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☆ Idalia to boost Florida apartment insurance costs further
▼ + stars: | 2023-08-31 | by ( Matt Tracy | ) www.reuters.com time to read: +5 min

Costs have risen the most on multifamily properties such as apartments and condos, according to industry executives and data from credit ratings agency Moody's. Property insurance costs to multifamily assets in Florida have gone up anywhere from 30% to 70% in the past year, and are even higher for those with prior losses, non-renewing insurance carriers or valuation issues, she said. Nationally, CRE properties' insurance costs have grown roughly 7.6% annually on average since 2017, according to an August Moody's report. RENTS, CAP RATESRising insurance premiums on multifamily properties have contributed, among other factors, to rent increases in Florida and elsewhere, said three industry executives. Insurance costs are also forcing CRE lenders to boost due diligence on refinancing and when pricing deals on apartment blocks, executives said.

Persons: Daniel Hokanson, Ian, Kevin, Idalia, Walker, Dunlop, you’re, Willy Walker, multifamily, Ryan Barber, Marsh, Martha Bane, Gallagher, Bane, Matt Tracy, Michelle Price, Marguerita Choy Organizations: U.S . Army National Guard, . National Guard Bureau, REUTERS, Florida, Carolinas, Reuters, Walker, UBS, Insurance, Thomson Locations: Fort Myers, Fort Myers , Florida, U.S, Hawaii's, Maui, Lahaina, California, Florida, Miami, Tampa, Orlando

☆ Energy storage firm EOS nabs conditional loan guarantee of up to $400 million
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, Aug 31 (Reuters) - Long-term energy storage company EOS Energy Enterprises (EOSE.O) has received a conditional commitment for an up-to $400 million loan guarantee from the federal government, an office of the U.S. Department of Energy said on Thursday. The loan guarantee is for construction of four manufacturing lines to produce next-generation utility and industrial scalezinc bromine battery energy storage systems in Turtle Creek, Pennsylvania, the Loan Programs Office said. EOS said the total cost of the project, called AMAZE, will be $500 million. AMAZE is expected to create up to 50 union contractor construction jobs and as many as 650 new operations jobs when at full capacity, it said. Reporting by Timothy Gardner Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

Persons: EOS, AMAZE, Timothy Gardner, Marguerita Choy Organizations: EOS Energy Enterprises, U.S . Department of Energy, Office, Thomson Locations: Turtle Creek , Pennsylvania

☆ Factbox: Stocks to watch as Hurricane Idalia makes landfall in Florida
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +2 min

Hurricane Idalia hits Florida's west coast in a composite image from the National Oceanic and Atmospheric Administration (NOAA) GOES-East weather satellite August 30, 2023. NOAA/Handout REUTERS Acquire Licensing RightsNEW YORK, Aug 30 (Reuters) - Millions of Florida residents evacuated to higher ground after Hurricane Idalia, an "extremely dangerous" Category 3 storm, made landfall on Wednesday at the state's Gulf Coast. Idalia was forecast to unleash destructive winds and torrential downpours that will cause coastal flooding up to 16 feet (5 m) deep. An early news briefing by Florida Governor Ron DeSantis was interrupted for a few seconds by a power cut. Shares of NextEra Energy (NEE.N), which owns the Florida Power & Light Company, the state's largest utility, was little changed at $67.51.

Persons: Idalia, Ron DeSantis, Kinder Morgan, Owens Corning's, Chibuike Oguh, Lance Tupper, Marguerita Choy Organizations: National Oceanic, Atmospheric Administration, NOAA, Handout REUTERS, Florida, NextEra Energy, Florida Power & Light Company, Duke Energy, Generac Holdings, Chevron, Universal Insurance Holdings, Allstate Corporation, American International, Home, Lowe's, Thomson Locations: Florida, Gulf Coast, Idalia, Georgia, South Carolina, U.S, Gulf, Mexico, New York

IS CLIMATE CHANGE AFFECTING HURRICANES? Yes, climate change is making hurricanes wetter, windier and altogether more intense. If it were not for the oceans, the planet would be much hotter due to climate change. Climate change can also boost the amount of rainfall delivered by a storm. It is unclear, however, if climate change is affecting the number of hurricanes that form each year.

