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☆ Analysis: Separation anxiety over Renault's five-way split
▼ + stars: | 2022-11-10 | by ( Gilles Guillaume | ) www.reuters.com time to read: +5 min

The main plank of the strategy is the separation of its combustion engine business from its electric vehicle (EV) operation. ELECTRIC PUSHAn early mover in electric cars, Renault has fallen behind newer, more agile rivals such as Tesla (TSLA.O). By teaming up its new businesses with the best available partners, "Renault hopes to win medals in those different sports instead of remaining at an average level in all five", he said. "This contrasts with what some other automakers have said, notably Volkswagen (VOWG_p.DE), Mercedes (MBGn.DE), and Stellantis (STLA.MI), who do not believe in (electric vehicle) business separations," he said. Reporting by Gilles Guillaume Writing by Nick Carey Editing by Silvia Aloisi and David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Analysis: Heavily discounted UK Plc may have further to fall
▼ + stars: | 2022-11-09 | by ( Joice Alves | ) www.reuters.com time to read: +5 min

Hani Redha, global multi-asset portfolio manager at U.S. investment firm PineBridge, said that UK valuations do not look cheap when looking at a multi-year timeframe and the "structural issues facing the UK economy". UK stocks (.FTAS) are already trading at a record discount to their global peers (.MIWD00000PUS), Refinitiv data shows, but investors expect new lows next year. UK discountThe domestic-orientated FTSE 250 mid-cap index (.FTMC) has broken three consecutive quarterly declines after new Prime Minister Rishi Sunak dumped most of his predecessor's market-crushing fiscal plan. Half of all borrowing by UK non-financial companies is in dollars, totalling about 350 billion pounds ($399.5 billion), according to S&P Global. "Bearing in mind in what state the UK economy is right now, I would stay clear of UK small-caps," he said.

☆ Pandora braces for recession despite resilient demand
▼ + stars: | 2022-11-08 | by ( Nikolaj Skydsgaard | ) www.reuters.com time to read: +2 min

REUTERS/Andrew KellySummarySummary Companies Third-quarter sales slightly above expectationsCompany maintains guidanceNo signs of weakening demand yetShares up 6.5%COPENHAGEN, Nov 8 (Reuters) - Danish jewellery maker Pandora (PNDORA.CO) reported third-quarter sales just above expectations on Tuesday and said it is braced for recession even though shopper demand has proven resilient in the face of soaring living costs. "Despite macroeconomic and geopolitical uncertainty, the shopping patterns of our consumers are so far largely unchanged," Chief Executive Alexander Lacik said in a statement. Pandora still expects full-year organic growth between 4% and 6% and reaffirmed an outlook for an operating profit margin at 25-25.5%. The company reported third-quarter sales of 5.26 billion Danish crowns ($712.64 million), slightly above an average of 5.16 billion crowns expected by analysts in a poll by the company. Pandora also announced it would pay a total of 5.3 billion crowns to its shareholders this year, equating to about 13% of its market capitalisation.

☆ Primark owner AB Foods warns of 'substantial' cost inflation
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +1 min

LONDON, Nov 8 (Reuters) - Primark owner Associated British Foods (ABF.L) faces "substantial and volatile" input cost inflation that will hit results in its current financial year, it said on Tuesday, taking the shine off a 42% jump in 2020-21 profit. AB Foods, which also owns sugar, grocery, ingredients and agricultural businesses, reported annual adjusted operating profit of 1.44 billion pounds ($1.65 billion), up from 1.01 billion pounds in 2020-21, mainly reflecting higher Primark sales after the end of COVID-related restrictions. The group also announced a 500 million pound share buyback programme and an 8% increase to its total dividend. AB Foods expects 2022-23 profit in its grocery business, which includes Twinings tea, Jordans cereals, Kingsmill bread and Ovaltine drinks, to be broadly in line with 2021-22. ($1 = 0.8705 pounds)Reporting by James Davey Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ EU backs watering down of final Basel bank capital rules
▼ + stars: | 2022-11-08 | by ( Huw Jones | ) www.reuters.com time to read: +4 min

LONDON, Nov 8 (Reuters) - European Union member states have backed a temporary watering down and two-year delay to 2025 for the final leg of the globally agreed Basel III bank capital rules, the Czech EU presidency said on Tuesday. EU states will now negotiate a final deal with the European Parliament in early 2023. Most of the Basel III rules, a set of tougher capital rules for banks after the global financial crisis more than a decade ago, have already been implemented. EU ministers backed a two-year delay to the start date for rolling out the final rules, pushing it back to January, 2025. Smaller banks would benefit from simpler disclosure, and EU states pushed back against attempts at stricter EU harmonisation in checking whether top bank staff are 'fit and proper'.

