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☆ Broadcom offered remedies to address EU antitrust concerns over VMware deal -sources
▼ + stars: | 2023-05-17 | by ( Foo Yun Chee | ) www.reuters.com time to read: +1 min

BRUSSELS, May 17 (Reuters) - Broadcom (AVGO.O) has offered interoperability remedies in an attempt to address EU antitrust concerns about its $61 billion bid for VMware (VMW.N), people familiar with the matter said. Broadcom submitted its proposal on Tuesday, a European Commission filing showed on Wednesday. The EU competition enforcer, which did not provide details in line with its policy, extended its deadline for a decision to July 17. On Wednesday, Broadcom reiterated its aim of closing the VMware transaction in the 2023 fiscal year, and added it was making progress with various regulatory filings regarding this deal around the world. "While we maintain that this deal does not present any competition issues, we have made a proposal to address fully the concerns expressed by the European Commission," said Broadcom.

BRUSSELS, May 10 (Reuters) - Lufthansa (LHAG.DE) suffered a setback on Wednesday after Europe's second-highest court sided with Ryanair (RYA.I) and annulled a European Union competition regulator's decision clearing its state bailout. The court also ruled in Ryanair's favour on Wednesday against pandemic state aid measures for SAS (SAS.ST), saying recapitalisation measures did not include sufficient measures to incentivise the Swedish and Danish governments to exit quickly. "We have seen the ruling by the General Court in the EU and will now review the content of the ruling as well as possible ways to proceed. Lufthansa and several other European airlines received state aid following a protracted travel slump due to the COVID-19 pandemic, all of which were approved by the EU executive subject to conditions. The Commission can appeal to the Court of the Justice of the European Union, Europe's highest, on points of law.

☆ Ryanair wins court challenge against Lufthansa state bailout
▼ + stars: | 2023-05-10 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

BRUSSELS, May 10 (Reuters) - Irish airline Ryanair (RYA.I) on Wednesday won its challenge against Lufthansa's (LHAG.DE) state bailout in 2020 triggered by the coronavirus pandemic as Europe's second-top court cited errors in EU competition regulators' decision to approve the state aid. Ryanair and German peer Condor subsequently challenged the EU decision on Lufthansa. They said the EU competition enforcer also failed to require a mechanism incentivising Lufthansa to buy back Germany’s shareholding as quickly as possible and erred by denying that Lufthansa held significant market power at certain airports. The Commission can appeal to the Court of the Justice of the European Union, Europe's top, on points of law. The joined cases are T-34/21 Ryanair v Commission (Lufthansa; Covid-19) & T-87/21 Condor Flugdienst v Commission (Lufthansa; Covid-19).

Reuters interviews with Kar and a dozen other voters in Antakya reflected anger over what some viewed as a slow initial government response to the disaster. The voices are a small snapshot of Antakya and the wider area of southern Turkey hit by the earthquake, a region home to nine million voters and traditionally an Erdogan stronghold. Only 4.3% of voters viewed the quake as Turkey's biggest problem last month, with most more concerned by an economy racked by rampant inflation. Nearby, excavators resound as they demolish some of the 80-90% of buildings estimated to have suffered quake damage. The opposing sides present very different narratives about Erdogan and his government's response to the disaster.

☆ France's food-price inflation to ease off by September, minister says
▼ + stars: | 2023-04-30 | by ( ) www.reuters.com time to read: +1 min

PARIS, April 30 (Reuters) - Food price inflation in France - which has been a major concern for consumers - should ease off by September, said government minister Olivia Gregoire on Sunday. "By the time people come back from their holidays in September, we will have a visible decrease in the prices you see on the shelves and in terms of food price inflation," Gregoire, who is a government minister responsible for small-and-medium sized enterprises (SMEs), told France Inter radio. Gregoire's comments echoed those from Bank of France governor and European Central Bank member Francois Villeroy de Galhau, who said earlier this month that he expected food price inflation to start easing in the second half of this year. France's headline inflation level rose to 5.9% in April from 5.7% in March. The French inflation level stood at 6.9%, as measured by a European Union-harmonised consumer price index.

