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Black Friday Travel Sales Are Here and Deals Abound
  + stars: | 2023-11-20 | by ( Elaine Glusac | ) www.nytimes.com   time to read: +1 min
As inflation continues to sting, more travelers are expected to hunt for bargains this year, and the industry is responding by offering deals across the travel landscape, from hotels to cruises and tours. “Despite inflation and higher prices, we continue to see a strong preference for experiences with travel,” said Brett Keller, the chief executive of the online travel agency Priceline, which will hold one of its biggest sales this month, including 30 percent off select hotel stays and up to 50 percent off rental cars. Given strong demand, travel companies can usually hold fast on prices, but by offering seasonal sales, they can hedge against changes in the future. “There is a benefit to hoteliers in securing bookings with more lead time so they can more accurately understand demand,” said Christine Guadenzi, the director of sales and marketing for the Family Coppola Hideaways, a collection of small hotels that includes the coastal Turtle Inn in Belize, which will offer 20 percent off room rates booked Nov. 24 to Dec. 15 (discounted rates start at $335 a night, compared to the usual $419 price tag).
Persons: , Brett Keller, Christine Guadenzi, Coppola Hideaways Organizations: Priceline Locations: Belize
LVIV, Ukraine, Nov 19 (Reuters) - President Volodymyr Zelenskiy has sanctioned 37 Russian groups and 108 people including a former prime minister and a former education minister and said he aimed to fight wartime abductions of children from Ukraine and other "Russian terror". Zelenskiy did not associate specific individuals or groups with particular wrongdoings. The decrees showed a range of 10-year penalties against individuals and five-year penalties against non-profit groups including one named in English as the "Russian Children's Foundation." Some of the newly-sanctioned people, which included many with Russian citizenship, had previously been punished with separate or similar penalties. The sanctioned Russian groups included several whose names or websites indicate they work with children.
Persons: Volodymyr Zelenskiy, Zelenskiy, Dmytro Tabachnyk, Mykola Azarov, Viktor Yanukovich, Azarov, Sergei Aksyonov, Leonid Pasechnik, Putin, Kvartal Lui, Maria Lvova, Vladimir Putin, Sofia Lvova, Alexander Lukashenko, Zelenskiy's, Elaine Monaghan, Franklin Paul Organizations: Russian Children's Foundation, Russian, Kyiv, Criminal, Lvova, Yale University, State Department, National Security, Defence Council, Franklin Paul Our, Thomson Locations: LVIV, Ukraine, Russia, Kyiv, Russian, Crimea, Luhansk, Ukrainian, The Hague, Belarus, Putin, Washington
By Maria Starkova and Elaine MonaghanLVIV, Ukraine (Reuters) - President Volodymyr Zelenskiy has sanctioned 37 Russian groups and 108 people including a former prime minister and a former education minister and said he aimed to fight wartime abductions of children from Ukraine and other "Russian terror". Zelenskiy did not associate specific individuals or groups with particular wrongdoings. The decrees showed a range of 10-year penalties against individuals and five-year penalties against non-profit groups including one named in English as the "Russian Children's Foundation." Some of the newly-sanctioned people, which included many with Russian citizenship, had previously been punished with separate or similar penalties. The sanctioned Russian groups included several whose names or websites indicate they work with children.
Persons: Maria Starkova, Elaine Monaghan, Volodymyr Zelenskiy, Zelenskiy, Dmytro Tabachnyk, Mykola Azarov, Viktor Yanukovich, Azarov, Sergei Aksyonov, Leonid Pasechnik, Putin, Kvartal Lui, Maria Lvova, Vladimir Putin, Sofia Lvova, Alexander Lukashenko, Zelenskiy's, Franklin Paul Organizations: Reuters, Russian Children's Foundation, Russian, Kyiv, Criminal, Lvova, Yale University, State Department, National Security, Defence Council Locations: Elaine Monaghan LVIV, Ukraine, Russia, Kyiv, Russian, Crimea, Luhansk, Ukrainian, The Hague, Belarus, Putin, Washington
Jailed Russian nationalist nominates himself for president
  + stars: | 2023-11-18 | by ( ) www.reuters.com   time to read: +1 min
Girkin said from custody in August that he would make a better president than Vladimir Putin, whom he described as "too kind". The letter instructed his followers to set up a headquarters and start collecting signatures for his candidacy, SOTA said. Supporters of Girkin said in September that his criminal investigation had been extended until Dec. 18. Kremlin spokesman Dmitry Peskov has said Putin has unprecedented support and that he would win an overwhelming majority if he ran. Reporting by Elaine Monaghan in Washington; editing by Clelia OzielOur Standards: The Thomson Reuters Trust Principles.
