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☆ Russian economy slowed significantly at end of September, c.bank says
  + stars: | 2022-10-11 | by ( ) www.reuters.com   time to read: 1 min
Oct 11 (Reuters) - Russia's economy slowed significantly at the end of September, the central bank's deputy chief said on Tuesday, citing data. Deputy Governor Alexei Zabotkin told lawmakers that capital controls could be implemented in full if there are serious risks to financial stability but that the central bank did not foresee this risk in its baseline scenario. Register now for FREE unlimited access to Reuters.com RegisterReporting by Elena Fabrichnaya Writing by Caleb Davis Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.
☆ Oil falls on recession fears and China COVID worries
  + stars: | 2022-10-11 | by ( Alex Lawler | ) www.reuters.com   time to read: +2 min
World Bank President David Malpass and International Monetary Fund Managing Director Kristalina Georgieva warned on Monday of a growing risk of global recession and said that inflation remains a continuing problem. Register now for FREE unlimited access to Reuters.com Register"There is growing pessimism in the markets now," said Craig Erlam of brokerage OANDA. Those worries aside, fears of a further hit to demand in China also weighed. read moreOil also came under pressure from a strong dollar, which hit multi-year highs on worries about increases to interest rates and escalation of the Ukraine war. A strong dollar makes oil more expensive for buyers with other currencies and tends to weigh on risk appetite.
☆ Rouble hits multi-month low on Ukraine escalation fears
  + stars: | 2022-10-11 | by ( ) www.reuters.com   time to read: +2 min
By 1201 GMT the rouble was down 1.2% against the dollar at 63.44 after touching 63.9975 for its weakest since July 7. The rouble has been supported by capital controls and a collapse in imports since Western sanctions were imposed over Russia's actions in Ukraine and companies left the market in droves. Promsvyazbank analyst Yevgeny Loktyukhov pointed to escalation in Ukraine and a pullback in oil prices as a reason for the rouble's slide. Brent crude oil , a global benchmark for Russia's main export, was down 1.7% at $94.58 a barrel at 1200 GMT. Russian stock indexes, which were dragged sharply lower by Gazprom (GAZP.MM) in the previous session, were regaining some ground.
☆ Rouble hits multi-month low past 64 vs dollar on Ukraine escalation fears
  + stars: | 2022-10-11 | by ( ) www.reuters.com   time to read: +2 min
By 1409 GMT the rouble was down 2.1% against the dollar at 64.03 , its weakest since July 7. The rouble has been supported by capital controls and a collapse in imports since Western sanctions were imposed over Russia's actions in Ukraine and companies left the market in droves. Already blighted by Western sanctions, Russia's economy now faces a more self-inflicted blow, with President Vladimir Putin's military mobilisation drive threatening to undermine productivity, demand and recovery. Promsvyazbank analyst Yevgeny Loktyukhov pointed to escalation in Ukraine and a pullback in oil prices as a reason for the rouble's slide. Brent crude oil , a global benchmark for Russia's main export, was down 2.3% at $94.0 a barrel at 1410 GMT.
☆ European Commission suspects pharma group Teva broke antitrust rules
  + stars: | 2022-10-10 | by ( ) www.reuters.com   time to read: +1 min
PARIS, Oct 10 (Reuters) - The European Commission has informed Teva Pharmaceutical (TEVA.TA) of its preliminary view that the company breached European Union (EU) antitrust rules with practices aimed at delaying competition to multiple sclerosis product Copaxone. "There is not yet a treatment for the chronic illness of multiple sclerosis, so innovative medicines can make a major difference to patients' quality of life," the Commission's competition policy head Margrethe Vestager said on Monday. Our concern is that Teva may have misused the patent system to shield itself from competition." If the European Commission's preliminary views are confirmed, Teva's behaviour would infringe Article 102 of the Treaty on the Functioning of the European Union, which prohibits the abuse of a dominant position. Register now for FREE unlimited access to Reuters.com RegisterReporting by Sudip Kar-Gupta Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.
