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☆ Zara founder Ortega's real estate fortune hit $20 bln in 2022
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +1 min

MADRID, July 27 (Reuters) - The investment firm of Spanish billionaire Amancio Ortega, the founder of fashion giant Inditex (ITX.MC), on Thursday reported a 2.8 billion-euro jump in the market value of its real estate assets last year, to 18.1 billion euros ($20.08 billion). The United States, where Inditex plans to open more of its Zara stores, has been one of Ortega's main markets. Pontegadea booked a net profit of 2 billion euros last year, up from 1.6 billion euros in 2021, mainly due to dividends from Inditex, which soared as its key brand Zara quickly recovered from the COVID-19 pandemic. Pontegadea, which for years mainly focused on real estate, has also been looking into energy companies, buying stakes in solar plants, electricity grid operators and wind farms. ($1 = 0.9038 euros)($1 = 0.9015 euros)Reporting by Corina Pons; editing by Catarina Demony and Andrei KhalipOur Standards: The Thomson Reuters Trust Principles.

Persons: Amancio Ortega, Ortega, Pontegadea, Corina Pons, Catarina Demony, Andrei Khalip Organizations: Fedex, Thomson Locations: MADRID, United States, New York, Seattle, Zara, Inditex

☆ Privacy group challenges Ryanair's use of facial recognition
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +2 min

DUBLIN, July 27 (Reuters) - Digital rights group NOYB on Thursday filed a complaint against Ryanair (RYA.I), alleging that it is violating customers' rights to data protection by using facial recognition to verify their identity when booking through online travel agents. NOYB, led by Austrian privacy activist Max Schrems, filed the complaint with Spain's data protection agency on behalf of a complainant who booked a Ryanair flight through the Spanish-based online travel agency eDreams ODIGEO. The low-cost carrier said the steps are required to manage the passenger's booking, online check-in and to comply with safety and security requirements. NOYB has successfully launched privacy challenges against some of the world's largest multinational companies across the European Union under the bloc's General Data Protection Regulation (GDPR), introduced in 2018. NOYB alleged that Ryanair's verification procedures are not valid under the GDPR because it does not provide comprehensible information about the purpose of the "intrusive process."

Persons: NOYB, Max Schrems, eDreams ODIGEO, Padraic Halpin, Louise Heavens Organizations: DUBLIN, Ryanair, Irish, European Union, Data Protection, Thomson Locations: Austrian, Spanish

The French lender's second-quarter net income fell 4.9% on a reported basis to 2.81 billion euros ($3.12 billion), beating the 2.49 billion euro analyst consensus compiled by the company. Group revenue fell 1.5% to 11.4 billion euros, also above expectations, while the cost of risk - money put aside for failing loans - was lower than expected at 689 million euros. BNP's bottom line also suffered from a set of exceptional items that totalled 723 million euros after tax. These included an 125 million euro provision for unspecified litigation. The group's 5 billion euro share buyback programme will proceed as planned, it confirmed, adding that the second tranche of 2.5 billion euros had been approved and will be launched from early August.

Persons: Italy's, Mathieu Rosemain, Christopher Cushing, Jason Neely, David Goodman Organizations: BNP, Royal Bank of Canada, Bank of, European Central Bank, Spain's Santander, Thomson Locations: PARIS, Bank, France

☆ Sabadell doubles Q2 net profit, lifts guidance for 2023
▼ + stars: | 2023-07-27 | by ( Jesús Aguado | ) www.reuters.com time to read: +3 min

Spain's fourth-largest bank by market value reported a net profit of 359 million euros ($398 million) for April-June, compared with 179 million euros in the same period last year. Analysts polled by Reuters had expected a net profit of 287 million euros. TSB's net interest income (NII) - earnings on loans minus deposit costs - grew 9.7% year-on-year in the quarter. Sabadell's NII in the quarter rose 30% year-on-year to 1.17 billion euros. Domestic rival Unicaja (UNI.MC) said its net profit rose by around 6% year-on-year in the second quarter, also supported by higher financial margins.

