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JAKARTA, Aug 24 (Reuters) - Indonesia's talks with international partners on setting up a $20 billion fund for the country's transition from coal to cleaner energy have taken longer than anticipated and are complicated by rising borrowing costs, its finance minister said on Thursday. It was based on a similar $8.5 billion initiative in 2021 to help South Africa more quickly decarbonise its power sector. Another challenge is it will take time to hold public consultations with communities that could be affected by a project, such as the construction of a renewable power plant, the minister said. Indonesia has been pushing for coal power plant retirement financing to be seen as "acceptable" among global lenders and brought this up at a meeting of G20 finance ministers in July. The Association of Southeast Asian Nations (ASEAN) has included coal power plant retirement in its green taxonomy - a framework defining what investment is considered environmentally friendly.

Persons: Sri Mulyani Indrawati, Sri Mulyani, Gayatri Suroyo, Stefanno Sulaiman, Susan Fenton Organizations: Reuters, International Partners, World Bank, Asian Development Bank, The Association of Southeast Asian Nations, Thomson Locations: JAKARTA, United States, Japan, Indonesia, South Africa, Jakarta

☆ Savers dash for Belgian bond aimed at pushing banks to raise deposit rates
▼ + stars: | 2023-08-24 | by ( Yoruk Bahceli | ) www.reuters.com time to read: +2 min

Aug 25 (Reuters) - Belgium saw 4 billion euros of demand from savers for a new bond it launched on Thursday, its debt agency said, a strong start for the sale aimed at pressuring banks to raise their deposit rates. European lenders awash with cash have been resisting raising savings rates despite a surge in market interest rates as central banks fight inflation, prompting withdrawals by households looking for better returns elsewhere. "We want to boost competition and encourage banks to raise interest rates." On Thursday, the first day of the sale, savers bought 2.098 billion euros ($2.27 billion) of the bond, the debt agency said, followed by at least another 1.902 billion euros so far on Friday. But Jean Deboutte, director at Belgium's debt agency, noted some banks in Belgium had already raised their rates following plans for the new bond.

Persons: Jean Deboutte, Yoruk, Sudip Kar, Susan Fenton, Andrew Heavens Organizations: Yoruk Bahceli, Gupta, Thomson Locations: Belgium, Amsterdam, Brussels

☆ Iraq oil minister in Turkey to discuss resuming northern oil exports -sources
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +2 min

BAGHDAD, Aug 21 (Reuters) - Iraq's oil minister Hayan Abdel-Ghani arrived in the Turkish capital Ankara to discuss several issues including the resumption of oil exports through the Ceyhan oil terminal, a source in the minister's office told Reuters on Monday. Iraqi oil minister will meet his Turkish counterpart to discuss energy issues, on top of which is the resumption of Iraq's northern oil exports via Turkey's Ceyhan port, said an oil official. Turkey halted Iraq's 450,000 barrels per day (bpd) of exports through the northern Iraq-Turkey pipeline on March 25 after an arbitration ruling by the International Chamber of Commerce (ICC). Turkey wants to negotiate regarding the size of damages it was ordered to pay in the arbitration ruling and also seeks clarification on other open arbitration cases. "Iraq's oil minister is in Turkey to discuss obstacles delaying the resumption of oil exports and how to resolve lingering issues," said an oil ministry official who is close to the Iraqi northern oil exports operations.

Persons: Hayan Abdel, Ghani, Ahmed Rasheed, Ahmed Elimam, Susan Fenton, David Gregorio Our Organizations: Reuters, International Chamber of Commerce, Chamber of Commerce, ICC, Kurdistan Regional Government, Thomson Locations: BAGHDAD, Turkish, Ankara, Turkey, Iraq, Paris, Iraqi Kurdistan, Baghdad, Ceyhan, Kurdistan

☆ Kuwait Airways plans to lease eight Airbus jets within 10 years
▼ + stars: | 2023-08-20 | by ( Ahmed Hagagy | ) www.reuters.com time to read: +1 min

KUWAIT CITY, Aug 20 (Reuters) - Kuwait Airways (KA.UL) plans to lease eight Airbus (AIR.PA) passenger jets within 10 years, Chairman Ali Aldokhan said on Sunday. The state-owned carrier is examining offers from leasing companies, and the contract duration for the leased planes, all Airbus 321 neo aircraft, will be between eight and 10 years, Aldokhan told a news conference. The plan to lease eight planes is in addition to Kuwait Airways' multi-billion dollar deal with Airbus in 2022 to buy 31 planes, 18 of which it has already received. The cost of jet fuel for Kuwait Airways has increased 38% year-on-year since the beginning of 2023, Aldokhan said. Kuwait Airways is in negotiations with Kuwait Petroleum Corporation on a discount mechanism to reduce the airline's jet fuel costs, CEO Maen Razouqi told the same press conference.