☆ COP27: UAE and Egypt agree to build one of world's biggest wind farms
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +3 min

The Memorandum of Understanding was signed between the UAE's renewable energy firm Masdar alongside its joint venture with Egypt's main renewable energy developer Infinity and Hassan Allam Utilities, the statement on news agency WAM said. "With this agreement to develop our largest ever project, Masdar is proud to bolster our contribution to Egypt's renewable energy goals," Masdar's CEO Mohamed Jameel al-Ramahi said. When completed, the wind farm would be part of Egypt's Green Corridor initiative, a grid dedicated to renewable energy projects that is aimed at ensuring renewable energy makes up 42% of the country's energy mix by 2035. The wind project would save Egypt an estimated $5 billion in annual natural gas costs, the statement said. Egypt's total installed power capacity was around 59.5 GW in 2019/2020, the country's renewable energy authority said in an annual report.

Mandatory credit Kyodo/via REUTERSSummarySummary Companies Oil prices rise to highest levels since late AugustWSJ: China weighs gradual Zero-COVID exit without timelineChina's crude oil imports rebound amid refinery rolloutsNEW YORK, Nov 7 (Reuters) - Oil prices fell on Monday, paring gains after rising to more than two-month highs, on mixed signals over China, the world's top crude importer, potentially relaxing its strict COVID-19 restrictions. Brent crude futures fell 65 cents to settle at $97.92 a barrel. Earlier in the session, they rose to a session high of $99.56 a barrel, the highest since Aug. 31. However, weighing on futures, Chinese health officials at the weekend reiterated their commitment to strict COVID containment measures. Meanwhile, China's imports and exports contracted unexpectedly in October, but its crude oil imports rebounded to the highest level since May.

☆ Gold Fields sticks to its Yamana Gold offer after counter-bid
▼ + stars: | 2022-11-07 | by ( Helen Reid | ) www.reuters.com time to read: +3 min

[1/2] A small toy figure and gold imitation are seen in front of the Gold Fields logo in this illustration taken November 19, 2021. Gold Fields' decision reflects "commitment to capital discipline" and to fairness for shareholders in Gold Fields and Yamana, the South Africa-listed miner said on Monday. Gold Fields shares fell by 20% when it announced the all-stock deal in May, denting the deal's appeal for Yamana shareholders. The Agnico/Pan American offer would only become effective if Yamana shareholders vote against Gold Fields' offer on Nov. 21. The counter-bid for Yamana shows gold miners are keen for new assets to supplement dwindling gold reserves and ensure their long-term growth, but Gold Fields' decision not to raise its bid is a sign of fears about overpaying.

JIP, Chubu Electric and Orix will each invest 100 billion yen, the paper said, without saying where it got the information. A Toshiba representative declined to comment, saying the company could not "answer information about candidates, including co-investors, as it may undermine fair process". Investor focus could now turn to another potential bidder, state-backed fund JIC, which sources have said is also preparing a bid. The fund has been in talks with U.S. private equity fund Bain Capital and north Asia fund MBK Partners to form a separate consortium, sources have said. Differences over JIP's plan to retain Toshiba's management were a source of friction between the two, Reuters has reported.