Persons: Roy Ross, Storm, Alexandre Meneghini, Allison Wing, Gloria Dickie, Marguerita Choy Organizations: REUTERS, El Nino, Nature Communications, U.S . National Oceanic, Atmospheric Administration, NOAA, Florida State University . Hurricane, U.S, Northeastern Seaboard, North America, Atlantic, Hurricanes, South Pacific, Thomson Locations: Playa Majana, Cuba, Coast, U.S, Florida, , Florida, New York, Boston, Beijing, Tokyo, North, Asia's Bay, Bengal, North Pacific, East Asia, South, London

☆ US LNG projects win higher processing fees as interest rates climb
▼ + stars: | 2023-08-30 | by ( Curtis Williams | ) www.reuters.com time to read: +3 min

Snow covered transfer lines are seen at the Dominion Cove Point Liquefied Natural Gas (LNG) terminal in Lusby, Maryland March 18, 2014. REUTERS/Gary Cameron/File Photo Acquire Licensing RightsHOUSTON, Aug 30 (Reuters) - Long-term buyers of U.S. liquefied natural gas (LNG) are willingly agreeing to higher liquefaction fees at newer export projects, according to analysts and developers familiar with the matter. The U.S. emerged in 2022 as the world's second largest LNG exporter on plentiful supplies of natural gas and relatively low processing costs per metric ton of LNG. But rising interest rates and higher construction costs have pushed up liquefaction fees, also known as tolling fees. Other developers are turning to increased equity investment in new projects to reduce the impact of higher interest rates on finance costs, said Poten's Feer.

Persons: Snow, Gary Cameron, Lyle Hanna, Jason Bennett, Baker Botts, Bennett, it's, Jason Feer, NextDecade, Feer, Poten's Feer, Curtis Williams, Marguerita Choy Organizations: REUTERS, Rights, Commonwealth LNG, LNG, U.S, Henry, Poten, Partners, Reuters, of Fossil Energy, Carbon Management, Cheniere Energy, Thomson Locations: Lusby , Maryland, U.S, Ukraine, Rio Grande, Houston

WASHINGTON, Aug 29 (Reuters) - California moved closer to becoming the first U.S. state to ban caste discrimination after a bill to outlaw the practise passed the California Assembly late on Monday. California's legislation targets the caste system in South Asian immigrant communities by adding caste to the list of categories protected under the state's anti-discrimination laws. Activists opposing caste discrimination say it is no different from other forms of discrimination like racism and hence should be outlawed. Earlier this year, Seattle became the first U.S. city to outlaw caste discrimination after a city council vote and Toronto's school board became the first in Canada to recognize that caste discrimination existed in the city's schools. The Dalit community is on the lowest rung of the Hindu caste system; members have been treated as "untouchables."

Persons: Aisha Wahab, Gavin Newsom, Kanishka Singh, Marguerita Choy Organizations: California Assembly, Afghan, Afghan American Democrat, Seattle, Thomson Locations: California, U.S, ., South, Afghan American, North America, Canada, India, Washington

☆ First US offshore wind auction in Gulf of Mexico attracts paltry interest
▼ + stars: | 2023-08-29 | by ( Nichola Groom | ) www.reuters.com time to read: +4 min

RWE is among the world's largest offshore wind developers, with an extensive portfolio in Europe, and has also secured leases off the coasts of California and New York. The Southeast also has low power prices that could make it harder for higher-cost offshore wind generation to compete for electricity contracts. Texas does not have an offshore wind target. "Today's auction results show the important role state public policy plays in offshore wind market development," Liz Burdock, CEO of the Business Network for Offshore Wind, said in a statement. They included offshore wind development arms of European energy companies Equinor (EQNR.OL) and Shell (SHEL.L), who also have oil and gas operations in the Gulf.

