DIRS.INFO The most relevant business & tech news

AMSTERDAM, Aug 17 (Reuters) - Investment company Exor (EXOR.AS) was able to build a 15% stake in Dutch healthcare group Philips (PHG.AS) without triggering the usual disclosures thanks to derivatives deals through Goldman Sachs, regulatory filings show. Exor's investment was seen as a vote of confidence in Philips and boosted the Dutch company's shares. Filings by the Dutch Financial Market Authority AFM dated Aug. 14 but published late on Wednesday showed Goldman Sachs had taken an 12.11% stake in Philips using a derivatives structure that included 95 million call options. Sources confirmed to Reuters earlier this week that Goldman Sachs acted on behalf of Exor but could not give more details. Exor and Goldman Sachs (GS.N) declined to comment.

Persons: Goldman Sachs, Italy's Agnelli, Roy Jakobs, Exor, Allen, Overy, De Brauw, Philips, Toby Sterling, Pablo Mayo Cerqueiro, Andres Gonzalez, Valentina Za, Victoria Farr, Jane Merriman Organizations: Investment, Philips, Dutch, US Securities and Exchange, Reuters, Overy, Thomson Locations: Philips, Dutch

☆ Payments company Adyen's shares drop more than 20% after earnings miss
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: +2 min

Earnings before interest, tax, depreciation and amortisation (EBITDA) were 320 million euros ($348 million), down 10% from a year earlier and below analyst forecasts of 386 million euros, Refinitiv data shows. Revenue rose 21% to 739 million euros, against Adyen's mid-term forecasts of more than 25% growth. Adyen's EBITDA margin fell to 43% from 59%, which the company said was mostly because of higher wage costs as it takes on more staff. A similar margin decline led to a sell-off in Adyen shares when the company reported full-year earnings in February. Adyen maintained its medium-term targets for revenue growth above 25% and an improving EBITDA margin that it expects to reach 65% in the long term.

Persons: Eva Plevier, Adyen, Toby Sterling, David Goodman, Barbara Lewis, Jane Merriman Organizations: REUTERS, Rights, Netflix, Microsoft, Spotify, JPMorgan, Revenue, Adyen's, North, PayPal, Thomson Locations: Amsterdam, Netherlands, North America, United States

The Adyen share plunge "was because expectations were much higher. Analysts believed that Adyen would take significantly more share in this difficult market environment," said Jefferies equity analyst Hannes Leitner. Was the share price reaction justified? One European equities trader, who asked not to be named, noted there were orders to sell Adyen shares at any price and referred to "apocalypse selling." According to data from Refinitiv, 17 analysts rated Adyen "buy", 12 "hold", and 4 "sell" before the earnings announcement.

Persons: Eva Plevier, Jefferies, Hannes Leitner, Refinitiv, Adyen, Worldline, Italy's, Marco Simion, Pieter van der, ”, Samuel Indyk, Elizabeth Howcroft, Danilo Masoni, Toby Sterling, Dhara, Alun John, Cynthia Osterman Organizations: REUTERS, Analysts, Citigroup, UBS, KPMG, Privately, Thomson Locations: Amsterdam, Netherlands, MILAN, North America, Swiss, Adyen, EMEA, Refinitiv, London, Milan

There's no need to identify the country, all you need to do is control the item," a Japanese industry ministry official told Reuters. Two of them, deposition machinery maker Kokusai Electric and Japan's leading chip tool maker Tokyo Electron (8035.T), said they expect Japan's controls to have a limited business impact. COORDINATIONDovetailing Japan's controls with those of the U.S. and the Netherlands will require close coordination. He has met with Japanese trade officials and believes Tokyo is committed to curbing certain exports. Tokyo remains worried that targeting China will provoke damaging retaliation, such as a ban on Japanese electric cars, a third Japanese industry official said.

