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REUTERS/Wolfgang Rattay/File Photo Acquire Licensing RightsLONDON, Oct 27 (Reuters) - The steepest jump in interest rates in decades will spark a domino effect on corporate defaults in the years ahead, asset manager Janus Henderson Investors said in a report on Friday. Rising borrowing costs are back in stark focus following a rout in government bonds since September as investors adjust to the prospect of interest rates staying persistently high, which has also raised corporate bond yields. "The credit cycle tends to turn only if three conditions are present: high debt loads, lack of access to capital, and an exogenous shock to cash flow. These conditions ... are all present today," Janus' global head of fixed income Jim Cielinski said. But as inflation starts slowing and higher rates are here to stay, headwinds are mounting, and the risk is that the increase in borrowing costs could outpace revenue growth, it added.

Persons: Wolfgang Rattay, Janus Henderson, Janus, Jim Cielinski, ”, Chiara Elisei, Yoruk Bahceli, Mark Potter Organizations: European Central Bank, European Union, REUTERS, Janus Henderson Investors, P Global Market Intelligence, Thomson Locations: Frankfurt, Germany

Intra-European travel has been doing very well," said aviation analyst James Halstead, adding that limited planes meant ticket prices could stay high. Britain's easyJet (EZJ.L) said earlier this month it wanted to more than double profits and expand its fleet, even though fuel prices could mean higher ticket prices. Spot Northwest European jet fuel prices were at $957 per metric ton on Wednesday, up 5% from before the assault. JET FUELSome airlines have already warned that rising fuel costs will drive up ticket prices or dampen future earnings. He said ticket prices could go up by a mid-single digit percentage ahead of Christmas.

Persons: Charles de, Benoit Tessier, James Halstead, You've, Michael O'Leary, it's, Neil Glynn, Alexander Irving, Bernstein, Agata Rybska, Natalie Grover, Josephine Mason, Mark Potter Organizations: Lufthansa Airbus, Charles de Gaulle International Airport, REUTERS, Air France, KLM, Lufthansa, Air, Brent, JET, Ryanair, Air Control, Thomson Locations: Charles de Gaulle, Roissy, Paris, Israel, Palestinian, Europe, Air France, Ukraine, Gdansk, London

☆ Unilever's new CEO lays out plans to simplify business, shares fall
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +3 min

Klondike, a brand of Unilever, is seen on display in a store in Manhattan, New York City, U.S., March 24, 2022. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsLONDON, Oct 26 (Reuters) - Unilever's (ULVR.L) new chief executive Hein Schumacher on Thursday laid out long-awaited plans to simplify the business after admitting it had underperformed in recent years, but shares fell as some investors were unimpressed. Unilever reported a 5.2% rise in underlying sales, meeting analysts' average forecast, a company-provided consensus showed. Underlying price growth for the third quarter was 5.8% while underlying volumes were down 0.6%. The company also announced a senior executive shake-up, naming Fernando Fernandez, currently president of the beauty and wellbeing business, as its new chief financial officer.

Persons: Andrew Kelly, Hein Schumacher, Schumacher, Richard Saldanha, Alan Jope, Nelson Peltz, we've, Graeme Pitkethly, Fernando Fernandez, Richa Naidu, Mark Potter, Jason Neely Organizations: Unilever, REUTERS, Aviva, Thomson Locations: Manhattan , New York City, U.S, Europe

☆ Santander tops forecast as strong Europe offsets weaker US
▼ + stars: | 2023-10-25 | by ( Jesús Aguado | ) www.reuters.com time to read: +4 min

In Europe, net profit jumped 64% year-on-year in the quarter, while in South America it fell 7%. In Spain, the bank's biggest market, net profit surged almost 60%, while NII jumped 56%. In the UK, net profit rose 5.7% year-on-year in the quarter. In Brazil, its second-biggest market, net profit fell 8.9%, though NII rose 3.3%, reflecting an improvement in trends. Net profit in the United States fell 50.4% on higher funding costs in the auto business while provisions rose 49%.

