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☆ Northern Ireland post-Brexit talks nearly done, EU says
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Johanna GeronDUBLIN, Feb 21 (Reuters) - The European Union's Brexit chief said on Tuesday that the finishing line was in sight for talks on easing post-Brexit trade rules for Northern Ireland ahead of a second successive day of discussions with his British counterparts. After weeks of intense London-Brussels talks, momentum has been building towards a deal to revise the Northern Ireland Protocol - the arrangements agreed to avoid a hard border with EU member Ireland when Britain exited the EU in 2020. British Prime Minister Rishi Sunak told his cabinet that intensive talks continued, his spokesman said, as his foreign and Northern Irish ministers prepared to speak to European Commission Vice-President Maros Sefcovic later on Tuesday. But in such a negotiation, being close doesn't mean being done", Sefcovic told a press conference, declining to say when exactly an agreement might be reached. The DUP, Northern Ireland's largest pro-British party, has boycotted the region's devolved power-sharing parliament for the last year in protest at the protocol.

☆ Telecom Italia shares fall in absence of CDP counter-bid for grid
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: +1 min

MILAN, Feb 20 (Reuters) - Telecom Italia (TIM) (TLIT.MI) shares dropped as much as 3% in early trade on Monday as a government-sponsored offer rivalling KKR's bid for the former phone monopoly's prized grid failed to materialise over the weekend. Italian state lender CDP has yet to receive key government backing to submit an offer together with Australian fund Macquarie, sources familiar with the matter said, dampening speculation fuelled by media reports last week. Telecom Italia shares fell by 2.8% by 0818 GMT against a flat Italy's blue chips index (.FTMIB)CDP, which is TIM's second largest investor, and Macquarie (MQG.AX) are looking to finalise an offer before Friday when the TIM board is scheduled to discuss a response to an approach from U.S fund KKR (KKR.N) for a controlling stake for the same asset. Reporting by Elvira Pollina Editing by Keith WeirOur Standards: The Thomson Reuters Trust Principles.

☆ Countries gather to thrash out U.N. ocean protection treaty
▼ + stars: | 2023-02-20 | by ( David Stanway | ) www.reuters.com time to read: +2 min

SINGAPORE, Feb 20 (Reuters) - Delegations from hundreds of countries will meet in New York this week in an attempt to hammer out a new legally binding ocean protection treaty that green groups believe will decide whether efforts to safeguard global biodiversity can succeed. Last August, an earlier round of talks on the new United Nations ocean conservation treaty were suspended, with countries unable to reach an agreement on financing. Sharing the proceeds of "marine genetic resources" and the establishment of ocean environmental impact assessment rules for development were also major sticking points. "There seems to be an appetite to actually finalise the treaty now," said Jessica Battle, ocean expert at the Worldwide Fund for Nature. "Genetic resources and the issue of finance will be the end game," said Greenpeace's Li.

☆ Lebanese depositors smash up, burn Beirut banks
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mohamed AzakirBEIRUT, Feb 16 (Reuters) - Several dozen Lebanese protesters attacked banks in a Beirut neighbourhood on Thursday, while blocking roads protesting against informal restrictions on cash withdrawals in place for years and rapidly deteriorating economic conditions. At least six banks had been targeted as the Lebanese pound hit a new record low on Thursday, a spokesperson for Depositors Outcry, a lobby representing depositors with money stuck in the country's banking sector, said. Since 2019, Lebanese banks have imposed restrictions on withdrawals in U.S. dollars and Lebanese pounds that were never formalised by law, leading depositors to seek access to their funds through lawsuits and often by force. The Lebanese pound has lost more than 98% of its value since the country's financial sector imploded in 2019. It was changing hands at around 80,000 pounds per greenback on Thursday, dropping from 70,000 pounds just two days earlier.