Persons: Spain's, Leopoldo Alvear, Alvear, Sabadell's, Unicaja, Jesús Aguado, Emma Pinedo, Miral Fahmy, Mark Potter, Susan Fenton Organizations: Bank, Sabadell, Reuters, British, TSB, Barclays, Thomson Locations: MADRID, Sabadell, Spain

Higher interest rates helped UniCredit (CRDI.MI) strongly beat earnings expectations in the second quarter. Germany's financial regulator BaFin has been calling on banks to raise the amount of money they set aside for bad loans. Deutsche Bank on Wednesday said provisions for bad loans nearly doubled in the second quarter from a year earlier to 401 million euros. Santander's financial chief said bad loans in Brazil may have already peaked. This sent the bank's shares up around 2% on Wednesday, with Jefferies saying that it sees upside potential to net interest income.

Persons: Ralph Orlowski, Lloyd's, Andrea Orcel, BaFin, James von Moltke, UniCredit, Jefferies, Tom Sims, Jane Merriman Organizations: Germany's Deutsche Bank, REUTERS, Deutsche Bank, Lloyds Banking Group, Lloyds, JPMorgan, Monetary Fund, European Central Bank, Union, Thomson Locations: Frankfurt, Germany, MILAN, MADRID, Europe, Spain, Santander, Brazil

LONDON/MADRID, July 26 (Reuters) - Spain's Santander (SAN.MC) is planning to hire around 150 bankers primarily in the United States as part of its plans to accelerate growth in its investment banking business, three sources with knowledge of the matter said. Santander's global corporate and investment banking chief, Jose M. Linares, discussed the plans in a town hall held in New York last week, the sources said. So far, the bank has hired more than 20 senior investment bankers chiefly in the United States, Reuters has reported. Net profit at the bank's global corporate and investment bank rose 16% year-on-year in the second quarter to 899 million euros. Santander employs currently around 8,000 staff at its global corporate and investment bank.

Persons: Jose M, Linares, Ana Botin, David Hermer, Marco Antonio Achon, Corporate Finance Darren Jones, Steven Geller, Jones, Hector Grisi, Grisi, Jesús Aguado, Andres Gonzalez, Elisa Martinuzzi, David Evans Organizations: Spain's Santander, Credit Suisse, Reuters, Banking, Corporate Finance, Linares, Global, Santander, U.S ., Thomson Locations: MADRID, United States, New York, U.S, Spanish, Mexico, Europe, Latin America, Santander, America

☆ Video captures a Russian Su-35 fighter jet harassing and breaking a US Reaper drone by popping flares above it
▼ + stars: | 2023-07-25 | by ( Jake Epstein | ) www.businessinsider.com time to read: +5 min

A Russian fighter jet flew "dangerously close" to a US military drone over Syria, the Air Force said. The Su-35 harassed the MQ-9 Reaper drone by releasing flares in its path, damaging the propeller. It's the latest incident of aggressive Russian aircraft maneuvers over the Middle East. More recently, the Air Force said in mid-July that a Russian aircraft engaged a US MC-12 surveillance plane "in an unsafe and unprofessional manner." The recent engagement is also not the first time that Russian aircraft harassment resulted in damage to a Reaper drone's propeller.

Persons: Alexus Grynkewich, Assad, Sabrina Singh, Michael Kurilla Organizations: Air Force, Service, US Air, US, Islamic, ISIS, US Air Forces Central Command, Russian, US Air Force, Pentagon, US Central Command Locations: Russian, Syria, Wall, Silicon, Islamic State, Washington, Moscow, Russia

☆ 'Barbie' buzz likely just a flash in the pan for toymaker Mattel
▼ + stars: | 2023-07-24 | by ( Savyata Mishra | ) www.reuters.com time to read: +3 min

July 24 (Reuters) - The fanfare around Margot Robbie-starrer "Barbie" could jolt the iconic Mattel (MAT.O) doll's sales out of a year-long slump, but Wall Street thinks the party in pink will be short-lived. While Mattel will report second-quarter results on Wednesday, days after the theatrical release of the movie, analysts say the boost for Barbie sales will be most pronounced in the quarter ending Sept. 29 before tapering off. Retailers worldwide have also pitched in, with brands from Zara (ITX.MC) to H&M (HMb.ST) and Gap rolling out themed merchandise like Barbie hoodies, perfumes and toothbrushes. But its gross billings - or the amount invoiced to customers - fell behind Hot Wheels in the first quarter of 2023. Mattel's forward 12-month price-to-earnings multiple (P/E), a common benchmark for valuing stocks, is 16.01, higher than 13.6 for Hasbro.

