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☆ Tata to make iPhones in India after buying Wistron business
▼ + stars: | 2023-10-27 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of Tata Group is seen at a business meeting organised by the Confederation of Indian Industry (CII) in New Delhi March 23, 2009. REUTERS/Vijay Mathur/File Photo Acquire Licensing RightsNEW DELHI, Oct 27 (Reuters) - Tata Group is set to start assembling Apple (AAPL.O) iPhones in India after Wistron Corp (3231.TW) approved the sale of its Indian manufacturing unit to the salt-to-software conglomerate, a minister said on Friday. A Tata company will start making iPhones in India for domestic and global markets, Deputy Minister for Information Technology Rajeev Chandrasekhar said on social media platform X. The Wistron board approved the sale of Wistron InfoComm Manufacturing India Private Limited to Tata Electronics Private Limited for an estimated $125 million, according to a statement from the Taiwan-based supplier shared by the minister. Apple has been touting India as its next big growth driver as it looks to move some production away from China.

Persons: Vijay Mathur, Information Technology Rajeev Chandrasekhar, Wistron, Narasapura, Munsif Vengattil, Blassy Boben, Alexander Smith Organizations: Tata Group, Confederation of Indian Industry, REUTERS, Apple, Wistron Corp, Tata, Information Technology, India, Limited, Tata Electronics Private Limited, Wistron, Pegatron Corp, Thomson Locations: New Delhi, DELHI, iPhones, India, Taiwan, China, Karnataka

Worldline's (WLN.PA) stock slide, which saw around $4 billion wiped off its market value, is the latest wake-up call. COMMISSIONS CUTRevenue growth has suffered at payments firms as inflation has force European consumers to spend less, while investors fret about the euro zone slipping into recession. Some analysts say payments firms have also been caught napping, after a period of growth during COVID lockdowns. In a further sign of investor wariness, venture capital investment flows into European payment firms have also dried up. Now, it may leave private equity investors to pick up the pieces for payment service firms, analysts said.

Persons: Dado Ruvic, Paul Charpentier, Bryan Garnier, napping, Jefferies, Hannes Leitner, Leitner, Charpentier, wariness, Italy's Intesa Sanpaolo, Morgan Stanley, Worldline, Bryan Garnier's Charpentier, Elizabeth Howcroft, Alexander Smith Organizations: REUTERS, PayPal, Holdings, Companies, Barclays, Reuters, Spain's Banco Sabadell, Fidelity National Information Services, CVC Capital Partners, CVC, Thomson Locations: London, U.S, Nexi, Europe

☆ FedEx says U.S. Express service disrupted, blames FAA IT outage overnight
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Bing Guan/File Photo Acquire Licensing RightsLOS ANGELES, Oct 25 (Reuters) - FedEx Corp (FDX.N) on Wednesday said its U.S. Express deliveries could be delayed due to an overnight Federal Aviation Administration (FAA) information technology system outage. FedEx's signature Express service uses planes to provide overnight deliveries. The company said shipments delayed due to the outage are not eligible for a refund or credit. "Potential delays are possible for package deliveries across the U.S. with a delivery commitment of October 25, 2023," FedEx said in a service alert. In an email to Reuters, FedEx said the IT outage at its Memphis, Tennessee, air hub was an "FAA issue."

Persons: Bing Guan, Lisa Baertlein, David Shepardson, Alexander Smith Organizations: FedEx, REUTERS, FedEx Corp, U.S ., Federal Aviation Administration, Reuters, FAA, United Parcel Service, Washington DC, Thomson Locations: Carson , California, U.S, Memphis , Tennessee, Louisville , Kentucky, Los Angeles, Washington

☆ UBS to cut Credit Suisse investment bank staff in Spanish overhaul
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +1 min

Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. Some 147 jobs from among the 350 people employed by Credit Suisse in Spain will be cut, UBS (UBSG.S) said on Wednesday, with the large majority going from its investment bank. The remainder of the Credit Suisse investment bank staff in Spain will move over to UBS in the coming months, it added. A small number of jobs will also go in the wealth management business, UBS said, although it did not give a full breakdown. UBS said it remained committed to wealth management, investment banking and asset management in Spain.

