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[1/2] A woman shops for groceries at El Progreso Market in the Mount Pleasant neighborhood of Washington, D.C., U.S., August 19, 2022. The U.S. banking sector was in turmoil in the spring as Silicon Valley Bank abruptly collapsed after grappling with large amounts of unrealized losses spurred by rapidly rising interest rates. She said reinflation was a risk, especially if banks do not correctly anticipate interest rate moves and adjust their portfolios appropriately. That led to unrealized losses across the sector coming under closer scrutiny. Global banking and securities regulators are also still grappling with the fallout from the collapse of Credit Suisse Group (CSGC.UL).

Persons: Sarah Silbiger, Ana Arsov, Arsov, reinflation, ” Arsov, Tim Wennes, Paul Servais, Paritosh Bansal Tatiana Bautzer, Megan Davies, Lisa Shumaker, David Gregorio Our Organizations: El Progreso Market, Washington , D.C, REUTERS, Reuters, Banco Santander, Global, Credit Suisse Group, UBS, Jean, International Organization of Securities Commissions, Financial, Swiss, Thomson Locations: Mount Pleasant, Washington ,, U.S, SVB

[1/5] Garment workers come out of a factory during lunch hours at the Ashulia area, outskirts of Dhaka, Bangladesh, November 8, 2023. A panel of factory owners, union leaders and officials agreed to the increase unanimously, said Siddiqur Rahman, the owners' representative. "We continue to recommend that the government of Bangladesh adopt an annual minimum wage review mechanism to keep up with changing macroeconomic factors," the letter said. In addition to the wage increase, the government has said that workers would be given a 5% annual increment. Babul Akter, president of the Bangladesh Garment and Industrial Workers Federation, urged global brands to pay more, saying: "There could be some problems for the owners to cope with the increased salaries."

Persons: Mohammad Ponir Hossain, Siddiqur Rahman, Rahman, Inditex, Hugo Boss, Fazlul Hoque, Hoque, Levi Strauss, Armour, Sheikh Hasina, Akter, Abdus Salam Murshedy, Murshedy, Krishna N, Ruma Paul, Miral Organizations: REUTERS, Rights DHAKA, Reuters, Inc, Knitwear Manufacturers, Association, Labour, Abercrombie & Fitch, Adidas, Puma, Bangladesh Garment and Industrial Workers Federation, Envoy Group, Walmart, Hasina's Awami League, Das, Thomson Locations: Dhaka, Bangladesh, DELHI, China, Zara, Ukraine, New Delhi

REUTERS/Sergio Perez Acquire Licensing RightsLONDON, Nov 7 (Reuters) - European Union (EU) energy ministers last month struck a deal to reform the bloc's power market. German power market forwards for 2024 and 2025LIGHT-TOUCH REFORMEuropean power prices have fallen a long way from their 2022 peaks, when the region was still reeling from the reduction in Russian gas supplies. EU member states were deeply split on proposals for more fundamental reform of Europe's power market to allow for a complete break of the gas-power price linkage. The hard-won compromise keeps the existing market mechanism, which its supporters claim is more efficient than other models in a liberalised electricity market. The bloc's power prices have historically been twice those of the U.S., but are now three or four times higher.

Persons: Sergio Perez, Teresa Ribera, Bernard Respaut, Mats Gustavsson, Boliden, Gustavsson, Respaut, Jan Harvey Organizations: REUTERS, Union, Spain's Energy, Producers, European Copper Institute, EU, Alcoa, PPA, European Commission, Metals, Reuters, Thomson Locations: Alcobendas, Madrid, Spain, Ukraine, San, EU, U.S, Ireland, Europe

A spokesman for the health ministry in the Hamas-run Gaza Strip said Israeli forces had struck the camp overnight, killing at least 47 people. In a separate attack, 21 Palestinians from one family, including women and children, were killed in strikes overnight, the health ministry said. 'NO WORDS'"We demand that you stop them from committing these crimes immediately," Abbas told Blinken, urging an "immediate ceasefire" from Israel. The Palestinian health ministry said three Palestinians were killed in the incident, which it described as clashes with Israeli forces. Another Palestinian was killed by Israeli troops in the West Bank city of Hebron, the ministry said.

