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☆ Oil drops as price cap proposal eases supply concerns
▼ + stars: | 2022-11-24 | by ( Ahmad Ghaddar | John Kemp | ) www.reuters.com time to read: +3 min

A bigger than expected build in U.S. gasoline inventories and widening COVID-19 controls in China also added downward pressure on crude prices. Both benchmarks plunged more than 3% on Wednesday on news the planned price cap on Russian oil could be above the current market level. A higher price cap could make it attractive for Russia to continue to sell its oil, reducing the risk of a supply shortage in global oil markets. "When one considers that the current Russian export price is below the proposed limit, the price cap automatically implies uninterrupted Russian exports," said PVM Oil analyst Tamas Varga. EU governments will resume talks on the price cap on Thursday or Friday, EU diplomats said.

☆ Postal Savings Bank of China to provide $39 bln of property sector financing
▼ + stars: | 2022-11-24 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Nov 24 (Reuters) - Postal Savings Bank of China has agreed to provide a total of 280 billion yuan ($39.17 billion) in financing to property companies including Vanke, Longfor and Country Garden, it said in a statement on Thursday. ($1 = 7.1479 Chinese yuan renminbi)Reporting by Ziyi Tang and Ryan Woo Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Ford recalls nearly 519,000 U.S. vehicles 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 nearly 519,000 sport utility vehicles (SUVs) in the United States over fire risks from possible cracked fuel injectors and will urge owners to have their cars inspected, it said on Thursday. Ford said when engines in the SUVs covered by the latest recall are operating, a cracked fuel injector could cause fuel or fuel vapor to accumulate near hot surfaces, potentially resulting in fire under the hood. 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.

☆ Evergrande creditors ask chairman for $2 bln fund infusion -Bloomberg
▼ + stars: | 2022-11-24 | by ( ) www.reuters.com time to read: +1 min

Nov 24 (Reuters) - Debt-laden developer China Evergrande Group (3333.HK) has told offshore creditors that it plans to present a restructuring proposal as soon as the first week of December, Bloomberg News reported on Thursday. The proposal could include swapping debt for shares in the company's Hong Kong-listed auto and property management units, the report said, citing unnamed sources. The group of creditors asked Chairman Hui Ka Yan to infuse at least $2 billion of his personal wealth into Evergrande as a condition for agreeing on any proposals from the company, it added. Reuters last week reported that Evergrande plans to use domestic assets as sweeteners to win offshore creditor approval for a long-awaited debt restructuring. Once China's top-selling property developer, Evergrande has been at the centre of a deepening property debt crisis that has led to multiple developers defaulting on offshore debt obligations over the past year.

☆ Polish climate minister says EU gas cap proposal is a 'joke'
▼ + stars: | 2022-11-24 | by ( ) www.reuters.com time to read: +1 min

WARSAW, Nov 24 (Reuters) - The European Union's gas price cap proposal is a 'joke', Polish climate minister Anna Moskwa said on Thursday. Moskwa's criticism followed disagreement among the 27 European Union countries on Wednesday over a proposal to cap future gas prices at 275 euros per megawatt hour (MWh). read more"The gas cap proposal is key, but what emerged the day before yesterday is a joke. it was presented at the last moment and deviates from what had been proposed before and isn't acceptable as it's higher than current market prices," Moskwa said in Brussels. As many as 15 EU countries including Poland, Italy and Greece want a cap, while a camp led by Germany argues that a cap could hamper gas supplies.

☆ Mobile operator Veon to sell Russian business for $2.2 bln
▼ + stars: | 2022-11-24 | by ( ) www.reuters.com time to read: +2 min

Veon also operates Beeline in Kazakhstan and Kyivstar in Ukraine. Veon said the management buyout of Vimpelcom implied an expected enterprise value of approximately 370 billion roubles. Though Veon is selling at a discount, the transaction represents a relatively rare example of money changing hands between parties as companies race to exit Russia. The shares have traded near record lows since tumbling after Russia began what it calls its "special military operation" in Ukraine. "The management buyout of our Russian operations will benefit all involved," Veon CEO Kaan Terzioglu said in a statement to Reuters.

