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d25a0143e992c3334776628321ead690 | https://www.reuters.com/article/featuredCrisis/idUSLDE60T01S | FACTBOX-Security developments in Iraq, Jan 30 | FACTBOX-Security developments in Iraq, Jan 30
By Reuters Staff1 Min Read
Jan 30 (Reuters) - Following are security developments in Iraq at 0800 GMT on Saturday.
BAGHDAD - A militant hurled a hand grenade at Shi'ite pilgrims, killing one pilgrim and wounding two others in Baghdad's southern district of Saidiya, said Security spokesman Major General Qassim al-Moussawi.
BAGHDAD - Two pilgrims were wounded by gunfire in Baghdad's southern district of Doura, police said.
BAGHDAD - A roadside bomb seriously wounded a justice ministry official in western Baghdad, police said.
TUZ KHURMATO - Two roadside bombs targeting a police patrol wounded two policemen and a civilian in Tuz Khurmato, 170 km (105 miles) north of Baghdad, police said.
Our Standards: The Thomson Reuters Trust Principles.
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410ee486b75931fed83478f3899ca6e4 | https://www.reuters.com/article/featuredCrisis/idUSLDE61A05D | FACTBOX-Security developments in Iraq, Feb 11 | FACTBOX-Security developments in Iraq, Feb 11
By Reuters Staff1 Min Read
Feb 11 (Reuters) - Following are security developments in Iraq at 1700 GMT on Thursday.
* denotes a new or updated item
* MOSUL - One civilian was killed by a roadside bomb in northern Mosul, 390 km (240 miles) north of Baghdad, police said.
* MOSUL - Gunmen attacked a police checkpoint, killing a policeman in western Mosul, police said.
BAGHDAD - A roadside bomb wounded two civilians in the Bayaa district of southwestern Baghdad on Wednesday, police said.
BAGHDAD - Gunmen shot dead an imam in the Amiriya district of west Baghdad on Wednesday, police said.
HADITHA - Clashes between gunmen and police wounded three policemen including a former police chief and two attackers on Wednesday in central Haditha, 190 km (120 miles) northwest of Baghdad, police said.
Our Standards: The Thomson Reuters Trust Principles.
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699911414217531a195eba522b19db18 | https://www.reuters.com/article/featuredCrisis/idUSLF267749 | Morocco says King will not attend Gaza summit | Morocco says King will not attend Gaza summit
By Reuters Staff2 Min Read
RABAT, Jan 15 (Reuters) - Morocco's King Mohammed will not attend Arab summits on Israel's offensive in Gaza because they will not do much to help the Palestinian people, the Moroccan cabinet said in a statement published on Thursday.
Such meetings bring out rivalries between Arab states and are used by some as an opportunity to appear before the media, trivialising the issue at stake, the Moroccan cabinet said in a statement carried by the official news agency MAP.
"It is distressing that these underlying disagreements tend to push the crucial interests of the (Arab) nation into the background, especially the Palestinian cause," the statement said.
The Arab League said late on Wednesday there was no quorum to convene a summit in Qatar, highlighting splits between Arab countries over how to react to Israel's Gaza offensive.
Saudi Arabia and Egypt, which both oppose the Hamas group that rules Gaza, want to discuss the matter at a Jan. 19-20 Arab Economic Summit in Kuwait rather than at a Qatar meeting. (Reporting by Tom Pfeiffer; editing by Michael Roddy)
Our Standards: The Thomson Reuters Trust Principles.
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d7a474a4351d77bbc7c951dda1286f50 | https://www.reuters.com/article/featuredCrisis/idUSLM616571 | Suicide bomber kills at least 5 in Iraq mosque | Suicide bomber kills at least 5 in Iraq mosque
By Reuters Staff2 Min Read
(Adds source, background)
BAGHDAD, April 22 (Reuters) - A suicide bomber detonated an explosive vest inside a mosque in central Iraq on Wednesday, killing at least five people and wounding 15, police said.
The attack took place at a Sunni Muslim mosque in the town of Dhuluiya, 70 km (45 miles) north of Baghdad, police in Tikrit said. Initial reports said the attack injured Nadhim al-Jubouri, a leader of a local armed guard unit, but police later said he was not among those injured.
An official at a security forces command centre in Tikrit said the bomber was a young man of around 15 to 16 years old.
The violence in Iraq unleashed by the U.S.-led invasion to topple Saddam Hussein in 2003 has eased from the worst of the sectarian bloodletting in 2006-2007.
But suicide bombings and other attacks continue to jar Iraq's fragile calm, especially in ethnically mixed areas, even as U.S. troops prepare to withdraw by the end of 2011.
On Monday, a suicide bomber dressed in a police uniform killed four policemen near a local government headquarters in northeastern Diyala province. Eight U.S. soldiers were wounded.
Some say violence could surge anew as rival political and armed groups position themselves ahead of anticipated national elections slated for late this year.
The U.S.-backed mainly Sunni guard units, known as Sons of Iraq or Awakening Councils, are credited with helping drive al Qaeda militants out of much of Iraq since they sprang up in western Anbar province in 2006.
But the relationship of the guards, many of them former insurgents themselves, with the Shi'ite-led government in Baghdad has often been strained. (Editing by Louise Ireland)
Our Standards: The Thomson Reuters Trust Principles.
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61233e75e8bcc8c28838a2292302cf55 | https://www.reuters.com/article/featuredCrisis/idUSLR420268 | UN to send Iraqi refugees food aid by text message | UN to send Iraqi refugees food aid by text message
By Reuters Staff2 Min Read
* World Food Programme launches mobile phone pilot project
* Electronic food credits redeemable for milk, cheese, eggs
GENEVA, Oct 27 (Reuters) - Iraqi refugees in Syria will this week start receive U.N. text messages they can redeem for fresh food in local shops, the World Food Programme said on Tuesday.
The "virtual vouchers" worth $22 per family every two months will supplement traditional aid which rarely includes perishable goods, WFP spokeswoman Emilia Casella said, announcing the pilot project supported by the mobile company MTN.
"They will be able to exchange their electronic vouchers for rice, wheat flour, lentils, chickpeas, oil and canned fish, as well as cheese and eggs -- items that cannot usually be included in conventional aid baskets," she told a Geneva news briefing.
There are more than 1.2 million Iraqis now living in Syria, according to government figures. Many of those who fled war and insurgent violence in their homeland initially had some savings and possessions but are increasingly desperate, Casella said.
Virtually all the 130,000 Iraqis who now regularly receive WFP food assistance in Syria have mobile phones, and the U.N. agency often sends text messages to tell them where food staples will be distributed, the spokeswoman said.
The Rome-based WFP, which aims to feed 105 million people in 74 countries this year, has never before used mobile phones to deliver food vouchers.
The Syrian pilot will initially reach 1,000 beneficiaries in and around Damascus, and may be extended, the WFP said. Casella described it as a way to help refugees eat a more diversified diet while also supporting local farmers and businesses.
"We are not giving food away, we are actually creating an additional market for local shopkeepers," she said. (Reporting by Laura MacInnis)
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c1dc31f2d1a0ed2897be2de5457f8141 | https://www.reuters.com/article/featuredCrisis/idUSLU413586 | Fireworks spread terror in war weary Congo town | Fireworks spread terror in war weary Congo town
By Reuters Staff1 Min Read
GOMA, Congo, June 30 (Reuters) - Independence day fireworks sent terrified Congolese sprinting for cover on Tuesday in fear that war had broken out again in their eastern city.
Officials had organised the display in Goma to highlight efforts to end more than a decade of conflict in the Democratic Republic of Congo and to show a sign of normal life returning to the region, where a peace deal took hold in January.
But residents feared it was a raging gun battle.
"I hit the ground not knowing what was going on," said 23-year-old student Aminata Kavugho.
Around 5.4 million people have died as a result of Congo's 1998-2003 war and the ongoing humanitarian catastrophe, making it the world's deadliest conflict since World War II.
Our Standards: The Thomson Reuters Trust Principles.
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584f7d5a4d2f90d6dee4909b0efbc897 | https://www.reuters.com/article/featuredCrisis/idUSLV538165 | FACTBOX-Countries pledge aid to Palestinians in Gaza | FACTBOX-Countries pledge aid to Palestinians in Gaza
By Reuters Staff3 Min Read
Dec 31 (Reuters) - Israel has described as unrealistic a French proposal for a 48-hour truce that would allow more humanitarian aid into the Gaza Strip, where countries have pledged help for Palestinians.
Following are details of aid pledged or sent to Gaza:
-- Israel said it had made arrangements for 106 truckloads of humanitarian aid, including blood donations, from various international organisations, to enter the Gaza Strip on Wednesday through an Israeli border crossing. It said 4,000 tonnes of humanitarian supplies and medical equipment had been brought across the Israeli frontier into the Gaza Strip in the past four days. Twenty Palestinians were taken to Israel on Wednesday for medical treatment.
-- U.N. humanitarian chief John Holmes said that while Israel had been letting some relief supplies into Gaza, with 60 truckloads entering on Monday, that was "wholly inadequate", as about 100 truckloads a day of flour or grain alone were needed. Stocks of fuel were "more or less zero", meaning Gaza's power plant might have to shut down at any time, while medical supplies were "just about enough to cope", Holmes said.
-- Britain pledged $10 million in emergency humanitarian aid for the Gaza Strip on Wednesday, saying the money would help provide food and fuel.
-- The United States announced on Tuesday it would give $85 million to the U.N. agency providing aid to Palestinian refugees in the West Bank, Gaza Strip, Jordan, Lebanon and Syria. The funds, which will help cover appeals for aid by the agency for 2009, would pay for urgently needed food, medicines and other humanitarian aid for Palestinian refugees. Of the $85 million, the State Department said $25 million would go to the U.N. Relief and Works Agency (UNRWA) emergency appeal for the West Bank and Gaza and the remainder to a general fund run by the agency for Palestinian refugees in the region.
-- China will offer $1 million in emergency humanitarian aid for the Palestinian National Authority to buy urgently needed material, Foreign Ministry spokesman Qin Gang said on Tuesday.
-- Norway, one of the first Western states to recognise the Hamas-led government in 2007, on Tuesday offered 30 million crowns ($4.32 million) in "immediate aid" to Gaza.
-- Iran said it had dispatched its first planeload of aid, including medicine, to Gaza on Sunday and a ship was also carrying aid to the Gaza Strip, Foreign Ministry spokesman Hassan Qashqavi said.
-- Lebanon has pledged $1 million in Gaza aid relief.
-- A small boat carrying international activists with aid for Gaza docked in the southern Lebanese port city of Tyre on Tuesday after a clash with an Israeli naval ship forced it to divert to Lebanon. The 60-foot cabin cruiser "Dignity" carried activists from the "Free Gaza" movement, who said their boat carried 3-1/2 tonnes of medical aid. (Additional reporting by Jerusalem bureau; Editing by Charles Dick)
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436ed72cb177c431b2ac88b6978b5c1a | https://www.reuters.com/article/featuredCrisis/idUSN02281702 | RPT-War hits US economy, stalls recovery -Nobel winner | RPT-War hits US economy, stalls recovery -Nobel winner
By Daniel Trotta4 Min Read
(Repeats with no change in text)
NEW YORK, March 3 (Reuters) - The Iraq war has contributed to the U.S. economic slowdown and is impeding an economic recovery, Nobel-winning economist Joseph Stiglitz says.
Meanwhile, the U.S. government is severely underestimating the cost of the war, Stiglitz and co-author Linda Bilmes write in their book, "The Three Trillion Dollar War" (W.W. Norton), due to be published on Monday.
The nearly 5-year-old war, once billed as virtually paying for itself through increased Iraqi oil exports, has cost the U.S. Treasury $845 billion directly.
"It used to be thought that wars are good for the economy. No economist really believes that anymore," Stiglitz said in an interview.
Stiglitz and Bilmes argue the true costs are at least $3 trillion under what they call an ultraconservative estimate, and could surpass the cost of World War Two, which they put at $5 trillion after adjusting for inflation.
The direct costs exclude interest on the debt raised to fund the war, health care costs for veterans coming home, and replacing the destroyed hardware and degraded operational capacity caused by the war.
In addition, there are costs not accounted for in the budget such as rising oil prices and social and macroeconomic costs, which the book details.
To illustrate how the money could be spent elsewhere, Bilmes cited the annual U.S. budget for autism research -- $108 million -- which is spent every four hours in Iraq. A trillion dollars could have hired 15 million additional public school teachers for a year or provided 43 million students with four-year scholarships to public universities, the book says.
Stiglitz and Bilmes say they were excessively conservative in calculating the $3 trillion figure, overcompensating for their bias in having opposed the war.
'FLOODING THE ECONOMY'
Asked if the war has contributed to the U.S. slowdown, Stiglitz said, "Very much so."
"To offset that depressing effect, the Fed has flooded the economy with liquidity and the regulators looked the other way when very imprudent lending was going up," Stiglitz said. "We were living on borrowed money and borrowed time and eventually a day of reckoning had to come, and it has now come."
The war has also altered how the United States has reacted to its current economic troubles, he said.
"When America's financial institutions had a problem, they had to turn to the sovereign wealth funds in the Middle East for recapitalization, for the bailout," he said.
"The reason was obvious. The war had led to high oil prices. The war had meant that America had to borrow more money. There weren't sources of liquid funds in the United States. The sources of the liquid funds were in the Middle East," he said.
Bilmes, a former assistant secretary and chief financial officer of the U.S. Customs Department, said the war also limited options for the $168 billion stimulus package signed into law by President George W. Bush on Feb. 13.
"We really had very little wiggle room in order to pass this because of the fact that we're spending $16 billion a month on Iraq and Afghanistan," Bilmes said. "Actually the country could have used a larger fiscal stimulus but there is (no) cash to accommodate it."
The authors said they were surprised by the hidden costs their research found, citing, for example, what they called the underreporting of casualty figures by the Pentagon.
The official Pentagon figure of nearly 30,000 wounded in action fails to account for an addition 40,000 service members who have required medical attention for noncombat injuries or illness, Bilmes said. She based her conclusion on official Defense Department data from a restricted Web site. (Editing by Philip Barbara)
Our Standards: The Thomson Reuters Trust Principles.
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f79ee6be9a649a37b3f95f6fb7737705 | https://www.reuters.com/article/features-of-used-car-loans/features-of-used-car-loans-idINDEE8A705Y20121108 | Features of used car loans | Features of used car loans
By BankBazaar.com4 Min Read
The popularity of used cars has increased significantly over the past few years and has in fact exceeded the number of new cars being bought every year. Since the car is an ever depreciating asset many people find it financially sound to go for a used one rather than invest in a new one. In order to acquire a used car the banks are offering special used car loans that have been specifically designed to suit the purpose. These loans make it possible for people who prefer to buy a used or second hand car over a new car to actually get their hands on their object of desire. The used cars come at a hugely discounted price as compared to a new one of the same make or model.
Traffic moves along a busy road in New Delhi January 11, 2011. REUTERS/B Mathur/Files
(For more stories, you can also visit www.bankbazaar.com)
Special Features of Used Car Loans
The loans available for used cars are somewhat different in their features as compared to the loans that are available for new cars in the market.
The price of the car is taken as the on road price with a margin of 25,000 rupees for registration, insurance and accessories for a used car.
The loan offered is typically about 60% of the on road price of the used car which may be increased to 85% in certain special cases.
The maximum age of the car at the time of purchase through a used car loan should not exceed 3 years (5 years in special cases).
There will be processing fees of 0.5% percent applicable on the used car loan as in any conventional new car loan.
The normal tenure for repayment of used car loans ranges from 3 to 5 years and not extendable beyond that.
The actual EMIs for used car loans may be lower than that for a new car loan in most cases.
The rate of interest applicable will be as per the terms and conditions stipulated by the particular financier.
The down payment in case of used car loan shall not be less than 15% in any case.
There shall be no upfront installments required in case of used car loans as is the case of some types of car loans for new ones.
Essentials to be borne in mind
There are some essential points that every used car customer needs to bear in mind while taking such a loan:
The documentation pertaining to the used car demanded by private financiers for a used car loan is much lesser as compared to the public sector banks.
There is a lot of scope of bargaining in the case of a used car loan in term of interest rate, down payment amount, repayment tenure and the processing fee.
It is easier to waive off the prepayment penalty in case of a used car loan as compared to other car loans.
The repayment tenure being shorter the EMIs in a used car loan tend to be higher which one has to be prepared for.
DISCLAIMER
BankBazaar.com is an online marketplace where you can instantly get the lowest loan rates, compare and apply online for your personal loan (click here), home loan (click here), car loan (click here), credit card (click here) from India's leading banks and NBFCs.
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a5c48668be2e6ef26f53723b4a0bcab2 | https://www.reuters.com/article/federalReserve/idUSN1834336920090318 | UPDATE 2-Fed to buy Treasuries; pump $1 trln into US economy | UPDATE 2-Fed to buy Treasuries; pump $1 trln into US economy
By Mark Felsenthal, Alister Bull5 Min Read
* Fed to buy $300 bln longer-term Treasuries
* Fed to expand mortgage agency debt buying to $1.45 trln
* Stocks, bonds surge, mortgage rates, dollar tumble (Recasts; adds details)
WASHINGTON, March 18 (Reuters) - The Federal Reserve on Wednesday said it would pump an additional $1 trillion into the U.S. economy to try to pull it out of a deep recession, partly by buying longer-term government debt for the first time in more than 40 years.
In a statement at the end of a regular two-day policy meeting, the central bank’s panel said it would buy up to $300 billion in longer-term Treasuries.
The decision caught many off guard. While the Fed has said it was considering such a move, it had seemed to be backing away from it recent weeks. As recently as March 6, New York Fed President William Dudley had said such a move would not be the most efficient way to ease market conditions.
The surprise announcement jolted markets. U.S. stocks shot higher and yields on U.S. government bonds took their biggest one-day tumbled since 1987, while the dollar plunged to a two-month low against the euro.
“When the Fed said it would ‘employ all available means’ to jump-start the recovery and prevent deflation it wasn’t kidding,” said Sal Guatieri of BMO Capital Markets in Toronto.
In addition to purchasing Treasury debt, the Fed said it would expand by $850 billion to $1.45 trillion an existing program to buy debt and securities issued by mortgage finance agencies.
The expansion of the program, which already had lowered mortgage rates, immediately pushed borrowing costs down further. Quicken Loans said rates on 30-year mortgages fell as much as 0.375 percentage point to 5 percent.
RATES NEAR ZERO
The Bank of England’s recent success in driving interest rates down by buying government debt may have been a factor in the U.S. central bank’s decision to buy longer-term Treasuries -- a strategy it last deployed in the 1960s.
By driving down yields on benchmark government debt, the Fed hopes to lower a wide array of borrowing costs for consumers and businesses.
“This is a pretty dramatic move ... They are trying to bring down all consumer rates,” said James Caron, head of global rates research at Morgan Stanley in New York.
In addition to ramping up its efforts to pump money into the recession-struck economy, the Fed unanimously decided to hold its target for overnight interest rates in a zero to 0.25 percent range -- the level reached in December. One Fed official, Richmond Federal Reserve Bank President Jeffrey Lacker, returned to the fold after dissenting in January.
The Fed said rates would stay low for “an extended period,” a more explicit vow to stay on hold with rates for a prolonged time than it had offered in recent months.
CREDIT EASING II
With benchmark interest rates virtually at zero for months, the Fed has turned its focus to flooding stressed credit markets with cash in the hope of restarting lending and restoring growth -- a policy Fed chief Ben Bernanke has dubbed “credit easing.”
“Bottom line is the Fed is adding a trillion dollars to their balance sheet and that’s a lot of taxpayer money,” said Greg Salvaggio, vice president for trading at Tempus Consulting in Washington.
Bernanke on Sunday said repairing the tattered financial system was necessary to secure a recovery for the U.S. economy, which has been stuck in recession for more than a year.
The Fed this week began taking bids for a program designed to spur student, auto, credit card and small business lending, and it said on Wednesday it would consider expanding that program to cover a wider array of assets.
The consumer and small business credit program will initially aim to inject $200 billion into the market for securities backed by these loans, but the Fed has already said that program could be ramped up to $1 trillion.
While the Fed has gone to extraordinary lengths to try to get credit flowing, the economy is still in a nose dive.
U.S. gross domestic product shrank at a 6.2 percent annual rate in the fourth quarter, the deepest contraction since early 1982, and economists expect a decline of 5 percent or more in teh first quarter. The unemployment rate, which has already hit a 25-year high of 8.1 percent, is expected to climb through the year. (Additional reporting by Glen Somerville; editing by Tim Ahmann and Chizu Nomiyama)
Our Standards: The Thomson Reuters Trust Principles.
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5b03346073d78af3ef26a552708e3798 | https://www.reuters.com/article/ferrovial-ma/corrected-idUSL4N1Y70NL | CORRECTED-(OFFICIAL)-Spain's Ferrovial explores sale of global services biz - FT (Dec 2) | CORRECTED-(OFFICIAL)-Spain's Ferrovial explores sale of global services biz - FT (Dec 2)
By Reuters Staff1 Min Read
(Corrects to remove reference to Ferrovial’s road operations in North America in paragraph 2 after FT corrected it)
Dec 2 (Reuters) - Spanish infrastructure operator Ferrovial is planning to sell its global support services business, which includes its UK unit, Amey, as it seeks to narrow its focus to transport infrastructure, the Financial Times reported on Sunday.
Goldman Sachs has been assigned to explore the sale of the global services division, the report on.ft.com/2E16cUj added, citing sources.
Ferrovial did not immediately respond to a request seeking comment.
In October, Britain’s Heathrow Airport, which is partly owned by Ferrovial, was hit by a fine of 120,000 pounds ($153,000) by the country’s data protection regulator for “serious failings” in securing personal data held on its systems. ($1 = 0.7850 pounds) (Reporting by Mekhla Raina in Bengaluru; Editing by Peter Cooney)
Our Standards: The Thomson Reuters Trust Principles.
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8eb1dd770c418f71232b144bacb76a55 | https://www.reuters.com/article/fiat-chrysler-electric-500-idINKBN20R2E4 | Fiat Chrysler defies virus fears to showcase electric 500 in Milan | Fiat Chrysler defies virus fears to showcase electric 500 in Milan
By Giulio Piovaccari4 Min Read
MILAN (Reuters) - Fiat Chrysler defied fears over Italy's coronavirus outbreak to showcase an electric version of its 500 city car on Wednesday, as it strives to catch up with rivals in low-emissions driving while heading into a merger with Peugeot maker PSA PEUP.PA.
A new Fiat 500 electric car customize by Kartell is displayed at a Fiat Chrysler event held to unveil its first electric model, in Milan, Italy, March 4, 2020. REUTERS/Flavio Lo Scalzo
Initially planned for the now-cancelled Geneva Motor Show, the presentation was held at an event in Milan - a rarity as large gatherings have been discouraged by authorities in most of northern Italy, which has seen Europe’s worst virus outbreak.
With schools, universities and museums closed, and cafes forced to shut early for almost two weeks, the mood in Italy’s financial capital is sombre, as it sits just 60 kilometres (37 miles) from the epicentre of the outbreak, where 11 towns are sealed from the outside world.
"We're here to show that FCA is close to Milan and to Italy," Olivier Francois, head of the Fiat brand and Fiat Chrysler Automobile's (FCA) FCHA.MI Chief Marketing Officer, told a restricted audience of journalists, before a press conference at Milan's design museum, where chairs were placed a metre apart to comply with local authority health requirements.
“This car does not look at 2020, but to the next decade,” he added.
After the cancellation of the Geneva show, most companies have turned to virtual events to present their latest models.
Italy’s government is set to close cinemas and theatres and ban public events across the whole country to try to contain the coronavirus outbreak, according to a draft decree drawn up on Wednesday.
The death toll from the virus rose to 79 on Tuesday and total cases in the country topped 2,500.
‘CINQUECENTO’
Slideshow ( 5 images )
The original 500 small car, launched in the late 1950s and known affectionately as the “Cinquecento”, quickly become a symbol of Italian urban design.
The new electric 500 (BEV), which is part of a plan announced in 2018 to invest 5 billion euros ($5.6 billion) in Italy up to 2021, is the group’s first major step into electric-powered driving.
FCA said the selling price for the cabrio launch version would be 37,900 euros in Italy, excluding government environmental incentives, though it added cheaper versions would follow. That compares with a starting price of 16,000 euros for a petrol-engine 500.
Competing electric cars include the Mini Cooper SE with a starting price of 33,900 euros in Italy and Peugeot’s e-208, starting at 33,600 euros.
An early version of the electric 500 has been produced in the United States to comply with local authority rules on zero-emission cars. But in 2014 former CEO Sergio Marchionne asked customers not to buy that car as FCA FCAU.N was losing money on it, and said he hoped to sell the smallest number possible.
With a range of 320 kilometres, the new 500 BEV will be a totally different car, six centimetres longer, six centimetres wider and two centimetres taller that the petrol-engine version. It will be produced at FCA’s Mirafiori plant in Turin.
Sales are expected to start in July, initially in Europe, with FCA hoping to sell 80,000 a year at full capacity.
FCA plans to have 12 electrified vehicles in its fleet by 2021. That includes both hybrid and full electric vehicles, new cars and electrified versions of existing ones, and light commercial vehicles.
The Italian-American automaker earlier this year started selling hybrid versions of the 500 and of its other small car, the Fiat Panda.
Its Jeep brand is also set to start producing hybrid versions of its Renegade and Compass models in the second quarter of this year, while its luxury Maserati brand plans to introduce hybrid and fully electric models this year or next.
Reporting by Giulio Piovaccari; Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.
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91dbfcb14212fd3d6015d4fde5ab46ca | https://www.reuters.com/article/film-film-dirty-dc-idUSN0451790020071204 | "Dirty Laundry" best not displayed in public | "Dirty Laundry" best not displayed in public
By 4 Min Read
Dirty Laundry
Actress Loretta Devine arrives at the Film Independent's Spirit Awards in Santa Monica, California February 24, 2007. REUTERS/Fred Prouser
By Stephen Farber
LOS ANGELES (Hollywood Reporter) - Is there nothing new under the sun, or are today’s filmmakers depressingly short of original ideas?
This question arises while watching “Dirty Laundry,” a comedy-drama with alarming similarities to a relic from 1976, “Norman, Is That You?” In that film, Redd Foxx and Pearl Bailey were parents shocked to discover that their son was gay and living with a white lover. That’s basically the same gimmick in this new film from writer-director Maurice Jamal.
Loretta Devine plays the matriarch of a Southern clan who is blind to her son’s sexual orientation when he comes for a visit. The only addition to the stew is a bit left over from “The Birdcage”: When Sheldon (Rockmond Dunbar), a New York magazine writer, returns to his provincial clan in Georgia, he learns that he has a son from a one-night stand many years ago. As he tries to adjust to that discovery, his lover from New York shows up to complicate relations with his unruly extended family.
It may be that Jamal, who also co-stars as Sheldon’s macho brother, tries to wear too many hats. The script actually has a number of promising characters, including Sheldon’s sister and her sassy daughter; a highfalutin, hypocritical aunt (Jenifer Lewis); and a bunch of local yokels. Sheldon’s effeminate lover, Ryan (Joey Costello), at first seems to be a stereotypical gay character, but when he coaches Sheldon’s niece for a dance recital, Ryan proves to be more stalwart than first impressions suggested.
What sinks the movie is Jamal’s ham-fisted direction. Much of “Dirty Laundry” plays like a theater piece, with long, static scenes that are clumsily staged and poorly shot. The film cries out for cinematic energy. There’s one clever structural choice, when the film at one point jumps into flashback to show Sheldon’s life in New York. But even here, it misses an opportunity to skewer the chic Manhattan magazine world. Sheldon’s imperious editor is a potentially amusing character drawn much too broadly.
Performances are highly uneven. Dunbar comes off best; he’s the one actor who works with subtlety and manages to convey Sheldon’s perplexity while always retaining a measure of dignity. Devine and Lewis are fun, but their performances need to be taken down by several decibels. In fact, most of the actors could benefit from more adept direction.
Technically, the film is crude, with black-and-white flashbacks that add nothing to the brew. The film’s plea for tolerance is commendable but would have more weight if only it were executed with more panache. While some family stories aimed at black audiences (like the recent hit “This Christmas”) have drawn an underexploited audience, “Dirty Laundry” is far too primitive to match the success of its predecessors.
Cast:
Sheldon: Rockmond Dunbar
Evelyn: Loretta Devine
Aunt Letty: Jenifer Lewis
Jackie: Terri J. Vaughn
Eugene: Maurice Jamal
Abby: Sommore
Ryan: Joey Costello
Gabriel: Aaron Grady Shaw
Director-screenwriter: Maurice Jamal; Producers: Rockmond Dunbar, Re’Shaun Frear, Andre Robert Lee; Executive producers: Crystal McCrary Anthony, Gabrielle Glore, Maurice Jamal, Adrienne Lopez, Nathan Hale Williams; Directors of photography: Rory King, Liz Rubin; Production designer: Norval Johnson; Co-producers: Gene Graham, Tsia Moses, La Rivers; Costume designers: Lawrence Roach, Nicholaus Stansberry; Editor: Gene Graham.