Persons: Gazans, Mahmoud Abbas, Antony Blinken, Jonathan, Saeed al, Abbas, Blinken, WAFA, Israel, Pope Francis, Matthew Miller, Mohammed Salem, Benjamin Netanyahu, Crescent, Gaza's Tal Al, David Satterfield, Cindy McCain, Mc Cain, Abu Dis, Nidal al, Ali Sawafta, Simon Lewis, Dan Williams, Yusri Mohamed, Ahmed Mohamed Hassan, Clauda Tanos, Michael Perry, Ingrid Melander, William Mallard, Alexander Smith, Conor Humphries Organizations: U.S, West Bank, Israel, U.S . State Department, Gaza, Reuters, United Arab Emirates, Hamas, REUTERS, Palestinian, Food, Thomson Locations: GAZA, RAMALLAH, Egypt, Ramallah, Israel, Rafah, Gaza, U.S, Qatar, Saudi, Jordan, Amman, United States, Palestinian, Al, Quds, Gaza's, Gaza City, Jerusalem, Hebron, Ismailia, Cairo

OAKLAND, Calif. (AP) — A stretch of street in Oakland, California, was renamed Friday for Tupac Shakur, 27 years after the killing of the hip-hop luminary. A section of MacArthur Boulevard near where he lived in the 1990s became Tupac Shakur Way, following a ceremony that included his family members and Oakland native MC Hammer. The sign for Tupac Shakur Way was unveiled moments later. “He said Oakland gave him his game.”The ceremony came the day after a former Southern California street gang leader pleaded not guilty to murder in the Las Vegas shooting death of Shakur. Sekyiwa Shakur said her brother “died at 25 years old in gang violence, by the hands of another Black man, by the planning of another Black man, whoever that man may be."

Persons: Tupac Shakur, MC Hammer, “, ” Shakur, Shakur, Councilwoman Carroll Fife, Duane Keith “ Keffe, ” Davis, Sekyiwa Shakur Organizations: OAKLAND, Oakland, San, San Francisco Bay Area Locations: Calif, Oakland , California, MacArthur, New York, Baltimore, San Francisco Bay, Oakland, Southern California, Vegas

☆ Mexico's Sheinbaum Holds 18 Point Lead in Presidency Race -Poll
▼ + stars: | 2023-10-31 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +2 min

MEXICO CITY (Reuters) - Former Mexico City Mayor and ruling party candidate Claudia Sheinbaum holds an 18 percentage point lead over her nearest rival in the race to win Mexico's next presidential election on June 2, an opinion poll showed on Tuesday. Sheinbaum has the firm backing of popular President Andres Manuel Lopez Obrador, who cannot seek reelection. A third presidential hopeful, Nuevo Leon state Governor Samuel Garcia of the center-left Citizens' Movement (MC) party, was polling 8 percent support. Respondents in the newspaper's poll suggested that those characteristics did not play in either candidate's favor. El Financiero said its poll had an overall margin of error of plus or minus 2.4 percentage points.

Persons: Claudia Sheinbaum, Mexico's, El Financiero, Sheinbaum, Xochitl Galvez, Andres Manuel Lopez Obrador, Galvez, Samuel Garcia, Lopez Obrador, Sheinbaum's, Dave Graham, Jonathan Oatis Organizations: MEXICO CITY, Mexico City Mayor, Regeneration, Nuevo, ' Movement Locations: MEXICO, Nuevo Leon, Mexico, Europe

☆ Spain's state fund considers taking Telefonica stake after STC move
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +2 min

The logo of Spanish Telecom company is displayed atop the company's building in Madrid, Spain, September 6, 2023. Acting Economy Minister Nadia Calvino has said Madrid will carry out a thorough evaluation before approving STC's stake, while acting labour minister Yolanda Diaz has called for the transaction to be blocked. Spain's SEPI said in a stock market filing on Tuesday that it was carrying out an "exploratory internal analysis over a potential acquisition" of a stake in Telefonica. STC declined to comment on any potential plans by SEPI. Caixabank, which owns 3.5% stake of Telefonica, said last week it would not raise its stake in response to STC's move, and would analyse with Telefonica any potential cooperation with the Saudi Arabian telecoms company.

