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☆ AstraZeneca succession sickness demands urgent fix
▼ + stars: | 2023-09-15 | by ( Aimee Donnellan | ) www.reuters.com time to read: +3 min

LONDON, Sept 15 (Reuters Breakingviews) - Can a CEO be worth $9 billion? That’s the question posed by the 4% fall in AstraZeneca’s (AZN.L) shares following an article stating boss Pascal Soriot may soon resign. The company has played down the report, and its stock has recovered, but the episode highlights its uncertain position were 64-year-old Soriot to leave. Without a clear succession plan, investors should prepare for further swings. Small wonder investors and analysts wonder whether AstraZeneca will be able to find a successor capable of replicating his success.

Persons: Pascal Soriot, AstraZeneca’s, Ivan Menezes, Debra Crew, Soriot, Susan Galbraith, David Fredrickson, Luke Miels, Soriot’s, Neil Unmack, Streisand Neto Organizations: Reuters, Pfizer, pharma, Novartis, Sanofi, GSK, AstraZeneca, Diageo, Thomson Locations: AstraZeneca’s, Swedish

☆ European stocks higher in busy week for global economic data; miners up 2.7%
▼ + stars: | 2023-09-11 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +1 min

European markets climbed Monday morning, kicking off a busy week of economic data releases around the world. Basic resources gained 2.7%, as stocks including Anglo American and Rio Tinto traded higher following gains in metals prices. European marketsInvestors are looking forward to key U.S. inflation data in the week ahead, with the latest consumer price index due Wednesday and producer price index Thursday. The readings come after a string of stronger-than-expected economic data points last week renewed worries that the U.S. Federal Reserve could raise rates more than previously expected. Asia-Pacific markets are also gearing up for big data releases this week.

Persons: Brendan McDermid Organizations: Rio Tinto, Investors, U.S . Federal, Traders, Reuters, Central Bank's Locations: London, Europe, Asia, Pacific, India, China

☆ De Beers 'confident' talks will avert strike at S.Africa's Venetia mine
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +1 min

De Beers delivers first production from underground operations at its Venetia Mine in South Africa in this undated handout picture. On Tuesday, NUM, South Africa's biggest mineworkers' union, said it was planning a strike at Venetia, as De Beers could only offer a 6% pay increase against demands for a 9% hike. The strike by NUM's 1,500 workers would impact operations at Venetia's new $2.3 billion underground operations, which started production in July. De Beers stopped its 30-year open pit operations at Venetia in December 2022. "We are confident that through continued engagement with the union and our employees we will reach a sustainable settlement with the NUM," De Beers said.

Persons: De Beers, NUM, Nelson Banya, Sharon Singleton Organizations: REUTERS, South Africa's National Union of Mineworkers, Commission, Conciliation, Thomson Locations: Venetia, South Africa, NUM

Renewable energy is more reliable but its promise for the region still remains largely unmet. Most households have depended on gasoline generators for power, but recently the government removed a gasoline subsidy, prompting increased interest in solar power, according to dealers. The Nigerian government has not announced incentives to promote solar energy, such as reducing import taxes on solar equipment as demanded by dealers. “The problem was affordability, but now customers can pay installments over a period of 18 months,” said Tunde Oladipupo, an agent for Sun King, a solar power company. Another example of this shift is the Ford vehicle assembly plant in Silverton, Pretoria, which currently sources over 35% of its electricity from solar power.

Persons: Rashmi Shah, ”, William Ruto, Tunde Oladipupo, Sun King, Monsurat Qadri, ” Qadri, ” Mohammed Ettu, Shah, ” Shah, ___ Adebayo, Magome Organizations: Climate Summit, World Bank, CP Solar’s, Associated Press, Kenyan, Solutions, Ford, South, CP, Kenya Power, Lighting Company, Supersport, AP Locations: NAIROBI, Mombasa, Nairobi, Kisii County, Kenya, Africa, Nigeria, Oyo, Lagos, Saharan Africa, South Africa, Stillwater, American, Silverton , Pretoria, Mpumalanga, Kenya —, Abuja, Johannesburg

☆ Polanski film 'The Palace' can't find distributors in US, Britain or France, producer says
▼ + stars: | 2023-09-02 | by ( ) www.reuters.com time to read: +2 min