Persons: Ali Aldokhan, Aldokhan, Maen Razouqi, Ahmed Hagagy, Adam Makary, David Goodman, Susan Fenton Organizations: KUWAIT CITY, Kuwait Airways, Airbus, Kuwait Petroleum Corporation, Tala, Thomson Locations: KUWAIT

☆ Pakistan's president refuses to sign new national security laws
▼ + stars: | 2023-08-20 | by ( ) www.reuters.com time to read: +2 min

Pakistan's President Arif Alvi speaks with Reuters in an interview after Pakistan's presidency was recognized as the world's first presidential secretariat running on clean energy, in Islamabad, Pakistan October 27, 2021. "As God is my witness, I did not sign Official Secrets Amendment Bill 2023 & Pakistan Army Amendment Bill 2023 as I disagreed with these laws," Alvi said on social media platform X, formerly known as Twitter. He said he had asked his staff to return the bills unsigned to the legislature within the stipulated time to make them ineffective. The ministry of law and justice said the president's decision was of "grave concern". "As the president didn't sign and return the bill within 10 days, it became a law," caretaker law minister Ahmad Iran told a news conference.

Persons: Arif Alvi, Pakistan's, Saiyna Bashir, Imran Khan's, Alvi, doesn't, didn't, Ahmad Iran, Murtaza Solangi, Solangi, Ariba Shahid, Susan Fenton Organizations: Reuters, REUTERS, Rights, Pakistan, Twitter, Caretaker, Thomson Locations: Islamabad, Pakistan, Rights KARACHI, Alvi, Imran Khan's Pakistan

☆ S.African municipalities' unpaid dues to Eskom rise to $3.3 bln-minister
▼ + stars: | 2023-08-20 | by ( ) www.reuters.com time to read: +2 min

JOHANNESBURG, Aug 20 (Reuters) - The amount of unpaid dues that South African municipalities owe debt-laden power company Eskom has risen to more than 63.2 billion rand ($3.33 billion) and is increasing exponentially, risking even longer power cuts around the country, the electricity minister said on Sunday. Kgosientsho Ramokgopa said the figure had risen by 4.7 billion rand since the start of this year. Eskom supplies power to 238 municipalities with the top 20 of them accounting for 77% or 48.9 billion rand of the total overdue debt, Ramokgopa said. The government is exploring ways to resolve the municipal debt crisis and is looking at funding from various means to upgrade the distribution infrastructure, Ramokgopa said, without giving any timeline. ($1 = 18.9890 rand)Reporting by Promit Mukherjee; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

Persons: Kgosientsho Ramokgopa, Ramokgopa, Eskom, Promit Mukherjee, Susan Fenton Organizations: Thomson Locations: JOHANNESBURG, South Africa

☆ Wildfire spreads on Spain's Tenerife, forcing thousands from homes
▼ + stars: | 2023-08-20 | by ( ) www.reuters.com time to read: +2 min

No major tourist areas have been affected. Weather conditions overnight were "better than expected" Tenerife's fire brigade said on Sunday on X, formerly known as Twitter. Fernando Clavijo, Canary Islands' regional leader, said the largest firefighting deployment in the history of Tenerife had so-far prevented the loss of any homes. Evacuations were ordered throughout Saturday due to worsening weather conditions. Popular tourist areas on Tenerife, part of the Canaries archipelago in the Atlantic Ocean, have so far been unaffected and its two airports have been operating normally.