Reuters/Hollywood Reporter
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85c0c2b7b07aad9b68f7bfb60d227e6b | https://www.reuters.com/article/film-kate-winslet-brit-idINKCN0VQ1LI | Kate Winslet says playing a Brit "would be ultimate challenge" | Kate Winslet says playing a Brit "would be ultimate challenge"
By Holly Rubenstein3 Min Read
LONDON (Reuters) - Having put on an array of foreign accents in her award-winning career, British actress Kate Winslet says she really wants to play an English character, adding it would be “the ultimate challenge”.
The “Titanic” star has pretended to be American, Australian, Polish-Armenian and in her latest film, crime thriller “Triple 9”, a Russian-Israeli mafia boss.
“My M.O. (modus operandi) is just keep doing the unexpected. Although I do also keep trying to play an English person but that just doesn’t keep happening for me at the moment,” Winslet told Reuters in an interview.
“That would be the ultimate challenge and then I’d have no dialect coach at all. No one to have my back and I would be all by myself and probably more terrified than ever before. Wouldn’t that be novel?”
Winslet plays the bejewelled and designer-clad Irina Vlaslov in action-packed “Triple 9” about corrupt police and the criminal underworld -- a role she said “felt very out of my comfort zone”.
“I don’t know anyone like this woman. I didn’t like her. I didn’t empathize with her. I wanted that challenge of playing a character who really felt like a character,” she said.
Winslet is in the running for an Academy Award for her portrayal in “Steve Jobs” of the late Apple co-founder’s colleague Joanna Hoffman.
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She won an Oscar for “The Reader”, an Emmy Award for “Mildred Pierce”, a Best Spoken Word Album For Children Grammy for “Listen to the Storyteller”, meaning she is just missing a Tony Award to complete the “EGOT” acronym of all four major entertainment honours.
Asked if going to Broadway was next, Winslet said: “Well I suppose it probably is now. And that’s more because of my 12-year-old son Joe, who ... is just obsessed with records.”
“So since he has learnt about this ‘EGOT’ thing, he’s like, ‘Mum you’ve gotta do it.’”
Winslet has backed her “Titanic” co-star Leonardo DiCaprio to win the best actor Oscar this year for “The Revenant”.
Both have been honoured this awards season, reuniting on the red carpet, much to the delight of “Titanic” fans, something that surprised Winslet.
“It’s crazy but it’s wonderful how people still get such a kick out of the (“Titanic” characters) Jack and Rose combo.”
Writing by Marie-Louise Gumuchian; Editing by Robin PomeroyOur Standards: The Thomson Reuters Trust Principles.
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5c3ab8618e8b5a58c137fbb55c8eb55d | https://www.reuters.com/article/film-mank-idINKBN28D1IA?edition-redirect=in | Netflix film 'Mank' dives into 'Citizen Kane' screenwriter controversy | Netflix film 'Mank' dives into 'Citizen Kane' screenwriter controversy
By Reuters Staff2 Min Read
LOS ANGELES (Reuters) - The new movie “Mank,” which starts streaming on Netflix on Friday, takes audiences back to Hollywood’s golden era of the 1930s with a look at the making of one of the film industry’s most-celebrated gems.
Shot in black and white, “Mank” focuses on writer Herman J. Mankiewicz as he works on 1941 cinema classic “Citizen Kane,” considered by many the greatest movie of all time. Mankiewicz and director Orson Welles battled over who would be credited for the screenplay.
“Mank” was directed by David Fincher and based on a screenplay penned by his father, Jack, who died in 2003. Fincher said he wanted the movie to bring to life the process of filmmaking and the colorful personalities behind it.
“This was a really wonderful sandbox,” Fincher said at a recent online screening of “Mank.”
“You had a great character at the center of it who can expound very delightfully on everything that he encounters. And he was a great avatar to take a look at Hollywood in its heyday.”
“Mank” has charmed many film critics, earning an 89% positive rating on the Rotten Tomatoes website, which aggregates movie reviews.
Gary Oldman, who plays Mank, said he performed without prosthetics or props that have helped him in other roles.
“I’m glad we went that route because there’s no tricks, there’s no fireworks, there’s no wigs, there’s no false noses, there’s no prosthetics, there’s no padding,” Oldman said. “It’s just raw and there it is.”
The filmmakers recreated 1930s film sets and studio lots, replicating the fashion as well as the lighting and editing styles used at the time.
Amanda Seyfried, who plays actress Marion Davies, said the “Mank” sets were “surreal.”
“I was enveloped in this era, this golden age of Hollywood on the lot,” she told Reuters via Zoom.
Reporting by Rollo Ross and Jill Serjeant; Writing by Lisa Richwine; Editing by Tom BrownOur Standards: The Thomson Reuters Trust Principles.
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2ef2a1487e0aa6a7ad2c3723ca2f8b29 | https://www.reuters.com/article/film-starwars-china-idUSKBN0U60CU20151224 | 'Star Wars' takes Chinese social media by storm, flirts with record release | 'Star Wars' takes Chinese social media by storm, flirts with record release
By Adam Jourdan, Lisa Richwine5 Min Read
SHANGHAI/LOS ANGELES (Reuters) - After a mammoth marketing campaign, growing online chatter in China around “Star Wars: The Force Awakens” suggests the latest installment of the hit franchise has a shot at breaking box office records in the world’s second-largest movie market.
China is crucial if Walt Disney Co's DIS.N first foray into the world of Jedi knights is to earn a spot among the top-grossing films of all time. The movie, the seventh in a near 40-year-old franchise, surged past "Jurassic World" to set a global opening weekend record of $529 million.
Disney has had to work hard for its “Star Wars” buzz in China. Though the franchise launched in 1977 - a year after the end of the Cultural Revolution and the death of China’s founding leader Mao Zedong - the original films weren’t shown in movie theatres until this June.
But after promotions featuring everything from 500 model stormtroopers on the Great Wall to a pop star dubbed China’s answer to Justin Bieber, a Reuters analysis of posts on popular microblog Sina Weibo shows “Star Wars” has been mentioned around 700,000 times since the start of December, outpacing other big hit Hollywood releases in China this year.
“I roughly know the story plot but I have never seen any of the films in the series before,” admitted Yao Yiyun, 22, a computer programming student in Shanghai. “When it comes out at the cinemas I want to see it though, especially because I like science fiction.”
Online chatter won’t guarantee box office success in China for the film, which has a red-carpet premiere in Shanghai on Sunday and goes on general release in the mainland on Jan. 9.
But curiosity among the world’s biggest online community could help the film rival smash hits like action movie “Furious 7”, the latest in a series long popular with Chinese viewers that took over $180 million in its opening weekend in China.
Over a comparable period in its pre-release schedule, “Furious 7” had racked up 230,000 Weibo hits, before soaring to over 300,000 hits in a single day when it opened this year.
Jeff Bock, senior box office analyst at Exhibitor Relations Co, predicts “The Force Awakens” will take in some $100 million during its first weekend in China. Others forecast more.
A fan dressed as a character from "Star Wars" poses for a photo in front of five hundred replicas of the Stormtrooper characters at the Juyongguan section of the Great Wall of China during a promotional event for "Star Wars: The Force Awakens" film, on the outskirts of Beijing, China, October 20, 2015. REUTERS/Jason Lee/Files
“The movie is going to do well regardless of its take here,” said Ben Cavender, Shanghai-based principal of China Market Research Group. “But if it wants to target global records then how it does in China is going to be critical.”
A GALAXY FAR, FAR AWAY
In 2005, the previous Star Wars installment was comparatively unknown in China and brought in just $9 million in ticket sales. But moviegoing has become hugely popular in the meantime, with the Chinese box office set to hit almost $9 billion in 2019 from $5 billion this year, according to PwC, fast catching up with the United States.
Piracy, once the scourge of Hollywood in China, is also not as rampant as it once was, as increasingly active Chinese film companies have pressured the government to crack down.
The film’s delayed release date may also help, as Chinese viewers see the success abroad first.
"(Chinese moviegoers) are very attuned to what happens in the rest of the world," said Greg Foster, chief executive of cinema group IMAX Corp IMAX.N, which saw the film take in $48 million in its theatres worldwide in its opening weekend.
Disney, for its part, has pulled out the stops. As well as running ads featuring Chinese pop star Lu Han as an honorary Jedi “ambassador” for the movie and making use of the of the iconic Great Wall, it has reconfigured posters to enhance the fighter jets popular with local viewers.
But while Disney has been beefing up merchandising ties with China, it still has work to do if “Star Wars” is to truly take root in the country ahead of future installments, said Chen Tao, the head of China fan site StarWarsChina.com. The site expects the film to take around $150 million in China.
“In the United States there are ‘Star Wars’ comics, games and other products released all the time – helping create an ardent fan base,” he said.
“We don’t really have this in China, meaning moviegoers lack those close ties with the series. This could lower its impact.”
Reporting by Adam Jourdan in SHANGHAI and Lisa Richwine in LOS ANGELES; Editing by Clara Ferreira Marques and Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.
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22a5d1244519869da32476927a077dc1 | https://www.reuters.com/article/film-videogames-superheroes-dc/kapow-superhero-creator-sees-new-life-force-in-games-idUSN1H23122720070118 | KaPow! Superhero creator sees new life force in games | KaPow! Superhero creator sees new life force in games
By Lisa Baertlein, Reuters Life!3 Min Read
LOS ANGELES, Jan 18 (Reuters Life!) - As superheroes are adopted by a new generation of video gamers, one man hopes this will give them a new life force -- comic book creator Stan Lee.
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Lee, creator of Marvel Comics superheroes such as Spider-Man, the Hulk and the X-Men, thinks video games are “the ultimate in entertainment” -- even though he can’t play them.
“Video games are more exciting, more colorful and more complex than motion pictures,” said Lee, 85, an outspoken showman who has thrilled fans for more than four decades with stories about superheroes who struggle with human flaws.
“They let me try to play a video game once. I was a dismal failure ... I never thought I would be a video game icon.”
Films based on his characters have reaped billions of dollars in global box office sales but Lee is not convinced that this is the best medium for creations.
“In a movie, you just sit and watch. (In a video game) you’re not only seeing the story but you’re participating in the story,” said Lee, who admits he has neither the time nor the skill to play video games.
Marvel characters recently turned out in full force in Activision Inc. and Raven Software’s “Marvel: Ultimate Alliance,” a video game in which players create a dream team of superheroes to stop Dr. Doom and the reconstituted Masters of Evil in their bid for global domination.
The game, which market research firm NPD said has had sales of more than $56.6 million since its mid-November, debut in the No. 1 position on U.S. video game charts in its first week in stores.
“Spider-Man” games have been a huge hit netting revenue of over $451.9 million in lifetime U.S. sales, according to NPD.
Games based on the X-Men have total U.S. sales of more than $224.2 million, while Hulk titles have delivered sales of more than $59 million, NPD said.
Rival DC Comics is also no stranger to video games. Recent titles based on its more straight-laced superheroes include “Justice League Heroes” and “Superman Returns,” a tie-in to this past summer’s blockbuster film.
Lee expects video game technology to continue its march toward totally immersive play and predicted that superheroes will thrive amid the onslaught of technological advances.
But for Lee he says his role will be limited to meetings with game makers about content and narration and getting involved in promoting of his beloved creations while he continues to write comic stories.
“I don’t think you ever outgrow your love of things that are bigger than life. The stories, to me, are like fairy tales for grown-ups,” he said.
Our Standards: The Thomson Reuters Trust Principles.
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3ec4bb3668c5e32e6f8484a65e9eecc5 | https://www.reuters.com/article/filmNews/idUKTRE50H1WV20090118?edition-redirect=uk | Mariah Carey goes from "Glitter" to grim at Sundance | Mariah Carey goes from "Glitter" to grim at Sundance
By Alex Dobuzinskis4 Min Read
PARK CITY, Utah (Reuters) - Singer Mariah Carey has taken a break from pop stardom to act in new movie “Push,” but far from her lead role in semi-autobiographical “Glitter,” Carey has opted for a supporting part in this often grim tale.
Actress Mariah Carey arrives for the premiere of the film "Push" during the Sundance Film Festival in Park City, Utah January 16, 2009. REUTERS/Lucas Jackson
In fact, the real star of “Push,” which debuted this past weekend at Sundance, is an unknown actress from Harlem, Gabourney Sidibe, playing an obese and overburdened 16-year-old named “Precious” Jones who is twice impregnated by her father and is beaten by her mother.
Yet, she also has adults who look out for her, and one of those is welfare case worker, Mrs. Weiss, played by Carey.
With her stringy hair and no nonsense attitude, Mrs. Weiss is far from the glamorous role Carey took in 2001’s “Glitter,” which was loosely based on her own rise to pop music stardom.
But that movie was panned by critics and earned only $5.3 million at global box offices. Since then, Carey has starred in a few movies, but for the most part they have been seen only on TV, DVD or outside the United States.
“Push,” however, is based on a best-selling novel and directed by Lee Daniels who produced “Monster’s Ball,” which earned Halle Berry a best actress Oscar. So curiosity was running high at Sundance to see how Carey performed.
At least one early review was positive. Show business paper Daily Variety called “Push,” “courageous and uncompromising,” and added that “among the many delightful surprises in the film is Mariah Carey, who is pitch-perfect as a welfare counselor and serves as this demi-tragedy’s Greek chorus.”
In “Push,” Carey has chosen the small but pivotal role of a woman who unravels Precious’ monstrous home life of abuse and teenage motherhood.
“Mrs. Weiss is sort of the eyes of the audience, the people who don’t know anybody like this in their lives,” Carey told reporters late Saturday.
“Yes it’s her job ... but even someone who goes through that every day and sees these horrific things, she hears something that changes her,” Carey said about the range of emotions she must show as Mrs. Weiss.
Despite its dark material, the film had Sundance audiences laughing at several comic scenes, revolving around surrealistic dreams Precious creates to escape. In one, she sees herself and her mother transported into a Sophia Loren movie playing on television, where her mom curses at her in Italian.
“Push” is based on a novel of the same name by New York writer Sapphire, whose given name is Ramona Lofton. The book proved controversial when it hit retail stories in 1996 because of its graphic description of incest, but it also made it to the New York Times Bestseller list.
“I was just glued to this book when I read it in, I guess ‘98, and it stays with you,” Carey said.
Carey is not the only Grammy-winning singer in the movie. Rocker Lenny Kravitz plays a small role as a nurse’s aide who helps Precious deliver her second child.
That star power could help give the film wider release in the U.S. and internationally. The filmmakers are still in talks with studios to find a distributor.
Editing by Bob TourtellotteOur Standards: The Thomson Reuters Trust Principles.
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7e18246103b67605fb9e9b3f88441b11 | https://www.reuters.com/article/filmNews/idUSL1240987820070213 | Break a leg! Judi Dench won't bet on Oscar win | Break a leg! Judi Dench won't bet on Oscar win
By Erik Kirschbaum3 Min Read
BERLIN (Reuters) - Dame Judi Dench advised punters on Monday not to bet on her winning at the Oscars, joking that not even the superstitious theatrical saying “Break a leg!” could bring her good luck as her leg would be in a cast.
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“Don’t put any money on me because you’ll lose,” Dench said at a good-humored news conference at the Berlin Film Festival when asked about the chances of winning best actress Oscar for her role in the acclaimed film “Notes On A Scandal.”
The veteran British actress, who won best supporting actress for “Shakespeare in Love” in 1998 and was nominated for four other movies in the past decade, said surgery meant that she would not be at the Oscars ceremony in Los Angeles on February 25.
“The thing about the Oscars, it’s strange because in the theater you would say ‘Break a leg’,” Dench, 72, said. “I can’t because I’m to have a knee operation. I can’t go to the awards. I’m going to have my leg broken and put back together.
“I will watch and cheer from my bed.”
The film about a school sex scandal in a working class London neighborhood won cheers from critics and four Oscar nominations, including her best actress nomination for a manipulative spinster, and the adulterous Cate Blanchett for best supporting actress.
FRONT-RUNNERS
Blanchett, sitting two seats to her left at the news conference, smiled but declined to offer any gambling advice.
Dench and Dame Helen Mirren, 61, for “The Queen,” are seen by bookmakers as front-runners in the best actress Academy Award. Other contenders include Kate Winslet, Penelope Cruz and Meryl Streep.
Dench was nominated for best actress for “Mrs. Brown” in 1997 and best supporting actress in “Chocolat” in 2000. She was also nominated for best actress for “Iris” in 2001 and “Mrs. Henderson Presents” in 2005.
She said she felt honored to be named Dame Judi Dench at home in Britain but added the title posed problems abroad.
“It’s a wonderful honor to be made a Dame but it makes it difficult for you when you go to America because there it is something different to be a dame,” she quipped.
“So no one knows what to call you there. It’s better to be just called Judi. So I don’t mind that. I don’t think that’s altered me in any way or anyone’s attitude toward me.”
Our Standards: The Thomson Reuters Trust Principles.
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908eb56749c282f3aa875a380b2197bc | https://www.reuters.com/article/filmNews/idUSN0243262620070204 | Pic to document Amazon swim | Pic to document Amazon swim
By Gregg Kilday1 Min Read
Slovenian Martin Strel swims in the river Danube in the centre of Budapest, July 17, 2000. John Maringouin is filming a documentary about Strel, who began a planned, 70-day swim Thursday, starting at the source of the Amazon River in Peru and following the river until it meets the Atlantic Ocean at Belem, Brazil. REUTERS/Laszlo Balogh
LOS ANGELES (Hollywood Reporter) - John Maringouin is filming a documentary about endurance swimmer Martin Strel, who began a planned, 70-day swim Thursday, starting at the source of the Amazon River in Peru and following the river until it meets the Atlantic Ocean at Belem, Brazil.
To be titled “Big River Man,” the film will follow Strel as he attempts to cover 3,375 miles in what is being billed as the world’s longest swim. Strel, who hails from Slovenia, previously completed record swims in the Danube, Mississippi and Yangzte rivers and holds several Guiness World Records.
Maringouin’s previous docus include last year’s “Running Stumbled,” which documented the relationship between his artist father and troubled stepmother, and 2004’s “Just Another Day in the Homeland.”
Reuters/Hollywood Reporter
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eaa810cb95e6146f60f177ed385ba30d | https://www.reuters.com/article/filmNews/idUSN068974820071206 | Rapper Xzibit marks spot in "X-Files" movie | Rapper Xzibit marks spot in "X-Files" movie
By Gregg Goldstein2 Min Read
Hip hop artist Xzibit performs at the Live Earth concert in Chiba, Japan, July 7, 2007. Xzibit, Amanda Peet and Scottish comic Billy Connolly have signed on for director Chris Carter's next big-screen adaptation of the hit TV series "X-Files." REUTERS/Michael Caronna
NEW YORK (Hollywood Reporter) - The new “X-Files” movie will be packing more heat.
Rapper Xzibit, Amanda Peet and Scottish comic Billy Connolly have signed on for director Chris Carter’s next big-screen adaptation of the hit TV series.
Citing a policy of secrecy surrounding the plot line, Fox would not confirm any details regarding the three actors’ roles. But sources said Xzibit and Peet will play FBI agents alongside David Duchovny’s Mulder and Gillian Anderson’s Scully.
The supernatural thriller is a stand-alone story, not a sequel or continuation of the hit 1998 feature adaptation.
Carter and Frank Spotnitz wrote the screenplay, and production is expected to begin this month in Vancouver. The film is set to hit theaters in July.
Xzibit recently was cast opposite Bruce Willis and Woody Harrelson in Oliver Stone’s “Pinkville,” but his schedule was freed up when that film was put on hold because of the writers strike. His credits include “8 Mile” and MTV’s “Pimp My Ride.”
Peet was recently in theaters with another alien-related film, the New Line drama “Martian Child.” Connolly has appeared in “Lemony Snicket’s A Series of Unfortunate Events” and “The Last Samurai.”
Reuters/Hollywood Reporter
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6d90172fc80f7e5f49df8e60df6e4b21 | https://www.reuters.com/article/filmNews/idUSN1030207520070810 | Swayze, Kristofferson darken "Blue" indie | Swayze, Kristofferson darken "Blue" indie
By Gregg Goldstein1 Min Read
NEW YORK (Hollywood Reporter) - Patrick Swayze and Kris Kristofferson have joined Forest Whitaker, Jessica Biel and Ray Liotta in the ensemble drama “Powder Blue.”
The indie drama follows several Angelenos as they meet on Christmas Eve through chance, tragedy and divine intervention. Swayze will play the sleazy owner of the strip club where Biel’s character performs.
Kristofferson will play the head of a corporate crime organization who tries to convince his former employee (Liotta) not to seek vengeance on his former co-workers. Whitaker, who also serves as a producer on the film, will play a suicidal ex-priest.
Additionally, Newcomer Alejandro Romero will play a transsexual prostitute who shares an unexpected bond with the priest. Eddie Redmayne will portray a mortician who falls in love with Biel’s character.
Timothy Linh Bui wrote the script and will direct.
Reuters/Hollywood Reporter
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cb30d82cb7b28c7d51d4d7136963c74c | https://www.reuters.com/article/filmNews/idUSN3136287220070731 | "Shark" film at Hallmark hooks three | "Shark" film at Hallmark hooks three
By Kimberly Nordyke1 Min Read
LOS ANGELES (Hollywood Reporter) - Daryl Hannah, John Schneider and Armand Assante are starring in the Hallmark Channel original movie “Shark Swarm.”
The project centers on usually tame sharks who morph into man-eating fish when toxins are secretly released into the water by a greedy corporate real estate developer (Assante). The sharks begin to swarm the coastal town of Full Moon Bay near the infamous Red Triangle. Meanwhile, two local fishermen (one of whom is played by Schneider) become aware of the toxic dumping and plot to stop it in order to save the town and its residents. Hannah will play Schneider’s wife.
The three-hour movie is in production and set to air in 2008.
“We’re bringing a Hallmark touch to this -- they’re going to be family-friendly sharks,” joked Henry Schleiff, president and CEO of Crown Media Holdings, owner and operator of Hallmark Channel and Hallmark Movie Channel.
Reuters/Hollywood Reporter
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e3f45ca226e982923e61cd3165e9f50b | https://www.reuters.com/article/filmNews/idUSTRE5013DY20090102 | Will Smith voted 2008's top money-making movie star | Will Smith voted 2008's top money-making movie star
By Reuters Staff2 Min Read
Actor Will Smith attends the premiere of his movie "Seven Pounds" in Charlotte, North Carolina December 11, 2008. REUTERS/Chris Keane
LOS ANGELES (Reuters) - Actor Will Smith, star of “Hancock” and “Seven Pounds”, was voted the top money-making movie star of 2008, dethroning Johnny Depp in an annual poll released on Friday of movie theater owners and film buyers.
Smith, 40, is only the second African-American actor to win the Quigley poll in its 76 year history. Sidney Poitier was placed first in 1968 after the success of “Guess Who’s Coming to Dinner” and “In the Heat of the Night.”
Three newcomers on the 2008 list -- “Iron Man” Robert Downey Jr, “Batman” star Christian Bale, and Shia LaBeouf, the 22 year-old actor in “Indiana Jones and the Kingdom of the Crystal Skull” -- came in second, third and fourth places respectively.
Anne Hathaway, who made her name in “The Princess Diaries” and is now a Screen Actors Guild and Golden Globe nominee for her role in “Rachel Getting Married”, was named a star of tomorrow. along with Chris Pine, who appeared in “Bottle Shock” and will play Captain Kirk in 2009’s “Star Trek” movie.
Perennial winner Tom Cruise did not make the Top Ten for 2008 despite being voted Number One seven times since 1983. Depp, the “Pirates of the Caribbean” star who was placed first in 2007, also did not make the 2008 list.
The Quigley Poll has been conducted every year since 1932 by the publishers of the International Motion Picture Almanac. It asks movie theater owners and film buyers to vote for the 10 stars they believe generated the most box office revenue for their theaters during the year.
Reporting by Jill SerjeantOur Standards: The Thomson Reuters Trust Principles.
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951e80fdb4d7aafce2bdd79df2fa70fa | https://www.reuters.com/article/filmNews/idUSTRE50B44L20090112 | "Jean de Florette" director Claude Berri dies | "Jean de Florette" director Claude Berri dies
By Reuters Staff2 Min Read
PARIS (Reuters) - French director and producer Claude Berri, whose films included the international hit “Jean de Florette,” has died, the office of President Nicolas Sarkozy said on Monday. He was 74.
French director, producer and actor Claude Berri arrives for the screening of "Che" by U.S director Steven Soderbergh at the 61st Cannes Film Festival in this May 21, 2008 file picture. REUTERS/Jean-Paul Pelissier/Files
Berri was hospitalized at the Pitie-Salpetriere hospital in Paris at the weekend with a serious neurological condition.
“His engaging personality and immense talent will be missed by all of French cinema,” Culture Minister Christine Albanel said in a statement.
Among Berri’s most popular films were the adaptations of Marcel Pagnol’s tragic tales of Provencal life, “Jean de Florette” and “Manon des Sources,” which starred Gerard Depardieu, Yves Montand and Emmanuelle Beart.
He won an Oscar for his first short, “Le Poulet” and went on to make a series of pictures ranging from an adaptation of Emile Zola’s “Germinal” to the gritty thriller “Tchao Pantin,” (So Long, Stooge) starring the iconoclastic comedian Coluche.
In addition, he was a prolific producer, whose credits included major international productions like Roman Polanski’s 1979 drama “Tess” as well as last year’s “Bienvenue chez les Ch’tis,” the most successful French film ever.
But he was also involved in lower-key successes, such as “La graine et le mulet,” (The secret of the grain) directed by Abdellatif Kechiche, the story of an Arab immigrant who dreams of setting up a couscous restaurant and runs up against racism.
“He could work in every register and make us laugh or cry but above all he made his public think and ask questions, he educated the viewer,” the Elysee Palace said.
French actress Josiane Balasko, who directed and starred in “Gazon Maudit” (Accursed Lawn), a dark comedy about lesbians produced by Berri, said he had done much to help directors.
“I am very sad about his death because he was one of the great producers who allowed directors to make their films by trying to dream as much as possible. He really gave them the means to achieve it,” she told RTL radio.
Writing by James MackenzieOur Standards: The Thomson Reuters Trust Principles.
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162655e38de719347dcd718b4b599a42 | https://www.reuters.com/article/filmNews/idUSTRE51515A20090206 | Young actresses cast for "Beezus and Ramona" | Young actresses cast for "Beezus and Ramona"
By Gregg Kilday2 Min Read
LOS ANGELES (Hollywood Reporter) - In a pairing designed to get tweens texting each other the news, young actresses Selena Gomez and Joey King have been cast as sisters in “Beezus and Ramona,” a film adaptation of the “Ramona” book series by Beverly Cleary.
Gomez will play Beezus, the older sister to the energetic, accident-prone Ramona (King).
Elizabeth Allen (“Aquamarine”) will direct a screenplay by Laurie Craig and Nick Pustay.
20th Century Fox has scheduled a March 19, 2010, release for the film.
Its Fox 2000 unit conducted a nationwide casting call for Ramona, and the role ultimately went to the 9-year-old King after a screen test. The young actress, who has been working since age 4, already has collected credits on the series “CSI: Crime Scene Investigation,” “Medium,” “Jericho” and “Entourage.”
Gomez stars in Disney Channel’s “The Wizards of Waverly Place” and is working on an album.
Cleary’s popular “Ramona” books, published between 1955 and 1999, follow the childhood adventures of Ramona Geradline Quimby in Portland, Ore.
Reuters/Hollywood Reporter
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677cb41222316ce10fec1b256c84ef74 | https://www.reuters.com/article/filmNews/idUSTRE52A0L420090311 | Novelist Clive Cussler hit with hefty legal bill | Novelist Clive Cussler hit with hefty legal bill
By Eriq Gardner2 Min Read
LOS ANGELES (Hollywood Reporter) - Here’s a shot across the bow of anyone who licenses the rights to a film and considers suing when things don’t go as planned:
A Los Angeles Superior Court has ordered best-selling novelist Clive Cussler to pay $14 million in legal fees to Crusader Entertainment after litigating an unsuccessful lawsuit.
The case earned extraordinary attention a few years ago thanks to the mammoth box office flop of “Sahara,” a 2005 film version of Cussler’s novel that starred Matthew McConaughey and Penelope Cruz and is estimated to have lost about $80 million.
Cussler was quite vocal about his displeasure about not having script approval and launched a claim against Crusader alleging that the film company breached the licensing agreement. In return, Crusader countersued, claiming that Cussler had hurt the film’s box office prospects.
Two years ago, a jury returned a verdict that ordered Cussler to pay $5 million. Crusader wasn’t satisfied with the judgment, claiming that lawyers had billed the company more than 35,000 hours. Los Angeles Superior Court Judge John Shook seems to agree, this week adding $13.9 million to Cussler’s tab.
According to some news outlets, the damage for Cussler could be even more significant, with reported legal fees to his own lawyer, Bert Fields, tagged at $8.5 million.
Total pain for Cussler? More than $27 million and counting. After all, Fields plans to appeal the decision for his client, which will probably cost more money. Few would have ever guessed that a controversy over script approval could ever get to be so expensive.
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b3e2188ed06d4d96f9d66f36cfd0e050 | https://www.reuters.com/article/finablr-investigation/skadden-to-investigate-potential-misconduct-at-finablr-idUSL3N2ET1QV | Skadden to investigate potential misconduct at Finablr | Skadden to investigate potential misconduct at Finablr
By Reuters Staff1 Min Read
July 22 (Reuters) - Payments group Finablr said on Wednesday it has brought in law firm Skadden to investigate any historic potential misconduct within the group and any misappropriation of assets of Finablr.