Persons: Denis Balibouse, John Revill, Jason Neely, Alexander Smith Organizations: Credit Suisse, UBS, REUTERS, Rights, Thomson Locations: Zurich Switzerland, Spain, Swiss, we're

☆ Ukraine's Siberian Battalion Recruits Russians to Help Fight Moscow
▼ + stars: | 2023-10-24 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +3 min

Their commander, a Ukrainian who introduced himself by the callsign Batya, said some of the recruits to Ukraine's newly-formed Siberian Battalion, the yellow and blue flag on their sleeves, were now ready for battle. The officer said most are from among the indigenous peoples of Siberia and recruits said they want to fight against what they said was Russian imperialism both inside Ukraine and in their homelands. Without pity for women, children or the elderly," said a 41-year-old from Moscow region with the callsign Gandhi. The Siberian Battalion's own Gandhi now wants to break up what he called Russia's "prison of nations". "I think this will help the empire to collapse, the prison to be destroyed," he added.

Persons: Max Hunder, Gennadiy, Vladimir Putin, Gandhi, Alexander Smith Organizations: Reuters, Siberian Battalion, Military, Free Buryatia, Kremlin, Ukraine, Russia, Gandhi Locations: Max Hunder KYIV, Ukraine, Kyiv, Ukrainian, Russia, Siberia, Russian, Buryatia, Lake Baikal, Moscow

☆ UniCredit 'rebalancing' Amundi relationship in fee income drive
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +2 min

It's rebalancing a little bit, and will rebalance going forward," UniCredit CEO Andrea Orcel told analysts when presenting the bank's third quarter results. Sources told Reuters in May that UniCredit had been trimming the proportion of Amundi funds in its total AUM, paying penalties for failing to meet contractual minimums. Orcel said UniCredit will maintain its current "open architecture" approach to asset management, which involves partnering with all major players, including Amundi, to offer "best in class" products. Since taking over at UniCredit in 2021, the former investment banker, has been working to boost revenue from asset management in an effort to increase net fee income as a proportion of UniCredit's overall revenue. As he sought to review the 10-year Amundi distribution deal, Orcel signed an agreement with Azimut (AZMT.MI) in late 2022 giving the Italian asset manager access to UniCredit's clients.

Persons: Dado Ruvic, UniCredit, Amundi, It's, Andrea Orcel, Orcel, Valentina Za, Alexander Smith Organizations: REUTERS, Reuters, BlackRock, Thomson Locations: UniCredit, Italian

People look at the new iPhone 15 Pro as Apple's new iPhone 15 officially goes on sale across China at an Apple store in Shanghai, China September 22, 2023. Analysts say the iPhone 15 has not been selling as well in China as its predecessor. Counterpoint Research said last week that iPhone 15 sales in China were down 4.5% versus the iPhone 14 in the first 17 days after its market launch. The 512 GB iPhone 15 Pro Max, which has a 11,999 yuan price tag in Apple's store, can be bought for 10,698 yuan on Alibaba's e-commerce platform Taobao. The e-commerce platform iPhone 15 discounts were first reported by The Economic Observer weekly newspaper on Monday.

Persons: Aly, Alibaba, Sophie Yu, Brenda Goh, Alexander Smith Organizations: Apple, REUTERS, Rights, PDD Holdings, HK, Counterpoint Research, Reuters, Economic Observer, Shanghai, Thomson Locations: China, Shanghai, Rights BEIJING

☆ China set to approve $137 bln in extra sovereign debt on Tuesday -sources
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +3 min

Chinese Yuan banknotes are seen in this illustration picture taken June 14, 2022. REUTERS/Florence Lo/Illustration/File Photo Acquire Licensing RightsOct 23 (Reuters) - China is set to approve slightly more than 1 trillion yuan ($137 billion) in additional sovereign debt issuance on Tuesday as Beijing steps up its efforts to spur infrastructure spending and encourage economic growth, three sources told Reuters. China's top legislators, the standing committee of the National People's Congress (NPC), are set to approve the extra debt issuance on the last day of a meeting which has run from Oct. 20 to Oct. 24, said the sources, who declined to be named due to confidentiality constraints. But its ability to spur growth has been hamstrung by fears over debt risks and a fragile yuan. ($1 = 7.3171 Chinese yuan renminbi)Reporting by Reuters staff; Editing by Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