Persons: Margot Robbie, Barbie, Arpiné Kocharyan, Kocharyan, Ryan Gosling, Ken, Warner Bros, Zachary, Carol Osborne, Savyata Mishra, Devika Organizations: Mattel, UBS, Warner, Sunday, Reuters Graphics Reuters, CFRA Research, University of South, Muma College of Business, Hasbro, Thomson Locations: Zara, United States, Canada, Bengaluru

☆ UK's Virgin Media O2 to lay off up to 2,000 employees by year end
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +1 min

July 24 (Reuters) - British mobile operator Virgin Media O2 said on Monday it was planning to lay off up to 2,000 employees by the end of this year. The company is a joint venture between the US-listed Liberty Global (LBTYA.O) and Spain's Telefonica (TEF.MC). Its rival BT Group (BT.L), Britain's biggest broadband and mobile provider, had cut 55,000 roles or more than 40% of its workforce in May. Earlier this month, the country's communications regulator Ofcom opened a probe, following complaints from users that the mobile operator was making it tough to cancel services. ($1 = 0.9041 euros)Reporting by Urvi Dugar and Mrinmay Dey in BengaluruOur Standards: The Thomson Reuters Trust Principles.

Persons: Urvi Dugar, Mrinmay Dey Organizations: Virgin Media O2, Telegraph, Liberty Global, Spain's Telefonica, BT Group, Britain's, . Liberty Global, Vodafone, Ofcom, Thomson Locations: British, Bengaluru

☆ Global retailers cash in on Barbie movie craze
▼ + stars: | 2023-07-21 | by ( Helen Reid | Thomson Reuters | London-Based Reporter Covering The European Retail Sector Through A Global Lens. Focusing On Companies Including Adidas | ) www.reuters.com time to read: +3 min

REUTERS/Arriana McLymoreJuly 21 (Reuters) - Shoppers are snapping up Barbie hoop earrings, perfume, jumpsuits, and dresses as retailers seek to cash in on Friday's Barbie film release, reigniting the craze for the plastic doll and her hot pink, sequin-adorned universe. Mattel says the Barbie movie is expected to boost global sales of Barbie dolls, which declined last year from record growth during the pandemic. A Gap Barbie hoodie for women was available only in size XXS online, while a pair of Barbie Crocs, priced at $59.99 - $10 more than normal Crocs - was sold out on the Crocs website. Luggage brand Beis had a waiting list for all three sizes of suitcases in a Barbie pink, priced at a premium to its usual colour range. Walmart pitched Barbie dolls in varying skin tones and hairstyles at $45 to collectors.

Persons: browses, Arriana, Friday's, Barbie, Jo Ashdown, Ryan Gosling, Ken, Zara Barbie, hoodie, Barbie Crocs, Barbie toothbrushes, James Zahn, that's, Helen Reid, Savyata Mishra, Siddharth Cavale, Nick Zieminski Organizations: REUTERS, Mattel, WPP, Walmart, Hyatt Hotels, Hilton, Thomson Locations: Zara's Soho, New York City, U.S, Bogota, Colombia, Kuala Lumpur, Malaysia

CARACAS, July 21 (Reuters) - Venezuelan expects to sign licenses by year-end for developing the nation's vast natural gas reserves, oil minister Pedro Tellechea said on Friday, even amid U.S. sanctions. Most of the South American country's gas reserves remain undeveloped after decades of insufficient investment, contract changes and - in recent years - U.S. sanctions to oust President Nicolas Maduro. But new officials running the oil ministry and PDVSA want to encourage new investment and unfreeze projects. Oil major Shell Plc (SHEL.L), which produces in Trinidad, could operate the Dragon gas field in Venezuela if Maduro's government extends it a license, Trinidad officials have said. Venezuela is producing 831,000 barrels of crude per day (bpd) this month and expects to increase to 1 million bpd by year-end.