Persons: Violeta Santos Moura, Ana Botin, JP Morgan, NII, Jesús, David Holmes, Mark Potter Organizations: Santander, REUTERS, Revenues, Thomson Locations: Boadilla del Monte, Madrid, Spain, MADRID, Spanish, Europe, United States, America, South America, SPAIN, BRAZIL, Portugal, Poland, Brazil

☆ Honda, GM scrap $5 bln plan to co-develop cheaper EVs
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +3 min

A Honda logo is seen during the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. GM cited a joint statement that pointed to the projects the companies are still working on together in acknowledging the end of EV plan. A spokesman confirmed she was referring to the Honda EV partnership. The automakers had said the deal was for "affordable" EVs, including compact crossover vehicles, built using GM's Ultium battery technology. "After studying this for a year, we decided that this would be difficult as a business, so at the moment, we are ending development of an affordable EV," Honda CEO Toshihiro Mibe was quoted by Bloomberg as saying in an interview.

Persons: David, Dee, Delgado, Tesla, Honda, Mary Barra, Toshihiro Mibe, Cruise, Daniel Leussink, Gursimran, Ben Klayman, Mark Potter, David Holmes Organizations: New York, REUTERS, Rights, Honda, General Motors, United Auto Workers, U.S, Tuesday, GM, Honda EV, Bloomberg, Cruise, Thomson Locations: Manhattan , New York City, U.S, California, U.S ., . California, Japan, Tokyo, Gursimran Kaur, Bengaluru, Ben, Detroit

☆ ASMI beats revenue target with boost from China activities
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +1 min

Oct 24 (Reuters) - Semiconductor equipment manufacturer ASM International (ASMI.AS) beat its third quarter revenue guidance Tuesday, with a strong contribution from the Chinese market. The Dutch group reported 622.3 million euros ($659.14 million) in revenue during the quarter, against an initial target of between 580 and 620 million euros. ASMI's third quarter revenue is up from 609.8 million euros last year and above the 601.92 million euros expected by analysts, according to LSEG data. New orders came in at 627.4 million euros, below last year's 675.5 million euros but near the top-end of the group's guidance for the quarter. Fellow Dutch semiconductor equipment maker ASML Holding NV (ASML.AS) last week reported lower-than-expected orders in the third quarter and warned of flat sales in 2024.

Persons: Benjamin Loh, Victor Goury, Alison Williams, Mark Potter Organizations: Semiconductor, ASM, ASML, Thomson

☆ Britain scraps cap on banker bonuses inherited from EU
▼ + stars: | 2023-10-24 | by ( Huw Jones | ) www.reuters.com time to read: +4 min

A general view of the Bank of England in the City of London, Britain, September 25, 2023. REUTERS/Hollie Adams/File Photo Acquire Licensing RightsLONDON, Oct 24 (Reuters) - Britain on Tuesday scrapped a decade-old cap on banker bonuses inherited from the European Union, signalling a clear divergence in post-Brexit financial rules from the 27-country bloc it left in 2020. The BoE and Financial Conduct Authority proposed scrapping the cap in a public consultation earlier this year, and its abolition was confirmed in final policy published on Tuesday. The TUC confederation of labour unions said the decision to scrap the bonus cap was "obscene". Law firm Linklaters said scrapping the cap puts Britain back into line with the rest of the world, apart from the EU, but it would continue to apply to staff working at EU banks in London who are regulated under the bloc's rules.

Persons: Hollie Adams, BoE, Suzanne Horne, Paul Hastings, Paul Nowak, Linklaters, David Milliken, Iain Withers, Barbara Lewis, Mark Potter, Jonathan Oatis Organizations: Bank of England, City of, REUTERS, European Union, Financial, Authority, London, Finance, TUC, Britain, Thomson Locations: City, City of London, Britain, EU, London, New York, United States, Asia

☆ China ousts defence minister, the second senior leader to leave in three months
▼ + stars: | 2023-10-24 | by ( Yew Lun Tian | ) www.reuters.com time to read: +2 min

BEIJING, Oct 24 (Reuters) - China removed its defence minister on Tuesday, the second ousting of a senior leader in three months, raising questions about the stability of the leadership team around Chinese President Xi Jinping. General Li Shangfu, who has been absent from public view for two months, was dismissed as defence minister and state councillor, according to state media. No replacement for Li was named, leaving the country without a defence minister as it prepares to host foreign defence officials at the Beijing Xiangshan Forum on Oct. 29-31. Li, 65, disappeared from public view two months ago. No other defence minister in China had served for a shorter time than Li.

