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☆ Focus: Giorgio Armani fashions his own legacy with succession plan
▼ + stars: | 2023-11-15 | by ( Elisa Anzolin | ) www.reuters.com time to read: +6 min

[1/5] Giorgio Armani appears at the Emporio Armani Spring/Summer 2024 collection fashion show during Milan Fashion Week in Milan, Italy, September 21, 2023. All are currently board members and, apart from Rosanna, all work for the Armani group. The Armani group has almost 9,000 employees. Any eventual stock market listing requires the favourable vote of the majority of directors "after the fifth year following the entry into force of this statute". The Armani group declined to comment on a potential listing in the mid-term.

Persons: Giorgio Armani, Claudia Greco, Armani, Pantaleo Dell'Orco, Guido Corbetta, Rosanna, Silvana, Roberta, Andrea Camerana, Dell'Orco, women's, Bernard Arnault, Sergio Galeotti, Hans Wilsdorf, Gucci, Corbetta, outlast, Elisa Anzolin, Keith Weir, Alexander Smith Organizations: Milan, REUTERS, Reuters, Milan's Bocconi University, Armani, Entertainment, VIP Relations, Rolex, Kering, Thomson Locations: Milan, Italy, MILAN

[1/2] A sign is pictured outside a Google office near the company's headquarters in Mountain View, California, U.S., May 8, 2019. REUTERS/Paresh Dave/File Photo Acquire Licensing RightsBRUSSELS/STOCKHOLM, Nov 14 (Reuters) - Microsoft and Google will not challenge an EU law requiring them to make it easier for users to move between competing services such as social media platforms and internet browsers. As part of its latest crackdown on Big Tech, the European Union in September picked 22 "gatekeeper" services, run by six of the world's biggest tech companies, to face new rules . The Digital Markets Act (DMA) requires these gatekeepers to inter-operate their messaging apps with competitors and allow users to decide which apps they pre-install on their devices. The DMA will apply to services from Alphabet (GOOGL.O), Amazon (AMZN.O), Apple (AAPL.O), Meta (META.O), Microsoft (MSFT.O) and TikTok owner ByteDance.

Persons: Paresh Dave, ByteDance, Meta, WhatsApp, TikTok, Foo Yun Chee, Supantha Mukherjee, Sharon Singleton, Alexander Smith Organizations: REUTERS, Microsoft, Google, Big Tech, European Union, Markets, Apple, Amazon, Digital Services, European Commission, Digital Markets, Windows, LinkedIn, Industry, Reuters, Facebook, Bloomberg, Thomson Locations: Mountain View , California, U.S, BRUSSELS, STOCKHOLM, Luxembourg, Brussels, Stockholm

☆ Italy Finance Minister evokes default risk to defend bank measures
▼ + stars: | 2023-11-14 | by ( Giuseppe Fonte | ) www.reuters.com time to read: +2 min

Minister of Economic Development Giancarlo Giorgetti attends the first voting session at the lower house of parliament to elect the new speaker in Rome, Italy, October 13, 2022. "In two or three years' time, when I may not be around but there will be a default crisis, perhaps someone will say that our government was not so crazy," Giorgetti said, without giving further details of this scenario. The average default rate for Italian companies rose for the first time in nearly decade in 2022 to stand at 2.4% in December, compared with a record low of 1.6% in December 2021, credit data company CRIF said last month. The rate has edged up in the first half of 2023 to 2.5%, CRIF added, forecasting it could get to 3% by the end of 2023. ($1 = 0.9346 euros)Additional reporting by Valentina Za in Milan; Editing by Gareth Jones and Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

Persons: Giancarlo Giorgetti, Guglielmo Mangiapane, Giorgetti, CRIF, Valentina Za, Gareth Jones, Alexander Smith Organizations: Economic, REUTERS, Italian Economy, Hamas, Thomson Locations: Rome, Italy, ROME, Italian, Europe, Israel, Ukraine, Milan

A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. "We need to build a funding model for green tech companies," Chuka Umunna, JP Morgan's (JPM.N) head of EMEA ESG and green economy investment banking, told the Reuters Energy Transition Europe 2023 event in London. This was partly because of the capital requirements for some green tech firms in early stages of development, he said. Investment into green tech was also being stymied by bureaucracy, including delays to permitting for the infrastructure needed for renewable energy and other projects. Umunna also said a shift to a greener, lower-carbon economy offered up a huge opportunity for banks such as JP Morgan.

