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☆ Take Five: Skip, stop or go?
▼ + stars: | 2023-06-09 | by ( ) www.reuters.com time to read: +5 min

REUTERS/Leah Millis/File PhotoJune 9 (Reuters) - It's a week of the central bank heavies with the U.S. Federal Reserve, European Central Bank and Bank of Japan meeting. The Fed is tipped to stop with rate hikes (for now), the ECB, to keeping going (for now), while the BOJ remains in stop mode (for now). U.S. inflation numbers, Chinese data and a crunch moment for UBS and Credit Suisse means there's plenty happening. 1/ A LOT GOING ONMarkets get not one but two headline events with U.S. May inflation data out on Tuesday as the Fed kicks off its two-day meeting. For now, markets price in just one more increase this year, an outlook investors seem comfortable with, judging by the recent strong performance of U.S. stocks.

Persons: Leah Millis, Li Gu, Kevin Buckland, Ira Iosebashvili, Yoruk, Noele, Kazuo Ueda, Ueda, culls, Dhara Ranasinghe, Rae Wee, John O'Donnell, John Stonestreet Organizations: Federal Reserve, REUTERS, U.S . Federal Reserve, European Central Bank and Bank of Japan, ECB, UBS, Credit Suisse, U.S, Reuters, Reuters Graphics Reuters, Thomson Locations: Washington , U.S, Li, Shanghai, Tokyo, New York, Amsterdam, Zurich, China, China's, Swiss, Singapore, Frankfurt

☆ PGA merger with LIV a delicate balancing act, says board member Dunne
▼ + stars: | 2023-06-09 | by ( ) www.reuters.com time to read: +2 min

June 9 (Reuters) - The PGA Tour faces a delicate balancing act in welcoming back LIV Golf players while also ensuring those who stayed loyal to the U.S.-based circuit "feel good" about their decision, PGA Tour board member Jimmy Dunne said. "We have to make sure that whatever it is that we finalise, that they feel good about their decisions (to remain on the PGA Tour)... I don't think it's going to be easy and I don't think we're all going to agree, but I think we can get there." Dunne, who helped broker the merger, also said the PGA Tour was ready to "walk away" if they felt there was anything that would have hurt the game. He added the Saudi Public Investment Fund (PIF) would not control the professional game, especially with PGA Tour Commissioner Jay Monahan installed as CEO of the new entity.

Persons: LIV, Jimmy Dunne, LIV Golf, Rory McIlroy, Dunne, didn't, Jay Monahan, Rohith Nair, Toby Davis Organizations: Tour, LIV Golf, PGA, Golf, Saudi Public Investment Fund, Thomson Locations: U.S, Saudi, Bengaluru

☆ UBS’s $10 bln state guarantee is a useful fantasy
▼ + stars: | 2023-06-07 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

LONDON, June 7 (Reuters Breakingviews) - UBS (UBSG.S) and the Swiss government have negotiated a state backstop that neither side wants to use. The scheme, designed to sweeten the Credit Suisse (CSGN.S) rescue, would see the government cover $10 billion of losses on former Credit Suisse assets after UBS swallows the first $6 billion. One option could be for the state to guarantee only a limited subset of former Credit Suisse assets – just the ones that UBS plans to get rid of, for example, like fixed-income derivatives. The government could also insist on dividend or buyback restrictions if the Swiss bank ever taps the scheme. The guarantee would only kick in after UBS has swallowed 5 billion Swiss francs ($6 billion) of losses.

Persons: Sergio Ermotti, Karin Keller, Sutter, Ermotti, that’s, ”, Neil Unmack, Oliver Taslic Organizations: Reuters, UBS, Swiss, bank’s, Credit Suisse, Switzerland’s Social, –, RBC, AG, U.S . Securities, Exchange Commission, Thomson Locations: Swiss

☆ PGA Tour, European Tour and LIV announce merger
▼ + stars: | 2023-06-06 | by ( Frank Pingue | ) www.reuters.com time to read: +4 min

Additionally, the three organizations said in a joint news release that they will work cooperatively to allow a process for any LIV Golf players to reapply for PGA Tour and DP World Tour membership following the 2023 season. "After two years of disruption and distraction, this is a historic day for the game we all know and love," PGA Tour Commissioner Jay Monahan said in a joint news release. "We are proud to partner with the PGA Tour to leverage PIF's unparalleled success and track record of unlocking value and bringing innovation and global best practices to business and sectors worldwide." The PGA Tour had sought to fend off competition from LIV by barring PGA Tour players from participating in LIV tournaments. Some PGA Tour players took to Twitter to express their surprise having not been informed of the agreement before its announcement.