Persons: Violeta Santos Moura, Spanish telco Caixabank, SEPI, Nadia Calvino, Yolanda Diaz, Spain's SEPI, Belen Gualda Gonzalez, Onur Genc, It's, Genc, Inti Landauro, Pietro Lombardi, Louise Heavens, Alexander Smith Organizations: Spanish Telecom, REUTERS, BBVA, Telefonica Bank, Telefonica MADRID, Telefonica, Saudi, STC, Saudi Arabia's, SEPI, Thomson Locations: Madrid, Spain, Spanish, Saudi Arabian

A view of the turbines at Orsted's offshore wind farm near Nysted, Denmark, September 4, 2023. Orsted, the world's largest offshore wind developer, said in August it may see impairments of 16 billion Danish crowns ($2.3 billion) on its U.S. offshore developments due to supply chain problems, soaring interest rates and a lack of new tax credits. Norway's Equinor (EQNR.OL), BP's partner on those New York offshore wind developments, booked a $300 million impairment on the projects on Friday. In Massachusetts, two offshore wind developers, SouthCoast Wind and Commonwealth Wind, agreed to pay local utilities to terminate deals that would have delivered around 2,400 MW of energy. Avangrid also canceled a contract to sell power in Connecticut from its proposed 804-MW Park City offshore wind farm.

Persons: Tom Little, Denmark's, Joe Biden, Orsted, Jacob Pedersen, Portugal, France's, Avangrid, Scott DiSavino, Louise Breusch Rasmussen, Ron Bousso, Jonathan Oatis, Josie Kao Organizations: REUTERS, BP, U.S, Analysts, Reuters, Commonwealth, Shell, Energias, Thomson Locations: Nysted, Denmark, U.S, Danish, New York, Massachusetts, Connecticut, Rhode Island and Massachusetts, In Massachusetts, Commonwealth, Spanish, Copenhagen, London, Bengaluru

☆ BBVA's Q3 net profit rises 13% boosted by Spain and Mexico
▼ + stars: | 2023-10-31 | by ( Jesús Aguado | ) www.reuters.com time to read: +2 min

REUTERS/Jon Nazca/File Photo Acquire Licensing RightsSummaryCompanies Q3 net profit up 13% to 2.1 bln euros, slightly above forecastsQ3 NII up 22.5% to 6.4 bln euros, beating forecastsEnds quarter with capital ratio of 12.73%MADRID, Oct 31 (Reuters) - Spain's BBVA (BBVA.MC) on Tuesday posted a 13% rise in third-quarter net profit rose 13% buoyed by higher lending income in its main markets, Spain and Mexico. The third-biggest euro zone lender by market value booked a net profit of 2.08 billion euros ($2.20 billion) for the July to September period. The bottom line was slightly better than the 2 billion euros forecast by analysts polled by Reuters despite a 29% increase in loan loss provisions, which came in a bit above expectations. In Mexico, the bank's net profit rose 21% while NII climbed 30% supported by higher lending activity despite higher funding costs. In Spain, net profit rose 75%, while NII was up 62%.

Persons: Jon Nazca, NII, Jesús, Inti Landauro, Jason Neely Organizations: BBVA, REUTERS, Spain's BBVA, Reuters, Thomson Locations: Malaga, Spain, MADRID, Mexico, Europe

☆ Mexico's Sheinbaum holds 18 point lead in presidency race -poll
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +3 min

Former Mexico City Mayor Claudia Sheinbaum gestures as she speaks on the day she is certified as presidential candidate for the ruling National Regeneration Movement (MORENA) party during a ceremony, in Mexico City, Mexico September 10, 2023. REUTERS/Henry Romero/File Photo Acquire Licensing RightsMEXICO CITY, Oct 31 (Reuters) - Former Mexico City Mayor and ruling party candidate Claudia Sheinbaum holds an 18 percentage point lead over her nearest rival in the race to win Mexico's next presidential election on June 2, an opinion poll showed on Tuesday. Sheinbaum has the firm backing of popular President Andres Manuel Lopez Obrador, who cannot seek reelection. A third presidential hopeful, Nuevo Leon state Governor Samuel Garcia of the center-left Citizens' Movement (MC) party, was polling 8 percent support. El Financiero said its poll had an overall margin of error of plus or minus 2.4 percentage points.

