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☆ Union pressure on Tesla grows in Sweden as dockworkers expand strike
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +3 min

A view shows the ship Malacca Highway at shore as port workers are blocking the loading of Tesla vehicles, in Malmo, Sweden, November 7, 2023. Dockworkers joined the strike by mechanics on Nov. 7, blocking Sweden's four largest ports to Tesla cars. So far, unions in the United States and Germany have failed to force the company to accept collective bargaining agreements. In addition to dockworkers, unionised cleaners are refusing to clean Tesla buildings and postal workers have stopped delivering mail. In the 1990s, American toy company Toys "R" Us signed a collective bargaining agreement with its 130 Swedish employees after a three month strike.

Persons: Johan Nilsson, Tesla, Elon Musk, Dockworkers, Musk, Torbjorn Johansson, Norway's Fellesforbundet, Marie Mannes, Louise Rasmussen, Johan Ahlander, Johannes Birkebaek, Simon Johnson, Mark Potter Organizations: TT, Agency, Rights, U.S, Swedish, IF Metall, Hydro Extrusions, Hydro, Thomson Locations: Malacca, Malmo, Sweden, Rights STOCKHOLM, Dockworkers, United States, Germany, American

Rather, asset managers increasingly position these as now a feature of global investing choices rather than all-consuming shocks per se. Likely for the same reason, geopolitical risk monitors are at their highest in over 18 months too. Ebbing demand from a Chinese economy hobbled by property busts and a foreign investment withdrawal due to U.S. investment curbs also hurts. The VIX (.VIX) index of U.S. stock volatility is currently five points below its historic average 19 - and even July VIX futures hover on that mean. The opinions expressed here are those of the author, a columnist for ReutersReporting by Mike Dolan Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: there's, Washington's, Joe Biden, Donald Trump, What's, Melissa Brown, Axioma, Andrew McCaffery, Mike Dolan, Mark Potter Organizations: Bank of, Treasury, UBS Global Wealth Management, Barclays, Global CIO, Fidelity, Reuters, Thomson Locations: Ukraine, Israel, United States, India, Taiwan, Mexico, Britain, Gaza, Russia, China, Wall

☆ EU Reaches Deal to Stop Sending Waste to Countries That Can't Process It
▼ + stars: | 2023-11-17 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +1 min

PARIS (Reuters) - European Union lawmakers and member states have reached a deal to revise the bloc's waste shipment regulation and end exports of certain types of waste to third countries unable to process it properly, the EU Parliament said on Friday. The European Commission in 2021 proposed a revamp of EU rules on waste shipments to make it harder for member states to offload their trash into poorer countries. "The EU will finally assume responsibility for its plastic waste by banning its export to non-OECD countries", Danish lawmaker Pernille Weiss said in a statement. EU countries must stop shipping plastic waste to poorer nations within two and a half years of the legislation coming into force, the Parliament said, adding that rules for plastic waste exports to countries inside the OECD - the group of the world's main rich countries - will also be tightened. In previous years, around half of the EU's waste exports went to non-OECD countries with weaker waste management rules than in the EU - effectively shipping EU pollution abroad.

Persons: Pernille Weiss, Tassilo Hummel, Mark Potter Organizations: PARIS, Union, OECD, European Commission, EU Locations: EU

☆ Volvo Cars shares drop to record low as Geely trims stake
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +2 min

The sale of the 3.4% stake leaves Geely with a holding in Volvo Cars of 78.7%, the Chinese company said in a statement. Proceeds received by Geely Holding are intended to be used to support business development within the group," it added. It allows a wider base of shareholders to invest in Volvo Cars," the Swedish company's CEO Jim Rowan said in a statement. At 0926 GMT, Volvo Cars shares were down 10.9% at 36.38 crowns, having traded as low as 35.25 crowns. Geely Holding has committed to a lock-up period of 90 days for its remaining shareholding, "subject to customary exceptions and waivers" by the bookrunners.

