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☆ Canada to give Belgium's Umicore up to C$1 bln for new battery components plant
▼ + stars: | 2023-10-16 | by ( ) www.reuters.com time to read: +1 min

OTTAWA, Oct 16 (Reuters) - Canada and the province of Ontario will give up to C$1 billion to a unit of Belgium's Umicore (UMI.BR) to help it build a plant that will produce components for electric vehicle batteries, Ottawa said on Monday. The plant - the first of its kind in North America - will initially employ 600 people and have a battery materials production capacity of 35 gigawatt hours annually. Canada, home to a large mining sector for minerals such as lithium, nickel and cobalt, wants to woo firms involved in all levels of the electric vehicle (EV) supply chain via a multibillion-dollar green technology. The Umicore plant is due to be built in stages and could be worth C$2.7 billion when fully completed. Canada will invest up to C$551.3 billion with Ontario adding up to C$424.6 billion.

Persons: Francois, Philippe Champagne, Champagne, David Ljunggren, David Gregorio Our Organizations: OTTAWA, Thomson Locations: Canada, Ontario, Ottawa, Loyalist Township, North America

☆ Militant Islamist attacks in Belgium
▼ + stars: | 2023-10-16 | by ( ) www.reuters.com time to read: +3 min

[1/2] Belgian police officers stand as they secure the area after a shooting in Brussels, Belgium, October 16, 2023. REUTERS/Johanna Geron Acquire Licensing RightsOct 16 (Reuters) - A self-proclaimed Islamist militant shot dead two Swedish citizens in central Brussels on Monday night, the federal prosecutor said. Here is a timeline of past Islamist militant attacks in Belgium:* Nov. 10, 2022 - A Belgian police officer is stabbed to death. * March 22, 2016 - Brussels becomes the target of Islamist attacks when 32 people are killed in suicide bomb explosions at the airport and in the city's metro. * Jan. 15, 2015 - A week after militant Islamist attacks in Paris on the Charlie Hebdo magazine and a Jewish grocery, Belgian police kill two men who opened fire on them during one of about a dozen raids against an Islamist group that federal prosecutors said was about to launch “terrorist attacks on a grand scale”.

Persons: Johanna Geron, Emmanuel Macron, Salah Abdesalam, El, Charlie Hebdo, Mehdi Nemmouche, Richard Lough, Matthew Lewis Organizations: Belgian, REUTERS, Islamic State, Islamic, Jewish Museum, Thomson Locations: Brussels, Belgium, Israel, France, Europe, Belgian, city's, Paris, Syria, French, Marseille

QUITO, Ecuador (AP) — Daniel Noboa has managed to do what his father failed at five times: Getting elected as Ecuador’s president. Political Cartoons View All 1211 ImagesAnd as he is getting a truncated term, Noboa faces a daunting task. He cut his term short when he dissolved the National Assembly in May as lawmakers pursued impeachment proceedings against him over alleged improprieties in a government contract. His political career began in 2021, when he got a seat in the National Assembly and chaired its Economic Development Commission. The younger Noboa's party will not have have enough seats in the National Assembly to be able to govern on its own.

Persons: — Daniel Noboa, ”, Will Freeman, “, Guillermo Lasso, Noboa, Luisa González, Rafael Correa, González, Ecuadorians, Fernando Villavicencio, themslves, Álvaro, Lasso, Julio Ricaurte, Villavicencio, Correa, Rosa Amaguaña, ” Amaguaña, ” ___ Garcia Cano Organizations: American, Voters, Council, Foreign Relations, National Assembly, Corp, Economic Development Commission, National Police, Assembly Locations: QUITO, Ecuador, U.S, “, Quito, Noboa, Colombia, Peru, Mexican, wife’s, Belgium, Caracas, Venezuela

☆ Opinion: Where the war goes from here
▼ + stars: | 2023-10-15 | by ( Richard Galant | ) edition.cnn.com time to read: +19 min