Persons: Florence Lo, Typhoon Doksuri, Alexander Smith Organizations: REUTERS, Reuters, National People's Congress, Information Office, NPC, Ministry of Finance, Thomson Locations: China, Beijing, Hebei, China's

☆ AI should cut pensions costs, highlight risks - report
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +1 min

Artificial Intelligence words are seen in this illustration taken March 31, 2023. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsLONDON, Oct 17 (Reuters) - Artificial intelligence should improve pensions performance by cutting costs and highlighting upcoming risks, the Mercer CFA Institute's global pensions report said on Tuesday, with the Netherlands in top spot in this year's index. Additional uses for AI could include building customised portfolios and identifying market anomalies, although AI was unlikely to be able to predict market movements with accuracy so uncertainty will remain, the report said. Iceland came second and Denmark third in the 2023 index. Reporting by Carolyn Cohn; Editing by Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, David Knox, Mercer, Carolyn Cohn, Alexander Smith Organizations: REUTERS, Mercer CFA, Mercer, CFA Institute, Monash Centre, Financial Studies, Denmark, Thomson Locations: Netherlands, Iceland

☆ Dollar up after inflation data boost
▼ + stars: | 2023-10-13 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +4 min

The employee of a currency exchange shop counts U.S. dollar banknotes in Ciudad Juarez, Mexico July 27, 2023. Data on Wednesday had shown U.S. producer prices increased more than expected in September amid higher costs for energy products and food. The dollar index , which measures the U.S. currency against six of its major peers, ticked up 0.11% to 106.63. Sweden's crown , edged up against both the dollar and euro after consumer price data came in higher-than-forecast, adding to risks that the Riksbank could raise rates further. Investors also digested producer and consumer prices data out of China on Friday that showed deflationary pressures were slightly stronger than expected.

Persons: Jose Luis Gonzalez, Helen, Jonas Goltermann, Patrick Harker, Adam Cole, Saqib Iqbal Ahmed, Brigid Riley, Samuel Indyk, Miral Fahmy, Mark Potter, Alexander Smith, Jonathan Oatis Organizations: REUTERS, U.S, Federal, Reuters, PPI, Capital Economics, Fed, Federal Reserve Bank of Philadelphia, RBC, of Canada, Thomson Locations: Ciudad Juarez, Mexico, Israel, Gaza, Sweden's, China

[1/2] Shadow of the supporter is pictured during the election convention of Law and Justice (PiS) party, before Sunday's parliamentary elections, in Przysucha, Poland October 9, 2023. "It is the most important election we have this year in Europe," said Viktor Szabo, portfolio manager at asset manager abrdn, adding markets had not priced in scenarios such as a hung parliament or the possibility of an early election. Such a scenario would be a key positive for both the currency and Polish equities, said Anna Zadornova, an economist at UBS. "Ultimately there is a point where you need to yield to the economics and how things are going," said Kaan Nazli, a portfolio manager at Neuberger Berman. ($1 = 0.9461 euros)Reporting by Karin Strohecker and Marc Jones, editing by Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

Persons: Kacper, Viktor Szabo, Szabo, PiS, Daniel Wood, William Blair, Anna Zadornova, Banks, Morgan, Goldman Sachs, Adam Glapinski, Kaan Nazli, Neuberger Berman, Karin Strohecker, Marc Jones, Alexander Smith Organizations: Law, Justice, REUTERS, LONDON, abrdn, European Union, JPMorgan, Reuters Graphics EU, EU, liberal Civic Coalition, UBS, Poland's, Copley Fund, Reuters, Thomson Locations: Przysucha, Poland, Europe, loggerheads, Brussels, Romania, Hungary

SummaryCompanies Gold gains 5.2% so far this weekIsraeli military says troops make first ground raids into GazaPalladium set for weekly lossOct 13 (Reuters) - Gold prices jumped more than 3% on Friday and were poised for their best week in seven months as the intensifying conflict in the Middle East sent investors scurrying for safe-haven assets. Reuters GraphicsInvestors kept a tab on developments in the Middle East conflict, which has unnerved markets since the start of the week. "Investors are fleeing to safe havens as the risks of Middle East tensions grow," said Edward Moya, senior market analyst at OANDA. "If the geopolitical situation gets gloomier, there is a good chance that gold prices could go to the $2,000 levels this year. Platinum rose 1.4% to $880.42, while palladium dropped 0.3% to $1,141.24 and was set for a weekly decline.