☆ Russian government approves sale of IKEA factories - deputy minister
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: +2 min

Brand owner Inter IKEA Group has previously said it was selling its four production units in Russia, in Tikhvin, Novgorod and Vyatka. The factories would continue to operate and the goods produced would be sold by Russian retail outlets. "The sales process is subject to a mandatory approval process," Inter IKEA said on Thursday. "We have agreed with potential buyers not to share any details with respect to them and the integrity of the sales process." IKEA, the world's biggest furniture brand, shut down its Russian stores last March and said it would sell factories, close offices and reduce its 15,000-strong workforce in Russia.

☆ SK Innovation battery unit SK On aims to raise up to $2.4 bln -sources
▼ + stars: | 2023-02-10 | by ( Kane Wu | ) www.reuters.com time to read: +2 min

SK On in December raised 2.8 trillion won from SK Innovation and 800 billion won from financial investors including Korea Investment Private Equity. A spokeswoman declined to comment on valuation but said SK On expects an additional 500 billion won from private equity funds this year as part of last year's fundraising. SK Innovation was not immediately available for comment. SK Innovation on Tuesday said it would focus spending on growing SK On this year even as the business was taking longer than it expected to turn a profit. SK On will eventually launch an initial public offering, as per an agreement with financial investors, SK Innovation said in November.

"The company has received a proposal from the JIP consortium," Toshiba said in a statement. Two of the sources said major Japanese banks, including Sumitomo Mitsui Financial Group (8316.T), had issued letters of commitment to provide 1.4 trillion yen ($10.6 billion) in loans to the group. The final buyout proposal would also include an equity portion of about 1 trillion yen, they said. The Nikkei business daily reported the total value of the buyout proposal was around 2 trillion yen. JIP was then asked by Toshiba to provide commitment letters from banks by Nov. 7, something it was unable to do.

Major Japanese banks, including Sumitomo Mitsui Financial Group (8316.T), had issued letters of commitment to provide the loans to the JIP-led group, said two of the sources, who declined to be identified because the information has not been made public. The 1.4 trillion yen of loans included a commitment line of 200 billion yen for working capital, the sources said. The final buyout proposal would also include an equity portion of about 1 trillion yen, they said. The Nikkei business daily reported a final buyout proposal worth around 2 trillion yen. The banks asked Toshiba to promise the sale of underperforming businesses if earnings deteriorated after a buyout was concluded, sources, including those who spoke on Thursday, have previously said.

☆ UK-based IT firm Noventiq to list in U.S. through SPAC deal
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +1 min

Feb 9 (Reuters) - London-listed IT company Noventiq (SFTLq.L) said on Thursday it will combine with California-based blank-check firm Corner Growth Acquisition Corp for a Nasdaq listing. Noventiq said the current price of its listed global depository receipts (GDRs) was not a fair reflection of the value of the group and there continued to be very limited trading volume of its GDRs on the London Stock Exchange. Special purpose acquisition companies, or SPACs, are listed but have no business operations, except hunting for a private company to take public and allowing it to bypass the scrutiny that comes with a traditional IPO. Noventiq, which provides digital solutions, hardware and cloud services, said the parties expected to finalise the agreement in the coming weeks. Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Rashmi Aich and Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Opposition in majority in key Solomon Islands province after anti-China leader ousted
▼ + stars: | 2023-02-08 | by ( Lucy Craymer | ) www.reuters.com time to read: +2 min

WELLINGTON, Feb 8 (Reuters) - The opposition has taken a majority in the assembly of the most populous Solomon Islands province after Daniel Suidani, a vocal critic of the country's relationship with China, lost a no-confidence vote, an adviser to the ousted leader said on Wednesday. Celsus Talifilu, the adviser, said in an interview if a new government is formed in Malaita province, it would back the federal government's pro-China stance. Suidani is a long-time critic of the country's deepening relations with China and vocally opposed the Solomon Island’s switching recognition from Taiwan to China in 2019. A government spokesperson in Honiara said that following the no-confidence vote on Tuesday, those who had voted against Suidani were now in talks to propose a new leader. However, Suidani and his supporters boycotted the vote as they were waiting for the court to hear an application to delay the vote, Talifilu said.