We’re looking back at the strongest, smartest opinion takes of the week from CNN and other outlets. The war plays out on everyone’s screens, forcing people to confront cruelty and killing and to fear what comes next. “Hamas’ mission is, by definition, to end Israel, not to seek to establish a self-governed Palestinian state that peacefully coexists alongside the Jewish state. “An Israeli normalization deal with Saudi Arabia — the location of the two holiest sites in Islam — would be hugely symbolic and have real security benefits for Israel,” wrote Peter Bergen. “After all, almost exactly half a century ago, during the 1973 Yom Kippur War, two Arab states, Egypt and Syria, attacked Israel.

Persons: CNN —, ”, Jonathan Glover, Frida Ghitis, “, Ghitis, Amy Klein, goer Gal Katz, Gal Katz, that’s, ’ ” Katz, ” “, Yulie Ben Ami, ” Ben Ami, Stephanie Griffith, ’, … ”, Israel, Janine Zacharia, Benjamin Netanyahu’s, Ilan Troen's, Deborah, Shlomi Mathias, Ilan Troen S, Ilan Troen, Symon Petliura’s banditim, Troen, Deborah Mathias, Yahya Hassouna, Omar Ghraieb, Carrie Cordero, ” Cordero, Islam —, Peter Bergen, Jason Greenblatt, Trump, Fatah, Rachel Fish, ’ ” Fish, Kara Alaimo, McCarthy Drew Sheneman, Kevin McCarthy, Steve Scalise, Jim Jordan, Julian Zelizer, Jordan, John Boehner, James Antle III, McCarthy’s gavel, John Avlon, Clay Jones, Sallie Krawcheck, Sado, Robert F, Kennedy Jr, Joe Biden, “ Kennedy, ” Bergen, Kennedy, Jack Ohman, Jill Filipovic, Gavin Newsom’s, Sarah Gundle, Bob Saget’s, isn’t, Sara Stewart, Julia Ormond’s, Keldy Ortiz, Dr, Lara Freidenfelds, … Simone Biles Simone Biles, Yves Herman, Simone Biles, Amy Bass, ” Bass, “ Biles, Biles Organizations: CNN, Hamas, Ben, Gurion University, Brandeis University, Getty, “ Hamas, Foreign Intelligence, Israel, Twitter, Palestinian Authority, West Bank, Harvard University, Higher, Republicans, House Republicans, GOP, Federal Reserve, RFK Jr, Democratic, White, Republican, Biden, Trump, Democrat, Agency Locations: British, Rwanda, Bosnia, Israel, Gaza, New York, America, “, Kippur, Kibbutz Holit, Derazhne, Rovno, Rivne, Poland, Ukraine, Europe, Gaza City, AFP, Palestinian, Saudi Arabia, Israeli, Islam, Egypt, Syria, Iran, Victoria Sado, Antwerp, Tokyo, Belgium

☆ The Ukrainian draft dodgers who don't want to go to war against Russia
▼ + stars: | 2023-10-15 | by ( Rebecca Rommen | ) www.businessinsider.com time to read: +11 min

Ukrainian men cannot leave the country under martial law and face being drafted into war service. He told Insider he's desperate to leave Ukraine to escape being drafted and had already attempted one escape. Bohdan's unit suffered significant casualties while stationed near Svatove and the Serebryansky forest, he told Insider, and he was one of the few who survived without injuries. "Young men at a checkpoint near the border told me not to bother trying," Artem told Insider. 80,000 Ukrainian men have crossed over to PolandA Ukrainian soldier who lost her leg in the fighting near Kherson.