Persons: Igor Girkin, Igor Strelkov, Girkin, Vladimir Putin, SOTA, Oleg Nelzin, Dmitry Peskov, Putin, Elaine Monaghan, Clelia Organizations: Kremlin, REUTERS, Maxim, Russian, Strelkov, West, Thomson Locations: Moscow, Russia, Malaysian, Ukraine, Washington
The energy ministry said there was enough electricity in the system to meet the country's needs but that the drone strikes deprived 1,550 consumers of power because of damage to the grid. "We do not have a right to relax," Volodymyr Kudrytskiy, head of the power grid operator Ukrenergo, told Ukrainian TV. "Certainly, all of us, energy workers and defence forces, are preparing to repel possible Russian attacks on the energy infrastructure this winter." The energy ministry said an oil refinery was hit in the Odesa region. The energy ministry said six settlements were without power in the Chernihiv region.
Persons: Volodymyr Zelenskiy, Zelenskiy, Volodymyr Kudrytskiy, Maria Starkova, Elaine Monaghan, Ros Russell, Alex Richardson Organizations: Ukrainian, Thomson Locations: Russian, Ukraine, Russia, Odesa, Zaporizhzhia, Chernihiv, Belarus, Lviv, Washington
TotalEnergies signs are seen at a petrol station in Nice, France, October 10, 2022. The letter, seen by Reuters, comes at a crucial juncture for the French energy company as it prepares to relaunch Africa's largest foreign direct investment project. Activists warn the project may worsen climate change and fuel human rights abuses in the impoverished southern African nation. TotalEnergies said before Friday's letter that arrangements for project finance remain in place despite a 'force majeure' halt in 2021 when Islamist militants threatened the project site. The project delay has led some investors to reassess their previous cost assumptions in light of inflation and global gas market swings.
Persons: Eric Gaillard, Banks, TotalEnergies, Ntshengedzeni Maphula, Reta Jo Lewis, Wendell Roelf, Toby Sterling, Nellie Peyton, Forrest Crellin, Mathieu Rosemain, Yuka Obayashi, Tim Cocks, Olivia Kumwenda, Elaine Hardcastle Organizations: REUTERS, Reuters, ActionAid International, Greenpeace, African Development Bank, Societe Generale, Africa's Export Credit Insurance Corporation, Thomson Locations: Nice, France, Mozambique, Greenpeace France, Netherlands, U.S, Exim, Cape Town, Amsterdam, Johannesburg, Paris, Tokyo
By 2045 the government wants to have the equivalent of 10 new reactors, some of which are likely to be small modular reactors (SMRs), smaller than conventional reactors. Energy Minister Ebba Busch said the government was planning a "massive build out" of new nuclear power by 2045. "It's decisive for the green transition, for Swedish jobs and at heart for the welfare of our citizens," she told reporters. Countries like Poland, the Czech Republic, and Britain are looking at expanding nuclear power as societies transition to a fossil-fuel free future. Sweden voted to get rid of nuclear power in 1980, and has only six of an original 12 reactors still in production.
Persons: Tom Little, Ebba Busch, Elisabeth Svantesson, Busch, Finland's, Germany's Uniper, Simon Johnson, Chizu Nomiyama, Elaine Hardcastle Organizations: Rights, Energy, EDF, Thomson Locations: Swedish, Stockholm, Sweden, Rights STOCKHOLM, Poland, Czech Republic, Britain
Ruzwana Bashir Is Quietly Connecting the Tech World
  + stars: | 2023-11-16 | by ( ) www.businessinsider.com   time to read: +18 min
Story by Melia RussellPhotography by Lelanie FosterRuzwana Bashir is ransacking her kitchen cabinet for just the right tea. Bashir wears an Erdem floral-printed bra top, Erdem skirt, Giuseppe Zanotti shoes, Old Jewelry earrings along with her own bracelet and ring. "Part of building a business was going out and sharing what you were doing with the world," Bashir says. For years Bashir's startup had been building muscle around these capabilities; now it had an eager audience. Eating at acclaimed restaurants is fine, but Bashir prefers the more-intimate affairs at tech executives' homes because, she says, "you can stay longer."