CDP is seeking to finalise its bid after U.S. investment firm KKR (KKR.N) last week filed its own offer for the same Telecom Italia (TIM) asset. Two sources familiar with the matter told Reuters KKR's approach valued the venture at about 20 billion euros ($21.4 billion). Prime Minister Giorgia Meloni repeatedly said her government wants to secure public control of TIM's network. But there is no common ground yet within her administration on how to reach such a goal and it was no clear whether a CDP bid would receive the blessing of the Treasury. Economy Minister Giancarlo Giorgetti believes Rome has "multiple options" to put TIM's network under strategic government control, a separate source said, without elaborating.

☆ Putin approves sale of Mercedes-Benz Russian finance arm
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +2 min

Mercedes-Benz suspended production at its factory in Russia and halted exports to the country last March, and said in October it would fully quit the Russian market, selling stakes in its Russian assets to a local investor. Its exit is part of a exodus of global companies from Russia after Moscow sent tens of thousands of troops into Ukraine last February. Under Russian law, Putin is required to approve the sale of stakes in Russian finance or energy ventures, while approval from a separate government commission is required for deals involving firms from so-called "unfriendly" countries that have imposed sanctions against Russia. Putin signed an order on Monday approving the sale of Mercedes-Benz Bank Rus - the auto company's financial services arm in Russia - to Avtodom, which specialises in sales of premium vehicles. Several Western companies sold their Russian operations for symbolic sums, such as one rouble ($0.01) or one euro ($1.08), with some adding buy-back clauses to facilitate a possible return to Russia in the future.

Saudi officials have pressed international companies to invest in the kingdom and move their regional headquarters to Riyadh in order to benefit from government contracts. "We are finalising the plans for opening the Riyadh region. He added that Oracle would also expand the capacity of its cloud region in Jeddah, which the company first opened in 2020. The company made the announcement as global tech companies gathered for a major tech conference in the Saudi capital. Though Oracle lags its bigger rivals in the race to corner the cloud computing market, it was among the first large tech companies to open a data centre in Saudi Arabia.

☆ ASEAN chair Indonesia to intensify talks on code for South China Sea
▼ + stars: | 2023-02-04 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Willy KurniawanJAKARTA, Feb 4 (Reuters) - Indonesia plans to intensify talks with China and other Southeast Asian countries to finalise a code of conduct (COC) for the disputed South China Sea, its foreign minister said on Saturday, amid escalating tensions in the strategic waterway. Indonesia is preparing to host a round of negotiations on the COC this year, the first taking place in March, the foreign minister said. China claims jurisdiction over almost the entire South China Sea based on its U-shaped "nine-dash line", a boundary found to have no legal basis by the Permanent Court of Arbitration in the Hague in 2016. ASEAN members the Philippines, Vietnam, Malaysia and Brunei all have overlapping claims with China in the strategic waterway. Separately, ASEAN members wrapped up talks having only reiterated support for the bloc's five-point peace plan on Myanmar which includes the cessation of conflict in the conflict-torn nation and the start of dialogue.

☆ Exclusive: Volvo readies EV blitz in biggest product revamp under Geely
▼ + stars: | 2023-02-02 | by ( Norihiko Shirouzu | ) www.reuters.com time to read: +3 min

[1/5] A Volvo S60 is displayed during the inauguration of Volvo Cars first U.S. production plant in Ridgeville, South Carolina, U.S., June 20, 2018. The Swedish carmaker, wholly owned by China’s Zhejiang Geely Holding Group, is expected to launch at least six new battery electric vehicles through 2026, the two people told Reuters. The previously unreported product plans amount to the largest revamp of Volvo’s model line-up since Geely acquired the brand from Ford Motor Co (F.N) in 2010. Under Geely, Volvo initially started to share technologies such as car platforms with Geely. Volvo has carved out and sold its gasoline engine and hybrid powertrain operations to Geely.