Persons: Pedro Tellechea, Nicolas Maduro, Tellechea, Spain's, Maurel, Deisy Buitrago, Mayela Armas, Vivian Sequera, Marianna Parraga, Alison Williams Organizations: Eni, Shell, Thomson Locations: CARACAS, Caracas, United States, Trinidad and Tobago, Venezuela, Trinidad, China

The recruitment is being overseen by the head of Santander Corporate and Investment Banking, Jose M. Linares, also a former JPMorgan banker. As well as the United States, some new investment bankers will join Santander in Britain and Spain. "This typically has been one of the main issues for growing an investment banking business, given that the capital consumption ... is bigger." The contribution from the overall investment bank to Santander's group's earnings rose to 32% in the first quarter of 2023, from around 20% in 2019. Overall, profits at Santander's corporate and investment bank have risen since 2019 by around 60% to 2.8 billion euros ($3.2 billion) at the end of 2022.

Persons: Ana Botin, Jose M, Linares, Goldman Sachs, Amherst Pierpont, Gonzalo Lopez, Lopez, Christiana Riley, Jose Manuel Linares, Jesús, John O'Donnell, Mark Potter Organizations: Reuters, Spain's, JPMorgan, Credit Suisse, Santander Corporate, Investment Banking, Santander, Wall, U.S, Deutsche Bank, Thomson Locations: MADRID, LONDON, Santander, United States, Europe, Latin America, Britain, Spain, U.S, America

MEXICO CITY, July 13 (Reuters) - The Mexican government is no longer interested in purchasing Citigroup's (C.N) local retail arm, known as Banamex, a government spokesperson said on Thursday, adding that the U.S. bank "chose a different path" for its unit. Deputy Finance Minister Gabriel Yorio told Reuters at the time that Mexico could pursue a total or partial acquisition of the unit. Government spokesperson Jesus Ramirez did not immediately respond when asked which path the U.S. bank is taking. Before Citi's decision to list Banamex, banking sources said mining conglomerate Grupo Mexico (GMEXICOB.MX) had been eyeing the unit for around $7 billion. Reporting by Valentine Hilaire; Editing by Brendan O'Boyle and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: Andres Manuel Lopez Obrador, Gabriel Yorio, Jesus Ramirez, Lopez Obrador, Valentine Hilaire, Brendan O'Boyle, Jamie Freed Organizations: MEXICO CITY, Citi, Reuters, Government, Grupo Mexico, German, Grupo, Spain's Banco Santander, Thomson Locations: MEXICO, U.S, Mexican, Mexico

Data centres are facilities that host IT systems and applications. In April, Brookfield Infrastructure acquired French data centre group Data4 in a deal said to have valued the company at close to 3.5 billion euros, including debt. Asterion formed Nabiax in 2019 through the acquisition of 11 data centres from Telefonica across Spain and Latin America. In March, the group sold its Latin American operations to British infrastructure fund Actis, with a view to focusing on its home market. A sale of Nabiax could help Telefonica pay down debt, a focus for the Spanish telecoms giant.

Persons: Nabiax, Pablo Mayo Cerqueiro, Amy, Jo Crowley, Andres Gonzalez, Jesus Aguado, John O'Donnell, Louise Heavens Organizations: Reuters, Infrastructure, Asterion Industrial Partners, BBVA, Citigroup, Telefonica, Brookfield Infrastructure, Thomson Locations: Madrid, Telefonica, Spain, Latin America, British, London

☆ From 'Barbie' to Formula 1, TAG Heuer is making its mark on the luxury watch market
▼ + stars: | 2023-07-12 | by ( Robert Frank | ) www.cnbc.com time to read: +4 min

It plans to more than double its boutiques in the U.S. to 50 by 2026, according to TAG Heuer CEO Frédéric Arnault. Frédéric Arnault, CEO of TAG Heuer. Arnault said TAG Heuer is making strides due in part to marketing wins and new products, such as the new TAG Heuer Monaco Chronograph with a skeleton dial worn by Verstappen, which clocks in at more than $10,000. Gosling has been sporting a 36mm TAG Heuer Carrera with a bright pink dial as part of his promotion of the new "Barbie" movie. Arnault said "Barbie" fans can expect to see other TAG Heuer watches in the film as well.