Persons: —, Artem, Bohdan, didn't, he's, — it's, hasn't, Ukrainska, Anna Michalska, Odesa, Borysov, Costa, Volodymyr Zelenskyy, Mytkalyk, Bolhan, Euronews Organizations: Service, National Guard of, AP, Verkhovna Rada, Ukrainska Pravda, The New York Times, Armed Forces, Poland's Border Guard, Polish Border Guard, Kyiv Post, Business, New York Times, The, Kyiv Independent, Times, Getty, Kyiv International Institute of Sociology Locations: Ukraine, Kyiv, National Guard of Ukraine, Svatove, Bohdan, Romania, Belgium, Hungary, Montenegro, Moldova, Poland, Ukrainian, Kherson, Verkhovna, Ukraine's, Polish, Marbella, Costa del Sol, London, Russia, Warsaw

Voter turnout was “historic” at 82.33% despite initial security concerns, Ecuador’s National Electoral Council president Diana Atamaint said after polls closed Sunday. “We will inform the country of the first results as the votes are processed,” she said. Ecuador’s Interior Minister Juan Zapata also assured the country in a news conference that there had been no security incidents to report. “Governing Ecuador right now is hell – this presidency is designed to eliminate you from political life,” Freeman said. The new president will have relatively little time to work on a solution to the country’s woes.

Persons: Luisa González, Daniel Noboa, Fernando Villavicencio, Diana Atamaint, “, Atamaint, Juan Zapata, Guillermo Lasso, ” Will Freeman, Rafael Correa, González, César Ortiz, Ortiz, ” Freeman Organizations: CNN, Electoral, Nacional, Council, Foreign Relations, Movimiento Revolución Locations: Ecuador, Sucumbios, America, Belgium, Peru, Colombia, Europe, Quito

☆ An astonished family discovered that a painting that decorated their living room for decades was a Van Dyck that could be worth millions
▼ + stars: | 2023-10-15 | by ( Nathan Rennolds | ) www.businessinsider.com time to read: +2 min

A family discovered that a painting hanging on the wall of their home could be worth millions. The painting was a genuine Anthony van Dyck and had been on their wall for decades. A Madrid art company authenticated it as a van Dyck last year, per the report. AdvertisementAdvertisementA previous van Dyck paintings to go to auction at Sotheby's sold for £8.3 million, which is about $10 million, according to the auction house's website. Born in Antwerp, in what is now Belgium, van Dyck went on to become a royal court painter for the English monarch Charles I.

Persons: Anthony van Dyck, Jesus, Saint Barbara, —, van Dyck, El País, Consuelo Durán, El, Van Dyck, Peter Paul Rubens, Charles I . Organizations: Service, El Locations: Jaén, Spain, Flemish, Andalucía, Madrid, Seville, El, Antwerp, Belgium

☆ What you need to know about Europe’s bedbug panic
▼ + stars: | 2023-10-14 | by ( Blane Bachelor | ) edition.cnn.com time to read: +12 min

“Since I am a dermatologist and I post a lot on my clinic account, I thought it would be nice to post a reel on bed bugs,” she told CNN Travel. “I was like, ‘I find that very hard to believe’,” Starkey told CNN Travel. Yet in Belgium, doctors in Antwerp are “sounding the alarm” about the spread of bedbugs from Paris, according to The Brussels Times. Colleen Oakley, a bestselling novelist in Atlanta, told CNN Travel she would “absolutely not travel” to Paris right now based on her “awful” experience with the creepy crawlies in 2006. It sounds silly to have panic attacks over bugs, but they are really invasive critters.

Persons: Zeina Nehme, bedbugs, Nehme, “, ” Cynthia Starkey, Starkey, texted Starkey, she’d, ” Starkey, Mikayla, I’m, ’ ” Starkey, ” Zach DeVries, ” DeVries, Stella McCartney, Marc Piasecki, Emmanuel Macron’s, Paris Emmanuel Grégoire, Aurélien Rousseau, bedbugs ”, hasn’t, Sadiq Khan, ”, Joe Rominiecki, I’ve, Richard Pollack, Pollack, Paris –, Apple bedbugs, “ Bedbugs, –, Naomi Campbell, “ bedbugs, Colleen Oakley, Oakley Organizations: CNN, City, CNN Travel, Paris, University of Kentucky’s, bedbugs, Fashion, French, Monde, Emmanuel Macron’s Renaissance Party, French Health, France Inter, Eurostar, French Agency for Food, Occupational Health, Safety, Entomological Society of America, Harvard Campus Services, Apple, NL Times, Brussels Times, Air, World Health Organization, telltale, American Academy of Dermatology Association, Travelers, Orkin Locations: Paris, London, City of, Beirut, Lebanon, Phoenix, Europe, France, New York, Netherlands, Belgium, Luxembourg, Germany, Antwerp, bedbugs, Air France, Orkin Canada, Atlanta, New, West Village