Persons: Xi Jinping, General Li Shangfu, Gang, Li, Xi, Qin, Wang Yi, Yew Lun, Don Durfee, Mark Potter, Nick Macfie Organizations: National People's, CCTV, Beijing Xiangshan, Reuters, Wall, Thomson Locations: BEIJING, China, Beijing, Russia, United States

The company also approved a $10 billion share repurchase program that will be funded through short and long-term debt. But profit at RTX's Collins Aerospace unit, which deals with commercial aftermarket service, rose 22% to $903 million. RTX reported an overall third-quarter adjusted profit of $1.25 per share, beating Wall Street estimates of $1.21, according to LSEG data. The company now expects reported sales of $68.5 billion, up from about $67.5 billion, and adjusted sales of $74 billion, up from $73 billion. Adjusted earnings per share - previously projected to be $4.95 to $5.05 - are now expected to be between $4.98 and $5.02.

Persons: Benoit Tessier, Pratt, Whitney, RTX, Neil Mitchill, Pratyush Thakur, Mike Stone, Valerie Insinna, Krishna Chandra Eluri, Mark Potter Organizations: Raytheon Technologies Corporation, International Paris Air, Le, REUTERS, Collins Aerospace, Reuters, RTX, RTX's Collins Aerospace, Wall, Intelligence, Services, Raytheon, Thomson Locations: Le Bourget, Paris, France, Arlington , Virginia, Bengaluru, Washington

☆ Ukraine not afraid to take on its oligarchs - justice minister
▼ + stars: | 2023-10-24 | by ( Dan Peleschuk | ) www.reuters.com time to read: +3 min

[1/2] Ukraine’s Justice Minister Denys Maliuska attends an interview with Reuters in Kyiv, amid Russia's attack on Ukraine, October 23, 2023. REUTERS/Ivan Lyubysh-Kirdey Acquire Licensing RightsKYIV, Oct 24 (Reuters) - Ukrainian authorities feel newly empowered to prosecute the once-powerful tycoons known as "oligarchs" thanks to shifting political realities and the war with Russia, Kyiv's justice minister said. "Everyone was afraid of (the) consequences of indicting oligarchs, but this is no longer the case," he said. Ukraine had long struggled to shake off the influence of its shadowy tycoons, who used the huge industrial wealth they amassed after the 1991 collapse of the Soviet Union to gain political influence and power. A 2021 law aimed at curbing their political and economic influence also sent a clear signal, Maliuska said, and now oligarchs have become "quite accessible" to authorities.

Persons: Denys Maliuska, Ivan Lyubysh, Maliuska, Ihor Kolomoisky, Volodymyr Zelenskiy's, Dmytro Firtash, Vadym Novynskyi, Novynskyi, Dan Peleschuk, Tom Balmforth, Mark Potter Organizations: Ukraine’s, Reuters, REUTERS, Rights, Smart Holding, European Union, EU, National Security Council, Thomson Locations: Kyiv, Ukraine, Russia, Soviet Union, United States, Ukrainian

☆ Germany's economy ministry plans 50 bln euros boost for industry
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +2 min

German Economy and Climate Minister Robert Habeck holds a press conference about the autumn economic forecasts, in Berlin, Germany, October 11, 2023. REUTERS/Liesa Johannssen/File Photo Acquire Licensing RightsBERLIN, Oct 24 (Reuters) - Germany's economy ministry is planning 50 billion euros ($53 billion) in tax breaks over the next four years to help industry and businesses cope with high energy prices, according to a new industrial strategy to be presented Tuesday. The move is part of government efforts to support domestic industry in the face of high energy costs and the draw of incentive programmes in countries such as the United States. He also urged a quick agreement on discounted electricity prices for some parts of industry through state subsidies, a proposal that has been rejected by Chancellor Olaf Scholz. The government last year introduced electricity and gas price caps to shield industry and households from rising energy prices, but energy-intensive companies in Germany say electricity prices are still too high.

