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☆ A tale of two central banks as Uruguay rises and Argentina slides
▼ + stars: | 2023-09-18 | by ( Lucinda Elliott | ) www.reuters.com time to read: +4 min

Diego Labat, Central Bank Governor of Uruguay, poses for a picture during an interview with Reuters, in Montevideo, Uruguay September 8, 2023. REUTERS/Lucinda Elliott/File Photo Acquire Licensing RightsMONTEVIDEO, Sept 18 (Reuters) - Diego Labat, Uruguay's central bank chief, is sitting pretty. "A problem in Argentina back then was a problem in Uruguay," Labat said. Argentina's net central bank reserves are also estimated to be in the red, hurting its ability to make payments as it battles to keep a $44 billion International Monetary Fund (IMF) program alive. Total non-resident deposits have fallen to 8%, from a peak of 41.5% in 2001, central bank data show.

Persons: Diego Labat, Lucinda Elliott, Labat, Uruguay's, That's, Adam Jourdan, David Holmes Organizations: Central Bank Governor, Reuters, REUTERS, Rights, European Union, Monetary Fund, Reuters Graphics, JPMorgan, Thomson Locations: Uruguay, Montevideo, Rights MONTEVIDEO, Uruguay's, de La Plata, Buenos Aires, Argentina, China, Brazil, Chile, America

☆ Greek PM to call for reforms, fiscal prudence after deadly storm
▼ + stars: | 2023-09-16 | by ( Renee Maltezou | ) www.reuters.com time to read: +3 min

Greek Prime Minister Kyriakos Mitsotakis speaks to journalists, in the aftermath of Storm Daniel in central Greece, in Larissa, Greece, September 8, 2023. The storm swept through Thessaly in central Greece for three days flooding cities and villages and turning the region into an inland sea. "We still have a state which, despite the reforms, does not correspond to current needs. So we need to make more changes," one of the officials said, adding that fiscal prudence was necessary due to the relief measures for Thessaly. Greece will include any extra spending in a supplementary budget for 2023, which will not derail the country's fiscal progress, a second official said.

Persons: Kyriakos Mitsotakis, Storm Daniel, Kostas Mantziaris, Daniel, Greece's, Mitsotakis, Renee Maltezou, Lefteris Papadimas, David Holmes Organizations: REUTERS, Rights, European Union, Mega TV, Thomson Locations: Greece, Larissa, Thessaly

☆ Greek PM to call for reforms, fiscal prudence after deadly storm - sources
▼ + stars: | 2023-09-16 | by ( Renee Maltezou | ) www.reuters.com time to read: +3 min

Greek Prime Minister Kyriakos Mitsotakis speaks to journalists, in the aftermath of Storm Daniel in central Greece, in Larissa, Greece, September 8, 2023. REUTERS/Kostas Mantziaris/File Photo Acquire Licensing RightsATHENS, Sept 16 (Reuters) - Greek Prime Minister Kyriakos Mitsotakis is expected to announce state reforms and relief measures in a keynote speech on Saturday, days after a devastating rainstorm killed at least 17 people, sources said. The storm swept through Thessaly in central Greece for three days flooding cities and villages and turning the region into an inland sea. So we need to make more changes," one of the officials said, adding that fiscal prudence was necessary due to the relief measures for Thessaly. Greece will include any extra spending in a supplementary budget for 2023, which will not derail the country's fiscal progress, a second official said.

☆ Belgian Education Minister Condemns School Arson Attacks
▼ + stars: | 2023-09-15 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +1 min

BRUSSELS (Reuters) - Belgian education minister Caroline Desir has condemned a series of arson attacks on schools in recent days in protest against a new mandatory sex education course, saying the attacks were acts of "extreme brutality". "They are attacking our teaching, our freedom of education. These are acts of extreme barbarity, these are acts of terrorism", Desir told Belgian broadcaster RTBF on Friday while visiting a targeted school near the southern city of Charleroi. The government is investigating the attacks but said it would not give details for security reasons. The anti-EVRAS movement plans a protest in Brussels on Sunday.