Persons: Melia Russell, Lelanie Foster Ruzwana Bashir, Peek, She's, she's, Andy Warhol, Picasso, Bashir, I'm, Andreessen Horowitz, Jack Dorsey, Eric Schmidt, Goldman Sachs, Giuseppe Zanotti, Lelanie Foster, Bashir isn't, Elon Musk, Ronan Farrow, Roelof Botha, Mustafa Suleyman, we've, Bennett Miller, Capote, " Miller, , doesn't, didn't, Madeleine Albright, Tom Ford, Jared Cohen, Oskar Bruening, Forbes, Mark Zuckerberg, I've, Bashir wasn't, Travis Kalanick, Adam Neumann, Ty, Emily Weiss, Bashir refashioned, Donald Trump, Bruening, Laurence Tosi's, Miller, Beyoncé, shrugs, Anna Wintour, Anna, we're, Taylor Swift, Katie Haun, Marc Benioff, Reid Hoffman, Marissa Mayer, Dick Costolo —, Cohen, Katherine Maher, Maher, Daniel Kahneman, It's, Radel, Becky Akinyode, Elaine Winter, Tiffany Bloomfield, Dela, Chad Hilliard, Enmi, Kenny Aquiles Ulloa, Cyrenae, Madison Perez, Aidan Lapp, Bashira Webb, Bryan Erickson, Jinyoung Chang, Rodriguez, Rebecca Zisser, Claire Landsbaum, Emma LeGault, Joi, Marie McKenzie, Conner Blake, Kyle Desiderio, Victoria Gracie, Nicole Forero, Virginia Alves Organizations: Google, Museum of, Business, Elon, Vogue, Roelof, Oxford University, Oxford Union, Blackstone Group, Harvard Business School, Studios, Web, Young, Organization, Dela Revoluciøn, Enmi Yang Digital Tech Locations: Manhattan, SoHo, Bahamas, United States, Balthazar, England, Israel, Petra, Istanbul, Elle, Utah, COVID, Salt Lake City, Costa Rica, Atlanta, WestCap
Thompson-Herah's agency, Andi Sports Management, said the split was a result of a "breakdown in negotiations on a compensation package" sought by Osbourne. "Collectively, we had no choice but to seek the services of another coach. The agency said the process of finding the Jamaican sprinter a new coach had begun. "With the 2024 Summer Olympics in Paris, France fast approaching, Mrs Thompson-Herah is fully focused on her preparations for the season and the defense of her Olympic titles," it said. Thompson-Herah, 31, became the first woman to win back-to-back Olympic sprint doubles when she retained her 100m and 200m titles in Tokyo in 2021.
Persons: Elaine Thompson, Herah, Shanikie Osbourne, Thompson, Osbourne, Mrs Thompson, Florence Griffith, Joyner, Robert Birsel Organizations: Andi Sports Management, Thomson Locations: Paris, France, Tokyo
Rental Cars: Know the Pitfalls
  + stars: | 2023-11-16 | by ( Elaine Glusac | ) www.nytimes.com   time to read: +2 min
Maximize your membershipsUse memberships at the retailer Costco or the organizations AAA or AARP to get a discount at specific companies. If you’re strictly joining Costco to rent cars, it may take a few rentals a year to recoup the $60 membership fee. Consider alternative companiesTuro and Getaround act like Airbnbs for rental cars: Owners offer their vehicles to rent through company websites or apps. Available in more than a dozen cities in the United States, the app- and internet-based rental company Kyte, which has no brick-and-mortar locations, will drop off and pick up its cars, which are competitively priced, wherever you specify, at no extra charge. The contactless and app-based UFO Drive rents E.V.s in more than 20 cities in the United States and Europe.