Persons: Robert Habeck, Liesa, Chancellor Olaf Scholz, Christian Kraemer, Miranda Murray, Rachel More, Mark Potter Organizations: Climate, REUTERS, Rights, Reuters, Thomson Locations: Berlin, Germany, United States, Russia, Ukraine

[1/3] The logo of French telecom operator Orange is pictured in Brussels, Belgium May 22, 2023. Orange and MasMovil plan to divest spectrum, a customers unit and a brand as well as offer Digi access to infrastructure, the people said. Digi has expanded rapidly in the Spanish market since it launched operations there in 2008. It had more than 5.7 million customers at the end of the first half of 2023. ($1 = 0.9440 euros)Reporting by Foo Yun Chee Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Yves Herman, MasMovil, Orange, Foo Yun, Mark Potter Organizations: REUTERS, Rights, Orange, Regulators, European Commission, EU, Telefonica, Vodafone, Thomson Locations: Brussels, Belgium, Rights BRUSSELS, Spain, Spanish

Akbar Al Baker, QR Group CEO during the FIFA Legends Event on Dec 11, 2022. He has retired as CEO of Qatar Airways, a source familiar with the matter said on Oct 23, 2023. Qatar Airways could not immediately be reached for comment. Airbus and Qatar Airways settled at the end of January, averting a rare and potentially damaging UK court trial in the jet sector. It was not immediately clear whether Al Baker was retiring from other posts, which include serving as the chief executive of Hamad International Airport and of Qatar Duty Free.

Persons: Akbar Al Baker, Paul Childs, Al Baker, Gulf Badr Mohammed Al Meer, Badr Mohammed Al Meer, Al Baker's, Saad Sherida Al, Kaabi, Alex Macheras, Sheikh Tamim bin Hamid Al Thani, Maha El Dahan, Andrew Mills, Alexander Cornwell, Tim Hepher, Bernadette Baum, Mark Potter, Sharon Singleton Organizations: QR, FIFA, Qatar Airways, REUTERS, DOHA, Reuters, Hamad International Airport, Dubai's, Turkish Airlines, U.S, Airbus, Boeing, Qatar, Qatar Duty Free, Thomson Locations: Gulf, Qatar’s, Dubai's Emirates, East, Berlin, Qatar

☆ VIEW Chevron to buy Hess Corp for $53 bln in all-stock deal
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +4 min

A 3D printed natural gas pipeline is placed in front of displayed Chevron logo in this illustration taken Feb. 8, 2022. The transaction might also create a peculiar coexistence of the United States' two leading oil majors in Guyana... Hess is geared towards crude production, with oil accounting for 60% of its current output which fits in very nicely with Chevron's similarly oil-focused portfolio. On the deal itself, the Chevron-Hess merger is expected to have a significant impact on the shale oil industry with Chevron becoming the second-largest shale producer in the United States. The merger is also likely to lead to increased M&A and industry consolidation in the North America shale sector.

Persons: Dado Ruvic, bode, Hess, John Hess, PETER MCNALLY, VIKTOR KATONA, KPLER Hess, Chevron, ROBIN HELANDER, Seher Dareen, Ron Bousso, Dmitry Zhdannikov, Mark Potter Organizations: Chevron, REUTERS, Chevron Corp, Hess Corp, Exxon Mobil, ROYAL, Third, Natural Resources, Hess, Thomson, & $ Locations: Guyana, Chevron, North Dakota, United States, North America