Persons: Israel, Edward Moya, David Meger, Ashitha, Alexander Smith, Sherry Jacob, Phillips Organizations: Gaza, East, Reuters Graphics, High, Futures, Traders, Thomson Locations: Gaza, Israel, Bengaluru

☆ Spain's Acting PM Sanchez Meets Catalan, Basque Separatists in Bid for New Term
▼ + stars: | 2023-10-13 | by ( Oct. | At A.M. | ) www.usnews.com time to read: +2 min

MADRID (Reuters) - Spain's Pedro Sanchez met with Catalan pro-independence party Junts and became the first Spanish prime minister to hold official talks with Basque separatist party EH Bildu on Friday, as the caretaker leader seeks to form a new government. Sanchez's Socialists need support from Catalan and Basque separatist groups to win an investiture vote before Nov. 27 or face a fresh election next year after an inconclusive vote in July. "We're still far from a historic compromise," Junts parliamentary spokesperson Miriam Nogueras said about a potential agreement, after meeting Sanchez. Bildu helped Sanchez form a government in 2020 by abstaining in the investiture vote and has already pledged unconditional support as he seeks a new four-year term in office. "Today's photo of Pedro Sanchez with Bildu ... is undoubtedly a picture of humiliation," said Cuca Gamarra, parliamentary spokesperson for the opposition People's Party.

Persons: Spain's Pedro Sanchez, Junts, EH, Miriam Nogueras, Sanchez, Nogueras, Esquerra, Mertxe Aizpurua, Gorka Elejabarrieta, Bildu, Pedro Sanchez, Cuca Gamarra, Joan Faus, Belen Carreño, Charlie Devereux, Andrei Khalip, Alexander Smith Organizations: Catalan, Basque, Sanchez's Socialists, ETA, Bildu, People's Party Locations: MADRID, Spanish, Catalan, Basque, Catalonia, Spain

"Mr Staley failed to do this. "In its response, Barclays relied on information supplied by Mr Staley. "In reality, in emails between the two Mr Staley described Mr Epstein as one of his 'deepest' and 'most cherished' friends," it added. "The FCA has found that Mr Staley was aware of the risk that his association with Mr Epstein posed to his career," it added. In an email titled 'Friendship' in October 2015, Staley wrote: "You never wavered in our friendship these last three years.

Persons: Jes Staley, Jeffrey Epstein, Mr Staley, Epstein, Staley, Arnold, Porter, Mr Epstein, Therese Chambers, JP Morgan Chase JPM.N, JP Morgan, Huw Jones, Sinead Cruise, Kirstin Ridley, Iain Withers, Alexander Smith Organizations: Ex, Barclays, Authority, FCA, Barclays Board, U.S . Virgin, Thomson Locations: New York

REUTERS/Maxim Shemetov/Illustration/File Photo Acquire Licensing RightsSummaryCompanies Russian rouble climbs to over 2-week high vs dollarMove comes after Putin reimposes currency controlsRouble had slumped to over 18-month low this weekAnalysts expect rouble to firm more in coming weeksOct 12 (Reuters) - Russia's rouble leapt against the U.S. dollar on Thursday after President Vladimir Putin ordered the mandatory sale of foreign currency revenues for some exporters to buttress the currency. The rouble collapsed to a record low in the weeks after Russia invaded Ukraine last year, before Moscow imposed similar capital controls that saw it recover to a seven-year high. Kogan warned, however, that by 2025-2026 businesses would form plans based on a rouble rate of 100-105. The central bank endorsed the measures, a shift in its stance, after it previously warned of the inefficiency of currency controls. "The rouble is even less tradable for foreign investors after Russia re-imposed some capital controls," Piotr Matys, senior FX analyst at In Touch Capital Markets.