Persons: Morgan Chase, Mike Segar, Morgan, Umunna, JP Morgan's, JP Morgan, Simon Jessop, Tommy Reggiori Wilkes, David Goodman, Alexander Smith Organizations: Co, New York City, REUTERS, EMEA, Reuters, Capital, British, Investment, Thomson Locations: New York, London, Europe

[1/2] A Tesla electric vehicle is plugged to a charger in a parking lot in Teia, north of Barcelona, Spain, October 31, 2023. High interest rates and a subdued market are putting customers off, they warned, with Volkswagen's EV order intake half what it was last year. Reuters GraphicsFALLING BEHINDCritics have long warned that a lack of affordable EVs would eventually stall the steep sales growth boosted by early adopters and corporate fleets. A weaker performance in September, consumer sentiment surveys and bleak commentary from carmakers and dealers indicates that low growth era may have arrived. "We call it the valley of death, which we will be going through in 2024 to 2027: low residual values, high supply, and low demand," Nothard added.

Persons: Albert Gea, EVs, Thomas Niedermayer, Flavia Garcia, Tom Carvell, Martina, AutoTrader, Garcia, We'll, Critics, Felipe Munoz, Alistair Bedwell, Langston, Ben DuCharme, Philip Nothard, Nothard, Victoria Waldersee, Nick Carey, Giulio Piovaccari, Paul Lienert, Sumanta Sen, Alexander Smith Organizations: REUTERS, Tesla, Volkswagen, Mercedes, Benz, Reuters Graphics Dealers, Toyota, HK, Reuters Graphics, Ford, GM, United Auto Worker, JATO Dynamics, Langston, Cox Automotive, Thomson Locations: Barcelona, Spain, LONDON, Europe, Germany, Italy, Bavarian, Edinburgh, Scotland, Britain, BYD, Nio, U.S, Rome, Detroit

The logo of Industrial and Commercial Bank of China (ICBC) is pictured at the entrance to its branch in Beijing, China April 1, 2019. ICBC, whose U.S. arm was hit by a ransomware attack that disrupted trades in the U.S. Treasury market on Nov. 9, did not immediately respond to a request for comment. "They paid a ransom, deal closed," the Lockbit representative told Reuters via Tox, an online messaging app. "The market is mostly back to normal now," said Zhiwei Ren, a portfolio manager at Penn Mutual Asset Management. The ransomware attack came at a time of heightened worries about the resiliency of the $26 trillion Treasury market, essential to the plumbing of global finance, and is likely to draw scrutiny from regulators.

Persons: Florence, BNY Mellon, Zhiwei Ren, Ransom, Allen, James Pearson, Davide Barbuscia, Carolina Mandl, Tatiana Bautzer, Pete Schroeder, Michelle Price, David Goodman, Jonathan Oatis, Alexander Smith Organizations: Industrial, Commercial Bank of China, REUTERS, Commercial Bank of, Reuters, U.S . Treasury, Penn Mutual Asset Management, Treasury, U.S . Treasury Department, Financial, Authorities, Boeing, Overy, Washington DC, Thomson Locations: Beijing, China, Commercial Bank of China, U.S, Tox, United States, London, Carolina, New York, Washington

☆ Nepal to ban China's TikTok, alleges damaging social impact
▼ + stars: | 2023-11-13 | by ( Gopal Sharma | ) www.reuters.com time to read: +2 min

TikTok app logo is seen in this illustration taken, August 22, 2022. TikTok has already been either partially or completely banned by other countries, with many citing security concerns. Nepal's Minister for Communications and Information Technology Rekha Sharma said the decision to ban TikTok had been made at a cabinet meeting earlier on Monday. "Colleagues are working on closing it technically," Sharma told Reuters. Nepal's neighbour India banned TikTok along with dozens of other apps by Chinese developers in June 2020, saying that they could compromise national security and integrity.