☆ US FDA approves Pfizer's inflammatory bowel disease drug
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Johanna Geron/File Photo Acquire Licensing RightsOct 13 (Reuters) - The U.S. Food and Drug Administration has approved Pfizer's (PFE.N) drug to treat adults with an inflammatory bowel disease called ulcerative colitis, the company said on Friday. The decision was based on data from a late-stage study that showed a reduction in disease symptoms for some patients who took the drug, when compared with the placebo. Globally, the market for inflammatory bowel diseases is about $20 billion, making it a lucrative target for drugmakers. Analysts last year estimated that peak sales for the Pfizer drug could top $3 billion a year. Reporting by Khushi Mandowara in Bengaluru; Editing by Arun Koyyur and Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: Johanna Geron, Velsipity, Bristol Myers, Khushi, Arun Koyyur Organizations: Pfizer, REUTERS, U.S . Food, Drug Administration, Arena Pharmaceuticals, Bristol, drugmakers, Thomson Locations: Puurs, Belgium, U.S, United States, Bengaluru

☆ Pfizer slashes full-year earnings and revenue guidance as Covid treatment, vaccine sales slump
▼ + stars: | 2023-10-13 | by ( Jacob Pramuk | ) www.cnbc.com time to read: +1 min

Pfizer slashed its full-year earnings and revenue guidance on Friday, as it said demand for its Covid products has waned. The company now expects 2023 sales of $58 billion to $61 billion, down from its previous guidance of $67 billion to $70 billion. Pfizer said it cut its revenue outlook "solely due to its Covid products." The biopharmaceutical company slashed its full-year adjusted earnings guidance to a range of $1.45 to $1.65 per share, from a previous $3.25 to $3.45 per share. It also said it anticipates sales of its vaccine, Comirnaty, will be $2 billion lower than previously expected because of lower-than-expected vaccination rates.

Persons: Albert Bourla Organizations: Pfizer, European Commission, BioNTech, U.S ., CNBC, YouTube Locations: U.S, Puurs, Belgium

☆ I worked as an engineer on merchant vessels and my ship was held hostage by pirates for 8 months. I still cherish my career at sea.
▼ + stars: | 2023-10-13 | by ( Hannah Towey | ) www.businessinsider.com time to read: +14 min

Chirag Bahri worked as an engineer on merchant vessels during a nearly decade-long career at sea. In 2010, his chemical tanker was held hostage by pirates for eight months. I had just joined the crew and I really needed to be on the ship to earn money. I was in the engine room when I got the call that pirates had boarded the ship. I still cherish the time I spent working onboard ships and I would encourage people to look at seafaring as a very positive, rewarding profession.

Persons: Bahri, —, Marguerite, Farah Abdi Warsameh, I'm, Bahri's, Dharmesh Gohil, Sattish Bate, Chirag Bahri, Dierk Lindemann, there's Organizations: Service, Chirag Bahri, International, International Seafarers Welfare, Assistance, Regional, South, Maritime, Google, International Maritime Bureau, AP, Hindustan Times, Getty, Asphalt Venture, Chirag Locations: South Asia, India, Belgium, Aden, Asia, East, Europe, Somalia, English, al, Shabab, South Somalia, Salalah, Chirag

☆ U.S. ready to send more military aid to Israel, says Austin
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +1 min