Persons: Emily Benson, Kevin Wolf, Jim Lewis, Lewis, Joe Biden's administrationis, Tim Kelly Karen Freifeld, Kentaro Sugiyama, Toby Sterling, Yoshifumi, Lincoln Organizations: TOKYO, Reuters, Center, Strategic, International Studies, Tokyo, Advantest Corp, Nikon Corp, Canon Inc, Screen Holdings, U.S . State Department and Commerce Department, Center for Strategic, U.S, U.S . Commerce Department, Thomson Locations: Tokyo, Beijing, Japan, U.S, China, backdown, Washington, Netherlands, Amsterdam

☆ EU climate chief Timmermans to run in Dutch election
▼ + stars: | 2023-07-20 | by ( Tosterling Kate Abnett | Kate Abnett | ) www.reuters.com time to read: +2 min

AMSTERDAM/BRUSSELS, July 20 (Reuters) - EU climate chief Frans Timmermans on Thursday said he wants to become the next Dutch prime minister and will contest a parliamentary election in the Netherlands in November. The four-party coalition government of Dutch Prime Minister Mark Rutte resigned earlier this month after failing to reach an agreement on restricting immigration, triggering a vote on Nov. 22. Timmermans had been tipped as a top candidate to lead the Dutch parties following his campaign for European social democrats in the 2019 European election, which was widely regarded as a success. Timmermans, who speaks English, German, French, Italian and Russian in addition to his native Dutch, is known as a skilled negotiator during international climate negotiations and his departure from EU politics will cause shockwaves. How well he may perform in Dutch politics is an open question, but a poll published on Thursday indicated that 39% of Dutch voters said they trusted him to lead the next government.

Persons: Frans Timmermans, Mark Rutte, Timmermans, Rutte, Toby Sterling, Kate Abnett, Bart Meijer, Andrew Cawthorne, Bernadette Baum, Alex Richardson Organizations: Dutch, Labour, Green Left, Labour and Green Left, de Volkskrant, EU, Thomson Locations: AMSTERDAM, BRUSSELS, Netherlands, EU, Dutch, Timmermans, Rutte's, Limburg, Brussels

☆ ASML ups full-year sales forecast as China demand stays strong
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +3 min

SummaryCompanies Ups full-year sales growth forecast to 30% from 25%Q2 net profit up 35% at 1.9 billion euros vs forecast 1.82 blnQ2 sales up 28% to 6.9 billion vs forecast 6.74 billionAMSTERDAM, July 19 (Reuters) - Dutch semiconductor equipment maker ASML (ASML.AS) reported second-quarter earnings that beat expectations on Wednesday and boosted its full-year sales outlook, citing strong demand from Chinese customers. "However, our strong (order) backlog of around 38 billion euros ($42.6 billion) provides us with a good basis to navigate these short-term uncertainties," Wennick said. Net profit was up 35% from a year ago to 1.9 billion euros on sales up 28% to 6.9 billion, beating average analyst expectations of 1.82 billion euros and 6.74 billion respectively, according to Refinitiv data. It is a supplier to almost every computer chip maker and is expanding production as it cannot keep up with customer demand. ASML has never sold EUV machines in China due to export control rules but it remains a key market.

Persons: Peter Wennink, Wennink, Wennick, ASML, Toby Sterling, Tom Hogue, David Holmes Organizations: Samsung, Intel, Thomson Locations: AMSTERDAM, China, Washington, U.S

☆ ASML to hire 100 researchers leaving Philips
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +1 min

AMSTERDAM, July 18 (Reuters) - Dutch semiconductor equipment maker ASML (ASML.AS) will hire 100 researchers who are leaving Philips (PHG.AS), the companies said on Tuesday. ASML was founded as a joint venture between Philips and ASM International (ASMI.AS) in 1984 and has become Europe's largest technology company by market capitalisation. Philips, a former industrial conglomerate that now focuses on medical technology, has been retrenching and cutting staff after a major recall of respiratory devices. The employees switching companies are from Philips' Engineering Solutions division, including staff working on "mechatronics", the integration of mechanical control systems into electronics. ASML hired a net 7,000 employees in 2022, adding almost 20% to its global workforce, but it is expected to slow that pace this year.