Persons: Mexico City Mayor Claudia Sheinbaum, Henry Romero, Claudia Sheinbaum, Mexico's, El Financiero, Sheinbaum, Xochitl Galvez, Andres Manuel Lopez Obrador, Galvez, Samuel Garcia, Lopez Obrador, Sheinbaum's, Dave Graham, Jonathan Oatis Organizations: Mexico City Mayor, Regeneration, REUTERS, MEXICO CITY, Nuevo, ' Movement, Thomson Locations: Mexico City, Mexico, MEXICO, Nuevo Leon, Europe

☆ Santander readies sale of bad assets worth 5 bln euros- Cinco Dias
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +1 min

The Polish unit of Spain's Santander (Santander Bank Polska) logo is pictured in Warsaw, Poland, May 10, 2021. REUTERS/Kacper Pempel/File Photo Acquire Licensing RightsMADRID, Oct 30 (Reuters) - Spain's Santander (SAN.MC) is planning to sell toxic real estate assets with a nominal value of up to 5 billion euros ($5.28 billion), Spanish daily Cinco Dias reported on Monday. Cinco Dias did not mention the price or potential discount on the sale of the assets, while Santander declined to comment. Spanish banks were very active in the past in shedding real estate assets that went sour in the economic slump that followed the bursting of the country's real estate bubble at the end of 2007. ($1 = 0.9469 euros)Reporting by Jesús Aguado, editing by Inti Landauro and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Kacper, Cinco Dias, Jesús Aguado, Inti Landauro, Kim Coghill Organizations: Spain's Santander, Santander Bank Polska, REUTERS, Rights, Santander, Thomson Locations: Warsaw, Poland, Rights MADRID

☆ Nobody knows the endgame of the Israel-Hamas war, says former Italian ambassador to Iraq
▼ + stars: | 2023-10-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNobody knows the endgame of the Israel-Hamas war, says former Italian ambassador to IraqMarco Carnelos, CEO of MC Geopolicy and former Italian ambassador to Iraq, discusses the challenges of a ground invasion of the Gaza Strip.

Persons: Iraq Marco Carnelos, MC Geopolicy Locations: Israel, Italian, Iraq, Gaza

☆ STC reportedly drops plan to up stake in Spain's Telefonica to 9.9%
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +1 min

The logo of Spanish Telecom company is displayed atop the company's building in Madrid, Spain, September 6, 2023. Telefonica and STC declined to comment on the report. In September, Saudi Arabia's largest telecoms operator amassed a 9.9% stake worth 2.1 billion euros ($2.23 billion) in a move to become Telefonica's top shareholder, though it added it did not intend to acquire control or a majority stake. STC's holding consists of 4.9% of Telefonica's shares and financial instruments that give it another 5% in so-called economic exposure to the company. As Telefonica is considered a defence service provider, the Spanish defence ministry has a say in acquisitions and holdings between 5% and 10% unless the buyer commits not to request a seat on the board.

Persons: Violeta Santos Moura, David Latona, Belen Carreno, Jesus Aguado, Hadeel Al, Andrei Khalip Organizations: Spanish Telecom, REUTERS, Rights, STC, Telefonica, El Economista, Saudi, Inti Landauro, Thomson Locations: Madrid, Spain, Rights MADRID, Saudi, Spanish, Hadeel Al Sayegh, Riyadh

Alo Yoga founders Danny Harris and Marco DeGeorge have hired investment bank Moelis (MC.N) to advise on options that include selling a stake in the company, the sources said. No transaction structure has been agreed, and it is possible that Alo Yoga decides against any deal, said the sources, who requested anonymity because the matter is confidential. Spokespeople for Alo Yoga and Moelis declined to comment. Alo Yoga is part of Harris and DeGeorge's company Color Image Apparel, which also includes their Bella+Canvas brand. Kim Kardashian’s underwear brand Skims, which sells active and loungewear, also raised financing this year at a roughly $4 billion valuation.