☆ Japanese consortium submits 2.2 trln yen Toshiba bid, Nikkei reports
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Nov 7 (Reuters) - A consortium of more than 10 Japanese companies, led by the Japan Industrial Partners investment fund, has submitted a bid to buy Toshiba Corp (6502.T) for about 2.2 trillion yen ($15.01 billion), the Nikkei newspaper reported on Monday. The consortium, including Chubu Electric Power Co Inc (9502.T) and Orix Corp (8591.T), appears not to have obtained commitment letters from banks but is aiming to complete the lending deal by end-November if Toshiba accepts the bid to go private, Nikkei said. Japanese companies in the consortium will spend about 1 trillion yen, while multiple overseas funds decided not to join the bid due to expectations for low returns, the newspaper added. When asked for a comment on the report, a Toshiba representative said the company "cannot answer information about candidates, including co-investors, as it may undermine fair process". ($1 = 146.5400 yen)Reporting by Kantaro Komiya and Makiko Yamazaki; Editing by David Goodman and Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

☆ Skoda focused on profitability over volumes, CEO tells E15
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +1 min

PRAGUE, Nov 7 (Reuters) - Czech carmaker Skoda Auto, part of the Volkswagen group (VOWG_p.DE), is still aiming for sales of at least 1 million cars a year but is targeting profitability over higher volumes, its CEO was quoted as saying on Monday. "Before it was speculated about whether Skoda should aim for 1.5 or 2 million cars sold a year. Our goal is and will be passing the 1 million mark, but in the current situation profitability is much more important than the volume itself," Skoda Chief Executive Klaus Zellmer told daily E15 in an interview, part of which was published on Monday. Like other carmakers, Skoda is working through a large backlog of orders that is keeping production at capacity. Reporting by Jason Hovet Editing by David Goodman and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Gold Fields will not make counter-bid for Yamana Gold
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +1 min

[1/2] A small toy figure and gold imitation are seen in front of the Gold Fields logo in this illustration taken November 19, 2021. Gold Fields' decision reflects "commitment to capital discipline" and the "fairness" of its offer for shareholders in both Gold Fields and Yamana, the South Africa-listed miner said on Monday. "Gold Fields believes in the highly complementary fit of Yamana's operating assets," the company said. Shares in Gold Fields shares slumped after it announced the all-stock deal in May, denting the deal's value for Yamana shareholders. Some investors have criticised the proposed acquisition and Gold Fields shares jumped by 11% on Friday as the market adjusted to the possibility that the deal may be off.

☆ Energean drilling programme discovers more gas off Israel
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +1 min

LONDON, Nov 7 (Reuters) - Eastern Mediterranean-focused oil and gas producer Energean (ENOG.L) has made a commercial discovery at its Zeus exploration well off the coast of Israel and upgraded its neighbouring Athena discovery, it said on Monday. Athena could be linked to the floating production and storage vessel (FPSO) Energean uses to send gas to the Israeli market from its flagship Karish field. Energean has also floated the idea of a new development of fields in what it calls the Olympus area, which might also send gas to Egypt. The company said it expects to be able to tell investors more about its development plans early next year. Preliminary estimates indicate that Zeus holds 13.3 billion cubic metres (bcm) of gas, just above pre-drill estimates, but Energean is still analysing results.

☆ Philip Morris wins Elliott backing for $15.7 bln Swedish Match takeover -FT
▼ + stars: | 2022-11-06 | by ( ) www.reuters.com time to read: +1 min

Nov 6 (Reuters) - Activist investor Elliott Management Corp has decided to back Philip Morris International's (PMI) (PM.N) $15.7 billion offer for Swedish Match AB (SWMA.ST), the Financial Times reported on Sunday, citing sources familiar with the matter. PMI's offer had received more than 80% shareholder acceptance at the latest count on Friday and more could be processed on Monday, the FT reported. Under Swedish law, PMI needs 90% of shareholders to agree to the deal to gain full control of Swedish Match. PMI, Swedish Match and Elliottt declined to comment. ($1 = 10.8952 Swedish crowns)Reporting by Maria Ponnezhath in Bengaluru and and Marie Mannes in Gdansk Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ UK government faces tough budget decisions, says minister
▼ + stars: | 2022-11-06 | by ( ) www.reuters.com time to read: +1 min

LONDON, Nov 6 (Reuters) - Britain's government is facing significant and difficult decisions on taxes and spending in an effort to plug a budget shortfall, cabinet office minister Oliver Dowden said on Sunday, declining to comment on possible measures. Prime Minister Rishi Sunak and finance minister Jeremy Hunt will set out plans to cover the shortfall of at least 40 billion pounds ($45.50 billion) with their first budget programme on Nov. 17. "It's right that we take difficult decisions," Dowden told Sky News. "I have to say to you and your viewers there will be, unfortunately, more significant difficult decisions to come in the autumn statement." Dowden added that, while focusing on protecting the most vulnerable people, the government faces difficult decisions on both tax and spending.