Persons: Hertz, Kyte Organizations: Costco, AAA, AARP, Avis Locations: United States, Britain, Canada, France, Australia, Europe
Global dividends slide in Q3 as miners drag
  + stars: | 2023-11-15 | by ( ) www.reuters.com   time to read: +2 min
MILAN, Nov 15 (Reuters) - Global dividends fell 0.9% to $421.9 billion in the third quarter due to lower special dividends and a small number of corporations making large cuts to investor remuneration, a report showed on Wednesday. Janus said total dividends were slightly better than expected in the quarter despite lower one-off special payouts and exchange rate effects. "Special dividends have decreased, reflecting less M&A activity and the disappearance of windfall profits in sectors like mining," he added. The largest cuts to payouts were made by Brazilian oil group Petrobras (PETR4.SA) and Australian miner BHP (BHP.AX). More than half of mining companies reduced their payouts while 89% of companies overall raised their dividends or held them during the period, the report said.
Persons: Janus Henderson, Janus, Ben Lofthouse, Banks, Danilo Masoni, Elaine Hardcastle Organizations: MILAN, Petrobras, PETR4, BHP, Chemicals, China Construction Bank Corp, China Mobile, HK, Thomson Locations: Brazil, Taiwan, Czech, Asia, PetroChina, Europe
Morning Bid: Powell pushback puts cloud 9 beyond reach
  + stars: | 2023-11-10 | by ( ) www.reuters.com   time to read: +5 min
Federal Reserve Board Chairman Jerome Powell answers a question during a press conference following a closed two-day meeting of the Federal Open Market Committee on interest rate policy at the Federal Reserve in Washington, U.S., November 1, 2023. Curiously, there was little change in that basic market pricing after Powell spoke - with end-2024 futures still pointing at a rate of 4.50-4.75% versus the current 5.25-5.50%. But the Treasury market did suffer a bigger jolt - as they were also undermined by poor demand at the latest long bond auction. But others pointed to a ransomware attack on the U.S. arm of The Industrial and Commercial Bank of China, which reportedly disrupted trades in the Treasury market on Thursday. Whatever the main cause, fresh bond market jitters were enough to knock the S&P500 out of its winning streak and close almost 1% lower.
Persons: Jerome Powell, Kevin Lamarque, Mike Dolan, Jerome Powell's pushback, Powell's, Powell, 5bps, Sterling, Janet Yellen, Lorie Logan, Raphael Bostic, Christine Lagarde, Joachim Nagel, Elaine Hardcastle Organizations: Federal, Committee, Federal Reserve, REUTERS, Veterans, Commercial Bank of China, Treasury, University of Michigan, Dallas Federal, Atlanta Fed, European Central Bank, Financial Affairs, Reuters, Thomson Locations: Washington , U.S, U.S, United States, HK, Washington, Beijing, Atlanta
Signage is seen inside the Lloyd's of London building in the City of London financial district in London, Britain, April 16, 2019. The 335-year old insurance market apologised in 2020 for its role in the 18th and 19th century slave trade. The Lloyd's market is made up of nearly 50,000 people, and Lloyd's wants one in three new hires to come from ethnic minorities. Historians estimate between one and two-thirds of the British marine insurance market was based on the slave trade in the 18th century. The research also showed that Joseph Marryat, Lloyd's of London chairman from 1811 to 1824, had enslaved people, White added.
Persons: Hannah McKay, Lloyd's, We've, Bruce Carnegie, Brown, Alexandre White, Joseph Marryat, White, Garba, Carolyn Cohn, Sinead Cruise, Jan Harvey, Elaine Hardcastle Organizations: REUTERS, London, Black, Johns Hopkins University, Mellon Foundation, Reuters, Central Fund, African Development Bank, Inter, American Development Bank, UN, Equity, of, United Nations, European Union, U.S, Thomson Locations: London, City, Britain, Liverpool, Lloyd’s
Adyen lowers mid-term sales target, aims to slow hiring
  + stars: | 2023-11-08 | by ( ) www.reuters.com   time to read: +2 min
The Adyen logo is seen at the reception desk of the company's headquarters in Amsterdam, Netherlands August 24, 2018. "Overall targets are lowered from previous targets and while likely more realistic, they still look ambitious," Jefferies analysts said in a note. Adyen added it would aim to improve its core profit (EBITDA) margin to above 50% in 2026. This year so far, Adyen has lost about half its market value which currently stands at 21.58 billion euros. It said it would slow down hiring, and that it hired 175 full-time employees over the quarter, which was "substantially below" Jefferies' expectations.
