the gold held for ETFs globally. Cavatoni said the WGC's agreement with JPMorgan allowed it to store gold in the United States and Switzerland but for the time the fund intended continue storing all its gold in London. HSBC said: "We're pleased to continue acting as a custodian for the World Gold Council's SPDR Gold Trust."

☆ EU agrees $60 a barrel price cap on Russian seaborne oil -EU diplomat
▼ + stars: | 2022-12-01 | by ( Jan Strupczewski | ) www.reuters.com time to read: +2 min

BRUSSELS, Dec 1 (Reuters) - European Union governments tentatively agreed on Thursday on a $60 a barrel price cap on Russian seaborne oil - an idea of the Group of Seven (G7) nations - with an adjustment mechanism to keep the cap at 5% below the market price, an EU diplomat said. The initial G7 proposal last week was for a price cap of $65-70 per barrel with no adjustment mechanism. "The price cap is set at $60 with a provision to keep it 5% below market price for Russian crude, based on IEA figures," the EU diplomat said. The reviews of the price cap level would be held every two months, EU diplomats said. The G7 price cap on Russian seaborne crude oil is to kick in on Dec. 5, replacing the harsher EU outright ban on buying Russian seaborne crude, as a way to safeguard global oil supply because Russia produces 10% of the world's oil.

☆ EU 'very confident' on N.Ireland agreement if UK shows political will
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +1 min

DUBLIN, Dec 1 (Reuters) - European Commision President Ursula von der Leyen said she is "very confident" a positive conclusion can be reached to a post-Brexit trade row over Northern Ireland if Britain shows the political will to find a solution. "If there is the political will in the UK, I am very confident that we can reach a positive conclusion." Britain agreed as part of its EU departure to effectively leave Northern Ireland within the bloc's single market for goods in order to preserve the region's open border with EU member Ireland. However it has since sought to scrap many of the checks that the deal introduced, which have caused anger among many pro-British unionists in Northern Ireland. Reporting by Padraic Halpin Editing by David Goodman and Conor HumphriesOur Standards: The Thomson Reuters Trust Principles.

☆ Airbus CEO says supply chain still 'very complex'
▼ + stars: | 2022-11-29 | by ( Tim Hepher | ) www.reuters.com time to read: +2 min

BRUSSELS, Nov 29 (Reuters) - Airbus (AIR.PA) will have a clearer picture on 2022 deliveries by the end of November but the supply chain environment "remains very complex", Chief Executive Guillaume Faury said on Tuesday. On Monday, Reuters reported a senior supply chain source as saying it would be difficult to reach the full-year target. "I consider that the supply chain crisis is going to be longer than what we thought a couple of months ago. Leonardo (LDOF.MI) Chief Executive Alessandro Profumo, who chairs ASD, said prime contractors like Airbus and Leonardo and others should "take care" of the supply chain, without elaborating on what kind of support companies should provide. "Without a strong supply chain we won't be strong, so clearly this is a role we have," he said at the same event.

☆ Oil jumps on hopes for easing of China's COVID controls
▼ + stars: | 2022-11-29 | by ( Ahmad Ghaddar | ) www.reuters.com time to read: +2 min

Summary China to speed up COVID-19 vaccinations for elderlyInvestors eye next OPEC+ output meeting on Dec. 4EU fails to agree on Russian oil price cap, say diplomatsLONDON, Nov 29 (Reuters) - Oil prices jumped by 3% on Tuesday on hopes for a relaxation of China's strict COVID-19 controls after rare protests in Chinese cities over the weekend. The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, a group known as OPEC+, hold their next meeting on Dec. 4. 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. The price cap is due to come into effect on Dec. 5, when an EU ban on Russian crude also takes effect.

☆ 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.