☆ Police hunt suspects after robbery at Bulgari store in Paris
▼ + stars: | 2023-04-29 | by ( ) www.reuters.com time to read: 1 min

PARIS, April 29 (Reuters) - An investigation is underway to find the suspects who carried out an armed robbery at a flagship Bulgari store in central Paris on Saturday, said the Paris prosecutor's office. The robbery took place earlier in the day at Bulgari's store on Place Vendome - which had already been robbed in 2021. Bulgari is owned by French luxury goods company LVMH (LVMH.PA). Reporting by Sudip Kar-Gupta; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

☆ Deal reached in principle to resume Ukraine grain transit with 5 EU countries
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/IllustrationBRUSSELS, April 28 (Reuters) - The European Commission said on Friday it had reached a deal in principle to allow the transit of Ukrainian grain to resume through five European Union countries that had imposed restrictions. European Commission Vice President Valdis Dombrovskis tweeted that the EU executive had reached "an agreement in principle" with the five countries "to address concerns of both farmers in neighbouring EU countries and Ukraine". The deal also includes a support package worth 100 million euros ($110.25 million) for local farmers, Dombrovskis said. The five countries became transit routes for Ukrainian grain that could not be exported through the country's Black Sea ports because of Russia's February 2022 invasion. Bottlenecks then trapped millions of tons of grains in countries bordering Ukraine, forcing local farmers to compete with an influx of cheap Ukrainian imports that they said distorted prices and demand.

☆ Atos' cybersecurity unit drives sales ahead of split
▼ + stars: | 2023-04-27 | by ( Mathieu Rosemain | ) www.reuters.com time to read: +2 min

Home to assets deemed strategic by the French government, Atos is striving to regain investor confidence after several setbacks, heavy losses and sharp stock swings precipitated by governance instability. Eviden groups Atos' most coveted assets such as cybersecurity division BDS and supercomputers, fuelling speculation about interest from other players in the cybersecurity field, such as Thales (TCFP.PA). First-quarter revenue was up 2.8% from a year earlier to 2.81 billion euros ($3.11 billion), beating the analyst consensus provided by the company. Atos said its much-expected shareholder meeting would take place on June 28, amid strong criticism from some investors of board chairman Bertrand Meunier. ($1 = 0.9047 euros)Reporting by Mathieu Rosemain; Editing by Sudip Kar-GuptaOur Standards: The Thomson Reuters Trust Principles.

☆ Safran posts strong sales but sees supply chain risks
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +2 min

"The (pandemic) demand crisis is well and truly behind us," Chief Executive Olivier Andries said after reporting first-quarter revenues that rose 24.7% on an underlying basis to 5.266 billion euros ($5.78 billion). Safran's core propulsion revenues rose by 34.9%, on an organic basis, to 2.714 billion euros. Safran reaffirmed its 2023 full-year forecasts for revenues of at least 23 billion euros, recurring operating income around 3 billion euros and free cashflow of at least 2.5 billion. But the engine maker said the main risk factor remained supply chains, led by shortages of materials and labour. Andries said all metals were on the company's watch list for possible supply disruptions, notably steel.

☆ French company Safran keeps 2023 outlook as Q1 sales rise
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

PARIS, April 26 (Reuters) - France's Safran (SAF.PA) kept its 2023 financial outlook unchanged as it reported sharp growth in quarterly revenues, buoyed by a swift recovery in air traffic demand. Safran, which provides engines for Boeing (BA.N) and Airbus (AIR.PA) narrow-body jets through its CFM International joint venture with General Electric (GE.N), said first-quarter revenues rose 24.7% on an organic basis to 5.266 billion euros ($5.78 billion). Core propulsion revenues rose by 34.9%, on an organic basis, to 2.714 billion euros, the company said on Wednesday. Safran reaffirmed its 2023 full-year financial outlook, namely for revenues of at least 23 billion euros, recurring operating income of around 3 billion euros and a free cash flow of at least 2.5 billion euros. The engine industry and other parts of the aerospace supply chain have, however, been hit by labour and parts shortages.

