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☆ UK downturn deepens, raising recession risk -flash PMI
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +3 min

Released just as finance minister Kwasi Kwarteng was due to flesh out the economic agenda of new Prime Minister Liz Truss, the S&P Global/CIPS flash Composite Purchasing Managers' Index (PMI) fell to 48.4 from 49.6 in August. It marked the lowest reading since the COVID-19 lockdown of January last year. The PMI for the services sector fell to 49.2 in September from 50.9 in August, the weakest reading since January 2021. While the manufacturing PMI rose to 48.5 from 47.3, much of the improvement reflected a worsening supply chain performance, which in normal times reflects shortages due to strong demand but not this time. Despite the pound falling to 37-year lows against the dollar, export orders contracted in both the manufacturing and service sectors, S&P Global said.

☆ Euro zone likely entering recession as price rises hit demand -PMI
▼ + stars: | 2022-09-23 | by ( Jonathan Cable | ) www.reuters.com time to read: +4 min

Register now for FREE unlimited access to Reuters.com Register"The third decline in a row for the euro zone PMI indicates business activity has been contracting throughout the quarter. A reuters poll earlier this month gave a 60% chance of a recession in the euro zone within a year. read morePRICE PRESSURESOverall demand in the euro zone fell to its lowest since November 2020, when the continent was suffering a second wave of COVID-19 infections. The new business PMI fell to 46.0 from 46.9. The euro zone services PMI fell to 48.9 from 49.8, its second month sub-50 and the lowest reading since February 2021.

☆ Russia's Positive Technologies sticks to share placement plan despite market slump
▼ + stars: | 2022-09-22 | by ( ) www.reuters.com time to read: +2 min

Sept 22 (Reuters) - Russia's Positive Technologies still plans to go ahead with its secondary public offering (SPO), despite a sell-off in Russian share market this week, executives of the cybersecurity firm said on Thursday. The company launched a placement of up to 2.6 million existing shares on Monday in an SPO, the first share sale by a Russian company since Moscow sent troops into Ukraine in February. read moreRegister now for FREE unlimited access to Reuters.com RegisterThe rouble-based MOEX Russian share index (.IMOEX) picked up slightly on Thursday and was 2.5% higher as of 0939 GMT. "We are confident that the current market situation amid the fall of the Moscow Exchange index is temporary," Positive Technologies' Investor Relations director Yury Marinichev said during a video call organised by brokerage ITI Capital. The company, which gets 98% of its revenue from Russia, plans to expand overseas possibly in the Middle East and Latin America, Vladimir Zapolyanskiy, another Positive Technologies' executive, said on the call.

Industrial facilities of the PCK oil refinery are pictured in Schwedt/Oder, Germany, May 9, 2022. REUTERS/Hannibal HanschkeWARSAW/BERLIN, Sept 22 (Reuters) - Poland will only help supply oil to Germany's PCK Schwedt refinery if Russia's Rosneft (ROSN.MM) is completely removed as a shareholder, Poland's climate ministry said, raising pressure on Germany to completely nationalise the refiner. Germany took control of the Schwedt refinery, which was majority owned by Rosneft Deutschland, last Friday as Berlin strives to shore up energy supplies. It put Rosneft Deutschland under a trusteeship of the German industry regulator but Rosneft still holds 54% of the company's shares. The Schwedt refinery previously received most of its crude from Russia and Berlin is now looking to other countries to supply Schwedt.

The building of the Swiss National Bank (SNB) is pictured in Bern, Switzerland June 16, 2022. The increase to 0.5%, from minus 0.25%, followed a 50 basis point hike in June from minus 0.75%, the SNB's first rate hike in 15 years. The SNB originally imposed negative rates in December 2014 and lowered them again in January 2015 to minus 0.75%. Negative rates were unpopular among Swiss banks, who saw them as a charge on their activities and also reduced lending margins. The Swiss Bankers Association said negative rates meant the country's lenders had borne the brunt of the fight against the appreciating franc.