Finablr, which said in mid-March that it was planning for potential insolvency, added it expects forensic experts to be appointed in relation to the probe, which will include a review of payments made and transactions carried out. (Reporting by Muvija M in Bengaluru; Editing by Shounak Dasgupta)
Our Standards: The Thomson Reuters Trust Principles.
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3cf0c93875c8bda9e7d3c2a32d1e101a | https://www.reuters.com/article/financial-crisis-dancing/ex-citi-ceo-defends-dancing-quote-to-u-s-panel-idUSN0819810820100408 | Ex-Citi CEO defends "dancing" quote to U.S. panel | Ex-Citi CEO defends "dancing" quote to U.S. panel
By Reuters Staff3 Min Read
* Citi couldn’t be only bank to stop leveraged lending
* 2007 quote had “nothing to do” with mortgage crisis
NEW YORK, April 8 (Reuters) - Charles “Chuck” Prince’s infamous comment that his bank was “still dancing” even as the the subprime crisis worsened came back to haunt him on Thursday.
The former Citigroup Inc C.N chief executive's explanation seemed to boil down to: it was a race to keep up with competitors who kept loosening lending standards and Citi couldn't afford to drop out.
In July 2007, Prince told the Financial Times that global liquidity was enormous and only a significant disruptive event could create difficulty in the leveraged buyout market. “As long as the music is playing, you’ve got to get up and dance,” he said. “We’re still dancing.
The U.S. congressional panel investigating the origins of the worst U.S. financial crisis since the Great Depression pressed Prince about his comment, which has become emblematic of banks’ failure to come to grips with the gravity of the crisis.
Prince told the Financial Crisis Inquiry Commission on Thursday during questions after his testimony, “The quote itself related to the leveraged lending business, and I specifically asked the regulators if they would take action in regard to that.”
Prince said that at that time “private equity firms were driving very hard bargains with the banks, and at that point in time the banks individually had no credibility to stop participating in this lending business.”
“It was not credible for one institution to back away from this leveraged lending business,” he said. “The regulators had an interest in tightening up lending standards.”
Prince looked tense and uncomfortable as the commission grilled him.
“This was about leveraged lending. It had nothing to do with the mortgage business,” Prince said, referring to the quote. “It had nothing to do with the CDO business. It had nothing to do with the issues that we’ve been talking about here,” he said.
A few months after the Financial Times interview, in November, Prince resigned. (Reporting by Maria Aspan)
Our Standards: The Thomson Reuters Trust Principles.
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4c5d141f41c770ce9e290b1485e1e39a | https://www.reuters.com/article/financial-moves-idUKL3N1JI478?edition-redirect=uk | MOVES- Citi, Stifel, Barclays, Aviva | MOVES- Citi, Stifel, Barclays, Aviva
By Reuters Staff2 Min Read
(Adds Barclays, Union Investment, Castle Hill, Credit Suisse, Citi, Stifel)
June 21 (Reuters) - The following financial services industry appointments were announced on Wednesday. To inform us of other job changes, email moves@thomsonreuters.com.
KKR & CO LP
The private equity firm has appointed Go Yamashita as head of KKR Capital Markets, its capital markets arm, in Japan.
STANDARD CHARTERED PLC
Standard Chartered has hired Axel Granger as managing director of its M&A division in Singapore.
METRO BANK PLC
The British bank said it appointed Monique Melis as an independent non-executive director to its board.
RPMI RAILPEN
The British investment manager for the Railways Pension Scheme said it appointed Paul Nathan as chief operating officer.
AVIVA PLC
Britain’s biggest life insurer said it appointed Maurice Tulloch as an executive director to its board.
BARCLAYS PLC
Stephen Smith will join Barclays as a director in the high-yield syndicate team based in London, according to the bank, Reuters IFR reported.
CREDIT SUISSE GROUP AG
The company has hired Michael Romanowski from Barclays as a director on the high yield sales desk within its global credit products group, a source familiar with the matter told Reuters IFR.
UNION INVESTMENT
Christian Kopf has been appointed head of fixed income at Union Investment, leading a team of 50 investment managers with €62bn under management, Reuters IFR reported.
CASTLE HILL CAPITAL PARTNERS INC
The boutique firm said Tim McInerney will join the firm as a managing director.
CITIGROUP INC
The company said on Wednesday Alison Harding-Jones would join the firm as head of Europe, Middle East and Africa (EMEA) M&A and Vice Chairman of EMEA corporate and investment banking.
STIFEL FINANCIAL CORP
The company said three financial advisers joined the private client group of its broker-dealer subsidiary, Stifel, Nicolaus & Co Inc. (Compiled by John Benny and Arunima Banerjee in Bengaluru)
Our Standards: The Thomson Reuters Trust Principles.
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7667a9c743870bcebe61ef27064d0095 | https://www.reuters.com/article/financial-moves/moves-close-brothers-stifel-hermes-idUSL3N1ZE49U | MOVES-Close Brothers, Stifel, Hermes | MOVES-Close Brothers, Stifel, Hermes
By Reuters Staff1 Min Read
Jan 14 (Reuters) - The following financial services industry appointments were announced on Monday. To inform us of other job changes, email moves@thomsonreuters.com.
CLOSE BROTHERS ASSET MANAGEMENT
The U.K.-based asset manager named Andrew Hess managing director of its recently launched office in the West End of London.
STIFEL FINANCIAL CORP
The investment bank has hired Warwick Carter as senior wealth adviser to its unit 1919 Investment Counsel.
HERMES INVESTMENT MANAGEMENT
Hermes said it had established an Irish domiciled management company in response to the risks posed by Brexit. (Compiled by Shradha Singh in Bengaluru)
Our Standards: The Thomson Reuters Trust Principles.
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644d92633fca87c6f2354e751aa29163 | https://www.reuters.com/article/financial-moves/moves-msci-stifel-credit-benchmark-idUSL4N1UE4JF | MOVES- MSCI, Stifel, Credit Benchmark | MOVES- MSCI, Stifel, Credit Benchmark
By Reuters Staff2 Min Read
July 18 (Reuters) - The following financial services industry appointments were announced on Wednesday. To inform us of other job changes, email moves@thomsonreuters.com.
CREDIT BENCHMARK
The financial data analytics company said it had appointed Nick Pastoressa as chief product and technology officer, effective immediately.
HANETF
The European exchange-traded fund platform said it had appointed Alistair Currie as manager, product research & strategy.
COMGEST
The international asset management group said it had appointed Junzaburo Hyuga as an analyst, based in the firm’s Tokyo office.
STIFEL FINANCIAL CORP
The financial services company said Derek Archila has joined as a director and senior analyst, covering the biotechnology sector.
PRETIUM PARTNERS LLC
The New York-based alternative asset management firm said Gil Tollinchi has joined the firm as a managing director and senior portfolio manager in its credit management unit, effective immediately.
MSCI INC
The index provider said it named Russell Read as managing director and global head of client solutions, effective September. (Compiled by Arunima Banerjee in Bengaluru)
Our Standards: The Thomson Reuters Trust Principles.
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26eb4a4ab7e1c6f4d99769f66c4ef785 | https://www.reuters.com/article/financial-moves/moves-northern-trust-cavendish-stifel-financial-lasalle-idUSL3N1RP56D | MOVES-Northern Trust, Cavendish, Stifel Financial, LaSalle | MOVES-Northern Trust, Cavendish, Stifel Financial, LaSalle
By Reuters Staff1 Min Read
(Adds Stifel Financial, LaSalle)
April 12 (Reuters) - The following financial services industry appointments were announced on Thursday. To inform us of other job changes, email moves@thomsonreuters.com.
NORTHERN TRUST CORP
The wealth management firm named Belinda Aspinall as head of its Global Family Office and Investment Practices (GFO) group across Europe, Middle East and Africa.
STIFEL FINANCIAL CORP
The financial services company appointed former Jefferies executive James Nappo as a managing director and senior member of the investment banking team focused on industrials sector.
CAVENDISH CORPORATE FINANCE
The specialist M&A advisory firm named Duncan Chandler as a partner to head its financial services team.
LASALLE INVESTMENT MANAGEMENT
The real estate investment manager named Philip Nell as head of real return funds in the UK.
EXOTIX CAPITAL
The UK-based specialist emerging markets investment bank appointed Ian Watt as head of technology development. (Compiled by Mrinalini Krothapalli in Bengaluru)
Our Standards: The Thomson Reuters Trust Principles.
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524f59050256489e52660178bd10f59e | https://www.reuters.com/article/financial-nationalization/even-republicans-may-back-us-bank-nationalization-idUSN1844944520090218 | Even Republicans may back US bank nationalization | Even Republicans may back US bank nationalization
By Daniel Trotta5 Min Read
NEW YORK, Feb 18 (Reuters) - In a sign of how deeply the financial crisis has transformed America, Republicans who embrace the sanctity of free markets are supporting some form of a U.S. government takeover of increasingly insolvent banks.
Alan Greenspan may have given Republicans the political cover they need to consider nationalizing U.S. banks when the former Federal Reserve chairman joined a growing list of experts who suggest nationalization is inevitable.
Opinion-makers are looking to Britain, Germany and Sweden for models of how to swiftly shore up banks whose negative net worth threatens to exacerbate a recession featuring 7.6 percent unemployment -- the highest rate since 1992.
“It may be necessary to temporarily nationalize some banks in order to facilitate a swift and orderly restructuring,” Greenspan told the Financial Times in comments published on Wednesday.
“I understand that once in a hundred years this is what you do,” said Greenspan, a champion of free markets who is revered by many influential Republicans.
Republicans typically stand for small government and deregulation, but ideology has a way of being put aside in a crisis. Greenspan has acknowledged he was wrong to oppose some forms of market regulation.
If President Barack Obama, a Democrat, is inclined to nationalize the banks -- and the bank rescue plan outlined by Treasury Secretary Timothy Geithner leaves that question unanswered -- he may need greater support than the opposition party has shown so far in his young presidency.
None of the Republicans in the House of Representatives and only three in the Senate supported the $787 billion economic stimulus plan Obama signed into law on Tuesday.
Experts say a meaningful bank nationalization -- one that would involve the federal government taking a majority stake in hundreds of banks -- would cost more than the $350 billion available to Obama under the second half of the Troubled Asset Relief Program (TARP).
On top of that, the United States is considering expensive bailouts of the auto industry ($39 billion) and the housing market ($275 billion) at a time when the Republican minority is howling about the cost to taxpayers.
Republican Senator Lindsey Graham, who is close to losing presidential candidate Senator John McCain, told Reuters on Wednesday nationalization is an option for dealing with troubled U.S. banks if they fail Geithner’s “stress test.” [nN18434375]
But Graham warned against the Japanese example of piecemeal measures taken in the 1990s, which he called “throwing good money after bad. ... That is what we’ve been doing quite frankly and we need to stop that,” Graham said.
JAPAN VS. SWEDEN
The counter to the Japanese model is Sweden, which took expensive and painful steps in the 1990s that allowed its banks to avoid the worst of the current credit crunch.
The Swedish economy went into recession for three years and bank shareholders lost almost all their money. Analysts estimate the cost was about 2.1 percent of Sweden’s gross domestic product, which for the United States would amount to about $300 billion.
In more laissez-faire Britain, the government has taken a 70 percent stake in Royal Bank of Scotland RBS.L and smaller holdings in other banks under a bailout scheme that also leaves the taxpayers exposed.
Germany, another country wary of state intervention, on Wednesday moved closer to forced bank nationalizations by approving a draft law that allows the state to expropriate shareholders in domestic banks. [nLI431726]
In America, investors and academics are debating not whether to nationalize but when and how.
“The opponents of nationalization are becoming fewer and fewer. I believe Geithner’s plan eventually is a Trojan horse for future nationalization,” said Daniel Alpert, managing director of Westwood Capital in New York.
“If we actually do this, within a relatively short period of time opportunity investors are going to want in and take an equity position if the federal government stands behind the bank,” Alpert said.
Lawrence White, a professor at New York University’s Stern School of Business, said it was too late for the taxpayers to see a profit -- “These are just big negative holes that need to be filled” -- but added that the United States successfully nationalized banks in the 1930s and during the savings and loan crisis 20 years ago.
"The process works," White said. "The difficulty arises when you're dealing with a large depository institution -- a Citigroup C.N or a Bank of America BAC.N." (Additional reporting by Susan Cornwell in Washington; editing by Todd Eastham)
Our Standards: The Thomson Reuters Trust Principles.
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b49f02b1ca91279f9faad6a82c12dfa6 | https://www.reuters.com/article/financialsSector/idUSN0432223020091104?rpc=21 | UPDATE 2-US Senate approves jobless, housing aid | UPDATE 2-US Senate approves jobless, housing aid
By Andy Sullivan4 Min Read
* Senate approves bill after weeks of delay
* Would extend jobless benefits for those who use them up
* Expands homebuyer credit, lets businesses deduct more (Adds bill passing in Senate, details)
WASHINGTON, Nov 4 (Reuters) - The U.S. Senate vote unanimously on Wednesday to extend aid for jobless workers and broaden tax breaks for homebuyers and businesses in a bid to breathe life into the struggling U.S. economy.
After weeks of partisan bickering, the Senate passed the bill by a vote of 98 to 0. The House of Representatives is expected to vote on it as soon as Thursday and send it to President Barack Obama to sign into law.
Democrats who control Congress are under pressure to get the economy moving before the November 2010 congressional elections. But they have been reluctant to assemble another massive stimulus package after February’s $787 billion measure, fearing a voter backlash over record federal budget deficits.
Instead, they have opted for a smaller package that broadens several existing measures without adding to the deficit.
The bill would give an additional 14 weeks of unemployment benefits to jobless workers. Those in high-unemployment states would get six weeks on top of that.
Unemployment insurance payments, which average $308 per week, usually expire after six months but Congress has already extended them twice in a recession that has been marked by a high number of long-term unemployed.
Economists say the payments stimulate the economy because they are spent quickly and help the jobless avert foreclosure and bankruptcy.
Unemployment stands at 9.8 percent, the highest since 1983, and analysts expect it to climb to 9.9 percent when new figures for October are released on Friday.
The rate is expected to rise into next year, even if the economy climbs out of the deepest recession in decades.
HOMEBUYER CREDIT EXPANDED
The bill also extends an $8,000 tax credit for first-time homebuyers which has helped the housing industry recover from the foreclosure crisis, though some analysts say it has largely gone to people who would have bought houses anyway.
The credit, which is due to expire on Nov. 30, would be extended until April 30 and expanded to include more affluent homebuyers. People who have owned a home for at least five years would also be eligible for a $6,500 credit if they move.
The homebuyer credit will not be extended beyond April 30, said the measure’s sponsor, Republican Senator Johnny Isakson.
Another provision of the bill would allow businesses to get a break on their tax bills by applying losses from 2008 or 2009 to recover taxes paid in prior years when the economy was booming. This expands a tax break that currently only applies to small businesses.
Business groups say the change would give cash-strapped companies immediate access to capital, but consumer groups have criticized it as corporate welfare.
The additional unemployment benefits would be paid for by extending a tax on employers. The housing and business tax breaks, which would cost the government $21.2 billion over 10 years, would be financed by delaying a rule change that governs how companies allocate interest expenses.
The lopsided vote did not reflect the partisan bickering that had held up the bill for weeks while lawmakers sparred over unrelated provisions, such as ending the unpopular bank-bailout program.
Senate Majority Leader Harry Reid said some 600,000 jobless workers have used up their unemployment benefits while Republicans blocked action on the bill. “The Republicans have become experts in wasting time,” he said.
Republicans countered that the Senate could have approved the bill weeks ago had Reid allowed a vote on their proposals.
“In a good, long day we could have brought all those amendments up and voted on them,” Republican Senator Mike Johanns said on Monday.
Editing by Alan Elsner, Simon Denyer and Jackie FrankOur Standards: The Thomson Reuters Trust Principles.
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2e9571571aa84e5dc49571efd498bff1 | https://www.reuters.com/article/fingerprint-samsung-idUSS3N0H502920131011 | Sweden's Fingerprint Cards says information on Samsung bid false | Sweden's Fingerprint Cards says information on Samsung bid false
By Reuters Staff1 Min Read
STOCKHOLM, Oct 11 (Reuters) - The chief executive of Sweden’s Fingerprint Cards said on Friday information that Korean electronics firm Samsung would buy the firm was false.
“A false press release has gone out,” Fingerprint Cards CEO Johan Carlstrom told Reuters.
He said that the Swedish company had not had any discussions with the Korean firm.
Earlier on Friday, information distributor Cision sent out a press release saying Samsung would buy Fingerprint cards for $650 million in cash.
Fingerprint develops and produces biometric fingerprint verification technology.
Our Standards: The Thomson Reuters Trust Principles.
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40341db73eb374be51423126c82c5d12 | https://www.reuters.com/article/fitbit-ma-alphabet-eu/eu-privacy-body-warns-of-privacy-risks-in-google-fitbit-deal-idINL8N2AK4FC?edition-redirect=in | EU privacy body warns of privacy risks in Google, Fitbit deal | EU privacy body warns of privacy risks in Google, Fitbit deal
By Foo Yun Chee2 Min Read
* Competition commissioner voiced concern in November
* Privacy watchdog urges companies to take precautions
BRUSSELS, Feb 20 (Reuters) - Alphabet Inc-owned Google’s $2.1 billion bid for fitness trackers company Fitbit could pose privacy risks, the European Data Protection Board (EDPB) warned on Thursday, adding its voice to other critics of the deal.
Google announced the deal in November last year, as it seeks to compete with Apple and Samsung in the crowded market for fitness trackers and smart watches.
Fitbit, whose fitness trackers and other devices monitor users’ daily steps, calories burned and distance travelled, would give the U.S. tech giant access to a trove of health data gathered from Fitbit devices.
Such access is worrying, the EU privacy watchdog said.
“The possible further combination and accumulation of sensitive personal data regarding people in Europe by a major tech company could entail a high level of risk to privacy and data protection,” it said.
It urged the companies to assess their data privacy requirements and privacy implications in a transparent way and mitigate possible privacy and data protection risks before seeking EU antitrust approval for the deal.
European Competition Commissioner Margrethe Vestager, who will vet the deal, in November voiced her concerns about big companies targeting data-heavy rivals.
The European Commission on Thursday had no immediate further comment. (Reporting by Foo Yun Chee; editing by Barbara Lewis)
Our Standards: The Thomson Reuters Trust Principles.
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c00506fcb1b05072b017a279c17273e4 | https://www.reuters.com/article/flipkart-expansion-idUSKCN2AU0L6 | Walmart's Flipkart expands grocery sales to more Indian cities | Walmart's Flipkart expands grocery sales to more Indian cities
By Reuters Staff2 Min Read
The logo of India's e-commerce firm Flipkart is seen in this illustration picture taken January 29, 2019. REUTERS/Danish Siddiqui/Illustration/File Photo
BENGALURU (Reuters) - Walmart-owned Flipkart will sell groceries online in more Indian cities, as it seeks to compete better with Amazon and Reliance in an e-commerce market that has grown rapidly during the COVID-19 pandemic.
Flipkart has already expanded online grocery sales to more than 50 Indian cities and intends to reach over 70 locations in the next six months, the company said in a statement on Tuesday.
The Bengaluru-based firm said its grocery service had grown “exponentially” in the past year when many Indians began buying essential supplies online due to the health crisis.
“Grocery continues to be one of the fastest-growing categories,” said Manish Kumar, senior vice president at Flipkart, adding that the company had seen increased demand for the service from smaller cities in 2020.
Reliance Industries-owned JioMart last year became the latest big entrant to India’s e-grocery market, a sector that also includes Amazon.com Inc, BigBasket and several smaller players. Indian conglomerate Tata is reported to be buying a majority stake in Alibaba-backed BigBasket.
Reliance, backed by India’s richest man, Mukesh Ambani, raised over $20 billion last year from global investors including Facebook and Alphabet’s Google for its digital arm, which is expected to support JioMart.
India’s broader retail industry is also witnessing a high-stakes legal battle between Reliance and Jeff Bezos-led Amazon on the Future Group’s $3.4 billion sale of its retail assets to Reliance, which Future’s partner Amazon is contesting.
Flipkart’s recent expansion has taken its grocery services to big cities including Kolkata, Pune and Ahmedabad, it said.
“Grocery is the next big frontier for online shopping and is a key focus area for Flipkart to bring new customers online,” the company added.
Reporting by Sachin Ravikumar in Bengaluru; Editing by Aditya SoniOur Standards: The Thomson Reuters Trust Principles.
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2ee2101271d464b374c767a8058f30a9 | https://www.reuters.com/article/floods-climatechange/warming-will-put-millions-more-at-flood-risk-in-next-20-years-scientists-idINKBN1EZ2K8?edition-redirect=in | Warming will put millions more at flood risk in next 20 years - scientists | Warming will put millions more at flood risk in next 20 years - scientists
By Alex Whiting, Thomson Reuters Foundation4 Min Read
ROME (Thomson Reuters Foundation) - Unless countries urgently boost their flood defences, millions more people will be at risk from river flooding in the next 20 years as global warming increases the likelihood of severe rainfall, scientists said on Wednesday.
In Asia, the numbers at risk will more than double to 156 million, up from 70 million, with India, China and Indonesia among the worst-affected countries, according to a study by the Potsdam Institute for Climate Impact Research.
The numbers at risk in South America also will double, to 12 million, and Africa will see a rise to 34 million facing flooding threats, up from 25 million, the researchers said.
However, the actual number of people at risk is likely to be higher than the scientists’ predictions, as the estimates do not take into account population growth or more people moving to areas at risk of flooding, scientists said.
The United States and parts of Europe also will need to make major investments in flood protection - such as improving river dykes, river management and building standards, or relocating people - to prevent a rise in the numbers of people facing flooding.
“More than half of the United States must at least double their protection level within the next two decades if they want to avoid a dramatic increase in river flood risks,” Sven Willner, from the Germany-based Potsdam Institute, said in a statement.
Global warming increases the risk of flooding because the amount of rain that can fall during an extreme downpour “increases exponentially” as temperatures rise, Anders Levermann, also of the Potsdam Institute, said in an interview.
Global temperatures have already risen by more than 1 degree Celsius above pre-industrial levels, and are expected to continue rising.
Countries committed in 2015 to try to hold global temperature rise to “well below” 2 degrees Celsius, but the world is currently on track for more than 3 degrees Celsius of warming, a level expected cause much more extreme and unpredictable weather, and to cause worsening crop failures and more migration.
“This is already something we have caused ... and we have to adapt to now,” Levermann said. “Doing nothing will be dangerous.”
Although river floods may seem less dramatic than hurricanes and cyclones, they can inflict serious damage. Last year, Peru experienced its worst flooding in decades, causing up to $9 billion in damage.
South Asia in 2017 suffered its worst monsoon flooding in a decade, which killed more than 1,400 people, left hundreds of villages submerged and drove tens of thousands of people to relief camps.
Disaster management officials in the region said although flooding is normal during the monsoon months, they received a whole year’s rain in just a few days.
FLOODS AND FOOD
But the question of how best to protect people from river floods is a complex one.
“It’s not that straightforward to think if only we built dykes and levees along the rivers ... then the world will be a safe place,” said Richard Klein, a senior research fellow at the Stockholm Environment Institute.
Building flood protection “will also have an effect on food production and it will increase the risk of particularly high magnitude events”, he told the Thomson Reuters Foundation.
In Bangladesh for example, regular and often predictable floods dump a fertile layer of river sediment on fields, one reason the country is self sufficient in rice, Klein said.
“People tend to pick up their stuff, move to higher ground and come back when the water’s gone, and (they) benefit from the fertile soil that they have,” he said.
Building infrastructure to contain floodwaters can also give people a false sense of security, so they are more likely to build in areas still at risk of flooding after a severe downpour.
“That’s not to say one shouldn’t protect people, but ... simply protecting ... has consequences,” he said.
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f29b2a09a15e6850adca1b5fc04cf15a | https://www.reuters.com/article/florida-election-felons-idUSL2N1GR1G0 | Florida ex-felons challenge voting rights restrictions in lawsuit | Florida ex-felons challenge voting rights restrictions in lawsuit
By Letitia Stein3 Min Read
TAMPA, Fla. (Reuters) - Seven former felons sued Florida Governor Rick Scott and other state officers on Monday seeking to have their voting rights restored, claiming their disenfranchisement in the state is unconstitutionally arbitrary.
Florida is one of four states that strip all former felons of their voting rights. The class action lawsuit filed in the U.S. Northern District of Florida by the non-partisan Fair Elections Legal Network takes aim at the process by which they can seek to regain their voting rights.
Measures adopted in 2011 by Scott and other Republican state leaders require ex-felons to wait for five to seven years after completing their sentences before they can apply to regain their vote.
Fewer than 2,500 petitions for voting rights restoration have been approved since Scott took office in 2011, while the backlog of applications stands around 10,500, the lawsuit said.
Florida’s approach has disenfranchised an estimated 1.6 million people, more than any other state, research shows.
The state has maintained some of the nation’s toughest voting rights restrictions, while many other states have taken steps to help convicted criminals regain access to the ballot after the completion of their sentences.
Racial minorities are disproportionately impacted by the felon voting restrictions in Florida, which is the largest battleground state in U.S. presidential elections.
“Florida’s voting rights situation has become just an unmitigated crisis,” said Jon Sherman, senior counsel with the Washington-based Fair Elections Legal Network, which is working with the firm Cohen Milstein Sellers and Toll.
State rules give Scott the deciding vote in serious cases on felon voting rights restoration that are heard in person before a clemency board composed of the governor and state cabinet officers.
He has denied petitions over traffic tickets incurred after sentences were completed, the lawsuit said. It noted that he asks some, but not all, petitioners to account for histories of alcohol and substance abuse.
Scott’s office said it was reviewing the lawsuit.
“When it comes to the restoration of voting rights for felons, Governor Scott believes that they have to demonstrate that they can live a life free of crime, show a willingness to request to have their rights restored, and show restitution to the victims of their crimes,” spokeswoman Jeri Bustamante said in a statement.
Groups including the American Civil Liberties Union of Florida are working on a ballot initiative to restore many felons’ voting rights, barred for more than a century in the state constitution.
Our Standards: The Thomson Reuters Trust Principles.
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2a2b03711aecfd48d38cacc2e846f994 | https://www.reuters.com/article/florida-lizard-idINKCN0W8030?edition-redirect=in | Fossilized lizard, 99 million years old, is a clue to 'lost ecosystem' | Fossilized lizard, 99 million years old, is a clue to 'lost ecosystem'
By Laila Kearney2 Min Read
REUTERS - A fossilized lizard found in Southeast Asia preserved in amber dates back some 99 million years, Florida scientists have determined, making it the oldest specimen of its kind and a “missing link” for reptile researchers.
Various lizard specimens are shown preserved in ancient amber from present-day Myanmar in Southeast Asia, in this handout photo provided by the Florida Museum of Natural History on March 5, 2016. REUTERS/David Grimaldi/Florida Museum of Natural History/Handout via Reuters
The lizard is some 75 million years older than the previous record holder, according to researchers at the Florida Museum of Natural History, who announced the finding this week.
It was found decades ago in a mine along with other ancient, well-preserved reptile fossils, but the U.S. scientists were able to analyze the finds only recently.
“It was incredibly exciting to see these animals for the first time,” Edward Stanley, a member of the research team, said on Saturday. “It was exciting and startling, actually, how well they were preserved.”
Scientists believe the chameleon-like creature was an infant when it was trapped in a gush of sticky resin while darting through a tropical forest in what is now Myanmar, in Southeast Asia.
The creature’s entire body, including its eyes and colorful scales, is unusually well-preserved, Stanley said. The other reptiles trapped in the amber, including a gecko and an arctic lizard, were also largely intact.
Small reptiles have delicate bodies and typically deteriorate quickly, he said. Being encased in solid amber helped to lock the specimen together.
Stanley and other researchers used high-resolution digital X-ray technology to examine the creatures and estimate the age of the amber without breaking it.
The discovery will help researchers learn more about the “lost ecosystem, the lost world” to which the creatures belonged, Stanley said, and it may help researchers learn more about the creatures’ modern relatives.
“It’s kind of a missing link,” Stanley said.
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97eee5248204d806be0dcbee3c3bccb6 | https://www.reuters.com/article/florida-shooting-isis-idINKCN0YZ0WV?edition-redirect=in | Islamic State claims responsibility for Orlando nightclub shooting - Albayan radio | Islamic State claims responsibility for Orlando nightclub shooting - Albayan radio
By Reuters Staff1 Min Read
Police forensic investigators work at the crime scene of a mass shooting at the Pulse gay night club in Orlando, Florida, U.S. June 12, 2016. REUTERS/Jim Young
CAIRO (Reuters) - Islamic State claimed responsibility on Monday for the shooting that killed at least 50 people at a gay nightclub in Orlando Florida, in an official broadcast on the group’s Albayan Radio.
“One of the Caliphate’s soldiers in America carried out a security invasion where he was able to enter a crusader gathering at a nightclub for homosexuals in Orlando, Florida ... where he killed and injured more than a hundred of them before he was killed,” the group said in its broadcast.