Persons: Hideki Matsuyama, Mike Segar, LIV, Jay Monahan, Yasir Al, Tour's Monahan, Phil Mickelson, Dustin Johnson, Brooks Koepka, Cameron Smith, Mickelson, Collin Morikawa, Mackenzie Hughes, we’d, Donald Trump, LIV Golf's, Liv Golf, Frank Pingue, Alex Richardson, Christian Organizations: Golf, Tour, LIV, Saudi Arabia Public Investment Fund, Public Investment Fund, PGA, Al, Rumayyan, Justice Department, Fame, Twitter, Liv, Thomson Locations: Augusta , Georgia, U.S, Saudi, Collin Morikawa ., Toronto

☆ UBS expects to seal Credit Suisse takeover as early as June 12
▼ + stars: | 2023-06-05 | by ( John Revill | ) www.reuters.com time to read: +5 min

"UBS expects to complete the acquisition of Credit Suisse as early as 12 June 2023. At that time, Credit Suisse Group AG will be merged into UBS Group AG," it said. UBS shares were indicated 1.1% higher in premarket activity in Switzerland, while Credit Suisse shares were up 0.7%. SIX said in a separate statement Credit Suisse shares would be delisted on June 13 at the earliest. Under the all-share takeover, Credit Suisse shareholders will receive one UBS share for every 22.48 shares they held.

Persons: Zuercher, Michael Klien, Sergio Ermotti, Ermotti, John Revill, Noele, Tomasz Janowski Organizations: Suisse, UBS, Credit Suisse, U.S . Securities, Exchange Commission, Credit Suisse Group AG, UBS Group AG, Reuters, Swiss, SIX Swiss Exchange, New York Stock Exchange, SIX, Financial Times, Thomson Locations: premarket ZURICH, Swiss, Switzerland, Credit

☆ Libya political leaders to meet on electoral laws
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +3 min

However 61 HoR members and some HSC members have already objected to the way their leaders have been negotiating their agreement, and have said they will oppose its ratification. The HoR was elected as a national parliament in 2014 to a four-year term. The HSC was created as part of a political agreement in 2015 from members of an earlier interim parliament elected in 2012. However, under a 2015 political agreement, the international community requires both bodies to approve any new constitutional rules allowing an election, or a change in government. Many Libyans have voiced scepticism that their political leaders are negotiating in good faith, believing them to be unwilling to bring forward elections that might remove them from their positions of power.

Persons: finalise, Aguila Saleh, Khaled, Mishri, Adoulaye Bathily, HoR, Muammar, Abdulhamid, Dbeibah, Saleh, Angus McDowall, Andrew Heavens Organizations: High State, Morocco, NATO, of National Unity, Meshri, Reuters, Thomson Locations: TRIPOLI, Morocco, Muammar Gaddafi, Libya, Tripoli, Reuters Libya

☆ Indonesia seeks $700 million to install 200 MW of solar power
▼ + stars: | 2023-05-28 | by ( ) www.reuters.com time to read: +1 min

Companies Perusahaan Listrik Negara (Persero) PT FollowJAKARTA, May 28 (Reuters) - Indonesian state utility Perusahaan Listrik Negara [RIC:RIC:PLNEG.UL] seeks a $700-million investment to install a 200-megawatt (MW) solar panel that will replace diesel power generators in a bid to reduce carbon emission, the company said late on Saturday. PLN has planned to have 4.68 gigawatt (GW) of solar panels installed between 2021 and 2030. The company's director Evy Haryadi said the 200 MW solar panel is the first phase of a longer term plan to replace 1 GW of diesel power plants with solar power. A coalition of countries has pledged $20 billion of public and private financing to help Indonesia transition to cleaner energy under the Just Energy Transition Partnership (JETP). Indonesia aims to finalise a detailed plan for JETP fund allocation by August, according to the head of Indonesia's JETP Secretariat Edo Mahendra, adding that PLN's plan to shift from diesel power to renewables will be a pilot program in JETP.