Persons: Caroline Desir, Desir, Marine Strauss, David Holmes Organizations: Education, RTBF Locations: BRUSSELS, Belgian, Charleroi, Brussels, Walloon, EVRAS

The plan could transform the global diamond supply chain, but implementation will depend heavily on India, whose diamond industry employs millions of people who cut and polish 90% of the world's diamonds. If it goes ahead as anticipated, it would split the global consumer diamond market. The EU bought 1.4 billion euros ($1.5 billion) worth of Russian diamonds last year, based on data from Eurostat, as the EU has not banned Russian gem imports nor blacklisted Alrosa. As of 2021, global rough diamond sales totalled $16.4 billion, while demand for polished diamonds was $28 billion, the De Beers report showed. "I think the G7 officials involved with this are taking it quite seriously and I believe they will strictly enforce it.

Persons: Belgium's, Alrosa, De Beers, Paul Zimnisky, Zimnisky, Julia Payne, Polina Devitt, Clara Denina, Shivangi Acharya, Rajendra Jadhav, Toby Chopra, David Holmes, Veronica Brown, Jane Merriman Organizations: EU, Eurostat, De Beers, De, Industry, Belgian, Jewellery Export, Thomson Locations: India, Antwerp, BRUSSELS, LONDON, Ukraine, Belgium, Brussels, Russia, United States, INDIA, AFRICA, Africa

A security guard stands behind the logo of Indian Space Research Organisation (ISRO) at its headquarters in Bengaluru, India, June 12, 2019. REUTERS/Francis Mascarenhas/File photo Acquire Licensing RightsBENGALURU, Sept 15 (Reuters) - India is set to conduct a key test in its ambitious crewed space mission Gaganyaan as early as next month, the project director of the mission R. Hutton told Reuters. The Indian Space Research Organisation (ISRO) is currently training four astronauts and looking to expand the cohort as it aims for more future manned missions, Hutton said. ISRO has said it will explore ways to achieve a sustained human presence in space once Gaganyaan is completed. The space agency has previously said its Vikram Sarabhai Space Centre had successfully tested systems for stabilising the crew module and safely reducing its velocity during re-entry.

Persons: Francis Mascarenhas, Hutton, Vikram, Nivedita Bhattacharjee, Blassy Boben, David Holmes Organizations: Indian Space Research Organisation, ISRO, REUTERS, Rights, Reuters, Centre, Thomson Locations: Bengaluru, India, Sriharikota

☆ Berlusconi's eldest heirs strike pact for joint control of business empire
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +2 min

MILAN, Sept 15 (Reuters) - The two eldest heirs of late media mogul Silvio Berlusconi have agreed an open-ended pact which binds them to vote together at the family holding company's shareholder meetings, regulatory filings showed on Friday. In his will, Berlusconi, who died aged 86 in June, handed Marina and Pier Silvio, the offspring from his first marriage, joint control of his media and financial empire held by family holding company Fininvest. Under their pact, Marina and Pier Silvio, each owning a 26% indirect stake in Fininvest, agreed to consult at least five days before any Fininvest shareholder meeting to agree a joint position, the documents showed. The agreement secures a dominant influence of the eldest heirs over the family holding company, the regulatory filings said. All of the heirs agreed a lock-up period of five years, during which time they have pledged not to alter the stakes they hold in Fininvest, the filings showed.

Persons: Silvio Berlusconi, Berlusconi, Mediolanum, Berlusconi's, Barbara, Eleonora, Luigi, materialises, Elvira Pollina, David Holmes Organizations: Marina, Silvio, Mondadori, Thomson Locations: Marina, Fininvest, Milan

REUTERS/Leonhard Foeger/File Photo Acquire Licensing RightsPARIS/LONDON, Sept 14 (Reuters) - Britain, France and Germany said on Thursday they would retain ballistic missile and nuclear proliferation-related sanctions on Iran that were set to expire in October under the 2015 Iran nuclear deal, a step that could provoke Iranian retaliation. The JCPoA agreed with Iran in 2015 envisaged a "Transition Day" eight years later, when remaining ballistic missile and nuclear-related sanctions on Iran would be lifted. But Britain, France and Germany will now transfer UN sanctions on Iran that are due to be lifted next month into domestic law, while Britain and the EU will retain existing sanctions, Britain's Foreign office said in a statement. The crux of the JCPoA pact, which Iran made with Britain, China, France, Germany, Russia and the U.S., limited Tehran’s nuclear programme making it harder for it to get fissile material for a bomb in return for relief from economic sanctions. We stand ready to reverse our decision, should Iran fully implement its JCPoA commitments," the E3 said, referring to a mechanism that would immediately restore all UN sanctions against Iran.