Persons: Frédéric, Bernard Arnault, Arnault, Max Verstappen, Sergio Perez, Frédéric Arnault, LVMH, Fred, Louis Vuitton, Bulgari, Philippe Nautilus, Ryan Gosling, Gosling, Barbie, Ryan Organizations: LVMH, TAG, TAG Heuer, CNBC, Oracle Red Bull Racing, Monaco, CNBC TAG, Zenith, Carrera Locations: U.S

A Venture Global LNG spokesperson did not comment on the Shell and BP claims. Shell and BP missed out on billions of dollars in sales that went to Venture Global LNG because they were unable to get their contracted fuel, one of the people familiar with the arbitration filings said. Another Venture Global LNG contract customer, Spanish energy firm Repsol SA (REP.MC), has asked U.S. regulators to release confidential records that would shed light on the plant's startup. Founded by a former energy lawyer and investment banker, Venture Global LNG has emerged as a market force with its ability to obtain financing and rapidly build export plants. The contracts were tied to Calcasieu Pass LNG, the first of Venture Global LNG's three planned facilities.

Persons: Costas Baltas, Ira Joseph, Marwa Rashad, Curtis Williams, Scott DiSavino, Gary McWilliams, David Gregorio Our Organizations: REUTERS, Top, Shell, BP, U.S, Venture Global LNG, Venture Global, London Court, International, Edison SpA, Repsol SA, Columbia University's Center, Global Energy, Thomson Locations: Bermuda, Revithoussa, Greece, Europe, Calcasieu, London, Houston

NEW YORK, July 12 (Reuters) - Morgan Stanley (MS.N) has hired veteran investment banker Daniel Cohen from Truist Financial Corp (TFC.N), where he was the head of the firm's healthcare services advisory business, a person familiar with the matter said on Wednesday. In his new role, Cohen will continue to focus on dealmaking in the pharmaceutical services sector, the person said, requesting anonymity because the move is not yet public. Morgan Stanley declined to comment. Cohen's hire comes after veteran pharmaceutical industry bankers Arek Kurkciyan and Dennis Crandall left Morgan Stanley last year to join Moelis & Co (MC.N). Cohen spent just over one year at Truist, where he served as the head of pharmaceutical services investment banking and healthcare sponsor coverage, before being elevated as the head of the healthcare services unit, according to his LinkedIn profile.

Persons: Morgan Stanley, Daniel Cohen, Cohen, Arek Kurkciyan, Dennis Crandall, Morgan Stanley's, John Collins, Tom Miles, Brian Healy, Healy, David Carnevali, Svea, Bayliss, Emma Rumney Organizations: YORK, Truist Financial Corp, LinkedIn, Moelis, RBC Capital Markets, Oppenheimer Holdings Inc, JPMorgan Chase &, Catalent Inc, Svea Herbst, Thomson Locations: Truist, Americas, New York

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

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

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

Another 25% will come from "next-generation" materials in which the group is investing, and the remaining 10% from other sustainable sources, the company said. The new targets come as the European Commission is drawing up regulations to make clothing retailers pay for the waste they produce, arguing that fast-fashion companies "encourage customers to shop impulsively and incentivise purchasing larger quantities of clothes". Inditex previously had targets to use more sustainable cotton, linen, polyester, and fibres made from wood pulp, but did not have an overall goal for recycled fibres. Shoppers walk past a Zara clothes store, part of the Spanish group Inditex, in Las Palmas de Gran Canaria, Spain, December 13, 2022. REUTERS/Borja Suarez/File Photo"Moving forward on sustainability is natural for us," said Inditex Non-Executive Chair, Marta Ortega, in brief comments to investors at the AGM.

