DIRS.INFO The most relevant business & tech news

☆ Mike Ashley's Frasers raises Hugo Boss exposure and buys ASOS stake
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +2 min

A Frasers spokesperson also confirmed a Telegraph report that the British sportswear and apparel retailer now holds more than 5% of ASOS. Frasers first took a stake in Hugo Boss - a supplier to its House of Fraser and Flannels chains - in 2020. The group this month disclosed a 4.5% stake in online clothing retailer N Brown (BWNG.L) and is also seeking full ownership of Australian online retailer Mysale (MYSL.L). It also bought online retailer Studio Retail in February. Shares in Frasers firmed by 0.6% while shares in Hugo Boss were up 0.2%.

☆ Abu Dhabi fund ADQ invests $125 mln in female-led Aliph Capital
▼ + stars: | 2022-10-24 | by ( Yousef Saba | ) www.reuters.com time to read: +1 min

DUBAI, Oct 24 (Reuters) - Abu Dhabi sovereign wealth fund ADQ has invested $125 million in the debut fund launched by Aliph Capital, the Middle East's first female-led private equity firm. The investment announced by ADQ and Aliph's founder accounts for half of the $250 million Aliph Fund I (LP), which will focus on medium-sized companies in the region. "Aliph Capital will seek to acquire sizeable, active positions in privately owned mid-market companies across the GCC that possess robust business fundamentals," the ADQ statement said. Register now for FREE unlimited access to Reuters.com RegisterThe smallest of Abu Dhabi's three main sovereign wealth funds, ADQ has emerged as one of the region's most active dealmakers. The hold period for portfolio companies is five to seven years, Lawati said, adding that ADQ's interest in Aliph Capital was because of its focus on small and medium companies.

☆ Italy's Illycaffe to pay global employee bonus, CEO tells paper
▼ + stars: | 2022-10-23 | by ( ) www.reuters.com time to read: +1 min

MILAN, Oct 23 (Reuters) - Italian premium coffee maker Illycaffe will pay a cash bonus to its employees to help them cope with increasingly stretched finances, its chief executive told Il Corriere della Sera newspaper on Sunday. The Ukraine crisis has lowered economic growth expectations around the world while soaring inflation is taking a heavy toll on household finances, especially in Europe. Illycaffe CEO Cristina Scocchia said the company would split a 500,000 euro ($493,000) bonus pool among its 1,350 employees worldwide by the end of the month. Register now for FREE unlimited access to Reuters.com Register"We need to combine profits and social values," she said. ($1 = 1.0142 euros)Register now for FREE unlimited access to Reuters.com RegisterReporting by Giulio Piovaccari Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ South Africa's Ramaphosa to give response to graft inquiry
▼ + stars: | 2022-10-23 | by ( ) www.reuters.com time to read: +1 min

CAPE TOWN, Oct 23 (Reuters) - South African president Cyril Ramaphosa on Sunday submits his response to recommendations from a state inquiry into alleged corruption during his predecessor's presidency. A judicial commission of inquiry was established to examine allegations of high-level graft during former president Jacob Zuma's nine years in power from 2009 to 2018. The inquiry found that Zuma had allowed businessmen close to him - brothers Atul, Ajay and Rajesh Gupta - to plunder state resources and influence policy, commonly known as 'state capture' in South Africa. Ramaphosa's written response has not been published, but a presidential statement said he is expected to address the nation on Sunday evening. Register now for FREE unlimited access to Reuters.com RegisterReporting by Wendell Roelf Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Philippines sees room for LNG despite renewables push
▼ + stars: | 2022-10-23 | by ( Enrico Dela Cruz | ) www.reuters.com time to read: +2 min

MANILA, Oct 23 (Reuters) - The use of LNG imports for power generation in the Philippines next year should not be a disincentive for investors in renewables, the country's energy chief said on Sunday. The government, which is targeting annual economic growth of 6.5% to 8% between 2023 and 2028, has stopped accepting new proposals for coal-based power projects to support investment in renewables and natural gas. It aims to increase the share of renewable energy sources such as solar, wind and tidal in the energy mix to 35% by 2030 and to 50% by 2040, up from a little more than 20% last year. Lotilla also expressed support for nuclear power, though he said the plan requires legislation on the legal and regulatory framework. "There is room for more sources of energy."