Persons: Eva Plevier, Adyen, France's, Jefferies, Olivier Sorgho, Piotr Lipinski, Elaine Hardcastle, Josie Kao Organizations: REUTERS, Netflix, Spotify, Jefferies, New, Thomson Locations: Amsterdam, Netherlands, New York, U.S
Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. The state-engineered merger led to a wipeout of $17 billion of Credit Suisse's AT1 bonds. "Their structure is very new and shows they listened to investors who were angry about the permanent write-down feature," said Jerome Legras, head of research at Axiom Alternative Investments, who held Credit Suisse AT1 bonds before the March banking crisis. The Credit Suisse AT1s wipeout spurned a number of claims against Switzerland's financial regulator FINMA, which inverted the long-established seniority of bondholders over shareholders over the assets of a company in distress. That dented sentiment in the key market for bank bonds and prompted regulators in Europe and Asia to reassure investors.
Persons: Denis Balibouse, Jerome Legras, Joost Beaumont, March's writedown, Noele Illien, Dhara Ranasinghe, Elaine Hardcastle, Alexander Smith Organizations: Credit Suisse, UBS, REUTERS, CS, AT1s, ZURICH, P Global, Suisse, ABN AMRO, Singapore, Thomson Locations: Zurich Switzerland, Swiss, Switzerland's, Europe, Asia
John Lee, Hong Kong’s chief executive, at the Global Financial Leaders’ Investment Summit in Hong Kong on Tuesday. Photo: tyrone siu/ReutersHONG KONG—When some of Wall Street’s most powerful executives assembled in Hong Kong this week, one topic was noticeable by its absence: China. The chief executives of U.S. banks including Citi group, Goldman Sachs and Morgan Stanley were in the city on Tuesday for the Global Financial Leaders’ Investment Summit, where they rubbed shoulders with local government officials and senior Chinese regulators. They spoke about broad topics such as financial stability, interest rates and capital markets.
Persons: John Lee, Hong, tyrone siu, Goldman Sachs, Morgan Stanley Organizations: Global, ’ Investment, Reuters, Citi Locations: Hong Kong, Reuters HONG KONG, China
File Photo: Commander in Chief of the Ukrainian Armed Forces Valerii Zaluzhnyi and Defence Minister Rustem Umerov visit an artillery training centre, amid Russia's attack on Ukraine, at an undisclosed location in Ukraine November 3, 2023. Ukrainian Presidential Press Service/Handout via REUTERS Acquire Licensing RightsLVIV, Ukraine, Nov 5 (Reuters) - Ukraine's defence minister ordered on Saturday an investigation into an alleged Russian ballistic missile attack on Ukrainian assault brigade, after reports that more than 20 soldiers were killed during an awards ceremony. "My condolences to the families of the fallen soldiers from the 128th Separate Mountain Assault Transcarpathian Brigade," Ukrainian Defence Minister Rustem Umerov said in a social media statement, adding that he had ordered a "full investigation." In its daily reports on battlefield activities, the Russian Defence Ministry said only that Russian forces "inflicted fire" on a unit of Ukraine's assault brigade in the region, killing up to 30 military personnel. Both Russia and Ukraine have often underestimated their military casualties in the 20-month-long war, while exaggerating the losses they claim to have inflicted upon each other.
Persons: Ukrainian Armed Forces Valerii Zaluzhnyi, Rustem Umerov, Elaine Monaghan, Lidia Kelly, Michael Perry Organizations: Ukrainian Armed Forces, Defence, Presidential Press Service, REUTERS Acquire, Rights, Transcarpathian Brigade, Ukrainian Defence, Armed Forces, Russian Defence Ministry, Reuters, Thomson Locations: Ukraine, Rights LVIV, Russian, Russia, Zaporizhzhia, Washington, Melbourne
By Maria StarkovaLVIV, Ukraine (Reuters) - Ukraine's defence minister ordered on Saturday an investigation into an alleged Russian ballistic missile attack on Ukrainian assault brigade, after reports that more than 20 soldiers were killed during an awards ceremony. "My condolences to the families of the fallen soldiers from the 128th Separate Mountain Assault Transcarpathian Brigade," Ukrainian Defence Minister Rustem Umerov said in a social media statement, adding that he had ordered a "full investigation." In its daily reports on battlefield activities, the Russian Defence Ministry said only that Russian forces "inflicted fire" on a unit of Ukraine's assault brigade in the region, killing up to 30 military personnel. Both Russia and Ukraine have often underestimated their military casualties in the 20-month-long war, while exaggerated the losses they claim to have inflicted upon each other. (Additonal reporting by Elaine Monaghan in Washington,; Writing by Lidia Kelly in Melbourne; Editing by Michael Perry)
Persons: Maria Starkova, Rustem Umerov, Elaine Monaghan, Lidia Kelly, Michael Perry Organizations: Reuters, Transcarpathian Brigade, Ukrainian Defence, Armed Forces, Russian Defence Ministry Locations: Maria Starkova LVIV, Ukraine, Russian, Russia, Zaporizhzhia, Washington, Melbourne
ON AN OCTOBER AFTERNOON during Paris fashion week, model Gigi Hadid was spotted in a beat-up leather jacket. Did she pull it from the mother lode of vintage clothes in her famous-model mom’s closet? The pre-distressed bomber (above) came from reliable chain store Mango and can be yours for $600, according to the brand’s website. When that happened, people said the leather moto jacket is ‘back,’” mused Elaine Mellis, a San Francisco art advisor and a fan of well-worn hide. “People love to make them look ‘vintage.’ But good ones are vintage,” argued Mellis.