The proposal aims to increase both demand for and supply of sustainable aviation fuels (SAF), which have net-zero CO2 emissions or low carbon emissions. The proposal sets binding targets for aviation fuel suppliers to ensure that all fuel made available to aircraft operators at EU airports contains a minimum share of SAFs from 2025, with the target increasing to 2050. In the nearer term, sustainable fuel is one of the few options to reduce air travel's carbon footprint. Airlines are set to receive around 2 billion euros in funding from the EU carbon market to help them switch to SAF. Biofuels can count towards the main SAF targets, so long as they comply with the EU's biomass sustainability criteria.

☆ EU leaders will discuss China relation during June summit
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: 1 min

BRUSSELS, April 24 (Reuters) - EU leaders will discuss the bloc's stance towards China and its future relations with the country during their next summit in June, EU Council President Charles Michel said on Monday. "EU-China policy will be on the agenda of our European council in June," Michel said in a post on Twitter. "Foreign affairs ministers will prepare this discussion under the leadership of the High representative Josep Borrell." EU foreign affairs ministers, speaking before a joint meeting on Monday, expressed their dismay over recent remarks by China's ambassador to France, who questioned the sovereignty of former Soviet states such as Ukraine. Reporting by Bart Meijer and Marine Strauss; Editing by Sudip Kar-GuptaOur Standards: The Thomson Reuters Trust Principles.

☆ French tech company Woodoo raises $31 million, led by Chris Sacca's Lowercarbon Capital
▼ + stars: | 2023-04-23 | by ( Sudip Kar-Gupta | ) www.reuters.com time to read: +1 min

PARIS, April 23 (Reuters) - French start-up technology company Woodoo said it had raised $31 million, led by Lowercarbon Capital, which is a fund co-founded by ex-Google executive and early Twitter investor Chris Sacca. The fund-raising for Woodoo highlights the growing importance of companies involved in recycling raw materials to protect the environment, as well as growth in France's tech sector. Last year President Emmanuel Macron said he wanted a surge in the number of French tech 'unicorns' or start-ups by 2030. Paris has traditionally lagged New York, California and also London as a technology and finance hub, but the French technology sector has recently notched up several high-profile fundraising rounds for some companies. Reporting by Sudip Kar-Gupta Editing by Frances KerryOur Standards: The Thomson Reuters Trust Principles.

☆ Macron, Biden talk, but statements differ on Taiwan
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +2 min

PARIS, April 20 (Reuters) - French President Emmanuel Macron spoke with his U.S. counterpart Joe Biden on Thursday, but statements the two leaders released differed over Taiwan just 10 days after Macron had drawn criticism with allies over the issue. A readout from the French presidency made no direct mention of Taiwan, merely saying that both sides desired to "support international law, including freedom of navigation, throughout the Indo-Pacific region." The White House statement was in stark contrast, saying the two leaders "had reaffirmed the importance of maintaining peace and stability across the Taiwan Strait." The French presidency also said it had presented "results obtained" from the China trip to Biden, although it did not elaborate on what those results were. Contrary to the White House statement, the French presidency said China had a role to play in the medium term to ending the war in Ukraine.

☆ EU lawmakers back ban on goods linked to deforestation
▼ + stars: | 2023-04-19 | by ( Kate Abnett | ) www.reuters.com time to read: +2 min

The rules aim to eliminate deforestation from the supply chains of a range of everyday items sold in Europe. It will apply to soy, beef, palm oil, wood, cocoa, coffee, rubber, charcoal, and derived products including leather, chocolate and furniture. Indonesia and Malaysia, the world's largest palm oil exporters, have accused the EU of blocking market access for their palm oil. The EU is the world's third-largest palm oil importer. The EU Parliament approved a deal on the rules, which was agreed by EU negotiators last year.