Reporting by Omar Fahmy; Writing by Asma Alsharif; Editing by Catherine EvansOur Standards: The Thomson Reuters Trust Principles.
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fff8c96d253539c79805fa1f12a2be4a | https://www.reuters.com/article/flu-idINN2748409920090427 | WRAPUP 12-Flu kills 149 in Mexico, world closer to pandemic | WRAPUP 12-Flu kills 149 in Mexico, world closer to pandemic
By 5 Min Read
(For full coverage of the flu outbreak, click [nFLU])
* WHO raises pandemic alert level
* Mexico says death toll up to 149, closes all schools
* U.S. urges caution in traveling to Mexico
* China, other countries ban U.S. pork imports (Refiles to add dropped word “no” at end of paragraph 14)
By Alistair Bell
MEXICO CITY, April 27 (Reuters) - A new virus has killed up to 149 people in Mexico and the World Health Organization moved closer on Monday to declaring it the first flu pandemic in 40 years as more people were infected in the United States and Europe.
The WHO raised its pandemic alert level for the swine flu virus to phase 4, indicating a significantly increased risk of a pandemic, a global outbreak of a serious disease. [ID:nLR776132]
The last such outbreak, a “Hong Kong” flu pandemic in 1968, killed about 1 million people. [ID:nN24440477]]
Although the new flu strain has so far killed people only in Mexico, there were more than 40 confirmed cases in the United States, including 20 at a New York City school where eight cases were already identified. [ID:nN27539441]
In Mexico City, fearful Christians paraded a centuries-old statue of Jesus, believed to protect against disease, through the streets for the first time in more than a century.
The swine flu is not caught from eating pig meat products, but several countries imposed import bans on pork from the United States. Stocks in companies such as airlines were also hit as investors worried about the impact on travel.
Spain became the first country in Europe to confirm a case of swine flu when a man who returned from a trip to Mexico last week was found to have the virus. [ID:nLR644791]
Texas health authorities confirmed a third case of swine flu at a school near the Mexican border and California said it now had 11 confirmed cases.
The U.S. State Department and the European Union urged citizens to avoid non-essential travel Mexico and other areas affected by swine flu. [ID:nBRU007381]
Mexico relies on tourism as its third biggest source of foreign currency and millions of Americans travel there every year.
Mexican Health Minister Jose Angel Cordova said the outbreak was now suspected of having killed 149 people and warned the number of cases would keep rising.
Thirty-three million Mexican schoolchildren will be off school until the middle of next week as authorities seek to contain the outbreak. Schools in the sprawling capital had already been closed but the government ordered classes canceled across the country until May 6.
Most of the those who died were between 20 and 50 years of age, an ominous sign because a hallmark of past pandemics has been the high rate of fatalities among healthy young adults.
Worldwide, seasonal flu kills between 250,000 and 500,000 people in an average year but the new strain worries experts because it spreads rapidly between humans and there is no vaccine for it.
NEW BLOW TO ECONOMY
Oil prices fell more than 2 percent to close to $50 a barrel CLc1 as investors feared a new blow to an already fragile global economy if trade flows are curbed and manufacturing is hit. [MKTS/GLOB]
The MSCI world equity index .MIWD00000PUS fell 0.8 percent and U.S. stocks also slipped.
Flu fears hit U.S. airline stocks hard as investors worried that the travel industry would suffer. Shares prices for UAL Corp UAUA.O, the parent of United Airlines, shed 14 percent, while Continental Airlines Inc CAL.N lost 16 percent.
Other travel and leisure stocks such as Hong Kong's Cathay Pacific Airways 0293.HK and British Airways BAY.L fell sharply, whereas makers of drugs and vaccines, such as Roche ROG.VX, were higher. [ID:nLR144642]
But his condition, like that of the cases in the United States and six in Canada, was not serious. Spain had 26 suspected cases under observation, health officials said.
A New Zealand teacher and a dozen students who recently traveled to Mexico were being treated as likely mild cases.
In the first confirmed cases in Britain, Scotland’s health minister said two people tested positive for swine flu and were being treated under isolation near Glasgow. [ID:nLAL002214]
Suspected cases were also reported in France, Norway, Germany, Sweden and Israel.
Large numbers of Mexicans made it to work in the capital despite the flu outbreak. Traffic in the city of 20 million was brisk as workers, many in surgical masks, packed buses.
“I preferred to come by car instead of public transport because I didn’t want to be in contact with so many people,” said 25-year-old graphic designer Andres Beltran. (Additional reporting by Jonathan Lynn and Stephanie Nebehay in Geneva, Maggie Fox, Emily Kaiser and Lesley Wroughton in Washington, Helen Popper and Miguel Gutierrez in Mexico City; Editing by Kieran Murray and Chris Wilson)
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91f3efb172961765d5e1deab3a24c57a | https://www.reuters.com/article/flutter-results/update-1-flutters-bet-on-booming-us-market-bears-fruit-earnings-jump-idUSL2N2L00HN | Flutter's bet on booming U.S. market bears fruit, earnings jump | Flutter's bet on booming U.S. market bears fruit, earnings jump
By Padraic Halpin3 Min Read
DUBLIN (Reuters) - Paddy Power, Betfair and Poker Stars owner Flutter Entertainment posted a 23% rise in like-for-like earnings for 2020 as it maintained its leading position in a booming U.S. market that it said could grow to twice the size previously estimated.
The United States is seen as the next big growth market after a ban on sports betting was lifted in 2018. Flutter, which maintained its 40% share of the market there, expects more than 14 billion pounds worth of business to be up for grabs by 2025 as more states than previously anticipated open up.
The world’s largest online betting group on Tuesday said its revenues in the U.S. exceeded those of its two nearest competitors combined, including biggest rival Draftkings Inc.
Highlighting the pace of growth, more new customers bet with Flutter’s U.S. Fanduel brand during last month’s Super Bowl week than in the whole of 2019.
“The profitability we’re now seeing from early customer cohorts is reinforcing our positive long-term view,” Flutter Chief Executive Peter Jackson told a news conference.
Flutter reported full-year 2020 earnings before interest, tax, depreciation and amortisation (EBITDA) of 1.4 billion pounds ($1.9 billion), ahead of the 1.275 billion to 1.350 billion range it forecast in November.
That excluded an investment-heavy EBITDA loss of 170 million pounds in the U.S., where it increased its holding in Fanduel to 95% at the end of last year.
The group’s shares were 0.2% higher at 166 euros at 0905 GMT.
While the COVID-19 pandemic all but halted sports events for two months from mid-March last year, popular fixtures have since resumed behind closed doors.
Annual revenue grew by 59% in Australia, by 32% in the recently acquired SkyBet brand and by 8% in the mainly Britain and Ireland-based Paddy Power and Betfair online division. Group revenue was up 36% year-on-year in the first 7 weeks of 2021.
While the closure of Flutter’s smaller high street operation in the UK and Ireland during COVID-19 lockdowns is costing 9 million pounds in EBITDA a month, it said retail customers’ shift online was “playing to our strengths”.
“I don’t believe that retail is dead,” Jackson said, but added that he suspected there would be less shops, across all sectors, in the future.
($1 = 0.7206 pounds)
Reporting by Padraic Halpin; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.
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8d132c746e14798f24b20fcd0d9d8630 | https://www.reuters.com/article/ford-autonomous-google-idUSKBN0U50MN20151222 | Ford in talks with Google to build self-driving cars - Automotive News | Ford in talks with Google to build self-driving cars - Automotive News
By Reuters Staff2 Min Read
Slideshow ( 2 images )
(Reuters) - Google is said to be in talks with automaker Ford Motor Co to help build the Internet search company’s autonomous cars, Automotive News reported, citing a person with knowledge of the project.
The contract manufacturing deal, if finalised, is expected to come during the annual International Consumer Electronics Show in Las Vegas during the first week of January, Automotive News said. (bit.ly/1MsCGQ3)
A Google spokesman told Automotive News that the company would not comment on speculation, although Google officials confirmed that the company is talking to automakers.
Earlier this year, Google began discussions with most of the world’s top automakers and assembled a team of traditional and nontraditional suppliers to speed efforts to bring self-driving cars to the market by 2020.
In June, Google began testing tiny, bubble-shaped self-driving prototype vehicles of its own design on public roads around Mountain View. The company has also started testing self-driving prototypes in Austin.
Google is expected to make its self-driving cars unit, which will offer rides for hire, a stand-alone business under its parent company, Alphabet Inc, next year, Bloomberg reported earlier.
Ford, although lagging behind most competitors, ramped up its pace to develop self-driving cars earlier this year and said it would expand advanced safety technology, including automatic braking, enabling hands-free operation of cars under certain conditions by automating such basic functions as steering, braking and throttle.
This was to be included across its global lineup over the next five years.
Reuters could not independently reach Ford Motor and Google for comment outside regular U.S. business hours.
Reporting by Sneha Teresa Johny in Bengaluru; Editing by Sunil NairOur Standards: The Thomson Reuters Trust Principles.
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2d7d204c0f5f9ee7b5f52ec191830040 | https://www.reuters.com/article/ford-motor-india-strategy/focus-ford-goes-local-in-india-aims-for-bigger-slice-of-competitive-market-idINKCN1NB08D?edition-redirect=in | Focus: Ford goes local in India, aims for bigger slice of competitive market | Focus: Ford goes local in India, aims for bigger slice of competitive market
By Aditi Shah7 Min Read
NEW DELHI (Reuters) - Ford Motor Co made a profit in India for the first time in a decade in the last fiscal year, signalling that a strategy conceived two years ago by the U.S. car manufacturer for one of the world’s most competitive car markets is starting to show some success.
Under an initiative called the Emerging Market Operating Model (EMOM), Ford cut manufacturing costs by 40 percent and is developing more vehicles locally as it moves away from its “One Ford” plan, which restricted its ability to be cost-competitive and agile in a fast-growing market, Ford executives and industry sources told Reuters.
“EMOM is the North Star for the turnaround at Ford in India,” Anurag Mehrotra, managing director of Ford’s India unit, said in an interview.
It’s early days yet, and Ford still accounts for less than 3 percent of total passenger vehicle sales in India, where analysts say it’s tough for auto manufacturers to make money.
“They are still a long way away till they can call India a successful market,” said Kaushik Madhavan, vice president, mobility at consultant Frost & Sullivan.
A key factor for Ford India will be how it leverages its partnership with local automaker Mahindra & Mahindra, he said.
As part of EMOM, Ford is deepening ties with Mahindra to build passenger vehicles in India, which could also involve sales in other emerging markets.
Over the past two decades, Ford has invested $2 billion in India, which has become a major growth area for car manufacturers. Car sales rose 8 percent to 3.3 million last year and India is set to become the world’s third-largest market by 2020 with sales of over 5 million cars, according to consultant IHS Markit.
But global car companies have mostly struggled to woo India’s cost-conscious buyers and are now under pressure from investors to focus on profitable markets and technologies like electric and autonomous vehicles.
The success of India’s top carmaker Maruti Suzuki, a unit of Suzuki Motor Corp which sells one in every two cars in the country, has been built on having a wide range of products, low prices, a vast dealership network and an autonomous local team that can quickly react to market changes.
Its nearest competitor is Hyundai Motor Co with a 17 percent market share, which has had better success than some of its American and European rivals like General Motors, Fiat Chrysler and Volkswagen AG.
Slideshow ( 5 images )
Ford is at a considerable distance from the leaders in the market, but sold more than 90,000 vehicles in the last fiscal year and exported twice the number. Two years ago, Ford’s annual sales in India were less than 80,000 and it exported about 110,000 vehicles, industry data showed.
MORE AUTONOMY
Western carmakers have not come close to Japan’s Suzuki and South Korea’s Hyundai because they have failed to tweak their global products and strategy to suit a frugal market like India, and their local teams often lack autonomy, industry sources say.
Ford’s new strategy gives greater autonomy to the local management team, and will contribute to a global restructuring plan to save $11 billion over the next few years by cutting costs, forming partnerships and investing in new technologies.
The strategy already seems to be giving Ford a cautious beginning to better sales in India.
Ford India made a profit of 5.26 billion rupees ($72 million) in the fiscal year that ended on March 31 compared with a loss of 5.21 billion rupees a year ago, according to a regulatory filing.
In contrast, General Motors decided to cut its losses and stopped selling cars in India last year while Volkswagen took a backseat, handing over strategy for the country to its sister-company Skoda.
Ford’s top Asia and India executives came up with EMOM during a week-long strategy meeting in Shanghai in late 2016 and picked India as a testbed. The strategy has not formally been taken to other markets yet.
“We realised we need to have a sustainable and profitable business in India,” said Mehrotra, adding that Ford looked at its brand, products, cost and scale to improve efficiency.
For instance, in its Figo hatchback that sells for as little as 600,000 rupees ($8,200), Ford used imported floormats that cost more than locally sourced ones. During a review under EMOM it learned that buyers don’t really want imported mats, he said.
Slideshow ( 5 images )
It reduced logistics costs by 20 percent by switching to rail freight instead of roads, and increased the use of locally sourced components in its cars to more than 85 percent from about 60-70 percent.
CUTTING COSTS
Ford officials also said the company has developed a low-cost dealership format which is smaller in size and has fewer cars on display. It costs half of the 50-60 million rupees Ford usually spends on things like showroom inventory, spare parts and the sales force when setting up a dealership.
In the last 18 months it has opened more than 100 such dealerships, especially in smaller towns and cities to further its reach, Mehrotra said.
It would earlier cost Ford about three times the amount a domestic carmaker would spend on a product upgrade because Ford India needs to pay a fee, or royalty, to the parent, said a source aware of the changes.
Under EMOM, Ford India will develop more products in-house, making it more responsive to market changes and reducing the royalty fee, which will boost profits, the source said.
“One Ford doesn’t work anymore,” said the source, alluding to a global product strategy devised by former CEO Alan Mulally. “It will be there in spirit, but it will not be implemented the same way as it was two years ago.”
Ford last year formed an alliance with SUV and truck-maker Mahindra to co-develop vehicles, including electric cars, share powertrains and work on new technologies.
The carmaker made a similar strategy shift in China, giving up on its “One Ford” model and working with local, low-cost carmakers to come up with more competitive mainstream cars and boost sales.
Ford and Mahindra are co-developing two platforms and the first car on it is likely be launched in 2020, two sources said, adding that Ford is using Mahindra as a benchmark to bring down supplier costs in the region.
Mahindra is also the only commercial electric vehicle manufacturer in India, and Ford would benefit from getting access to its low-cost technology to build electric cars. Mahindra is already working on an electric prototype of Ford’s compact sedan Aspire, the sources said.
“We’re certainly concentrating on India right now, but there’s all kinds of opportunity beyond India together should we both want to explore that,” Joe Hinrichs, Ford’s president of global operations, told Reuters in an interview in September.
($1 = 73.1100 rupees)
Reporting by Aditi Shah, Additional reporting by Ben Klayman in Detroit; Editing by Raju GopalakrishnanOur Standards: The Thomson Reuters Trust Principles.
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e41f1fbe59cdd198ad9d65df9388e633 | https://www.reuters.com/article/ford-motor-warranty-focus/fords-new-ceo-tackles-warranty-costs-in-bid-to-boost-profit-idINKBN28426Y | Ford’s new CEO tackles warranty costs in bid to boost profit | Ford’s new CEO tackles warranty costs in bid to boost profit
By Ben Klayman5 Min Read
DETROIT (Reuters) - Quality is once again Job One at Ford Motor Co.
FILE PHOTO: Ford Motor Co. CEO Jim Farley poses next to a new 2021 Ford F-150 pickup truck at the Rouge Complex in Dearborn, Michigan, U.S. September 17, 2020. REUTERS/Rebecca Cook/File Photo
Taking a page from the automaker’s ad slogan of the 1980s and ‘90s, Ford’s new chief executive, Jim Farley, is aiming to rein in rising warranty repair costs that are a key reason why the Dearborn, Michigan, automaker’s financial performance in North America has lagged that of its archrival, General Motors Co.
As part of its new effort to cut warranty costs, Ford has told suppliers it will charge them upfront for half the cost of a warranty problem. Suppliers might get some of the money back if they resolve problems more quickly.
“What we are striving for is to fix the issues as fast as possible so that those adjustments are as small as possible,” Kumar Galhotra, president of the automaker’s Americas and International Markets group, told Reuters. “They’re more incentivized to work with us.”
Ford North America’s chief operating officer, Lisa Drake, who is responsible for quality and vehicle launches, said in the same interview supplier contracts have always allowed such debits.
“We were never doing it and frankly, it was probably one of the reasons that we became a bit more uncompetitive,” she said.
The move to charge parts makers upfront has some supplier executives worried.
“They push their suppliers so, so hard that it causes the supply base to be weak in the knees,” said one executive, who asked not to be identified.
But for Ford investors, action to shrink the U.S. automaker’s outlays for vehicle defects is overdue. Ford’s warranty costs for the first nine months of 2020 were more than $2 billion higher than those of GM.
Industry officials blame the automaker’s higher costs on the introduction of several major vehicle platforms and powertrains, as well as the fallout from the Takata airbag recall that has now also hit GM.
Bad parts from suppliers account for about one-third of Ford’s warranty costs, Drake said. The rest stem from design and manufacturing issues, Galhotra said.
“Warranty recovery is increasingly seen as a revenue source” by the automakers, said Ann Marie Uetz, a Foley & Lardner attorney who works with auto suppliers. “Often times, it can feel like a bit of a grab.”
To attack internal quality problems, Ford has reconstituted teams that track the quality of inbound parts at its plants. These teams were previously disbanded as cost-cutting moves. Farley is pushing executives to resolve quality issues that linger beyond 30 days.
WIDENING GAP
Ford’s quality gap compared with GM has worsened during the past three years. Warranty claims have ballooned almost $2 billion since 2017, Credit Suisse analyst Daniel Levy said.
In 2012 and 2013, Ford’s warranty claims as a share of sales were below 2% every quarter, according to industry publication Warranty Week. But at the end of 2018, warranty costs topped 3% and hit 4.3% in the second quarter of this year as overall sales slid due to the coronavirus shutdown.
For a graphic on Ford's warranty costs, click: tmsnrt.rs/2UiI9XP
For the first nine months of 2020, Ford’s warranty costs totaled $3.87 billion, while GM’s were $1.68 billion, according to regulatory filings.
“It can be fixed,” Warranty Week editor Eric Arnum said of Ford. “They just have to make the effort.”
Ford investors are focused on the launches of the redesigned and lucrative F-150 pickup truck, and the new and highly anticipated Bronco SUV, but reducing what it spends on repairing vehicles at dealers could provide a big boost to the bottom line.
“We’re targeting a fully competitive level of warranty spend on coverages and that’s got lots of zeroes next to it,” Farley said on an Oct. 28 earnings conference call, citing a need to be “punitive” with suppliers who ship faulty parts.
Galhotra said Ford is applying lessons it learned from the mistakes made in last year’s costly introduction of the redesigned Ford Explorer SUV to keep its current launches on track.
Part of the quality push involves reducing the complexity of the automaker’s vehicles, Farley said.
For example, the proximity key for the F-150 truck unlocks all four doors, but Farley said consumers only use it for the front doors, meaning Ford can eliminate two sensors - a manufacturing cost savings and a potential reduction in warranty risk.
Ford also plans to use data gathered from vehicles to catch problems faster - in minutes rather than months in some cases - and fix them with over-the-air software updates, Farley has said.
Credit Suisse analyst Levy said investors are hopeful Farley can change things, but he will have to prove it.
“There was a track record already of Ford underperforming and I think this is a frustration for investors,” he said.
Reporting by Ben Klayman in Detroit; Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.
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aa707a4f767f6eb0ba29dc122ffde101 | https://www.reuters.com/article/ford-plugins-idUKNOA02732820070710 | Ford sees plug-in hybrids in 5-10 years | Ford sees plug-in hybrids in 5-10 years
By Bernie Woodall5 Min Read
ROSEMEAD, California (Reuters) - Ford Chief Executive Alan Mulally said on Monday he expects the company to sell plug-in hybrids in five to 10 years.
A row of electric vehicle charging stations is photographed before a news conference at Southern California Edison utilitys headquarters in Rosemead, California, July 9, 2007. Ford and utility Southern California Edison announced a multimillion-dollar alliance to put 20 prototype Ford plug-in hybrid cars on California roads within two years. REUTERS/Mario Anzuoni (UNITED STATES)
“Within five to 10 years we will start to see this technology in our hands,” Mulally on the sidelines of a press event to announce an alliance between Ford and utility Southern California Edison to test 20 rechargeable electric vehicles.
When asked if that meant plug-in hybrids would be available on showroom floors, Mulally said, “Yes. Sure.”
Mulally said the rollout of Ford plug-in hybrids is dependent on advancements to lithium ion batteries that will be charged by the car’s owners using regular household electrical outlets.
He declined to give a more precise production target, saying: “I can’t go further than that. We will know a lot more in the next few years.”
The comments were the first time Ford has offered a timeline for producing plug-in hybrids.
The alliance between the No. 2 U.S. automaker and the second-biggest U.S. electric utility is a first of its kind.
Many environmental advocates see plug-in hybrid vehicles as the best available technology to reduce gasoline consumption and global-warming greenhouse gas emissions.
The Ford CEO and John Bryson, chief executive of Southern California Edison parent Edison International, unveiled plans for the first-of-its-kind alliance at Edison International’s headquarters in suburban Los Angeles.
Under the partnership, researchers from Southern California Edison and Ford will work together in “real world” testing of up to 20 plug-in hybrid vehicles, Bryson said.
Environmental advocates, who have targeted Ford in the past, welcomed the tie-up and said it showed the automaker was back in the race for electric car technology with Toyota and General Motors.
Mulally said it would provide So Cal Ed with 20 model year 2008 Ford Escape Hybrid sport utility vehicles reconfigured to work as plug-ins by 2009. The first will be delivered by the end of this year.
Ford will work with an as-yet unnamed battery company to make the plug-ins for the joint-company tests.
Bryson said So Cal Ed will make it a “real world” test by giving the Escapes to 20 consumers who have electric “smart meters” to monitor power used to charge the SUVs.
Mulally cautioned that the commercial rollout of the still experimental vehicles depends on advances in battery technology, an assessment shared by other rival automakers.
Ford, which lost $12.6 billion (6.2 billion pounds) last year, became the first U.S. car maker to introduce a gasoline-electric hybrid -- the Escape -- in 2004.
Faced with declining U.S. market share, Ford later backed off ambitious sales targets for hybrids and was criticized by environmental advocates for having lost momentum in the race to develop alternatives to combustion engines.
Environmental advocates, particularly in California, have been pressing automakers to roll out plug-in vehicles capable of running solely on electricity for short distances and recharging at a standard electric outlet.
“Consumers have been waiting a long time for an automaker to offer the next generation of ultra-fuel-efficient, gasoline-optional cars,” said environmental groups Rainforest Action Network and Global Exchange Campaign in response to Ford’s announcement.
Ford will initially work exclusively with Southern California Electric to develop the testing procedures, but did not rule out working with other partners in the future. And Bryson said SCE will work with other automakers.
The two companies came together because of the relationship of the two chief executives, who are both linked to Boeing.
Mulally was Boeing’s executive vice president before joining Ford in September 2006 and Bryson is a director of Boeing.
GM began development work this year on its own plug-in hybrid car.
GM showed off a concept version of the Chevrolet Volt in January and has set 2010 as a target for production.
Plug-in hybrids are to use little or no gasoline over short distances and at lower speeds.
Electric utility Southern California Edison serves about 4.8 million electricity customers in the Los Angeles region and parts of California’s coast and Central Valley.
Southern California Edison has been a vocal advocate for the development of electric vehicles and proposed tax incentives and rebates to speed their development.
Our Standards: The Thomson Reuters Trust Principles.
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32fc464fca01b7620fb10597c1f22000 | https://www.reuters.com/article/forex-poll-latam/poll-worst-of-latam-fx-selloff-likely-over-but-conviction-brittle-idUKL2N1VQ1IP?edition-redirect=uk | POLL-Worst of Latam FX selloff likely over, but conviction brittle | POLL-Worst of Latam FX selloff likely over, but conviction brittle
By Bruno Federowski5 Min Read
* reuters://realtime/verb=Open/url=cpurl://apps.cp./Apps/fx-polls?RIC=BRL= Brazilian real poll data
* reuters://realtime/verb=Open/url=cpurl://apps.cp./Apps/fx-polls?RIC=ARS= Argentine peso poll data
BRASILIA, Sept 6 (Reuters) - Brazil’s and Argentina’s currencies should recover from a sell-off to multi-year lows, the latest Reuters poll showed, but forecasters have grown much more tentative due to rampant volatility.
The Brazilian real is set to strengthen 9.6 percent to 3.79 to the dollar in 12 months, according to the median of 30 estimates from economists and strategists compiled Aug. 31-Sept. 4 as part of a regionwide Latin American monthly poll. The consensus in the previous surveyed pointed to a stronger rate, of 3.60 to the dollar.
Local factors, such as Brazil’s unpredictable presidential elections and soaring inflation in Argentina, are magnifying the effect of widespread risk aversion on Latin American markets as escalating trade tensions between the United States and other major economies threaten to deal a blow to global growth.
This would make the forecast revisions look surprisingly small after wariness over October’s presidential elections and an emerging-market rout drove the currency’s worst monthly performance in three years.
Yet that figure likely understates how forecasters are scrambling to update estimates in the wake of the slump. The standard deviation of the forecasts, a commonly used gauge of dispersion, soared to the highest since May 2016, surpassing a peak reached in June.
Three forecasters who regularly participate in Reuters’ foreign exchange polls asked not to be included this time around, either because they were still redoing their math or did not want to commit to a view.
The currency has been trading at a weaker rate than expected by every respondent who provided end-August forecasts since last year. Even Austin Rating’s Alex Agostini, who came closest to correctly predicting the real’s move three months ago, downplayed his achievement.
“To a large extent, I was lucky,” he said.
Agostini forecast the real will hover at 4.00 to the dollar for the time being, adding that this was more of a guess than a rigorous forecast.
“The factors driving FX volatility are unlikely to dim until the elections and even after we know the winner, a lot will hinge on what fiscal package he will propose and how the Congress will react to it. I kept my forecast at 4, but I wouldn’t rule out 4.20 or 3.50 either.”
The elections have thrown a wrench into forecasting, with much hinging on whether the winner will curb growing government debt.
Brazil’s jailed former President Luiz Inácio Lula da Silva, who has railed against austerity, has consistently led voter intention polls, but an electoral court blocked him from running. It remained to be seen whether his support will pass on to vice-presidential candidate Fernando Haddad.
Law-and-order lawmaker Jair Bolsonaro has consistently polled second. He has tapped University of Chicago-trained banker Paulo Guedes as his main economic advisor, but an erratic stance on policymaking and controversial remarks on social issues have lifted eyebrows.
Market favorite Geraldo Alckmin, an establishment politician supported by a wide bloc of parties who has pledged to curtail government spending, has failed to gather momentum.
Most strategists who did put themselves on the line provided some sort of weighted average based on the likelihood of each candidate winning. But only two of 30 predicted a weaker rate than the current 4.17 in 12 months, suggesting a consensus that at least some belt-tightening is on the horizon.
In contrast, forecasts for the Argentine peso ran all over the place, ranging from 28.92 to 42 compared to the current 39.25.
Not a single forecaster who had also participated in the August poll revised their prediction to show a stronger peso, though the median of 10 estimates suggested the currency is still likely to appreciate 13.9 percent to 34.135 in a year’s time, up from 31 percent previously.
While the election in Brazil acts as a clear trigger of volatility, which should fade once the vote is past, the peso’s selloff owes more to a generalized sense of anxiety around the nation’s economic prospects with no end in sight.
“With the central bank running out of room to surprise hawkishly, political risks building and the confidence of market participants remaining shaky, considerable volatility is likely to be par for the course,” strategists at Goldman Sachs wrote.
Growing lack of conviction in President Mauricio Macri’s ability to rein in inflation and a fiscal deficit have sent the peso to all-time lows even after policymakers negotiated a funding deal with the International Monetary Fund (IMF), sharply lifted interest rates, unveiled an austerity package and intervened in currency markets.
Other stories from the Reuters global foreign exchange poll: Reporting by Bruno Federowski; Additional reporting by Miguel Gutierrez in Mexico City, Hernan Nessi in Buenos Aires, Nelson Bocanegra in Bogota, Ursula Scollo in Lima and Felipe Iturrieta in Santiago Editing by Ross Finley and David GregorioOur Standards: The Thomson Reuters Trust Principles.
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09845080f9109454e9db35e5de3c7380 | https://www.reuters.com/article/forex-reserves-idINKCN1OR1DO | U.S. dollar share of global currency reserves hits near 5-year low: IMF | U.S. dollar share of global currency reserves hits near 5-year low: IMF
By Richard Leong3 Min Read
(Reuters) - The U.S. dollar’s share of currency reserves reported to the International Monetary Fund fell in the third quarter to a near five-year low, while the euro’s share of reserves grew to its largest in almost four years, data released on Friday showed.
Arrangement of various world currencies including Chinese Yuan, US Dollar, Euro, British Pound, shot January 25, 2011. REUTERS/Kacper Pempel/Illustration/File Photo
The Chinese yuan’s share of allocated reserves shrank for the first time in the third quarter since the IMF began reporting its share of central bank holdings in the fourth quarter of 2016.