Persons: Fernando Clavijo, Rosa Davila, Jessica Jones, Nacho, Frances Kerry, Susan Fenton Organizations: REUTERS, Rights, Twitter, Thomson Locations: Tenerife, Canary Islands, Spain, Rights TENERIFE, Europe, Spain's La Palma, Canada, Maui, Lahaina

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. The simplest conclusion is the Fed will not be able to ease again in anything like the way many had assumed or still think. This will lift the 'term premium' embedded in long-term bond yields, which has been so subdued since Fed balance sheet expansion met the crash of 2008, even if the Fed is done tightening policy rates, he said. Fed policy is more neutral than restrictive "if you believe we've returned to a pre-2008 world", he said, and that limits the scope for rate cuts in future. Writing by Mike Dolan; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, handwringing, Anujeet, we've, Amanda Lynam, Mike Dolan, Susan Fenton Organizations: New York Stock Exchange, REUTERS, Reserve, Treasury, U.S, AAA, Atlanta, Deutsche Bank, Vanguard, Federal Reserve, Brandywine Global, BlackRock, Reuters, Thomson Locations: New York City, U.S

☆ Poles get a peek of the past in Warsaw as old streets uncovered
▼ + stars: | 2023-08-18 | by ( ) www.reuters.com time to read: +3 min

Acquire Licensing Rights Read moreWARSAW, Aug 18 (Reuters) - Construction work on a flagship new square in Warsaw captured a glimpse of the Polish capital's past when builders uncovered the remains of long-lost streets buried underground. Central Square will reflect the layout of the old streets that criss-crossed the area until the 1950s, the city council says. "These rooms were used by the dignitaries so that after speeches they could go and refresh themselves, relax," said Pienkos. "During the building work we have a chance to look into this underground space, maybe for the last time. Reporting by Alan Charlish and Kacper Pempel; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

Persons: Joseph Stalin ., Mikolaj, Alan Charlish, Susan Fenton Organizations: of Culture, Socialist, Warsaw, Parade, Builders, Labour, Thomson Locations: of, Warsaw, WARSAW, Polish, Soviet

Official data showed sales volumes last month were 1.2% lower than in June. Food stores sales volumes fell by a monthly 2.6% while non-food stores sales volumes fell by 1.7%. However, July's data represented only the second time that sales volumes fell on a month-to-month basis so far in 2023, suggesting resilience in consumer demand. Market research firm GfK reported last month that consumer confidence fell in July for the first time since January. Retail sales volumes were 3.2% lower than a year earlier, the ONS said, compared with economists' forecasts for a 2.1% decline.

Persons: Sterling, Heather Bovill, Ruth Gregory, GfK, Samuel Tombs, BoE, Tombs, Spencer, James Davey, Kate Holton, Susan Fenton Organizations: Reuters, Office, National Statistics, Department, Bank of England, Capital Economics, Macroeconomics, Thomson

☆ 'Unrealistic' global offshore wind expansion target would require $27 billion by 2026, says Wood Mackenzie
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Violeta Santos Moura/File Photo Acquire Licensing RightsCompanies Wood Mackenzie Ltd FollowAug 17 (Reuters) - Government targets to increase wind power installations would see annual capacity additions reach 80 gigawatts (GW) per year by 2030, requiring $100 billion in secured investment in the supply chain by 2026, Wood Mackenzie said in a report. The research and consultancy firm forecast annual capacity is more likely to increase by 30 gigawatts (GW) a year by 2030, which would require $27 billion of secured investment by 2026. "The supply chain is struggling to scale up and will be an impediment to achieving decarbonisation targets if change does not happen," said Chris Seiple, vice chair, power and renewables at Wood Mackenzie. Wood Mackenzie noted that the low profit margins on offshore wind production and uncertainty about project timings resulting in very different supply-chain needs are making it hard to drum up investment in the sector. Target setting and plans for power market infrastructure to support offshore wind need to extend beyond 2030 to scale up the offshore wind supply chain, analysts at Wood Mackenzie said.