Persons: Aly, China's Geely, bookrunners, Jim Rowan, Goldman Sachs, SEB, Geely, Terje Solsvik, Louise Rasmussen, Mark Potter Organizations: Volvo, Auto Shanghai, REUTERS, Rights, Swedish, HK, Volvo Cars, Geely, BNP, Marie Mannes, Thomson Locations: Shanghai, China, Rights OSLO, Swedish, Oslo, Stockholm

☆ UK's Octopus Energy launches $3.7 bln offshore wind fund with Tokyo Gas
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +1 min

Britain's Prime Minister Boris Johnson poses for photographs with a branded electric taxi as he visits the headquarters of Octopus Energy, in London, Britain October 5, 2020. The Octopus Energy Offshore Wind fund, set up with a 190 million pound cornerstone investment from Tokyo Gas, will invest in offshore wind farms as well as companies creating new offshore wind capacity, with a focus on Europe, Octopus said. The fund will look at both traditional offshore wind turbines and floating turbines. "The potential to make a positive impact, boost energy security and reduce fossil fuels dependence is massive with offshore wind," said Octopus Energy Generation Chief Executive Zoisa North-Bond. Octopus Energy Generation has said it plans to invest $20 billion in offshore wind by 2030, with an aim to boost energy security and reduce dependence on fossil fuels.

Persons: Boris Johnson, Leon Neal, Octopus, Zoisa, Sachin Ravikumar, Mark Potter Organizations: Britain's, Octopus Energy, Rights Companies Tokyo Gas Co, Energy, Gas, Tokyo Gas, Bond, Thomson Locations: London, Britain, Tokyo, Europe

☆ Take Five: Black Friday is (almost) here
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +6 min

REUTERS/Kamil Krzaczynski/File Photo Acquire Licensing RightsNov 17 (Reuters) - U.S. retailers are gearing up for Black Friday, marking the start of the shopping season that follows the Thanksgiving holiday, while business activity data should gauge the temperature elsewhere. 1/ BARGAIN HUNTINGThe crucial holiday shopping season kicks off with Black Friday on Nov. 24 at a time when investors are questioning whether the consumer-driven U.S. economy can remain resilient. This year's Black Friday comes as Americans grapple with soaring interest rates and inflation that, while easing, remains above the Federal Reserve's 2% target. Already, data for October showed U.S. retail sales fell, pointing to slowing demand, although the decline was less than expected. As long as that's not the case, pressure is on the Kishida cabinet since a weak yen is unpopular politically.

Persons: Kamil Krzaczynski, Lewis Krauskopf, Kevin Buckland, Naomi Rovnick, Dhara Ranasinghe, Karin Strohecker, There's, PIMCO, Rishi Sunak, David Cameron, Jeremy Hunt, Hunt, bode, Sergio Massa, Javier Milei, Pragmatist Massa, Prinz Magtulis, Sumanta Sen, Kripa Jayaram, Pasit, Mark Potter Organizations: Walmart, REUTERS, Black, Nvidia, Insider Intelligence, European Commission, PMI, Fed, European Central Bank, Reuters Graphics Reuters, DOWNING STREET, Labour, gilts, Natwest, Reuters, Bank of Japan, Peronist, Thomson Locations: Chicago , Illinois, U.S, Argentina, Lewis, New York, Tokyo, London, Britain, Japan, Egypt, Taiwan, South Africa, India

BEIJING, Nov 17 (Reuters) - China's commerce minister expressed concern over U.S. curbs on semiconductor exports to China, as well as sanctions on Chinese firms and tariffs on Chinese imports, when he met U.S. Commerce Secretary Gina Raimondo on Thursday, his ministry said Friday. "Wang Wentao expressed concern about the final rules of the U.S. semiconductor export controls against China, sanctions against Chinese companies, two-way investment restrictions, and Section 301 tariffs," according to China's commerce ministry. Two-way trade hit a record $690 billion last year, as U.S. demand for Chinese consumer goods rose and Beijing's demand for U.S. farm products and energy grew. This year is off to a significantly slower pace, however, with two-way trade flows through September down $104 billion, or 19%, from the first nine months of 2022, according to U.S. Census Bureau data. Wang and Raimondo also agreed to hold the first meeting of a commerce working group at the vice minister level in the first quarter of 2024, China's commerce ministry said.