Persons: Leonhard Foeger, Josep Borrell, Donald Trump, Joe Biden’s, Sachin Ravikumar, Parisa, David Holmes, Timothy Gardner Organizations: International Atomic Energy Agency, IAEA, REUTERS, Reuters, EU, Iran, Thomson Locations: Vienna, Austria, Britain, France, Germany, Iran, United Kingdom, Ukraine, Russia, Tehran, United States, China, U.S, Dubai

☆ France targets 16 billion euros in savings next year, trims growth outlook
▼ + stars: | 2023-09-14 | by ( Leigh Thomas | ) www.reuters.com time to read: +2 min

REUTERS/Benoit Tessier/file photo Acquire Licensing RightsPARIS, Sept 14 (Reuters) - The French government aims to squeeze 16 billion euros ($17 billion) in savings from its 2024 budget, finance minister Bruno Le Maire said on Thursday as he trimmed France's growth outlook. Le Maire said 10 billion euros in savings would come from scrapping caps on power and gas prices, put in place to soften the pain for households from Europe's energy price crisis. Le Maire said the inflation shock over the last year would further subside, boosting household consumption - the traditional motor of French economic growth. While the government aims to cut spending, it would nonetheless increase some expenditures, with 4 billion euros more earmarked for the interior ministry and the armed forces. A further 7 billion euros has been set aside for environmentally friendly investments due to be presented later this month and financed by removing some of the tax breaks which some industries get on their on fossil fuel use.

Persons: Digital Security Bruno Le Maire, Benoit Tessier, Bruno Le Maire, Le Maire, Leigh Thomas, David Holmes Organizations: Economy, Finance, Industry, Digital Security, Bercy Finance Ministry, REUTERS, Rights, Thomson Locations: Paris, France

FRANKFURT, Sept 14 (Reuters) - Bayer's (BAYGn.DE) new CEO plans to cut management jobs to speed up decision-making as a first step to overhaul the embattled German industrial group, which is facing investor pressure to break up, three people familiar with the matter said. But the new CEO will likely have only a short respite period to come up with concrete strategic proposals. Anderson has been tasked with reviving Bayer's share price, which has underperformed rivals, weighed down by the lingering costs of U.S. weedkiller litigation. Anderson said last month he was not ruling out any options as part of his review of the company's strategy and structure, saying he was "leaving no stone unturned". He added he would provide an initial update in the coming months and detailed plans in early 2024.

Persons: Bill Anderson, Anderson, Roche, Oliver Kohlhaas, Kohlhaas, Werner Baumann, Ludwig Burger, Patricia Weiss, Emma, Victoria Farr, Josephine Mason, David Holmes Organizations: Bayer, McKinsey, Artisan Partners, Reuters, Bluebell Capital Partners, Thomson Locations: FRANKFURT, Frankfurt

☆ German carmaker stocks dip amid China-EV probe dispute
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +3 min

Alternatively, punitive tariffs on imports from China could accelerate Chinese EV makers' plans to build in Europe, analysts said, raising competition for domestic carmakers. "Volkswagen could gain from lower mass-market competition, but is the most exposed ... premium OEMs ...face the risk of retaliation and might see their China-export plans sent awry," he added. By 1210 GMT, the STOXX Europe 600 Auto (.SXAP) index was down 1.46%, while the broader market was steady. BMW, which exports the iX3 from China and plans to export the Mini from 2024, fell 2.08%, with Mercedes-Benz down 1.56% and Volkswagen down 1.83%. Stocks of carmakers Renault and Stellantis, which are less exposed to the Chinese market than their German counterparts, saw smaller dips of 1.33% and 0.81% respectively.