☆ Russia's Shoigu warns of 'uncontrolled escalation' in Ukraine conflict
▼ + stars: | 2022-10-23 | by ( ) www.reuters.com time to read: +1 min

Oct 23 (Reuters) - Russian Defence Minister Sergei Shoigu told his French counterpart in a telephone call on Sunday that the situation in Ukraine was rapidly deteriorating and trending towards "uncontrolled escalation". In a phone call with French Defence Minister Sebastien Lecornu published by the Russian side, Shoigu said Moscow had concerns Ukraine could use a "dirty bomb" in the conflict, without providing evidence to support the suggestion that Ukraine might use such a weapeon. "They discussed the situation in Ukraine which is rapidly deteriorating," the defence ministry said in a readout of the call. "It is trending towards further uncontrolled escalation." The defence ministry did not provide any further information on its statement.

☆ Right-wing politician expected to take lead in Slovenia's presidential election
▼ + stars: | 2022-10-23 | by ( ) www.reuters.com time to read: +2 min

LJUBLJANA, Oct 23 (Reuters) - Polls opened in the Slovenian presidential election on Sunday with former foreign minister in the rightist government, Anze Logar, expected to lead the seven candidates after the first round of voting. Opinion polls suggest that no candidate will win the more than 50% of the votes that would secure victory after the first round. The two candidates who win most votes will face run-off in two weeks. Polling stations close at 7 p.m. (1700 GMT) and first results are expected about two hours later. "While the president’s role in Slovenia is largely ceremonial, the election result will reflect voter support for liberal pro-EU political forces in relation to populist eurosceptic parties," the Teneo consultancy said before the election.

Oct 18 (Reuters) - Oil prices settled lower on Tuesday on fears of higher U.S. supply combined with an economic slowdown and lower Chinese fuel demand. Brent crude futures settled down $1.59, or 1.7%, to $90.03 per barrel, while U.S. West Texas Intermediate (WTI) crude settled down $2.64, or 3.1%, to $82.82 per barrel. Oil prices were also pressured by reports that the U.S. government would continue releasing crude oil from reserves. The Biden administration plans to sell oil from the Strategic Petroleum Reserve in an effort to cool fuel prices before next month's congressional elections, sources told Reuters on Monday. In addition, U.S. crude oil stocks were expected to have risen for a second consecutive week, a preliminary Reuters poll showed on Monday.

Oct 18 (Reuters) - Oil prices fell by more than 3% in volatile trade on Tuesday on fears of higher U.S. supply amid an economic slowdown and lower Chinese fuel demand. Brent crude futures fell by $2.37, or 3.6%, to $89.25 a barrel by 12:29 p.m. EDT (1629 GMT). Oil prices were also pressured by reports that the U.S. government would continue releasing crude oil from reserves. The Biden administration plans to sell oil from the Strategic Petroleum Reserve in an effort to cool fuel prices before next month's congressional elections, sources told Reuters on Monday. In addition, U.S. crude oil stocks were expected to have risen for a second consecutive week, a preliminary Reuters poll showed on Monday.