Persons: ASML, Toby Sterling, David Goodman, Jonathan Oatis Organizations: Philips, ASM International, Engineering Solutions, Thomson Locations: AMSTERDAM, Financieele Dagblad, ASML

☆ Dutch e-bike maker VanMoof bankrupt, administrators may sell assets
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +1 min

AMSTERDAM, July 18 (Reuters) - Dutch e-bike maker VanMoof has been declared bankrupt and curators are researching whether it can sell assets and restructure, the company said on Tuesday. VanMoof, which raised 100 million euros ($112.56 million) to expand internationally as sales boomed during the COVID-19 pandemic, had filed for protection from creditors last week. The company said in a statement that a judge at the Amsterdam District Court had declared Dutch entities VanMoof Global Holding BV, VanMoof BV and Van Moof Global Support BV bankrupt on July 17. VanMoof bikes feature a sleek, simplistic design with the battery built into the frame, and have become commonplace on the streets of Amsterdam, where the company was founded in 2009. ($1 = 0.8890 euros)Reporting by Toby Sterling; Editing by Muralikumar Anantharaman and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: Van Moof, Toby Sterling, Muralikumar Anantharaman, Louise Heavens Organizations: VanMoof, Van, NOS, Thomson Locations: AMSTERDAM, Amsterdam, VanMoof, Dutch

☆ Dutch light chips company Smart Photonics gets $110 mln in debt funding
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +1 min

AMSTERDAM, July 12 (Reuters) - Smart Photonics, a Dutch company targeting the market for photonic computer chips, said on Wednesday it has received 100 million euros ($110 million) in debt funding. The money includes 60 million euros from a Dutch government fund and 40 million from industry players including chip equipment giant ASML and chipmaker NXP, both based in the Netherlands. Photonic chips use particles of light to complete circuits and transmit information, rather than the electrons used in computer chips and electronics. "With this new round of funding, SMART Photonics will be able to strengthen its role as the leading manufacturer of next generation chips in a growing, resilient European photonic value chain," it said in a statement. Smart Photonics is seeking to become a foundry, or contract manufacturer of photonic chips for companies that design but do not manufacture such chips.

Persons: chipmaker NXP, VDL, Toby Sterling, Louise Heavens Organizations: Smart Photonics, SMART Photonics, Thomson Locations: AMSTERDAM, Dutch, Netherlands

☆ Dutch PM Rutte says he won't run for fifth term in office
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +1 min

AMSTERDAM, July 10 (Reuters) - Dutch Prime Minister Mark Rutte will not run for a fifth term in office and will leave politics following the elections in November, he said on Monday. Rutte on Friday handed in the resignation of his fourth cabinet after failing to reach agreement on stricter immigration policies. The only answer is the Netherlands," Rutte said in a speech in parliament before a debate on the collapse of the government. Rutte's decision will mark the end of his run as the longest serving government leader in Dutch history. He took over as Prime Minister in October, 2010.

Persons: Mark Rutte, Rutte, there's, Bart Meijer, Toby Sterling, Charlotte Van Campenhout, Toby Chopra, Ed Osmond Organizations: Dutch, Thomson Locations: AMSTERDAM, Netherlands, Rutte

☆ One dead as rare summer storm hits Netherlands
▼ + stars: | 2023-07-05 | by ( Bart H. Meijer | ) www.reuters.com time to read: +2 min

In Amsterdam, several people were injured as dozens of trees were toppled by the storm, damaging cars and houseboats along the city's canals. The storm, named Poly, is the Netherlands' worst ever during the summer months and its strongest overall since January 2018, weather agency Weeronline said. The last heavy summer storm was in 2015 and was the first in over a century. The summer storm is causing much damage as trees are heavy with leaves and many of them have become brittle during an unusually long dry spell in May and June. The storm will move east over the north of the country and is expected to become less intense during the afternoon.