[1/4] The 80th Venice Film Festival - Photocall for the film "The Palace" out of competition - Venice, Italy, September 2, 2023. REUTERS/Yara Nardi Acquire Licensing RightsVENICE, Sept 2 (Reuters) - The producer of Roman Polanski's latest movie, "The Palace", bemoaned the fact that no one wanted the distribution rights for the film in the United States, Britain and France, saying morality should not weigh on art. One of the most successful directors of his generation, Polanski fled the United States over a conviction for raping a 13-year-old girl in 1977, a crime he admitted. After the #MeToo movement gained global traction in 2017 following sexual abuse allegations against U.S. film producer Harvey Weinstein, a number of women alleged that Polanski had sexually assaulted them as teenagers as well. The producer Luca Barbareschi said he had sold distribution rights across continental Europe, but not in France, Britain or the United States, despite the fact well-known actors from all three countries appeared in the film.

Persons: Milan Peschel, Fortunato Cerlino, Fanny Ardant, Luca Barbareschi, Oliver Masucci, Joaquim de Almeida, Yara, Roman, Polanski, Harvey Weinstein, Mickey Rourke, John Cleese, Joaquim De Almeida, Barbareschi, Polanski's, Polanksi, Crispian Balmer, Ros Russell Organizations: REUTERS, U.S, Venice Film, Netflix, Golden, Thomson Locations: Venice, Italy, United States, Britain, France, Polish, Swiss, Europe, Australia, New Zealand

☆ Opinion: Why Vivek Ramaswamy’s swipe at Nikki Haley was so off base
▼ + stars: | 2023-09-02 | by ( Opinion Jeff Vasishta | ) edition.cnn.com time to read: +7 min

CNN —In a move surprising even for a mercurial figure like Vivek Ramaswamy, the millionaire businessman this past week took a backhanded swipe at fellow Republican presidential candidate Nikki Haley. For many Indian Americans and many Anglo Indians like me, Ramaswamy’s line of attack might not seem particularly surprising. With his jab at Haley, Ramaswamy almost certainly was not looking to ingratiate himself with Indian Americans. And on the whole, surveys show that nearly seven in 10 Indian voters in the United States identify as Democrats or lean Democratic. This did Ramaswamy no favors with Indian voters, especially Indian women.

Persons: Jeff Vasishta, Vivek Ramaswamy, Nikki Haley, Alex Garcia, Nimarata Nikki Randhawa, Narendra Modi, “, Ramaswamy –, Haley, Ramaswamy, Barack Obama, Haley —, Ramaswamy —, — weaponized, ingratiate, Biden, Kamala Harris, —, Donald Trump, Obama, won’t, We’re Organizations: Rolling Stone, Billboard, Variety, CNN, Democratic National Convention, Indian, UN, Republican, Trump, Twitter, Facebook Locations: Rolling, South Carolina, British, India, United States, Silicon Valley, Milwaukee, New York, America

Thermal coal insurance rates rose more than 20% last year, it said, above the 7.3% rise in the benchmark Marsh Global Insurance Market Index. Insurance companies can be active in both primary insurance and reinsurance and have differing commitments on ESG for different parts of their business. "Establishing a mutual fund for the coal industry is a matter for the coal industry," a spokesperson for the Australian Department of Treasury said. "I'm talking about going beyond your normal UK-based markets and looking into Asia for funders and insurance cover," she added. Coal prices hit record highs in September last year as European countries scrambled to replace Russian gas, sending coal miners' profits soaring.

Persons: Philip Mostert, Seriti, Doug Gain, Gain, Ben Davis, Willis Towers Watson, Thungela, China's, Russia's, Switzerland's Chubb, Chubb, Russia's SOGAZ, Peter Bosshard, Nombasa Tsengwa, Tsengwa, Exxaro, Clara Denina, Sarah McFarlane, Nelson Banya, Elaine Hardcastle, Daniel Flynn Organizations: REUTERS, Seriti, Thungela Resources, International Energy Agency, Reuters, Marsh Global Insurance, Whitehaven Coal, Whitehaven, Allianz, Swiss, Germany's Allianz, Insuramore, Australian Department of Treasury, South, Thomson Locations: American, Mpumalanga Province, South Africa, South, Ukraine, Whitehaven, Munich, Australia, Asia, Europe