Reserves held in Japanese yen reached a 16-year peak in the third quarter, IMF data showed.
Global reserves are assets of central banks held in different currencies, primarily used to support their liabilities. Central banks sometimes use reserves to help support their respective currencies.
Total allocated reserves increased to $10.71 trillion in the third quarter from $10.51 trillion in the previous quarter.
Reserves held in U.S. dollars rose to $6.63 trillion, or 61.94 percent of allocated reserves, in the third quarter, from $6.56 trillion, or 62.4 percent, in the second quarter. The share of allocated U.S. dollar reserves declined to its smallest since the 61.27 percent in the fourth quarter of 2013, IMF data showed.
Central banks appear to further diversify their reserves away from the greenback, which remains the world’s dominant reserve currency.
The dollar edged up 0.5 percent against a basket of major currencies .DXY in the third quarter as a strong U.S. labor market and expectations of further interest rate increases from the Federal Reserve were offset by U.S.-China trade tensions.
The share of allocated currency reserves held in yuan, also known as renminbi, slipped to 1.80 percent in the third quarter from 1.84 percent in the prior quarter.
The currency of China, the world's second biggest economy CNY=, fell 3.8 percent on a spot basis against the dollar in third quarter as the Trump administration threatened to impose more U.S. tariffs on Chinese goods.
While the dollar and yuan’s shares of foreign exchange reserves contracted, the euro and yen’s shares grew despite sluggish economic growth in those regions.
Ranked second behind the greenback, the euro’s share of global reserves climbed to 20.48 percent, its biggest since the fourth quarter of 2014. It was 20.25 percent in the quarter before.
The yen’s share of allocated reserves expanded to 4.98 percent, its largest since the third quarter of 2002. The Japanese currency’s share of reserves was 4.86 percent in the second quarter.
Reporting by Richard Leong; Editing by Chizu Nomiyama and Richard ChangOur Standards: The Thomson Reuters Trust Principles.
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01c8afc15da6a5d14815bd21b817f519 | https://www.reuters.com/article/foxconn-india-apple/exclusive-apple-supplier-foxconn-to-invest-1-billion-in-india-sources-idINKBN24B2GQ?edition-redirect=in | Exclusive - Apple supplier Foxconn to invest $1 billion in India: sources | Exclusive - Apple supplier Foxconn to invest $1 billion in India: sources
By Sankalp Phartiyal, Yimou Lee3 Min Read
NEW DELHI/TAIPEI (Reuters) - Foxconn plans to invest up to $1 billion to expand a factory in southern India where the Taiwanese contract manufacturer assembles Apple iPhones, two sources said.
FILE PHOTO: The lobby of Foxconn's office in Taipei, Taiwan, June 23, 2020. REUTERS/Ann Wang/File Photo
The move, the scale of which has not previously been reported, is part of a quiet and gradual production shift by Apple away from China as it navigates disruptions from a trade war between Beijing and Washington and the coronavirus crisis.
“There’s a strong request from Apple to its clients to move part of the iPhone production out of China,” one of the sources with direct knowledge of the matter told Reuters.
Foxconn said it does not comment on matters related to customers, while Apple did not respond to a request for comment.
Foxconn’s planned investment in the Sriperumbur plant, where Apple’s iPhone XR is made some 50 km west of Chennai, will take place over the course of three years, the second source said.
Some of Apple’s other iPhones models, made by Foxconn in China, will be made at the plant, said both sources, who declined to be identified as the talks are private and details have yet to be finalised.
Taipei-headquartered Foxconn will add some 6,000 jobs at the Sriperumbur plant in Tamil Nadu state under the plan, one of the sources said. It also operates a separate plant in the southern Indian state of Andhra Pradesh, where it makes smartphones for China’s Xiaomi Corp, among others.
Foxconn Chairman Liu Young-way last month said it would ramp up its investment in India, without giving details.
STATUS SYMBOL
Apple accounts for about 1% of smartphone sales in India, the world’s second-biggest smartphone market, where its pricey iPhones are often seen as a status symbol.
Building more phones in India will also help Apple save on import taxes that further push up its prices.
Apple assembles a few models through Taiwan’s Wistron Corp in the southern tech hub of Bengaluru. Wistron is also set to open a new plant, where it plans to make more Apple devices, Reuters previously reported.
“With India’s labour cheaper compared with China, and the gradual expansion of its supplier base here, Apple will be able to use the country as an export hub,” Neil Shah of Hong Kong-based tech researcher Counterpoint said.
India is also working to boost electronics manufacturing by firms such as Foxconn and last month launched a $6.65 billion plan, offering five global smartphone makers incentives to establish or expand domestic production.
Having Apple widen its local presence is likely to be a boost for Prime Minister Narendra Modi’s flagship “Make In India” drive, aimed at creating new jobs.
South Korea’s Samsung has already said it will make smartphones for export from its plant outside New Delhi.
Reporting by Sankalp Phartiyal and Yimou Lee; Additional reporting by Sudarshan Varadhan; Editing by Alexander SmithOur Standards: The Thomson Reuters Trust Principles.
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b3f4af7d31fa1dc0e6a954195e98d60b | https://www.reuters.com/article/foxconn-results/foxconns-q1-profit-tumbles-almost-90-on-coronavirus-fallout-idUSP8N2CS02D | Foxconn's Q1 profit tumbles almost 90% on coronavirus fallout | Foxconn's Q1 profit tumbles almost 90% on coronavirus fallout
By Reuters Staff1 Min Read
TAIPEI, May 15 (Reuters) - Taiwan’s Foxconn posted an almost 90% drop in first-quarter profit on Friday, as the coronavirus pandemic disrupted production and hit demand from Apple Inc and other major clients.
The world’s largest contract electronics manufacturer reported net profit of T$2.1 billion ($70.25 million) for the January-March quarter, falling well short of a Refinitiv consensus estimate of T$8.88 billion drawn from 14 analysts.
Foxconn, formally called Hon Hai Precision Industry Co Ltd, said in March that while revenue in the first-quarter would be hit by the pandemic, it was expected to recover swiftly as production returns to normal in virus-hit China. ($1 = 29.8920 Taiwan dollars) (Reporting by Yimou Lee; Editing by Edwina Gibbs)
Our Standards: The Thomson Reuters Trust Principles.
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823e7f0bbd41560f491e94f958bee25b | https://www.reuters.com/article/foxconn-stocks/taiwans-foxconn-shares-rise-more-than-4-after-ev-deal-with-fisker-idUST8N2BH00Z | Taiwan's Foxconn shares rise more than 4% after EV deal with Fisker | Taiwan's Foxconn shares rise more than 4% after EV deal with Fisker
By Reuters Staff1 Min Read
Slideshow ( 2 images )
TAIPEI (Reuters) - Shares of Taiwan’s Foxconn rose as much as 4.5% on Thursday, after the company said it will work with Fisker Inc to produce more than 250,000 electric vehicles a year beginning in late 2023.
Foxconn, Apple’s main iPhone maker, has ramped up its interest in electric vehicles over the past year or so, announcing deals with Chinese electric-car maker Byton and automakers Zhejiang Geely Holding Group and Stellantis NV’s Fiat Chrysler unit.
Reporting by Yimou Lee; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.
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5fa35dadd37930cdd96311511d711c0c | https://www.reuters.com/article/france-airshow-idUSKBN28H1VR | Paris Airshow cancelled in blow to aerospace recovery | Paris Airshow cancelled in blow to aerospace recovery
By Tim Hepher3 Min Read
PARIS (Reuters) - The Paris Airshow has been cancelled for the first time since World War Two, raising questions about the speed of the aerospace industry’s recovery from the COVID-19 crisis.
FILE PHOTO: Visitors walk at the static display area during the last day of the 51st Paris Air Show at Le Bourget airport near Paris June 21, 2015. REUTERS/Pascal Rossignol/File Photo
Organisers said Europe’s largest industrial showcase, which attracts over 300,000 people every other June in alternation with Britain’s Farnborough Airshow, would not go ahead next year because of the pandemic’s “unprecedented impact” on aerospace.
Aviation experts said the early cancellation reflected the high advance costs of the event, estimated to generate total spending by exhibitors and attendees of $1 billion, including $400 million on building, temporary hires and security alone.
Scrapping the 2021 show also deprives the industry of a deadline to stimulate deals and focus attention on new products.
“The Paris Airshow could and should have been a catalyst for recovery. The organisers have clearly listened to the big exhibitors and decided it was not worth the risk,” said veteran analyst Howard Wheeldon, who has attended dozens of air shows.
“The bigger worry is that this is saying that confidence won’t be returning soon, not only in aviation but also in the wider post-COVID world,” he added.
The biennial jamboree traces its roots back to 1908 and had previously only been cancelled during the twentieth century’s two world wars.
The last edition at Le Bourget outside Paris generated contract announcements worth $140 billion.
INDUSTRY BAROMETER
Dominated by the duel for jetliner orders between Airbus and Boeing, the seven-day extravaganza had already become a tamer affair as demand peaked and a breed of cost-conscious executives less interested in the PR drumbeat entered industry boardrooms.
But the 2021 show was emerging as a barometer for fragile demand, especially as Boeing seeks to relaunch its 737 MAX after it was approved last month following a 20-month safety ban.
In one of the most dramatic air show coups of recent years, the planemaker unveiled a tentative 200-plane rescue order for the troubled MAX at the last event in 2019, but the fate of that order now looks uncertain as coronavirus rips up growth plans.
In a sign of pandemic-related changes in doing business, which in turn threaten to crimp air travel, Boeing last week announced another key MAX order online on Zoom.
Airbus, which dates back to a Franco-German co-operation deal signed at the show in 1969 and which has made a practice of drumming up suspense over orders from Gulf and low-cost carriers, said cancelling was “difficult ... but responsible”.
Reporting by Tim Hepher; Editing by Toby Chopra and Mark PotterOur Standards: The Thomson Reuters Trust Principles.
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7b56a9449e717f29b7c5233c231c0b8c | https://www.reuters.com/article/france-attacks-belgium-arrest-idUSL8N14D0SN20151224 | UPDATE 1-Ninth person arrested in Belgium over Paris attacks | UPDATE 1-Ninth person arrested in Belgium over Paris attacks
By Reuters Staff2 Min Read
(Adds details from statement)
BRUSSELS, Dec 24 (Reuters) - Brussels police have arrested a man in connection with the Nov. 13 militant attacks in Paris which killed 130 people, federal prosecutors said on Thursday, bringing the total number of arrests in Belgium to nine.
The man, named as Abdoullah C, a 30-year-old Belgian national, was arrested on Tuesday. Prosecutors did not announce his arrest then in order to avoid alerting potential accomplices, a spokesman said.
“This person is suspected to have had contact several times with Hasna Ait Boulahcen, Abdelhamid Abbaoud’s cousin, in the period between the terrorist attacks and the events in Saint-Denis,” the prosecutor said in a statement.
An investigating magistrate ordered the man to be detained on suspicion of terrorist murders and participation in a terrorist organisation, the prosecutor’s statement added.
Boulahcen and Abaaoud were both killed in a police raid in Saint-Denis, France, days after the Paris attacks.
On Monday police held five people in several searches in Brussels, but all were released later that day. (Reporting by Robert-Jan Bartunek; Editing by Hugh Lawson)
Our Standards: The Thomson Reuters Trust Principles.
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3ef3599874838cb06cd554f1ff295014 | https://www.reuters.com/article/france-benelux-markets/french-and-benelux-stocks-factors-to-watch-idUKL5N25G58Y?edition-redirect=uk | French and Benelux stocks-Factors to watch | French and Benelux stocks-Factors to watch
By Reuters Staff2 Min Read
Aug 21 (Reuters) - Below are company-related news and stories from French and Benelux media which could have an impact on the region’s markets or individual stocks.
ATOS:
Won 5-year, $198 mln contract in California.
D’IETEREN:
D’Ieteren said on Tuesday Belron’s subsidiary in the US acquires the assets of Truroad Holdings, Inc.
EURONEXT:
Euronext announced on Tuesday Stéphane Boujnah has been nominated for reappointment as CEO and Chairman of Euronext.
ITALY:
Italy’s prime minister resigned on Tuesday after launching a blistering attack on his own interior minister, Matteo Salvini, accusing him of sinking the ruling coalition and endangering the economy for personal and political gain.
Pan-European market data: European Equities speed guide................... FTSE Eurotop 300 index.............................. DJ STOXX index...................................... Top 10 STOXX sectors........................... Top 10 EUROSTOXX sectors...................... Top 10 Eurotop 300 sectors..................... Top 25 European pct gainers....................... Top 25 European pct losers........................ Main stock markets: Dow Jones............... Wall Street report ..... Nikkei 225............. Tokyo report............ FTSE 100............... London report........... Xetra DAX............. Frankfurt items......... CAC-40................. Paris items............ World Indices..................................... Reuters survey of world bourse outlook......... European Asset Allocation........................ Reuters News at a glance: Top News............. Equities.............. Main oil report........... Main currency report.....
Our Standards: The Thomson Reuters Trust Principles.
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bde950e9eea1c2df00250855a4645612 | https://www.reuters.com/article/france-climate-change-floods-art-idAFL8N2KS5JL | FEATURE-The Louvre moves its treasures as climate change brings more floods to Paris | FEATURE-The Louvre moves its treasures as climate change brings more floods to Paris
By Melissa Godin, Thomson Reuters Foundation5 Min Read
LONDON, Feb 26 (Thomson Reuters Foundation) - When the River Seine that runs through Paris overflowed this month, officials at the Louvre Museum were relieved some of their most valuable items were safely stored in northern France.
The world’s largest and most visited museum, with almost 10 million visitors annually, had already transported some 100,000 at risk art pieces to the new Louvre Conservation Center in Lievin, some 190 km north. The reason? Climate change.
“The current floods show once again how necessary it is to protect our art works from flooding,” said Jean-Luc Martinez, Director of the Louvre, which owns about 620,000 artworks, only 35,000 of which are on display in the Parisian former palace.
“Soon this flood danger will - once and for all - be behind us,” he told the Thomson Reuters Foundation.
With climate change, scientists say heavy rains that cause flooding are set to become more frequent, threatening riverside gems like the Louvre, Notre Dame cathedral and the Musee d’Orsay - home to the world’s greatest Impressionist paintings.
The problem is not unique to Paris. Italy built flood barriers to protect Venice’s historic city centre after salty sea water damaged St Mark’s Basilica, while London’s Tate galleries sit on flood-prone sites. [
“We have a lot of museums whose collections will be affected if they are not stored properly,” said Mechtild Rossler, director of the UNESCO World Heritage Centre, which supports landmark buildings recognised by the U.N. cultural agency.
By mid-2021, Louvre officials hope 250,000 at-risk paintings, sculptures and tapestries - including the Venus de Milo - will be in their new, $120 million home, where they will be safe from floods, heatwaves and other extreme weather.
The 18,500 square metre glass and steel building was designed to blend into the local environment, with a grass covered roof where wildflowers grow in the spring, that helps with rainwater management to prevent flash flooding.
The Louvre Conservation Center is set to become one of Europe’s largest art training and research centres, visited by museum specialists, conservators and academics from around the world, as well as offering refuge for countries in conflict.
“This request must come from the states themselves, in full compliance with international law, and provided the works be returned safely when the conflict is resolved,” the Louvre said on its website.
The conservation centre, which opened in October 2019, will gather together in one place works previously stored in about 60 locations, almost two decades after the Paris Police Prefecture first warned that the Louvre was at risk.
PANIC MODE
The Seine has always been prone to flooding.
During the Great Flood of 1910, the river rose by 8.6m. Roads were submerged for two months, the metro flooded, and thousands were evacuated, with damage estimated by Louvre officials at $1.9 billion in today’s currency.
With climate change, Parisians have seen more frequent flooding. Two of the worst floods since 1910 have been during the last five years. In 2016, the river rose 6.1m and in 2018, by 5.8m - slightly less than during the floods of 1982 and 1955.
While the 2016 flood did not damage any art, it did force the Louvre to quickly shut and move 35,000 works from its basement storerooms to higher grounds in 48 hours, costing the museum approximately $1.8 million in lost revenue.
“The teams at the Louvre were in panic mode,” said Hamish Crockett, project architect of the centre. “It was a reminder that the need (for the centre) was very real.”
The facility is not only double water-proofed with a leak detection system, but it is also built on well-draining chalk and sandy soil where the flood risk is low to non-existent, even taking into account higher future rainfall projections.
The new centre also allows for regulation of temperature and humidity to protect art from extreme heat that can degrade wood and increase the risk of mould and insect infestations.
“We imagined the worst case climate scenario and then designed a building that was safe for that,” said Crockett.
Other major museums are taking note.
The British Museum is building storage space for archived artefacts in Shinfield, some 40 miles (64 km) west of London.
In the Netherlands, some 600,000 objects from four national collections, including the Rijksmuseum, will be housed in a centre in Amersfoort, 50 km southeast of Amsterdam.
"We are seeing heritage sites disappear due to climate change," Crockett said. "This is the new reality." (Reporting by Melissa Godin; editing by Katy Migiro. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters. Visit news.trust.org/climate)
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ea6e3a4c0351d996b65bbce53ecab39e | https://www.reuters.com/article/france-election-le-pen-euro-idUSL5N1EU2H4 | UPDATE 3-France's Le Pen proposes return to ECU-style system to replace euro | UPDATE 3-France's Le Pen proposes return to ECU-style system to replace euro
By Ingrid Melander5 Min Read
(Adds quotes, analysts)
PARIS, Jan 4 (Reuters) - French far-right party leader Marine Le Pen said on Wednesday that France should leave the euro but the shift to a new national currency could be accompanied by a framework similar to the pre-euro era of the ECU.
Speaking to Reuters after a New Year news conference, the National Front leader, who is a candidate in the presidential election in spring, said France’s national debt would be denominated in the new national currency under her administration.
Le Pen is alone among top presidential candidates in favouring leaving the euro, which France adopted in 1999 after ditching the franc along with other European countries who abandoned their national currencies. But she has offered little detail about how the departure could happen until now.
With just a few months left to the first round of the election in late April, mentioning the framework of the ECU could be a move by Le Pen to reassure voters worried over a euro exit.
Elderly people are particularly concerned over the impact on their pensions of any big currency reform.
“The ECU existed alongside a national currency,” Le Pen said. “A national currency co-existing with a common currency would not have any consequences for French daily life,” she added.
“A ‘monetary snake’ is something that appears reasonable,” she said - a reference to the ‘snake in the tunnel’ system introduced in the 1970s to limit fluctuations between European currencies.
The ECU was a basket of European currencies used as a unit of account by members of the bloc in the two decades leading up to the introduction of the single currency in 1999.
It existed in parallel with the European Exchange Rate Mechanism (ERM) which attempted to narrow fluctuations between the currencies of member states.
Le Pen reiterated her party’s stance that leaving the euro would be a major step to recovering sovereignty, something she said she would seek to achieve in negotiations with other EU countries.
She said that economic difficulties in other euro zone countries led her to believe she could find allies in such talks. She reaffirmed she would put the result of these talks to a referendum.
Opinion polls have consistently shown Le Pen making it to the second round of the presidential election, to be held in May, but losing that run-off to a mainstream candidate, likely to be conservative Francois Fillon.
Surveys also show that despite strong misgivings about the EU and the euro, the French want to remain members of both groups.
“All this (Le Pen’s comments) probably reflects a reluctance to openly advocate a full retreat from the monetary union,” said Bank of America Merrill Lynch chief European economist Gilles Moec.
“NOT IN YOUR WALLET”?
Nicolas Bay, a senior National Front official, said the party had stated the euro did not work and now it was engaged in a “second phase” of explaining how a new system could function.
Le Pen’s deputy Florian Philippot said some degree of monetary cooperation with other European countries did not represent a change in the leader’s view that France should leave the euro.
“A currency following the ECU model is not a currency you have in your wallet or your bank account. It’s an accounting currency between countries,” he said.
“It could be a model, maybe even a transitory one,” he added.
National Front economist Jean-Richard Sulzer said the new system the party advocated would have fixed exchange rates but allow “rare” adjustments. “Rates should be fixed but adjustable,” he said.
“The exchange rate would not float every morning like before the ECU because it created huge instability for our exporters.” He however said the French could, under such a system, have two credit cards, one in francs and one in ECU.
“It’s not that complicated, is it?,” he said.
Bank of New York Mellon currency strategist Neil Mellor said Le Pen’s comments on swapping the euro for an ECU system raised many questions.
“There are a whole host of practical problems with this, but I suspect that her statement isn’t designed to be overly bothered with the nitty gritty - it’s designed to make a statement,” he said.
“This is an issue for France but if Le Pen were to win, then it’s an issue for the concept of the euro zone as a whole,” said Patrick O’Donnell, investment manager, Aberdeen Asset Management. “I think the markets would vote with their feet first of all and spreads would widen significantly.” (Additional reporting by Jemima Kelly, Dhara Ranasinghe, Jamie McGeever and Marc Jones; Writing by Michel Rose; Editing by Richard Balmforth)
Our Standards: The Thomson Reuters Trust Principles.
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bb4d0b49539360804a7341655e452c7c | https://www.reuters.com/article/france-election-lepen-eu-idINKBN15F1ON?edition-redirect=in | France's Le Pen defiant as EU seeks return of misspent money | France's Le Pen defiant as EU seeks return of misspent money
By Reuters Staff2 Min Read
BRUSSELS (Reuters) - France’s far-right candidate for president, Marine Le Pen, was set to lose 7,000 euros a month from her European Parliament earnings from Wednesday after defying a demand to repay nearly 300,000 euros of EU funds an investigation says she misspent.
Marine Le Pen, French National Front (FN) political party leader and candidate for the French 2017 presidential election, attends a news conference in Paris, France, Janaury 26, 2017. REUTERS/Jacky Naegelen
The parliament concluded that, in her role as French National Front leader, Le Pen had during the 2011-12 legislature paid party staff with the funds, which EU rules say should be used only to pay EU lawmakers’ assistants.
Le Pen, locked in an increasingly tight three-way race to succeed Francois Hollande this spring, said she would not “submit to persecution” by paying the money back.
In a statement texted to Reuters, she described the demand as “a unilateral decision taken by political opponents... without proof and without waiting for a judgement from the court action I have started.”
EU authorities gave Le Pen a midnight deadline to return the money.
Failure to do that will see her monthly EU parliamentary salary cut in half to around 3,000 euros from February and she will also lose other allowances. In total around 7,000 euros will be taken from her EU payment slip every month, an EU official said.
Five other National Front European lawmakers including Le Pen’s father, Jean-Marie, had previously seen their EU payments cut because of misused money that was not reimbursed, the EU official said.
Several EU lawmakers from other political groupings have also been investigated for expenses that were not in line with EU rules. Most have agreed to reimburse misspent money.
In an earlier posting on Twitter, Le Pen said the former president of the European Parliament, socialist Martin Schulz, had started the procedure to claw back the money.
EU officials said it was started by OLAF, the agency that investigates allegations of fraud against the EU budget. OLAF had also taken the case against Le Pen to French courts which would decide whether other sanctions were warranted.
Reporting by Francesco Guarascio, Ingrid Melander and Gilbert Reilhac; editing by John StonestreetOur Standards: The Thomson Reuters Trust Principles.
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cac77f7e80b23f50b2e03fdb49306f92 | https://www.reuters.com/article/france-huawei/huawei-to-build-french-factory-regardless-of-5g-decision-executive-says-idINKBN20R1OS?edition-redirect=in | Huawei to build French factory regardless of 5G decision, executive says | Huawei to build French factory regardless of 5G decision, executive says
By Mathieu Rosemain, Matthieu Protard2 Min Read
PARIS (Reuters) - Huawei [HWT.UL] will build a factory in France regardless of the government’s decision on whether to use its equipment in a new 5G network, an executive at the Chinese telecoms giant said.
The world’s biggest telecom equipment maker said last week that it planned to build a manufacturing plant in France to ease worldwide concerns stoked by U.S. charges that Beijing could use Huawei’s equipment for spying.
The Shenzhen-based group, which denies its equipment poses a security risk, is at the centre of a storm pitting the United States against China over 5G next generation mobile technology.
Europe has become a major battleground in this and France’s cybersecurity agency is screening 5G equipment, including from Huawei, for deployment in its new network.
“The plant will be built in France, whatever the French government’s decision, as it is part of our strategy,” Huawei France’s deputy chief executive Minggang Zhang told Reuters.
Huawei said last week it would spend 200 million euros ($223 million) in the first phase of setting up the mobile base station plant, whose exact location has not yet been announced.
French Finance Minister Bruno Le Maire said on Wednesday that the building of a Huawei factory will not influence the government’s stance on the three main 5G equipment makers.
On paper, Huawei and its two European rivals, Nokia NOKIA.HE and Ericsson ERICb.ST, are allowed to do business in France. But sources close to the French telecoms industry say they fear Huawei will be barred even if there is no formal ban.
Asked whether Huawei’s project to build the plant and create 500 jobs could amount to blackmail to buy goodwill from the French government on the upcoming 5G tender, Le Maire said: “No one, and certainly not me, would give in to any blackmail whatsoever.”
“The position that has been taken on 5G is very clear. We won’t discriminate against any company, neither Chinese nor American. We are simply looking after our security and strategic interests,” he added.
Reporting by Mathieu Rosemain, Matthieu Protard; Additional reporting by Bertrand Boucey; Editing by Jan Harvey and Alexander SmithOur Standards: The Thomson Reuters Trust Principles.
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e0cce3eb7013bdcf9d4450494ccd1627 | https://www.reuters.com/article/france-iraq-oil-total-int-idUSKBN29W0LO | Iraq signs pact with Total for 'large projects' | Iraq signs pact with Total for 'large projects'
By Reuters Staff1 Min Read
FILE PHOTO: The logo of French oil and gas company Total is seen at a petrol station in Neuville Saint Remy, France, October 1, 2020. REUTERS/Pascal Rossignol
DUBAI (Reuters) - Iraq has signed a memorandum of understanding with Total to execute “large and promising projects” in the Middle Eastern country, particularly regarding use of natural gas and clean energy, its oil ministry said on Wednesday.
The agreement was signed during a visit by Total’s Chief Executive Patrick Pouyanne, the ministry said in a statement.
Reporting by Maher Chmaytelli; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.
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00ba3cdf50a370250f1e5573deb59465 | https://www.reuters.com/article/france-nuclearpower-astrid/update-1-france-to-freeze-fast-breeder-nuclear-reactor-project-nikkei-idUSL4N1Y41OU?rpc=401& | France reviews fast-breeder nuclear reactor project | France reviews fast-breeder nuclear reactor project
By Reuters Staff3 Min Read
TOKYO/PARIS (Reuters) - France’s state-run nuclear agency said on Thursday it had presented options on a new generation of fast-breeder nuclear reactors to the French government and talks were underway but dismissed reports in Japan that it had taken a decision.
The Nikkei business daily reported that France had informed Japan it would halt research into the ASTRID (Advanced Sodium Technological Reactor for Industrial Demonstration) project in 2019, with no plans to allocate a budget from 2020.
A spokesman for the CEA nuclear agency said one option it had discussed was to reduce ASTRID’s capacity to a 100-200 megawatt (MW) research model from the commercial-sized 600 MW originally planned.
Japan’s Chief Cabinet Secretary Yoshihide Suga said on Thursday he had not been informed about any French plans to freeze the project and that nothing has been decided.
In 2016, after decades of development, Japan pulled the plug on its own $8.5 billion Monju prototype fast-breeder project.
The ASTRID sodium-cooled reactor is one of several new "fourth-generation" designs that could succeed the pressurized water reactors that drive most of the world's nuclear plants. tinyurl.com/y84d2hvc
Instead of water, they use liquid sodium as a coolant. But sodium burns on contact with air and explodes when plunged into water. An earlier French model was scrapped in the 1980s after have encountering major technical problems.
Russia is the only nation to have working breeder reactors, which can burn spent uranium fuel, plutonium and other nuclear waste products.
In theory, breeders could turn utility EDF’s nuclear waste into fuel and make France self-sufficient in energy for decades. Their potential is part of the reason why France recycles spent fuel from EDF’s reactors, separating out plutonium in state-owned Orano’s reprocessing plant in La Hague.
“The likely abandoning of ASTRID should entail the rethink of the entire spent-fuel management scheme,” World Nuclear Industry Status Report author Mycle Schneider.
In 2010, the ASTRID project was granted a 652 million euro ($742 million) budget. Media reports have estimated France has budgeted up to 900 million euros through to 2019 for ASTRID.
President Emmanuel Macron said this week that nuclear will remain a key part of France’s power supply and that research in the field must be continued, but he did not mention ASTRID.
Reporting by Kaori Kaneko and Osamu Tsukimori in Tokyo and Geert De Clercq in Paris; Editing by Sherry Jacob-Phillips and David EvansOur Standards: The Thomson Reuters Trust Principles.
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caa956485ad2c3db96324754c7242d15 | https://www.reuters.com/article/france-nuclearpower-edf/edfs-rivals-request-147-twh-of-french-nuclear-power-for-2020-idUSP6N28700C | EDF's rivals request 147 TWh of French nuclear power for 2020 | EDF's rivals request 147 TWh of French nuclear power for 2020
By Reuters Staff1 Min Read
PARIS, Nov 29 (Reuters) - French alternative power suppliers have requested 147 terawatt hours (TWh) of utility EDF’s nuclear power generation for 2020 through the ARENH auction window, the energy market regulator CRE said on Friday.