☆ Oil steadies as supply tightness duels with recession fears
  + stars: | 2022-10-10 | by ( Noah Browning | ) www.reuters.com   time to read: +2 min
West Texas Intermediate crude for November delivery declined by as much as 1.1% but was last at $92.62, down 2 cents. The OPEC+ cuts will squeeze supply in an already tight market. EU sanctions on Russian crude and oil products will take effect in December and February respectively. read moreThe complicated new sanctions package could end up shutting in considerable supplies of Russia crude, analysts have warned. "A recessionary economic outlook will lead to lower oil demand," Fitch Ratings said on Monday.
☆ French union rejects wage talk 'blackmail' as refinery strikes drag on
  + stars: | 2022-10-10 | by ( Tassilo Hummel | ) www.reuters.com   time to read: +3 min
REUTERS/Eric GaillardPARIS, Oct 10 (Reuters) - France's CGT trade union denounced TotalEnergies' (TTEF.PA) conditional offer for early wage talks as "blackmail", saying strikes that have left a third of the country's fuel stations running short would continue until at least Tuesday. President Emmanuel Macron, whose government is under mounting pressure to act as the strike grinds on and more fuel stations run out of some products, called for a quick end to the crisis. A CGT union representative later said the strike at the refineries would be extended until Tuesday. Long tailbacks formed at fuel stations in the Paris region as drivers tried to fill up before more pumps run dry. "This only encourages the striking workers, who are more united than ever," a CGT official at TotalEnergies' Feyzin refinery said of the company's conditional offer.
☆ Pakistan keeps policy rate at 15%, projects high inflation, weak growth
  + stars: | 2022-10-10 | by ( Syed Raza Hassan | ) www.reuters.com   time to read: +4 min
GDP growth could fall to around 2% in the 2023 financial year compared to previous forecast of 3%-4% before the floods, the central bank statement said. However, the central bank later said the economy faces significant imbalances including a large current account deficit and persistently high inflation. INFLATION VS POLICY RATEThe central bank projected inflation after the floods to be on higher side compared to the last estimate of between 18%-20% in FY2022-23. Higher food prices could raise average headline inflation, the bank said, adding that the impact on the current account deficit was likely to be muted. It said it will leave the current account deficit in the vicinity of the previously forecast 3% of GDP.
☆ Investors switch into Porsche AG from Volkswagen on debut day
  + stars: | 2022-09-29 | by ( Danilo Masoni | ) www.reuters.com   time to read: +2 min
MILAN, Sept 29 (Reuters) - Porsche AG shares rallied on their Frankfurt market debut on Thursday as traders dumped holdings of its controlling companies to grab a slice in the newly listed supercar manufacturer. Register now for FREE unlimited access to Reuters.com Register"There seem to be shifts from Volkswagen into Porsche AG," said Jochen Stanzl, analyst at online broker CMC Markets. Porsche AG shares traded at a premium of as much as 5.2% to their IPO price of 82.5 euros at one point. Shares in top shareholders Volkswagen (VOWG_p.DE) and Porsche Automobil Holding SE (PSHG_p.DE) were last down 5% and 8% respectively. Porsche AG was by far the most traded stock by volume on Thursday on Lang & Schwartz's platform, indicating interest from individual investors, too.
☆ Volkswagen battery IPO could be next, says CFO
  + stars: | 2022-09-29 | by ( ) www.reuters.com   time to read: +1 min
"We do not rule out an IPO of the battery unit, but the financial flexibility we won today allows us to further strengthen our work in batteries alone. Antlitz brushed aside rumours that Thursday's Porsche listing could lead to a listing of Audi, another premium brand and huge moneymaker for Volkswagen. Register now for FREE unlimited access to Reuters.com Register"The next project is strategic partnerships or a potential IPO of the battery unit - I can't say more for now," he said. Volkswagen has set aside 20 billion euros ($20.38 billion) for investment in its battery cell business, with the PowerCo unit managing its battery production and research from mining to recycling and projects including energy storage systems. It has set aside a further 10 billion euros for investment along the supply chain, such as sourcing cathode materials.