☆ Old video sparks wild theories on fate of Russia's Prigozhin
▼ + stars: | 2023-08-27 | by ( ) www.reuters.com time to read: +2 min

The Kremlin said Western suggestions he had been killed on its orders were an "absolute lie." "Today we have reached the boiling point," he said in the clip published on Grey Zone, Wagner's Telegram channel. He added, "But I will not lie, I must say honestly that Russia is on the brink of disaster. Some posts speculated Prigozhin was alive. One post said Ukraine had killed Prigozhin by order of US special services "and the Anglo-Saxons" and added, "it is inconvenient for us to lose such a hero," to which someone responded with three crying-laughing emojis.

Persons: Yevgeny Prigozhin, Wagner, Semyon Pegov, Prigozhin, Sergei Surovikin, pina colada, Vladimir Putin, Elaine Monaghan Organizations: Kremlin, Grey, Thomson Locations: Moscow, Russia, Jamaica, France, Ukraine

"The main issue with methanol at this stage is increasing access and the scale of green production," Peter Lye, global head of shipping at Anglo American, said. Reuters GraphicsNetherlands-based OCI, which supplied green methanol to Maersk's first ship, can produce up to 200,000 tpy of the renewable fuel. Bashir Lebada, CEO of OCI's methanol and fuels business, said the vessel orders have given suppliers a confidence boost in advancing their green methanol projects even though production is "very small" now. Most green methanol projects are located in China, northern Europe and North America - far from major bunker hubs Singapore and the United Arab Emirates, creating a logistical gap. Within Asia, South Korea and China are set to increase their capacity to fuel ships with green methanol.

Persons: A.P . Moller, Moller, Emma Mazhari, Rashpal Singh Bhatti, we're, Peter Lye, Greg Dolan, Bashir Lebada, Anita Gajadhar, Jeslyn Lerh, Jacob Gronholt, Johannes Birkebaek, Florence Tan, Barbara Lewis Organizations: Reuters, Maersk, Handout, REUTERS, Container, A.P, CMA, Apple, Nike, Adidas, Walmart, Global, Reuters Graphics, United Arab, Pedersen, Thomson Locations: SINGAPORE, COPENHAGEN, South Korea, Reuters Graphics Netherlands, China, Europe, North America, Singapore, United Arab Emirates, Chile, Argentina, Asia, Copenhagen

☆ China's economy is teetering — and these European companies are among the most at risk
▼ + stars: | 2023-08-17 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Several signals from China this week suggest that European companies with close ties to the world's second-largest economy may face difficulties in the coming months. "BMW has the highest China exposure among European OEMs [original equipment manufacturers] — we prefer a higher US exposure (which Mercedes has). Methodology: Revenue data by geography was available only for 422 out of the 600 companies on the Stoxx Europe 600 index. FactSet data relies primarily on geographical sales data disclosures from companies directly. When this is not available, FactSet applies a proprietary algorithm to estimate the percentage revenue exposure.

Persons: Mercedes, Daniel Schwarz Organizations: JPMorgan, Eurostat, CNBC, Mining, Rio Tinto, UBS, RBC, Porsche, BMW, Volvo Locations: China, China's, Wall Street, Europe, Mining London, American, Swiss

☆ Richard Hanania’s Racism Is Backed by Silicon Valley Billionaires - The New York Times
▼ + stars: | 2023-08-12 | by ( Jamelle Bouie | ) www.nytimes.com time to read: +3 min

And it served its intended purpose: to naturalize inequality of status and resources in an era defined by its yawning gaps between haves and have-nots. I mention all of this as context for Richard Hanania, a rising star among conservative writers and intellectuals. For years before appearing in the pages of newspapers and publications like this one, Hanania wrote articles for white supremacist publications under a pseudonym. “The reason I’m the target of a cancellation effort is because left-wing journalists dislike anyone acknowledging statistical differences between races,” he recently wrote. But his supposedly transgressive views are little more than the warmed-over dogmas of the long-dead ideologues who believed in the scientific truth of race hierarchy.