☆ Stellantis expects semiconductor supply to be fixed by end of 2023
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: 1 min

PARIS, Oct 18 (Reuters) - Carmaker Stellantis (STLA.MI) expects the shortage in the supplies of semiconductor chips to be fixed by the end of 2023 and inflation to be under control in one or two years, Chief Executive Carlos Tavares said on Tuesday. "By the end of 2023, semiconductor supply will be fixed," Tavares said at the Paris Car Show. Register now for FREE unlimited access to Reuters.com RegisterReporting by Sudip Kar-Gupta Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ UK regulator's head of enforcement to step down in 2023
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: 1 min

LONDON, Oct 18 (Reuters) - Mark Steward, head of enforcement at Britain's Financial Conduct Authority (FCA), is stepping down early next year, the markets watchdog said on Tuesday. The FCA said it would begin a global search for his successor shortly. "Mark has brought his formidable experience as a regulator and as a litigator to the FCA, delivering significant enforcement cases across a broad spectrum, as well as the FCA’s data-led approach to market oversight," said FCA Chief Executive Nikhil Rathi. Steward, who said it had been "a privilege to serve the FCA throughout many challenges over the last seven years", joined the watchdog in 2015. Register now for FREE unlimited access to Reuters.com RegisterReporting by Kirstin Ridley and Carolyn Cohn Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Hyundai Motor, Kia say $2 bln provision to hit Q3 earnings
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Oct 18 (Reuters) - Hyundai Motor (005380.KS) and affiliate Kia Corp's (000270.KS) third-quarter earnings will reflect provisions totalling a combined 2.9 trillion won ($2 billion), they said on Tuesday. The costs include provisions related to their Theta GDI engines, the South Korean automakers said in regulatory filings. Hyundai Motor said a provision of 1.36 trillion won would be reflected in its earnings, while Kia flagged a hit of 1.54 trillion won. In 2020, Hyundai and Kia together made 3.6 trillion won in provisions related to engine issues. Hyundai Motor is scheduled to report its July-September earnings next Monday, while Kia has not yet announced when it will report its third quarter results.

☆ Russian rouble steady as exporters convert foreign currency
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +2 min

The Russian rouble opened 0.4% down against the U.S. dollar, trading at 61.91 at 0730 GMT. The month-end tax period prompts Russian exporters to convert their foreign currency earnings into roubles to make payments to the Russian treasury, typically boosting the domestic currency. Any upside, however, is likely to be limited by continuing discussions in Brussels over another package of sanctions on Russia, analysts added. The dollar-denominated RTS index (.IRTS) was down 0.1% at 1,026.5 points while the rouble-based MOEX Russian index (.IMOEX) was 0.4% up at 2,020.6 points. For Russian equities guide seeFor Russian treasury bonds seeRegister now for FREE unlimited access to Reuters.com RegisterEditing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Ryanair boss blames Brexit for UK economic 'car crash'
▼ + stars: | 2022-10-18 | by ( Alvise Armellini | ) www.reuters.com time to read: +2 min

ROME, Oct 18 (Reuters) - Ryanair (RYA.I) boss Michael O'Leary on Tuesday described the economic situation in Britain as a "car crash" caused by the country's vote to leave the European Union in 2016. Britain's new finance minister, Jeremy Hunt, on Monday scrapped Prime Minister Liz Truss's economic plan and scaled back her vast energy support scheme in a historic policy U-turn to try to stem a dramatic loss of investor confidence. Register now for FREE unlimited access to Reuters.com RegisterIrishman O'Leary said he expects Truss, who became prime minister last month, to be out of a job within a week or two. O'Leary welcomed the appointment of Hunt, who took over as finance minister last Friday and has since rewritten government plans presented only last month. "The Remainers are coming back, the adults are taking charge again ... we will return to some sensible economic policies," O'Leary added.

☆ Goldman Sachs names new leadership trio
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: 1 min

NEW YORK, Oct 18 (Reuters) - Goldman Sachs (GS.N) outlined its leadership team for its new core business units on Tuesday as the Wall Street giant undertakes its biggest overhaul since 2020. The bank named Ashok Varadhan, Dan Dees and Jim Esposito as global co-heads of Global Banking & Markets while Marc Nachmann will be global head of the asset and wealth management division. Stephanie Cohen will become global head of Platform Solutions, the bank said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Saeed Azhar and Lananh Nguyen Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Oil steady as recession woes counter positive Chinese signals
▼ + stars: | 2022-10-17 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

