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The Credit Suisse rescue has shaken the European banking sector and fears of wider fallout remain. Under the Credit Suisse rescue deal, 16 billion Swiss francs worth of Credit Suisse Additional Tier 1 debt will be written down to zero on the orders of the Swiss regulator. Overall, bank debt remained under pressure, with the cost of insuring exposure to the debt rising in the credit default swaps (CDS) market. CONTAGION RISKThe wipeout of AT1 bonds in the Credit Suisse rescue has alerted fixed income investors to the risks of investing in these instruments. At Credit Suisse, the bank's AT1 bonds were bid as low as 1 cent on the dollar on Monday as investors braced for the wipeout.

Credit Suisse fell below 2 Swiss francs ($2.18) for the first time after Saudi National Bank said it could not go above 10% ownership due to a regulatory issue. Credit Suisse shares fell by as much as 23.8% and were last down 20.2%. An index of European bank stocks (.SX7P) fell in morning trading and was last down 6.1%, hitting its lowest since January 3. Fears of contagion after the collapse of tech-focused lender SVB (SIVB.O) and New York-based Signature Bank (SBNY.O) last week have weighed on European bank stocks. We move from the problems of American banks to those of European banks, first of all Credit Suisse," said Carlo Franchini, head of institutional clients at Banca Ifigest in Milan.

☆ BMW cautiously optimistic on 2023, EV targets ahead of schedule
▼ + stars: | 2023-03-15 | by ( Victoria Waldersee | ) www.reuters.com time to read: +3 min

[1/2] A BMW SUV moves down the assembly line at the BMW manufacturing plant in Greer, South Carolina, U.S., October 19, 2022. The company said it planned to keep prices stable, after years of dealing with rising costs by passing them on to customers. "We see hydrogen-electric vehicles as a meaningful complement to e-mobility, even with something of a time lag," Zipse said. The BMW iX5 Hydrogen* test vehicle, with a range of 500 km (310 miles) and an ability to refuel in three to four minutes, was being tested in various countries, BMW said in a statement. ($1 = 0.9319 euros)Reporting by Victoria Waldersee; Additional reporting by Danilo Masoni; editing by Paul Carrel, Bradley Perrett, Tomasz Janowski and Christina FincherOur Standards: The Thomson Reuters Trust Principles.

☆ Mbappe beats PSG all-time scoring record as French champions extend lead
▼ + stars: | 2023-03-04 | by ( Julien Pretot | ) www.reuters.com time to read: +3 min

The 24-year-old Mbappe found the back of the net two minutes into stoppage time for his 201st goal in all competitions with PSG, improving the mark he shared with Edinson Cavani. The club organised a short ceremony after the final whistle, with a big portrait of Mbappe displayed at the Parc des Princes. "It's a privilege to be a PSG player, to play in this historic shirt, for the biggest club in France." PSG got off to a dream start as Messi opened the scoring in the 12th minute with a left-footed volley form Fabian Ruiz's cross. Earlier, RC Lens's Champions League hopes suffered another knock when they were held to a 1-1 home draw in the northern derby.

☆ Wayne Shorter, master composer of jazz, dies aged 89
▼ + stars: | 2023-03-02 | by ( William Schomberg | ) www.reuters.com time to read: +2 min

[1/3] U.S. Jazz saxophonist Wayne Shorter performs onstage during a 'tribute to Miles Davis evening' at the 45th Montreux Jazz Festival in Montreux July 13, 2011. REUTERS/Valentin FlauraudMarch 2 (Reuters) - American saxophonist Wayne Shorter, who wrote some of jazz's most acclaimed compositions and whose often plaintive playing changed the sound of jazz in the 1960s before he explored rock-fusion, died on Thursday aged 89. "The master writer to me, in that group, was Wayne Shorter," the keyboardist said. "Wayne was one of the few people who brought music to Miles that didn't get changed." Other hit records included "Native Dancer" featuring Brazilian singer Milton Nascimento which mixed jazz, rock and funk with Brazilian rhythms.

☆ Dozens of migrants, including a baby, killed after their overloaded boat was shipwrecked off the coast of Italy
▼ + stars: | 2023-02-26 | by ( Bethany Dawson | ) www.businessinsider.com time to read: +2 min

45 migrants have died trying to reach Italy in a small boat. Up to 180 people are believed to have been aboard when the wooden boat hit rocks. The boat, carrying between 150 and 180 people, broke in half after crashing into a rock in rough seas as it approached Crotone, southern Italy. According to a statement from Italian Prime Minister Giorgia Meloni, the boat was just 20 meters (65 feet) long. Earlier this month, a small boat crossing in Italy o the small island of Lampedusa and carrying a mother and baby among a group of 10 people was lost at sea, Reuters reported.