Persons: Maxim Shemetov, Putin, Rouble, rouble, Vladimir Putin, Yevgeny Kogan, Kogan, Gref, Andrei Belousov, Piotr Matys, Dmitry Polevoy, Brent, Alexander Marrow, Amruta, Robert Birsel, Mark Potter, Varun, Alexander Smith Organizations: REUTERS, U.S, Russia's Higher, of Economics, TASS, Wednesday, Bank of Russia, FX, Touch, Thomson Locations: Moscow, Russia, Ukraine, outflows, Locko, Bangalore

"In its response, Barclays relied on information supplied by Mr Staley. Mr Staley confirmed the letter was fair and accurate," the FCA said. "In reality, in emails between the two Mr Staley described Mr Epstein as one of his 'deepest' and 'most cherished' friends," it added. "The FCA has found that Mr Staley was aware of the risk that his association with Mr Epstein posed to his career," the watchdog added. "Mr Staley failed to do this.

Persons: Jes Staley, Jeffrey Epstein, Staley, Arnold, Porter, Epstein, Mr Staley, Mr Epstein, Therese Chambers, JP Morgan Chase JPM.N, JP Morgan, Huw Jones, Sinead Cruise, Kirstin Ridley, Iain Withers, Alexander Smith Organizations: Authority, Barclays, FCA, Bank of England, Barclays Board, U.S . Virgin, Thomson Locations: New York

☆ Tesla to offer German workers pay rise this year
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Annegret Hilse/File Photo Acquire Licensing RightsBERLIN, Oct 12 (Reuters) - Tesla (TSLA.O) said on Thursday it will offer a pay rise to workers at its German plant, where unions have said they earn below the industry average. The U.S. electric vehicle maker said it will inform staff in November of the level of the pay rise, adding it raised wages by 6% last year. Under last year's agreement, workers at Volkswagen (VOWG_p.DE), Mercedes-Benz (MBGn.DE) and BMW (BMWG.DE) were offered a 5.2% pay rise in June 2023 and a 3.3% pay rise in 2024 as well as an inflation premium for full-time workers of 3,000 euros ($3,160). German union IG Metall has previously said that Tesla wages were around 20% below those offered under the collective bargaining agreement. IG Metall said Tesla told workers of the upcoming raise at a series of meetings held at the plant this week.

Persons: Annegret, Tesla, Metall, Victoria Waldersee, Alexander Smith Organizations: REUTERS, Rights, Volkswagen, Mercedes, Benz, BMW, Metall's, Reuters, Thomson Locations: Berlin, Brandenburg, Gruenheide, Germany, U.S

☆ More work to do in tackling non-bank risks, says FSB's Knot
▼ + stars: | 2023-10-12 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

Klaas Knot, chair of the Financial Stability Board, arrives for the G20 leaders' summit in Nusa Dua, Bali, Indonesia, November 15, 2022. "Why did we not see these pockets of hidden leverage? That, I think, is still the main target of our work in the NBFI space going forward," Knot said. "In general the massive change in the interest rate environment, so far so good, there has not been any systemic rippling of negative effects into the financial sector," Knot told the Institute of International Finance annual meeting. Meanwhile, AI could have tangible benefits and present some risks to the financial system, he said.

Persons: Klaas, Willy Kurniawan, Klaas Knot, Huw Jones, Alex Richardson, Alexander Smith, Jane Merriman Organizations: Board, REUTERS, UBS Group, Silicon Valley Bank, UBS, Swiss, Credit Suisse, European Central Bank, policymaker, Institute of International Finance, Bank of England, Authority, ECB, Thomson Locations: Nusa Dua, Bali, Indonesia, Silicon, Dutch

[1/2] Chairman Anthony Thomson (L) and Vice Chairman Vernon Hill pose with a dog outside the first branch of Metro Bank in Holborn in central London July 29, 2010. Metro declined to comment on Tuesday. A Starling spokesperson said the lender was making inroads into the big banks' market dominance. Metro is not the only smaller bank to have faced problems. One option is for smaller banks to gain scale through mergers and acquisitions.