Persons: Annegret, Emmanuel Macron, Daniel Roeska, Bernstein, Danilo Masoni, Victoria Waldersee, Josephine Mason, Thomas Leigh, Michel Rose, Sharon Singleton, David Holmes Organizations: REUTERS, EV, HK, European Commission, Renault, Volkswagen, BMW, Mercedes, Benz, Porsche, carmakers Renault, Thomson Locations: Berlin, Germany, Beijing, China, Europe, France

☆ Venice avoids being added to UNESCO list of endangered sites
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +1 min

ROME, Sept 14 (Reuters) - A UNESCO committee has decided not to add Venice to the organisation's World Heritage List in Danger, disregarding a recommendation from experts and sparing the Italian government from an embarrassing verdict on the city's condition. "The World Heritage Committee ... has made the decision not to inscribe Venice and its Lagoon on the World Heritage List in Danger," UNESCO, the U.N. cultural agency, said in a statement as the committee met in Riyadh. Italian Culture Minister Gennaro Sangiuliano said adding Venice to the list would have been an "undue move" not based on objective facts. Venice, known for its canals and cultural sites, has long been threatened by floods and mass tourism. However, UNESCO said more work was needed to protect the fragile lagoon city.

Persons: Gennaro Sangiuliano, Sangiuliano, MOSE, Angelo Amante, John Irish, Alvise Armellini, David Holmes Organizations: UNESCO, Heritage, Thomson Locations: Venice, Riyadh, Italian, Rome, Paris

Containers are seen at a terminal in the port of Hamburg, Germany November 14, 2019. Under a deal between MSC and the city of Hamburg, MSC will make a cash offer of 16.75 euros ($17.99) per share to acquire all listed class A stock in HHLA. The city of Hamburg, which owns 69% of HHLA's A shares and all of its unlisted S-shares, would retain control of Hamburg port with a 50.1% stake via the S-shares. A source familiar with the deal gave an enterprise value of 2.6 billion euros, including 1.4 billion euros in debt. HHLA said its management board would review the MSC offer.

Persons: Fabian Bimmer, Klaus, Michael Kuehne, Lloyd, Kuehne, Marc Zeck, Stifel, Nikolas Mauder, Kepler Cheuvreux, HHLA, Andrey Sychev, Sabine Wollrab, Rachel More, Emelia Sithole, David Holmes Organizations: REUTERS, Kuehne, Reuters, MSC, Thomson Locations: Hamburg, Germany, BERLIN, Hapag, HHLA, Germany's, Gdansk, Frankfurt

NEW YORK, Sept 13 (Reuters) - Rating agency Moody's has warned that a recent data breach at gaming company MGM Resorts International (MGM.N) could negatively impact the company's credit. Moody's said that while casino floors were back in action, the incident "highlights key risks related to (MGM's) business operations' heavy reliance on technology and the operational disruption caused when systems need to go offline or are inoperable." Messages seeking comment from MGM, the FBI and the U.S. cybersecurity watchdog agency CISA were not immediately returned. MGM Resorts' website was "currently unavailable," according to a holding message posted to the group's homepage. Reporting by Raphael Satter; Editing by David HolmesOur Standards: The Thomson Reuters Trust Principles.

Persons: Moody's, extortionists, Raphael Satter, David Holmes Organizations: MGM Resorts International, MGM, FBI, U.S, MGM Resorts, Thomson Locations: Las Vegas

☆ Hungary signals national ban on Ukrainian grain imports beyond Sept 15
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsBUDAPEST, Sept 13 (Reuters) - Hungary has agreed with Romania, Slovakia and Bulgaria to impose bans on Ukrainian grain imports to protect their markets if the EU does not extend a ban that expires on Sept. 15, Hungary's farm minister said on Wednesday. On Tuesday, a parliamentary committee adopted a draft decision for Bulgaria to lift the ban on Ukrainian imports of certain products after Sept. 15. As a result, farmers in neighbouring states - Poland, Hungary, Romania, Bulgaria and Slovakia - have faced increased competition and bottlenecks in their own markets. The European Commission announced "temporary preventive measures" in May that would ban sales into Poland, Hungary, Romania, Bulgaria and Slovakia while allowing transit to non-EU markets, mainly in Africa. The EU agriculture commissioner said on Tuesday he believes the European Commission should extend its temporary ban on Ukraine imports into these five states as the measure helped boost exports outside the bloc.