☆ EU countries unhappy with 275 euro gas cap proposal
▼ + stars: | 2022-11-24 | by ( Gabriela Baczynska | ) www.reuters.com time to read: +4 min

The long-standing disagreements were holding up other policies to alleviate the acute energy crisis, such as the launch of joint EU gas purchases and a quicker permit process for renewables. Polish Climate Minister Anna Moskwa called the 275 euro blueprint put forward by the European Commission "a joke". "It could help us reduce gas prices and therefore reduce electricity prices, which is a major challenge in Europe this winter," he said. Energy minister Miriam Dalli said the strict conditions needed for the mechanism to kick in made it "next to impossible". But the issue of whether and how to cap gas prices has split the bloc.

Nov 24 (Reuters) - Recent uptake of COVID-19 vaccine booster doses in the European Union has been "rather disappointing," an official said on Thursday, amid concerns that protection against severe cases of the disease could weaken during the winter. WHO data released late on Wednesday showed that 724,000 new COVID-19 cases were reported in the EU over the past week, down 11% from the previous week. In early October, when experts were warning of a new COVID-19 wave, the number of weekly cases reached 1.5 million. The EMA intends to issue new guidelines for health care providers on the issue of such treatments, he said. But prompt access to Paxlovid remains an issue in the EU, and the EMA is working with governments to change this, he said.

☆ Energy trader Gunvor expands leadership team
▼ + stars: | 2022-11-24 | by ( Julia Payne | ) www.reuters.com time to read: +1 min

Companies Gunvor Group Ltd FollowLONDON, Nov 24 (Reuters) - Geneva-based energy trader Gunvor Group has widened its executive committee to 14 people including its chief executive, reflecting the growing importance of gas trading for the firm, the company’s website showed on Thursday. Gunvor has a separate company, Nyera, set up in 2021 to invest in renewable energy sources. As one of the world's top five oil traders, the company traded about 3.1 million barrels per day of oil last year. It posted a record profit in 2021 and a record first half of this year on the back of record energy price volatility. The leadership changes also come amid talks with Abu Dhabi National Oil company (ADNOC) to acquire the whole or a stake in Gunvor.

☆ Exclusive: Vivendi-Lagardere deal faces full-scale EU antitrust probe - sources
▼ + stars: | 2022-11-22 | by ( Foo Yun Chee | ) www.reuters.com time to read: +1 min

BRUSSELS, Nov 22 (Reuters) - Media group Vivendi's (VIV.PA) proposed acquisition of rival Lagardere is likely to face a full-scale EU antitrust investigation, people close to the matter said on Tuesday. The proposed deal would combine France's two biggest publishing groups, Lagardere's Hachette and Vivendi's Editis, and has come in for criticism from rivals including renowned peer Gallimard. The European Commission is expected to launch an in-depth investigation after finishing its preliminary review of the deal on Nov. 30, the sources said. The EU competition enforcer and Vivendi declined to comment. The mass media holding company already owns 57% of Lagardere after a bid for all of the group's shares.

☆ Ericsson to invest in 6G network research in Britain
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +1 min

LONDON, Nov 22 (Reuters) - Network equipment maker Ericsson (ERICb.ST) will invest millions of pounds in 6G mobile research in Britain, it said on Tuesday, working with universities on hardware security, AI and cognitive networks and quantum computing. The Swedish company, which supplies 5G gear to all four British mobile networks, said the 10-year initiative would help to drive development of next-generation 6G networks, which are expected to be commercially available about 2030. Ericsson's UK and Ireland CEO Katherine Ainley said that British universities are performing world-beating research in some of the technologies that would underpin next-generation networks. The new group will complement Ericsson's 17 existing research sites in 12 countries, she said. Reporting by Paul Sandle Editing by Kylie MacLellan and David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Oil rises as Saudi comments outweigh recession concerns
▼ + stars: | 2022-11-22 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