Persons: Anthony Thomson, Vernon Hill, Toby Melville, John Cronin, Caius Capital, Jaime Gilinski, Dorita, Gilinski, Monzo, Starling, We've, Morgan Stanley, Gary Greenwood, Rupak Ghose, Shore Capital's Greenwood, Ghose, Shawbrook, Iain Withers, Pablo Mayo Cerqueiro, Anousha Sakoui, Huw Jones, Amy, Jo Crowley, Sinead Cruise, Chiara Elisei, Nelson Bocanegra, Alexander Smith, Jonathan Oatis Organizations: Metro Bank, REUTERS, Yorkshire, Lloyds, NatWest, HSBC, Barclays, Metro, Caius, Varde Partners, Harvard, Forbes, Finance, Bank of England, London Stock Exchange, The Bank of England, Prudential, Authority, Shore Capital, Reuters Graphics Reuters, Shore, Financial, Bank, Reuters, Thomson Locations: Holborn, London, BOGOTA, Starling, Colombian, Latin America, Metro, Bogota

Persons: Anthony Thomson, Vernon Hill, Toby Melville, John Cronin, Caius Capital, Monzo, Starling, We've, Morgan Stanley, Gary Greenwood, Rupak Ghose, Shore Capital's Greenwood, Ghose, Shawbrook, Jaime Gilinski, Dorita, Iain Withers, Pablo Mayo Cerqueiro, Anousha Sakoui, Huw Jones, Amy, Jo Crowley, Sinead Cruise, Chiara Elisei, Alexander Smith Organizations: Metro Bank, REUTERS, Yorkshire, Lloyds, NatWest, HSBC, Barclays, Metro, Caius, Varde Partners, Finance, Bank of England, London Stock Exchange, The Bank of England, Prudential, Authority, Shore Capital, Reuters Graphics Reuters, Shore, Financial, Bank, Reuters, Thomson Locations: Holborn, London, Starling, Metro, Colombian

☆ Netflix to end Kenyan free access plan after two years
▼ + stars: | 2023-10-09 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic Acquire Licensing RightsNAIROBI, Oct 9 (Reuters) - Netflix (NFLX.O) said on Monday it is ending its free mobile plan in Kenya, which has allowed users to access a quarter of its shows and movies without paying over the past two years. "We definitely learnt a lot from the test," a Netflix spokesperson told Reuters, without giving details. Netflix is rolling out an advertisement-supported plan, offering subscribers a monthly plan at 4.99 pounds ($6.07), but the spokesperson did not comment on its availability in Kenya. Although low middle-income economies like Kenya offer streaming services big opportunities for subscriber growth, they also pose challenges as purchasing power dwindles due to inflation, industry executives said. Under the free plan, which will end on Nov. 1, viewers were able to watch Western-produced shows like "Money Heist" and "Bridgerton", and African ones like "Blood & Water".

Persons: Dado Ruvic, Duncan Miriri, Aaron Ross, Alexander Smith Organizations: Netflix, REUTERS, Rights, Thomson Locations: Rights NAIROBI, Kenya, Africa

"The recent decline in European luxury stocks reflects the uncertainty over the European economy and also the uneven growth outlook for the Chinese economy," Garnry said. Reuters GraphicsTHE LUXURY GAPAlthough luxury valuations have come down, they are still well above the rest of the market. The end of the French luxury group's 2-1/2 year-long reign was widely put down to investors losing appetite for luxury stocks as well as the growth of Novo's anti-obesity drug Wegovy. Some analysts have turned cautious on the luxury sector, with UBS last week reducing its estimates to account for the risk of slowing Chinese consumption. Gerry Fowler, head of European equity strategy and global derivative strategy at UBS, said risks in luxury stocks started to become more apparent in May.