☆ Wood Group shares rally on unsolicited Apollo approach
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: 1 min

MILAN, Feb 23 (Reuters) - Wood Group (WG.L) shares rallied more than 30% on Thursday after the British energy services provider said it had received and then rejected three unsolicited takeover proposals from U.S. private equity group Apollo Global Management (APO.N). "The Board unanimously rejected each of the Proposals, having concluded that they each significantly undervalued the repositioned Group's prospects," the UK-listed company said in a statement late on Wednesday. The most recent approach was a cash offer for the entire capital of Wood Group valuing the company at 230 pence per share, the statement added. By 0824 GMT, Wood Group shares were up 32% after earlier rising as much as 34.4% to 208 pence. Reporting by Danilo Masoni; Editing by Amanda CooperOur Standards: The Thomson Reuters Trust Principles.

StanChart declined to comment on the reports of a fresh bid, while FAB did not respond to requests for comment. While StanChart's balance sheet, staff numbers and global footprint dwarf FAB's, it is worth half as much. StanChart's shares rose by 11% on Thursday after Bloomberg News reported that a possible FAB bid would value its target at $30 billion to $35 billion, a significant premium to the Asia-focused banking powerhouse's $24 billion market value. A second shareholder questioned whether FAB's shares would be attractive to British-based holders of StanChart stock. "I can't think shareholders would relish adding a small Gulf bank to Stan's current geographic mix," the investor added.

Global markets revenue jumped by about 24% in October-December, the euro zone's biggest bank said on Tuesday, fuelled by a 45% leap in revenue from trading in commodity derivatives, rates, foreign exchange and emerging markets. BNP's 45% sales growth in FICC trading (fixed income, commodities, currencies) compared with 25% growth at peers, analysts at Barclays said. Shares in BNP Paribas (BNPP.PA) were up as much as 4% by 1432 GMT on Tuesday, outperforming the euro zone bank index (.SX7E) and valuing the group at more than 78 billion euros ($83 billion). "These are upward revisions that are quite significant and not so frequent," Bonnafe told reporters in a call. BNP Paribas' net income fell by 6.7% to 2.15 billion euros.

ION Group, the financial data firm's parent company, said in a statement on its website that the attack began on Tuesday. "The incident is contained to a specific environment, all the affected servers are disconnected, and remediation of services is ongoing," ION Group said, declining requests for further comment. ABN told clients on Wednesday that due to "technical disruption" from ION, some applications were unavailable and were expected to remain so for a "number of days". It added that its staff had to process trades directly with the exchange. Intesa Sanpaolo told clients that its brokerage and clearing operations on exchange-traded derivatives had been "severely hampered" by IT problems at ION and that it was not able to handle orders.

☆ Europe's luxury stocks have room to rise, but becoming costly
▼ + stars: | 2023-01-31 | by ( Lucy Raitano | ) www.reuters.com time to read: +5 min

REUTERS/Sarah Meyssonnier/FilesLONDON, Jan 31 (Reuters) - Europe's glittering luxury companies, the region's top stock-market performers in 2023, may see yet more gains driven by a rebound in Chinese spending, but for some the sector is starting to look expensive. An index of European luxury goods retailers (.dMIEU0TA00PUS) has rallied around 18% so far this year, outperforming the wider pan-European STOXX 600 (.STOXX), which is up 6.2% in the same time frame. But the fact that luxury goods companies are not as cheap as they once were is a "concern/point of attention", said Kasper Elmgreen, Head of Equities at Amundi, Europe's largest asset manager. Jelena Sokolova, senior equity analyst at Morningstar, said that China reopening is the key issue for European luxury stocks this year, and is already at least 50% priced in. These shares have more room to run higher as Chinese consumers hit the shops again and luxury companies flex their pricing power.

☆ PSG's poor run continues with Reims draw
▼ + stars: | 2023-01-29 | by ( ) www.reuters.com time to read: +3 min

The capital side, who had lost two of their three previous games, have 48 points from 20 games with Lens on 45 and Marseille on 43 in an open title race. Reims are 11th on 26 points after stretching their Ligue 1 unbeaten run to 12 games. In the 51st minute, Messi's shot was deflected into the path of Neymar, who dribbled past Yehvann Diouf before poking the ball home. But PSG continued to dominate with Sergio Ramos coming close with a double header and Achraf Hakimi having a goal disallowed for offside. Reporting by Julien Pretot; Editing by Christian RadnedgeOur Standards: The Thomson Reuters Trust Principles.

European stocks have vastly outperformed their U.S. peers. The euro STOXX (.STOXXE) benchmark has beaten its U.S. peer, the S&P 500 (.SPX), by over 18 percentage points since September. "It's a very big move in European gas prices and that has dramatically improved the outlook. "Lower gas prices are surely a positive, but their rapid fall also tell us that they can rise just as fast should things go wrong. A closely watched index of European corporate credit (.MERER00) has seen its yield fall nearly 50 basis points this year.