Brent crude futures were down 1 cents, or 0.01%, to $91.62 a barrel, recovering from a 6.4% fall last week. U.S. West Texas Intermediate crude was down 15 cents, or 0.2%, at $85.46 after a 7.6% decline last week. Beijing will also greatly increase domestic energy supply capacity and step up risk controls in key commodities including coal, oil, gas and electricity, a senior National Energy Administration official said on Monday. "It's been another turbulent few weeks in oil markets from global growth concerns to super-sized OPEC+ output cuts and it seems they're yet to fully settle down," said Craig Erlam, senior markets analyst at OANDA. OPEC+ output cuts attracted funds back to the oil markets, with continued heavy buying of crude oil futures and options for a second straight week.

☆ Oil rises as positive Chinese signals counter recession fears
▼ + stars: | 2022-10-17 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

Brent crude futures rose 53 cents, or 0.6%, to $92.16 a barrel by 1245 GMT, recovering from a 6.4% fall last week. U.S. West Texas Intermediate crude was up 34 cents, or 0.4%, at $85.95 after a 7.6% decline last week. China will further increase reserve capacities for key commodities, another state official told a news conference in Beijing. The third-quarter GDP data, along with September activity data, is due for release on Oct. 18 at 0200 GMT. Meanwhile a strong U.S. dollar and further interest rate increases from the U.S. Federal Reserve are helping to contain price gains.

☆ Vodafone and Altice launch 7 bln euro German broadband company
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +2 min

LONDON, Oct 17 (Reuters) - Vodafone (VOD.L) and Altice launched a joint venture on Monday to challenge Deutsche Telekom (DTEGn.DE) by building a 7 billion euro ($6.8 billion) fibre broadband network in Germany. Vodafone said the FibreCo venture would build a "fibre-to-the-home" broadband network available to 7 million German homes, allowing Britain-based Vodafone to upgrade its existing network in Germany, its biggest market. Register now for FREE unlimited access to Reuters.com RegisterConstruction will be contracted to Altice subsidiary Geodesia, with Vodafone Germany responsible for marketing the faster broadband to new customers. Vodafone said it would receive cash proceeds from Altice of up to 1.2 billion euros, which would exceed its equity contributions to the joint venture over time. Altice is the Amsterdam-based holding company bundling the assets of Franco-Israeli cable magnate Patrick Drahi.

☆ Credit Agricole and CACEIS to buy RBC Investor Services' Europe unit
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +1 min

PARIS, Oct 17 (Reuters) - CACEIS, the asset servicing business owned by French bank Credit Agricole (CAGR.PA) and Spanish bank Santander (SAN.MC), has struck a preliminary deal to buy the European asset servicing business of RBC Investor Services (RY.TO). The acquisition, due to be completed by the end of the third quarter in 2023, would result in CACEIS having about 4.8 trillion euros ($4.7 trillion) worth of assets under custody and 3.5 trillion euros of assets under administration, CACEIS said on Monday. The acquisition of the European asset servicing activities of RBC Investor Services will also entail the takeover of an associated Malaysian division. "This combination with RBC Investor Services helps us consolidate our position as a leading European player in asset servicing," said CACEIS Chief Executive Jean-François Abadie. ($1 = 1.0256 euros)Register now for FREE unlimited access to Reuters.com RegisterReporting by Sudip Kar-Gupta Editing by Kim Coghill and David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Eurowings pilots begin strike over workload
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Oct 17 (Reuters) - Pilots at Lufthansa's (LHAG.DE) Eurowings began a three-day strike on Monday over working hours, their union said, confirming action that could affect thousands of the budget airline's passengers. And so far there is no new offer," sais a spokesperson for the Vereinigung Cockpit (VC) pilots' union. The union wants the carrier to ease pilot workloads through measures such as increased rest periods, but Eurowings warned over the weekend that the demands put jobs at risk. It expects to cancel a similar number of flights on Tuesday and Wednesday. The walkout is due to end at 11.59 pm local time (2159 GMT) on Wednesday.