"Crude oil prices are trying to recover their losses," said Avatrade analyst Naeem Aslam. "That Saudi Arabia has denied there was any discussion about an increase in oil supply with OPEC and its allies has supported the market today." On Dec. 5. a European Union ban on Russian crude imports is set to start, as is a G7 plan that will allow shipping services providers to help to export Russian oil, but only at enforced low prices. Concerns over oil demand in the face of the U.S. Federal Reserve's interest rate hikes and China's strict COVID lockdown policies limited the upside. Additional reporting by Laura Sanicola and Isabel Kua Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Berkshire Hathaway sells $80.7 mln of shares in China's BYD
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: 1 min

HONG KONG, Nov 22 (Reuters) - Berkshire Hathaway, the investment company owned by Warren Buffett, has sold 3.23 million Hong Kong-listed shares of electric vehicle maker BYD (002594.SZ) for HK$630.33 million ($80.67 million), a stock exchange filing showed. The sale lowered Berkshire's holdings in BYD's total issued H-shares to 15.99% on Nov. 17, down from 16.28%, a filing to the Hong Kong Stock Exchange showed on Tuesday. ($1 = 7.8141 Hong Kong dollars)Reporting by Twinnie Siu Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ SocGen and Alliance Bernstein to launch global equities venture
▼ + stars: | 2022-11-22 | by ( Gabriel Araujo | ) www.reuters.com time to read: +1 min

PARIS, Nov 22 (Reuters) - Societe Generale (SOGN.PA), France's third-biggest listed bank, and U.S. investment management company Alliance Bernstein (AB.N) plan to form a joint venture focusing on global cash equities and equity research, they said on Tuesday. SocGen plans to take a 51% interest in the venture, with an option to take 100% ownership after five years, the French bank said, adding that the business would boost its profit from 2025 onwards. The joint venture will be run as a long-term partnership under the Bernstein name and will be headquartered in London. Robert van Brugge, CEO of Bernstein Research Services, will become CEO of the new entity for an initial term of five years, with Stephane Loiseau, head of SocGen's cash equities business, becoming his deputy. Reporting by Sudip Kar-Gupta Editing by Kirsten Donovan and David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Rouble pares early losses to hover around 61 to the dollar
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +1 min

MOSCOW, Nov 22 (Reuters) - The Russian rouble hovered around 61 to the dollar after touching its lowest in nearly two weeks early on Tuesday, with pressure from oil market jitters countered by rouble buying to cover month-end tax payments. At 0714 GMT the rouble was down 0.1% against the dollar at 60.90 , having slid to 61.1950 earlier in the session for its weakest since Nov. 10. The rouble could strengthen towards the 60 mark during the session, said Bogdan Zvarich, chief analyst at Banki.ru. The rouble is supported by a month-end tax period in which exporters usually convert foreign exchange revenue into roubles to pay domestic liabilities. For Russian equities guide seeFor Russian treasury bonds seeReporting by Alexander Marrow Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ GSK to stop selling blood cancer drug Blenrep in United States
▼ + stars: | 2022-11-22 | by ( Pushkala Aripaka | ) www.reuters.com time to read: +2 min

GSK said access to Blenrep in other countries where it is marketed is unaffected, including across the European Union. The company is still discussing the latest clinical data with EU health authorities, a GSK official said. The drug was given speedy approval by the FDA in 2020 and approved for patients with relapsed or refractory multiple myeloma who received at least four previous therapies. Last year the drug achieved 89 million pounds ($105 million) in global sales, about two thirds of which was from the United States. Blenrep belongs to a category of treatments called antibody drug conjugates, which are engineered antibodies that bind to tumour cells and then release cell-killing chemicals.