☆ Credit Agricole and Worldline plan French payments business
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +1 min

PARIS, April 19 (Reuters) - Credit Agricole (CAGR.PA) and payment services company Worldline (WLN.PA) have begun exclusive talks to set up a joint venture to provide payment services to businesses and their customers, they said on Wednesday. The joint-venture, slated to be fully operational by 2025, would be majority owned by Worldline and fully consolidated in the payments company's accounts, they said. It will involve an investment of 80 million euros, shared equally between Worldline and Credit Agricole, they said. Credit Agricole has a target to increase sales stemming from payments by 20% by 2025. The French bank previously had a "strategic partnership" focused on payments with German group Wirecard, which filed for insolvency in 2020.

PARIS, April 18 (Reuters) - French shipping group CMA CGM (CMACG.UL) is offering 5 billion euros ($5.48 billion) for the logistics unit of Bollore, the family-run conglomerate said on Tuesday. For Bollore a deal would mean cutting ties with its biggest business while offering cash-rich CMA CGM a chance to bolster its bid to offer end-to-end transportation services and supply chain management. Bollore said in a statement that it had agreed to enter into exclusive talks with CMA CGM until May 8. CMA CGM, privately controlled by the founding Saade family, has seen its earnings surge in the past two years on high freight rates and saturated supply chains. Bollore, run by the family of billionaire Vincent Bollore, sold its Bollore Africa Logistics business last year to shipping company MSC Group for 5.7 billion euros.

Iraq, OPEC's second largest oil producer, exports the bulk of its oil through its southern Gulf port of Basra. An Iraqi oil ministry official with knowledge of the meeting said the aim was to reassure the companies that their deals with the Kurdistan Regional Government (KRG) were secure. Baghdad and the KRG signed a temporary agreement on Tuesday to restart northern oil exports as part of efforts to end decades of political and economic disputes. Petraco confirmed its presence at talks in Baghdad and said it was currently awaiting further developments. Further complicating the picture, Kurdistan has borrowed billions of dollars from trading houses and oil producers, including to build a new pipeline to Turkey, pledging to repay debts from future oil exports.

☆ Finland will join NATO on Tuesday - Stoltenberg
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: 1 min

[1/2] NATO Secretary-General Jens Stoltenberg attends a news conference before a meeting of NATO foreign ministers in Brussels, Belgium April 3, 2023. REUTERS/Johanna GeronBRUSSELS, April 3 (Reuters) - Finland will join NATO on Tuesday, a step that will make Finland safer and the alliance stronger, NATO chief Jens Stoltenberg said on Monday. "We will raise the Finnish flag for the first time here at NATO headquarters. It will be a good day for Finland's security, for Nordic security and for NATO as a whole," he told reporters in Brussels. Reporting by Sudip Kar Gupta, Sabine Siebold and Andrew Gray; Editing by Alison WilliamsOur Standards: The Thomson Reuters Trust Principles.

☆ EU must cut risks in ties with 'hardening' China - EU chief
▼ + stars: | 2023-03-30 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +3 min

Given China's economic size and global influence, the European Union's management of this relationship would be a determining factor for EU economic prosperity and security, she said. "How China continues to interact with Putin's war will be a determining factor for EU-China relations going forward," von der Leyen said in a speech in Brussels. Von der Leyen said it was not viable to decouple from China, but it was vital to focus on reducing the risks posed to Europe. The EU, von der Leyen said, already had a range of measures to counter economic distortions and protect its security interests, but the bloc should also look at the high-tech it shared with a changing China. Since 2019, the European Union has officially regarded China as a partner, economic competitor and systemic rival.

