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☆ Analysis: Decade of central bank largesse haunts taxpayers as losses loom
▼ + stars: | 2022-10-25 | by ( Francesco Canepa | ) www.reuters.com time to read: +6 min

Signage is seen outside the European Central Bank (ECB) building, in Frankfurt, Germany, July 21, 2022. The British government, which received 120 billion pounds in profits from the BoE since 2009, has already earmarked a transfer of 11 billion pounds for the central bank. It will contribute to losses of around 40 billion euros for euro zone central banks next year, according to Morgan Stanley. They have all warned of upcoming losses and the Dutch central bank openly said it risked needing a bailout, although finance minister Sigrid Kaag later cautioned this was "not yet on the table". By contrast, central banks with less cash and higher-yielding bonds in Italy, Spain and Greece were likely to fare better.

Register now for FREE unlimited access to Reuters.com RegisterEven before leaks were found, supplies via Nord Stream 1 had been halted as a result of a dispute over Western sanctions on Russia, while the newly-built Nord Stream 2 pipeline had not started commercial deliveries. An E.ON spokesperson said Nord Stream 1's operating company was responsible for operational issues, including insurance. "Nord Stream AG remains in close contact with relevant authorities about the recent incident. U.S. President Joe Biden has said damage to Nord Stream was a deliberate act of sabotage. If there was any Russian involvement it could also mean the Nord Stream 1 damage being designated as an act of war, something that is typically excluded by insurance policies.

☆ ASML shrugs off slowdown, U.S. China sanctions, reports strong Q3
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +3 min

Europe's largest technology company also said it did not expect a large impact from U.S. sanctions on China. This resulted in record bookings in the third quarter of around 8.9 billion euros," he said in a statement. ASML's backlog is now at 38 billion euros, and it is seeking to expand its own production capacity by 2025. ASML reported third-quarter net profit of 1.7 billion euros ($1.7 billion) on sales of 5.8 billion euros, beating analyst forecasts of profit of 1.42 billion euros and 5.41 billion euros in sales. ASML has been restricted by the Dutch government in shipping its best machines to China, due to U.S. diplomatic influence, since 2019.

☆ Deliveroo to quit Dutch market on Nov. 30
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: 1 min

AMSTERDAM, Oct 19 (Reuters) - Deliveroo (ROO.L), the meals ordering company, said it would halt operations in the Netherlands as of Nov. 30. "After consulting with employees and drivers, Deliveroo has established that reaching and keeping a top market position in the Netherlands would require unreasonable investment with an uncertain long term return," the company said in a statement. Deliveroo had said in August it was considering the move, given the Dutch market only accounted for a small amount of its operations and it had failed to gain sufficient local market share. Register now for FREE unlimited access to Reuters.com RegisterReporting by Toby Sterling; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

☆ ASML reports strong Q3, says it is not hit by U.S. China sanctions
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +2 min

This resulted in record bookings in the third quarter of around 8.9 billion euros," he said. ASML's third-quarter net profit was 1.7 billion euros ($1.7 billion), on sales of 5.8 billion euros, beating analyst forecasts of profit of 1.42 billion euros, on sales of 5.41 billion euros. By comparison in the second quarter of 2022, ASML had income of 1.70 billion euros on sales of 5.78 billion euros. ASML has been restricted by the Dutch government in shipping its best machines to China, due to U.S. diplomatic influence, since 2019. "We can continue to ship non-EUV (less advanced) lithography tools out of Europe to China," the company said.

☆ After UK turmoil, Dutch central bank urges pension funds to review liquidity
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +3 min

AMSTERDAM, Oct 19 (Reuters) - The Dutch central bank (DNB) said on Wednesday it had called on pension funds in the Netherlands to review their readiness to weather a sudden spike in interest rates, following turmoil among British funds. A spokesperson for the bank confirmed a Financial Times report that said the funds had been asked to review their holdings of liquid assets. Dutch pension funds make less use of interest rate hedges than their British peers and benefit from the larger and more liquid eurozone government bond market. "When a rise in interest rates happens gradually, there is no liquidity risk" it said, though it noted that a liquidity crisis was still possible. Jan Mark van Mill, head of Treasury and Trading at fund manager APG, says his organization conducts monthly liquidity stress tests.