☆ ION unlocks financing to finalise Italy's Prelios buy-sources
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +1 min

ION has been in talks for months with U.S. investment fund Davidson Kempner to acquire Prelios, a bad loan specialist which DK took private in 2018. While not all of the banks have completed all the necessary internal steps to approve the financing the sources said the finalisation of the deal was imminent. A stalemate over the duration of the financing has been overcome through a 'bridge to bond' structure with a longer maturity than usual, one of the sources said. 'Bridge to bond' financing normally requires the borrower to tap markets within 12-18 months to repay the loan. ION has a single-B credit rating - below the 'BBB' investment grade threshold - by Moody's and S&P Global, according to Refinitiv data.

☆ EU Parliament delays renewable energy vote after late backlash
▼ + stars: | 2023-05-22 | by ( Kate Abnett | ) www.reuters.com time to read: +2 min

BRUSSELS, May 22 (Reuters) - The European Parliament has delayed a planned vote to approve new EU renewable energy targets, after France and other countries lodged last-minute opposition to the law last week, according to an internal email seen by Reuters. The vote in the Parliament's energy committee had been due to take place on Tuesday. The European Union is attempting to finalise a key pillar of its climate agenda - a law containing a binding goal for the EU to get 42.5% of its energy from renewable sources by 2030. Parliament had been due to hold a first vote on Tuesday, followed by a final vote in July. The EU Parliament and EU countries' approval of the law was supposed to be a formality, after negotiators from both sides agreed what was supposed to be a final deal earlier this year.

☆ EU, U.S. data transfer pact expected by summer, EU Commission says after Meta fine
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: 1 min

BRUSSELS, May 22 (Reuters) - The European Commission expects to finalise a data transfer pact with the United States by summer, a spokesman said on Monday after the Irish privacy regulator gave Meta Platforms (META.O) five months to stop transferring users' data across the Atlantic. "We expect this data protection framework between the EU and the U.S. to be fully functionable by the summer. This will guarantee stability and legal certainty," a Commission spokesman told a daily news conference. Reporting by Foo Yun Chee in Brussels and Bart Meijer in Amsterdam;Our Standards: The Thomson Reuters Trust Principles.

☆ Asian stocks inch up on US debt ceiling hopes, Nikkei hits 33-year high
▼ + stars: | 2023-05-19 | by ( Ankur Banerjee | ) www.reuters.com time to read: +5 min

Australia's S&P/ASX 200 index (.AXJO) rose 0.66%, while Japan's Nikkei (.N225) continued its ascent, rising to its highest since August 1990, during the country's so-called bubble era. Futures indicated European stocks were set to open higher, with Eurostoxx 50 futures up 0.44%, German DAX futures up 0.41% and FTSE futures up 0.23%. China's blue-chip CSI300 Index (.CSI300) rose 0.20%, while the Shanghai Composite Index (.SSEC) was up 0.13%, having reversed from earlier losses. Hawkish rhetoric from Fed speakers continued with Dallas Fed President Lorie Logan and St. Louis Fed President James Bullard saying inflation was not cooling fast enough to allow the Fed to pause its interest-rate hike campaign. Against a basket of currencies, the dollar rose 0.029% and was wedged near a two-month high.

☆ Asian shares mixed as China growth worries crimp U.S. debt ceiling optimism
▼ + stars: | 2023-05-19 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) eased 0.20% but was set to eke out a gain of 0.19% for the week. Data in the week underscored that China's economy lost momentum at the beginning of the second quarter, stoking worries over the wobbly post-COVID-19 recovery. Investor attention has been firmly on the negotiations over U.S. debt ceiling and increasing hopes that a deal could be reached sent U.S. shares higher overnight . Hawkish rhetoric from Fed speakers continued with Dallas Fed President Lorie Logan and St. Louis Fed President James Bullard saying inflation was not cooling fast enough to allow the Fed to pause its interest-rate hike campaign. U.S. crude fell 0.14% to $71.76 per barrel and Brent was at $75.78, down 0.11% on the day.

☆ Airline SAS's rescue moves closer as court clears fundraising plan
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +2 min

May 15 (Reuters) - SAS's (SAS.ST) rescue has moved a step closer after a U.S. court approved a revised plan from the Scandinavian airline to raise equity. The long-suffering airline filed for U.S Chapter 11 bankruptcy protection last year. The court approval of the fundraising proposal - a key element of the "SAS Forward" rescue plan - means investors may start placing bids for a stake in the airline. In the updated plan, SAS said that without the support of Denmark the emergence from Chapter 11 "will face significant uncertainty, cost, and delay." It said it now planned to complete the Chapter 11 process "in the latter part of the second half of 2023".