Persons: Gina Raimondo, Wang Wentao, Raimondo, Joe Biden, Trump, Wang, Joe Cash, Christopher Cushing, Mark Potter Organizations: U.S, Commerce, Southeast, China, Census, Thomson Locations: BEIJING, China, San Francisco, Southeast Asia, U.S, Canada, Mexico

☆ Hungary's Orban seeks to stir support with survey questioning EU policies, Ukraine membership
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +2 min

"A breakaway from the voter base has started (...) this campaign aims to stop that," Zoltan Novak, a political analyst at the Centre for Fair Political Analysis think tank said. Another survey by pollster Median also showed a 5 point decline in support for Fidesz between February and October. The questions in the survey portray the EU as favouring Ukraine over Hungary, one of its own members. Earlier this week, Orban said the bloc's strategy of sending money and military aid to Ukraine had failed, and that he opposed starting membership negotiations with Kyiv. His government has taken a different stance on Ukraine than the rest of the bloc, refraining from providing arms and criticising EU sanctions on Russia, although it has eventually backed all the sanctions so far.

Persons: Viktor Orban, Orban's, Orban, Zoltan Novak, Boldizsar, Mark Potter Organizations: European Union, Fidesz, pollster, EU, Kyiv, Thomson Locations: BUDAPEST, European, Ukraine, Hungary, Russia

☆ Portuguese Bankers Warn Political Instability Could Undermine Reforms, Public Finances
▼ + stars: | 2023-11-16 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +2 min

By Sergio GoncalvesLISBON (Reuters) - The resignation of Portugal's prime minister will trigger instability that could delay economic reforms, while making it harder for the country to keep a balanced budget and further reduce debt, bankers warned on Thursday. The government remains fully functional for the time being, at least until parliament has had its final vote on the 2024 budget on Nov. 29. He said reforms should create an environment for companies to achieve better results and compete more effectively globally. The 2024 budget projects economic growth will slow to 1.5% in 2024 from 2.2% expected this year and political instability may also delay public investment, such as using COVID recovery funds, and private investment. "Probably no one wants to invest when there is great instability," said Pedro Castro Almeida, CEO of Santander Portugal.

Persons: Sergio Goncalves LISBON, Portugal's, Antonio Costa, illegalities, Marcelo Rebelo de Sousa, Antonio Horta, Osorio, Miguel Maya, Pedro Castro Almeida, Paulo Macedo, Sergio Goncalves, Catarina Demony, Mark Potter Organizations: Credit Suisse, Lloyds Banking Group, Santander Portugal, Caixa Geral Locations: Lisbon, Portugal, Horta, Caixa, Depositos

☆ Portuguese bankers warn political instability could undermine reforms, public finances
▼ + stars: | 2023-11-16 | by ( Sergio Goncalves | ) www.reuters.com time to read: +2 min

Antonio Horta Osorio, CEO of Lloyds Banking Group, arrives at a garden party at Buckingham Palace, London, May 22, 2018. The government remains fully functional for the time being, at least until parliament has had its final vote on the 2024 budget on Nov. 29. He said reforms should create an environment for companies to achieve better results and compete more effectively globally. The 2024 budget projects economic growth will slow to 1.5% in 2024 from 2.2% expected this year and political instability may also delay public investment, such as using COVID recovery funds, and private investment. "Probably no one wants to invest when there is great instability," said Pedro Castro Almeida, CEO of Santander Portugal.

Persons: Antonio Horta Osorio, Simon Dawson, Portugal's, Antonio Costa, illegalities, Marcelo Rebelo de Sousa, Antonio Horta, Osorio, Miguel Maya, Pedro Castro Almeida, Paulo Macedo, Sergio Goncalves, Catarina Demony, Mark Potter Organizations: Lloyds Banking Group, REUTERS, Rights, Credit Suisse, bcp, Santander Portugal, Caixa Geral, Thomson Locations: Buckingham Palace, London, Rights LISBON, Lisbon, Portugal, Horta, Caixa, Depositos

REUTERS/Carlos Osorio/File Photo Acquire Licensing RightsOTTAWA, Nov 16 (Reuters) - A 22-year-old self-confessed Canadian white nationalist who deliberately ran over and killed four members of a Muslim family in his truck in 2021 was found guilty of first degree murder on Thursday. The jury took around six hours to convict Nathaniel Veltman, who attacked the family in the Ontario town of London. It sets a precedent against white nationalist terrorism," said Abdul Fattah Twakkal, an imam at the London Muslim Mosque. It was the worst attack against Canadian Muslims since a man gunned down six members of a Quebec City mosque in 2017. In the manifesto, Veltman wrote "I am a white nationalist" and said white people were "facing genocide".