Persons: Karen, Steve Nesius, Biden administration's, Germany's, RWE, Liz Burdock, Joe Biden's, ”, Elizabeth Klein, Nichola, Marguerita Choy, Nick Zieminski Organizations: REUTERS, ASA, Texas, U.S . Bureau of Ocean Energy Management, Carolinas, Business Network, Offshore, of Ocean Energy Management, Shell, . Developers, Thomson Locations: Dauphin Island , Alabama, Gulf of Mexico, Louisiana, New York, New Jersey, California, Europe, U.S, Gulf, Mexico, Texas, of Mexico

Idalia was expected to intensify rapidly before slamming ashore on Wednesday morning, according to the Miami-based National Hurricane Center (NHC). SURGES UP TO 12 FEET HIGHMost of Florida's 21 million residents, along with many in Georgia and South Carolina, were under hurricane, tropical storm and storm surge warnings and advisories. "I don't panic, I prepare," said Bontrager, 40, who runs six sport and charter fishing boats in Venice along the Gulf Coast near Tampa. From Tuesday through Thursday, Florida's Gulf Coast along with southeastern Georgia and eastern portions of North and South Carolina could face torrential rains of 4 to 8 inches (10 to 20 cm, the hurricane center warned. In some spots, the surge of water could rise 8 to 12 feet (2.5-3.7 m), the hurricane center said.

Persons: Idalia, Ron DeSantis, Irma, Michael, Ian, Milton Bontrager's, Hurricane Idalia, Marco Bello, Anthony Holloway, DeSantis, Guan, Madelin Suarez Morejon, Rich McKay, Dave Sherwood, Brendan O'Brien, Steve Gorman, Swati Verma, David Ljunggren, Joseph Ax, Lincoln, Marguerita Choy Organizations: Hurricane Center, NHC, REUTERS, Federal Emergency Management, CNN, Tampa International, National Guard, Reuters Graphics Reuters, Authorities, Thomson Locations: Florida, Florida's Gulf Coast, Miami, Bend, Tallahassee, Gainesville, Tampa, St, Petersburg, Gulf of Mexico, Cuba, Georgia, South Carolina, Sarasota, Venice, Gulf, North, Cedar Key , Florida, Apalachicola Bay ., CUBA, Caribbean, Havana, Pinar del Rio, Atlanta, Guanimar, Chicago, Los Angeles, Bengaluru, Ottawa, West Stockbridge , Massachusetts

People walk in the Goldman Sachs global headquarters in Manhattan, New York, U.S., November 15, 2021. Goldman's private wealth arm oversees $1 trillion in assets for ultra-high net worth clients, who have $60 million or more in investable assets. The bank can serve high net worth investors through RIA and other wealth management clients, such as Creative Planning, Goldman said. Shares of Goldman Sachs were up 1.8% in afternoon trade. Goldman Sachs & Co LLC is serving as financial advisor and Weil, Gotshal & Manages LLP is serving as legal counsel to Goldman Sachs.

Persons: Goldman Sachs, Andrew Kelly, David Solomon, Goldman, Marc Nachmann, Nachmann, Daniel Fannon, Weil, Saeed Azhar, Manya, Marguerita Choy, Megan Davies Organizations: REUTERS, Creative Planning, United Capital Financial Partners, Wealth Management, Reuters, Jefferies, Co, Gotshal, Manya Saini, Thomson Locations: Manhattan , New York, U.S, New York, Bengaluru

☆ Goldman Sachs to sell wealth advisory unit to Creative Planning
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Andrew Kelly//File Photo Acquire Licensing RightsAug 28 (Reuters) - Goldman Sachs (GS.N) on Monday said it has struck a deal to sell an investment advisory business to wealth management firm Creative Planning LLC. Creative Planning is an independent wealth management firm with more than 2,100 employees across its affiliates and $245 billion in combined assets under management and advisory. "It is margin accretive to Asset & Wealth Management and allows us to focus on the execution of our premier ultra-high net worth wealth management and workplace growth strategy," said Marc Nachmann, Goldman Sachs global head of Asset & Wealth Management in a statement. The bank can serve high net worth investors through RIA and other wealth management clients, such as Creative Planning, he said. Goldman Sachs & Co LLC is serving as financial advisor and Weil, Gotshal & Manages LLP is serving as legal counsel to Goldman Sachs.