Oct 23 (Reuters) - Outflows from exchange-traded funds (ETFs) tracking Israeli stocks accelerated in the last two weeks, tracking a sharp slide in share prices as the conflict between Israel and Palestinian group Hamas widens to other fronts. The iShares MSCI Israel ETF posted net outflows of $2.5 million between Oct. 9 and Oct. 20, leaving it with assets of $111.62 million, according to Lipper data. "The market doesn't like uncertainties," said Sammy Suzuki, head of emerging market equities at AllianceBernstein. Israel ETFs were underperforming most of their peers prior to Hamas' attack, said Steven Schoenfeld, CEO of Market Vector Indexes, who created the index behind the $78.4 million BlueStar Israel Technology . ETFs tracking Israeli technology stocks such as the BlueStar Israel Technology ETF and the $75.4 million ARK Israel Innovative Technology ETF recorded net outflows of $1.9 million and $7.2 million, respectively, in the last two weeks.

Persons: Sammy Suzuki, Steven Schoenfeld, Israel's shekel, Bansari Mayur, Mark Potter Organizations: Health, Israel Technology, Israel Innovative Technology, Thomson Locations: Israel, Palestinian, Gaza, Lebanon, Iran, Bengaluru

☆ Nigeria expects $10 bln in forex inflows in weeks - finance minister
▼ + stars: | 2023-10-23 | by ( Chijioke Ohuocha | ) www.reuters.com time to read: +2 min

ABUJA, Oct 23 (Reuters) - Nigeria expects $10 billion in foreign currency inflows in the next few weeks to ease liquidity in a foreign exchange market that has cramped growth in Africa's biggest economy, finance minister Wale Edun said on Monday. The West African country has faced chronic dollar shortages after foreign investors exited local assets during a period of low oil prices. Since then, investors are yet to return and the central bank has not yet settled outstanding demand for dollars from foreign investors seeking to repatriate funds or airlines seeking to send money from ticket sales abroad. Edun said President Bola Tinubu on Thursday signed two executive orders to allow domestic issuance of instruments in foreign currency and also allow all cash outside the banking system to be brought into the banks. He added that liquidity would also come from state-oil firm crude sales and foreign investment firms willing to invest in Nigeria.

Persons: Wale Edun, Edun, Bola Tinubu, Tinubu, Chijioke, MacDonald Dzirutwe, Bernadette Baum, Mark Potter Organizations: Thomson Locations: ABUJA, Nigeria, Africa's

☆ Second Italian missing after Hamas attack has died, Rome says
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +1 min

ROME, Oct 23 (Reuters) - A woman with dual Italian-Israeli nationality who was missing and presumed kidnapped after the Oct. 7 attack on Israel by the Hamas militant group has died, Italian Foreign Minister Antonio Tajani said on Monday. The body of Liliach Le Havron was found in recent days, Tajani wrote on X. Le Havron's husband, Eviatar Moshe Kipnis, had also gone missing and was confirmed dead on Oct. 17. The couple lived in Kibbutz Be'eri, 3 miles (5 km) from Gaza, one of the first to be hit by Hamas. A third dual Italian-Israeli citizen is thought to have been taken hostage and remains unaccounted for.

Persons: Antonio Tajani, Le Havron, Tajani, Le Havron's, Eviatar Moshe Kipnis, Alvise, Mark Potter Organizations: Hamas, Gaza, Thomson Locations: Israel, Italian, Italy, Kibbutz Be'eri, Gaza

The logo of Hitachi is seen at an office building in Zurich, Switzerland September 10, 2020. Hitachi submitted its offer to sell its mainline signalling business in France and Germany to the European Commission last month. The EU competition watchdog and Hitachi declined to comment. The UK's competition agency cleared the deal this month after Hitachi pledged to sell its mainline signalling business in the United Kingdom, France, and Germany. ($1 = 0.9478 euros)Reporting by Foo Yun Chee; editing by Mark Potter and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: Arnd, Foo Yun Chee, Mark Potter, Jason Neely Organizations: Hitachi, REUTERS, Companies Hitachi Ltd, Thales, Follow BRUSSELS, European, EU, Thomson Locations: Zurich, Switzerland, France, Germany, United Kingdom

Bottles of Ricard's aniseed-flavoured beverage are pictured at the Ricard manufacturing unit in Lormont, near Bordeaux, France February 15, 2019. REUTERS/Regis Duvignau/File Photo Acquire Licensing RightsPARIS/LONDON, Oct 19 (Reuters) - French spirits maker Pernod Ricard (PERP.PA) said on Thursday it expected to grow sales over the coming year, despite a difficult first quarter marred by big drops in sales in the United States and China. Pernod struggled as a tough economy in China dampened demand and amid inventory adjustments in the United States, where sales are also normalising after a post-COVID surge. "I am confident that we can deliver broad-based and diversified sales growth in FY24," Ricard said in a statement. But, he continued, it's not clear to what degree there will have been improvement in the economic environment hurting Pernod's performance right now.