☆ How Milan’s Seafood King Made Langosteria a Must for Foodies and Fashionistas Alike
▼ + stars: | 2023-01-22 | by ( Jay Cheshes | Photography Danilo Scarpati For Wsj. Magazine | ) www.wsj.com time to read: +1 min

Langosteria CEO Enrico Buonocore at one of the restaurant group’s four Milan outposts. And the waitstaff navigate the 150-seat dining room and an equally expansive terrace in parka-topped uniforms custom-made by Moncler . “It’s Langosteria, but Langosteria in the mountains,” says founder Enrico Buonocore, 46, of the Swiss outpost of his fashion-world haunt, a destination for seafood since 2007. “Our restaurants are not copy and paste, all are unique projects. The layout is the same, the gastronomic line is the same, but the restaurant is different.”

REUTERS/Leonardo Fernandez ViloriaCARACAS, Jan 21 (Reuters) - Colombia and the National Liberation Army (ELN) rebel group said on Saturday they will resume peace talks in Mexico next month, overcoming a recent impasse after the government recently declared and then called off a bilateral ceasefire. There was a first cycle of talks last year in Caracas to end the guerrillas' part in nearly six decades of war. The about-face on the ceasefire came after ELN said it had not agreed to it. "In said cycle, the issue of society's participation in peace building will be addressed. Colombia and the ELN said they would jointly examine progress in implementing agreements reached during the first cycle of talks and agreed to keep communication channels open even when not at the negotiating table.

☆ Luxury giant LVMH hits 400 billion euro in market value
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +1 min

MILAN, Jan 17 (Reuters) - LVMH (LVMH.PA) shares rose to a fresh record high on Tuesday, giving the luxury goods group a market capitalisation of 400 billion euros ($434 billion) for the first time and cementing its lead as Europe's most valuable company. Like other luxury companies which are heavily exposed to China, LVMH has benefited this year from the fast reopening of the world's second biggest economy. "They are firing their last cartridge which is the Chinese reopening, going forward things will get tougher: tough comparisons, dollar going down," he added. The shares rose as much as 0.4% to a lifetime high of 795.7 euros, which gave the group a market value slightly above 400 billion euros, according to Reuters calculations based on Refintiv data. snapshot($1 = 0.9236 euros)Reporting by Danilo Masoni, editing by Alun John, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ Why one fast-casual restaurant is a Wall Street favorite, even with a recession looming
▼ + stars: | 2023-01-13 | by ( Carmen Reinicke | ) www.cnbc.com time to read: +6 min

One fast-casual restaurant chain has remained a favorite on Wall Street even as the U.S. grapples with a potential looming recession. Over the past 15 months, the burrito chain has introduced three rounds of price increases that boosted the cost of its products 13% from a year earlier. In addition, many Wall Street analysts are forecasting a mild recession, which is better for fast-casual restaurants as the hope is consumers won't have to pull back very much or for very long. Potential for growth Another reason that Wall Street likes Chipotle is that it has solid potential for growth in the coming months and years, according to Zackfia. Overall, however, Wall Street sees fast-casual restaurants holding up to economic weakness.

Bonds also rose, mirroring hopes of a softer inflation report, and the U.S. dollar was near seven-month lows against a basket of currencies. Europe's STOXX 600 (.STOXX) equity benchmark index rose 0.6% to its highest since April 2022. Roberto Lottici, portfolio manager at Banca Ifigest, said he was concerned markets could potentially even react negatively to any big downside surprise in the U.S. CPI data. Foreign exchange markets elsewhere were quieter ahead of the U.S. CPI data while China's reopening kept a bid under Asia's currencies. The dollar index eased 0.1% to 103.06, not far from a seven-month low of 102.93 hit this week.

☆ UK watchdog fines Deloitte over SIG audit
▼ + stars: | 2022-12-22 | by ( Tom Wilson | ) www.reuters.com time to read: +1 min

LONDON, Dec 22 (Reuters) - Britain's accounting watchdog said on Thursday it had fined Deloitte LLP more than 900,000 pounds ($1.09 million) over its audits of building materials supplier SIG plc (SHI.L) for the 2015 and 2016 financial years. The FRC reprimanded Deloitte, ordering it to take action prevent the breaches from happening again. It also fined Deloitte audit engagement partner Simon Manning 50,000 pounds, reduced to 36,250 pounds, after he also admitted the breaches. Deloitte and Manning admitted two breaches in relation to the audit of supplier rebates - incentives paid to SIG by its suppliers - and cash, the FRC said. "We have learnt from the matters identified by the FRC and remain committed to audit quality and its continuous improvement."