☆ Russian-installed Kherson authorities say no electricity, water in city after 'sabotage'
▼ + stars: | 2022-11-06 | by ( ) www.reuters.com time to read: +1 min

Nov 6 (Reuters) - The Russian-installed administration in Ukraine's Kherson region said on Sunday that a number of settlements, including Kherson city had lost water and power supplies after what it said was an act of "sabotage". In a statement on Telegram, the Russian-installed Kherson administration said that electricity and water supplies were "temporarily absent" after what it said was a "terrorist attack" damaged three power lines in the region. It said that the attack had been organised by Ukraine, though it provided no evidence. Russian state-owned news agency TASS cited emergency services in the region as saying that ten settlements, including Kherson city, which had a pre-war population of 280,000, had been left without electricity. Reporting by Reuters Editing by David Goodman/Guy FaulconbridgeOur Standards: The Thomson Reuters Trust Principles.

☆ Bagnaia wins maiden MotoGP title as Ducati end 15-year drought
▼ + stars: | 2022-11-06 | by ( ) www.reuters.com time to read: +1 min

Nov 6 (Reuters) - Ducati's Francesco Bagnaia won his maiden MotoGP world championship at the season-ending Valencia Grand Prix on Sunday after Fabio Quartararo failed to overhaul him in the standings. Defending champion Quartararo was 23 points behind Bagnaia going into the final race. The Yamaha rider needed nothing less than a victory to leapfrog the Italian but finished fourth in a race won by Suzuki's Alex Rins. Bagnaia was ninth, enough to retain his lead in the championship and give Ducati their first title since Casey Stoner won it in 2007, ending 15 years of dominance from Japanese manufacturers. Reporting by Rohith Nair in Bengaluru, Editing by David Goodman and Ed OsmondOur Standards: The Thomson Reuters Trust Principles.

☆ Passenger plane crashes into Lake Victoria in Tanzania
▼ + stars: | 2022-11-06 | by ( Nuzulack Dausen | ) www.reuters.com time to read: +1 min

DAR ES SALAAM, Nov 6 (Reuters) - A passenger plane crashed into Lake Victoria in Tanzania on Sunday while attempting to land in stormy weather at an airport in the lakeside city of Bukoba, the state broadcaster said. The aircraft, which had departed from the commercial capital Dar es Salaam, "fell in Lake Victoria this morning due to storms and heavy rains", TBC reported. Video footage and images that circulated on social media showed the plane almost fully submerged, with only its green and brown-coloured tail visible above the water line of Lake Victoria, Africa's largest lake. Rescue boats were deployed and emergency workers were continuing to rescue other passengers trapped in the plane, TBC added. "I have received with sadness the news of the accident involving Precision Air's plane," she tweeted.

☆ UK's Sunak stands by minister accused of sending bullying texts
▼ + stars: | 2022-11-06 | by ( ) www.reuters.com time to read: +2 min

LONDON, Nov 6 (Reuters) - British Prime Minister Rishi Sunak is standing by a government minister who has been accused of bullying a colleague, cabinet office minister Oliver Dowden said on Sunday, saying the phone messages in question were sent "in the heat of the moment". I think he now accepts that he shouldn't have done it and he regrets doing so," Dowden told Sky News. "He shouldn't have sent those messages ... But of course the prime minister continues to have confidence in Gavin Williamson." Since being appointed as Britain's third prime minister in two months almost two weeks ago, Sunak has come under pressure for his government appointments, particularly Braverman's reappointment as interior minister.