Persons: Weeronline, Bart Meijer, Toby Sterling, Andrew Heavens, Jan Harvey, John Stonestreet, Alexandra Hudson Organizations: National Meteorology Institute, Arriva, Alexandra Hudson Our, Thomson Locations: AMSTERDAM, Netherlands, Haarlem, Amsterdam, Noord, Holland, Amsterdam's Schiphol

☆ Storm disrupts air and train traffic in the Netherlands
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +1 min

AMSTERDAM, July 5 (Reuters) - Strong winds severely disrupted air and rail traffic in the Netherlands and authorities urged people to stay indoors after storm Poly hit the Dutch coast early on Wednesday with wind gusts of up to 120 kilometres (75 miles) per hour. The national meteorology institute gave a code red storm warning for a large part of the country, the highest level of alert. Residents of the Noord-Holland province, which includes Amsterdam, were sent push alarms on mobile phones warning them to stay indoors and to reserve emergency service numbers for life-threatening situations. Train operator NS halted all train traffic in the north of the Netherlands, while a highway north of Amsterdam was closed due to falling trees. Reporting by Bart Meijer and Toby Sterling; Editing by Andrew Heavens and Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

Persons: Bart Meijer, Toby Sterling, Andrew Heavens, Jan Harvey Organizations: Poly, Thomson Locations: AMSTERDAM, Netherlands, Schiphol, Noord, Holland, Amsterdam

☆ Twitter not suited for emergency communications, Dutch say after storm
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +2 min

AMSTERDAM, July 5 (Reuters) - Twitter is not the right place to seek information during an emergency, Dutch politicians and a prominent online group said on Wednesday, following an incident in which citizens were directed to the platform for updates during a large storm. Twitter could not immediately be reached for comment. "It's ridiculous to use Twitter," said Bits of Freedom spokesperson Ber Engels, citing problems with dis-information and Twitter being hard to reach quickly for people without accounts. "You might see one tweet with great information from emergency services, but maybe there are 10 tweets that Twitter prioritizes which contain completely false information," he said. The regional fire department's Twitter account is not verified.

Persons: Nico Drost's, Ber Engels, hasn't, Elon Musk, Toby Sterling, David Holmes Organizations: Twitter, Amsterdam's, Thomson Locations: AMSTERDAM, North Holland, Amsterdam, Netherlands

☆ Dutch foreign ministry: EU will respond to new Chinese export rules
▼ + stars: | 2023-07-04 | by ( ) www.reuters.com time to read: +1 min

AMSTERDAM, July 4 (Reuters) - The European Union must respond to new rules introduced by China requiring a license to export two metals widely used in semiconductor manufacturing, the Dutch government said on Tuesday. The Netherlands on Friday introduced new rules requiring a license to export chipmaking equipment made by ASML (ASML.AS), the Netherlands' largest company. "To what extent this will have consequences for the European and Dutch economy will depend on how China carries it out," the Dutch Foreign Ministry said in a statement. "Given the authority that the European Union has in trade policy, it's primarily up to the EU to address China about these measures." The Dutch foreign minister will "keep in close contact with the European Commission and other EU member states about this," the statement said.

Persons: it's, Toby Sterling, Richard Chang Organizations: European, U.S, Dutch Foreign Ministry, European Union, EU, European Commission, Thomson Locations: AMSTERDAM, China, Netherlands, Hague, Beijing

☆ King apologises for Netherlands' historic role in slavery
▼ + stars: | 2023-07-01 | by ( ) www.reuters.com time to read: +2 min

[1/6] Dutch King Willem-Alexander speaks at an event to commemorate the anniversary of the abolition of slavery by the Netherlands, in Amsterdam, Netherlands, Saturday, July 1, 2023. The king apologised for the royal house's role in slavery and asked for forgiveness. Peter Dejong/Pool via REUTERSAMSTERDAM, July 1 (Reuters) - Dutch King Willem-Alexander on Saturday apologised for the Netherlands' historic involvement in slavery and the effects that it still has today. The apology comes amid a wider reconsideration of the Netherlands' colonial past, including involvement in both the Atlantic slave trade and slavery in its former Asian colonies. Willem-Alexander apologised in Indonesia in 2020 for "excessive violence" during Dutch colonial rule.