☆ Ten Square Games in no rush to carry out acquisitions
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: 1 min

GDANSK, Nov 22 (Reuters) - Polish mobile game producer Ten Square Games (TENP.WA) is not actively seeking merger opportunities, its CEO said on Tuesday. "We are in no rush to carry out acquisitions at this moment," Maciej Zuzalek said. Reporting by Anna Banacka and Mateusz Rabiega Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Citigroup targets more deals in Gulf region
▼ + stars: | 2022-11-22 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +2 min

The Gulf region has become a bright spot for public share sales this year, boosted by high oil prices and government-led privatisation programmes. The growth in Gulf equity capital markets is in sharp contrast to the United States and Europe, where global banks have been trimming headcount in a dealmaking drought. Citigroup moved its director for power, renewables and utilities, Omar El Duraie, to Dubai from London this year . "This year the region has been extremely active while the rest of the world has been on pause," he told Reuters. Others expanding in the Gulf include Rothschild & Co (ROTH.PA), which has opened an office in Saudi Arabia, while Goldman Sachs (GS.N) is hiring bankers for its wealth management and investment banking businesses in the region.

☆ Activist investor Cevian takes axe to Thyssenkrupp stake
▼ + stars: | 2022-11-22 | by ( Christoph Steitz | Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

SummarySummary Companies Cevian cuts stake by more than 5.6%Thyssenkrupp turnaround failed to boost share priceCevian first disclosed stake in 2013FRANKFURT, Nov 22 (Reuters) - Activist fund Cevian has cut its stake in Thyssenkrupp (TKAG.DE) to less than 1%, it said on Tuesday, effectively ending its loss-making engagement with the German industrial group after years of restructuring that failed to boost its share price. Cevian, which first disclosed a stake in Thyssenkrupp in 2013, had nearly halved its stake to 7.9% a year ago after a far-reaching overhaul it had long demanded arrived too late. Shares in Thyssenkrupp fell 4.7% lower on the news, making them the second-biggest decliners in Germany's mid-cap index and valuing the stake Cevian has sold at more than 180 million euros ($185 million). Refinitiv news service IFR earlier reported that Cevian sold shares at 5.15-5.40 euros apiece in a process run by UBS, indicating the fund took a loss, given Thyssenkrupp stock traded around 17-19 euros when the fund disclosed holdings. The share sale also highlights Cevian's sobering track record in Germany, which includes a 26.67% stake in Bilfinger (GBFG.DE) that has fallen in value since the fund first disclosed a stake in 2011.

☆ Oil prices rebound from early dive as reports vary on OPEC+ output
▼ + stars: | 2022-11-21 | by ( Laila Kearney | ) www.reuters.com time to read: +3 min

Brent crude futures for January fell 77 cents, or 0.9%, to $86.85 a barrel by 12:54 p.m. EST (1754 GMT) . U.S. West Texas Intermediate (WTI) crude futures for December were down 58 cents, or 0.7%, at $79.50 ahead of the contract's expiry later on Monday. Oil retraced most losses after Saudi Arabian energy minister Prince Abdulaziz bin Salman said the kingdom is not discussing a potential oil output increase with other OPEC oil producers, state news agency SPA reported, denying the Journal report. Expectations of further increases to interest rates have buoyed the greenback, making dollar-denominated commodities like crude more expensive for investors. The front-month Brent crude futures spread narrowed sharply last week while WTI flipped into contango, reflecting dwindling supply concerns.

☆ Saudi denies oil output hike discussion, says OPEC+ may cut if needed
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +2 min

The Wall Street Journal earlier on Monday reported an output increase of 500,000 barrels per day was under discussion for the next meeting of OPEC and its allies, known as OPEC+, on Dec. 4. Oil prices, which had slid more than 5% to below $83 a barrel after the Wall Street Journal report , pared losses following the minister's comments. Last month, OPEC+ unexpectedly decided to reduce output targets sharply. It would be unusual for the group to increase production at a time of declining prices and growing concern about the economic outlook. Prince Abdulaziz was also quoted as saying OPEC+ was ready to reduce output further if needed.