Persons: Gigi Hadid, , Elaine Mellis, they’ve, Saint Laurent, Prada Locations: Paris, San Francisco
LVIV, Nov 5 (Reuters) - Ukraine rained 15 cruise missiles on Russia's shipyard in the Crimean port city of Kerch on Saturday, damaging one ship, Russian defence ministry said, in an attack that could further undermine Moscow's striking capabilities. Moscow has often attacked Ukraine in the course of the 20-month-long war with Kalibr missiles. Sergei Aksyonov, the Russian-installed head of Crimea, said there were no casualties in the Saturday attack on the shipyard in Kerch in Crimea. According to some Ukrainian war monitoring Telegram channels, a small Russian cruise missile carrier the Askold, was damaged in the attack. In September, the Russian defence ministry said that the Askold ship of the Black Sea Fleet was engaged in destroying Ukrainian targets in the waters off Crimea.
Persons: Mykola Oleshchuk, Volodymyr Zelenskiy, Sergei Aksyonov, Maria Starkova, Elaine Monaghan, Lidia Kelly, Philippa Fletcher, Ros Russell, Andrew Heavens, Daniel Wallis Organizations: Air Force, Russian Navy, Kalibr, Ukraine's Air Force, Sea Fleet, Reuters, Black, Thomson Locations: LVIV, Ukraine, Crimean, Kerch, Moscow, Russian, Ukrainian, Crimea
[1/5] Cut diamonds are seen at the diamond exchange in Antwerp, as the G7 weighs a ban on Russian diamond imports to reduce revenues for Moscow's war in Ukraine, Antwerp, Belgium, October 30, 2023. Other diamond firms in Antwerp, the world's biggest centre of trade in rough diamonds and cutting of the biggest gems, were asked to avoid Russian stones. Now, Western powers want to make the boycott official with a formal ban on Russian stones. Imports of Russian rough diamonds are now at less than 5% of pre-war levels, the source said. Most proposals under consideration by the G7 now focus on rough diamonds of 1 carat and above initially.
Persons: Johanna Geron, Thierry Tugendhaft, Van Cleef, Tugendhaft, De Beers, It's, Julia Payne, Elaine Hardcastle Organizations: REUTERS, Rights, European, World Diamond Council, EU, Thomson Locations: Antwerp, Ukraine, Belgium, Rights ANTWERP, Russia, Paris, Tiffany's, Cartier, Canada, Lesotho, South Africa, Botswana, India, United States, Japan, European Union, France, Antwerp . New
[1/2] Containers are seen on the Maersk's Triple-E giant container ship Majestic Maersk, one of the world's largest container ships, next to cranes at the APM Terminals in the port of Algeciras, Spain January 20, 2023. REUTERS/Jon Nazca/File photo Acquire Licensing RightsSummaryCompanies Signals sharp downturn in demandTo review share buyback program for 2024Says industry facing overcapacity and lower prices, demandShares down 17.5% to lowest in three yearsCOPENHAGEN, Nov 3 (Reuters) - Shipping group A.P. Moller-Maersk (MAERSKb.CO), reported a steep drop in third-quarter profit and revenue on Friday and said it would cut at least 10,000 jobs in the face of overcapacity, rising costs and weaker prices, sending its shares tumbling. The industry invested heavily in new container ships during and after the pandemic to meet strong demand and benefit from record freight rates. A large number of new ships entered the market since the summer with no signs of idling or scrapping, said Clerc.