U.S. Defence Secretary Lloyd Austin speaks to the media during a NATO Defence Ministers' meeting at the Alliance's headquarters in Brussels, Belgium October 12, 2023. REUTERS/Johanna Geron/File Photo Acquire Licensing RightsJERUSALEM, Oct 13 (Reuters) - U.S. Defense Secretary Lloyd Austin said on Friday that the Pentagon was ready to deploy more military aid to Israel as Israeli forces prepare for a likely invasion of Gaza in response to a devastating attack by militant group Hamas. Austin said that munitions, air defence capabilities and other equipment and resources were "rapidly flowing" to Washington's closest Middle Eastern ally. Israel has vowed to crush Hamas, the Palestinian Islamist movement that rules Gaza. Israel launched its heaviest ever bombardment of the Gaza Strip after Hamas carried out an unprecedented and shock cross-border attack into southern Israel on Oct. 7.

Persons: Lloyd Austin, Johanna Geron, Austin, Israel, Yoav Gallant, Ari Rabinovitch, Dan Williams, Henriette Chacar, John Davison, Mark Heinrich Our Organizations: Defence, NATO Defence Ministers, REUTERS, Rights, . Defense, Pentagon, Hamas, U.S . Department of Defense, Israel, Thomson Locations: Brussels, Belgium, Israel, Gaza, Washington's, Palestinian, Tel Aviv, United States, Ukraine

[1/5] A new building for earthquake survivors is under construction in Diyarbakir, Turkey August 26, 2023. With work underway on a fraction of the planned new buildings in the devastated city of Adiyaman, Kaplan fears a long wait together with his disabled wife and other survivors. One senior government official with direct knowledge of the reconstruction plan said the target could be missed, citing insufficient fresh funding to hold new tenders amid rising costs. They both said the effort had taken a blow when fewer companies bid for the reconstruction tenders after a post-election economic policy U-turn in June sent the currency plunging. "Our budget resources have been prepared for this huge, comprehensive project and can be updated when necessary," Erdogan's office said.

Persons: Stringer, Ismet Kaplan, Tayyip Erdogan, Erdogan, Kaplan, Bayir, Adiyaman, Turkey's, Mehmet Ozhaseki, Arvid Tuerkner, Mert Arslanalp, Erdogan's, Arslanalp, Mehmet Simsek, Simsek, Tahir Tellioglu, Tellioglu, Umit, Ezgi Erkoyun, Nevzat Devranoglu, Jonathan Spicer, Frank Jack Daniel Our Organizations: REUTERS, Rights, Reuters, Union of Chambers of Turkish Engineers and Architects, Coordination Council, European Bank for Reconstruction, Erdogan's AK, Istanbul's Bogazici University, TAG, Construction, Thomson Locations: Diyarbakir, Turkey, Rights ISTANBUL, Adiyaman, Netherlands, Belgium, Syria, Hatay, Malatya, Gaziantep, Istanbul, Ankara

Word "Sanctions" is displayed on EU and Russian flags in this illustration taken, February 27, 2022. The United States and Britain last month signalled support for an EU plan to tax windfall profits generated by frozen Russian sovereign assets to finance Ukraine as Kyiv battles a full-scale Russian invasion that started in February 2022. EU members Germany and France are part of the G7 club, where the EU executive European Commission is also represented. The EU's own work among its 27 member states on harnessing frozen Russian state assets for Ukraine has been repeatedly delayed due to legal concerns, among others, after the bloc's sanctions on private Russian wealth were challenged in courts. Belgian clearing house Euroclear manages some 125 billion euros of frozen Russian central bank assets.