☆ Israel considers shutting copper networks in shift to fibre optics
▼ + stars: | 2022-09-20 | by ( Steven Scheer | ) www.reuters.com time to read: +2 min

REUTERS/Amir CoheNJERUSALEM, Sept 20 (Reuters) - Israel is considering closing old copper networks and transferring all communications services to newer fibre optics infrastructure, communications minister Yoaz Hendel said on Tuesday. His ministry is already looking at shutting down copper networks and wants telecom providers and the public to weigh in and give their opinions by Nov. 24, he said in a statement. And they pollute and have poor performance," he said in a statement, noting the global trend to moving to fibre networks. Traditional copper networks consume a lot of energy and have high maintenance costs with low bandwidth, he said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Steven Scheer; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

☆ Italy's frontrunner party suspends candidate over Hitler praise
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +2 min

An election campaign poster of Giorgia Meloni, leader of the far-right Brothers of Italy party, is displayed on a bus ahead of the snap election of September 25, in Rome, Italy September 20, 2022. Critics, however, say fascist sympathisers still flourish in its ranks and La Repubblica newspaper published this week a social media comment posted eight years ago by party candidate Calogero Pisano, hailing Hitler as a "great statesman". "The idea that those who praise Hitler can sit in the next parliament is unacceptable," Ruth Dureghello, head of the Jewish community in Rome, wrote on Twitter. "From this moment on, Pisano no longer represents (the party) at any level," it said in a statement. Brothers of Italy is widely expected to emerge as Italy's largest single party at the Sept. 25 vote and lead an alliance of right-wing parties to a comfortable victory.

☆ Factbox: Outspoken British billionaire Mike Ashley
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +2 min

Sept 20 (Reuters) - Mike Ashley, one of Britain's most outspoken business leaders, will step down as a director at sportswear and fashion retail group Frasers (FRAS.L) in October, months after handing over the CEO role to his daughter's partner. read moreAshley, 57, has been frank and outspoken about rivals and politicians. His love of casinos and stories of settling banker fees by playing bar games, as well as clips on YouTube showing him sinking a pint of beer in a few seconds, have fed an image of a maverick far removed from the typical British business chiefHere are some facts on the British billionaire:Register now for FREE unlimited access to Reuters.com Register* At 18, Ashley started his first sports and ski shop in 1982 on a high street in the southern English town of Maidenhead, with the help of a 10,000 pound loan from his parents* By the late 1990s, he had opened 100 stores across the UK, rebranding his chain as Sports Soccer* He then took the company public under the name Sports Direct in 2007; The company is now worth 3.75 billion pounds ($4.29 billion) and Ashley is worth 4.02 billion pounds as of June 2022, according to Forbes* In 2007, Ashley also bought British Premier League soccer club Newcastle United, which in 2021 was bought out by a Saudi-Arabian backed consortium after a long-running takeover saga* Known for his acquisition of fellow retailers, Ashley bought a stake in House of Fraser in 2014, and over the years, has taken positions in Debenhams, MySale (MYSL.L), Tesco (TSCO.L), Adidas (ADSGn.DE) and Hugo Boss (BOSSn.DE)* He was heavily criticised by senior British politicians and unions after an investigation in 2015 revealed some workers at Sports Direct received less than the minimum wage* Calls for him to step down as Sports Direct chairman were rejected by the company and Ashley was made CEO* Sports Direct purchased House of Fraser out of administration in 2018 and in 2019 after the merger, he rebranded the Sports Direct empire as Frasers* Ashley stepped down as Frasers CEO early this year, handing over the baton to his daughter's partner Michael Murray, who married his daughter in May; Ashley has three children(Sources: Company website, Reuters reports and UK government website)(1 British pound = $1.1442)Register now for FREE unlimited access to Reuters.com RegisterReporting by Radhika Anilkumar in Bengaluru; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

☆ Swedish central bank surprises with full percentage point rate hike
▼ + stars: | 2022-09-20 | by ( Simon Johnson | ) www.reuters.com time to read: +2 min

read moreThe hike was the biggest since November 1992, when the Riksbank also raised its key rate by a full percentage point. A majority of analysts in a Reuters poll had forecast a 75 basis point hike on Tuesday, with only two expecting a full percentage point. Rate-setters now see the policy rate peaking at around 2.5% in the second quarter of next year. "We ... believe the policy rate will be higher than that and we don't exclude a peak of 3.5% at the end of 2023," Lars Kristian Feste, head of fixed income at Ohman Group said. The Riksbank's forecast compares with June when the central bank said rates would reach about 2% early next year and then remain basically unchanged going forward.