Persons: Regis, Pernod Ricard, PERP.PA, Pernod, Alexandre Ricard, Ricard, Martell, Mumm, Pernod's, Bernstein, Trevor Stirling, it's, Helene de Tissot, Dominique Vidalon, Emma Rumney, Sherry Jacob, Phillips, Mark Potter Organizations: Ricard, REUTERS, Diageo, Thomson Locations: Lormont, Bordeaux, France, LONDON, United States, China, India, Americas, Paris, London

[1/2] EU flag and Meta logo are seen in this illustration taken, May 22, 2023. REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsBRUSSELS, Oct 19 (Reuters) - Meta (META.O) and TikTok have been given a week by the European Commission to provide details on measures taken to counter the spread of terrorist, violent content and hate speech on their platforms, a week after Elon Musk's X was told to do the same. The Commission can open investigations into the companies if it is not satisfied with their responses. "Meta must provide the requested information to the Commission by 25 October 2023 for questions related to the crisis response and by 8 November 2023 on the protection of the integrity of elections," the Commission said. Writing by Foo Yun Chee Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Elon Musk's X, Foo Yun, Mark Potter Organizations: EU, REUTERS, Rights, European Commission, Digital Services, Thomson Locations: Rights BRUSSELS, Israel

☆ LSEG says on track to meet 2023 growth targets
▼ + stars: | 2023-10-19 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

Signage for the London Stock Exchange Group is seen outside of offices in Canary Wharf in London, Britain, August 3, 2023. “LSEG delivered another quarter of strong, broad-based growth," LSEG Chief Executive David Schwimmer said in a statement, adding that he was confident that total income growth for the full year will be towards the upper end of a guidance range of 6% to 8%. Data and analytics, which now make up the bulk of LSEG income, was up 7.2% year on year at 1.29 billion pounds ($1.57 billion) on improving sales, rising retention of existing customers and a higher annual price increase, LSEG said. Organic ASV growth remains broadly around the level seen in the first and second quarters, LSEG said, adding that all 2023 guidance is reiterated, including EBITDA margin and capital expenditure. JPMorgan Cazenove analysts said third-quarter gross profit was in line with company-compiled consensus, but "most importantly" organic ASV growth recovered after dipping to 6.9% in the second quarter.

Persons: Toby Melville, “ LSEG, David Schwimmer, LSEG, JPMorgan Cazenove, Huw Jones, Mark Potter, Sinead Cruise Organizations: London Stock Exchange, REUTERS, JPMorgan, ASV, RBC, Microsoft, Thomson Locations: Canary Wharf, London, Britain

☆ ASML warns of flat 2024 sales as chipmakers slow orders
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +2 min

The company reported net profit of 1.9 billion euros ($2.01 billion) for the three months ended Sept. 30, in line with analyst expectations. Net bookings were 2.6 billion euros, compared with third quarter sales of 6.7 billion euros. "Consensus expectations still call for 7% sales growth next year, which should come down today," Stifel analysts said in a note. Dassen said ASML still had an order backlog of 35 billion euros and a strong 2025 would follow an uncertain 2024, given its customers' expansion plans in Asia, the United States and Europe. Dassen said the company did not expect any financial impact from an updated U.S. policy announced Tuesday restricting sales of semiconductor equipment to China.