☆ Satellite company SES confirms tie-up talks with Intelsat
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +1 min

PARIS, March 29 (Reuters) - Satellite company SES (SESFg.LU) confirmed on Wednesday that it was in talks with U.S. rival Intelsat over a possible combination of their businesses that would create an industry giant. "In response to rumours in the market, SES S.A. confirms that the company has engaged in discussions regarding a possible combination with Intelsat," SES said. SES is aiming to reach an agreement with Intelsat as soon as the next few weeks, Bloomberg said, citing sources. Merger talks between the two signal further consolidation in the rapidly changing satellite Internet industry to challenge the likes of Elon Musk-owned SpaceX's Starlink and Amazon.com's (AMZN.O) Project Kuiper. The Paris-listed shares of Luxembourg-based SES (SESFg.LU), rose 3.4% on the report of the two sides nearing a deal, according to traders.

☆ Satellite company SES confirms talks with Intelsat
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: 1 min

PARIS, March 29 (Reuters) - Satellite company SES (SESFg.LU) confirmed on Wednesday that it was in talks with its peer Intelsat over a possible combination of their businesses. "In response to rumours in the market, SES S.A. confirms that the company has engaged in discussions regarding a possible combination with Intelsat. At this stage, there can be no certainty that a transaction would materialise," said SES. Reporting by Sudip Kar-Gupta, Editing by William MacleanOur Standards: The Thomson Reuters Trust Principles.

☆ French prosecutors search bank offices over dividend stripping
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +2 min

The PNF financial prosecution office said in a statement the probe was linked to so-called "cum-ex" dividend stripping, a trading scheme whereby banks and investors swiftly trade shares of companies around their dividend payout day. The searches by French prosecutors are the latest to hit global banks as similar investigations have been conducted in other European countries, including Germany. It was the highest-profile prosecution and longest sentence to date in a series of trials that have also convicted British bankers. It said six German prosecutors were also assisting the investigations. Reporting by Tassilo Hummel, Blandine Hénault and Sudip Kar-Gupta; writing by Silvia Aloisi, Editing by Giles ElgoodOur Standards: The Thomson Reuters Trust Principles.

☆ Iraqi Kurdistan region's oil output at risk after Turkey halts pipeline exports
▼ + stars: | 2023-03-27 | by ( Rowena Edwards | ) www.reuters.com time to read: +2 min

[1/2] The Iraqi- Turkish pipeline is seen in Zakho district of the Dohuk Governorate of the Iraqi Kurdistan province, Iraq, August 28, 2016. REUTERS/Ari JalalMarch 27 (Reuters) - Oil production in Iraq's semi-autonomous Kurdistan region (KRI) is at risk after a halt in northern exports has forced firms operating there to divert crude to storage, where capacity is limited. Oil firms operating in the region have been left in limbo as they await the outcome of ongoing discussions between Ankara, Baghdad and the KRG to find a way to resume exports. The two firms hold stakes in the Tawke and Peshkabir fields, which produced 107,000 bpd of oil last year. Production at the Khurmala oil field run by Kurdish group Kar is currently unaffected at around 135,000 bpd and heading into tank, a source familiar with the field operations told Reuters.

☆ Ukraine creditors group: provides assurances to support IMF steps to help Ukraine
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +1 min

BRUSSELS, March 24 (Reuters) - The Group of Creditors of Ukraine (GCU) body said on Friday that it had provided financing assurances to support the International Monetary Fund's (IMF) approval for an upper credit tranche programme to help restore Ukraine's economy. The Group of Creditors of Ukraine includes Canada, France, Germany, Japan, Britain and the United States. That is why Germany is committed to providing financial support bilaterally and in various multilateral forums," a German finance ministry spokesperson said in a written statement. The group agreed to conduct a debt restructuring in a later phase to restore the country's debt sustainability, it added. Reporting by Sudip Kar-Gupta, additional reporting by Victoria Waldersee; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

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