Persons: Dado Ruvic, China's, TikTok, Technology Rekha Sharma, Sharma, Purushottam Khanal, Khanal, Pradeep Gyawali, Gopal Sharma, Sakshi Dayal, Jason Neely, Alexander Smith Organizations: REUTERS, Nepal's, Communications, Technology, Reuters, Nepal Telecom, Communist Party of Nepal, Marxist, Thomson Locations: Nepal, India, Pakistan

LONDON, Nov 12 (Reuters) - Foreign investors pulled a record amount of money from U.S. equity funds tracking Saudi Arabia in October as the Middle East's worst violence in decades shook the region's business-friendly narrative. The iShares MSCI Saudi Arabia ETF saw record net outflows in October of more than $200 million, LSEG data shows, cutting 20% from what it held at the beginning of the month. "Capital flight can be quite indiscriminate," said Torbjorn Soltvedt, principal analyst for the Middle East and North Africa with Verisk Maplecroft. The iShares MSCI Qatar ETF (QAT.O) lost $7.7 million in funds in October, while the iShares MSCI UAE ETF (UAE.O) suffered outflows of $2.75 million. Nearly all the region's main economies are strong enough to weather some turmoil, investors say.

Persons: Torbjorn Soltvedt, Verisk, Natalia Gurushina, Israel, Gurushina, Bonds, Sergey Dergachev, Maplecroft, Dergachev, Libby George, Alexander Smith Organizations: Saudi Arabia ETF, . Exchange, Exchange, ARK Israel Innovative Technology, BlueStar, BlueStar Israel Technology, Hamas, Union Investment, Saudi Arabia's Public Investment Fund, Thomson Locations: Saudi Arabia, Qatar, UAE, Israel, East, North Africa, BlueStar Israel, outflows, Saudi, London, Bengaluru

☆ Norway's Statkraft may return to British offshore wind
▼ + stars: | 2023-11-10 | by ( Nora Buli | ) www.reuters.com time to read: +2 min

REUTERS/Phil Noble/File Photo Acquire Licensing RightsCompanies Statkraft AS FollowOSLO, Nov 10 (Reuters) - Norway's state-owned Statkraft could return to the British offshore wind market, but its key focus remains Ireland, Norway and Sweden, its CEO told Reuters on Friday. He expected future rounds were being re-calibrated after Britain's most recent renewable energy auction failed to attract new offshore wind projects as subsidies were deemed too low and not reflecting rising costs in the industry. Statkraft is also already one of Britain's biggest onshore renewables developers, has a large office in London and knows the market well from previous offshore wind projects, he said. Still, the company's main focus for offshore wind is Ireland, where it is developing 2.2 gigawatts (GW) together with partner Copenhagen Infrastructure Partners. It also plans to participate in Norway's first offshore wind auctions and in October bought Swedish Njordr Offshore Wind, which has an early-stage development pipeline of 21 GW.

Persons: Phil Noble, Toennesen, Statkraft, Nora Buli, Alexander Smith Organizations: Burbo, REUTERS, OSLO, Reuters, Dogger Bank, Triton, Copenhagen Infrastructure Partners, Thomson Locations: Mersey, Liverpool, Britain, Ireland, Norway, Sweden, London, Dudgeon, Sheringham, England

☆ Spirits giant Diageo's shares suffer Latin American hangover
▼ + stars: | 2023-11-10 | by ( Eva Mathews | ) www.reuters.com time to read: +2 min

"Macroeconomic pressures in the region are resulting in lower consumption and consumer downtrading," the world's biggest spirits maker said. Last month, Mexico's Becle (CUERVO.MX), the world's largest tequila producer, said economic challenges in Europe and Latin America were slowing customer spending on liquor, which battered its profits. "Over time, as inflation moderates and productivity from our supply agility program flow through, we expect operating profit to grow ahead of organic net sales growth," Diageo said. Diageo narrowly beat earnings estimates for the year ended June 30, as sales of its more expensive liquor brands offset lower volumes. Reporting by Eva Mathews in Bengaluru; Editing by Rashmi Aich, Emelia Sithole-Matarise and Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

Persons: Clodagh, Johnnie Walker, Julio, Sophie Lund, Yates, Hargreaves Lansdown, Mexico's, Eva Mathews, Rashmi Aich, Emelia, Alexander Smith Organizations: REUTERS, Caribbean ., Diageo, Thomson Locations: Dublin, Ireland, North America, Africa, Latin America, Europe, America, Bengaluru

[1/2] People walk past a booth of ICBC Credit Suisse Asset Management Co at the 2020 China International Fair for Trade in Services (CIFTIS), in Beijing, China September 5, 2020. China's foreign ministry spokesperson Wang Wenbin said that business remained normal at ICBC head office, other branches and subsidiaries across the globe. Some market participants said trades going through ICBC were not settled due to the incident and that market liquidity had been affected. ICBC said it had successfully cleared Treasury trades executed on Wednesday and repurchase agreements (repo) financing trades done on Thursday. While market sources said on Thursday the impact of the ICBC hack appeared limited, the attack underlined how vulnerable systems at large organizations continue to be.