☆ Wall St posts fourth straight drop, Treasury yields rise as recession fears weigh
▼ + stars: | 2022-12-19 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

[1/2] A trader works on the trading floor at the New York Stock Exchange (NYSE) in New York City, U.S., December 14, 2022. "(Investors are) worried about recession and higher rates and there’s not a lot of news to reverse the trend." Emerging market stocks rose 0.02%. U.S. Treasury yields rose as investors considered how high the Federal Reserve will hike interest rates in its protracted battle against inflation. Gold inched lower in thin trading, as rising yields on expected future interest rate hikes helped offset weakness in the greenback.

☆ Wall Street slides, Treasury yields rise on lingering recession fears
▼ + stars: | 2022-12-19 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

[1/2] A trader works on the trading floor at the New York Stock Exchange (NYSE) in New York City, U.S., December 14, 2022. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) closed 0.24% lower, while Japan's Nikkei (.N225) lost 1.05%. U.S. Treasury yields rose as investors considered how high the Federal Reserve will hike interest rates and how long they will remain at restrictive levels in its battle against inflation. U.S. crude rose 1.21% to settle at $75.19 per barrel, while Brent settled at $79.80, up 0.96% on the day. Gold inched lower in thin trading, as rising yields on expected future interest rate hikes helped offset weakness in the greenback.

☆ Wall Street mixed, Treasury yields rise as 2023 worries loom
▼ + stars: | 2022-12-19 | by ( Stephen Culp | ) www.reuters.com time to read: +3 min

With just two weeks remaining in 2022, the S&P 500, the Dow and the Nasdaq are on track to notch their largest annual percentage losses since 2008, the nadir of the global financial crisis. The pan-European STOXX 600 index (.STOXX) rose 0.43% and MSCI's gauge of stocks across the globe (.MIWD00000PUS) shed 0.23%. U.S. Treasury yields rose as investors considered how high the Federal Reserve will hike interest rates and how long they will remain at restrictive levels in its battle against inflation. U.S. crude rose 0.48% to $74.65 per barrel and Brent was last at $79.57, up 0.67% on the day. Reporting by Stephen Culp; Additional reporting by Danilo Masoni in Milan; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

☆ Stocks steady, yields rise as rate risks cloud 2023 outlook
▼ + stars: | 2022-12-19 | by ( Danilo Masoni | ) www.reuters.com time to read: +5 min

By 1152 GMT, the index was broadly unchanged after a heavy week for rate increases on Friday sent it to its lowest point since Nov. 10. Long-term borrowing costs rose for a fourth straight session and short-dated yields remained not far off their highest levels in more than a decade. It wreaked havoc even on rate markets," said Carlo Franchini, head of institutional clients at Banca Ifigest in Milan. Ten-year Treasury yields rose 4 basis points (bps) to 3.522%. Gold inched 0.1% higher at $1,764 an ounce, as a softer dollar countered pressure from expectations of higher U.S. rates.

Summary Global stocks index up 0.1%Japan could tweak inflation target - sourceshttp://tmsnrt.rs/2yaDPgnhttp://tmsnrt.rs/2egbfVhMILAN, Dec 19 (Reuters) - World stocks inched higher on Monday but stayed near 6-week lows as investors started the year's last full trading week still mindful of interest rate hike risks to the economy in 2023. By 0902 GMT, the index rose 0.1% after a heavy week for interest rate increases on Friday sent it to its lowest point since Nov. 10. It wreaked havoc even on rate markets," said Carlo Franchini, head of institutional clients at Banca Ifigest in Milan. "Except for the BOJ and perhaps the Bank of England, there's little confidence in the other central banks. Japan's Nikkei (.N225) fell 1.05% to a six-week low and the yen rose 0.5% to 135.9 per dollar.

☆ Colombia ELN leftist guerrilla group declares Christmas ceasefire
▼ + stars: | 2022-12-19 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Leonardo Fernandez ViloriaBOGOTA, Dec 19 (Reuters) - Colombian leftist guerrilla group the National Liberation Army (ELN) on Monday declared a nine-day unilateral ceasefire over the Christmas period, as part of a bid to support peace talks with the Andean country's government, which urged other illegal armed groups to follow suit. Colombia's government and the ELN last week completed the first cycle of peace talks between the two parties in Venezuela's capital Caracas. The unilateral ceasefire will only apply to Colombia's military and police, the ELN said in a recorded statement, adding it reserves the right to defend itself if attacked. Following the announcement, Colombia's government called on other armed groups also to call a ceasefire. Reporting by Nelson Bocanegra and Oliver Griffin Writing by Oliver Griffin Editing by Alistair BellOur Standards: The Thomson Reuters Trust Principles.

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