Under the so-called ARENH mechanism, EDF’s rivals have the right to buy up to 100 TWh, or about a quarter of its annual nuclear output, at a fixed price of 42 euros ($46.29) per megawatt hour (MW).
The scheme is aimed at giving them fair access to cheap nuclear energy.
The CRE said that because demand was higher that the 100 TWh ceiling, all the 73 suppliers will each receive around 68 percent of what they requested.
$1 = 0.9073 euros Reporting by Bate Felix; Editing by Maya NikolaevaOur Standards: The Thomson Reuters Trust Principles.
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ae50bd142679e057aa348d9ed8120c5f | https://www.reuters.com/article/france-oysters-machine-idUSL5N1KP7SQ | RPT-French oysters go on sale in vending machines | RPT-French oysters go on sale in vending machines
By Miranda Alexander-Webber3 Min Read
(Repeats, no changes to text)
* Farmers seek sell more oysters outside business hours
* Customers use bank card to buy at dispensers
ILE DE RE, France, Aug 3 (Reuters) - In a change from chocolates and fizzy drinks, the French are starting to offer fresh oysters from vending machines in the hope of selling more of the delicacy outside business hours.
One pioneer is Tony Berthelot, an oyster farmer whose automatic dispenser of live oysters on the Ile de Re island off France’s western coast offers a range of quantities, types and sizes 24 hours a day, seven days a week.
French oyster farmers are following in the footsteps of other producers of fresh food who once manned stalls along roadsides for long hours but now uses machines.
“We can come at midnight if we want, if we have a craving for oysters. It’s excellent; they’re really fresh,” Christel Petinon, a 45-year-old client holidaying on the island, told Reuters.
The Ile de Re’s refrigerated dispenser, one of the first and with glass panels so customers can see what they are buying, is broadly similar to those that offer snacks and drinks at railway stations and office buildings worldwide.
Customers use their bank card for access, opening the door of their choice from a range of carton sizes and oyster types.
Berthelot, thirty years an oyster breeder, sees it as an extra source of revenue rather than an alternative to normal points of sale like food markets, fishmongers and supermarkets.
“We felt as though we were losing lots of sales when we are closed,” he said.
“There was a cost involved when buying this machine, of course, but we’re paying it back in instalments ... And today, in theory, we can say that the calculations are correct and it’s working.”
Selling oysters from a machine bets on more than just open-mindedness among consumers. Live molluscs not kept cool enough or stored too long out of seawater can cause food poisoning when opened.
The Berthelots say the machine has an appeal to a younger generation accustomed to buying on the internet and unperturbed by the absence of a shopkeeper. (Writing by Brian Love; Editing by Andrew Callus and Alister Doyle)
Our Standards: The Thomson Reuters Trust Principles.
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bf37533ebeb1b0032495cc468fce8ad6 | https://www.reuters.com/article/france-power-winteroutlook-idUSL8N1D92V1 | UPDATE 3-France could face winter power cuts, hit by nuclear dependence | UPDATE 3-France could face winter power cuts, hit by nuclear dependence
By 5 Min Read
* France relies on nuclear for three-quarters of its power
* Hit hard by closure of ageing reactors for safety tests
* Power cuts could be imposed during winter cold snaps
* Similar design of reactors creates risk of generic flaws (Adds detail on French nuclear dependence)
By Bate Felix and Geert De Clercq
PARIS, Nov 8 (Reuters) - France could impose power cuts this winter due to an electricity shortage, an unprecedented step in the wealthy nation which would expose the vulnerabilities of its dependence on nuclear power.
The warning was issued on Tuesday by grid operator RTE, which said power supply had been hit by the closure of around a third of the country’s ageing nuclear reactors for safety checks. The country’s regulator has ordered a review of the strength of crucial steel components after the discovery of manufacturing irregularities.
France relies on nuclear for three-quarters of its power, more than any other country. RTE said the amount of nuclear power available was at a record low for this time of year, around 10,000 megawatts lower than a year ago - equivalent to more than twice the consumption of Paris and Marseille combined.
“During some periods of the day in winter, and during some days, we may need to use exceptional measures to guarantee the balance of electricity demand and supply on the network,” RTE President Francois Brottes told reporters at a news conference.
RTE would start by boosting power imports and could also pay some industrial customers to switch off their machinery or curb usage, but Brottes said the gird operator might also have to impose short, rolling power blackouts in parts of the country.
Power supplies are likely to be most stretched in the first three weeks of December, RTE said. With about a third of French homes heated by electricity, the country is highly sensitive to cold snaps.
GENERIC DESIGN
The discovery last year of weak spots in the steel of the EPR reactor state-backed utility EDF is building in Flamanville in northwest France led nuclear regulator ASN to take a closer look at manufacturing procedures of state-owned reactor builder Areva.
In May, the ASN said the anomalies found in Flamanville had also been discovered in reactors being operated by EDF and ordered safety tests on 18 out of EDF’s 58 reactors.
Unlike other nuclear countries such as the United States and China, which have used different reactor models and suppliers, all French reactors are pressurised water reactors made by the same manufacturer, a forerunner of Areva.
This standardisation allowed France to build reactors relatively quickly and cheaply, but also created the risk that a generic design flaw or manufacturing problem would affect many reactors and incapacitate a large part of the fleet. Green activists have warned of this possible scenario for years.
Traditionally, France is a net exporter of power, but RTE said it could become a net importer during cold snaps this winter, bringing in up to 7,000-9,000 megawatts from abroad.
France is well linked to neighbouring countries via interconnector cables with a capacity of nearly 10 percent of France’s generating capacity.
But Britain has warned that power supply this winter will be tight, Belgium has had problems with the availability of its own nuclear reactors, Italy is chronically short of power and links with Spain have relatively low capacity.
That leaves just Germany and Switzerland as reliable backups, although Germany’s large reliance on intermittent renewable energy makes it less suitable as a provider of baseload power.
“The outlook is pessimistic, notably for the first three weeks of December,” said a Paris-based power trader, adding that power outages could easily happen.
PROFIT WARNING
The reactor closures are weighing on the power sales of EDF, which has cut its nuclear production target three times this year. They are also forcing the utility to buy expensive power on the market, further weighing on its profitability.
Ratings agency Moody’s said on Tuesday that EDF was unlikely to benefit from rising power prices offsetting the expected shortfall in volumes.
Last week, EDF issued its second profit warning of the year, lowering its 2016 core earnings forecast to 16-16.3 billion euros from the original 16.3-16.8 billion euros.
The company finally secured approval from the British government in September to go ahead with its 18 billion pound ($22 billion) project to build two nuclear reactors at Hinkley Point in England.
EDF has faced internal dissent over the project, with many critics saying the company’s balance sheet is already too stretched. EDF needs to borrow money just to pay its dividend, and will have to spend about 50 billion euros ($55.1 billion) on upgrading its ageing nuclear fleet and several billion more for its planned takeover of the reactor division of Areva ($1 = 0.8059 pounds; $1 = 0.9074 euros)
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43cb616c869818d334b367828ed447d5 | https://www.reuters.com/article/france-reform-investors/invest-in-us-macron-urges-finance-titans-at-elysee-dinner-idUSL8N1N18GT | "Invest in us" Macron urges finance titans at Elysee dinner | "Invest in us" Macron urges finance titans at Elysee dinner
By Michel Rose3 Min Read
* Some 21 investment fund leaders invited at Elysee dinner
* Macron presents past and future reforms
* Funds say underweight French asset status no longer justified
PARIS, Oct 26 (Reuters) - Some of the world’s largest investment funds told President Emmanuel Macron they were impressed with his drive to reform France and could inject billions of dollars into the economy as a result, officials said on Thursday.
Macron, a former investment banker, invited close to two dozen international financiers to dinner at the Elysee palace on Wednesday and reminded them that he had delivered on a promise of pro-business reforms.
“The feedback we had was that investors were rather blown away by the president’s vision,” an adviser to Macron said, asking not to be quoted by name.
“These are international investors who manage hundreds of billions, who travel around the world and are used to be cajoled. But we pulled off a beautiful event and they liked it.”
“We need you” was in essence Macron’s message to the 21 executives from sovereign wealth, asset management and pension funds, the adviser said. The president’s presentation was followed by a lively Q&A session, he added.
A spokeswoman for BlackRock, the world’s largest asset manager, whose chairman and CEO Larry Fink was at the table of the Elysee’s glass-roofed Winter Garden room, confirmed the positive feeling among investors.
“Yesterday’s session was beneficial to the investors present and reinforced the view that the opportunities in France are the strongest they have been in two decades,” she said.
The presidential adviser said several managers were now convinced the underweight status of French assets in their portfolios, inherited from years of fiscal instability, missed targets and sluggish growth, was no longer justified.
“Investors told us that France was rather underweight historically in their asset portfolios and that, with a UK which is now a risk area with Brexit, they’ll reinvest in France,” the adviser said.
The positive view also contrasted with the cautious welcome Macron had received after his election, as investors were initially doubtful he could defy street protests and pass his reforms in full through a largely untested parliament majority, the adviser said.
A presentation on Station F, the world’s largest startup incubator which opened its doors in Paris earlier this year, was particularly appreciated by those present, he said.
The new investments were likely to benefit small- to mid-sized companies where international investors were less present than in the blue-chip CAC 40 or well-known startups.
“They left with the impression that the French economy is moving, we know that, but also that there are opportunities beyond the big groups and unicorns such as BlaBlaCar,” he said.
Additional reporting by Maya Nikolaeva; editing by Luke Baker and Richard BalmforthOur Standards: The Thomson Reuters Trust Principles.
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f65d95ef15c07c3403ceffe5c07e4e21 | https://www.reuters.com/article/france-spain-gas-idUSL8N1963VJ | French regulator doubts need for France-Spain Midcat gas pipeline | French regulator doubts need for France-Spain Midcat gas pipeline
By Reuters Staff3 Min Read
PARIS, June 15 (Reuters) - A new gas pipeline between France and Spain would not boost the security of French or European gas supply and could raise gas prices for consumers, French regulator CRE said on Wednesday.
In a report about France’s cross-border gas and power interconnections, CRE said it saw little need for a new pipeline, which the European Union says would help reduce Europe’s dependence on Russian gas imports by relieving a gas bottleneck across the Pyrenees between the two countries.
Italian gas transport group Snam has said its French unit, TIGF, wants to invest in a new Midi-Catalonia (Midcat) interconnector in the eastern Pyrenees that would more than double the cross-border gas exchange capacity.
The Commission de Regulation de l’Energie (CRE) said the Midcat project would cost nearly 3 billion euros ($3.36 billion), of which 2 billion euros for France, to boost the gas import-export capacity to about 15 percent of gas consumption in France and Spain.
“In light of stable demand and overcapacity in recent years, such a costly project should not create excessive risk for consumers,” CRE said.
The CRE said gas grid operators should establish whether there is a need for new infrastructure capacity, which it said is unlikely given the current market environment.
It also said costs and benefits for each country should be outlined and that each should allocate financial support proportional to the benefits they could expect from the project.
CRE president Philippe de Ladoucette told Reuters that in the past five years Spain had not exported one single cubic metre of gas to France.
“The Spanish energy commissioner pushes this project, but today there is no economic need for it,” he said, adding that Midcat would also not boost the security of EU gas supply.
EU Climate and Energy Commissioner Miguel Arias Canete, a Spanish national, met with French and Spanish energy ministers in Paris last year to discuss new power and gas infrastructure across the French-Spanish border.
Spain has the potential to reduce Europe’s reliance on Russian gas, as its chain of LNG terminals and its gas pipelines from Africa have a combined import capacity of about 80 billion cubic metres (bcm) of gas per year, more than three times Spain’s annual consumption.
Spanish energy companies have long complained that France is not doing enough to boost interconnections across the Pyrenees.
The CRE plays a key role in setting tariffs for gas and power grids as well as the financial returns of grid operators. ($1 = 0.8925 euros) (Reporting by Geert De Clercq; Editing by Ed Davies)
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a7e9cb80ea5f396191ac82746ed9a0d1 | https://www.reuters.com/article/france-usa-tax/update-1-france-orders-tech-giants-to-pay-digital-tax-idUSL1N2IB1YP | UPDATE 1-France orders tech giants to pay digital tax | UPDATE 1-France orders tech giants to pay digital tax
By Reuters Staff3 Min Read
(Adds Amazon received payment reminder, expert’s comment)
PARIS, Nov 25 (Reuters) - France’s finance ministry has sent out notices to big tech companies liable for its digital service tax to pay the levy as planned in December, the ministry said on Wednesday.
France suspended collection of the tax, which will hit companies like Facebook and Amazon, early this year while negotiations were underway at the Organisation for Economic Cooperation and Development (OECD) on an overhaul of international tax rules.
The finance ministry has long said it would collect the tax in December as planned if the talks proved unfruitful by then, which is what happened when the nearly 140 countries involved agreed last month to keep negotiating until mid 2021.
“Companies subject to the tax have received their notice to pay the 2020 instalment,” a ministry official said.
France last year applied a 3% levy on revenue from digital services earned in France by companies with revenues of more than 25 million euros there and 750 million euros worldwide.
Facebook’s stance “is to ensure compliance with all tax laws in the jurisdictions where we operate”, it said, adding it had received its tax bill from the French authorities.
Amazon has received a reminder from the French authorities to pay the tax, and will comply, according to a person familiar with the matter at the online retailer.
Paris has said it will withdraw the tax as soon as an OECD deal is reached to update the rules on cross-border taxation for the age of online commerce, where big internet companies can book profits in low-tax countries regardless of where their customers are.
The talks stalled as the Trump administration became reluctant to sign on to a multilateral agreement, officials have said.
“We will levy this digital taxation mid December as we always explained to the U.S. administration,” French Finance Minister Bruno Le Maire told a Bloomberg event on Monday.
“Our goal remains to have an OECD agreement by the first months of 2021,” he said.
Dan Neidle, a partner at law firm Clifford Chance, was sceptical U.S. President-elect Joe Biden would agree to such a deal.
“I’m not sure why Biden would agree to something which enables U.S. corporations to pay more tax in Europe and has not many benefits to the U.S.,” said Neidle. (Reporting by Leigh Thomas in Paris and Supantha Mukherjee in Stockholm; Editing by Mark Potter)
Our Standards: The Thomson Reuters Trust Principles.
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05d77ef1305effd374cb1a7fdaf8953c | https://www.reuters.com/article/france-wine-hail/update-1-hailstorms-ravage-french-bordeaux-and-cognac-vineyards-idUSL5N1SZ3SC | UPDATE 1-Hailstorms ravage French Bordeaux and Cognac vineyards | UPDATE 1-Hailstorms ravage French Bordeaux and Cognac vineyards
By Reuters Staff3 Min Read
(Adds damage to champagne region)
BORDEAUX/PARIS, May 28 (Reuters) - Violent hailstorms ravaged parts of the Bordeaux and Cognac wine regions of southwest France on Saturday, doing major damage to hundreds of vineyards with thousands of hectares of vines destroyed, producers said on Monday.
This comes just a year after the Bordeaux region suffered one of its worst harvests in history with a fall of 39 percent on year due to late frosts, which lead to a jump in prices.
The hail first hit the south of the region on Saturday at midday, affecting the Pessac-Leognan region and the south of Medoc, home to some of the region’s most famous chateaux, Bernard Farges, head of Bordeaux producers’ union CIVB, said.
It then devastated vineyards of Cotes de Bourg and Cotes de Blaye on the right bank of the Gironde river and, further east, in the Gensac and Pessac-sur-Dordogne.
The vineyard of Cognac was also hit by hail. Officials mention an initial figure of 10,000 hectares (24,710 acres)affected out of a total 70,000 hectares. They had also been damaged by frosts last year.
“The figures...which will have to be refined, show that between 500 and more than 1,000 wine growers have been affected with a area hit of 1,000 hectares in the Medoc, between 4,000 and 5,000 hectares for Cote de Blaye and Cote de Bourg and about 1,000 hectares in the vicinity of Gensac”, Farges told Reuters.
Some winemakers lost 100 percent of their harvest, he said.
There are 112,000 hectares of vines in the entire Bordeaux vineyard, the second-largest wine producing region in France after Languedoc Roussillon.
Champagne, in northern France, has also been hit by hail and storms in recent weeks.
“We already think more than 300 hectares were destroyed and that is without counting the storm we had a few days ago and the one forecast tonight,” said Brigitte Batonnet of Champagne producers’ group CIVC.
Last year France’s total production had fallen to a record low due to a series of poor weather incidents including spring frosts, drought and storms that affected most of the main growing regions including Bordeaux and Champagne.
French wine prices rose 6 percent in the first six months of the 2017/18 season, with Bordeaux posting a 16 percent price increase, farm ministry data released in March showed. (Reporting by Claude Canellas and Sybille de La Hamaide; Editing by Leigh Thomas)
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7e85ade562c14ba34803af06681135ab | https://www.reuters.com/article/frEuroRpt/idFRL5N10B1RC20150731?pageNumber=2&virtualBrandChannel=0 | A400M-Capacités abaissées, mais pas d'annulations de commandes | A400M-Capacités abaissées, mais pas d'annulations de commandes
By Tim Hepher, Cyril Altmeyer5 Min Read
PARIS, 31 juillet (Reuters) - Airbus Group a assuré vendredi ne pas déplorer d’intention d’annulation de commandes pour l’A400M en dépit de l’annonce à ses clients d’une réduction des capacités de l’avion de transport militaire, qui accumule les déboires.
Certaines fonctionnalités de l’A400M - qui a entraîné une nouvelle charge de 290 millions d’euros dans les comptes d’Airbus Group au deuxième trimestre, pour un total dépassant désormais les cinq milliards - prennent plus de temps que prévu à être installées, a reconnu le PDG d’Airbus Group Tom Enders, lors de la présentation des résultats trimestriels.
Certains systèmes très sophistiqués destinés à protéger l’avion des missiles ou des radars hostiles sont plus difficiles à développer que prévu, posant des questions sur l’intérêt de l’A400M au moment où l’Europe est confrontée à une instabilité croissante à ses frontières, ont dit cette semaine à Reuters des sources du secteur de la défense.
Tom Enders a réaffirmé la confiance du groupe dans sa capacité à livrer entre 14 et 17 A400M d’ici la fin de l’année, après n’en avoir livré que quatre au cours d’un premier semestre marqué par le crash d’un appareil en raison d’un apparent dysfonctionnement informatique, qui a fait quatre morts le 9 mai en Espagne et interrompu les essais en vol pendant plusieurs semaines.
Airbus Group, qui a repris ses livraisons d’A400M en juin, précise préparer avec ses clients un nouveau calendrier de développement des capacités militaires et de livraisons.
Le groupe ajoute aussi discuter avec ces pays d’une révision de la formule d’indexation du prix par rapport aux coûts stipulée dans le contrat, qui s’avère fortement défavorable en raison de la faible inflation dans la zone euro.
JUSQU’À TROIS MOIS DE NOUVEAUX RETARDS POSSIBLES
L’audit interne mené par Airbus Group et l’information régulière fournie à ses clients semblent éviter les vives tensions qui ont jalonné le développement du programme, dont le coût atteint déjà 20 milliards d’euros pour les sept pays participants, dont la France, selon des sources proches de ces discussions.
La Turquie, pays client destinataire de l’A400M qui s’est écrasé en mai, négocie avec d’autres clients pour que l’un d’entre eux lui cède son créneau de livraison, à un moment où Ankara intensifie son rôle militaire au Moyen-Orient, ont expliqué des sources militaires.
Les retards de production consécutifs au crash, le premier depuis la mise en service de l’A400M en 2013, pourraient atteindre trois mois, effaçant ainsi toute marge de manoeuvre pour Airbus Group, soulignent ces sources.
Airbus a rencontré des pays acheteurs cette semaine pour préparer des négociations sur l’ajout de nouvelles fonctionnalités à l’A400M qui devrait durer plusieurs semaines, a-t-on ajouté.
Airbus Group s’est engagé à ajouter aux appareils actuels des capacités de parachutage de soldats, de transport de fret, de systèmes militaires de défense et protection et de ravitaillement en vol.
Mais les tests de parachutage simultané de soldats des deux côtés de l’avion pour accélérer une intervention au sol, un avantage-clé de l’A400M, ont révélé un risque de collision, obligeant Airbus Group à tester de nouveaux parachutes.
Le groupe a dû aussi reconnaître que le ravitaillement en vol d’hélicoptères relèverait de la “mission impossible” à court terme. La forme de l’A400M soumet en effet à trop de turbulences les hélicoptères dont le tuyau d’approvisionnement de carburant est court et les oblige à se positionner près de l’appareil.
La France, qui a mis en service l’A400M et en exploite actuellement sept, prendra d’ici à la fin de l’année une décision sur l’acquisition de quatre C130 à Lockheed Martin , utilisés pour les Black Hawk américains, pour répondre aux “aléas” de l’avion européen, avait-on déclaré fin mai dans l’entourage du ministre de la Défense.
Airbus Group, qui estime le marché des A400M entre 300 et 400 unités au cours des 20 à 30 prochaines années, a enregistré 174 commandes, avec un seul client à l’export, la Malaisie.
L’A400M a été notamment présenté au Mexique, aux Emirats arabes unis et au Kazakhstan, et a suscité l’intérêt de pays du Golfe, en Asie-Pacifique et en Amérique latine. (Edité par Dominique Rodriguez)
Our Standards: The Thomson Reuters Trust Principles.
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2004fb9320b72a8de3db8a44371445cb | https://www.reuters.com/article/frEuroRpt/idFRL6E8IHAY220120717 | Yahoo recrute Mayer chez Google pour faire renaître la société | Yahoo recrute Mayer chez Google pour faire renaître la société
By Alexei Oreskovic, Peter Lauria4 Min Read
* Une nomination qui intervient à la veille des résultats de Yahoo
* Elle suggère une volonté de se focaliser sur la technologie
* L’action a grimpé lors des transactions après-Bourse
SAN FRANCISCO/NEW YORK, 17 juillet (Reuters) - Yahoo a choisi Marissa Mayer, 37 ans, qui a fait toute sa carrière chez Google, comme nouvelle directrice générale, tablant sur sa qualité d’ingénieur reconnue dans la Silicon Valley pour redresser la situation du portail internet.
Cette nomination est une surprise pour beaucoup d’observateurs qui s’attendaient à ce que Ross Levinsohn, directeur général par intérim, remplace Scott Thompson, poussé vers la sortie en mai après une controverse portant sur un curriculum vitae contesté. (voir )
Ce choix laisse penser que Yahoo souhaite se focaliser à nouveau sur la technologie du web et sur les nouveaux produits, plutôt que sur l’élargissement du contenu en ligne.
Marissa Mayer, vingtième embauchée et première femme ingénieur chez Google, y a dirigé plusieurs services et est reconnue pour avoir conçu l’interface simple et clair du moteur de recherche, encore un vigueur, l’un de ses grands attraits pour les internautes.
La nouvelle directrice générale de Yahoo, également connue pour sa passion pour la mode, a déclaré à Reuters qu’elle avait été immédiatement intéressée par l’offre de Yahoo, qui l’a approchée à la mi-juin.
“C’est un poste très difficile. Je ne crois pas du tout que le succès soit assuré. Ma priorité reste l’utilisateur final, une technologie géniale et un talent énorme”, a-t-elle dit.
L’annonce de l’embauche de Marissa Mayer a séduit les investisseurs, le titre Yahoo s’étant apprécié de 2% à 15,97 dollars dans les transactions après-Bourse.
“C’est une prise de position claire de la part de Yahoo que de choisir un directeur général centré sur le produit. C’est un engagement très important de la part du conseil d’administration de poursuivre une stratégie orientée dans ce sens,” a estimé le responsable de capital-investissement Marc Andreessen lors de la conférence Fortune sur le secteur à Aspen, dans le Colorado.
“GEEK” AU VENTRE ROND
Les sociétés technologiques sont capables de se redresser, a-t-il estimé, citant l’exemple d’Apple qui était au bord de la faillite avant le retour de son fondateur Steve Jobs.
Marissa Mayer prendra ses fonctions mardi, le jour de la publication des résultats du groupe, mais ne participera pas à la conférence téléphonique sur les comptes, a précisé Yahoo.
Elle a également révélé sur Twitter qu’elle était enceinte de son premier enfant, un garçon attendu pour le 7 octobre.
Elle rejoint les grandes figures dirigeantes féminines du secteur de la haute technologie: Meg Whitman d’Hewlett Packard , Virginia Rometty d’International Business Machines et Ursula Burns de Xerox.
Le président exécutif de Google, Eric Schmidt, a estimé pour sa part que l’embauche de Marissa Mayer était une “vraie chance” pour Yahoo, écartant l’idée qu’elle était marginalisée chez Google.
“C’est une beau pas en avant pour elle”, a-t-il ajouté. “C’est une perte pour Google.”
Marissa Mayer prend la direction de Yahoo en position de force étant donnée sa réputation dans la Silicon Valley.
L’un de ses collègues la décrit comme étant très passionnée et “intellectuellement impressionnante”, tandis qu’elle se décrit comme une “geek” avec un Master en informatique de la prestigieuse université Stanford. (Juliette Rouillon pour le service français, édité par Natalie Huet)
Our Standards: The Thomson Reuters Trust Principles.
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3c843096adfb07571aa99ea94b391cf8 | https://www.reuters.com/article/frEuroRpt/idFRL6N0G70AN20130806?pageNumber=1&virtualBrandChannel=0 | Situation d'"urgence" à Fukushima, selon l'autorité nucléaire | Situation d'"urgence" à Fukushima, selon l'autorité nucléaire
By Reuters Staff3 Min Read
TOKYO, 6 août (Reuters) - L’eau hautement radioactive qui se déverse dans l’océan à partir de la centrale nucléaire de Fukushima endommagée par un séisme et un tsunami il y a eux ans créée une “situation d’urgence” que son opérateur a du mal à contenir, a déclaré lundi un responsable de l’autorité nucléaire japonaise.
Cette eau contaminée, qui a atteint une barrière en sous-sol, est en train de monter vers la surface et dépasse les limites légales de d’écoulement radioactif, a déclaré Shinji Kinjo, responsable d’un groupe de travail à l’Autorité de régulation nucléaire (NRA).
Les contre-mesures prévues par l’opérateur de la centrale, Tokyo Electric Power (Tepco) ne sont qu’une solution temporaire, estime-t-il et Tepco ne réalise pas que l’heure est grave, ajoute-t-il. *
“C’est pourquoi nous ne pouvons tout simplement pas laisser cela à Tepco tout seul”, a déclaré Shinji Kinjo. “Actuellement, nous avons une situation d’urgence”.
Tepco a été très critiqué pour son manque de préparation à la catastrophe de 2011 et sa réponse inepte à la fusion des réacteurs.
On ne sait pas pour l’instant avec certitude l’ampleur de la menace posée par l’eau contaminée venant du sol. Dans les premières semaines après la catastrophe, le gouvernement japonais avait autorisé Tepco à déverser en urgence des milliers de tonnes d’eau contaminée dans le Pacifique.
Mais la diffusion de ces eaux toxiques a été très critiquée dans les pays voisins ainsi que par les pêcheurs japonais. Depuis, la compagnie d’électricité a promis qu’elle ne déverserait pas d’eau irradiée sans le consentement des localités voisines.
“Jusqu’à ce que nous connaissions la densité exacte le volume de l’eau qui s’échappe, je ne peux pas honnêtement spéculer sur les conséquences pour la mer”, a déclaré Mitsuo Uematsu d’un centre spécialisé de l’université de Tokyo
Aux Etats-Unis non plus, on ne donne pas l’impression d’être alarmiste, compte tenu de l’effet de dilution à des milliers de kilomètres.
VOIR AUSSI LES GRAPHIQUES:
link.reuters.com/xyx27t
link.reuters.com/qec28t (Antoni Slodkowski et Mari Saito. Danielle Rouquié pour le service français)
Our Standards: The Thomson Reuters Trust Principles.
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5a49b5679eed65af5cde5a1d21a367ba | https://www.reuters.com/article/frEuroRpt/idFRLDE69700Q20101008 | Le gvt japonais adopte un additif au budget 5.050 mds de yens | Le gvt japonais adopte un additif au budget 5.050 mds de yens
By Reuters Staff2 Min Read
TOKYO, 8 octobre (Reuters) - Le gouvernement japonais a approuvé vendredi un additif au budget de 5.050 milliards de yens (44 milliards d’euros) afin de stimuler une économie mise en difficulté par la déflation et la montée du yen. Ce montant est supérieur à celui de 4.800 milliards de yens évoqué initialement pour financer les travaux publics prévus durant le prochain exercice fiscal. Un petit parti de la coalition avait demandé une relance budgétaire plus forte.
Cet additif renforce les aides aux demandeurs d’emploi, étend les aides aux personnes qui élèvent des enfants, augmente les subventions publiques pour la rénovation les travaux d’amélioration de l’efficacité énergétique des logements et prévoit de subventionner l’installation de panneaux solaires. Le gouvernement estime que ces mesures généreront 0,6% de croissance du PIB supplémentaire, mais les analystes doutent de leur impact réel sur l’économie en raison de la charge de la dette japonaise, la plus lourde des grands pays industrialisés, qui limite la capacité d’investissement public.