Persons: Tingshu Wang, ICBC, Wang Wenbin, Wang, Jerome Powell, Lockbit, Harry Robertson, Yoruk, Dhara Ranasinghe, Alexander Smith Organizations: Asset Management, Fair for Trade, Services, REUTERS, Industrial, Commercial Bank of China, Global, ICBC's, Authority, Traders, U.S . Treasury, Federal, Treasury, Cybersecurity, Infrastructure Security Agency, Thomson Locations: Beijing, China, China's, ICBC's U.S, Europe, Hong Kong, Shanghai, London, Amsterdam

ICBC's U.S. unit told market participants on Friday it was hoping to finish the cyber review over the weekend, but the sources said they expected it would spill into next week. The cyberattack sent ripples through the U.S. Treasuries market, where ICBC acts as a broker for hedge funds and other market participants, helping them trade in the securities. The Chinese parent then injected capital into the U.S. unit, allowing it to settle the trades and pay back BNY Mellon, the sources said. They also told market participants about the capital injection but did not disclose the amount or the reason for it, the sources said. SIFMA, the trade group, organized calls for market participants with updates, the sources said.

Persons: Tingshu Wang, BNY Mellon, ransomware, ICBC, SIFMA, Janet Yellen, Lifeng, Scott Skyrm, Jack McIntyre, Harry Robertson, James Pearson, Naomi Rovinick, Yoruk, Davide Barbuscia, Chris Prentice, Mike Derby, Carolina Mandl, Laura Matthews, Paritosh, Zeba, Megan Davies, Dhara Ranasinghe, Alexander Smith, Richard Chang, Anna Driver Organizations: Asset Management, Fair for Trade, Services, REUTERS, Commercial Bank of China, U.S ., ICBC Financial Services, Securities Industry, Financial Markets Association, ICBC, Treasury, China, U.S, New York Federal Reserve, Securities, Depository Trust, Clearing Corp, Thomson Locations: Beijing, China, ICBC's U.S, U.S, San Francisco, Treasuries, Hong Kong, Shanghai, London, Amsterdam, Carolina, New York

Sustainability-linked loans (SLL), which were first used in 2017, offer slightly cheaper borrowing, typically around 2.5-10 basis points less, if companies meet goals such as cutting their carbon emissions or improving board diversity. These let banks strip the sustainability-linked label from the loans if targets are no longer deemed appropriate. The banks' tougher standards are discouraging some borrowers from using SLLs entirely, bankers and lawyers told Reuters. The Engie spokesman said the utility would not agree to linking an event of default to sustainability targets. "We have stated our willingness to walk away when sustainability targets were too soft," said Brittany Agostino, vice president in the environmental, social and governance group at Los Angeles-based Ares.

Persons: Toby Melville, Banks, Constance Chalchat, Pascale Forde Maurice, Elliot Beard, Simmons, Beard, I've, David Milligan, Norton Rose Fulbright, Gemma Lawrence, Pardew, Brittany Agostino, Fredrik Altmann, Tommy Reggiori Wilkes, Isla Binnie, Shankar Ramakrishnan, Simon Jessop, Alexander Smith Organizations: FCA, Financial, Authority, REUTERS, LONDON, BNP, Corporate, Institutional Banking, Reuters, JPMorgan, Ford Motors, SLLs, CIB's, European, Sustainable Investment Banking, Simmons, Norton Rose, Market Association, BMW, Porsche, Thomson Locations: London, Britain, North America, Asia, Los Angeles, New York

☆ UniCredit, RBI among banks on hook for $2.4 bln in Signa loans -source
▼ + stars: | 2023-11-09 | by ( Alexandra Schwarz-Goerlich | ) www.reuters.com time to read: +3 min

RBI, which the person said had sharply reduced its exposure to the Signa group in recent years, declined to comment on Thursday. The European Central Bank (ECB), which supervises the banks, declined to comment. Raiffeisen Landesbank Niederoesterreich-Wien, Raiffeisen Landesbank Oberoesterreich and Erste Group are also among the banks with exposures to Signa, the person said. The other two Austrian banks declined to comment. A spokesperson for Austria's central bank said it had no concerns about the country's financial stability, when asked about Signa's financial position.