Persons: Violeta Santos Moura, Wood Mackenzie, gigawatts, Chris Seiple, Seiple, Anushree Mukherjee, Susan Fenton Organizations: REUTERS, Wood, World Energy, Thomson Locations: Viana, Castelo, Portugal, Wood, Bengaluru

☆ Analysis: A year on, Europe less fearful of U.S. green subsidies push
▼ + stars: | 2023-08-17 | by ( Jan Strupczewski | Thomson Reuters | Jan Is The Acting Bureau Chief In Brussels. He Has Been Covering European Union Policy | ) www.reuters.com time to read: +6 min

Solar panels are seen atop a hops plantation in the Bavarian Holledau region in Au, Germany, June 19, 2023. And already, those subsidies are flowing: German conglomerate Thyssenkrupp (TKAG.DE) will invest around 3 billion euros ($3.27 billion) in a proposed green steel plant in Duisburg, Germany, including over 2 billion euros in state subsidies given EU approval in late July. But it noted the U.S. model also had uncertainty built in because a change of administration could end IRA subsidies. The complexity of EU financing through the recovery fund means it is available only to bigger companies, leaving smaller firms struggling to benefit. ($1 = 0.9184 euros)Reporting by Jan Strupczewski; editing by Mark John and Susan FentonOur Standards: The Thomson Reuters Trust Principles.

Persons: Louisa, Joe Biden's, Biden, Niclas Poitiers, Jan Strupczewski, Mark John, Susan Fenton Organizations: REUTERS, United States, Union, Biden, EU, Zero Industry, European Commission, Sovereignty Fund, Ukraine, Russian, EV, Zero, Thomson Locations: Bavarian, Au, Germany, EU, BRUSSELS, United, Europe, Ukraine, Brussels, United States, Duisburg, U.S, France, China

[1/2] Chinese Yuan and U.S. dollar banknotes are seen in this illustration taken March 10, 2023. That represented the highest annual growth rate since comparable records began in 2001. "BoE Sep rate hike bets have jumped ... providing support for the GBP," said Scotiabank chief FX strategist Shaun Osborne. The yuan briefly bounced back as major state-owned banks were seen selling dollars to support the local currency. Punctuating those worries, Chinese data on industrial output, retail sales and investment released shortly after the PBOC's rate cut showed unexpected slowdowns.

Persons: Yuan, Dado Ruvic, Sterling, BoE, Shaun Osborne, Scotiabank's Osborne, Osborne, Shinichiro Kadota, Shunichi Suzuki, Joice Alves, Samuel Indyk, Brigid Riley, Kevin Buckland, Susan Fenton Organizations: REUTERS, Bank of, Kremlin, Bank of England, Scotiabank, People's Bank of China, U.S, Traders, Barclays, Finance, Thomson Locations: Russian

☆ India's Modi says peace returning to strife-torn Manipur
▼ + stars: | 2023-08-15 | by ( Rupam Jain | ) www.reuters.com time to read: +3 min

[1/5] India's Prime Minister Narendra Modi addresses the nation during Independence Day celebrations at the historic Red Fort in Delhi, India, August 15, 2023. REUTERS/Altaf HussainNEW DELHI, Aug 15 (Reuters) - Indian Prime Minister Narendra Modi said on Tuesday peace was returning to the strife-torn northeastern state of Manipur where at least 180 people have been killed and tens of thousands forced from their homes in sectarian clashes since May. The country wants the people of Manipur to hold on to the peace of the last few days and take it forward," Modi said in an Independence Day speech from the ramparts of New Delhi's Red Fort. Manipur state chief minister hoisted India's tri-colour flag in the capital city of Imphal to commemorate Independence Day and there were no immediate reports of violence, officials said. Leaders from Indian opposition parties' alliance called "INDIA" said Modi's Independence Day speech will be his last as his party will be routed in the general elections.

Persons: Narendra Modi, Altaf Hussain, Modi, Kuki, Jairam Ramesh, bluster, Rupam Jain, Robert Birsel, Susan Fenton Organizations: India's, REUTERS, Indian, Bharatiya Janata Party, BJP, Independence, Thomson Locations: Independence, Fort, Delhi, India, Manipur, Myanmar, New, Imphal

☆ Morning Bid: U.S. retail therapy as China funk deepens
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: +5 min

Raindrops hang on a sign for Wall Street outside the New York Stock Exchange in Manhattan in New York City, New York, U.S., October 26, 2020. China stocks fell again (.CSI300) and 10-year government bond yields fell to three-year lows. Ten-year Treasury yields hit their highest for the year at 4.23%. Elsewhere in the so-called BRICS emerging economies - the grouping of Brazil, Russia, India, China and South Africa - the dollar was also in command. Back stateside, the retail sales report will be accompanied by an earnings update from Home Depot - the first of the big retailers to report this week.