Persons: Flowers, Carlos Osorio, Nathaniel Veltman, Veltman, Islam, Salman Afzaal, Madiha Salman, Yumnah, Talat, Abdul Fattah Twakkal, Christopher Hicks, Tabinda Bukhari, Prosecutors, Ismail Shakil, David Ljunggren, Mark Potter, Nick Zieminski Organizations: REUTERS, Rights OTTAWA, Prosecutors, Canadian Broadcasting Corp, Canadian, Statistics Canada, Thomson Locations: London , Ontario, Canada, Ontario, London, Pakistan, Veltman, Quebec, New Zealand

☆ Italy's cabinet backs crack down on women pickpockets
▼ + stars: | 2023-11-16 | by ( Angelo Amante | ) www.reuters.com time to read: +2 min

REUTERS/Guglielmo Mangiapane/File Photo Acquire Licensing RightsROME, Nov 16 (Reuters) - Italy's rightist government on Thursday backed a raft of measures to improve public security including potentially tougher penalties for women offenders who are pregnant or have very young children, in a move aimed at pickpockets. The coalition League party had long called for the scrapping of a rule that prevents such women from being immediately detained, as part of its campaign against foreign pickpockets on public transport. "This is aimed at avoiding the use of the maternity status as an exemption when committing a crime," the minister said. In a statement, the Green-Left Alliance (AVS) called it an "abuse against pregnant women and their children ... who are blameless". The measure has been included in a government bill subject to approval by both houses of parliament before becoming law.

Persons: Guglielmo Mangiapane, Matteo Piantedosi, Angelo Amante, William Maclean, Mark Potter Organizations: REUTERS, Rights, League, - Left, Thomson Locations: Rome, Italy

The Wall Street sign is pictured at the New York Stock exchange (NYSE) in the Manhattan borough of New York City, New York, U.S., March 9, 2020. REUTERS/Carlo Allegri/File Photo Acquire Licensing RightsNEW YORK, Nov 16 (Reuters) - U.S. bank profits are expected to shrink in the coming months, but the industry has regained its footing after the biggest bank failures since the 2008 financial crisis, analysts said. "Nobody wants to own a lot of bank stocks, whether it's large cap, mid cap, ahead of a credit crunch, ahead of a recession." Michaud, CEO of KBW:"There are a lot of healthier banks, I think, that would look to acquire the banks that have low credit performance. Reporting by Lananh Nguyen, Nupur Anand and Pete Schroeder in New York Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Carlo Allegri, Thomas Michaud, Keefe, Erika Najarian, Morgan Stanley, We're, Eugene Ludwig, Ludwig, Mitch Eitel, Sullivan, Cromwell, " Michaud, Lananh Nguyen, Nupur Anand, Pete Schroeder, Mark Potter Organizations: New York Stock, REUTERS, delinquencies, UBS, Ludwig Advisors, Federal Deposit Insurance Corp, Thomson Locations: Manhattan, New York City , New York, U.S, New York

U.S. crude stocks rose by 3.6 million barrels in the last week to 421.9 million barrels, according to the U.S. Energy Information Administration (EIA), far exceeding analysts' expectations in a Reuters poll for a 1.8 million-barrel rise. U.S. domestic crude production stayed at a record 13.2 million barrels per day, the data showed. In an indication of strong demand, gasoline stocks saw a surprise draw of 1.5 million barrels, while diesel stocks drew more than expected at 1.4 million barrels. American Petroleum Institute figures on Tuesday had showed rising crude oil and gasoline inventories last week, according to market sources. Downward pressure on oil prices may come from the supply side, with the United States "likely at peak production for crude," while the delayed release of its oil data makes the investment situation more opaque, Evans said.