☆ Polish regulator to appeal after Gazprom Nord Stream 2 fine annulled
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +2 min

WARSAW, Nov 21 (Reuters) - UOKiK will appeal a ruling that annulled fines it imposed on Russia's Gazprom (GAZP.MM) and five other companies responsible for building the Nord Stream 2 pipeline, the Polish regulator said on Monday. UOKiK in 2020 fined Gazprom more than 29 billion zlotys ($6.33 billion) for building the Nord Stream 2 gas pipeline without Warsaw's approval. It also imposed a total fine of 234 million zloty spread across five other companies involved in financing the project. The other companies affected by the fines were Engie Energy (ENGIE.PA), Uniper (UN01.DE), OMV (OMVV.VI), Shell (SHEL.L) and Wintershall. Poland was a staunch opponent of the Nord Stream 2 project because it feared Russia could use energy supplies to exert influence over European countries.

☆ Russia's Sberbank files lawsuits over restrictions on European units
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies This content was produced in Russia, where the law restricts coverage of Russian military operations in UkraineMOSCOW, Nov 21 (Reuters) - Russia's largest lender, Sberbank (SBER.MM), has filed lawsuits challenging decisions by the European Commission and Single Resolution Board (SRB) to impose restrictions over some of its European operations. Sberbank Europe AG, based in Vienna, was closed in March by order of the European Central Bank (ECB), which cited the risk of imminent failure resulting from the bank's economic difficulties and the potential for a run on deposits after Russia sent tens of thousands of troops into Ukraine. The SRB, which was set up to limit the cost to taxpayers from failing banks, on March 1 adopted resolution schemes with respect to Sberbank Europe's subsidiaries in Croatia and Slovenia, ruling that shares be transferred to a buyer, citing risks to the financial stability of the two countries. Sberbank did not immediately respond to a request for comment on the lawsuits, which were brought on Aug. 22, filings published by the European Union showed on Monday. Reporting by Elena Fabrichnaya and Alexander Marrow Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Saudi Arabia eyes OPEC+ production increase - WSJ
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +1 min

Nov 21 (Reuters) - Saudi Arabia and other OPEC oil producers are discussing an output increase, the Wall Street Journal reported on Monday, citing unidentified delegates within the group. An increase of up to 500,000 barrels per day is now under discussion for OPEC+'s Dec. 4 meeting, the report said. Last month, OPEC+ unexpectedly decided to reduce output targets sharply and it would be unusual for the group to increase production at a time of declining prices and concern about the economic outlook. The WSJ said talk of a production increase has emerged after U.S. President Joe Biden's administration told a federal court judge that Saudi Crown Prince Mohammed bin Salman should have sovereign immunity from a U.S. federal lawsuit related to the killing of Saudi journalist Jamal Khashoggi. The energy minister for Saudi Arabia, the OPEC+ de-facto leader, was quoted as saying earlier this month the group will remain cautious.

☆ Pakistan reopens Afghan crossing shut after border hostilities
▼ + stars: | 2022-11-21 | by ( Gul Yousafzai | ) www.reuters.com time to read: +2 min

REUTERS/Saeed Ali Achakzai/File PhotoQUETTA, Pakistan, Nov 21 (Reuters) - Pakistan has reopened a major Afghan border crossing that was shut for trade and transit after security forces clashed last week, officials from both sides said on Monday. As the crossing opened on Monday, three people were wounded in another clash reported on a northwestern border with Afghanistan, an Afghan official said. A Pakistani security official said the fresh exchange of fire killed one member of border personnel and wounded nine other people. "We are going to meet senior Pakistani officials to find an amicable solution," he said. The Pakistan military did not respond to a request for comment, but a Pakistan security official said there has been regular border management coordination with Afghan authorities, adding that details of Afghan investigations into last week's hostilities will be shared with Pakistan in due course.

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