Persons: Alo Yoga's, Alo Yoga, Danny Harris, Marco DeGeorge, Alo, Taylor Swift, Katie Holmes, Hailey Bieber, Kendall Jenner, Harris, Dealmaking, Kim, Abigail Summerville, Leslie Adler Organizations: Nike, Wall Street Journal, SoftBank Group Corp, Thomson Locations: U.S, Harris, Los Angeles, athleisure, New York

☆ Vodafone will struggle to get clean exit in Spain
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Toby Melville Acquire Licensing RightsLONDON, Oct 30 (Reuters Breakingviews) - Vodafone’s (VOD.L) boss Margherita Della Valle is cleaning up the sprawling 21 billion pound telecom group, but it’s a tough job. A potentially messy exit in Spain illustrates the point. Della Valle lacks an obvious partner in the country: local giant Telefónica (TEF.MC) is too big, while rivals Orange (ORAN.PA) and MásMóvil are merging with one another. As a result, Vodafone may have found itself a potentially problematic counterparty for the Spanish business, which Della Valle has put under strategic review. Investors might be reassured that Della Valle is making things happen, but a clean break in Spain looks increasingly unlikely.

Persons: Toby Melville, Margherita Della Valle, Della Valle, Eamonn O’Hare, Expansión, Zegona, Pamela Barbaglia, Liam Proud, Streisand Neto Organizations: Vodafone, REUTERS, Reuters, Orange, Zegona Communications, Virgin Media, Bloomberg, Deutsche Bank, ING, Reuters Graphics Reuters, X, Thomson Locations: London, Britain, Spain

Telefonica and Liberty Global have been working with advisers on the sale of up to half of their combined 50% stake in Cornerstone. Vodafone (VOD.L) owns the rest of the business through its Frankfurt-based subsidiary Vantage Towers (VTWRn.H). Spokespeople for Telefonica, Liberty Global, Virgin Media O2 and GLIL declined to comment. Cornerstone, established in 2012, is Britain's largest tower company, managing more than 20,000 sites, according to the company's website. In recent years infrastructure and private equity investors have competed for slices in some of the largest tower deals, including Deutsche Telekom's sale of a majority stake in GD Towers, because of their stable cash yield and long-term contracts.

Persons: Phil Noble, Amy, Jo Crowley, Andres Gonzalez, Paul Sandle, Helen Popper Our Organizations: REUTERS, Virgin Media O2, Liberty Global, Telefonica, Cornerstone, Vodafone, Deutsche, GD, Thomson Locations: Blackpool, Britain, Frankfurt

☆ Caixabank sees higher lending income in 2023 after beating forecasts
▼ + stars: | 2023-10-27 | by ( Jesús Aguado | ) www.reuters.com time to read: +2 min

SummaryCompanies Q3 net profit beats market forecastsNII 2023 growth guidance lifted to 10 bln vs 9.25 blnTargets stable NII performance in 2024MADRID, Oct 27 (Reuters) - Caixabank (CABK.MC) reported third-quarter net profit on Friday which beat forecasts, helped by higher lending income, which the Spanish bank said would rise more than 50% in 2023 compared to 2022. The bank's net interest income, earnings on loans minus deposit costs, rose 71% year-on-year in the three-months ending Sept. 30 to 2.74 billion euros ($2.89 billion), above the 2.53 billion euros analysts expected. Against that background, Caixabank revised its 2023 guidance for lending income to equal or above 10 billion euros from previously 9.25 billion euros, implying a rise of more than 50% against an net interest income (NII) of 6.55 billion euros in 2022. Broker JP Morgan welcome an "impressive" NII performance and revised guidance for lending income though noted that customer deposits were down 1.3% quarter-on-quarter. Its net profit rose 70% year-on-year to 1.52 billion euros, more than the 1.38 billion euros analysts forecast in a Reuters poll.