Persons: UniCredit, Signa, Rene Benko, Fitch, Landesbank, Banks, Arndt Geiwitz, Francesco Canepa, Tom Sims, Elisa Martinuzzi, Alexander Smith Organizations: Signa Group, Chrysler, Raiffeisen Bank, Bank, European Central Bank, ECB, Reuters, Erste Group, Erste, Austria's National Bank, Market Authority, Thomson Locations: VIENNA, Banks, Austria, Bank Austria, Wien

☆ EU watchdog cautions against one-size-fits-all rules for non-banks
▼ + stars: | 2023-11-09 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, Nov 9 (Reuters) - Regulators should keep on open mind when writing rules for the world's $239 trillion "non-bank" financial sector to avoid one-size fits all approaches, the EU's top securities watchdog said. Non-banks, a sector which includes hedge funds, real estate funds, insurers and private investments and now account for about half of the world's financial sector, are firmly in the regulatory limelight. This follows redemption-related stresses among money market funds (MMFs) during a "dash for cash" when economies went into pandemic lockdowns in March 2020, and last year with liability-driven investment (LDI) funds in Britain. European Securities and Markets Authority (ESMA) chair Verena Ross said regulators are closely examining non-banks' leverage, liquidity and their connectivity with banks. Meanwhile, the BoE has called for tougher liquidity rules for MMFs, but sterling-denominated funds are listed in European Union countries such as Ireland and Luxembourg, where the rules are written by the 27-member bloc.

Persons: Verena Ross, Ross, MMFs, BoE, ESMA, Huw Jones, Alexander Smith Organizations: European Securities and Markets Authority, Reuters, U.S . Federal, The Bank of England, U.S, Financial, Union, European Commission, Thomson Locations: Britain, Ireland, Luxembourg

Industrial and Commercial Bank of China Ltd (ICBC)'s logo is seen at its branch in Beijing, China, March 30, 2016. REUTERS/Kim Kyung-Hoon/File Photo Acquire Licensing RightsCompanies Industrial and Commercial Bank of China Ltd FollowNov 9 (Reuters) - A ransomware attack on Industrial and Commercial Bank of China (ICBC) disrupted some trades in the U.S. Treasury market on Thursday, the Treasury Department said. In ransomware attacks, hackers encrypt an organization's systems and demand ransom payments in exchange for unlocking them. The Financial Times reported earlier on Thursday that the U.S. Securities Industry and Financial Markets Association (SIFMA) told members that ICBC (601398.SS) had been hit by ransomware that disrupted the U.S. Treasury market by preventing it from settling trades on behalf of other market players. We continue to monitor the situation," a Treasury spokesperson said in a response to a question about the FT report.

Persons: Kim Kyung, Urvi, Pete Schroder, Zeba Siddiqui, Alexander Smith, Michelle Price, Lisa Shumaker Organizations: Commercial Bank of China Ltd, REUTERS, Industrial, Commercial Bank of China, U.S . Treasury, Treasury Department, Financial Times, U.S . Securities Industry, Financial Markets Association, Treasury, Thomson Locations: Beijing, China, U.S, Bengaluru, Washington

☆ Recession-hit Peru aims to boost investment with stimulus package
▼ + stars: | 2023-11-09 | by ( Marco Aquino | ) www.reuters.com time to read: +1 min

LIMA, Nov 9 (Reuters) - Peru's government on Thursday announced a package of more than two dozen new measures aimed at boosting investments in the Andean nation, which has been hit by a recession. Economy Minister Alex Contreras said the measures included moves to attract investments to the country's critical mining sector and boosting mining production. 2 copper producer slid into recession this year due to the El Nino weather phenomenon, lower private investment and lingering effects from earlier social conflicts. With the fresh stimulus, Peru's economy will still be able to hold the country's fiscal deficit to its goal of 2.4% of GDP this year, Contreras said. "We're looking to create a jolt of confidence, for the private sector to understand that the government is committed to reactivating the economy," he said.