Persons: Mike Segar, Mike Dolan, Jackson, Jack Henry *, Neel Kashkari, Susan Fenton Organizations: Wall, New York Stock Exchange, REUTERS, Micron Technology, Bank of America's, Treasury, Agilent Technologies, Cardinal Health, NY, Minneapolis Federal, Thomson, Reuters Locations: Manhattan, New York City , New York, U.S, China, Japan, Brazil, Russia, India, South Africa, Ukraine, Argentina's, Canada

☆ Norway seen lifting policy rate to 4.0% this week
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: +2 min

"The risk of another double rate hike is clearly reduced," Handelsbanken said in an Aug. 11 note to clients. Norges Bank's monetary policy committee has said it will likely hike the policy rate to 4.25% in the course of this year to prevent a continued rapid rise in prices and wages that could see inflation become entrenched. The European Central Bank last month raised its key policy rate to 3.75%, but a narrow majority of economists polled by Reuters expect the ECB to temporarily pause its rate-hiking campaign at its September meeting. All 31 economists polled in the Aug. 10-15 period said Norges Bank would announce on Thursday that it will increase its policy rate by 25 bps to 4.00%. The poll's median prediction showed that the policy rate is expected to hit a peak of 4.25% later in the third quarter, although some predicted it could rise to 4.50% by the end of the year.

Persons: Handelsbanken, Terje Solsvik, Vijayalakshmi Srinivasan, Pai Sujith, Susan Fenton Organizations: Reuters, Norges, bps, Norges Bank, European Central Bank, ECB, Thomson Locations: OSLO, Norwegian, Bengaluru

☆ Agnelli family's Exor buys $2.8 bln stake in Philips
▼ + stars: | 2023-08-14 | by ( Tosterling Bart H. Meijer | Bart H. Meijer | ) www.reuters.com time to read: +3 min

[1/2] Philips Healthcare headquarters is seen in Best, Netherlands August 30, 2018. The group combines two of the three sectors Exor targets in its investment strategy: healthcare and technology. While not an activist investor, Exor aims to play an active role in supporting Philips' strategy, the source said. "Exor's substantial investment underlines their confidence in Philips' transformation into a healthcare technology company and its growth and value potential," Philips Chairman Feike Sijbesma said in a statement. Philips last month reported core profit of 453 million euros and slightly upgraded financial targets for the full year.

Persons: de, Exor, Italy's Agnelli, Philips, Feike Sijbesma, John Elkann, Lifenet, Louboutin, Roy Jakobs, Valentina Za, Kim Coghill, David Goodman, Susan Fenton Organizations: Philips Healthcare, REUTERS, Philips, Philips AMSTERDAM, Exor, Institut, Ferrari, Italian soccer, Juventus, ING, U.S . Department of Justice, Thomson Locations: , Netherlands, Exor, Louboutin . New York, Italian, Milan

Japanese Yen and U.S. dollar banknotes are seen in this illustration taken March 10, 2023. The dollar hit a one-month high against a basket of major currencies, before steadying, as investors sought a safe haven on concerns about China's economy. Japan's currency weakened to as low as 145.22 per dollar in early Asian hours, its lowest since Nov. 10, before quickly reversing course in a volatile start to the week. Japan intervened in currency markets last September when the dollar rose past 145 yen, prompting the Ministry of Finance (MOF) to buy the yen and push the pair back to around 140 yen. With the yen loitering around the 145 level again, traders expect Japanese officials to start warning of intervention soon as they did in June.

Persons: Yen, Dado Ruvic, Charu Chanana, Chris Turner, Russia's rouble, Sterling, Joey Chew, Ankur Banerjee, Harry Robertson, Shri Navaratnam, Lincoln, Susan Fenton Organizations: REUTERS, Bank of Japan, Ministry of Finance, Saxo Markets, International Trust Co, ING, Australian, Federal, Asia FX, HSBC, Thomson Locations: SINGAPORE, Japan, United States, China, U.S, Russian, Ukraine, Asia, Singapore, London

☆ Indonesia plans random emission tests on motorists as poor air chokes Jakarta
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +3 min

JAKARTA, Aug 14 (Reuters) - Indonesia's capital will force drivers to undergo emission tests, officials said on Monday, amid deteriorating air quality that has made Jakarta one of the world's most polluted cities. Jakarta has been consistently ranked among the 10 most polluted cities globally since May and last week topped global rankings compiled by Swiss air quality technology company IQAir. "We will start in Jakarta and when it gets better, we will expand it to greater Jakarta," environment minister Siti Nurbaya Bakar told a press conference. President Widodo also advised companies to impose hybrid working and urged weather modification in Greater Jakarta, saying dry weather was contributing to pollution. "Also, keep monitoring the industrial sector and power plants mainly surrounding Greater Jakarta," he told ministers.