Persons: Dado Ruvic, Nikolay Denkov, Denkov, Agriculture Istvan Nagy, Nagy, Krisztina, Louise Heavens, David Holmes Organizations: REUTERS, Rights, Bulgarian, Agriculture, Romanian, European Commission, Thomson Locations: Hungary, Romania, Slovakia, Bulgaria, Bulgarian, Ukraine, Russia, Poland, Hungarian, Slovak, Brussels, EU, Africa

☆ US Senate issues subpoena to PIF subsidiary regarding PGA Tour deal
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +2 min

A view shows the logo of PGA Tour during the Canadian Open’s Championship Pro-Am after news was released of a new partnership between the PGA Tour and Saudi-backed LIV Golf circuit, at Oakdale Golf and Country Club in Toronto, Ontario, Canada June 7, 2023. REUTERS/Nick Lachance/File photo Acquire Licensing RightsSept 13 (Reuters) - The U.S. Senate has issued a subpoena to the Saudi Arabian Public Investment Fund's (PIF) U.S. subsidiary over its planned partnership with the PGA Tour, it said on Wednesday. The subpoena calls for the release of documents related to PIF's framework agreement with the PGA Tour and other investments throughout the United States, the U.S. Senate said in a news release. The announcement came ahead of Wednesday's hearing by the U.S. Senate Permanent Subcommittee on Investigations (PSI), which is expected to focus on PIF's investments and efforts to gain influence in the United States. "The Saudi's Public Investment Fund cannot have it both ways - if it wants to engage with the United States commercially, it must be subject to United States law and oversight," Senator Richard Blumenthal, chair of the PSI, said.

Persons: LIV, Nick Lachance, Richard Blumenthal, Blumenthal, Greg Norman, LIV Golf, Yasir al, Jamal Khashoggi, Frank Pingue, David Holmes Organizations: Tour, Canadian, PGA Tour, Oakdale, Country Club, REUTERS, U.S . Senate, Saudi Arabian Public Investment, PGA, Investigations, Public Investment, United, Senate, Saudi, LIV Golf, Washington Post, Thomson Locations: Saudi, Toronto , Ontario, Canada, United States, Washington, Saudi Arabia, Toronto

In 2022 the bond market crash saw the value of central banks' Treasuries holdings plunge by $435 billion, Bertaut and Judson's estimates show. This doesn't suggest central banks are dumping Treasuries, be it for financial or political reasons. What's more, these figures don't account for what analysts describe as stealth or shadow central bank demand not included in the official data. Reuters Image Acquire Licensing RightsIt is undeniable, however, that the collective central bank footprint in the Treasuries market is nowhere near what it used to be. For now, central banks are still buying, just not as much as they used to.

Persons: Abraham Lincoln, Gary Cameron, chunky, Carol Bertaut, Ruth Judson, That's, Steven Englander, Judson, Lehman Brothers, Jamie McGeever, David Holmes Organizations: Engraving, REUTERS, Rights, U.S, of America, Bank of America, BANK, Standard Chartered, Treasuries, Fed, ICE, Treasury, Reuters, Thomson Locations: Washington, Rights ORLANDO , Florida, Beijing, China, Saudi Arabia, American Republic, North America, Belgium

☆ Afghan Students Urge India to Extend Visas and Restart Scholarships
▼ + stars: | 2023-09-13 | by ( Sept. | At A.M. | ) www.usnews.com time to read: +2 min

India has in the past offered scholarships to thousands of overseas students from countries such as Afghanistan to pursue undergraduate and post-graduate degrees. "The students are neither getting scholarships nor permission to work in India," he said. The ICCR has previously offered study grants to nearly 1,000 Afghan nationals to pursue undergraduate and postgraduate studies in India. These grants consisted of a monthly stipend of between 25,000 rupees ($301) and 28,500 rupees to Afghan students, on top of subsidised tuition fees and travel expenses. "I want to continue my studies in India, but the government has not released our stipends," said Parwana Hussaini, who came to India in 2016 for higher studies.