☆ Oil rises towards $90 as OPEC+ considers output cut
  + stars: | 2022-09-29 | by ( Ahmad Ghaddar | ) www.reuters.com   time to read: +2 min
LONDON, Sept 29 (Reuters) - Oil prices firmed on Thursday, erasing earlier losses, on indications that OPEC+ might cut output, though a stronger dollar and weak economic outlook kept a lid on gains. Brent crude futures rose 52 cents, or 0.6%, to $89.84 a barrel by 1027 GMT and U.S. crude futures rose by 52 cents, or 0.6%, to $82.67. Leading members of OPEC+ have begun discussions about an oil output cut when they meet on Oct. 5, two sources from the producer group told Reuters. Reuters reported this week that Russia is likely to propose that OPEC+ reduces oil output by about 1 million barrels per day (bpd). In China, the world's biggest crude oil importer, travel during the forthcoming week-long national holiday is set to hit its lowest level in years as Beijing's zero-COVID rules keep people at home while economic woes curb spending.
☆ UK gilt yields rise after plunging on BoE action
  + stars: | 2022-09-29 | by ( ) www.reuters.com   time to read: +2 min
Thirty-year gilt yields , which surged to a 20-year high above 5% on Wednesday before dropping by more than 100 basis points after the BoE intervention, were up about 2 basis points at 3.96% at 0904 GMT. Twenty-year gilt yields rose about 6 basis points (bps) to 4.20%, having earlier hit a high of 4.309%, also reversing only a small part of their fall on Wednesday. Register now for FREE unlimited access to Reuters.com RegisterShorter-dated gilt yields rose more strongly with two-year yields adding about 13 bps to 4.38%, having risen as high as 4.48%, though they remained well below a post-2008 peak of 4.761% hit on Tuesday. Theo Chapsalis, head of UK rates strategy at Morgan Stanley, forecast on Thursday that the BoE action would help 10-year yields stabilise at a level below 4.1%. At its first auction on Wednesday, it accepted offers of 1.025 billion pounds of gilts out of 2.587 billion pounds of offers submitted.
☆ Oil drops on dollar strength, but OPEC+ talks offer support
  + stars: | 2022-09-29 | by ( Ahmad Ghaddar | ) www.reuters.com   time to read: +2 min
LONDON, Sept 29 (Reuters) - Oil prices fell on Thursday, with a stronger dollar paring the previous day's more than $3 gain, though losses were capped by indications that the OPEC+ producer group might cut output. Goldman Sachs cut its 2023 oil price forecast on Tuesday, citing expectations of weaker demand and a stronger U.S. dollar, but said global supply disappointments reinforced its long-term bullish outlook. Meanwhile, leading OPEC+ members have begun discussions about an oil output cut when they meet on Oct. 5, two sources from the producer group told Reuters. read moreOne source from the Organization of the Petroleum Exporting Countries (OPEC) said a cut looks likely but gave no indication of volumes. Reuters reported this week that Russia is likely to propose that OPEC+ reduces oil output by about 1 million barrels per day (bpd).
☆ Toll-road operator Salik jumps 20% on market debut
  + stars: | 2022-09-29 | by ( Hadeel Al Sayegh | ) www.reuters.com   time to read: +1 min
DUBAI, Sept 29 (Reuters) - Dubai toll-road operator Salik (SALIK.DU) rose 20% above its listing price on its market debut on Thursday in a sign that investors still have appetite for local flotations despite skittish global markets. The company, which has 3.6 million vehicles registered on its system, raised 3.735 billion dirhams ($1.02 billion) by selling a 24.9% stake in its initial public offering (IPO), giving the company a market value of 15 billion dirhams. Salik was priced at 2 dirhams per share but rose to a high of 2.40 dirhams at the market open on Thursday. Cornerstone investors UAE Strategic Investment Fund, Dubai Holding, Shamal Holding and the Abu Dhabi Pension Fund have committed about 606 million dirhams, Salik said on Sept. 13. ($1 = 3.6727 UAE dirham)Register now for FREE unlimited access to Reuters.com RegisterReporting by Hadeel Al Sayegh Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.
☆ OPEC+ has begun talks on output cut at Oct. 5 meeting - OPEC source
  + stars: | 2022-09-29 | by ( ) www.reuters.com   time to read: +1 min
DUBAI, Sept 29 (Reuters) - Leading OPEC+ members have begun discussions about an oil output cut at the group's next meeting on Oct. 5, three sources told Reuters. One OPEC source told Reuters a cut was "likely", while two other OPEC+ sources said key members had spoken about the topic. A source familiar with Russian thinking told Reuters earlier this week that Moscow could suggest a cut of up to 1 million barrels per day (bpd). OPEC+, which combines OPEC countries and allies such as Russia, agreed a small oil output cut of 100,000 barrels a day at its September meeting to bolster prices. read moreTop OPEC producer Saudi Arabia flagged in August the possibility of output cuts to address market volatility.