Persons: King Willem, Alexander, Peter Dejong, Keti, Willem, Mark Rutte, Rutte, Orange, Toby Sterling, Jason Neely, Louise Heavens Organizations: REUTERS, Dutch State, Royal House, Royal, Thomson Locations: Netherlands, Amsterdam, REUTERS AMSTERDAM, Caribbean, Amsterdam's, Indonesia, Dutch, East India

☆ Dutch curb chip equipment exports, drawing Chinese ire
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +4 min

"We have taken this step in the interest of our national security" said Dutch Trade Minister Liesje Schreinemacher, adding such equipment may have military applications. Schreinemacher said a "very limited" number of companies and product models would be affected, and China was not named. But the Chinese Embassy in the Netherlands described the move as an "abuse of export control measures" that violate trade rules. ASM International, which makes atomic layer deposition tools, said it did not expect a material change to its forecasts as a result of the Dutch rules, which also discuss that technology. The new Dutch list may later be adopted by other European countries or added to the EU list, though few European firms export high-end chipmaking equipment.

Persons: ASML, Liesje Schreinemacher, Schreinemacher, Toby Sterling, Louise Heavens, Mark Potter Organizations: Dutch Trade, Embassy, U.S, Washington, ASM International, Lam Research, Materials, Reuters, Union, EU, Zeiss, Thomson Locations: China, AMSTERDAM, U.S, Beijing, Netherlands, Dutch, Japan, Taiwan, ASML

☆ Amid US pressure, Dutch announce new chip equipment export rules
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +1 min

AMSTERDAM, June 30 (Reuters) - The Dutch government on Friday announced new rules restricting exports of certain advanced semiconductor equipment, a move that comes amid U.S. pressure on its allies to curb sales of hi-tech components to China. "We have taken this step in the interest of our national security" said Trade Minister Liesje Schreinemacher, adding such equipment may have military applications. The rules, which will require companies that make advanced chipmaking equipment to seek a licence before they can export it, are expected to go into effect on Sept. 1. A technical document specifying which equipment will require a licence accompanied the announcement. Reporting by Toby Sterling Editing by Andrew Heavens and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Liesje Schreinemacher, Toby Sterling, Andrew Heavens, Mark Potter Organizations: Thomson Locations: AMSTERDAM, China

☆ Exclusive: US, Dutch set to hit China's chipmakers with one-two punch
▼ + stars: | 2023-06-29 | by ( Karen Freifeld | ) www.reuters.com time to read: +4 min

ASML said in March it expects the Dutch regulations to affect its TWINSCAN NXT:2000i and more sophisticated models. But the company's older DUV models, like one called the TWINSCAN NXT:1980Di, could also be kept from about six Chinese facilities by the U.S. The new Dutch regulations will not take effect immediately, sources said, with one person expecting the effective date to be September, two months after publication. ASML is Europe's largest chip equipment company due to its dominance in lithography, one of the central steps in the computer chip making process. Other companies that could be impacted by the new Dutch rules include atomic layer deposition firm ASM International.

Persons: Liu Pengyu, ASML, Karen Freifeld, Toby Sterling, Anna Driver, Stephen Coates Organizations: . Commerce Department, Lam Research, Materials, Embassy, Nikon Corp, Tokyo Electron, U.S, SMIC, International, Thomson Locations: United States, Netherlands, U.S, China, Washington, Japan, ASML'S, Almere, Amsterdam

☆ Prosus posts $617 mln e-commerce trading loss, H2 sees improvement
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +1 min

Net profit fell to $10 billion from $18.6 billion, mostly due to a worse performance by Chinese software giant Tencent (0700.HK), in which Prosus owns a 26% stake. Among e-commerce companies Prosus considers part of its core operations, revenue grew by 10% to $5.8 billion, the company said. Its trading loss in the second half of the year came to $252 million, an improvement from a loss of $365 million in the first half, Prosus said. Separately, Prosus announced it is ending a cross-share-holding arrangement with its parent company Naspers (NPNJn.J) of South Africa. Naspers on Tuesday reported a 78% slump in annual profit, also mainly due to a weaker contribution from China's Tencent.