Persons: Dado Ruvic, Thomson, Gabriela Baczynska, Mark Potter Organizations: REUTERS, Rights, Union, European, Reuters, Friday, Diplomats, European Commission, EU, Deutsche Boerse's Eurex, London Stock Exchange, Thomson Reuters, Thomson Locations: Rights BRUSSELS, Ukraine, United States, Britain, Kyiv, Morocco, Germany, France, Brussels, Belgium, EU, Belgian, Euroclear, Europe, Frankfurt, London, LSEG

☆ ECB policymakers eye springtime push to cut payments on banks' deposits, sources say
▼ + stars: | 2023-10-13 | by ( Balazs Koranyi | ) www.reuters.com time to read: +5 min

MARRAKECH, Oct 13 (Reuters) - European Central Bank policymakers are planning a springtime push to cut interest payments made to commercial banks, in part to recoup some of the costs associated with a decade worth of stimulus, sources familiar with discussions said. That would mean overall interest payments to lenders - which still earn the ECB deposit rate, currently 4%, on other excess cash parked with the central bank - would be reduced further. But the ECB rejected the proposal in July, partly on resistance from its Executive Board, the sources said. The board's key argument is that excess liquidity is distributed unevenly across the euro zone and raising the ratio would put an excessive burden on smaller banks with a larger portion of deposits. Deutsche Bank CEO Christian Sewing argued that the change would add to banks' financial burdens and restrict their lending options.

Persons: Bundesbank, Joachim Nagel, Robert Holzmann, Latvia's Martin Kazaks, Isabel Schnabel, Austria's Holzmann, France's Francois Villeroy de, Pierre Wunsch, We're, Schnabel, Deutsche Bank CEO Christian Sewing, Tom Sims, John Stonestreet Organizations: Central Bank, ECB, Austrian, Barclays, Deutsche Bank CEO Christian, Thomson Locations: MARRAKECH

The logo of Meta Platforms' business group is seen in Brussels, Belgium December 6, 2022. REUTERS/Yves Herman/File Photo Acquire Licensing RightsCompanies Meta Platforms Inc FollowSTOCKHOLM, Oct 13 (Reuters) - Meta (META.O) said on Friday it was taking steps including removing praise and substantive support for Hamas from its platforms after the European Union reprimanded social media companies for not doing enough to tackle disinformation. Following the attack, Hamas has taken scores of Israeli and foreign hostages to the Palestinian enclave of Gaza. Meta said it was aware of Hamas' threats to broadcast footage of the hostages and it would swiftly remove any such content and prevent copies being re-shared. While Hamas is banned from the platforms, Meta allows social and political discourse - such as news reporting, human rights related issues, or academic, neutral and critical discussion.

Persons: Yves Herman, Meta, Supantha Mukherjee, Mark Potter Organizations: REUTERS, Union, Facebook, Hamas, European Commission, Digital Services, Thomson Locations: Brussels, Belgium, Israel, Gaza, Stockholm

☆ IKEA sticks with China despite slowing economy
▼ + stars: | 2023-10-12 | by ( Helen Reid | Thomson Reuters | London-Based Reporter Covering The European Retail Sector Through A Global Lens. Focusing On Companies Including Adidas | ) www.reuters.com time to read: +2 min

REUTERS/Yves Herman Acquire Licensing RightsMALMÖ, Sweden, Oct 12 (Reuters) - China is still a key growth market for budget furniture retailer IKEA despite the world's second-largest economy showing signs of strain, executives at the biggest IKEA store owner said on Thursday. The company has 37 IKEA stores in China, out of a total of 537 locations worldwide. Ingka Group overall saw 697 million visits to its IKEA stores in the 2023 financial year, up 7.4% from the previous year. The rate of increase was much higher in China, Brodin said, as stores reopened and shoppers returned. China's sheer size makes it a key opportunity, said Tolga Oncu, head of IKEA Retail at Ingka Group.