Persons: Caixabank, Morgan, Jesús, Inti Landauro, Simon Cameron, Moore Organizations: Thomson Locations: MADRID

☆ Caixabank to look at how Telefonica and STC can cooperate
▼ + stars: | 2023-10-27 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Violeta Santos Moura/File Photo Acquire Licensing RightsMADRID, Oct 27 (Reuters) - Spain's Caixabank (CABK.MC), a major shareholder in Telefonica (TEF.MC), will analyse with the telecoms group any potential cooperation with STC after the Saudi telecoms firm's recent investment in Telefonica, the bank's CEO said on Friday. Caixabank has a 3.5% stake in Telefonica and a seat on its board. "Very particularly, we have to see what possibilities (Telefonica) has to cooperate with this great company, due to its size and relevance, which is STC," Gortazar said, adding Caixabank would seek to express its views on the matter at board-level discussions. As Telefonica is considered a defence service provider, Spain's Defence Ministry has a say in acquisitions and holdings between 5% and 10%, unless the buyer commits not to request a seat on the board. STC, which has yet to request authorisation from the Spanish government to exercise voting rights corresponding to the financial instruments, has said it does not intend to acquire control or a majority stake in Telefonica.

Persons: Violeta Santos Moura, Gonzalo Gortazar, Caixabank, Gortazar, Jesús, Andrei Khalip, Mark Potter Organizations: Spanish Telecom, REUTERS, Rights, Telefonica, Saudi, STC Group, Spain's Defence Ministry, STC, Thomson Locations: Madrid, Spain, Rights MADRID, Saudi

☆ Spain's Sabadell lifts 2023 outlook for lending income and profitability
▼ + stars: | 2023-10-26 | by ( Jesús Aguado | ) www.reuters.com time to read: +2 min

The logo of Sabadell bank is displayed in Barcelona, Spain, March 16, 2023. Its net interest income (NII), earnings on loans minus deposit costs, rose 29% year-on-year to 1.24 billion euros. Higher lending income also helped the bank lift its 2023 target for return-on-tangible equity ratio (ROTE), a measure of profitability, to around 11.5% from 10.5%. Sabadell finished the quarter with a ROTE of 11.59% after net profit rose 46% year-on-year to 464 million euros, beating the 383 million analysts expected. Sabadell also announced an interim dividend of 0.03 euros per share in cash, up 50% versus last year.

Persons: Nacho, JP Morgan, Jesús Aguado, Varun, Mark Potter Organizations: REUTERS, Sabadell, British, TSB, Barclays, Thomson Locations: Sabadell, Barcelona, Spain, MADRID

[1/3] The Standard Chartered bank logo is seen at their headquarters in London, Britain, July 26, 2022. The broader European banking index (.SX7P) fell as much as 2.4% to its lowest in four months by 1017 GMT. Top fallers on the index were Standard Chartered, down 9%, Swedbank (SWEDa.ST), down 7% and BNP Paribas (BNPP.PA), down around 4%. Concerns about China's economic fragility are also hitting some European banks with major operations in Asia. Sabadell (SABE.MC) rose around 3.7% after raising its outlook for 2023 net interest income growth on the back of higher interest rates.

Persons: Peter Nicholls, Chris Hiorns, Banks, Hiorns, Angelo Meda, Meda, Iain Withers, Naomi Rovnick, Joice Alves, Jesus Aguado, Danilo Masoni, Amanda Cooper, John Stonestreet, Toby Chopra Organizations: Chartered, REUTERS, BNP, European Central Bank, Traders, SIM, Sabadell, Thomson Locations: London, Britain, LONDON, Milan, Asia, Madrid

☆ Santander tops forecast as strong Europe offsets weaker US
▼ + stars: | 2023-10-25 | by ( Jesús Aguado | ) www.reuters.com time to read: +4 min

In Europe, net profit jumped 64% year-on-year in the quarter, while in South America it fell 7%. In Spain, the bank's biggest market, net profit surged almost 60%, while NII jumped 56%. In the UK, net profit rose 5.7% year-on-year in the quarter. In Brazil, its second-biggest market, net profit fell 8.9%, though NII rose 3.3%, reflecting an improvement in trends. Net profit in the United States fell 50.4% on higher funding costs in the auto business while provisions rose 49%.