Persons: Joko Widodo, Sandiaga Uno, Siti Nurbaya Bakar, Widodo, Ananda Teresia, Martin Petty, Susan Fenton Organizations: Swiss, Jakarta, Thomson Locations: JAKARTA, Jakarta, Greater Jakarta, Indonesia

☆ Stocks fall, yields rise after hotter than expected inflation reading
▼ + stars: | 2023-08-11 | by ( Sinéad Carew | ) www.reuters.com time to read: +4 min

The U.S. producer price index (PPI) for final demand rose 0.3% in July, according to the Labor Department. And in the 12 months through July, the PPI rose 0.8% against estimates for a 0.7% advance. On Thursday, Wall Street's main indexes had finished flat, giving up most early gains on milder-than-feared consumer price inflation data. In currencies, the dollar index rose 0.107%, with the euro down 0.18% to $1.0959. On the U.S. Treasuries side, yields rose after the hotter than expected PPI.

Persons: Brendan McDermid, Paul Christopher, Christopher, Mary Daly, Sterling, Brent, Sinéad Carew, Elizabeth Howcroft, John Stonestreet, Susan Fenton Organizations: New York Stock Exchange, REUTERS, Treasury, Reserve, Labor Department, PPI, Wells, Wells Fargo Investment Institute, Dow Jones, Nasdaq, San Francisco Federal Reserve Bank, Britain, International Energy Agency, Thomson Locations: New York City, U.S, Wells Fargo, St Louis, Asia, Pacific, Japan, London

☆ Changan Ford Motor to set up electric car JV with Chongqing Changan Auto
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: +1 min

Workers assemble vehicles at a plant of Changan Ford, a joint venture between Changan Automobile and Ford Motor Company, in Harbin, Heilongjiang province, China February 22, 2017. REUTERS/Stringer/File PhotoBEIJING, Aug 11 (Reuters) - Changan Ford Motor plans to set up a new-energy passenger car joint venture with state-owned Chongqing Changan Automobile (000625.SZ), according to a document published by China's market regulator on Friday. Changan Ford Motor will own a 60% stake and Chongqing Changan Automobile will have the remaining 40% stake. In the future, the joint venture plans to engage in the "supply business of mainstream brand new energy passenger vehicles and the distribution business of Ford brand models that Changan Ford has invested in," the statement said. Officials at Ford and Changan could not immediately be reached for further comment.

Persons: Changan Ford, Stringer, Ford, Tesla, Farah Master, Twinnie Siu, Zhang Yan, Ben Klayman, Louise Heavens, Susan Fenton Organizations: Changan Automobile, Ford Motor Company, REUTERS, Ford Motor, Chongqing Changan Automobile, Ford, China Association of Automobile Manufacturers, Thomson Locations: Harbin, Heilongjiang province, China, BEIJING, Chongqing, Changan, Hong Kong, Shanghai, Beijing, Detroit

Asian stocks fell to a one-month low and European indexes were in the red, with the STOXX 600 down 0.8% at 1125 GMT (.STOXX). "We’re still getting a mixed message from the inflation numbers," said Ben Laidler, global markets strategist at eToro. The pound was up 0.4% at $1.2725 , after GDP data showed Britain eked out some unexpected growth in the second quarter, helped by a strong June performance. But it remains the only large advanced economy that has not yet regained its pre-COVID late-2019 level, data showed on Friday. Investors will be watching for UK inflation data next Wednesday.