Persons: Inditex, Oscar Garcia Maceiras, Borja Suarez, Marta Ortega, Ortega, Adam Gofton, Corina Pons, David Latona, Helen Reid, Andrei Khalip, Mark Potter, Sharon Singleton Organizations: Companies Zara, European Commission, Las Palmas de, Las Palmas de Gran Canaria, REUTERS, Mackenzie Investments, Thomson Locations: MADRID, LONDON, Zara, Spanish, A Coruna, Spain, Las Palmas, Las Palmas de Gran, Toronto, Inditex, Madrid, London

☆ Conservative Feijoo emerges as winner from debate ahead of Spanish election
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +3 min

MADRID, July 11 (Reuters) - Spanish opposition leader Alberto Nunez Feijoo, leader of the conservative People's Party (PP), won an ill-tempered televised debate on Monday night ahead of an election later this month, a poll published by El Mundo newspaper indicated on Tuesday. With Feijoo leading in polls before the July 23 election, the onus was on Prime Minister Pedro Sanchez, a Socialist, to go on the attack. About 54% of voters thought Feijoo won the debate compared to 46% for Sanchez, according to the Sigma Dos survey for El Mundo. It found that 22% of people who voted for the Socialists in the past election felt Feijoo had won the debate while only 6% of PP voters assigned the victory to Sanchez. The expectation is that the election at the height of the summer holiday season will also suffer from a lack of engagement.

Persons: Alberto Nunez Feijoo, Feijoo, Pedro Sanchez, Sanchez, Josep Marti Blanch, Vox, Spain's, GAD3, Barlovento Comunicacion, Charlie Devereux, Andrei Khalip, Angus MacSwan Organizations: People's Party, El Mundo, Sigma, Socialists, ABC, Atresmedia, Thomson Locations: MADRID, Spanish, La Vanguardia, Europe, Italy, Spain

☆ Spain 2023 election: PM Sanchez and rival Feijoo in chaotic live TV debate
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +4 min

[1/3] Spanish People's Party candidate Alberto Nunez Feijoo and Spain's Prime Minister and Socialist candidate Pedro Sanchez talk before a televised debate ahead of snap election in Madrid, Spain, July 10, 2023. With just under two weeks to go until the vote, opinion polls predict Feijoo as the likely winner, although he would probably need the support of far-right party Vox. Sanchez highlighted that Spain is among only a few European countries that has tamed inflation to below the European Central Bank's 2% target by 2023. Feijoo himself was recently pilloried for saying a Vox electoral candidate convicted of gender violence had a "hard divorce". Feijoo told Sanchez: "Those men who raped in the street are in the street because of you - there are more than 1,000 of them."

Persons: Alberto Nunez Feijoo, Pedro Sanchez, Juan Medina MADRID, gesticulating, Maria Jose Canel, Sanchez, Feijoo, Vox, Feijoo's, EH, Jose Miguel Contreras, Madrid's King, Madrid's King Juan Carlos University, Belen Carreno, Corina Rodriguez, Aislinn Laing, Rosalba O'Brien Organizations: Spanish People's Party, Spain's, Socialist, REUTERS, People's Party, Madrid's Complutense University, Socialists, AS, Central, Vox, Madrid's, Madrid's King Juan, Atresmedia, Thomson Locations: Madrid, Spain, Ukraine, Basque

☆ Telefonica sells controlling stake in Peruvian fibre optic network to KKR
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +1 min

MADRID, July 7 (Reuters) - Telefonica (TEF.MC) has sold a 54% stake in its fibre optic network in Peru to U.S. private equity fund KKR (KKR.N) and 10% to Entel's (ENTEL.SN) local business, the Spanish telecoms group said on Friday, adding that it will retain the remaining 36%. In many markets, the company has separated the infrastructure into different units to maximise the value of its disposed assets. The Spanish company did not disclose the value of the transaction but said the deal would cut its debt by 200 million euros ($217.8 million). The transaction valued 100% of the unit at about 550 million euros, including debt, according to a banking source close to the deal. The new company, Pangeaco, will combine the existing fibre optic network in Peru from Telefonica and Entel, KKR firm said in a separate statement.