Persons: Alex Contreras, Contreras, Marco Aquino, Brendan O'Boyle, Kylie Madry, Alexander Smith, Sandra Maler Organizations: El, Thomson Locations: LIMA

☆ More junk-rated companies downgraded than upgraded in October -JPM
▼ + stars: | 2023-11-09 | by ( Matt Tracy | ) www.reuters.com time to read: +1 min

REUTERS/Rick Wilking/File Photo Acquire Licensing RightsNov 9 (Reuters) - More U.S. high-yield bond issuers saw downgrades to their credit ratings than upgrades last month, JPMorgan (JPM.N) said in a research report. October saw downgrades to 18 junk bond issuers' ratings accounting for $22.2bn in debt, while just 16 issuers were given upgrades by ratings agencies, the JPMorgan report said. This is the first time downgrades have surpassed upgrades on U.S. junk-rated borrowers in four months, it added. Changes to credit ratings are significant for a company, since lower ratings most often result in higher borrowing costs. While high-grade companies' credit ratings have proven resilient during the Federal Reserve's interest-rate hikes, businesses with significant leverage and floating-rate debt have struggled to keep pace with rising debt-servicing costs.

Persons: Rick Wilking, downgrades, Matt Tracy, Alexander Smith Organizations: REUTERS, U.S, JPMorgan, Moody's, Service, Thomson Locations: Westminster , Colorado

☆ Spanish regulator opens first cryptoasset advertising case
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsMADRID, Nov 8 (Reuters) - Spain's stock market supervisor said on Wednesday it had opened its first case relating to a possible infringement of recent rules governing mass advertising campaigns of cryptoassets. The CNMV said on Wednesday that it had opened disciplinary proceedings against Spanish technology provider Miolos S.L. over two mass campaigns advertising cryptoassets. Advertisers and companies that market cryptoassets must inform the CNMV at least 10 days beforehand about the content of campaigns targeting more than 100,000 people. Spain's rules also apply to cryptoasset service providers when advertising their activities and to any person advertising on their own or on behalf of third parties.

Persons: Dado Ruvic, Madrid, CNMV, Miolos, Rodrigo Buenaventura, Buenaventura, Jesús Aguado, Emma Pinedo, Inti Landauro, Alexander Smith Organizations: REUTERS, Rights, Spanish, Miolos, Thomson Locations: Rights MADRID, cryptoassets

Many organisers choose to buy that cover through an add-on political violence and terrorism policy. Insurers cannot change policy wordings of existing policies, so any event organisers who bought political violence cover and cancelled after the conflict started on Oct 7 should be covered. Insurers are also considering restricting cover for event cancellations outside the region, the sources added. Ryan at Marsh said some political violence insurers were proposing wordings which would allow them to break or review policies due to "conditions relating to armed involvement in the 2023 Israel war". Specialist political violence policies are typically offered by firms operating in the Lloyd's of London (SOLYD.UL) insurance market, as well as by U.S. insurers.

Persons: Evelyn Hockstein, Edel Ryan, Marsh, Ryan, Sinead Cruise, Alexander Smith Organizations: Hamas, REUTERS, European Aquatics, MTV, Thomson Locations: Gaza, Israel, Palestinian, Lebanon, Egypt, Jordan, Paris, Washington, Gaza City, London

Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. The state-engineered merger led to a wipeout of $17 billion of Credit Suisse's AT1 bonds. "Their structure is very new and shows they listened to investors who were angry about the permanent write-down feature," said Jerome Legras, head of research at Axiom Alternative Investments, who held Credit Suisse AT1 bonds before the March banking crisis. The Credit Suisse AT1s wipeout spurned a number of claims against Switzerland's financial regulator FINMA, which inverted the long-established seniority of bondholders over shareholders over the assets of a company in distress. That dented sentiment in the key market for bank bonds and prompted regulators in Europe and Asia to reassure investors.

Persons: Denis Balibouse, Jerome Legras, Joost Beaumont, March's writedown, Noele Illien, Dhara Ranasinghe, Elaine Hardcastle, Alexander Smith Organizations: Credit Suisse, UBS, REUTERS, CS, AT1s, ZURICH, P Global, Suisse, ABN AMRO, Singapore, Thomson Locations: Zurich Switzerland, Swiss, Switzerland's, Europe, Asia

The new political advertising rules, which were agreed by EU countries and European Parliament lawmakers late on Monday, will force social media groups such as Alphabet's Google (GOOGL.O), Meta Platforms to be more transparent and accountable. All online political ads will be available in an online ad repository. "We also secured a favourable environment for transnational campaigning in time for the next European Parliament elections," Gozi said. The European Parliament will hold elections in June next year, with many concerned about disinformation and foreign interference in the run-up to the polls. Until then, measures regulating the non-discriminatory provision of cross-border political advertising - including for European political parties and political groups - will already be in place for the European Parliament elections in 2024.