Le Premier ministre Naoto Kan doit faire de difficiles arbitrages entre la nécessité de réduire une dette équivalant quasiment à deux années de PIB et celle de soutenir une reprise économique fragile.
Ces mesures de relance ne sont pas encore entérinées, puisque le gouvernement aura besoin des votes de l’opposition pour faire adopter cet additif. Il espère le mettre en oeuvre sur l’année fiscale qui s’achève le 31 mars prochain. (Stanley White, Grégory Blachier pour le service français)
Our Standards: The Thomson Reuters Trust Principles.
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dd8f729ab4d402be0b312682cfcbdb73 | https://www.reuters.com/article/frEuroRpt/idFRLDE75124020110602 | Objectif 30% d'énergies renouvelables d'ici 2030, selon l'Onudi | Objectif 30% d'énergies renouvelables d'ici 2030, selon l'Onudi
By Reuters Staff2 Min Read
OSLO, 2 juin (Reuters) - Le monde devrait multiplier par deux la part des énergies renouvelables d’ici 2030 dans le cadre des efforts pour ralentir le changement climatique, a déclaré jeudi le directeur de l’Organisation des Nations unies pour le développement industriel (Onudi).
“Le nouvel objectif est de porter à 30% les approvisionnements énergétiques renouvelables d’ici 2030”, a précisé Kandeh Yumkella dans une interview accordée par téléphone à Reuters.
Actuellement, 13% environ des besoins mondiaux proviennent d’énergies renouvelables. Mais sur cette part, l’essentiel est assuré par le bois de chauffage utilisé dans les pays en développement. L’hydroélectrique, l’éolien, la géothermie et le solaire jouent un rôle bien plus mineur.
Mais cet objectif, souligne Kandeh Yumkella, ne pourra être atteint sans des partenariats entre le public et le privé. A ce stade, reconnaît-il, le coût d’un telle mutation n’a pas été chiffré avec précision.
“Sur la base des analyses que nous avons effectuées, il est possible d’atteindre ces 30% d’ici 2030”, ajoute-t-il cependant. (Alister Doyle; Henri-Pierre André pour le service français)
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27b469adcc137bfc0557aeb0a5aec61a | https://www.reuters.com/article/frEuroRpt/idFRLG41260620090116 | Violente manifestation en Lituanie contre un plan d'austérité | Violente manifestation en Lituanie contre un plan d'austérité
By Reuters Staff2 Min Read
VILNIUS, 16 janvier (Reuters) - La police lituanienne a tiré vendredi des gaz lacrymogènes et des balles en caoutchouc pour disperser des manifestants qui jetaient des pierres sur le parlement national afin de protester contre un plan d’austérité.
Le Premier ministre Andrius Kubilius, entré en fonction le mois dernier après avoir été élu en octobre, a affirmé que les violences n’empêcheraient pas son govuernement de mener à bien ce plan adopté pour faire face au ralentissement de l’économie.
Le plan prévoit un relèvement de la fiscalité et une diminution des dépenses budgétaires.
La police a fait état de 80 interpellations et précisé que 20 personnes avaient été blessées.
Quelque 5.000 personnes s’étaient rassemblées au départ à l’appel des syndicats et un millier sont restées ensuite devant le parlement lorsque la manifestation a dégénéré.
En début de soirée, seuls de petits groupes de jeunes se trouvaient encore devant le parlement et le reste de la ville était calme.
Mardi, une manifestation similaire réunissant 10.000 personnes avait dégénéré en émeute en Lettonie, autre République balte.
Nerijus Adomaitis, version française Nicole DupontOur Standards: The Thomson Reuters Trust Principles.
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954fcebcf370a85f3160ed83d36aac9f | https://www.reuters.com/article/friendlys-idUSL3E8C9BCD20120109 | UPDATE 1-Friendly's emerges from Chapter 11 | UPDATE 1-Friendly's emerges from Chapter 11
By Reuters Staff1 Min Read
Jan 9 (Reuters) - Friendly Ice Cream Corp said on Monday it completed its restructuring, three months after the burger and ice cream chain filed for bankruptcy, hurt by weak consumer spending and higher costs.
The company said it will close 37 restaurants where it was unable to negotiate favorable leases, in addition to the 64 underperforming stores included in its restructuring plan.
The chain owned or franchised about 490 restaurants when it filed for bankruptcy in October.
Late December, a federal judge ruled that Friendly’s could sell itself back to private equity firm Sun Capital Partners Inc in exchange for debt forgiveness.
Friendly’s was one among many restaurant chains felled by the recession -- including Perkins & Marie Callender’s Inc, Sbarro Inc, Fuddruckers and Charlie Brown’s Steakhouse.
Our Standards: The Thomson Reuters Trust Principles.
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35e23deb89764a1eb29daceb84f08926 | https://www.reuters.com/article/fujifilm-avigan/fujifilms-avigan-shown-to-be-effective-in-japanese-phase-3-trial-for-covid-19-idUSKCN26E0F9 | Fujifilm's Avigan shown to be effective in Japanese Phase-3 trial for COVID-19 | Fujifilm's Avigan shown to be effective in Japanese Phase-3 trial for COVID-19
By Reuters Staff2 Min Read
TOKYO (Reuters) - Fujifilm Holdings Corp said on Wednesday a late-stage study of its antiviral drug Avigan showed it reduced recovery times for COVID-19 patients with non-severe symptoms, boosting expectations for regulatory approval in Japan.
FILE PHOTO: Tablets of Avigan (generic name : Favipiravir), developed by drug maker Toyama Chemical Co, a subsidiary of Fujifilm Holdings Co. are displayed during a photo opportunity at Fujifilm's headquarters in Tokyo October 22, 2014. REUTERS/Issei Kato
The Phase 3 clinical study of 156 patients in Japan showed that those treated with Avigan improved after 11.9 days, versus 14.7 days for a placebo group. Results of the study, conducted by subsidiary Fujifilm Toyama Chemical, were statistically significant, the company said in a release.
The announcement sent Fujifilm shares up more than 4% in Tokyo to their highest level in four months.
Former Japanese Prime Minister Shinzo Abe had touted Avigan’s potential as Japan’s contribution to a global race for coronavirus treatments, aiming for domestic approval in May.
The government called on Fujifilm to triple national stockpiles of Avigan, approved in 2014 as an emergency flu treatment, and pledged to donate it to countries on request.
But a lack of patients in Japan hampered clinical testing. In July, researchers at Fujita Health University said their Avigan study failed to reach statistically significant results.
In its statement, Fujifilm said it would perform further analysis of the trial data and seek to file for approval of Avigan for use in COVID-19 as early as October.
This week, the Nikkei newspaper cited ministry sources as saying approval could be granted within a month of receiving such a request.
In July, Fujifilm sold its global rights to Avigan to India’s Dr Reddy’s Laboratories. Already available generically in many countries under the name favipiravir, the drug has been approved to treat COVID-19 in India and Russia.
Avigan acts on the RNA of viruses, inhibiting their ability to replicate. It is the subject of dozens of trials worldwide, but concerns remain over birth defects it caused in animal studies.
Dr Reddy’s shares were 0.7% higher at 0430 GMT.
Reporting by Rocky Swift and Chris Gallagher in Tokyo; Editing by Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.
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f3b57a84352a0a88339374c4ea02698e | https://www.reuters.com/article/fund-forum-trust-idINLDE6610OV20100702 | Fund managers under pressure to rebuild trust | Fund managers under pressure to rebuild trust
By Claire Milhench5 Min Read
* 2/3 of providers say they act in own best interests-survey
* Providers wrong about what clients will pay for
* Intermediaries criticised for pushing bad products
LONDON, July 2 (Reuters) - Fund managers have failed to rebuild relationships with investors that soured when the global financial crisis left them nursing billions in losses, leaving their clients even more disgruntled.
Trust between fund managers and their clients has continued to deteriorate two years on from the crisis, a survey by research organisation IBM Institute for Business Value showed, and managers at the Fund Forum in Monaco said the industry faces an uphill task to restore clients' confidence. "We'd be kidding ourselves if we thought that our institutional or our retail clients thought we (as an industry) did a good job in the downturn. We need to be more transparent and keep products simple," Martin Gilbert, chief executive of Aberdeen Asset Management ADN.L said.
He said last year’s market rally may have bailed out weaker asset managers, delaying efforts to rebuild relationships with clients.
Tom Brown, partner at consultant KPMG [KPMG.UL], said clients who may have had one meeting with a manager about a new mandate and asked 10 questions, now have 10 meetings and ask 100 questions.
“We have seen a massive increase in the demand for investment performance verification and reports which look at a manager’s risk management processes to check if they are actually doing what they say,” he said.
According to the survey presented at the event, close to 70 percent of clients strongly agreed that their provider was acting in its own best interests as opposed to theirs, up from 66 percent last year.
Two thirds of providers themselves strongly agreed that they were acting in their own best interest, up from 62 percent last year.
“Two years after the crisis the trust gap has continued to widen,” Suzanne Duncan, industry leader for financial markets at the IBM Institute said. “We have been measuring trust for five years and it is not just that the market crisis has destroyed confidence.”
The survey polled 2,755 industry participants, including 1,076 largely institutional investors, split fairly evenly across the Americas, EMEA and the Asia-Pacific.
After the financial crisis left investors nursing heavy losses, fund managers were criticised for over-emphasising asset growth through the launch of hot products which had little long-term value. Investors have also questioned fee structures which encouraged managers to take more risk when they should have been putting the safety of investors’ capital first.
Rupert Clarke, chief executive of fund manager Hermes, said there is always a danger when markets rally that everyone goes back to doing just what they have always done.
“Markets are going to remain challenging and because of that I believe investors are going to continue to ask questions of their asset managers and of their advisers and therefore these issues are going to have to be addressed.”
INDUSTRY DISCONNECT
The IBM study also identified a widening gap between provider and investor perceptions. When asked what they thought people would pay for, providers put best-in-breed products at the top of the list, followed by one-stop shops.
But investors plumped for unbiased, high-quality advice, client service and convenience rather than products. “Investors are just screaming: Make my life easier for me!” said Duncan.
Joachim Faber, chief executive of Allianz Global Investors, blamed financial intermediaries, saying a key problem was fund managers’ lack of direct interaction with end clients.
In the retail market, the UK’s regulator is trying to raise standards of financial advice and move to a fee-based rather than a commission-driven sales model. The idea is to better align investor and intermediary interests by removing the temptation to push mediocre products with big commissions.
In the U.S. almost 60 percent of business is now fee-based, which means that the overall cost to the investor has declined.
The picture in Continental Europe is less encouraging however, with the bank-dominated distribution model making it difficult for low-cost providers to make headway.
“In Europe the situation can only really improve with regulation,” said Tom Rampulla, managing director of Vanguard UK, “But there is a powerful industry that benefits from this model.”
Editing by Erica BillinghamOur Standards: The Thomson Reuters Trust Principles.
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7f76f3a8e7fb05e10447f3ba5201cb65 | https://www.reuters.com/article/funds-etfs-taxes/your-money-at-tax-time-gold-etfs-punish-investors-idUSL2E8FDARW20120416 | YOUR MONEY-At tax time, gold ETFs punish investors | YOUR MONEY-At tax time, gold ETFs punish investors
By Amy Feldman7 Min Read
NEW YORK, April 16 (Reuters) - Were you one of the many who were wooed by a gold exchange-traded fund (ETF) in 2011? Did another commodity ETF catch your eye (and your money)? Now that it’s the season to calculate your capital gains and losses for tax purposes, you could be in for a major headache. And if you’re thinking of loading up on these shares now, be aware that you could be buying yourself that tax headache for a future tax season.
ETFs, for the most part, offer tax advantages over traditional mutual funds because they tend not to distribute taxable capital gains as frequently. When investors sell stock or bond ETF shares, the resulting gains and losses are typically straightforward to calculate. Long-term gains from a stock ETF are taxed at a maximum rate of 15 percent, just as they would be if they came from a mutual fund or from selling shares of individual companies.
But when you own ETFs holding precious metals, oil or other commodities, taxes can get more complex - and the tax hit may be a lot higher than you expect.
“It’s going to surprise people,” says Michael Iachini, managing director of ETF Research at Charles Schwab Investment Advisory.
Here’s what you need to know:
METAL ETFs
Gold, silver and other metals are considered collectibles like art or stamps for tax purposes, which means they are taxed at the special collectibles tax rate of 28 percent. (That’s the long-term rate; short-term gains are taxed at income-tax rates just like other short-term capital gains.)
That tax quirk applies to ETFs if they own the underlying gold bullion - as do many popular ETFs, including SPDR Gold Shares and iShares Gold Trust, with a combined $78 billion in assets. Ouch! That means that if you made a long-term gain of $10,000 on a basic stock ETF and have no offsetting losses, you would pay $1,500 in federal taxes. The same gain in a gold bullion ETF would be $2,800.
These ETFs also may need to sell some of their holdings to pay operating expenses. If that happens, even though shareholders receive no distributions, they will still be taxed on any gains realized when that bullion got sold, and it will also be taxed at that special collectibles rate.
As with any other taxable gain, you will need to determine your cost basis - the starting price in the investment for tax purposes - on each of those sales. For these funds, you will receive 1099 forms that report your sales for tax purposes.
“We’ve seen a lot of gold ETFs this year, and we’re pulling out the last few hairs we have over them,” said Bill Fleming, a managing director in the personal financial services practice of PricewaterhouseCoopers. “A lot of ETFs have quarterly or monthly dispositions to pay for expenses. All of these are small dollar amounts, but you still have to figure out what your cost basis is.”
An added paperwork complexity, Fleming notes, is that the new Form 8949, used to report capital gains and losses on your tax return to account for the new cost-basis rules, has no 28 percent column. You will still need to report those gains, figuring them on the 28 percent worksheet. All capital gains and losses information ultimately goes on Schedule D.
COMMODITIES ETFs
Commodities ETFs have proliferated over the past few years, with funds like U.S. Oil Fund, PowerShares DB Commodity Index Tracking, iShares S&P GSCI Commodity-Indexed Trust and the like. But while there may be good investment reasons to hold commodities, if you owned them last year you are now seeing their tax-time complexities.
Most of these funds are actually structured as limited partnerships and do not own the physical commodities - imagine having to store billions of dollars’ worth of oil or wheat - but instead typically invest through futures contracts. The result is that you will get a K-1 partnership tax form rather than the simpler 1099, and you will owe tax under the special rules for commodities.
When you profit on commodities investments, your capital gains are considered 60 percent long-term (taxed at lower rates than ordinary income) and 40 percent short-term (taxed at your regular income tax rates), regardless of your holding period. So if you hold the ETF for just a few months, you will get a little break over the typical capital gains treatment. But if you hold it for the long term, you will still owe 40 percent of your gains at the higher short-term rate because of that special tax treatment. So, if you had that same $10,000 gain on the sale of a commodity ETF and no offsetting capital losses, you would owe $2,020 in taxes if you are in the 28 percent income tax bracket.
Making matters even more complex, the tax code requires open futures positions to be “marked to market” at the end of each calendar year. That means that all those futures positions are treated as if they were sold on the last business day of the year, with the resulting gains and losses taken, and re-established on the first business day of the new year. The result: You’re on the hook to pay taxes on any reported gains due to this book-keeping, which will be outlined in the K-1 you receive.
As PwC’s Fleming says: “These ETFs and publicly traded partnerships have a lot more complications than people might imagine.”
PLANNING AHEAD
If you’re thinking of buying a gold ETF, read the prospectus carefully to see if it owns the bullion (which is more typical, but not always the case) or futures contracts. If you are looking at a commodities ETF, you will likely fall under the commodities rules above, but be prepared for complexity: The U.S. Oil Fund, for example, devotes 10 pages of its prospectus to tax considerations.
A quick-and-easy way to gauge the likely tax consequences is to look at the ETF’s portfolio on the Morningstar website () to see if it is filled with hard assets or futures contracts. SPDR Gold Shares, for example, shows clearly that it holds 100 percent physical gold bullion, a clear sign that you will be taxed under the collectibles rules.
Finally, if you expect to have future gains at a higher-than-usual rate, you will want to give your tax strategy more attention this year. The tax rules allow you to offset capital gains with capital losses, but the special tax treatment of gold and commodities adds a little complexity to that matching.
That’s because losses from stocks can offset gains from gold and commodities only after they have been used to offset gains from stocks. So if you expect to have gains this year on your gold ETFs, and you still have a slew of unrealized losses elsewhere in your portfolio, you may want to pay a little extra attention to tax-loss harvesting this year.
Our Standards: The Thomson Reuters Trust Principles.
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ead70aa95d97b05891f31d5f492bf233 | https://www.reuters.com/article/funds-hayman-idUSL1N1JC16H | Kyle Bass says he remains short China's currency, credit bubble 'metastasizing' | Kyle Bass says he remains short China's currency, credit bubble 'metastasizing'
By Reuters Staff1 Min Read
NEW YORK, June 15 (Reuters) - Kyle Bass, the Hayman Capital Management L.P. founder who has long argued that the Chinese yuan is set to fall 30 percent against the U.S. dollar, on Thursday said he remains short the currency because problems from China’s credit bubble are “metastasizing.”
“What the public narrative is and what they have been doing behind the scenes are two completely different stories,” Bass said in a telephone interview. “China has been masterful controlling the public narrative. As a fiduciary, I have no idea how anyone can invest in China.” (Reporting By Jennifer Ablan; Editing by David Gregorio)
Our Standards: The Thomson Reuters Trust Principles.
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ce8760ffbd4d1f8bf2fc3db49d20896d | https://www.reuters.com/article/funds-sohn-table-idUSL1N1IA14Y | TABLE -Hedge fund managers' investment picks from Sohn conference | TABLE -Hedge fund managers' investment picks from Sohn conference
By Reuters Staff0 Min Read
(Adds picks from Gundlach, Gerstner, Resnick and Robbins) NEW YORK, May 8 (Reuters) - Below is a table listing some of the hedge fund managers who spoke at the Sohn Investment Conference in New York, in order of appearance, and the investment ideas they presented. INVESTOR FIRM STOCK/BOND/ NOTES CURRENCY Keith Meister Corvex Bullish on Said Management CenturyLink CenturyLink/Level 3 LP Inc merger is "game changing," revealed Corvex owns 5.5 percent of CenturyLink. Debra Fine Fine Long DHX Media Pegged DHX Media's Capital Ltd fair value at Partners LP C$20-C$30. Bill Ackman Pershing Pitched long Ackman has owned Square investment in HHC shares for some Capital Howard Hughes years. Said South Management Corp Street Seaport is LP highly valuable. Cited tax efficiency, excellent locations in United States. Chamath Social Bullish on Said there was Palihapitiya Capital LP 2022 Tesla Inc “incredible opportunity” in convertible 2022 Tesla bonds convertible bonds and that the company could capture 5 percent of the global car market and be worth hundreds of billions of dollars in a decade. Davide Serra Algebris Short U.K. Warned on UK Investments bonds, Long inflation and said Unicredit that is one reason UK bonds are overvalued. Says Brexit will cost equal to 7 percent of GDP over the next 8 years. Cliff Robbins Blue Investors Said undervalued Harbour Bancorp Inc relative to peers; Group LP scope for significant growth in net income and franchise value with new capital. David Einhorn Greenlight Short Core Shares hit six-week Capital Inc Laboratories low in volume spike NV after Einhorn said Core Labs' share price way overvalued. He said oil prices are unlikely to rally sharply, expected to hit Core Lab's business. Jeffrey DoubleLine Long emerging "When emerging Gundlach Capital LP markets ETF markets outperform , short the S&P 500, active the S&P 500 is outperforming ETF, and the S&P 500," leverage it by Gundlach said. using borrowed money Brad Gerstner Altimeter Reiterated Millennials travel Capital support for more than parents; United airlines a secular Airlines growth story. Josh Resnick Jericho Short Frontier Said Frontier has Capital Communications aggressive Asset Corp accounting Management practices, massive LP debt load, dying business and bad customer service. Larry Robbins Glenview Long DXC On DXC: Good Capital Technology Co management, good Management , acquisition of HPE LLC Chemical by CSC, company FMC partnerships with Corp , innovative Quintiles IMS companies, tax Holdings Inc reform could help. On FMC: Bought good assets from Dow and DuPont, among others. Transaction was advantaged to FMC. Also good lithium battery business that could split off. On Q: Significant synergies between Quintiles and IMS. Good for potential market share growth. (Compiled by Jennifer Ablan; Editing by Meredith Mazzilli and Bill Rigby)
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b5d0b6c7bfe9b5fdbd3ec1e8640d3e3f | https://www.reuters.com/article/fundsFundsNews/idUSL863553320080728 | Russia cuts exposure to US mortgage lenders - c.bank | Russia cuts exposure to US mortgage lenders - c.bank
By Reuters Staff1 Min Read
MOSCOW, July 28 (Reuters) - Russia has approximately halved to less than $50 billion its exposure to U.S. mortgage lenders Fannie Mae FNM.N and Freddie Mac FRE.N, a senior central bank official told Reuters on Monday. "It's now less than $50 billion," central bank first deputy chairman Alexei Ulyukayev said, when asked about Russia's investments in the agencies.
Russia held about $100 billion at the start of 2008. (Reporting by Yelena Fabrichnaya, writing by Robin Paxton)
Our Standards: The Thomson Reuters Trust Principles.
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f51c6748b27f6ed1faf3568845723e1d | https://www.reuters.com/article/fundsFundsNews/idUSN1810402020091118?pageNumber=1&virtualBrandChannel=11604 | UPDATE 4-U.S. Congress panel backs big bank break-up power | UPDATE 4-U.S. Congress panel backs big bank break-up power
By Kevin Drawbaugh5 Min Read
* Break-up power would be given to council
* Size just one of many factors to be evaluated
* Plan offered as amendment to bill being debated (Adds committee approval of Kanjorski amendment to bill)
WASHINGTON, Nov 18 (Reuters) - The U.S. House Financial Services Committee voted on Wednesday to approve a proposal that would empower government regulators to break up large financial firms that threaten economic stability.
The measure, offered by Democratic Representative Paul Kanjorski, was added as an amendment to a broader bill that was expected to face a committee vote later, possibly on Friday. Full House action was unlikely until next month.
The government last year stepped in with massive bail outs of firms such as American International Group Inc AIG.N and Citigroup Inc C.N, fearful the collapse of a large firm could bring down the entire financial system.
Kanjorski, the chairman of the House capital markets subcommittee, proposed assigning the power to preemptively break up financial firms to a Financial Services Oversight Council, subject to review in some cases.
With a focus on the 50 largest U.S. financial firms, Kanjorski’s amendment would require the council to evaluate several factors in determining whether to take action against a firm, including size, exposure, leverage and relationships.
The council could order firms to be put under tougher oversight, to halt or change their activities, to limit mergers and acquisitions, and in extreme cases, to break up.
Mandated divestitures of more than $10 billion would require the Treasury secretary’s approval, while those above $100 billion would require the approval of the president.
The amendment would cover “insurance companies, banks, hedge funds, whoever may be in an exposed area of causing systemic risk,” Kanjorski said at a committee working session.
Firms could appeal council actions under the amendment, which the committee passed with 38-29 vote, largely on party lines.
The committee’s broader bill had already proposed new powers for regulators to police, take over, restructure and shut down firms that pose a “systemic risk.”
The bill, as amended, comes amid a broad push by the Obama administration and Democrats to tighten bank and capital market rules in response to last year’s financial crisis.
A bill introduced last week by banking committee Chairman Christopher Dodd, a Democrat, also called for establishing a council of financial regulators that could require companies that threaten the economy to divest holdings.
LOBBYISTS PUSHING BACK
In both the House and the Senate, “financial lobbyists will continue to try to water down this new and intrusive federal regulatory power,” said Joseph Engelhard, policy analyst at investment firm Capital Alpha Partners.
If a new break-up power does survive the legislative process, Engelhard said, it is unlikely a “council of numerous financial regulators would be able to agree on such a radical step as breaking up a large bank, except in the most unusual circumstances, and that the Treasury Secretary ... would have the ability to veto any imprudent use of such power.”
Kanjorski added he will coordinate with European Union officials on the issue because they share similar concerns.
EU regulators are set to turn the spotlight on 28 European banks bailed out by governments for possible mandated divestitures, officials said on Wednesday.
The EU executive has already approved restructuring plans for British lender Lloyds Banking LLOY.L, Dutch financial group ING Groep NV ING.AS and Belgian group KBC KBC.BR.
Giving break-up power to regulators would be “a good thing,” said Paul Miller, a policy analyst at investment firm FBR Capital Markets, on Wednesday.
Big banks in general are bad for the economy because they do not allocate credit well, especially to small businesses, he said. “Eventually the big banks get broken up in one way or another,” Miller said at the Reuters Global Finance Summit.
“It’s still an extreme position, but it’s building consensus probably faster than most people think.”
(For text of the Kanjorski amendment, double-clickhere)
RELATED NEWS
* US big banks need to shrink-FBR’s Miller, please double-click on [ID:nN18111703]
* Britain’s financial reform faces carve-up threat, please double-click on [ID:nLI584950]
* New EU finance watchdogs seen muzzled on companies, please double-click on [ID:nLI403283] (Additional reporting by Karey Wutkowski in New York; Editing by Chizu Nomiyama)
Our Standards: The Thomson Reuters Trust Principles.
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90ad4f1ba338b232f6fa6e5b879e0b1d | https://www.reuters.com/article/fundsNews/idINGEE5B91G120091210?edition-redirect=in | FDI falls across West Balkans, except Montenegro | FDI falls across West Balkans, except Montenegro
By Maja Zuvela3 Min Read
* FDI Jan-Sept $6.62 bln, deep decline from 2008
* Montenegro bucks trend, up 6 pct from 2008
SARAJEVO, Dec 10 (Reuters) - Western Balkans countries should work together to attract foreign investors, as capital inflows have fallen sharply this year in all countries except Montenegro, foreign investment promoters said on Thursday.
The foreign direct investment (FDI) in the region amounted to 4.5 billion euro ($6.62 billion) in Jan-Sept, a deep decline from the previous year, mainly due to the global economic downturn and the grim outlook for the region still outside the European Union.
“We have realised that big investors do not eye the countries individually but rather the region as a whole,” said Petar Ivanovic, a Montenegro investment promotion agency official.
Montenegro was the region’s only country that continued to enjoy a boom in investment, for the fifth consecutive year, thanks to its liberal taxation policy and promotion of public-private partnerships, especially in tourism, Ivanovic said.
“Montenegro has attracted 726 million euros in foreign direct investment (FDI) in the first nine months of this year, which is six percent up from 2008 all together,” Ivanovic said.
He added that FDI is expected to reach 951 million euros by the end of 2009 and may exceed 1 billion euros in 2010 if all agreed projects are implemented.
Ivanovic said however that individual economies were too small and there was a need to identify joint projects and harmonise business legislation to keep investors’ interest.
The network of agencies from Serbia, Croatia, Montenegro, Bosnia, Macedonia and Albania will next year create a joint web site to promote investment possibilities, regularly exchange data and hold meetings with potential investors.
In Serbia, FDI fell by 60-70 percent to 1.5 billion euros while Croatia received 900 million euros, down from 3.3 billion euros in the whole of 2008: most investment went to financial and retail sector rather than production.
“In future we must focus on green-field investments,” said Bozica Lapic, the deputy head of its foreign investment promotion agency.
Haris Basic, the head of Bosnia’s agency, said that apart from the global economic downturn, political instability and stalled privatisation processes were the main reasons behind a 40 percent fall in FDI.
The countries of the region have for years relied on foreign investment for growth and a lack of it has weighed on their economies.
Economic growth in Bosnia is expected to shrink by 3.5 percent. In Serbia, the economy is expected to contract by 3 percent and Croatia’s and Montenegro’s economies by close to 6 and 4 percent respectively. ($1=.6799 Euro) (Editing by Daria Sito-Sucic and Rupert Winchester)
Our Standards: The Thomson Reuters Trust Principles.
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2e8e703830c5f1d82720bb808a075b8e | https://www.reuters.com/article/GCA-Economy/idUSTRE56G3NC20090717 | U.S. housing starts, permits jump in June | U.S. housing starts, permits jump in June
By Mark Felsenthal3 Min Read
WASHINGTON (Reuters) - Ground-breaking for new U.S. homes jumped in June, with starts for single-family homes rising at the fastest rate in 4-1/2 years, the government said on Friday in a report that suggested the battered housing sector was beginning to stabilize.
Housing starts unexpectedly climbed 3.6 percent to an annual rate of 582,000 units in June, from May’s upwardly revised 562,000 units, Commerce Department data showed.
Single-family home starts jumped 14.4 percent, the biggest rise since December 2004. Single-family starts have now risen for two straight months for the first time since early 2007.
“The housing starts rise is clear evidence of a rebound of demand for single-family homes,” said Pierre Ellis, an economist at Decision Economics in New York.
June permits to start construction, an indicator of builder confidence, leaped 8.7 percent to 563,000 units, the highest since December.
Related CoverageINSTANT VIEW: Housing starts rise more than expected
Analysts polled by Reuters had expected starts and permits to be almost unchanged from May’s 518,000 pace for permits and the previously reported 532,000 for starts.