☆ Investors mixed as Porsche seeks price tag of up to $75 billion
▼ + stars: | 2022-09-19 | by ( Victoria Waldersee | ) www.reuters.com time to read: +5 min

Volkswagen said on Sunday it was aiming for a valuation of 70 billion-75 billion euros ($70-75 billion) for Porsche AG, slightly below some estimates of up to 85 billion euros, but far outstripping the 49-billion-euro price tag for rival BMW (BMWG.DE) and Mercedes-Benz's (MBGn.DE) 61 billion euros. "It is fundamentally right that Porsche AG becomes more independent - but this is not an independent set-up." Volkswagen's valuation for Porsche AG is close to its own market capitalisation of 88 billion euros. Analysts have compared Porsche AG stock to Ferrari, which has a market capitalisation of 38 billion euros but an operating margin of 24% to Porsche's 17-18%. Total proceeds from the sale will be 18.1-19.5 billion euros and could help Volkswagen fund its electrification drive.

☆ Volkswagen shares dip as it values Porsche at up to $75 bln
▼ + stars: | 2022-09-19 | by ( Victoria Waldersee | ) www.reuters.com time to read: +5 min

"It is fundamentally right that Porsche AG becomes more independent - but this is not an independent set-up." Shares in Porsche SE (PSHG_p.DE), Volkswagen's largest shareholder which will take a big stake in Porsche AG, were 2.42% higher, topping Germany's DAX blue-chip index (.GDAXI). read moreVolkswagen said on Sunday it would price preferred shares in the flotation of Porsche AG at 76.50-82.50 euros per share. Analysts have compared Porsche AG stock to Ferrari (RACE.MI), which has a market capitalisation of 38 billion euros but an operating margin of 24% to Porsche's 17-18%. Total proceeds from the sale will be 18.1 billion to 19.5 billion euros.

The logo for Google LLC is seen at the Google Store Chelsea in Manhattan, New York City, U.S., November 17, 2021. REUTERS/Andrew KellyMUMBAI, Sept 19 (Reuters) - Alphabet Inc's (GOOGL.O) Google has been asked by the Indian government and the central bank to introduce more stringent checks to help curb the use of illegal digital lending applications in India, according to sources. Indian regulators have already asked lenders to step up checks against illegal lending apps, which became popular during the pandemic. While India's central bank requires that any lending apps listed on app stores be backed by regulated entities, it is up to Google to enforce this and monitor compliance. The policy says that in order to show financial services ads in India, advertisers need to be verified in the country.

☆ Volkswagen shares up slightly on Porsche's 70-75 billion euro valuation
▼ + stars: | 2022-09-19 | by ( Victoria Waldersee | ) www.reuters.com time to read: +4 min

The valuation announced on Sunday of 70 billion-75 billion euros is slightly below some investors' estimates of up to 85 billion euros, but still far outstrips the valuation of other German carmakers like BMW's (BMWG.DE) 49 billion euros or Mercedes-Benz' 61 billion. Register now for FREE unlimited access to Reuters.com RegisterIt also comes close to Volkswagen's own market capitalisation of 88 billion euros. Shares in Porsche Holding SE, Volkswagen's largest shareholder, were 3.23% higher, topping Germany's DAX blue-chip index (.GDAXI). Analysts have compared the Porsche AG stock to Ferrari (RACE.MI), which has a market capitalisation of 38 billion euros but an operating margin of 24% to Porsche's 17-18%. Total proceeds from the sale will be 18.1 billion to 19.5 billion euros.

PARIS/MILAN, Sept 19 (Reuters) - The collapse of a deal to form a French TV giant to challenge U.S. streaming services such as Netflix (NFLX.O) knocked shares in M6 Group (MMTP.PA) and TF1 (TFFP.PA) on Monday. France's two biggest private broadcasters gave up their merger plan on Friday citing French antitrust requirements that rendered the deal unworkable. read moreRegister now for FREE unlimited access to Reuters.com Register"It is extremely disappointing, it shows the incapacity in France of pushing a unifying project to create a French media champion," said Mikael Jacoby, head of continental trading at Oddo Securities. At 1424 GMT, TF1 shares were down 3.3% and shares in M6 were 3% lower. "Hedge funds don't want exposure to the advertising sector, people are very worried about next year," a merger arbitrage analyst said.

The logo for Google LLC is seen at the Google Store Chelsea in Manhattan, New York City, U.S., November 17, 2021. Indian regulators have already asked lenders to step up checks against illegal lending apps, which became popular during the pandemic. While India's central bank requires that any lending apps listed on app stores be backed by regulated entities, it is up to Google to enforce this and monitor compliance. Starting from next month, Google will roll out a new advertising policy for financial services in India, a blog post on its website shows. The policy says that in order to show financial services ads in India, advertisers need to be verified in the country.