☆ Lebanon devalues official exchange rate by 90%
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +1 min

BEIRUT, Feb 1 (Reuters) - Lebanon adopted a new official exchange rate of 15,000 pounds per U.S. dollar on Wednesday, the central bank said, marking a 90% devaluation from its previous official rate that had been unchanged for 25 years. The shift from the old rate of 1,507 is still far off the parallel market where most trades take place. Two market participants said the pound was changing hands at around 59,000 per dollar on Tuesday. Lebanese officials have described the adoption of the new official exchange rate as a step towards unifying an array of rates that have emerged during the crisis. Analysts expect the shift to have less impact on the wider economy, which is increasingly dollarized and where most trades take place according to the parallel market rate.

"I said to him that if you invest in Indonesia, I will give the concession of nickel," Jokowi said, referring to Indonesia's offer of a mining concession. The president said he was "confident" Indonesia had the edge over other countries Tesla might be considering for investment because it has the largest nickel reserves and a big domestic market. "If they want to start from EV battery, it's OK," he added. In addition to Indonesia, South Korea, Canada and Mexico have been vying for Tesla to invest in manufacturing. POSSIBLE FIRST FOR ASIAIf Tesla were to invest in battery production in Indonesia, it would be its first facility of that kind in Asia.

TOKYO/PARIS, Jan 26 (Reuters) - French car maker Renault (RENA.PA) and its Japanese partner Nissan Motor (7201.T) aim to formally unveil a deal to reshape their alliance in London on Feb. 6, two sources close to the matter told Reuters on Thursday. Renault has consistently declined to comment publicly about the talks with its Japanese partner, while a spokesperson for Nissan declined to comment on Thursday. French newspaper Le Figaro reported late on Wednesday that the companies would announce 4 to 5 joint projects to relaunch the alliance. The future shape of the Franco-Japanese alliance has implications for both companies as well as their junior partner, Mitsubishi Motors Corp (7211.T). Renault, for instance, has said it will partner with companies from China's Geely Automobile Holdings (0175.HK) to semiconductor giant Qualcomm Inc (QCOM.O).

☆ Nissan and Renault close in on overhaul of alliance
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +2 min

TOKYO/PARIS, Jan 26 (Reuters) - Nissan and Renault are closing in on a sweeping overhaul of their globe-spanning automaking alliance as top executives meet on Thursday for talks to reset the two-decade-old partnership and chart a course for an uncertain electric future. Leaders of Nissan Motor Co Ltd (7201.T) and Renault SA (RENA.PA) are meeting via video link for an alliance board meeting, sources previously told Reuters. The future shape of the Franco-Japanese alliance has implications for both companies as well as their junior partner, Mitsubishi Motors Corp (7211.T). Renault, for instance, has said it will partner with companies from China's Geely Automobile Holdings (0175.HK) to semiconductor giant Qualcomm Inc (QCOM.O). Nissan has been concerned that the technology it has developed while partnered with Renault could leak to the French automaker's partners as it restructures, Reuters has reported.

[1/2] FILE PHOTO-Planes of German air carrier Lufthansa are parked as Lufthansa pilots start a strike over a wage dispute, at the airport in Frankfurt, Germany, September 2, 2022. REUTERS/Kai PfaffenbachROME/FRANKFURT, Jan 18 (Reuters) - German carrier Lufthansa (LHAG.DE) said on Wednesday it had offered to buy an minority stake in ITA Airways, betting on reviving the loss-making successor to Italy's Alitalia and expanding its footprint in Europe. One of the sources said it was valued at 200-300 million euros ($540 million). The new right-wing administration in Rome passed a decree in December to initially sell a minority stake through capital increases, in order to speed up a full divestment in ITA. "Acquiring ITA is one of the most challenging propositions in European aviation: the airline has been persistently loss-making," said Bernstein analyst Alex Irving.