Persons: Goldman Sachs, Andrew Kelly, David Solomon, Goldman, Marc Nachmann, Weil, Manya Saini, Saeed Azhar, Marguerita Choy Organizations: New York Stock Exchange, REUTERS, Creative Planning, United Capital Financial Partners, Creative, Wealth Management, Co, Gotshal, Thomson Locations: New York City , New York, U.S, Bengaluru, New York

REUTERS/Dado Ruvic/Illustration/File Photo/File Photo Acquire Licensing RightsAug 28 (Reuters) - Artificial intelligence leader OpenAI said on Monday it is releasing a version of ChatGPT targeted to large businesses, increasing the overlap in what OpenAI and its financial backer Microsoft (MSFT.O) offer to customers. ChatGPT Enterprise offers more security, privacy and higher-speed access to OpenAI’s technology, the company said. With the launch of ChatGPT Enterprise, OpenAI hopes employers will feel comfortable embracing ChatGPT usage at work. Microsoft already offers businesses access to ChatGPT via its Azure OpenAI Service, though in order to use it businesses must be a customer of Azure, Microsoft’s cloud computing platform. ChatGPT Enterprise subscribers need not subscribe to Azure, OpenAI said.

Persons: Dado Ruvic, OpenAI, Carlyle, Estee Lauder, Anna Tong, Chris Reese, Marguerita Choy Organizations: REUTERS, Microsoft, ChatGPT Enterprise, Estee Lauder Companies, Reuters, OpenAI, ChatGPT, Thomson Locations: U.S, San Francisco

☆ How does Storm Idalia compare to the most powerful hurricanes in US history?
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +4 min

Here is a list of some of the most powerful hurricanes to hit the mainland U.S. based on minimum atmospheric pressure, which scientists use to rate storm intensity. A lower pressure, measured in millibars, or mb, means a more powerful storm. UNNAMED FLORIDA KEYS HURRICANE, LABOR DAY 1935 (892 MB)The hurricane struck the Florida Keys as a Category 5 storm, the highest ranking on the five-step Saffir-Simpson scale. After ravaging the Keys, the storm moved north off the western coast of Florida before turning inland. Ian almost hit as a Category 5 storm, with the wind speed falling just short of the threshold of 157 mph (252 km).

Persons: Ian, Marco Bello, Idalia, Florida . HURRICANE CAMILLE, Camille, MICHAEL, Michael, HURRICANE KATRINA, HURRICANE ANDREW, Andrew, HURRICANE IAN, Hurricane Ian, Rich McKay, Marguerita Choy Organizations: REUTERS, National Hurricane Center, Florida Panhandle, U.S, HURRICANE, Texas Gulf, Hurricane, Thomson Locations: Fort Myers Beach , Florida, U.S, Florida, Florida , Georgia, Carolinas, FLORIDA, Florida . HURRICANE, Mississippi's Gulf, Central America, HURRICANE, New Orleans, South Miami, Dade County, TEXAS GULF, Texas, Texas Gulf Coast, Indianola, Galveston, Atlanta

☆ First US Gulf offshore wind auction to fuel region's green hydrogen push
▼ + stars: | 2023-08-28 | by ( Nichola Groom | ) www.reuters.com time to read: +5 min