Persons: Yves Herman Acquire, Jesper Brodin, Brodin, Ingka, Tolga Oncu, Oncu, Helen Reid, Josie Kao Organizations: REUTERS, IKEA, Ingka Group, Ingka, Reuters, IKEA Retail, Thomson Locations: Brussels, Belgium, Sweden, China

☆ Biles grateful for support during 'mental health journey'
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: +2 min

Her withdrawal to focus on her mental health was one of the biggest stories of those Games. At the Artistic Gymnastics World Championships that finished on Sunday in Belgium, she won five medals - four golds and a silver. "I would like to extend my heartfelt gratitude to fans, friends, family & partnerships who have been unwavering pillars of support throughout my mental health journey," Biles wrote in a social media post. She added: "World Championships was an absolute dream & I still can't believe it." Biles, 26, is a four-time Olympic and 23-time world championships gold medallist who has looked as dominant as ever since returning to the sport.

Persons: Simone Biles, Yves Herman, Biles, Rory Carroll, Sonali Paul Organizations: Tokyo, U.S, Gymnastics, Olympic, Thomson Locations: Antwerp, Belgium, San Jose, Los Angeles

☆ Oil price shock could spur another rate hike, European Central Bank member says
▼ + stars: | 2023-10-12 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

The latest euro zone inflation figures are "comforting" — but oil prices still pose a risk that could push the European Central Bank into another rate hike, Belgium's central bank governor said Thursday. "It is one of the factors that, you know, could push inflation higher ... inflation would be higher in a way that we will not meet our target in [2025], then I think would have to do more," Pierre Wunsch told CNBC's Joumanna Bercetche, referring to a persistent shock in the price of oil. "If inflation would be higher than our forecast, no more than marginally, then I think we have to do more," he also said. When asked whether this marked a change in approach for the ECB, many members of which in 2021 described inflation driven by energy markets as transitory, Wunsch said: "I think it's just our reading of the impact of a succession of shocks has changed." The last 23 years of observing and modeling inflation had led policymakers to believe "sustained inflation was becoming close to impossible," Wunsch said in an interview at the International Monetary Fund's annual meetings in Marrakech, Morocco.

Persons: Pierre Wunsch, CNBC's Joumanna, Wunsch Organizations: European Central Bank, ECB, International Monetary Locations: Marrakech, Morocco

☆ Oil price shock could push ECB into another hike, National Bank of Belgium governor said
▼ + stars: | 2023-10-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOil price shock could push ECB into another hike, National Bank of Belgium governor saidPierre Wunsch, governor of the National Bank of Belgium, discusses the latest inflation figures and the trends the ECB is monitoring.

Persons: Pierre Wunsch Organizations: Email, ECB, National Bank of, National Bank of Belgium Locations: National Bank of Belgium

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Persons: Dow Jones Locations: belgium, ukraine

Samsung shares opened 3.3% higher versus a 1.4% rise in the wider market (.KS11), as analysts said memory chip prices likely bottomed in the third quarter, with some types starting to rebound. The world's largest memory chip and smartphone maker estimated its operating profit fell to 2.4 trillion won ($1.79 billion) in July-September, from 10.85 trillion won a year earlier in a short preliminary earnings statement. The profit beat a 2.1 trillion won LSEG SmartEstimate, which is weighted toward forecasts from analysts who are more consistently accurate. The company reported losses of 4.58 trillion won and 4.36 trillion in its chip business in the first and second quarter respectively, as memory chip prices plunged and its inventory values were slashed. Samsung's said its revenue likely fell 13% from the same period a year earlier to 67 trillion won.

Persons: Yves Herman, LSEG, Ko Yeongmin, chipmakers, Ko, Samsung's, 1,342.1900, Joyce Lee, Heekyong Yang, Jamie Freed Organizations: Samsung, REUTERS, Samsung Electronics, Daol Investment, Securities, Apple, Thomson Locations: Brussels, Diegem, Belgium, SEOUL

The world's largest memory chip and smartphone maker estimated its operating profit fell to 2.4 trillion won ($1.79 billion) in July-September, from 10.85 trillion won a year earlier in a short preliminary earnings statement. The profit beat a 2.1 trillion won LSEG SmartEstimate, which is weighted toward forecasts from analysts who are more consistently accurate. Although down sharply from last year, Samsung's third quarter profit is higher than the first quarter's 640 billion won and the second quarter's 670 billion won. Rival Micron Technology (MU.O) also forecast a quarterly loss last month, triggering concerns of a sluggish recovery in the memory chip maker's end markets such as data centres. Samsung's revenue likely fell 13% from the same period a year earlier to 67 trillion won, Samsung said in the statement.