☆ ASML to report Q3 earnings as China, supply chain questions swirl
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +2 min

Europe's largest technology company is working through a 33 billion euro ($32.5 billion) order backlog that stretches into 2024. Previous U.S. diplomacy has led to the Dutch government barring ASML from shipping its most advanced machines to China since 2019. However, in 2021, 16% of ASML sales still went to customers in China, an important manufacturer of older chips used in sensors and power controls. ASML will update markets in November as to whether it can expand production capacity significantly by 2025. ($1 = 1.0156 euros)Register now for FREE unlimited access to Reuters.com RegisterReporting by Toby Sterling Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Prosus to sell Russian classifieds business Avito to Kismet for $2.4B
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +2 min

AMSTERDAM, Oct 14 (Reuters) - Prosus (PRX.AS), the Dutch-based technology investor, said on Friday it has agreed to sell its Russian online marketplace Avito for 151 billion roubles ($2.46 billion), to Kismet Capital Group. The buyer, Russian investment firm Kismet, was founded by Ivan Tavrin, former CEO of telecoms company MegaFon. Several Western companies opting to exit the Russian market have taken significant financial losses in doing so. "Our goal has been to manage the sale of the business in a responsible and structured way," Naspers said in a statement. "We believe that this is best achieved through this deal.”Avito, Russia's largest online marketplace, has around 5,000 employees and 90 million users.

☆ ASML shares fall 7% after TSMC says it's cutting capital spending
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +1 min

AMSTERDAM, Oct 13 (Reuters) - Shares in Dutch semiconductor equipment maker ASML (ASML.AS) fell 7% on Thursday after its biggest customer Taiwan Semiconductor Manufacturing Co (TSMC) cut its forecasts for capital spending by 10% this year, citing in part equipment delays. ASML, Europe's largest technology company, did not immediately respond to requests for comment. The company's shares were down 7.0% at 385.10 euros ($371.93) at 1259 GMT. ASML has forecast third quarter sales of 5.1 billion -5.4 billion euros ($4.93 billion-$5.22 billion). ($1 = 1.0354 euros)Register now for FREE unlimited access to Reuters.com RegisterReporting by Toby Sterling; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

☆ Dutch crown princess Amalia under heightened security
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +2 min

AMSTERDAM, Oct 13 (Reuters) - Dutch Crown Princess Catharina-Amalia is under heightened security due to concern that she could be targeted by criminals, Dutch news agency ANP reported on Thursday, citing her parents. "She can hardly leave the house," ANP quoted Queen Maxima as saying during a state visit to Sweden with her husband King Willem-Alexander. Register now for FREE unlimited access to Reuters.com RegisterLast month, several Dutch media outlets reported that the princess, whose formal title is Princess of Orange, was under heightened security due to fears that criminal gangs may target her for kidnapping or an attack. Dutch police and the country's secret service have declined to discuss security arrangements around the Royal House. Dutch Prime Minister Mark Rutte on Thursday evening said he could not specify the details of the threats.

☆ European power use falls, but winter targets still a stretch
▼ + stars: | 2022-10-13 | by ( Leigh Thomas | ) www.reuters.com time to read: +4 min

European countries are racing to save energy going into the winter following a collapse in Russian gas exports in response to Western sanctions. To avoid forced power outages during peak winter demand, EU energy ministers agreed at the end of September to curb electricity consumption by 10% on a voluntary basis and committed to a mandatory 5% cut during peak hours each month. With weak nuclear production as well as a dry summer limiting hydroelectric output, high power prices are weighing on power demand and likely would for some time, Morgan Stanley said. Swings in power consumption can depend on factors including unseasonably warm or cold weather and the behaviour of consumers and businesses. Power consumption data for October suggest an even bigger drop - possibly as much as 10% or more - if the trend seen in the first week is maintained through the month.

☆ EU regulators group against big tech paying for telco infrastructure
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +2 min

Smartphone with Netflix logo is placed on a keyboard in this illustration taken April 19, 2022. REUTERS/Dado RuvicAMSTERDAM, Oct 11 (Reuters) - A group of European telecom regulators does not support the idea of having big tech firms such as Google and Netflix paying for telecommunications infrastructure, it said in initial findings published on Tuesday. However, digital rights groups fear that if the big tech firms fund infrastructure, they will also strike deals with telecom firms to give their own traffic preferential treatment, undermining the principle of net neutrality. In a reaction to the BEREC findings, telecom lobby group ETNO - the European Telecommunications Network Operators, which represents Deutsche Telekom, Orange Group, Telefonica and others - rejected the BEREC findings as outdated and said it would submit new evidence to the Commission to support its position. EU industry chief Thierry Breton has said the European Union will review the matter early in 2023.

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