☆ AstraZeneca boosts cancer portfolio with $320 mln Neogene deal
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: +2 min

Nov 29 (Reuters) - AstraZeneca (AZN.L) will acquire biotechnology company Neogene Therapeutics for up to $320 million, the London-listed drugmaker said on Tuesday, seeking to build its pipeline of cell-based cancer treatments. Though AstraZeneca's oncology portfolio accounted for more than a third of the company's revenue last year, it does not have an approved cell-based cancer therapy and is behind rivals such as Novartis (NOVN.S) and Gilead (GILD.O). Neogene's approach goes one step further in that its experimental T-cell receptor therapies seek to target DNA mutations specific to tumours, not only certain proteins on the surface of cancer cells. Linnemann founded Neogene in the Netherlands in 2018 along with the Netherlands Cancer Institute's Ton Schumacher. AstraZeneca will make an initial payment of $200 million to Neogene, with a further $120 million dependent on the company meeting certain targets.

☆ Oil prices erase 2022 gains as China's protests spark demand worries
▼ + stars: | 2022-11-28 | by ( Noah Browning | Huw Jones | ) www.reuters.com time to read: +3 min

U.S. West Texas Intermediate (WTI) crude slid $2.31, or 3%, to $73.97 after touching its lowest since Dec. 22 last year at $73.60. Markets appeared volatile ahead of an OPEC+ meeting this weekend and a looming G7 price cap on Russian oil. The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, a group known as OPEC+, will meet on Dec. 4. However, EU governments were split on the level at which to cap Russian oil prices, with the impact being potentially muted. The price cap is due to come into effect on Dec. 5 when an EU ban on Russian crude also takes effect.

☆ EU sets out plans to shift derivatives clearing from London to Frankfurt
▼ + stars: | 2022-11-28 | by ( Huw Jones | ) www.reuters.com time to read: +4 min

The loss of clearing in contract worth trillions of euros would be a further knock to the City as it faces new competition from EU financial centres like Paris and Frankfurt, alongside longstanding rivals such as New York and Singapore. Global banks have warned Brussels they could clear contracts in the United States if the EU is too heavy-handed. The commission is due to publish the draft law on Dec. 7, with the European Parliament and EU states having the final say. Global banks have warned Brussels that heavy, mandatory action forcing them to shift euro derivatives clearing out of London would backfire on EU banks, who need access to global liquidity pools in London, and could send clearing activity to the United States. The draft law tentatively proposes requiring EU clearers of commodity derivatives to hold a standalone default fund for that particular asset.

☆ Ford recalls 634,000 vehicles worldwide over fire risks
▼ + stars: | 2022-11-24 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

Nov 24 (Reuters) - Ford Motor Co (F.N) is recalling 634,000 sport utility vehicles (SUVs) worldwide over fire risks from possible cracked fuel injectors and will urge owners to have their cars inspected, it said on Thursday. Vehicles repaired under the earlier recall will still need the new recall fix, the National Highway Traffic Safety Administration said. Ford said it has 54 total reports of 1.5 liter under-hood fires, including four with cracked fuel injectors. Ford said it is not telling owners to stop driving vehicles under this recall. The company projects a low failure rate for fuel injectors experiencing external leaks.

☆ China Evergrande communicates with Wuhan over repossessed land
▼ + stars: | 2022-11-24 | by ( ) www.reuters.com time to read: +1 min

[1/2] A crane stands at a construction site near the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China, Sept. 26, 2021. REUTERS/Aly Song/File PhotoNov 24 (Reuters) - Debt-laden developer China Evergrande Group (3333.HK) is communicating with a Chinese municipal district in Wuhan City that repossessed 134,500 hectares (332.4 acres) of land formerly held by a unit of the group. China Evergrande said it is communicating with the government of Jiangxia District in Wuhan City and "will file an administrative review on this matter to protect the legitimate rights and interests of the company". The company clarified that the municipal district retrieved its land-use rights over only 11 parcels of land under the project and it does not involve the project's other land parcels. China Evergrande, engulfed by $300 billion of liabilities in a deepening property sector debt crisis, aims to start negotiating restructuring terms next month and is combing through onshore assets to offer as credit enhancement to holders of its U.S. dollar-denominated bonds.

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