It is considered "green" if produced with renewable energy and "gray" if the process is fueled with carbon-emitting natural gas. "When we get to the Gulf, (offshore wind) will start becoming much more disconnected from the grid," said Cheryl Stahl, principal project manager at risk assessment firm DNV. In comments to BOEM on the planned Gulf sale earlier this year, those three companies noted the potential of offshore wind to produce green hydrogen in the region. "The Gulf of Mexico is uniquely situated to facilitate and benefit from green hydrogen production via offshore wind," Shell said in April, pointing to the region's existing port and pipeline infrastructure as well as new federal funding for green hydrogen development. The American Clean Power Association, a trade group that represents offshore wind and other renewable energy developers, also said in its comments to BOEM that green hydrogen would "increase market viability of offshore wind."

Persons: Biden, Cheryl Stahl, John Filostrat, Shell, TotalEnergies, Alon Carmel, Joe Biden's, Lacy McManus, McManus, Nichola, Marguerita Choy Organizations: Department's, of Ocean Energy Management, Companies, Shell, Clean Power Association, PA Consulting, New, New Orleans Inc, Thomson Locations: U.S, Gulf Coast, Gulf of Mexico, Gulf, Louisiana, Texas, Mexico, New York, New Jersey, New Orleans, South Louisiana

"The longer we let inflation remain above 2%, we're building in a higher and higher price level," she said, and that hurts American households. "I'm going to have to reassess that because, again, it's going to be, how quickly do you think inflation is moving down?" "I do not want to be in a position of prematurely loosening policy," Mester said. Fed projections submitted in June show a median forecast for 2.1% inflation by the end of 2025; Mester said hers was for 2% inflation. The Fed's next and possibly last rate hike "doesn't necessarily have to be September, but I think this year," she said.

Persons: JACKSON, Cleveland Federal Reserve Bank Loretta Mester, Mester, Ann Saphir, Marguerita Choy Organizations: Cleveland Federal Reserve Bank, Reuters, Thomson Locations: , WYOMING, Jackson Hole , Wyoming

☆ ECB rate pause now may be too early: policymaker
▼ + stars: | 2023-08-26 | by ( Balazs Koranyi | ) www.reuters.com time to read: +3 min

JACKSON HOLE, Wyoming, Aug 26 (Reuters) - It may be too early for the European Central Bank to pause interest rate hikes now as an early stop in the fight against inflation could force the bank to exert even more pain on the economy later, Latvian policymaker Martins Kazaks said on Saturday. The ECB has raised rates at each of its past nine meetings to arrest runaway inflation but policymakers are now contemplating a pause as recession risks loom, inflation slows and wage growth remains moderate. ECB projections currently see inflation returning to its 2% target only in late 2025 and Kazaks argued this was too late. Once rates peak, a plateau should be held for some time and the ECB should only start cutting rates when projections start showing inflation was at risk of coming back below 2%. Markets see a rate cut only in the second half of 2024 and Kazaks said he did not consider this inconsistent with the macroeconomic outlook.

Persons: JACKSON, Martins Kazaks, Kazaks, Balazs Koranyi, Marguerita Choy Organizations: European Central Bank, ECB, Reuters, Industry, Thomson Locations: , Wyoming, Latvian, Jackson Hole , Wyoming

☆ Worker death prompts US FAA to issue aviation ground safety alert
▼ + stars: | 2023-08-25 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

An American Airlines worker is seen at the Los Angeles international airport in Los Angeles, California, U.S., October 31, 2021. REUTERS/Carlos Barria/File Photo Acquire Licensing RightsWASHINGTON, Aug 25 (Reuters) - The death of an airline employee in December and another serious injury prompted the Federal Aviation Administration (FAA) to issue a safety alert on Friday to airlines in an effort to prevent more incidents. The safety alert reiterates that "it is important for workers to remain clear of operating engines until they are shut down," the FAA said. The alert comes as questions arise about U.S. aviation safety after a series of troubling near-miss incidents. The flight was operated by Envoy Air, a wholly-owned subsidiary of American Airlines and the worker was employed by Piedmont Airlines, another American subsidiary.