☆ German gas consumption too high, says energy regulator
  + stars: | 2022-09-29 | by ( ) www.reuters.com   time to read: +1 min
FRANKFURT, Sept 29 (Reuters) - Germany's network regulator, which would be in charge of gas rationing in the event of a supply emergency, on Thursday said that household consumption was too high to be sustainable. Last week's usage of natural gas by German households and small industry was 483 gigawatt hours, up 14.5% above the average for that week over the past four years, the Federal Network Agency said. "Without significant savings in the private area of consumption, it will be difficult to avoid an emergency situation in winter." Germany requires more gas imports and its neighbours need to organise stable supplies, he said, but energy savings are the order of the day. Households and small industry account for 40% of consumption while big manufacturing industries require 60% of the country's gas.
☆ Russia says Nord Stream leaks occurred in zone controlled by U.S. intelligence
  + stars: | 2022-09-29 | by ( ) www.reuters.com   time to read: +2 min
Sept 29 (Reuters) - Russia's foreign ministry on Thursday said ruptures to the Nord Stream pipelines that have caused gas leaks off the coasts of Denmark and Sweden occurred in territory that is "fully under the control" of U.S. intelligence agencies. Foreign Ministry spokeswoman Maria Zakharova told a pro-Kremlin broadcast that Washington had "full control" over the waters around Denmark and Sweden where four leaks have been detected on the Nord Stream 1 and Nord Stream 2 pipelines, which cross the floor of the Baltic Sea between Russia and Germany. Register now for FREE unlimited access to Reuters.com Register"They are countries that are completed controlled by the U.S. intelligence services." Zakharova did not provide evidence of U.S. control over Sweden and Denmark. The European Union suspects sabotage was behind the gas leaks on the subsea Russian pipelines to Europe and has promised a "robust" response to any intentional disruption of its energy infrastructure.
☆ Cineplex makes approach for Cineworld's U.S. franchise, WSJ reports
  + stars: | 2022-09-28 | by ( ) www.reuters.com   time to read: +2 min
Cineworld and Cineplex have been locked in a multimillion-dollar legal battle since the London-listed company rescinded its offer to buy Cineplex more than two years ago. Cineworld has since been struggling to rein in massive debt and this month filed for bankruptcy in the United States. Cineplex is in early talks with Cineworld's lenders about taking over Regal in exchange for debt and stock backed by the combined business, the WSJ reported, citing people familiar with the matter. Cineworld's restructuring adviser Alix Partners and financial adviser PJT Partners did not respond immediately to a Reuters request for comment. Cineworld and Cineplex held talks this year about merging operations while settling the legal judgment but failed to reach an agreement, the WSJ added.
☆ Oil prices hit nine-month low on recession fears
  + stars: | 2022-09-26 | by ( Noah Browning | ) www.reuters.com   time to read: +2 min
Register now for FREE unlimited access to Reuters.com RegisterModel of Oil barrels are seen in front of rising stock graph in this illustration, July 24, 2022. REUTERS/Dado Ruvic/IllustrationLONDON, Sept 26 (Reuters) - Oil prices hit nine-month lows on Monday, driven down by an expected decline in fuel demand as rising interest rates raise the likelihood of global recession, with further price pressure coming from a surging U.S. dollar. U.S. West Texas Intermediate (WTI) crude for November delivery dropped 74 cents, or 0.9%, to $78. Register now for FREE unlimited access to Reuters.com RegisterBoth contracts slumped by about 5% on Friday. The impact of a strong dollar on oil prices is at its most pronounced in more than a year, Refinitiv Eikon data shows.