Persons: Louis, Stephanie Lecocq, Bernard Ahkong, Peter Garnry, Garnry, LVMH, Morgan Stanley, Gerry Fowler, Bernstein, Gilles Guibout, Lucy Raitano, Mimosa Spencer, Amanda Cooper, Alexander Smith Organizations: REUTERS, Paris Fashion, U.S, UBS O'Connor Global, Alpha, Saxo Bank, Reuters Graphics, GAP, Novo Nordisk, UBS, Bank of America, AXA Investment Mangers, Thomson Locations: Paris, France, PARIS, Europe, U.S, China, United States

☆ Exclusive: Siemens Energy considers factory, office closures at wind division -sources
▼ + stars: | 2023-10-09 | by ( Christoph Steitz | ) www.reuters.com time to read: +3 min

The Siemens Gamesa sign is displayed at the renewable energy company's headquarters in Zamudio, Spain, April 28, 2022. Shares in Siemens Energy, which was spun off from Siemens AG (SIEGn.DE) in 2020, rose as much as 2.5% after the report. Siemens Energy Chief Executive Christian Bruch is under pressure to present a convincing turnaround plan for Siemens Gamesa after detailing far-reaching problems just a few months after assuming full ownership of the division. Bruch said in August that Siemens Gamesa would prioritise profitability and stability over growth, suggesting a brimming order book needed to lead to healthy profits. A spokesperson referred to comments from Bruch in August, who said the most important thing was to stabilise Siemens Gamesa and that Siemens Energy was looking at all options.

Persons: Vincent West, Christian Bruch, Bruch, Christoph Steitz, Alexander Huebner, Danilo Masoni, Alexander Smith Organizations: Siemens, REUTERS, Companies Siemens Energy, Siemens Energy, Siemens Gamesa, Siemens AG, Thomson Locations: Zamudio, Spain, FRANKFURT, Frankfurt

☆ France blocks US takeover of Canada-owned French nuclear valve makers
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +1 min

PARIS, Oct 6 (Reuters) - France blocked a deal that would have seen the takeover of two Canadian-owned French maker of valves used in nuclear reactors because it did not think commitments made by U.S. bidder Flowserve were sufficient, a finance ministry source said. Flowserve, which makes pumps and valves, said on Thursday it was dropping its $245 million takeover of Montreal-based Velan, whose French subsidiaries Segault and Velan SAS make valves used in nuclear plants, submarines and aircraft carriers. The French government has extensive powers to vet proposed takeovers of French companies that it considers to be strategically sensitive, though outright rejections are rare. Flowserve Chief Executive Scott Rowe said on Thursday that the firm had sought to address all of the French concerns. Some French senators had aired concern about the takeover, in particular that it could mean the U.S. government could order Flowserve to hand over information from its French subsidiaries.

Persons: Bruno Le Maire, Scott Rowe, government's, Rowe, Emmanuel Macron, Leigh Thomas, Alexander Smith Organizations: U.S, Flowserve, Velan SAS, Thomson Locations: France, Montreal

The announcement by Mikhail Ulyanov added new fuel to tensions between Russia and the United States over Moscow's invasion of Ukraine and arms control disputes between the world's largest nuclear weapons powers. Ulyanov, Moscow's envoy to the CTBTO, said on X, the social media platform formerly known as Twitter, that "#Russia plans to revoke ratification (which took place in the year 2000) of the Comprehensive Nuclear-Test-Ban Treaty." "The aim is to be on equal footing with the #US who signed the Treaty, but didn't ratify it. While the United States signed but did not ratify the treaty, it has observed a moratorium on nuclear weapon test explosions since 1992 that it says it has no plans to abandon. The spokesperson said Russia should reach an "equal footing" with the United States "by not wielding arms control and irresponsible nuclear rhetoric in a failing attempt to coerce other states."

Persons: Vladimir Putin, Sergei Guneev, Washington, Mikhail Ulyanov, Ulyanov, Robert Floyd, Floyd, Francois Murphy, Alex Richardson, Angus MacSwan, Alexander Smith Organizations: Sputnik, REUTERS, Acquire, Comprehensive, Treaty Organization, United, U.S . State Department, Party, Washington, Russian, Russian Federation, Conference, Disarmament, Thomson Locations: Sochi, Russia, Moscow, States VIENNA, WASHINGTON, United States, Ukraine, Ban, China, Egypt, Iran, Israel, North Korea, India, Pakistan, Vienna, U.S

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