Persons: Carlos Barria, David Shepardson, Deepa Babington, Marguerita Choy Organizations: American Airlines, Los Angeles, REUTERS, Rights, Federal Aviation Administration, FAA, Montgomery Regional Airport, Envoy Air, Piedmont Airlines, Occupational Safety, Health Administration, Airlines, Safety, Health, Commission, Thomson Locations: Los Angeles , California, U.S, Alabama

FILE PHOTO-Hostess Brands "Twinkies" are displayed in a store in the Manhattan borough of New York City, U.S. July 5, 2016. REUTERS/Brendan McDermidFile Photo Acquire Licensing RightsNEW YORK, Aug 25 (Reuters) - Hostess Brands Inc (TWNK.O), the maker of Twinkies snack cakes, is exploring a sale after fielding takeover interest from major snack food makers, people familiar with the matter said on Friday. General Mills Inc (GIS.N), Mondelez International Inc (MDLZ.O), PepsiCo Inc (PEP.O) and Hershey Co (HSY.N) are among the companies that have shown an interest in acquiring Hostess, the sources said. Hostess has hired investment bank Morgan Stanley (MS.N) for advice on handling the deal negotiations, the sources said. No agreement is certain and Hostess may decide against any deal, the sources added.

Persons: Brendan McDermidFile, Hostess, General Mills, Morgan Stanley, Mills, Ding Dongs, Dean Metropoulos, Alec Gores, Gross, Anirban Sen, Abigail Summerville, Chris Reese, Marguerita Choy Organizations: REUTERS, Hostess Brands Inc, Nasdaq, General, General Mills Inc, Mondelez, PepsiCo Inc, Hershey Co, Hostess, Hershey, PepsiCo, Hos, Apollo Global Management Inc, Thomson Locations: Manhattan, New York City, U.S, Mondelez, New York, Lenexa , Kansas, Ho

The company hit the headlines in December 2021 after it laid off 900 employees via Zoom, and has since seen its profit dented by high mortgage rates that have dampened demand for home loans. "Here is an example of the exact wrong company at the wrong time - SPACs are hated and anything related to mortgage lending is hated at the moment," said Thomas Hayes, chairman at Great Hill Capital. U.S. mortgage rates have extended their surge as government bond yields rally. The popular 30-year fixed rate hit its highest level since 2000 last week, causing mortgage applications to hit a 28-year low. Amid ultra-low interest rates, the SPAC market exploded in 2021, but has since sputtered amid rising interest rates, high redemption rates and increased regulatory scrutiny.

Persons: SoftBank, Vishal Garg, Thomas Hayes, Bansari Mayur, Hannah Lang, Sriraj Kalluvila, Marguerita Choy Organizations: Home, Finance, Aurora, Corp, U.S . Securities, Exchange Commission, Great, Thomson Locations: Great Hill, Bengaluru, Washington

Hawaiian Electric CEO Shelee Kimura received a cash bonus in 2022 based on her performance against 10 measures including profit and customer satisfaction. Wildfire risk mitigation was not on the list, according to the utility’s pay disclosures. Wildfire risk had been a concern for several years before the blaze ripped through Lahaina, a historic resort town in Maui. Idacorp declined to comment on its pay practices and how they relate to wildfire mitigation. “You don’t want a wildfire disaster to be the catalyst for a change in public policy,” said Glazer, who supports linking executive pay to wildfire mitigation.