Persons: they're, Roger Dassen, Dassen, ASML, Toby Sterling, Victor Goury, Rashmi Aich, Mark Potter Organizations: Jefferies, Semiconductor, ASML, Samsung, Intel, Thomson Locations: AMSTERDAM, Amsterdam, Asia, United States, Europe, China, Taiwan, South Korea

"Whenever we come up against Wizz, we tend to have significantly lower fares and have much lower costs," he said. As an example of the strategy, he cited Albania, where Ryanair plans to open 25 new routes this winter to take on Wizz (WIZZ.L) in its eastern European heartland. According to data analysis firm IBA, low-cost carriers have over 59% of the aviation market in Poland, up from 31% in 2021. He added that Buzz and Ryanair were mainly focused on regional airports, like Modlin outside Warsaw or Katowice near Krakow. Poland and eastern Europe's lighter regulatory requirements, lower environmental scrutiny and poor rail connections make them appealing markets by comparison.

Persons: Wizz, Michael O'Leary, Jozsef Varadi, Varadi, Jamie Lindsay, Michal Kaczmarzyk, Buzz, Dan Taylor, Kaczmarzyk, O'Leary, Tim Hepher, Mark Potter Organizations: Ryanair, WARSAW, Wizz Air, Reuters, Wizz, Artemis Investment, LLP, Chopin, IBA Insight, Thomson Locations: Poland, PRAGUE, Europe, Ireland, Italy, Albania, Hungary, Warsaw, Modlin, Katowice, Krakow, Polish, France, Ukraine, Poland's

☆ Britain aims for global leadership role with AI safety summit
▼ + stars: | 2023-10-18 | by ( Martin Coulter | ) www.reuters.com time to read: +5 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsLONDON, Oct 18 (Reuters) - Britain will host the world's first global artificial intelligence (AI) safety summit next month, aiming to carve out a role following Brexit as an arbiter between the United States, China, and the European Union in a key tech sector. The Nov. 1-2 summit will focus heavily on the existential threat some lawmakers, including Britain's Prime Minister Rishi Sunak, fear AI poses. Sunak, who wants the UK to become a hub for AI safety, has warned the technology could be used by criminals and terrorists to create weapons of mass destruction. Critics question why Britain has appointed itself the centre of AI safety. "We are now reflecting on potential EU participation," a spokesperson told Reuters.

Persons: Dado Ruvic, Rishi Sunak, Sunak, Alan Turing, Kamala Harris, Demis, Matt Clifford, Clifford, we're, Stephanie Hare, Elon Musk, Geoffrey Hinton, Britain, OpenAI, Marc Warner, it's, Vera Jourova, Brando Benifei, Dragos Tudorache, Benifei, Jeremy Hunt, Martin Coulter, Matt Scuffham, Mark Potter Organizations: REUTERS, European Union, Britain's, EU, Bletchley, Google, San, Reuters, China . Finance, Politico, Thomson Locations: Britain, United States, China, England, British, France, Germany, London, U.S, San Francisco, Beijing, Europe

☆ Amazon to launch online shopping service in South Africa in 2024
▼ + stars: | 2023-10-17 | by ( Nqobile Dludla | ) www.reuters.com time to read: +2 min

South Africa will be Amazon's 21st country with a local domain name-based website, challenging a slew of online retailers dominated mainly by Naspers' (NPNJn.J) Takealot.com. "The launch of Amazon.co.za in 2024 will provide independent sellers throughout the country an opportunity to rapidly launch, grow, and scale their businesses," Amazon said in a statement. The launch of its service comes at a time when South Africa has seen a sharp rise in online shopping after the pandemic created an opportunity for e-commerce to finally take hold, with retailers doubling down on investments in response. "I don't think their takeover of South Africa retail is a slam dunk," said Sasfin Wealth senior equity analyst Alec Abraham. While Amazon is expected to intensify competition with local online and traditional retailers, "the reality is that the consumer pie in South Africa is not growing," he said.

Persons: Naspers, Pascal, Alec Abraham, Mamongae Mahlare, Nqobile, Promit Mukherjee, Mark Potter Organizations: REUTERS, Sasfin Wealth, Amazon, Takealot, Reuters, Thomson Locations: Africa, JOHANNESBURG, South Africa, Egypt

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