Persons: Yves Herman, LSEG, Samsung's, chipmakers, 1,342.1900, Joyce Lee, Heekyong Yang, Jamie Freed Organizations: Samsung, REUTERS, Rights, Samsung Electronics Co, Micron Technology, Apple, Thomson Locations: Brussels, Diegem, Belgium, Rights SEOUL, KS, Korean

☆ The world will pay a high price if China cuts off supplies of chipmaking materials
▼ + stars: | 2023-10-11 | by ( Laura He | ) edition.cnn.com time to read: +7 min

Last year, it accounted for 98% of the global production of gallium and 68% of refined germanium production, according to the US Geological Survey (USGS). “Refining technologies and facilities for processing gallium and germanium cannot be built overnight, particularly considering the environmental implications of their extraction and mining,” she wrote in July. Analysts from the think tank said China’s leading position in the aluminum industry has allowed it to establish a dominant share of global gallium production. According to the USGS, Russia, Japan, and Korea produced a combined 1.8% of global gallium in 2022. Last year, the US Defense logistics Agency introduced a program to recycle optical-grade germanium used in weapon systems.

Persons: Hong Kong CNN —, ”, Xiaomeng Lu, Marina Zhang, Zhang, Ewa Manthey, haven’t, Chris Miller, Gregory Allen, Nyrstar, ” Lu, Manthey Organizations: Hong Kong CNN, geotechnology, Eurasia Group, China, Geological Survey, University of Technology, “, ING Group, Center for Strategic, International Studies, Washington, Analysts, Corporation, CNN, Global, Wadhwani Center, AI, Technologies, CSIS, Rostec, Reuters, US Defense, Agency, Commerce Ministry Locations: China, Hong Kong, Beijing, United States, Europe, Japan, University of Technology Sydney, Kazakhstan, Hungary, Germany, Russia, Korea, Teck, American, Netherlands, Australia, ” Lu, Eurasia, Canada

[1/4] Ukrainian President Volodymyr Zelenskiy and Secretary General of NATO Jens Stoltenberg walk on the day of a NATO Defence Ministers' meeting at the Alliance's headquarters in Brussels, Belgium October 11, 2023. On his first visit to NATO HQ since Russia's full-scale invasion in February last year, Zelenskiy said the coming cold months would be one of Ukraine's biggest challenges. Standing alongside Zelenskiy, NATO Secretary General Jens Stoltenberg said Russian President Vladimir Putin was "preparing once again to use winter as a weapon of war" by attacking energy infrastructure in Ukraine. "We need to prevent that, with more advanced and increased capabilities for air defence, we can make a big difference," Stoltenberg said. NATO defence ministers were to sit down with their Ukrainian counterpart Rustem Umerov in the NATO-Ukraine Council, established at the alliance's Vilnius summit in July.

Persons: Volodymyr Zelenskiy, NATO Jens Stoltenberg, Johanna Geron, Putin, Zelenskiy, Jens Stoltenberg, Vladimir Putin, Stoltenberg, Lloyd Austin, Charles Q, Brown, Alexander De Croo, Rustem, Yoav Gallant, Marine Strauss, Andrew Gray, Idrees Ali, Sabine Siebold, Benoit Van Overstraeten, Andrew Cawthorne Organizations: NATO, NATO Defence Ministers, REUTERS, Ukraine Defense Contact, Zelenskiy, Diplomats, Lloyd Austin and Air Force, U.S, U.S . Congress, Belgian, Ukraine Council, Israeli, Thomson Locations: Brussels, Belgium, BRUSSELS, Ukraine, U.S, Washington, Kyiv, NATO, Vilnius, Finland, Estonia

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