Persons: Mike Blake, ”, Alison Silverstein, Shelee Kimura, Kimura, “, Michael Cerasoli, Michael Underhill, Brian Buckham, ” Buckham, Idacorp, Larry Glazer, Glazer, Tim McLaughlin, Tom Hals, Peter Henderson, Noeleen Walder, Rich Valdmanis, Marguerita Choy Organizations: Workers, REUTERS, Hawaiian Electric, U.S . Federal Energy Regulatory, Electric, Hawaii Wildfire Management Organization, San Diego Gas &, Global Renewable Energy Income Fund, Reuters, Capital Innovations, SEC, Portland General Electric Co, Boston’s Mayflower Advisors, Thomson Locations: Lahaina, Maui, Hawaii, U.S, California, Honolulu, Maui ., Idaho , Oregon, Washington, Idaho

Utility poles lead to downtown Dallas during a heat advisory due to scorching weather in Dallas, Texas, U.S. July 12, 2022. REUTERS/Shelby Tauber/File Photo Acquire Licensing RightsCompanies Texas Power Systems FollowAug 25 (Reuters) - Texas power prices hit a 30-month high with demand expected to reach record-breaking levels on Friary as homes and businesses crank up their air conditioners to escape a scorching heat wave. The state grid that supplies power to 26 million customers was operating normally Friday morning, but supplies are expected to tighten when the sun goes down and solar power drops, according to the Electric Reliability Council of Texas (ERCOT) grid operator's website. To reduce demand, the grid urged consumers to conserve energy for a second day in a row on Friday afternoon. The fragility of the Texas grid was highlighted in 2021 when a massive blackout killed dozens and left millions without power, water and heat for days as gas supply lines and power plants froze.

Persons: Shelby Tauber, ERCOT, Scott DiSavino, Rahul Paswan, Susan Fenton, Emelia, Marguerita Choy Organizations: REUTERS, Rights Companies Texas Power, Electric, of Texas, National Weather Service, Thomson Locations: Dallas, Dallas , Texas, U.S, Texas, Friary, Houston, New York

☆ TSX ends lower as tech falls, investors weigh bank earnings
▼ + stars: | 2023-08-24 | by ( Fergal Smith | ) www.reuters.com time to read: +2 min

The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) ended down 103.96 points, or 0.5%, at 19,775.83, giving back some of the previous day's rally. "Considering the softness on the U.S. side, the Canadian market held up well," said Lorne Steinberg, president, Lorne Steinberg Wealth Management Inc. Shares of Toronto-Dominion Bank (TD.TO) were down 3.2% after the bank missed analysts' estimates for quarterly profit. But Royal Bank of Canada (RY.TO) shares ended 2% higher as it beat estimates, helped by cost cutting measures.

Persons: Chris Helgren, Jerome Powell's, Lorne Steinberg, Steinberg, Fergal Smith, Siddarth, Marguerita Choy, Shweta Agarwal Organizations: Toronto Stock Exchange, REUTERS, Tech, RBC, Toronto Stock, Federal, Lorne Steinberg Wealth Management Inc, Dominion Bank, Royal Bank of Canada, Thomson Locations: Toronto , Ontario, Canada, U.S, Toronto, Bengaluru

Reuters reported on Tuesday on a so-called earn-out agreement that was key to Roark clinching a deal for Subway. Roark prevailed over a rival bidding group led by buyout firms TDR Capital and Sycamore Partners, whose final offer was for $8.75 billion including an earn-out, and $8.25 billion without, the sources said. Roark took the view that the restaurant market is too fragmented for the deal to raise competition concerns, the sources added. Roark and Subway, which announced the deal on Thursday, declined to comment on the terms. Roark currently controls Inspire Brands, the owner of restaurant chains including Jimmy John's, Arby's, Baskin-Robbins and Buffalo Wild Wings.

Persons: Roark, DeLuca, Buck, John's, Jimmy John’s, Jimmy John's, Neil Saunders, Peter Buck, Fred DeLuca, JPMorgan Chase, Sullivan, Cromwell, Weiss, Garrison, Roark Capital, Morgan Stanley, Anirban Sen, Abigail Summerville, Deborah Sophia, Greg Roumeliotis, Marguerita Choy Organizations: Roark, Reuters, Subway, TDR Capital, Sycamore Partners, Inspire Brands, Baskin, Robbins, Buffalo Wild Wings, JPMorgan, Cromwell LLP, Thomson Locations: Connecticut, U.S, Bridgeport , Connecticut, The Milford , Connecticut, Rifkind, Wharton, New York, Bengaluru