Persons: Manoj Kumar, Mayank Bhardwaj, Kumar Tuhin, ICCR, Parwana Hussaini, David Holmes Organizations: Mayank Bhardwaj NEW DELHI, Afghanistan Students ' Association, Indian Council for Cultural Relations, External Affairs, External Affairs Ministry Locations: India, New Delhi, Afghanistan

☆ Airbus to combine fighter businesses in defence shake-up -sources
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +2 min

An Airbus A321 XLR aircraft performs a flying display at the 54th International Paris Airshow at Le Bourget Airport near Paris, France, June 20, 2023. REUTERS/Benoit Tessier/File photo Acquire Licensing RightsPARIS, Sept 12 (Reuters) - Airbus (AIR.PA) plans to merge two separate fighter businesses as part of a reorganisation of its Defence & Space division, union sources said. Asked about the new combination, which is part of a deeper Defence & Space restructuring codenamed ATOM, an Airbus spokesperson said: "We are currently discussing the details and ideas with our social partners". In July, Airbus Chief Executive Guillaume Faury said a reorganisation in Defence & Space was designed to make the business more agile. Despite a broad increase in overall demand for weapons since the Ukraine conflict began, Airbus Defence & Space is the company's second-biggest activity in terms of revenues but the least profitable, lagging behind jetliners and helicopters.

Persons: Benoit Tessier, Jean, Brice Dumont, Bruno Fichefeux, Guillaume Faury, Faury, Tim Hepher, David Holmes Organizations: Airbus, Paris, REUTERS, Rights, Defence, Space, Military Air Systems, Franco, France's Dassault Aviation, Airbus Defence, Thomson Locations: Le Bourget, Paris, France, Spanish, Ukraine

Workers walk through the Canary Wharf financial district, ahead of a Bank of England decision on interest rate changes, in London, Britain, August 3, 2023. The unemployment rate rose, the number of people in work fell sharply and vacancies dipped below 1 million for the first time in two years, the Office for National Statistics (ONS) said on Tuesday. Yet if incoming data doesn't turn definitively, another hike to a terminal rate of 5.75% is absolutely on the table." The unemployment rate rose to 4.3% in the three months to July from 4.2% a month earlier, its highest since the three months to the end of September 2021, the ONS said. Including bonuses, pay rose by 8.5% compared with the 8.2% consensus, boosted in part by backdated pay for healthcare workers.

Persons: Toby Melville, BoE, Hugh Gimber, they've, Andrew Bailey, Jeremy Hunt, Andy Bruce, David Milliken, Sachin Ravikumar, David Holmes Organizations: Bank of, REUTERS, Bank of England, National Statistics, Morgan Asset Management, Thomson Locations: Bank of England, London, Britain

☆ Dutch groups sue Google over alleged privacy violations
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +1 min

A Google logo is seen at the Google offices in the Chelsea section of New York City, U.S., January 20, 2023. REUTERS/Shannon Stapleton/File Photo Acquire Licensing RightsCompanies Google Inc FollowAlphabet Inc FollowAMSTERDAM, Sept 12 (Reuters) - The Dutch consumers' association Consumentenbond together with the Privacy Protection Foundation issued legal proceedings against Google on Tuesday for alleged large-scale privacy violations, they said in a statement. Both groups demanded that Google, part of Alphabet Inc (GOOGL.O), stops "its constant surveillance and sharing of personal data through online advertising auctions" and that it pays 750 euros ($804) in damages "for every consumer who has used Google". The statement said 82,000 people had so far joined the claim for damages since the groups announced the action in May 2023. ($1 = 0.9329 euros)Reporting by Charlotte Van Campenhout; Editing by David HolmesOur Standards: The Thomson Reuters Trust Principles.