☆ Italy's right-wing bloc set for election win: five questions for markets
▼ + stars: | 2022-09-19 | by ( ) www.reuters.com time to read: +5 min

Giorgia Meloni, leader of the nationalist Brothers of Italy, is seen as frontrunner to become Italy's first female prime minister. read moreThe absence of anti-euro rhetoric seen in the 2018 election has reassured investors, for now. At around 225 basis points, the closely watched gap between 10-year Italian and German bond yields has been relatively stable . That would cause some angst since the constitution protects issues related to Italy's EU membership. read moreReuters Graphics2/ Could Italy's EU funding plan be modified?

☆ Dutch town takes Twitter to court to remove conspiracy theories
▼ + stars: | 2022-09-16 | by ( ) www.reuters.com time to read: +2 min

A promoted tweet on Twitter app is displayed on a mobile phone near a Twitter logo, in this illustration picture taken Sept. 8, 2022. REUTERS/Florence Lo/IllustrationTHE HAGUE, Sept 16 (Reuters) - A small Dutch town took Twitter (TWTR.N) to court on Friday to demand the social media giant takes down all messages relating to a supposed ring of satan-worshipping paedophiles that were alleged to have been active in the town in the 1980s. Twitter's lawyer Jens van den Brink declined to comment before the hearing at The Hague District Court on Friday. But despite their conviction, stories about Bodegraven still circulate on social media as others have continued to echo their story, leading the town to take the matter up with Twitter itself. "If conspiracy theorists don't remove their messages, then the platforms involved need to act," the town of Bodegraven's lawyer Cees van de Zanden was quoted as saying by Dutch newspaper De Volkskrant on Friday.

Natural gas flares off at a production facility owned by Exxon near Carlsbad, New Mexico, U.S. February 11, 2019. REUTERS/Nick OxfordLONDON, Sept 16 (Reuters) - U.S. shale drillers are struggling to meet strong demand for gas from domestic generators as well as customers in Europe and Asia scrambling for replacement supplies following Russia’s invasion of Ukraine. U.S. generators are burning record volumes of gas because coal-fired units have been retired and drought has limited hydroelectric output in the western states. At the same time, exports are running at record rates as new LNG liquefaction terminals meet soaring demand from importers in Europe and Asia. Even so, hedge funds and other money managers have become progressively less bullish and even slightly bearish on gas prices since April.

☆ Factbox: Nord Stream's role in Russia's gas supply to Europe
▼ + stars: | 2022-07-18 | by ( ) www.reuters.com time to read: +3 min

The logo of Nord Stream AG is seen at an office building in the town of Vyborg, Leningrad Region, Russia August 22, 2022. Below are further details of the importance of the pipeline in carrying Russian gas to Europe. In Germany, the gas is received by the connecting pipelines OPAL (Baltic Sea Pipeline Link) and NEL (North European Gas Pipeline), which link into the European grid. OWNERSThe pipeline is majority-owned by Gazprom (GAZP.MM) and forms the main route through which Russian gas flows to Germany. OPERATORSThe Switzerland-based Nord Stream AG consortium is the operating company for transit, technical, legal and environmental matters, but does not own the asset or the gas in it.

☆ U.S. airlines sound bullish as bookings roar back
▼ + stars: | 2022-04-22 | by ( Rajesh Kumar Singh | ) www.reuters.com time to read: +4 min

That's the message major U.S. carriers are sending investors after grappling with coronavirus-induced uncertainty for two years. Last week, rival Delta Air Lines (DAL.N) also forecast a return to quarterly profit, citing "historic" high bookings. An American Airlines Airbus A321-200 plane takes off from Los Angeles International airport (LAX) in Los Angeles, California, U.S. March 28, 2018. Fuel is the industry's second-biggest expense after labor, but major U.S. airlines do not hedge against volatile oil prices like most European airlines. "You put all that together, and we feel very bullish," Kirby said on the company's earnings call.

☆ Hundreds of flights cancelled in Germany as security staff strike over pay
▼ + stars: | 2022-03-14 | by ( ) www.reuters.com time to read: +2 min

The walkout by security staff has resulted in a high three-digit number of flight cancellations, German airports association ADV said. Some 160 of them were at Duesseldorf airport, accounting for more than half of the planned 290 departures and arrivals, the airport said. At Cologne/Bonn, 94 out of 136 flights were called off, and Berlin airport's website also showed many cancelled flights. Tuesday's walkout will hit Germany's busiest airport, Frankfurt, which handled around 2.1 million passengers last month. Labour union Verdi is demanding that employers raise the wages of airport security staff by at least 1 euro an hour for the next 12 months and that staff in different parts of Germany earn the same.

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