Persons: Agustin Marcarian, Brent, John Evans, PVM, Evans, Arathy Somasekhar, Paul Carsten, Sudarshan Varadhan, Laura Sanicola, Raju Gopalakrishnan, Mark Potter, Jane Merriman, Emelia, Alexandra Hudson Organizations: REUTERS, HOUSTON, . West Texas, U.S . Energy Information Administration, American Petroleum Institute, International Energy Agency, Organization of, Petroleum, Financial Times, European Union, Alexandra Hudson Our, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Denmark, U.S, China, United States, Houston, London

Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsSummary Denmark could block Russian tankers in its waters -FTUS oil supply could be keeping prices down -analystInflation cools in US, UKLONDON, Nov 15 (Reuters) - Oil prices dipped on Wednesday amid signs the United States, the world's biggest oil producer, is at peak production, offsetting positive crude demand signals from top consumer China. The International Energy Agency joined the Organization of the Petroleum Exporting Countries and its allies (OPEC+) in raising oil demand growth forecasts for this year, despite projections of slower economic growth in many major countries. Downward pressure on oil prices may come from the supply side, with the United States "likely at peak production for crude," while the delayed release of oil data from the world's biggest producer makes the investment situation more opaque, Evans said. A weaker dollar can boost oil demand by making crude cheaper for buyers using other currencies.

Persons: Agustin Marcarian, Brent, John Evans, Evans, Paul Carsten, Sudarshan Varadhan, Laura Sanicola, Raju Gopalakrishnan, Mark Potter, Jane Merriman Organizations: REUTERS, LONDON, U.S, West Texas, International Energy Agency, Organization of, Petroleum, U.S . Energy Information Administration, Financial Times, European Union, Federal Reserve, U.S ., Bank of, European Central Bank, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Denmark, United States, China, London

☆ S.Korean taxi app Kakao Mobility plans to buy Europe's FreeNow - media report
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +1 min

The Kakao messaging application and the Kakao T taxi booking application are seen on a mobile phone in this illustration photo March 13, 2018. REUTERS/Thomas White/Illustration/File Photo Acquire Licensing RightsSEOUL, Nov 15 (Reuters) - Kakao Mobility, a South Korean taxi-hailing service provider, plans to acquire European taxi platform FreeNow, Maeil Business Newspaper reported on Wednesday. Kakao Mobility will make a proposal as early as next week to acquire about an 80% stake in the Germany-based mobility service provider, the newspaper reported, citing an unidentified source. Responding to a Reuters request for comment, Kakao Mobility said it did not have anything to say on the matter. Kakao Mobility, a subsidiary of South Korean tech giant Kakao (035720.KS), has a market share of more than 90% of the country's taxi-hailing market.

Persons: Thomas White, Jihoon Lee, Mark Potter Organizations: REUTERS, Rights, Kakao, South, Maeil Business, Kakao Mobility, Thomson Locations: Rights SEOUL, South Korean, Germany

Miniatures of windmill, solar panel and electric pole are seen in front of Siemens Energy logo in this illustration taken January 17, 2023. A producer of key equipment such as gas turbines, converter stations and wind turbines, Siemens Energy is viewed by the German government as vital to its energy transition from fossil fuels to renewables. Frankfurt-listed shares in Siemens Energy were up 3% at 0757 GMT. Siemens Gamesa, once considered the future growth driver for Siemens Energy, has become a millstone around the group's neck after deeper-than-expected wind turbine quality issues were disclosed in June. As part of the financial backing agreed with stakeholders, Siemens Energy said it would sell an 18% stake in Indian firm Siemens Ltd (SIEM.NS) to Siemens AG at a discount of 15%, confirming a previous Reuters story.

Persons: Dado, Christian Bruch, Spain's, Christoph Steitz, Linda Pasquini, Mark Potter Organizations: Siemens Energy, REUTERS, Siemens, Siemens Gamesa, Siemens AG, Reuters, Siemens Ltd, Thomson Locations: Frankfurt, MUNICH

☆ Renault seeks to charge up investors for EV unit IPO
▼ + stars: | 2023-11-15 | by ( Gilles Guillaume | ) www.reuters.com time to read: +3 min

De Meo has targeted a valuation of 8-10 billion euros ($8.6-10.7 billion) for the initial public offering (IPO) of Ampere, which has already been delayed once and is now slated for spring 2024. Two of the sources said Renault was unlikely to go ahead with the IPO if the valuation falls below 7 billion euros, and one said the cut-off point could be closer to 6 billion euros. UBS analysts have valued Ampere at just 3-4 billion euros, and others have questioned the rationale of listing the EV business to raise funds. On Wednesday, De Meo will argue his case for what could be the first attempt by a traditional automaker to unlock value from an EV business via an IPO. Over the first nine months of 2023, Renault brand EV sales fell by around 5% in Europe, having been up 2.5% in the first half, weighed down by a limited line-up.