Persons: DAX, Mary Daly, We’re, Ben Laidler, eToro's Laidler, Brent, Elizabeth Howcroft, John Stonestreet, Susan Fenton Organizations: Credit Suisse, Wall, San Francisco Federal Reserve Bank, Investors, Nasdaq, HK, Britain, West Texas, International Energy Agency, Thomson Locations: Silicon, China, Australia, Japan

LONDON, Aug 11 (Reuters) - U.S. hedge fund Davidson Kempner Capital Management (DK) said on Friday it had agreed to sell Prelios to fintech firm ION Group, in a long-awaited deal which two sources said valued the Italian credit manager at 1.35 billion euros ($1.5 billion). DK, which did not disclose the sale price, had been looking for a buyer for years, and held discussions for several months with ION. Dublin-based ION Group was in turn in talks with banks for months to secure funding for the deal. Founded by former Salomon Brothers trader Andrea Pignataro, ION Group provides services of trading, analytics, treasury and risk management for capital and commodity markets. In 2021 in Italy alone, ION bought banking software provider Cedacri for $1.8 billion and acquired Cerved in a deal that valued the credit data and management group at nearly 2 billion euros.

Persons: Salomon, Andrea Pignataro, UniCredit, Intesa, DK, Lazard, Prelios, Mediobanca, Goldman Sachs, Morgan Stanley, Riccardo Serrini, Valentina Za, Pablo Mayo, David Goodman, Susan Fenton Organizations: Davidson, Capital Management, ION Group, ION ., ION, Reuters, BNP, Banco, Standard Chartered Bank, Mediobanca, UBS, X3, DK, Thomson Locations: ION . Dublin, Italy

☆ Shares, dollar gains after moderate US CPI data
▼ + stars: | 2023-08-10 | by ( Herbert Lash | ) www.reuters.com time to read: +5 min

The consumer price index (CPI) gained 0.2% last month, the Labor Department said, lifting the annualized rate to 3.2% from 3% in June. The pace of core CPI, which strips out volatile food and energy prices, slowed to 4.7% in July from 4.8% the prior month. But investors remained cautious as another CPI report and jobs data await Fed policymakers before their next meeting in September. MSCI's gauge of stock performance across the globe (.MIWD00000PUS) gained 0.38%, while the pan-European STOXX 600 index (.STOXX) rose 0.79%. Gold prices ticked up after the U.S. inflation data on speculation the Fed is at the end of its rate hike cycle.

Persons: Brendan McDermid, Russell Price, Price, Brad Bechtel, Brad Conger, Callaghan, Brent, Herbert Lash, Samuel Indyk, Ankur Banerjee, Edwina Gibbs, Sam Holmes, Susan Fenton, Alexandra Hudson, Richard Chang Organizations: New York Stock Exchange, REUTERS, Global, Labor Department, Reuters, Fed, Ameriprise, FX, Jefferies, Co, Dow Jones, Nasdaq, Treasury, U.S, Thomson Locations: New York City, U.S, Troy , Michigan, Conshohocken , Pennsylvania, CHINA, China, Asia, Pacific, Japan, London

☆ Vietnamese EV maker VinFast gets go ahead for Nasdaq SPAC listing
▼ + stars: | 2023-08-10 | by ( Phuong Nguyen | ) www.reuters.com time to read: +3 min

Shareholders of Hong Kong-based Black Spade Acquisition (BSAQ.A), a blank-check company, voted on Thursday to approve the merger with VinFast. VinFast, in a joint statement with Black Spade, said it would list on the Nasdaq under the ticker symbol VFS "on or around August 15". It leaves VinFast's existing shareholders, including parent company Vingroup and Vuong, Vietnam's richest man, with 99% of shares in the company. "The voting results today are a vote of confidence in VinFast from Black Spade shareholders," VinFast's global head Thuy Le said in the statement. Black Spade was founded by the private investment arm of Lawrence Ho, son of the late gambling mogul Stanley Ho.

Persons: Mike Blake, VinFast, Black Spade, Pham Nhat Vuong, Thuy Le, Nikola Corp, EVs, VinFast's, Vuong, Lawrence Ho, Stanley Ho, Phuong Nguyen, Kirsten Donovan, Susan Fenton Organizations: Los Angeles Auto, REUTERS, U.S, Nasdaq, of Hong, VinFast, Black, Black Spade, Faraday, Nikola, Vingroup, Tesla, Thomson Locations: Los Angeles , California, U.S, HANOI, of Hong Kong, VinFast, North Carolina, Black, United States, Haiphong, Vietnam

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