☆ Air strikes, artillery fire escalate as factions battle in Sudan capital
▼ + stars: | 2023-05-16 | by ( Khalid Abdelaziz | ) www.reuters.com time to read: +3 min

DUBAI, May 16 (Reuters) - Air strikes and artillery fire intensified sharply across Sudan's capital early on Tuesday, residents said, as the army sought to defend key bases from paramilitary rivals it has been fighting for more than a month. The air strikes, explosions and clashes could be heard in the south of Khartoum, and there was heavy shelling across the River Nile in parts of the adjoining cities of Bahri and Omdurman, witnesses said. The fighting between the army and the paramilitary Rapid Support Forces (RSF) has triggered unrest in other areas of Sudan, especially in the western region of Darfur, but is concentrated in Khartoum. "We don't know what the citizens did to deserve a war in the middle of the houses." Reporting by Khalid Abdelaziz; Writing by Aidan Lewis; Editing by Andrew HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Sri Lanka's creditor nations to meet despite uncertainty on China
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +1 min

TOKYO, May 9 (Reuters) - As Sri Lanka's creditor nations prepare for their first meeting on Tuesday to co-ordinate restructuring of the Indian Ocean nation's debt, the focus is turning to whether China will attend. Last month France, India and Japan unveiled a common platform for talks among bilateral creditors to co-ordinate restructuring of Sri Lanka's debt. Sri Lanka owes $7.1 billion to bilateral creditors, government data show, with $3 billion owed to China, followed by $2.4 billion to the Paris Club and $1.6 billion to India. The government also needs to renegotiate more than $12 billion of debt in eurobonds with overseas private creditors, and $2.7 billion on other commercial loans. Sri Lanka has kicked off talks to rework part of its domestic debt and aims to finalise the deal by May.

☆ Peloton identifies defect in seat posts after reports of injuries
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +1 min

May 4 (Reuters) - Peloton Interactive Inc (PTON.O) on Thursday said that it had identified a defect involving seat posts in its original stationary bike, with 12 reports of injuries, including one wrist fracture, as of April 30. Out of 2.4 million units sold in the U.S. and Canada as of April 30, there were 35 reports of the bike's seat post breaking during use, Peloton said in a filing with the U.S. Securities and Exchange Commission (SEC). The company said it had notified the U.S. Consumer Product Safety Commission (CPSC) about the "potential product safety issue" and is working with the regulator to finalise a corrective action plan. The fitness equipment maker in January agreed to pay a $19 million fine for failing to promptly report a defect with its Tread+ treadmill that could cause serious injury. Peloton on Thursday reported a wider-than-expected quarterly loss and warned it expects to sign up fewer members for the year, raising concerns about the fitness equipment maker's growth prospects.

[1/2] Indonesia's Investment Minister Bahlil Lahadalia gestures during an interview at his office in Jakarta, Indonesia, May 3, 2023. REUTERS/Ajeng Dinar UlfianaJAKARTA, May 3 (Reuters) - Indonesia's investment minister said on Wednesday that copper miner Freeport Indonesia must agree to sell an additional 10% stake to the government, as negotiations get underway for the U.S. company to extend its permit to operate in the country. "We ask for Freeport's 10% divestment through a state company for as cheap as possible. The $3.85 billion that Indonesia invested in the miner in 2018 via a state company has proven beneficial for the country, and the government expects to break even on that deal next year, he said. Freeport Indonesia said it produced 3 million tonnes of copper concentrate in 2022, an annual record.

☆ Exclusive: India, China propose 'multiple pathways' on cutting use of fossil fuels-sources
▼ + stars: | 2023-05-02 | by ( Sarita Chaganti Singh | ) www.reuters.com time to read: +4 min

Multiple pathways for energy transition would enable countries to choose resources, even coal, while working towards plans on net zero emissions. Officials said it was the first time India used the phrase 'multiple pathways' in global climate negotiations against repeated demands by Western nations to end coal usage. At the G20 meeting last month, India kept the focus on fossil fuels, rather than singling out coal, the third official said. India and China, the world's two most populous countries, have often taken common positions at international climate change negotiations, despite long-standing border disputes. The G20 includes the G7 countries as well as Russia, China, India, Brazil, Australia and Saudi Arabia, among other nations.