Persons: Shannon Stapleton, Charlotte Van Campenhout, David Holmes Organizations: REUTERS, Google, Privacy Protection, Inc, Thomson Locations: Chelsea, New York City, U.S

☆ Hengli Petrochemical subsidiary eyes nearly $2 bln restructuring
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +2 min

Under the restructuring, Kanghui will effectively become a separately listed company via transactions involving power and heating firm Dalian Thermal Power (600719.SS), which will buy 100% of Kanghui for 10.15 billion yuan ($1.39 billion) in shares. This will optimize Kanghui's structure and expand its funding channels, Hengli said in a filing to the Shanghai stock exchange. Hengli also said it will become indirect controlling shareholder of Kanghui after the transaction, retaining its control over the firm. Dalian Thermal will issue 2.3 billion shares to Hengli and a unit of the company which makes chemical fibre, said the filing. The transactions will change Dalian Thermal's controlling shareholder from a firm backed by the state asset regulating authority in the city of Dalian to Hengli Petrochemical, Dalian Thermal said.

Persons: Kanghui, Hengli, Roxanne Liu, Ella Cao, Kane Wu, David Holmes Organizations: Hengli Petrochemical, Technology, Dalian Thermal Power, Dalian Thermal's, Dalian, Thomson Locations: Dalian, Kanghui, Shanghai

Anwar said the government would support the development of the rare earths industry in Malaysia and that a ban would "guarantee maximum returns for the country". The rare earth industry is expected to contribute as much as 9.5 billion ringgit ($2 billion) to the country's gross domestic product in 2025 and create nearly 7,000 job opportunities, Anwar said in parliament. "Detailed mapping of rare earth element sources and a comprehensive business model that combines upstream, midstream and downstream industries will be developed to maintain the rare earth value chain in the country," he said. The curbs triggered fears that China could also limit exports of other critical minerals including rare earths. Australia's Lynas Rare Earths Ltd (LYC.AX), the biggest producer of rare earths outside China, has a plant in Malaysia to process concentrate that it gets in Australia.

Persons: Anwar Ibrahim, Yasuyoshi, Anwar, David Merriman, Merriman, Mai Nguyen, Rozanna, Melanie Burton, Amy Lv, Edwina Gibbs, David Holmes Organizations: Malaysia's, China, ASEAN Summit, United States Geological Survey, Thomson Locations: ASEAN, Jakarta, Indonesia, KUALA LUMPUR, Malaysia, China, midstream, Malaysian, Australia, Kuala Lumpur, Mai, Hanoi, Melbourne, Beijing

☆ France says controversy over Morocco aid misplaced
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +2 min

Paris and Rabat have had a difficult relationship in recent years notably over the issue of Western Sahara, which Morocco wants France to recognise as Moroccan. "This is a misplaced controversy," Catherine Colonna told BFM television when asked why Morocco had not made an official request to Paris for urgent assistance despite accepting help from Spain, Britain, Qatar and the United Arab Emirates. "We are ready to help Morocco. Paris has made 5 million euros ($5.4 million) available for non-governmental organisations operating in Morocco, Colonna said. Interior Minister Gerald Darmanin told France 2 earlier on Monday that Rabat, a "brotherly" nation, had the capabilities to cope alone with the rescue efforts.

Persons: Catherine Colonna, BFM, Colonna, Emmanuel Macron, Morocco's King Mohammed VI, Gerald Darmanin, John Irish, Nicolas Delame, David Holmes Organizations: United, France, Polisario, Western, Observatory, Immigration, Thomson Locations: Morocco, France, Paris, Rabat, Western Sahara, Moroccan, Spain, Britain, Qatar, United Arab Emirates, It's, Algeria, Algiers

☆ Several injured in blast at Archer-Daniels-Midland plant in Illinois
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +1 min

Sept 11 (Reuters) - Several employees were injured at an Archer-Daniels-Midland (ADM) (ADM.N) facility in Decatur, Illinois, after an explosion within its processing complex, the company said in a statement on Sunday night. ADM said the incident happened at 7:11 p.m. CDT (0011 GMT) and that the injured had been taken to a hospital. The company said it did not have a confirmed cause of the incident as of Sunday night. The Decatur site, ADM's North American headquarters and its largest facility globally, houses a soybean crushing plant and one of the largest corn wet mills in the world. It was not immediately clear whether the blast would impact the processing facilities.

Persons: Archer, Dan Kline, Evelyn Nikhila S, Baranjot Kaur, Gerry Doyle, David Holmes Organizations: Daniels, Midland, ADM, Renewable Fuels Association, Thomson Locations: Decatur , Illinois, Decatur, Bengaluru

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