Persons: Inti Landauro, Jacqueline Wong, David Goodman Organizations: Telefonica, KKR, Entel, Santander, Thomson Locations: MADRID, Peru, U.S, Spanish

☆ Microsoft CFO Amy Hood warned employees not to 'build a gold toilet'
▼ + stars: | 2023-07-06 | by ( Jordan Novet | ) www.cnbc.com time to read: +3 min

From left, Tim Stuart, chief financial officer of Xbox at Microsoft; Phil Spencer, Microsoft's CEO of gaming; and Microsoft finance chief Amy Hood arrive to court in San Francisco on June 29, 2023. Microsoft's finance chief advised employees not to "build a gold toilet" during a 2018 meeting, according to emails that came up during federal court hearings last month over the software maker's planned Activision Blizzard acquisition. The quip might invoke a 2016 social-media claim (proven false by Snopes) that former President Donald Trump owned a solid gold toilet. "I've made that mistake on too many products, and I'm sure everyone else has too, when we've built features before we answered the core questions," Gluckstein wrote. Read the emails from Spencer and Gluckstein regarding Hood's "gold toilet" comments below.

Persons: Tim Stuart, Phil Spencer, Amy Hood, Donald Trump, MC Hammer, Catherine Gluckstein, Gluckstein, Xbox's, I've, we've, Spencer, xCloud, it's Organizations: Xbox, Microsoft, Activision Blizzard, Bluetooth, TAM, Cloud, Google, Federal Trade Commission Locations: San Francisco

☆ Iberdrola, Masdar to develop $1.5 billion Baltic wind farm, Expansion reports
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +1 min

MADRID, July 5 (Reuters) - Spanish utility Iberdrola (IBE.MC) has signed an exclusive deal with Abu Dhabi's Masdar to develop a 476 megawatt (MW) offshore wind farm in German waters in the Baltic Sea, Expansion newspaper reported on Wednesday, citing unidentified market sources. The Baltic Eagle wind farm being built off Germany's northeastern coast will have 50 wind turbines and is part of Iberdrola's strategy to sell advanced renewable projects to raise cash to help finance its 47 billion euro investment plan. Masdar, a renewable energy company owned by the United Arab Emirates' sovereign wealth fund Mubadala, could buy a stake of up to 49% in the project, Expansion said. The newspaper had previously reported that the top candidates jostling for the stake were Masdar, Swiss fund EIP and Australian asset manager Macquarie's green investment arm GIG. This would be the third agreement this year between Iberdrola and a large sovereign wealth fund, having previously agreed deals with Norway's Norges Bank Investment Management (NBIM) and Singapore's GIC.

Persons: Abu Dhabi's Masdar, Iberdrola, GIC, David Latona, David Goodman Organizations: United Arab Emirates, Baltic Eagle, Norway's Norges Bank Investment Management, Thomson Locations: MADRID, Baltic, Iberdrola

STOCKHOLM, June 30 (Reuters) - The proposed EU Artificial Intelligence legislation would jeopardise Europe's competitiveness and technological sovereignty, according to an open letter signed by more than 160 executives at companies ranging from Renault (RENA.PA) to Meta (META.O). EU lawmakers agreed to a set of draft rules this month where systems like ChatGPT would have to disclose AI-generated content, help distinguish so-called deep-fake images from real ones and ensure safeguards against illegal content. Since ChatGPT became popular, several open letters have been issued calling for regulation of AI and raising the "risk of extinction from AI." The third, Yann LeCun, who works at Meta, signed Friday's letter challenging the EU regulations. The letter warned that under the proposed EU rules technologies like generative AI would become heavily regulated and companies developing such systems would face high compliance costs and disproportionate liability risks.

Persons: ChatGPT, Elon Musk, Sam Altman, Geoffrey Hinton, Yoshua, Yann LeCun, OpenAI's Altman, Supantha Mukherjee, Jamie Freed Organizations: EU Artificial Intelligence, Renault, EU, Meta, Spanish, Thomson Locations: STOCKHOLM, French, Europe, Stockholm

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