☆ Enel close to Greek renewables stake sale to Macquarie -sources
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +1 min

ATHENS, April 27 (Reuters) - Italy's Enel (ENEI.MI) is expected to finalise by May a deal for the sale of around a 50% stake in its Greek renewables unit to Australia-based Macquarie Group (MQG.AX), two sources close to the matter said on Thursday. Enel said in November it was looking for a partner willing to buy part of Enel Green Power Hellas and invest in its development. "The talks with Macquarie for a stake of about 50% are seen concluding in the coming days," one of the sources told Reuters. Macquarie, which holds a 49% stake in Greece's sole power grid operator HEDNO, declined to immediately comment. Under the strategy presented by CEO Francesco Starace in November, Enel decided to exit Romania, Peru and Argentina and to partner with investors in some countries or specific businesses.

☆ Australia unveils roadmap to boost uptake of electric vehicles
▼ + stars: | 2023-04-18 | by ( ) www.reuters.com time to read: +1 min

SYDNEY, April 19 (Reuters) - Australia on Wednesday released its first national electric vehicle strategy, aimed at ensuring the country has a better choice of electric vehicles and improved affordability in a bid to boost the uptake of cleaner vehicles. Apart from Russia, Australia was the only developed country to either not have or be developing fuel efficiency standards, which encourage manufacturers to supply more electric and no-emission vehicles. Transport is the third largest source of carbon emissions in Australia - one of the world's biggest emitters on a per capita basis. Australia's centre-left Labor government last year flagged it had plans to introduce new regulations targeting vehicle carbon emissions to increase sales of electric cars, as it looks to catch up with other developed economies. "Fuel-efficient and electric vehicles are cleaner and cheaper to run - today's announcement is a win-win for motorists," Bowen said in a statement.

It remains uncertain, however, whether Sri Lanka's biggest bilateral creditor - China - will join the initiative launched by Japan, this year's G7 chair, with the aim of kicking off a series of meetings among Sri Lanka's creditors. "I hope the creation of this platform will become a model case" for debt restructuring of middle-income countries, Suzuki said. Sri Lanka owes $7.1 billion to bilateral creditors, according to official data from its government, with $3 billion owed to China, followed by $2.4 billion to the Paris Club and $1.6 billion to India. The government also needs to renegotiate more than $12 billion of debt in eurobonds with overseas private creditors, and $2.7 billion on other commercial loans. Sri Lanka kicked off talks to rework part of its domestic debt this month and aims to finalise the deal by May.

Imbalance had long riled Nissan executives who complained Renault did not pay its fair share of costs for innovation and development. In a joint statement to Reuters, Nissan and Renault said they were working toward final partnership terms that would make them more competitive. Nissan will invest and provide technology for the venture but will limit its operational involvement, one of the people told Reuters. In rebalancing talks, Nissan has pushed for protection of its technology to limit any downside from continued partnership, people involved have said. Among technology Nissan wants to protect is its work on solid-state lithium-ion battery making and its e-Power electric hybrid powertrain, the people said.

☆ Analysis: No China, no deal: Bid to break sovereign debt logjams gets weary thumbs up
▼ + stars: | 2023-04-13 | by ( Libgeorge Marc Jones | Marc Jones | ) www.reuters.com time to read: +6 min

LONDON, April 13 (Reuters) - The latest bid by the world's leading institutions and creditors to speed up debt restructurings and get bankrupt countries back on their feet has been greeted by a mix of cautious optimism and weary scepticism by veteran crisis watchers. The somewhat loose framework around sovereign restructurings has seen Beijing seek to influence the traditional rules of engagement in these processes. The Common Framework platform introduced by leading G20 nations in 2020 aimed to bring all creditors, including China, together and streamline negotiations. Anna Ashton, director of China research at Eurasia Group, said this week’s developments underscored the benefits for China to give some ground on some of its concerns. "China is a difficult partner to talk to but we need China at the table for the solution of debt problems, because otherwise we won't see any progress," Lindner said.

☆ No China, no deal: Bid to break sovereign debt logjams gets weary thumbs up
▼ + stars: | 2023-04-13 | by ( Libgeorge Marc Jones | Marc Jones | ) www.reuters.com time to read: +6 min

The most immediate part of the plan earmarked 1 billion euros ($1.09 billion) to refund EU countries for sending urgently needed artillery shells from stockpiles to Ukraine. In announcing the package, EU foreign policy chief Josep Borrell said the munitions would come from "European industry and from Norway". Draft legislation agreed by ambassadors from EU countries, seen by Reuters, used the same formulation. Diplomats and officials expressed confidence that EU countries would finalise a deal after the Easter break. European financing must serve to buy European," the official said.

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