☆ U.S. announces $457.5 mln civilian aid for Ukraine
  + stars: | 2022-09-26 | by ( ) www.reuters.com   time to read: +2 min
Register now for FREE unlimited access to Reuters.com RegisterThe Ukrainian national flag is seen behind the U.S. national flag during a rally of foreign community members in support of Ukraine amid growing tensions with Russia, in Kyiv, Ukraine February 6, 2022. REUTERS/Valentyn OgirenkoWASHINGTON, Sept 26 (Reuters) - The United States will provide $457.5 million in new civilian security aid for Ukraine, a portion of which will be used to support the government's investigation of atrocities, Secretary of State Antony Blinken said on Monday. The aid is designed to help Ukrainian law enforcement and criminal justice agencies, Blinken said in a statement. The latest tranche of aid brings U.S. assistance for Ukrainian law enforcement and its partners to more than $645 million since mid-December, Blinken said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Doina Chiacu; Editing by Chizu Nomiyama Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.
☆ Battery maker Varta's value plummets on scrapped outlook
  + stars: | 2022-09-23 | by ( ) www.reuters.com   time to read: +1 min
Register now for FREE unlimited access to Reuters.com RegisterSept 23 (Reuters) - German battery maker Varta's (VAR1.DE) shares shed nearly a fifth of their value after it withdrew full-year and third-quarter forecasts on Friday, citing higher than expected energy and raw material costs. It added that delays in two large orders with original equipment manufacturers meant it might not be able to deliver significant volumes this year. At that time it had expected third-quarter revenue between 210 million and 230 million euros, with adjusted core profit of 40 million to 50 million euros. The stock was down 19% at 1125GMT, set for its biggest daily fall in almost three years. ($1 = 1.0252 euros)Register now for FREE unlimited access to Reuters.com RegisterReporting by Linda Pasquini Editing by Rachel More and David GoodmanOur Standards: The Thomson Reuters Trust Principles.
☆ Mubadala withdraws offer for Brazil's Burger King brand owner
  + stars: | 2022-09-23 | by ( ) www.reuters.com   time to read: 1 min
SAO PAULO, Sept 23 (Reuters) - Brazil's Zamp SA (BKBR3.SA), which owns the Burger King brand in the South American country, said on Friday that Abu Dhabi state investor Mubadala has revoked its tender offer to purchase a controlling stake in the company. Mubadala had offered 8.31 reais ($1.61) per share to buy a 45.15% stake in Zamp but decided to drop out of the deal, saying it had failed to obtain confirmation on whether the transaction would imply the termination of Zamp's franchise and trademark licensing agreements. read more($1 = 5.1670 reais)Register now for FREE unlimited access to Reuters.com RegisterReporting by Gabriel Araujo Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.
☆ Oil edges up as supply woes outweigh demand and rate hike worries
  + stars: | 2022-09-19 | by ( Arathy Somasekhar | ) www.reuters.com   time to read: +3 min
Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. The Organization of Petroleum Exporting Countries and allies led by Russia, known as OPEC+, fell short of its oil production target by 3.583 million barrels per day (bpd) in August, an internal document showed. read moreStill, oil also came under pressure from hopes of an easing of Europe's gas supply crisis. read more"The market still has the start of European sanctions on Russian oil hanging over it. As supply is disrupted in early December, the market is unlikely to see any quick response from U.S. producers," ANZ analysts said.
☆ Oil little changed as markets debate fed hikes and supply woes
  + stars: | 2022-09-19 | by ( Arathy Somasekhar | ) www.reuters.com   time to read: +3 min
Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. read moreStill, oil also came under pressure from hopes of an easing of Europe's gas supply crisis. The U.S. dollar stayed near a two-decade high ahead of this week's decisions by the Fed and other central banks. read more"The market still has the start of European sanctions on Russian oil hanging over it. As supply is disrupted in early December, the market is unlikely to see any quick response from U.S. producers," ANZ analysts said.
☆ Oil edges down on demand fears and strong dollar
  + stars: | 2022-09-19 | by ( Arathy Somasekhar | ) www.reuters.com   time to read: +3 min
Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. read moreOil also came under pressure from hopes of an easing of Europe's gas supply crisis. A stronger dollar makes dollar-denominated commodities more expensive for holders of other currencies and tends to weigh on oil and other risk assets. The market has also been pressured by forecasts of weaker demand, such as last week's prediction by the International Energy Agency that there would be zero demand growth in the fourth quarter. read moreDespite those demand fears, supply concerns kept the decline in check.
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