Persons: Gonzalo Fuentes, Ampere, Luca de Meo's, De Meo, Renault, BEV, de Meo, Elon Musk's Tesla, Zoe, Silvia Aloisi, Mark Potter Organizations: Renault, Viva Technology, Porte de, REUTERS, Rights, Reuters, UBS, ICE, Jefferies, Nissan, Elon, EV, Thomson Locations: Porte, Paris, France, Europe

A UBS logo is seen next to Credit Suisse at the Bahnhofstrasse before a news conference of Swiss bank UBS in Zurich Switzerland, August 30, 2023. The court, which also upheld the guilty verdict against the bank, said a new trial would need to take place at the Paris appeals court to determine a new fine, if any. UBS's shares, which were already up on the day, spiked as much as 3% more after news broke that the 1.8 billion-euro fine was struck down. The decision by the Cour de Cassation, France's highest judicial court, means the guilty verdict on UBS is final. France's top court reviewed whether the Paris appeals court ruling had complied with the law, not the facts that underpinned its decision.

Persons: Denis Balibouse, UBS's, " Keefe, Woods, Tassilo Hummel, Mathieu Rosemain, Stefania Spezzati, Silvia Aloisi, Mark Potter Organizations: UBS, Credit Suisse, Swiss, REUTERS, of, Cassation, Thomson Locations: Zurich Switzerland, Paris, PARIS, Cour, Swiss, France, United States, Mozambique

☆ Belgium bans use of Ozempic for weight loss until summer
▼ + stars: | 2023-11-14 | by ( Marine Strauss | ) www.reuters.com time to read: +1 min

Boxes of Ozempic, a semaglutide injection drug used for treating type 2 diabetes made by Novo Nordisk, is seen at a Rock Canyon Pharmacy in Provo, Utah, U.S. March 29, 2023. Ozempic is approved to treat Type 2 diabetes but has increasingly been prescribed "off-label" to treat weight loss because it has the same active ingredient as Novo's hugely popular - and scarce - anti-obesity drug Wegovy. In Britain, doctors and prescribers, including private online pharmacies, have been ordered to stop prescribing Ozempic to people who don't have type 2 diabetes as soon as possible. They are also banned from starting new patients with type 2 diabetes on the medicine for as long as the shortage lasts. Last month, Belgium's federal medicine agency recommended doctors and pharmacists only prescribe Ozempic to diabetic patients due to the surge in demand.

Persons: George Frey, Ozempic, Marine Strauss, Mark Potter Organizations: Novo Nordisk, Pharmacy, REUTERS, Marine, Thomson Locations: Provo , Utah, U.S, Belgium, Britain

☆ Orsted's finance and operations chiefs out after big losses
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +3 min

The offshore wind industry has found itself in a perfect storm of rising inflation, interest rate hikes and delays in the supply chain struggling to cope with growing demand. Orsted, the world's largest offshore wind developer, on Nov. 1 scrapped two U.S. offshore wind projects, flagging $5.6 billion in related impairments after delays, partly due to vessel availability, meant costs soared. "Together with the finance team and the group executive team, Rasmus Errboe will lead the work on supporting Orsted's capital structure and long-term commitment to its credit rating," the company said. Board member Andrew Brown, who has executive experience from Shell and Portugal's Galp, was appointed interim COO, Orsted said. The company said contracts it had signed for its U.S. offshore wind projects were secured recently and were therefore more reflective of current costs.

Persons: Tom Little, Rasmus Errboe, Andrew Brown, Daniel Lerup, Richard Hunter, Orsted, Mads Nipper, Nipper, Essi Lehto, Susanna Twidale, Louise Rasmussen, Mark Potter Organizations: REUTERS, Shell, RWE, Thomson Locations: Nysted, Denmark, HELSINKI

☆ DIY retailer Kingfisher launches AI-powered customer assistant
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +1 min

LONDON, Nov 14 (Reuters) - Home improvements retailer Kingfisher (KGF.L), home to the B&Q and Castorama brands, has launched what it says is the sector's first artificial intelligence-powered assistant to support customers with do-it-yourself (DIY) projects. Seeking cost savings and revenue gains, more retailers are using AI to boost personalised shopping experiences for consumers. FTSE 100 group Kingfisher said on Tuesday the virtual assistant would answer customers' DIY queries online and provide step-by-step advice on a range of home improvement projects, as well as product recommendations. As well as conversing with customers via text chat, the assistant will soon be able analyse photos to perform visual searches and answer visual queries. Kingfisher said the virtual assistant, which can operate in multiple languages, is initially launching on the website and app of its Castorama France unit.