☆ Japan to seek U.S. flexibility on EV purchase incentives, Kyodo reports
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Andrew KellyTOKYO, Nov 4 (Reuters) - Japan will ask the United States to be more flexible on electric vehicle (EV) purchase incentives for non-American carmakers, Kyodo news agency reported on Friday, citing unidentified government sources. The move follows a statement from South Korea's foreign ministry saying Seoul is seeking a three-year grace period on the U.S. Inflation Act to enable its automakers to continue receiving EV incentives in the United States. The law restricts tax credits for EVs to those assembled in North America. The Biden administration said in mid-August that about 20 models still qualify for tax credits of up to $7,500. The government will seek to make nearly completed cars exported from Japan eligible for the tax credits as long as the final process takes place in the United States, Canada, or Mexico, Kyodo said.

☆ Ping An urges HSBC to make aggressive cost cuts
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: 1 min

[1/2] The company logo of Ping An Insurance is seen in Beijing, China, Aug. 27, 2020. REUTERS/Thomas PeterHONG KONG, Nov 4 (Reuters) - HSBC Holdings shareholder Ping An has urged the lender to cut costs aggressively and exit sub-scale non-Asian markets as the Chinese insurer pushes harder for the bank to spin off its Asia operation. HSBC should be "more aggressive in radically reducing costs" and consider layoffs, Ping An Asset Management, the bank's largest shareholder and a wholly-owned unit of Ping An Insurance (601318.SS), said in a statement on Friday. Reporting by Selena Li Editing by Sumeet Chatterjee and David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ EU could fall foul of global banking rules, regulators warn
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, Nov 4 (Reuters) - The European Union could fall foul of global banking rules designed to stem a repeat of the global financial crisis if proposed changes that would make them looser are passed, the EU's top banking regulators. In their starkest warning to date, the European Central Bank and the European Banking Authority argued against deviating from Basel III, emphasising those standards were designed to make the system safer. "At stake here are the reputation, the competitiveness and, ultimately, the funding costs of the EU banking sector," the ECB and EBA said in a joint blog post. "If all deviations under discussion make it into the final legislative package, we cannot rule out the Basel Committee labelling the EU to 'non-compliant'." Reporting by Francesco Canepa; Editing by David Goodman and Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

☆ China's Xi says country will continue to open up, share opportunities
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, Nov 4 (Reuters) - China will continue to open up and cooperate with all countries to share opportunities, President Xi Jinping said on Friday at the opening ceremony of the China International Import Expo (CIIE) in Shanghai. Speaking via video, Xi said China would encourage more foreign investment and accelerate construction projects such as the Hainan free trade port. "China will urge all countries and parties to share opportunities for deepening international cooperation, fully and deeply participate in the reform of the World Trade Organization, and promote trade and investment liberalisation and facilitation," he said. CIIE, a fair focused on the import of foreign goods, was launched by China in 2018 to showcase its free trade credentials. Reporting by Josh Horwitz and Winni Zhou; editing by David Goodman and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ Oil climbs 4% as dollar slips and EU ban looms
▼ + stars: | 2022-11-04 | by ( Julia Payne | ) www.reuters.com time to read: +3 min

Both contracts were supported by a weaker dollar , which can boost oil demand because it makes the commodity cheaper for those holding other currencies. While demand concerns weighed on the market, supply is expected to remain tight because of Europe's planned embargoes on Russian oil and a slide in U.S. crude stockpiles. "The slight weakness in the dollar, the upcoming ban on Russian oil sales are certainly supportive as focus is shifting from recession fears to supply issues," said PVM Oil Associates analyst Tamas Varga. "The main catalyst, however, is reports that China may ease its zero-Covid restrictions, which would be a boon to its economy and oil demand." The EU ban on Russian crude imports is due to take effect from Dec. 5.

☆ Credit Suisse warns of potential profitability drop
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Nov 3 (Reuters) - Credit Suisse profitability could be hit by a drop in asset management fees in the fourth quarter, the Swiss bank said in a financial report late on Wednesday. Lower asset values because of adverse market movements in client portfolios in the third quarter could lead to decreased fee revenues for the group, thereby leading to reduced profitability, the bank said. Along with its restructuring plan, Credit Suisse last month revealed that social media rumours had led to client asset outflows in the first two weeks of October that substantially exceeded third-quarter rates. The bank said these outflows had since reduced, but not yet reversed, contributing to the decrease in assets under management. Credit Suisse had already warned of a likely net loss in the fourth quarter, partly owing to costs associated with its planned strategic transformation including withdrawals from non-core businesses.

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