Persons: Arnd, Sandro Gozi, Gozi, Foo Yun Chee, Alexander Smith Organizations: REUTERS, Rights, Big Tech, Union, EU, Google, European Commission, Thomson Locations: Zurich, Switzerland, Rights BRUSSELS, EU

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsLONDON, Nov 6 (Reuters) - Unilever (ULVR.L) top-10 investor Lindsell Train welcomed its recent management changes and said it had already discussed the consumer goods company's next steps with the incoming chairman. These moves demonstrated that Unilever thinks that a "fresh perspective on all aspects of the business is necessary", Nick Train, manager of the Finsbury Growth & Income Trust and co-founder of Lindsell Train, told Reuters. A bungled attempt to buy GSK's consumer healthcare business was followed by billionaire activist investor Nelson Peltz joining the board. "We maintain a productive open dialogue with the company and most recently met with the new (Unilever) chairman to hear his view on the most beneficial next steps," Train said. Matt Close, president of its ice cream business, will also leave after a more than three-decade career with Unilever.

Persons: Andrew Kelly, Nick Train, Hein Schumacher, Schumacher, Alan Jope, Nelson Peltz, Ian Meakins, Nils Anderson, Hanneke Faber, Priya Nair, Matt Close, Richa Naidu, Matt Scuffham, Alexander Smith Organizations: Unilever, REUTERS, Lindsell, Income Trust, Reuters, Thomson Locations: Manhattan , New York City, U.S, Finsbury

REUTERS/Ramzi Boudina//File Photo Acquire Licensing RightsDUBAI, Nov 5 (Reuters) - Top oil exporters Saudi Arabia and Russia confirmed on Sunday they would continue with their additional voluntary oil output cuts until the end of the year as concerns over demand and economic growth continue to weigh on crude markets. Saudi Arabia confirmed it would continue with its additional voluntary cut of 1 million barrels per day (bpd) translating into a production of around 9 million bpd for December, a source at the ministry of energy said in a statement. Following the Saudi statement, Moscow also announced it would continue its additional voluntary supply cut of 300,000 bpd from its crude oil and petroleum product exports until the end of December. Saudi Arabia, OPEC's de-facto leader, first made the voluntary cut for July as an addition to a broad supply-limiting deal first agreed by some members of OPEC+ in April. The kingdom said in September it would extend its additional voluntary cut until the end of the year, and review the decision monthly.

Persons: Ramzi Boudina, OPEC's, Omar Abdel, El, Alexander Smith, Sharon Singleton, David Evans Organizations: Organization of, Petroleum, REUTERS, Rights, OPEC, Saudi, Brent, Analysts, Thomson Locations: OPEC, Algiers, Algeria, Rights DUBAI, Saudi Arabia, Russia, Moscow, East, Vienna

☆ Israel's Netanyahu Says No Gaza Ceasefire Until Hostages Returned
▼ + stars: | 2023-11-05 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +1 min

JERUSALEM (Reuters) - Israeli Prime Minister Benjamin Netanyahu on Sunday rejected growing calls for a ceasefire in Gaza until all of the more than 240 hostages captured by militant Palestinian group Hamas during its Oct. 7 attacks are returned. "There will be no ceasefire without the return of the hostages. This should be completely removed from the lexicon," Netanyahu told crews at the Ramon air force base in southern Israel, reiterating the government's long-standing position. Palestinian President Mahmoud Abbas, for his part, demanded an immediate ceasefire earlier when he met Blinken during the U.S. secretary's unannounced visit to the Israeli-occupied West Bank. Blinken, in the region for a second time in less than a month as part of U.S. efforts to prevent the Israel-Hamas war from spreading, has rejected ceasefire calls.

Persons: Benjamin Netanyahu, Netanyahu, Antony Blinken, Israel, Mahmoud Abbas, Blinken, Maytaal Angel, Alexander Smith, Giles Elgood Organizations: Sunday, Hamas, United Arab Emirates, Saturday, U.S, West Bank, Blinken Locations: JERUSALEM, Gaza, Palestinian, Israel, Qatar, Saudi, Egypt, Jordan, U.S, Amman , Jordan

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