☆ Brazil clears bottlenecks to oust US as top corn exporter
▼ + stars: | 2023-08-24 | by ( Ana Mano | ) www.reuters.com time to read: +7 min

"We celebrated a lot... when (corn export) volumes via northern ports equaled Santos," said Sergio Mendes, head of Brazilian grain exporter group Anec. "By using northern ports... you are saving 20 reais ($4.12) per ton (of corn)." Treemap with data from Cargonave show the percentage share of corn exports of Brazil ports in north and south part of the country. CHEAPER ROUTE TO CHINAThe new export capacity has helped grains shipped from Brazil's northern ports to compete on logistics costs with U.S. farmers. "The greater share of shipments through northern ports reflects cheaper freight costs compared to routes to the ports in the south and southeast," said Thome Guth, a Conab official.

Persons: Adriano Machado, Sergio Mendes, Louis Dreyfus, Brazil's, Thiago Pera, Santos, ", Thome Guth, Ana Mano, Brad Haynes, Marguerita Choy Organizations: REUTERS, SAO PAULO, China, U.S, Cargill, Bunge, Louis Dreyfus Commodities, TCU, Shipping, U.S . Department of Agriculture, COFCO, Santos, Thomson Locations: Brasilia, Brazil, Santos, Ukraine, China, U.S, Northern, Madeira, Santarem, Barcarena, Itaqui, Canada, Argentina, Mato Grosso, CHINA, Iowa, Shanghai, Itacoatiara, Chicago, Para, Norte Sul, Tocantins, Goias, Minas Gerais, Mato

☆ Exclusive: German guarantees for China investments plummet -document
▼ + stars: | 2023-08-23 | by ( Andreas Rinke | ) www.reuters.com time to read: +2 min

The flags of Germany and China are seen ahead of a meeting between German Chancellor Olaf Scholz and Chinese Premier Li Qiang in Berlin, Germany, June 19, 2023. Only 51.9 million euros ($56.26 million) in guarantees have been issued so far this year, according to the document seen by Reuters, less than a tenth of the 745.9 million euros in guarantees issued over the whole of last year. Slowing growth, however, has concentrated minds in Berlin, where officials fret that ever-more-advanced Chinese manufacturing poses a threat to Germany's economic model. "China has changed, and that's why our policy towards China also needs to change," Foreign Minister Annalena Baerbock said on Tuesday. Companies can invest without government guarantees, meaning real changes in levels of German FDI in China may have fallen by less.

Persons: Olaf Scholz, Li Qiang, Fabrizio Bensch, Annalena Baerbock, Andreas Rinke, Thomas Escritt, Rachel Armstrong, Kirsti, Marguerita Choy Organizations: REUTERS, Rights, Reuters, Germany's, Companies, U.S, Thomson Locations: Germany, China, Berlin, Ukraine

☆ Fed doves, Fed hawks: US central bankers in their words
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +2 min

The following graphic offers a stab at how officials stack up on their outlook for Fed policy and how to balance their goals of stable prices and full employment. Note: Fed policymakers have been driving up borrowing costs since March 2022 to bring down high inflation, and in July they increased the target policy rate range to 5.25%-5.5%. Longtime banker Jeff Schmid starts as Kansas City Fed president Aug. 21, and will be a voter in 2025. St. Louis Fed President James Bullard, a vocal policy hawk, left the Fed in July for a job in academia; the new chief will be a 2025 voter. Reporting by Ann Saphir, Howard Schneider, Michael S. Derby and Dan Burns; Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

Persons: Jeff Schmid, Louis, James Bullard, Ann Saphir, Howard Schneider, Michael S, Dan Burns, Marguerita Choy Organizations: Federal, Federal Open, New York Fed, Kansas City Fed, Louis Fed, Fed, Derby, Thomson Locations: Kansas, St

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