Persons: Jon Nazca, Moller, Vincent Clerc, Clerc, Morten Holm Enggaard, Maersk, Jacob Gronholt, Pedersen, Louise Rasmussen, Johannes Birkebaek, Terje Solsvik, Miral Fahmy, Elaine Hardcastle Organizations: Triple, Majestic, APM, REUTERS, Shipping, Maersk, Walmart, Nike, Jyske Bank, Revenues, Thomson Locations: Algeciras, Spain, COPENHAGEN, North America, Copenhagen
REUTERS/Jon Nazca/File photo Acquire Licensing RightsSummaryCompanies Signals sharp downturn in demandTo review share buyback program for 2024Says industry facing overcapacity and lower prices, demandShares down more than 10% to lowest in three yearsCOPENHAGEN, Nov 3 (Reuters) - Shipping group A.P. Moller-Maersk (MAERSKb.CO), reported a steep drop in third-quarter profit and revenue on Friday and said it would cut at least 10,000 jobs in the face of overcapacity, rising costs and weaker prices. Shares in the Copenhagen-based group slid 11.1% by 0904 GMT, to their lowest level in three years. The group already warned in August of a steeper decline in global demand for shipping containers by sea this year. Reporting by Jacob Gronholt-Pedersen and Louise Rasmussen, editing by Terje Solsvik, Miral Fahmy, Elaine HardcastleOur Standards: The Thomson Reuters Trust Principles.
Persons: Jon Nazca, Moller, Vincent Clerc, Morten Holm Enggaard, Maersk, Jacob Gronholt, Pedersen, Louise Rasmussen, Terje Solsvik, Miral Fahmy, Elaine Hardcastle Organizations: Triple, Majestic, APM, REUTERS, Shipping, Maersk, Walmart, Nike, Jyske Bank, Thomson Locations: Algeciras, Spain, COPENHAGEN, Copenhagen
A worker cleans a BMW i7 xDrive60 elecric car while it is charging at a BMW dealership in Sandton, South Africa, October 27, 2023. "We have no interest in sinking prices to gain market share. In a statement, BMW made no mention of high interest rates or inflation weighing on growth, in contrast to competitors such as Mercedes-Benz (MBGn.DE) and Porsche (P911_p.DE). Fully electric sales hit 15.1% of total sales in the third quarter, outstripping BMW's end-year target of 15%. Models from the upper price segment, like the 7 Series, the updated BMW X7, and the BMW X5 and BMW X6 models, are also driving sales growth.
Persons: Siphiwe, Oliver Zipse, That's, Walter Mertl, Victoria Waldersee, Christina Amann, Elaine Hardcastle, Mark Potter Organizations: BMW, REUTERS, JV, LSEG, Mercedes, Benz, Porsche, BMW X5, Thomson Locations: Sandton, South Africa, BERLIN, China
Without Russia, which criticized Malta for hosting the talks after smaller ones this year in Jeddah and in Copenhagen, Zelenskiy said he longed for a day when human history "is the history of peace only." Officials said they hoped for the outcome of the weekend's gathering, partly in person, partly virtual, to be agreement to hold a global peace summit later this year. No official list of delegates to the talks was issued, but officials said they included representatives of European, South American, Arab, African and Asian countries. Simon Mordue of the European Council and Bjorn Seibert of the European Commission represented the EU, the official said. The parties would take necessary preparatory steps for a possible peace summit in future with no exact date yet fixed, the official said.
Persons: Alexander Ermochenko, Volodymyr Zelenskiy, Zelenskiy, Ian Borg, Borg, Simon Mordue, Bjorn Seibert, Christopher Scicluna, Elaine Monaghan, Andrew Gray, Olena, David Evans, Mike Harrison Organizations: REUTERS, Rights, United Nations, YouTube, Malta's, European Union, United, United Arab Emirates, European, European Commission, EU, Thomson Locations: Russia, Ukraine, Donetsk, Russian, Rights VALLETTA, Malta, Israel, Kyiv, Jeddah, Copenhagen, China, Egypt, United Arab, Armenia, Mexico, Washington, Brussels
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