Persons: “, ”, Nell Irvin Painter, Brigham, Adam Cohen, Carrie Buck, John D, Rockefeller, Edwin Black, ” eugenicists, Richard Hanania, Hanania, Christopher Mathias, ” Hanania, ideologues Organizations: White People, Poland, Northwestern, American Eugenics, Rockefeller Jr, The Huffington, Blacks, New, ” Locations: Russia, Italy, “, New York City

☆ Read Your Way Through Appalachia
▼ + stars: | 2023-08-09 | by ( Barbara Kingsolver | ) www.nytimes.com time to read: +2 min

Appalachia is a region and a mind-set. Appalachia has few large cities, our economies are land-based and, unless you live here, we’re probably not what you think. It’s “Appal-achia.” As in, “If you keep that up, I’ll throw this apple atcha.” But in fact, we won’t. We tend toward heart-blessing kindness in the way of small-town folks who rely on each other in good times and bad, and live together regardless. Weighing in at nearly three pounds, “Writing Appalachia: An Anthology,” edited by Katherine Ledford and Theresa Lloyd, is too big to pack but too wonderful to miss.

Persons: we’re, “, King James Bible, ”, Katherine Ledford, Theresa Lloyd, — James Still, Jesse Stuart, Harriette Simpson, Steven Stoll’s, Stoll, otherness Locations: Appalachia, Georgia , Tennessee, North Carolina, Virginia, Kentucky, West Virginia, Pennsylvania, State

An employee of a private security company stands in front of the logo of commodities trader Glencore during the company's annual shareholder meeting in Cham, Switzerland May 24, 2017. Analysts at Deutsche Bank had expected half-year earnings of $9.9 billion, while Citi's estimate was $11.4 billion. The company announced additional returns of around $2.2 billion, including a $1 billion special dividend and a $1.2 billion share buyback programme that will run until February 2024. Glencore in June offered to buy Teck's coal business as a standalone unit, having been rebuffed twice in its $22.5 billon bid to combine the two companies. As part of the deal, Glencore would spin-off and merge its thermal coal business with Teck's steelmaking coal one to form a separate New York-listed company.

Persons: Arnd, Glencore, Gary Nagle, Nagle, MARA, didn't, Bunge, Clara Denina, Pratima Desai, Kirsten Donovan Organizations: REUTERS, Canada's, Canada's Teck Resources, Tinto, Teck Resources, Deutsche Bank, Citi, U.S, Thomson Locations: Cham, Switzerland, Canada's Teck, Teck, China, New York, London, U.S

In a filing to Shanghai's stock exchange, CanSino said it would manufacture and supply unspecified mRNA products to AstraZeneca. AstraZeneca said the deal would support investigational mRNA vaccines in its early pipeline. The country approved in March its first homegrown mRNA vaccine against COVID, developed by CSPC Pharmaceutical Group (1093.HK). CanSino has been working on its own mRNA COVID vaccine, and said in February it was in discussion with Chinese regulators around the protocol for a late-stage study for its COVID mRNA booster vaccine, CS-2034. It also comes after vaccine maker Moderna (MRNA.O), which has said that it was keen to sell its mRNA vaccine to China, announced a deal last month to develop and manufacture mRNA medicines in the country.

Persons: Dado Ruvic, Biologics, CanSino, Wang Wentao, Casey Hall, Ludwig Burger, Miyoung Kim, Mark Potter, Himani Organizations: AstraZeneca, REUTERS, HK, CSPC Pharmaceutical, CS, Communist Party, China's Commerce, Moderna, Thomson Locations: Swedish, China, Frankfurt

☆ Ukraine strikes Chonhar bridge to Crimea, RIA reports
▼ + stars: | 2023-08-06 | by ( ) www.reuters.com time to read: +2 min

Aug 6 (Reuters) - The Chonhar road bridge linking mainland Ukraine to Crimea was damaged by a Ukrainian missile strike on Sunday, Russia's RIA news agency cited the Moscow-appointed head of Crimea, Sergei Aksyonov, as saying. RIA cited acting Kherson regional governor Vladimir Saldo -- another Moscow appointee -- as saying the strike on the bridge, one of three road links between Crimea and mainland Ukraine, involved an Anglo-French Storm Shadow missile. In June Ukraine struck the same bridge, which lies on a route used by the Russian military to move between Crimea and other parts of Ukraine under its control. It was not clear whether traffic on the bridge had been suspended. In the early hours of Saturday, a Ukrainian sea drone full of explosives damaged a Russian fuel tanker near the Crimean Bridge, the second such attack in 24 hours.