☆ UK pubs group Stonegate says it won some aspects of case against insurers
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: 1 min

LONDON, Oct 17 (Reuters) - British pubs group Stonegate on Monday said that the High Court in London found in the company's favour in some aspects of its business interruption case against insurers but it will appeal against other aspects of the complex judgment. Register now for FREE unlimited access to Reuters.com RegisterReporting by Carolyn Cohn, Kirstin Ridley and Sam Tobin Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Tens of thousands of passengers affected by first day of Eurowings strike
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Oct 17 (Reuters) - Pilots at Lufthansa's (LHAG.DE) Eurowings began a three-day strike over working hours, their union said, affecting tens of thousands of the budget airline's passengers on Monday. And so far there is no new offer," said a spokesperson for the Vereinigung Cockpit (VC) pilots' union. Register now for FREE unlimited access to Reuters.com RegisterA view of a time table showing cancelled flights as Eurowings pilots go on a three-day strike, in Cologne, Germany, October, 17, 2022. REUTERS/Thilo SchmuelgenThe airline said about 240 out of 488 flights have been cancelled at airports in Cologne, Hamburg, Berlin and Stuttgart, affecting about 25,000 passengers on the strike's first day. Eurowings pilots had held a one-day strike for improved working conditions at the start of October, affecting about 30,000 passengers and the cancellation of about 250 flights.

☆ Credit Suisse considers Allfunds disposal, Cinco Dias reports
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +1 min

MADRID, Oct 14 (Reuters) - Credit Suisse is considering selling its stake in Madrid-based tech company Allfunds (ALLFG.AS) to raise cash, Spanish newspaper Cinco Dias reported on Friday, citing unidentified market sources. The Swiss bank holds an 8.56% stake in Allfunds, worth about 380 million euros ($372 million) at the current market price, Refinitiv data shows. Register now for FREE unlimited access to Reuters.com RegisterShares in Allfunds, which provides tech services to asset management companies, have declined 58% this year. A spokesperson at Credit Suisse declined to comment and an Allfunds representative did not respond immediately to a request for comment. ($1 = 1.0212 euros)Register now for FREE unlimited access to Reuters.com RegisterReporting by Inti Landauro Editing by Jesús Aguado and David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Norwegian police investigate drone sighting at Kaarstoe gas plant -paper
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +1 min

OSLO, Oct 14 (Reuters) - Norwegian police on Friday investigated reports of a drone that was spotted flying over the Kaarstoe gas processing plant in southwest Norway in potential violation of security protocols, newspaper Stavanger Aftenblad reported. The Norwegian military Home Guard has been posted at Kaarstoe and other major energy export facilities since authorities boosted security at Norwegian oil and gas installations after the Sept. 26 Nord Stream leaks. Register now for FREE unlimited access to Reuters.com RegisterEven before the Nord Stream incidents Norway's Petroleum Safety Authority (PSA) had warned energy companies to be vigilant for unidentified drones. Police on Thursday responded to a threat made by telephone against the Nyhamna gas plant, which alongside Kaarstoe and a handful of other Norwegian sites rank among Europe's largest energy export facilities. Register now for FREE unlimited access to Reuters.com RegisterReporting by Terje Solsvik Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Russian regulator says mobile operator MTS breached anti-monopoly laws
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +2 min

Prices for most goods and services rose sharply soon after Russia sent thousands of troops into Ukraine in February, sparking hefty Western sanctions. The Federal Antimonopoly Service (FAS) said MTS would have to lower prices to economically justified levels and pay a fine, the size of which would be determined after an investigation. "The adjustment of tariffs took into account the growth in costs of servicing telecoms infrastructure, which exceeds the growth of telecoms service revenues," MTS said in a statement. "In August, September and October 2022, MTS again raised the cost for these tariff plans," the FAS said. The FAS said MTS had not provided enough evidence of its costs.

Search resuls for: "David Goodman"

25 mentions found