Persons: Prosus, Naspers, Toby Sterling, Jason Neely Organizations: HK, Prosus, Thomson Locations: AMSTERDAM, South Africa, Prosus

☆ Encrypted phone service 'Encrochat' shutdown leads to 6,500 arrests - Europol
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +2 min

[1/5] EncroChat and Europol logos are seen in this illustration taken, June 27, 2023. REUTERS/Dado Ruvic/IllustrationAMSTERDAM, June 27 (Reuters) - European policing agency Europol said on Tuesday that the takedown of Encrochat, an underground company that offered criminals supposedly secure encrypted communications, led to more than 6,500 arrests and 900 million euros ($980 million) in seized assets. Police have analysed more than 115 million "criminal conversations", Europol said, helping prevent "violent attacks, attempted murders, corruption and large scale drugs transports." Europol said the company had routed encrypted communications through servers in France. "Eventually, it was possible to place a technical device to go beyond the encryption technique and obtain access to users’ correspondence," Europol said on Tuesday.

Persons: Dado Ruvic, Europol, Encrochat, Toby Sterling, Christina Fincher Organizations: REUTERS, Police, British, German, Thomson Locations: AMSTERDAM, Europe, Lille, France

☆ Dutch human rights body: ASML may follow US export rules when hiring
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +2 min

AMSTERDAM, June 26 (Reuters) - Dutch computer chip equipment maker ASML (ASML.AS) may refuse job applicants on the basis of their nationality when required to do so by U.S. export rules, a Dutch human rights body has found. ASML, based in Veldhoven, Netherlands, has significant operations in the U.S. and makes equipment used in semiconductor manufacturing. Export Administration Regulations (EAR) "although not originating from the Dutch legislator, are indeed binding for ASML," the institute said. A Rotterdam-based anti-discrimination foundation had filed a complaint over ASML's hiring practices, arguing that Dutch law does not permit discrimination on the basis of nationality. Those categories include Iran, Syria, North Korea and Cuba, but also about 20 other countries considered a national security threat to the U.S., including China and Russia.

Persons: ASML, Toby Sterling, Matthew Lewis Organizations: Institute for Human Rights, U.S, . Export Administration, U.S . Commerce Department's, Thomson Locations: AMSTERDAM, U.S, Netherlands, Iran, Syria, Cuba, North Korea, Veldhoven, Rotterdam, China, Russia, Amsterdam

☆ Environmental activists protest at Dutch Tata Steel plant
▼ + stars: | 2023-06-24 | by ( ) www.reuters.com time to read: +1 min

[1/5] Protesters and environmental activists with a banner reading "STOP THE POLLUTION" take part in a protest 'People vs Polluters' led by Greenpeace Netherlands against Tata Steel, in Ijmuiden, Netherlands June 24, 2023. Tengbeh Kamara/Greenpeace/Handout via REUTERSAMSTERDAM, June 24 (Reuters) - Hundreds of environmental activists wearing red jumpsuits marched with flags and banners on Saturday into the grounds of Tata Steel's plant in the Dutch city of Ijmuiden to protest over air and soil pollution in the surrounding area. Led by Greenpeace, the activists were joined by local residents who say the Indian company's facility in the coastal city is responsible for high levels of heavy metals in nearby soils. One group of protesters used boats to hang a banner reading "Tata Steel, You Sicken Us" at the port where the facility receives coal and iron ore. The facility is under scrutiny by environmental agencies and prosecutors are investigating alleged intentional pollution of nearby groundwater, which Tata denies.