Persons: Sergei Aksyonov, RIA, Vladimir Saldo, Saldo, Alex Richardson, Hugh Lawson Organizations: Storm Shadow, Reuters, Thomson Locations: Ukraine, Crimea, Ukrainian, Moscow, Kherson, Henichesk, Russian, Russia

SummaryCompanies Q2 sales and earnings beat estimatesReiterates full-year guidanceNo revenue from COVID vaccine in Q2Shares up 3.1% in early tradeCompany is largest drugmaker in ChinaLONDON, July 28 (Reuters) - AstraZeneca (AZN.L) on Friday delivered better-than-expected profits and sales in the second quarter as a strong performance of its blockbuster cancer drugs helped offset the loss of COVID-19 vaccine sales. The Anglo-Swedish drugmaker posted an adjusted profit of $2.15 per share, up 25% and exceeding the $1.98 per share expected in company-compiled consensus estimates. Total revenue in the quarter was $11.4 billion, up 6% and beating company-compiled analyst estimates of $10.97 billion. Excluding COVID medicines, sales in China grew by 7% at constant exchange rates in the quarter, the fourth consecutive quarter of growth on that basis. AstraZeneca is the largest drugmaker in China, which accounted for 13% of last year's revenue.

Persons: Swedish drugmaker, Pascal Soriot, Markus Manns, Alexion, drugmaker, Maggie Fick, Radhika Anilkumar, Nivedita Bhattacharjee, Josephine Mason Organizations: AstraZeneca, UK's, Pfizer, Moderna, U.S, Union Investment, Thomson Locations: China LONDON, Swedish, China, London, Bengaluru

LONDON, July 27(Reuters Breakingviews) - The world is getting hotter, but when it comes to achieving net zero investors are cooling. Glencore (GLEN.L), the $75 billion Swiss group that is one of the world’s biggest coal miners, makes an interesting case study for what’s changed. Either way, the plan raises the prospect of Glencore bulking up in coal before offloading some or all of the enlarged business. True, a listing of Glencore’s enlarged coal business might not happen for a few years. While prices have now more than halved, Glencore‘s coal business would still make $9 billion in EBITDA in 2023 if they averaged $200 a tonne.

Persons: what’s, Glencore, Gary Nagle, Nagle, Teck, wouldn’t, There’s, Wael Sawan, Larry Fink, underwhelmed, ” Nagle, Glencore’s, George Hay, Karen Kwok, Peter Thal Larsen, Aditya Munjuluru Organizations: Reuters, Resources, Teck Resources, Bluebell Capital Partners, Investment, International Energy Agency, Reuters Graphics Reuters, Rio Tinto, BHP, GQG Partners, Capital Research Group, BlackRock, Vanguard, Services, Saudi, Aramco, United Nations, of, Pensions, Shell, Financial Times, “, Melbourne Mining, Capital Partners, Thomson Locations: Glasgow, Ukraine, EBITDA, American, U.S, Glencore, London, New York, Europe, Melbourne

☆ Anglo American CEO says the drivers of demand remain strong
▼ + stars: | 2023-07-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAnglo American CEO says the drivers of demand remain strongDuncan Wanbald, CEO of Anglo American, says the mining giant is cautious on China's reentry into the global economy.

Persons: Duncan Wanbald

☆ Rio Tinto cuts dividend as H1 profit falls to lowest in three years
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +2 min

MELBOURNE, July 26 (Reuters) - Rio Tinto's (RIO.L), (RIO.AX) first-half underlying earnings fell to their lowest in three years as easing iron ore prices offset an uptick in shipments from its Pilbara operations, it said on Wednesday, while also announcing a dividend cut. Rio, the world's biggest iron ore producer, was cautiously optimistic on China's economy over the rest of the year, CEO Jacob Stausholm said. Average realised prices for Pilbara iron ore slipped to $98.60 per wet metric ton in the first half, 11.1% below last year. The world's largest iron ore producer flagged a shortage of skilled workers in a tight labour market along with supply-chain issues. Additional reporting by Melanie Burton in Melbourne; Editing by Subhranshu Sahu and Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