Persons: Violeta Santos Moura, Ana Botin, JP Morgan, NII, Jesús, David Holmes, Mark Potter Organizations: Santander, REUTERS, Revenues, Thomson Locations: Boadilla del Monte, Madrid, Spain, MADRID, Spanish, Europe, United States, America, South America, SPAIN, BRAZIL, Portugal, Poland, Brazil

REUTERS/Arriana McLymore/File Photo Acquire Licensing RightsMADRID/LONDON, Oct 25 (Reuters) - Zara owner Inditex (ITX.MC), the world's biggest clothing retailer, has agreed to buy recycled polyester from U.S. start-up Ambercycle, the companies said on Wednesday. As fast-fashion retailers face pressure to reduce waste and use recycled fabrics, Inditex is spending more than 70 million euros ($74 million) to secure supply of Ambercycle's recycled polyester made from textile waste. Under the offtake deal, Inditex will buy a "significant" portion of Ambercycle's production of recycled polyester, which is sold under the brand cycora, over three years. Textile-to-textile polyester recycling is in its infancy, though, and will take time to reach the scale required by global fashion brands. The Ambercycle deal marks the latest in a series of investments made by Inditex into textile recycling start-ups.

Persons: Arriana, Inditex, Zara Athleticz, Javier Losada, Corina Pons, Helen Reid, Cynthia Osterman, David Holmes Organizations: REUTERS, Infinited, Thomson Locations: Zara's Soho, New York City, U.S, MADRID, LONDON, Zara, Los Angeles, Circ, Spain

☆ Santander may look into potential acquisition of Metro mortgage portfolio
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +1 min

Signage is seen outside of a Metro Bank in London, Britain, May 22, 2019. REUTERS/Hannah McKay/File Photo Acquire Licensing RightsMADRID, Oct 25 (Reuters) - Santander (SAN.MC) may consider looking into acquiring a mortgage portfolio from Metro (MTRO.L) if the British bank decides to put it up for sale, the Spanish bank's Chief Executive Officer Hector Grisi said on Wednesday. Metro, seeking to bolster its finances after a string of setbacks, earlier this month announced a 325 million pound capital raise and 600 million pound debt refinancing. The bank also said it was in discussions regarding the sale of up to 3 billion pounds ($3.64 billion)of residential mortgages. "Today the truth is that I don't know whether Metro will end up doing something or not, whether it will sell a portfolio or not."

Persons: Hannah McKay, Hector Grisi, Grisi, Jesús, Jane Merriman Organizations: Metro Bank, REUTERS, Rights, Metro, Wednesday, Thomson Locations: London, Britain, Rights MADRID, Santander, British, Spanish

☆ Morning Bid: China spends, eyes on whether Europe lends
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

[1/2] A China yuan note is seen in this illustration photo May 31, 2017. Microsoft (MSFT.O) and Google parent Alphabet (GOOGL.O) each beat forecasts, but their share prices went in opposite directions as investors zeroed in on cloud computing. On the luxury front Kering (PRTP.PA), owner of Gucci and Balenciaga, reported a bigger-than-expected drop in third-quarter sales. Gucci's revamped look, unveiled last month in Milan by designer Sabato De Sarno, is yet to hit stores. European loans data and a survey of German business conditions will be closely watched later on Wednesday.

Persons: Thomas White, Tom Westbrook, Gucci, Balenciaga, LVMH, Birkin, Gucci's, Sabato De Sarno, Michele Bullock, Sam Holmes Organizations: REUTERS, Giants, Microsoft, Google, Nasdaq, Facebook, . Santander, Deutsche Bank, Dassault, Dassault Systemes, CME Group, Hilton, Boeing, IBM, Meta, Thomson Locations: China, Asia, Milan, Japan

[1/3] The logo of French telecom operator Orange is pictured in Brussels, Belgium May 22, 2023. Orange and MasMovil plan to divest spectrum, a customers unit and a brand as well as offer Digi access to infrastructure, the people said. Digi has expanded rapidly in the Spanish market since it launched operations there in 2008. It had more than 5.7 million customers at the end of the first half of 2023. ($1 = 0.9440 euros)Reporting by Foo Yun Chee Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Yves Herman, MasMovil, Orange, Foo Yun, Mark Potter Organizations: REUTERS, Rights, Orange, Regulators, European Commission, EU, Telefonica, Vodafone, Thomson Locations: Brussels, Belgium, Rights BRUSSELS, Spain, Spanish

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