Persons: Polluters, Tengbeh Kamara, Tata, Toby Sterling, Helen Popper Our Organizations: Greenpeace Netherlands, Tata Steel, Greenpeace, Handout, REUTERS, Tata, Thomson Locations: Ijmuiden, Netherlands, REUTERS AMSTERDAM, Dutch

☆ Binance to quit Netherlands after failing to register
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +1 min

It is the latest in a string of setbacks for Binance including the June 5 decision by the U.S. Securities and Exchange Commission (SEC) to charge the company with evading securities laws. Binance disputes the SEC charges. A spokesperson for Binance, which had been operating in the Netherlands without permission from regulators, said that the company had tried "many alternative avenues" to meet Dutch registration requirements. "While Binance is disappointed that this has become necessary, it will continue to engage productively and transparently with Dutch regulators," they said. The company said that starting July 17, trading in the Netherlands will be halted and existing Dutch users will only be able to withdraw assets from its platform.

Persons: Binance, Lavanya, Toby Sterling, Nivedita Bhattacharjee, Dhanya Ann Thoppil, Elaine Hardcastle Organizations: U.S . Securities, Exchange Commission, SEC, Binance, Dutch Central Bank, Union, Thomson Locations: Netherlands, Cyprus, Canada, Australia, France, Italy, Spain, Poland, Sweden, Lithuania, Bengaluru, Amsterdam

☆ Uber to cease food delivery in Italy, exit Israel
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +1 min

AMSTERDAM, June 15 (Reuters) - Uber (UBER.N) said on Thursday it will shut its food delivery business in Italy and exit Israel, where it has not built sufficient market share. CEO Dara Khosrowshahi has said Uber will invest only in markets where it can be the largest or second largest player. Uber trails Just Eat (TKWY.AS) and Glovo (DHER.DE) in Italian food delivery, and Gett Taxi and Yango (YNDX.O) in the Israeli taxi and private hire market. The company, which relies on self-employed contractors for its delivery service, said around 50 Uber employees and thousands of non-employee couriers and restaurants would be affected in Italy. Uber says it is seeing strong adoption by taxi drivers in Europe, who use the Uber app to supplement their curb-side ride hailing business.

Persons: Dara Khosrowshahi, Uber, Toby Sterling, Jan Harvey Organizations: Thomson Locations: AMSTERDAM, Italy, Israel, Europe, Britain, France, Spain, Germany

☆ TenneT lines up 8 bln-euro credit ahead of German operations sale
▼ + stars: | 2023-06-14 | by ( ) www.reuters.com time to read: +1 min

AMSTERDAM, June 14 (Reuters) - Electric grid operator TenneT Holding (IPO-TTH.AS) said on Wednesday it has signed an 8 billion euro ($8.63 billion) credit facility to support its spending plans as it awaits a deal to sell its German operations to the German state. Governments of the two countries have said they hope to agree a deal on the sale of TenneT Germany this summer and close a deal by the end of 2023, though talks have been going slowly. TenneT, which had a debt-heavy balance sheet of 38.5 billion euros at the end of 2022, in March estimated equity needs at its German arm of 15 billion euros and of 10 billion euros at its Dutch arm. TenneT said the 2.5-year facility is provided by BNP Paribas, ABN AMRO, BNG, Commerzbank, Deutsche Bank, ING, Rabobank, Santander, SMBC Nikko, and UniCredit. ($1 = 0.9271 euros)($1 = 0.9268 euros)Reporting by Toby Sterling, Editing by Louise Heavens and Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

Persons: TenneT, Toby Sterling, Louise Heavens, Sharon Singleton Organizations: TenneT, BNP, ABN AMRO, Deutsche Bank, ING, Rabobank, Santander, Thomson Locations: AMSTERDAM, Dutch, Germany, Netherlands, BNG, Nikko

Search resuls for: "Toby Sterling"

25 mentions found