Persons: Jacob Stausholm, Rio, Rishav Chatterjee, Archishma Iyer, Melanie Burton, Subhranshu Sahu, Christian Organizations: MELBOURNE, Alpha, Thomson Locations: Rio, Beijing, China, Pilbara, Bengaluru, Melbourne

☆ Villa Palladio: India meets Italy at this boutique hotel near Jaipur
▼ + stars: | 2023-07-26 | by ( Shalbha Sarda | ) edition.cnn.com time to read: +4 min

On this road lies the Villa Palladio boutique hotel and resort. Palladio was known for combining the elements of Renaissance and contemporary French practices, creating an altogether unique style known as Anglo-Palladianism. “There is incredible sophistication and presence of history in the aesthetics of both cities, and when conversing, they speak together beautifully.”Colors do more than pop in this Villa Palladio bedroom. Atul Pratap ChauhanWinning over the localsThe building that became Villa Palladio has a brief but fantastic story. Villa Palladio, Abhay Niwas Palace Sumel, Jamdoli Chouraha, Rajasthan 302031, India; +91 141 296 9762

Persons: India CNN —, Villa Palladio, It’s, Botticelli, Barbara Miolini, Marie Anne Oudejans, Miolini, Andrea Palladio, Palladio, ” Miolini, Atul Pratap Chauhan, Abhay Singh, ” Marie Ann Oudejans, Villa, Vibhor Mukul Singh, didn’t, ”, Abhay Niwas, Jamdoli Organizations: India CNN, India CNN — Kanota, Villa Locations: Jaipur, India, Rajasthan, Agra, Italian, Dutch, Switzerland, Venice, Italy, Jamdoli Chouraha

☆ 'Oppenheimer' leaves out New Mexicans exposed to radiation from the Manhattan Project, despite local efforts to contact filmmakers
▼ + stars: | 2023-07-25 | by ( Morgan Mcfall-Johnsen | Jenny Mcgrath | ) www.businessinsider.com time to read: +10 min

The Manhattan Project displaced some New Mexicans and employed others at Los Alamos in the 1940s. Christopher Nolan's new film "Oppenheimer" leaves out these lasting, local impacts. The Manhattan Project displaced some New Mexicans, employed others, and irradiated potentially thousands. Her grandfather was the physicist Enrico Fermi, who worked on the Manhattan Project and is played by Danny Deferrari in the film. The Oppenheimer character briefly mentions people living in the area when he proposes it as the site for the Manhattan Project.

Persons: Christopher Nolan's, Oppenheimer, J, Robert Oppenheimer, Tina Cordova's, Cordova, Robert Alexander, me, Christopher Nolan, Wiktor, Getty Images Cordova, Olivia Fermi, Kai Bird, Fermi, Cordova's, Enrico Fermi, Danny Deferrari, It's, Los, Rosario Martinez Fiorillo, Nolan, Elizabeth, Alvin Graves, Elizabeth Graves, Alex Wellerstein, Geiger, Bob Bell, Matt McClain, Graves, Nobody, Leslie Groves, Wellerstein, Cillian Murphy Organizations: Manhattan Project, Service, New, New Mexico History, Pixar, Odeon Luxe, Anadolu Agency, Getty Images, Manhattan, Los Alamos Ranch, Trinity, San, El Rancho, Trinity Test, Stevens Institute of Technology, Washington, Getty, National Park Service, Los Alamos, Alamogordo, Base, Associated Press, Army, Pictures, NPS Locations: Los Alamos, Wall, Silicon, New Mexico, Tularosa, Trinity, Santa Fe, California, London, Vancouver, Alamogordo , New Mexico, San Ildefonso Pueblo, El, Carrizozo , New Mexico, Amarillo , Texas, Silver City , New Mexico, Cordova, Los

Prices of iron ore, from which Rio Tinto derives around 70% of its profits, eased over the second quarter on concerns over China's debt-ridden property sector, but could improve after Beijing on Tuesday pledged to roll out policies to boost growth. "China's economic recovery has fallen short of initial market expectations, as the property market downturn continues to weigh on the economy and consumers remain cautious despite monetary policy easing," Rio Tinto said in its quarterly report. Rio Q2 Shipments easeRio downgraded its expectations for refined copper production, alumina production, and output at its Canadian iron ore operations and warned of rising costs. "Production downgrades during the quarter highlight that we still have much more to do," Rio Tinto Chief Executive Jakob Stausholm said in the report. Wildfires in Northern Quebec impacted Canadian iron ore production, it said.