[1/2] FILE PHOTO-Planes of German air carrier Lufthansa are parked as Lufthansa pilots start a strike over a wage dispute, at the airport in Frankfurt, Germany, September 2, 2022. REUTERS/Kai PfaffenbachBERLIN/ROME, Jan 18 (Reuters) - German carrier Lufthansa (LHAG.DE) said on Wednesday it had offered to buy an initial minority stake in ITA Airways, Italy's state-owned successor to Alitalia. Lufthansa said Italy is the most important market outside of its existing home markets and the United States, noting its prominence as both a business and tourism destination. The move comes after the new right-wing administration in Rome passed a decree in December to initially sell a minority stake through capital increases, in order to speed up a full divestment in ITA. Beside its domestic German business, Lufthansa already operates the brands Swiss, Austrian Airlines and Brussels Airlines.

☆ BASF, Eramet to finalise $2.6 bln partnership on Indonesia nickel smelter -Indonesia
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +1 min

JAKARTA, Jan 18 (Reuters) - Germany's BASF (BASFn.DE) and French mining firm Eramet (ERMT.PA) are finalising a $2.6 billion partnership deal to invest in a nickel smelting facility in Indonesia, Indonesia's investment ministry said, citing the CEO of BASF. The project investment deal would be worth around 2.4 billion euros ($2.59 billion), the investment ministry said, citing BASF chief executive Martin Brudermüller. The project will make materials to be used in batteries for electric vehicles. Eramet would own 51% of the project, while BASF would hold 49%, the presentation showed. BASF and Eramet could not immediately be reached for comment.

☆ Origin Energy gives suitor Brookfield more time to review books
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +1 min

Jan 17 (Reuters) - Australia's Origin Energy (ORG.AX) has extended the exclusivity period for a Brookfield-led consortium to finalise its A$15.5 billion ($10.81 billion) buyout bid, the power producer said on Tuesday. The exclusivity period has been extended to Jan. 24, upon the consortium's request, Origin said. Origin Energy did not specify a reason for the extension, which sparked concern about the fate of the bid. Its shares fell as much as 3.7% to a low of A$7.37, well below the proposed offer price of A$9 a share. Origin said in November it would back the proposed offer if it went ahead.

☆ Nissan directors endorse steps to reach deal with Renault-sources
▼ + stars: | 2023-01-17 | by ( Maki Shiraki | ) www.reuters.com time to read: +3 min

The Nissan board-level review also marked progress after three months of working-level negotiations aimed at restructuring a partnership that dates back to 1999, when Renault bailed out Nissan. The Nissan outside directors, meeting in committee, endorsed steps to try to reach an agreement between the two sides, they said. The two companies are discussing reducing Renault's stake in Nissan from the current 43% to 15%, equal to Nissan’s stake in Renault. The 28% stake in Nissan that Renault would sell would be transferred to a trust, people involved have said. At the same time, Nissan is considering investing in a new electric vehicle company that Renault aims to establish code-named Ampere.

HONG KONG/BEIJING, Jan 6 (Reuters) - China is in talks with Pfizer Inc (PFE.N) to secure a licence that will allow domestic drugmakers to manufacture and distribute a generic version of the U.S. firm's COVID-19 antiviral drug Paxlovid in China, three sources told Reuters. In February last year, China approved Paxlovid, which was supposed to be largely available via hospitals, to treat high-risk patients in several provinces. Pfizer last month reached an agreement to export Paxlovid to China through a local company to make the medicine more widely available. A Pfizer spokesperson said the company is actively collaborating with Chinese authorities and all stakeholders to secure an adequate supply of Paxlovid in China. That licence does not allow the companies to sell generic Paxlovid in China.

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