Persons: Kingfisher, Brico, Tom Betts, James Davey, Mark Potter Organizations: Kingfisher, FTSE, Thomson Locations: France, Britain

☆ Ukraine wants frozen Russian assets for war damage, not just interest
▼ + stars: | 2023-11-09 | by ( Pavel Polityuk | ) www.reuters.com time to read: +2 min

KYIV, Nov 9 (Reuters) - Ukraine told Western allies on Thursday that giving it the interest accrued from frozen Russian assets would not be enough to compensate for damage sustained by the war and that it hoped to receive the assets in full. European Commission President Ursula von der Leyen said last month the Commission was working on a proposal to pool some of the profits derived from frozen Russian state assets to help Ukraine and its post-war reconstruction. She said the value of frozen Russian sovereign assets was around 211 billion euros ($223 billion), noting the bloc had decided that Russia must pay for Ukraine's reconstruction. Iryna Mudra, Ukraine's deputy justice minister, told Reuters Kyiv's partners were considering introducing a tax on income or investment of frozen Russian assets, an idea she said Kyiv welcomed but saw as insufficient. If we use only interest from all (this) frozen money, we can close about a half of this gap."

Persons: Russia's, Ursula von der Leyen, Volodymyr Zelenskiy, Pavel Polityuk, Mark Potter Organizations: Western, Reuters, Reuters NEXT, Thomson Locations: Ukraine, Russia, Kyiv, Ukrainian

☆ Indian scientists hope cloud seeding can clean Delhi's toxic air
▼ + stars: | 2023-11-09 | by ( Shivam Patel | ) www.reuters.com time to read: +3 min

Air quality dips in Delhi ahead of winter every year, when cold air traps pollutants from a variety of sources including vehicles, industries, construction dust, and agricultural waste burning. The project, estimated to cost 10 million rupees ($120,000) for 100 square kilometres (38.6 square miles), would involve spraying into clouds a mix of salts that include silver iodine, Agrawal said. "We don't expect that big a cloud that will cover entire Delhi, but a few hundred kilometres would be good," he told Reuters. The air quality index in the city was 506 early on Thursday, which is categorised as "hazardous" by Swiss group IQAir. Several countries have used cloud seeding to produce rain, improve air quality and water crops in time of drought, including Mexico, the United States, China, Indonesia and Malaysia.

Persons: Anushree, Manindra Agrawal, Agrawal, Gufran Beig, SAFAR, Beig, Shivam Patel, Mark Potter Organizations: REUTERS, Indian Institute of Technology, Reuters, Thomson Locations: New Delhi, India, DELHI, Delhi, Kanpur, Punjab, Haryana, Mexico, United States, China, Indonesia, Malaysia, New Mexico

☆ Russian gold miner Uzhuralzoloto announces IPO despite UK sanctions on owner
▼ + stars: | 2023-11-09 | by ( Anastasia Lyrchikova | ) www.reuters.com time to read: +2 min

Alfa Bank analysts valued UGC's share capital at 140.5-170.8 billion roubles ($1.53-1.86 billion). Britain imposed sanctions on 29 individuals and entities in Russia's gold and oil sectors on Wednesday, including Strukov and two of Russia's largest gold producers, Nord Gold and Highland Gold Mining, but not UGC itself. Britain's National Crime Agency (NCA) also issued an alert to financial institutions, warning them about Russian attempts to use gold to evade sanctions. Strukov said the IPO would allow UGC to reach more investors, diversify the shareholder structure and lower its debt burden. A string of small offerings has breathed some life into Russia's equity capital markets in recent months.

Persons: Uzhuralzoloto, Konstantin Strukov, Strukov, Anastasia Lyrchikova, Felix Light, Alexander Marrow, Mark Potter Organizations: UGC, Alfa Bank, Reuters, Nord, Highland Gold Mining, Crime Agency, Astra, Thomson Locations: Russia, Ukraine MOSCOW, Moscow, Britain, Ukraine, Nord Gold

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