Persons: Rio, Glyn Lawcock, Jakob Stausholm, Melanie Burton, Navya Mittal, Rishav Chatterjee, Shounak Dasgupta, Sonali Paul Organizations: Rio Tinto, Alpha, Tinto Chief, Thomson Locations: MELBOURNE, Rio, Beijing, Barrenjoey, Sydney, Utah, Northern Quebec, Rincon, Argentina, Melbourne, Bengaluru

☆ A French Festival Focuses (Timidly) on English
▼ + stars: | 2023-07-13 | by ( Laura Cappelle | ) www.nytimes.com time to read: +1 min

As soon as the Portuguese director Tiago Rodrigues took over at the Avignon Festival, France’s biggest theater event, he announced a symbolic move: Under his direction, there would be a special focus on a different language every year, starting, this summer, with English. There was wincing from some quarters: To many in France, English is already far too culturally dominant. Of several dozen productions in the official lineup of this year’s festival, which runs through July 25, only six plays are predominantly in English. So far, however, the most intriguing discovery has been the sole American entry, “Baldwin and Buckley at Cambridge,” from Elevator Repair Service. From tables on opposite sides of the stage, Greig Sargeant (Baldwin) and Ben Williams (Buckley) spar with effective solemnity.

Persons: Tiago Rodrigues, hasn’t, Tim Etchells, Alexander Zeldin, “ Baldwin, Buckley, James Baldwin, William F, Buckley Jr, Greig Sargeant, Baldwin, Ben Williams Organizations: Avignon, France’s, Royal Court, Cambridge, Repair Service Locations: Portuguese, France, Avignon, British, ”, United States

☆ Citi banker not joining Spain's Naturgy as CEO, sources say
▼ + stars: | 2023-07-11 | by ( Pietro Lombardi | ) www.reuters.com time to read: +1 min

July 10 (Reuters) - Ignacio Gutierrez-Orrantia, one of Citigroup's (C.N) top bankers in Europe, will remain at the bank, sources familiar with the matter told Reuters on Tuesday, following media reports that he was set to join Spanish power utility Naturgy (NTGY.MC) as CEO. On Sunday, he had called Naturgy's chairman and CEO Francisco Reynes, two of the people said. Naturgy and Citi declined to comment. After rival Iberdrola (IBE.MC) appointed Armando Martinez as CEO last year, Naturgy’s leadership structure, with the power concentrated in the hands of Reynes, had become an anomaly among large Spanish energy companies. Reporting by Pietro Lombardi, Jesus Aguado and Andres Gonzalez Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Ignacio Gutierrez, Gutierrez, Citigroup's, Francisco Reynes, Naturgy, Iberdrola, Armando Martinez, Pietro Lombardi, Jesus Aguado, Andres Gonzalez, Mark Potter Organizations: Reuters, Citi, Thomson Locations: Europe, Spanish, Middle East, Africa

☆ More than 700 firearms seized in UK in Anglo-Spanish operation
▼ + stars: | 2023-07-09 | by ( ) www.reuters.com time to read: +1 min

LONDON, July 9 (Reuters) - More than 700 firearms have been seized in a five-year operation by the UK's National Crime Agency (NCA) and Spain's Guardia Civil to prevent replica guns that can easily be converted into lethal weapons from entering Britain, the NCA said on Sunday. The operation, which also involved international law enforcement and gun retailers, targeted forward-venting blank firearms (FVBF), which resemble guns such as Glocks. The weapons are traded lawfully in some parts of mainland Europe but are illegal to possess or import into Britain. Since 2019, the NCA and Guardia Civil - which has jurisdiction in Spain for the national control of firearms- have been jointly working on Project Vizardlike to combat the threat. The operation has so far resulted in the seizure of 703 firearms, 74 arrests and 50 convictions, the NCA said.

Persons: Paul Sandle, Sharon Singleton Organizations: Crime Agency, Britain, NCA, Guardia Civil, Thomson Locations: Guardia, Britain, Europe, Spain

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