U.S. stocks were little changed as the upbeat housing data was offset by worries about profits at large firms. However, the Dow Jones home construction index was up 1.13 percent in midday trading, helped by gains in homebuilder DR Horton.
Treasury debt price fell as the improving economic outlook cooled appetite for safe-haven government debt.
New U.S. housing starts and permits jumped in June, propelled by a rise in ground-breaking for single-family homes and suggesting the battered housing sector was beginning to stabilize, a government report showed on Friday. REUTERS/Graphic
RECORD FORECLOSURES
House prices, inflated by years of rock-bottom borrowing costs, began to crash in 2006, helping trigger the worst financial crisis since the Great Depression and the longest recession since World War II as soured credits had a contagious effect on banks, businesses and households.
In recent weeks, builder confidence has improved as first-time buyer tax credits and low interest rates and home prices are seen as improving buying conditions.
However, the glut of unsold homes continues to weigh heavily on housing markets. Adding to those pressures, U.S. home foreclosure activity set a record in the first half of the year despite government prevention programs.
Foreclosures are expected to keep up a record clip through the end of the year, online foreclosure tracker RealtyTrac said on Thursday.
The U.S. Federal Reserve has cut benchmark interbank lending rates to near zero and recently began buying long-term Treasury securities in a bid to pull down home lending rates and give a boost to battered housing markets.
Any stabilization in housing would follow a steep and devastating decline.
U.S. housing starts hit a record low 479,000 in April. Compared to the same period a year ago, June starts were down 46 percent.
Permits were down 52 percent from a year earlier, the steepest year-over-year tumble since George H.W. Bush was president.
Additional reporting by Ellen Freilich and Rodrigo Campos in New York, Editing by Andrea RicciOur Standards: The Thomson Reuters Trust Principles.
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972dbda4ce173f48786bb7aa7ecfe048 | https://www.reuters.com/article/GCA-GreenBusiness/idUSTRE5AE1KO20091115 | Spain to install 8.8 GW of renewable energy to 2012 | Spain to install 8.8 GW of renewable energy to 2012
By Reuters Staff1 Min Read
MADRID (Reuters) - Spain plans to bring 8.8 gigawatts of renewable energy generating capacity onstream in 2010-2012, 5.3 GW of which will be wind power and 1.5 GW will be from solar mirrors, the government said on Friday.
Spain’s industry ministry has completed the approval of a flood of renewable energy projects it received over the summer, and approved projects will qualify for lucrative subsidies set in 2007, an Industry Ministry spokesman said.
“There could be a few appeals from developers who were not approved, but basically the process is finished and covers installations for the next three years,” the spokesman said.
In the case of mirror plants, the government has also approved a further 540 megawatts of power to be brought on stream in 2013, which will give Spain 2.4 GW of generating capacity and make it a world leader in this technology.
Reporting by Jonathan Gleave; Editing by Keiron HendersonOur Standards: The Thomson Reuters Trust Principles.
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ea5848801e2a232cd798111c93043153 | https://www.reuters.com/article/geberit-results-idUSL8N14X1DC20160113 | UPDATE 2-Geberit meets sales forecasts, boosts profit expectations | UPDATE 2-Geberit meets sales forecasts, boosts profit expectations
By 3 Min Read
* Sales of 2.6 billion Swiss francs match analyst expectations
* Company lifts profit margin expectations
* Germany, Geberit’s biggest market, set to remain bright spot
* Shares rise 3.5 percent (Recasts with comments from conference call)
By John Miller
ZURICH, Jan 13 (Reuters) - Higher sales in Germany, expected to remain a bright spot this year, helped Swiss sanitary equipment maker Geberit AG to match analysts’ 2015 revenue expectations, sending its shares higher.
The company, which supplies bathroom fixtures and water piping systems, also lifted expectations for operating profit for the full year 2015.
Sales in Germany, a market that generates more than a third of Geberit’s revenue, rose 14.5 percent in the fourth quarter, helping to offset weaker revenue elsewhere in Europe.
Germany will grow further in 2016, Chief Executive Officer Christian Buhl predicted, amid uncertainty elsewhere in the European construction industry.
“If you look at our five largest markets -- Germany, Switzerland, Italy, Austria, France -- the only market where we are confident about growth is Germany,” Buhl said on a conference call with analysts.
“All other countries, we don’t see growth, we see a stabilisation.”
The shares rose 3.5 percent to 338.50 francs by 1100 GMT.
Sales in China fell in the last quarter by “significantly more than 10 percent,” said Buhl. Plunging oil prices had also dented demand from government and private projects in the Gulf region, he added.
Despite the tough economic backdrop, Geberit plans to raise prices from June.
“We will have normal price increases for 2016, which means about 1 to 1.5 percent across our regions and countries,” Buhl said.
In Switzerland, which represents about 12 percent of Geberit revenue, the company was hurt by a 10 percent discount it offered to customers offset a strong Swiss franc. The rebates were meant to keep people from buying less-expensive products made in neighbouring countries.
Annual sales increased by 24 percent to nearly 2.6 billion Swiss francs ($2.59 billion), in line with analyst expectations of 2.59 billion francs, after buying Sanitec, a Nordic ceramics maker, in 2014.
Geberit increased its projected earnings before interest, taxes, depreciation and amortization operating margin to 26.5 percent from previously “around 26 percent.”
“Geberit was able to achieve a significant recovery in Germany, a development that more than compensated for weak business in Switzerland and outside Europe,” Vontobel analyst Christian Arnold wrote in a note to investors.
“Consequently, they were able to lift their margin target.”
It plans to release full financial statements in March. ($1 = 1.0044 Swiss francs) (Editing by Alexander Smith and Keith Weir)
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703f87b5edc7ab4cf6d1358993cc0343 | https://www.reuters.com/article/germany-defence-drones-idUSB4N1GS015 | SPD will block German leasing of drones that can carry weapons | SPD will block German leasing of drones that can carry weapons
By Reuters Staff1 Min Read
BERLIN, June 27 (Reuters) - Germany’s Social Democrats (SPD) will block the leasing of drones that can carry weapons by rejecting the plan in the budget committee, the head of the parliamentary party Thomas Oppermann said on Tuesday.
The procurement of the Israeli drones, favoured by the military because they are compatible with models they already own, has been a matter of contention between the parties in the ruling coalition government.
The Social Democrats, junior partner in conservative Chancellor Angela Merkel’s right-left coalition, have reservations about leasing Heron TP drones from Israel Aerospace Industries (IAI) which can be armed and used to protect soldiers serving in Afghanistan and Mali.
However, Oppermann said his party supported the procurement of reconnaissance drones. (Reporting by Holger Hansen; Writing by Madeline Chambers)
Our Standards: The Thomson Reuters Trust Principles.
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3664e65a9910ba660c7914f187fe9b69 | https://www.reuters.com/article/germany-wages-idUSL5N2KZ6O1 | German union IG Metall calls for strikes to secure 4% pay increase | German union IG Metall calls for strikes to secure 4% pay increase
By Reuters Staff2 Min Read
BERLIN (Reuters) - Germany’s largest trade union, IG Metall, on Monday called on workers in the iron and steel industry to stage so-called “warning strikes” to raise pressure on employers to agree to a 4% wage increase, reduced working hours and re-training to safeguard jobs.
FILE PHOTO: Joerg Hofmann leader of Germany's largest industrial union IG Metall speaks to delegates during the trade union congress in Nuremberg, Germany October 10, 2019. REUTERS/Andreas Gebert
“There has been a V-shaped recovery during the crisis in the main industries since the summer break. This means orders recovered significantly by the end of the year,” IG Metall head Joerg Hofmann said.
Hofmann, speaking at a union event, said the outlook for the automobile industry had also improved over the past months.
“That’s why it is necessary to put the topics of job security, shaping the future and stabilising income on the agenda,” Hofmann said, adding that employers had a responsibility to do their part now by keeping purchasing power stable.
The German consumer price index is expected to jump by up to 3% over the course of this year which would reduce real wages if employers continued to reject any pay hikes.
Hofmann said employers were using the COVID-19 pandemic as a pretext for job cuts.
Employers and the labour union last year agreed to not raise wages and instead focus on safeguarding jobs during the crisis.
“We said let’s put in a moratorium and you will secure employment in return. But now, what we have to say is that we already have 120,000 fewer jobs in the sector,” Hofmann said.
In addition to the 4% pay hike, IG Metall wants to define a framework for future collective agreements at company level which should secure employment in the transition to electric mobility and digitisation through re-training.
IG Metall, which represents 2.2 million employees in the metal working and electrical sectors, often makes demands that set benchmarks for wage negotiations in those industries and beyond.
Labour union and employers will continue negotiations in the coming weeks. Hofmann said he hoped a wage deal could be reached before Easter in early April.
Reporting by Michael Nienaber. Editing by Jane MerrimanOur Standards: The Thomson Reuters Trust Principles.
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396adf751d8302caddf23f2d84a52b16 | https://www.reuters.com/article/global-forex-cftc-idUSL1N1921RH | UPDATE 1 -Sterling net shorts post largest increase in 5 years -CFTC, Reuters | UPDATE 1 -Sterling net shorts post largest increase in 5 years -CFTC, Reuters
By Reuters Staff0 Min Read
(New throughout, adds sterling contracts, table, details on dollar and sterling) By Gertrude Chavez-Dreyfuss NEW YORK, June 10 (Reuters) - Speculators ramped up their bets against sterling in the latest week by the most in nearly five years, as hedge funds and other asset managers struck a decidedly defensive stance in the British currency two weeks ahead of a crucial referendum over whether the country should remain in the European Union. Sterling net short positions more than doubled to 66,299 contracts, valued at nearly $6 billion, in the week ended June 7 from 32,851 the previous week, according to data from the Commodity Futures Trading Commission released on Friday. It was the largest net short position in sterling in three years, and the weekly increase was the largest since September 2011. Speculators have been persistently net short sterling for about six months. Until the latest reading, however, net short positioning had fallen substantially from the previous three-year high hit back in April. With market participants growing increasingly focused on what is seen as a toss-up result, open interest in CME sterling futures has been building. In the latest week, it rose by more than 15,000 contracts to a three-month high of 259,238 valued at more than $23 billion. Sterling on Friday fell to a two-month low in the wake of the latest poll on the EU referendum, and so far this year, the British pound was down 3.2 percent. Britons will vote on June 23 on whether to leave the EU, a decision with far-reaching implications for politics, the economy and trade in Europe. According to a poll by ORB for The Independent newspaper published on Friday, the "Leave" camp was 10 points ahead of "Remain". It was the biggest lead enjoyed by those wanting Britain to quit the 28-member bloc since the poll series started a year ago, The Independent said. Net long dollar positioning, meanwhile rose for a third straight week, with net longs rising to their highest in four months despite last week's U.S. non-farm payrolls report for May that came way below market expectations. The value of the dollar's net long position rose to $11.30 billion in the week ended June 7, from $4.86 billion the previous week. Position changes were most significant among the reserve currencies, with notable deteriorations in already bearish sentiment toward the euro and the British pound. Swiss franc net positioning has turned bearish from neutral. The yen, meanwhile, is the largest held net long while the euro and sterling were the largest held net shorts. The Reuters calculation for the aggregate U.S. dollar position is derived from net positions of International Monetary Market speculators in the yen, euro, sterling, Swiss franc and Canadian and Australian dollars. Japanese Yen (Contracts of 12,500,000 yen) 07 Jun 2016 Prior week week Long 68,237 46,964 Short 25,384 32,127 Net 42,853 14,837 EURO (Contracts of 125,000 euros) 07 Jun 2016 Prior week week Long 93,492 98,218 Short 160,604 135,872 Net -67,112 -37,654 POUND STERLING (Contracts of 62,500 pounds sterling) 07 Jun 2016 Prior week week Long 36,337 36,546 Short 102,636 69,397 Net -66,299 -32,851 SWISS FRANC (Contracts of 125,000 Swiss francs) 07 Jun 2016 Prior week week Long 21,644 24,291 Short 31,289 24,162 Net -9,645 129 CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars) 07 Jun 2016 Prior week week Long 37,421 38,753 Short 15,884 12,494 Net 21,537 26,259 AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars) 07 Jun 2016 Prior week week Long 35,406 44,560 Short 51,214 49,318 Net -15,808 -4,758 MEXICAN PESO (Contracts of 500,000 pesos) $1.615 billion 07 Jun 2016 Prior week week Long 22,389 20,193 Short 81,698 75,808 Net -59,309 -55,615 NEW ZEALAND DOLLAR (Contracts of 100,000 New Zealand dollars) 07 Jun 2016 Prior week week Long 38,562 31,919 Short 30,026 26,415 Net 8,536 5,504 (Reporting by Gertrude Chavez-Dreyfuss; Editing by Diane Craft and David Gregorio)
Our Standards: The Thomson Reuters Trust Principles.
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a62a29f34d30dcdda9d76cb25d459fa4 | https://www.reuters.com/article/global-forex-idUSL3N1KJ2QM | FOREX-Swiss franc set for biggest weekly drop in nearly 2 years | FOREX-Swiss franc set for biggest weekly drop in nearly 2 years
By Saikat Chatterjee3 Min Read
* Franc breaks through major technical levels vs dollar
* Still most “overvalued” currency in G10 -Morgan Stanley
* Graphic: World FX rates in 2017 tmsnrt.rs/2egbfVh
LONDON, July 28 (Reuters) - The Swiss franc fell on Friday and is on track to post its biggest weekly drop against the dollar for more than 22 months after breaking through some major technical levels.
Its weakness againt the euro was even more pronounced as investors grew more optimistic about euro-denominated assets after recent upbeat comments from policymakers.
“There is some rebalancing flows going through from some model-driven funds after euro/franc cracked through the 1.10 level and with very little option barriers at these levels, this can go higher,” Scotiabank’s head of Asian FX sales and trading, Gerrard Katz, said.
The franc was trading 0.3 percent weaker against the dollar at 96.77 cents. It has fallen more than 2 percent this week, its biggest weekly drop since October 2015.
The currency was down half a percent at 1.1328 against the euro and traded below a 200-week moving average for the first time since September 2008, according to Reuters data.
Morgan Stanley strategists expect more losses on the view that the franc remains the “most overvalued currency in the G10 universe” despite this week’s fall.
“The bearish franc trade is an alternative approach to trading better prospects for European Monetary Union economic and political stability,” they wrote in a morning note.
The dollar dipped against its major peers on Friday, with a modest early bounce petering out ahead of the second quarter U.S. economic growth data due later in the session.
The dollar index against a basket of six major currencies was a shade lower at 93.755 after edging up 0.2 percent the previous day.
The market’s focus was now on second quarter U.S. gross domestic product data due at 1230 GMT.
Economists expect the world’s largest economy to have grown about 2.6 percent in the second quarter, from 1.4 percent in the first quarter. A solid outcome will no doubt give the beleaguered dollar some respite from the recent sell-off.
For Reuters Live Markets blog on European and UK stock markets see reuters://realtime/verb=Open/url=http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageId=livemarkets (Additional reporting by Shinichi Saoshiro in TOKYO; Editing by Louise Ireland)
Our Standards: The Thomson Reuters Trust Principles.
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0ff2036b5e37d55403de15839133ff9e | https://www.reuters.com/article/global-forex-idUSL4N1K305K | FOREX-Dollar pressured by Trump Jr. emails, focus on Yellen testimony | FOREX-Dollar pressured by Trump Jr. emails, focus on Yellen testimony
By Lisa Twaronite4 Min Read
* Fed chair to testify to Congress on Wednesday and Thursday
* Fed’s Brainard wants to move cautiously on interest rates
* Dollar moves away from 4-month high against yen
TOKYO, July 12 (Reuters) - The dollar wobbled in early Asian trading on Wednesday as investors, already wary ahead Federal Reserve Chair Janet Yellen’s testimony, digested emails released by President Donald Trump’s eldest son suggesting he welcomed Russia’s help in last year’s election campaign.
Yellen will give her semi-annual monetary policy testimony before Congress later on Wednesday and on Thursday, and investors will be parsing it for or clues on when the Fed will start reducing its massive balance sheet.
The dollar index, which measures the U.S. currency against a basket of six major rivals, was slightly lower on the day at 95.641.
Against its Japanese counterpart, the dollar slipped 0.2 percent to 113.675 yen, moving away from a four-month high of 114.495 yen marked on Tuesday.
Emails released by Donald Trump Jr. on Tuesday showed he agreed last year to meet a woman he was told was a Russian government lawyer who might have damaging information about Democratic White House rival Hillary Clinton as part of Moscow’s official support for his father.
Investors’ mood turned more hopeful later in the session after U.S. Senate Republican leader Mitch McConnell announced a two-week delay in the Senate’s August recess to provide more time to work on legislation and approve nominees, which could lead to progress on tax reform and fiscal stimulus.
Even after the news of the longer session, “the U.S. dollar did not return to beginning-of-the-day levels,” said Bill Northey, chief investment officer at U.S. Bancorp Wealth Management in Helena, Montana.
While the dollar was buffeted by the political headlines on Tuesday, it remains underpinned against the yen by divergent monetary policy expectations for the Federal Reserve and the Bank of Japan, he said.
“Central banks around the globe seem to be either removing their accommodation or talking about removing their accommodation, except for the BOJ,” said Northey.
Ahead of Yellen’s remarks, Fed Governor Lael Brainard said the central bank should soon begin reducing its balance sheet, as long as economic data on U.S. jobs and growth holds up.
But she wasn’t as hawkish as some investors hoped, saying that once balance sheet reduction is under way, she will assess inflation before deciding on further interest rate increases.
Philadelphia Fed President Patrick Harker, a voter on the Federal Open Market Committee, said in an interview with the Wall Street Journal on Tuesday that if inflation did not move toward the Fed’s 2 percent target, then this would be a reason to hold off raising rates.
The euro added 0.1 percent to $1.1473, within sight of the previous session’s 14-month high of $1.1480.
The Canadian dollar was slightly higher against its U.S. counterpart as investors awaited a Bank of Canada interest rate decision later on Wednesday.
While forecasters remain divided on whether the central bank will raise rates, data from the overnight index swaps market showed that money markets have priced in a hike, as well as a second hike before the end of the year. (Editing by Sam Holmes)
Our Standards: The Thomson Reuters Trust Principles.
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1c7203bd695880911f114f530be9529f | https://www.reuters.com/article/global-forex-int-idUSKBN2A12DE | U.S. dollar reaches six-week high on weaker euro, Swiss franc and yen | U.S. dollar reaches six-week high on weaker euro, Swiss franc and yen
By David Henry2 Min Read
NEW YORK (Reuters) - The U.S. dollar reached a six-week high on Monday on weakness in the euro, Swiss franc and Japanese yen amid views that the United States has an advantage in growing its economy and vaccinating its population against COVID-19.
FILE PHOTO: A U.S. Dollar banknote is seen in this illustration taken May 26, 2020. REUTERS/Dado Ruvic/Illustration/File Photo
The dollar index was up 0.37% to 90.955 in late afternoon trading in New York, just off of levels last seen on Dec. 21.
The Japanese yen weakened, hovering around 105 to the U.S. dollar, a level not seen since mid-November.
The euro was off 0.57% to $1.2069. Against the Swiss franc the dollar was up 0.66% to 0.8967 to the dollar, its weakest level in two months.
The moves came on evidence pointing toward a stronger recovery from the coronavirus pandemic for the United States than for other countries.
The euro weakened after Germany reported that retail sales plunged by an unexpected 9.6% in December after tighter lockdowns last year to curb the spread of COVID-19 choked consumer spending in Europe’s largest economy.
The dollar may be more resilient in the near-term because “both growth and vaccination favour the U.S.,” said Kamal Sharma, director of G10 FX strategy at BofA Merrill Lynch Global Research.
The dollar’s gains on Monday came as crude oil and silver, both dollar-denominated commodities, rose 2% and 7%, respectively.
Oil was buoyed by falling U.S. crude inventories and rising fuel demand as one of the worst snowstorms in years hit the U.S. Northeast.
Silver prices popped on speculation that retail traders were encouraging one another to buy the metal after their orders last week drove up shares of video game retailer GameStock Corp.
U.S.-based strategists at Wells Fargo Securities wrote, “We think USD strength still has room to run.” That’s especially true against more volatile securities, they added.
Mexico’s peso also benefited from the rise in oil and silver, gaining more than 1%. Besides being an oil producer, Mexico was the world’s largest silver producer in 2019, according to data from Statista.
Reporting by David Henry and Ritvik Carvalho; Editing by Bernadette Baum and Paul SimaoOur Standards: The Thomson Reuters Trust Principles.
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1877da18e9fc1ddbe2cc6fa13dd12095 | https://www.reuters.com/article/global-forex-int-idUSKBN2AQ05Y | Dollar gains on higher yields, risky currencies weaken | Dollar gains on higher yields, risky currencies weaken
By Karen Brettell4 Min Read
NEW YORK (Reuters) - The U.S. dollar gained on Friday as U.S. government bond yields held near one-year highs, while riskier currencies such as the Aussie dollar weakened.
FILE PHOTO: U.S. one dollar banknotes are seen in front of displayed stock graph in this illustration taken February 8, 2021. REUTERS/Dado Ruvic/Illustration
Yields have surged as an acceleration in the pace of vaccinations globally and optimism over improving global growth bolster bets that inflation will rise. That has also led investors to price in earlier monetary tightening than the Federal Reserve and other central banks have signaled.
The dollar move is “a function of what’s happening on the yields side,” said Jeremy Stretch, head of G10 FX strategy at CIBC World Markets. The 10-year yield briefly climbed above the S&P 500 dividend yield on Thursday, he noted, indicating “uncertainty that is writ large.”
The dollar index rose 0.59% to 90.847, its highest level in a week.
It gained against the yen, touching 106.69 for the first time since September.
The benchmark 10-year Treasury yield surged above 1.6% on Thursday for the first time in a year after a weak seven-year note auction. It was last at 1.45%.
U.S. yield increases have accelerated this month as Fed officials refrain from expressing concern about the yield gains.
“The Fed has not really hinted that that’s making them uncomfortable, so the bond market’s going to push that,” said Edward Moya, senior market analyst at OANDA in New York. “That’s really dictating this move in the dollar.”
Riskier currencies retreated. The Aussie fell 1.99% to $0.7713, after topping $0.80 on Thursday for the first time since February of 2018.
Marshall Gittler, head of research at BDSwiss, said the Australian dollar was underperforming despite the market signaling higher growth, likely because the country’s central bank’s yield curve control policy would restrain its bond yields from moving much higher. That, in turn, could limit the attractiveness of the currency.
The greenback is likely to continue to benefit from safe- haven flows if risk appetite continues to worsen, and emerging market currencies may be among the biggest losers.
“There’s a big, big concern that this reflation risk is going to get out of hand and that’s going to really pummel the emerging market currencies, and I think you’re going to see that investors are going to need to reassess their dollar positions,” said Moya.
Data on Friday showed U.S. consumer spending increased by the most in seven months in January, while price pressures were muted.
U.S. jobs data for February released next Friday is the next major economic focus.
Investors are also waiting on details of the U.S. fiscal stimulus bill, which is expected to be passed in the coming weeks.
The Democratic-controlled House of Representatives on Friday was poised to push through President Joe Biden’s $1.9 trillion coronavirus aid package, although it looked unlikely to be able to use the bill to raise the minimum wage nationwide.
The euro dipped 0.79% to $1.2078 after touching a seven-week high of $1.2244 on Thursday.
Bitcoin fell 0.32% to $46,946. Ethereum dropped 0.7% to $1,468.
Additional reporting by Ritvik Carvalho in London; Editing by Dan Grebler and Andrea RicciOur Standards: The Thomson Reuters Trust Principles.
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8f711ffce6ce2f159b19f54e222ecb24 | https://www.reuters.com/article/global-forex-int/dollar-reigns-supreme-on-yields-recovery-advantage-idUSKBN2B102L | Dollar dips, off three-and-a-half month highs as Treasury yields stabilize | Dollar dips, off three-and-a-half month highs as Treasury yields stabilize
By John McCrank3 Min Read
New York (Reuters) - The dollar on Tuesday backed off its 3-1/2-month high as U.S. Treasury yields stabilized ahead of key inflation data and Treasury auctions this week, boosting riskier currencies such as the pound, Australian dollar and Kiwi dollar.
FILE PHOTO: U.S. one dollar banknotes are seen in this illustration taken February 8, 2021. REUTERS/Dado Ruvic
The save-haven dollar was 0.46% lower, at 91.95, against a basket of six major currencies, after hitting a 3-1/2-month high of 92.506 during Asian trading hours.
U.S. 10-year Treasury bond yields eased to 1.544% after reaching 1.613% on Monday, close to its 13-month high. Yields had been rising on expectations that a faster-than-expected economic rebound would spark a jump in inflation with President Joe Biden expected to sign a $1.9 trillion coronavirus aid package as soon as this week.
“We saw yields give back some ground after we had some soothing remarks from Treasury Secretary Janet Yellen downplaying prospects of runaway inflation,” said Joe Manimbo, senior market analyst at Western Union Business Solutions.
On Monday, Yellen said Biden’s aid package would fuel a “very strong” U.S. economic recovery, and that there are tools to deal with inflation if the economy runs too hot.
But some market participants were wary yields could rise further this week as the market digests a $120 billion auction of 3-, 10-, and 30-year Treasuries, especially after last week’s soft auction and a 7-year note sale that saw a spike in yields.
“I’m not convinced that these gyrations are over,” said Marc Chandler, chief market strategist at Bannockburn Global Forex. “I want to see some follow-through to persuade me.”
U.S. consumer price index and producer price index data, due on Wednesday and Friday, will also be closely watched.
“Stability is likely to remain the theme of the day ahead of the UST auctions and the US inflation release tomorrow, which are the near-term risks for FX markets,” ING strategists said in a daily note.
Commodity-linked currencies benefited from the pull-back in yields, with the Australian dollar gaining 0.9% to $0.7718 and New Zealand dollar gaining 0.65% to $0.7174.
The economic outlook has brightened globally as COVID-19 vaccine rollouts speed up in some countries and also due to the U.S stimulus package, the Organisation for Economic Cooperation and Development (OECD) said, hiking its forecasts.
The euro rose 0.47% to $1.19035 and sterling gained 0.58% to $1.3901.
Looking forward, traders are focused on the U.S. Federal Reserve’s two-day meeting next week. Expectations are low that the central bank will announce major policy changes after Chair Jerome Powell last week did not express concern about rising bond yields.
Reporting by John McCrank; additional reporting by Ritvik Carvalho in London, Hideyuki Sano in Tokyok and Sagarika Jaisinghani in Bengaluru; editing by Mark Potter, Steve Orlofsky, David Gregorio and Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.
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1fc3de9baf149a2d7937d881324eb949 | https://www.reuters.com/article/global-forex-sterling/column-hedge-funds-stick-to-their-misfiring-fx-guns-mcgeever-idUKL8N1MK274?edition-redirect=uk | COLUMN-Hedge funds stick to their misfiring FX guns: McGeever | COLUMN-Hedge funds stick to their misfiring FX guns: McGeever
By 4 Min Read
(The opinions expressed here are those of the author, a columnist for Reuters.)
* CFTC sterling positioning: reut.rs/2yAYf6k
* CFTC dollar positioning: reut.rs/2z8UUbw
* CFTC 2y Treasuries positioning: reut.rs/2yBs6LC
By Jamie McGeever
LONDON, Oct 9 (Reuters) - Struggling to make money amid ultra-low market volatility, misfiring hedge funds are sticking to their guns with their currency and bond bets on a weaker dollar, stronger UK pound and rising U.S. interest rates.
The latest futures market positioning data from the Chicago Mercantile Exchange, however, suggests the two foreign exchange trades of that trio will be giving fund managers some sleepless nights.
Hedge funds and other speculators are at their most bullish in over three years on sterling, just as the currency has registered its biggest weekly fall in a year.
Their bets on a weaker dollar - the largest net short dollar position since January, 2013 - were largely unchanged in the latest week. But the greenback is on the up, and has appreciated four weeks in a row, or almost 4 percent from its Sept. 8 low.
Their short-term U.S. bond market bets appear to be more fruitful. Just as another U.S. rate hike this year seems a nailed on certainty, the short position on two-year Treasuries is the largest since late July, and has been larger in only seven other weeks since comparable records began in 1995.
The most eye-catching of these three trades’ positioning last week was sterling. According to the Chicago Futures Trading Commission, hedge funds and other speculators were net long sterling to the tune of 19,949 contracts in the week to Oct. 3.
That’s the most bullish bet on the pound since September, 2014, just before the Scottish independence referendum. Political instability, the Brexit vote and latterly a slump in UK growth has ensured a virtually unbroken short position since.
The question now is whether hedge funds stick with their new-found enthusiasm for the pound, or revert to their default bearish stance.
Prime Minister Theresa May is under intense pressure following a disastrous showing at her party’s annual conference last week, and the Bank of England appears set on raising rates just as the economy has gone down another gear.
That’s the backdrop to the pound’s worst week in exactly a year. It fell 2.5 percent against the dollar last week and more than 2 percent on a trade-weighted basis.
Hedge funds’ dollar bets haven’t gone well recently either. Their net CFTC short dollar position against a wide range of currencies was worth an estimated $21.01 billion in the latest week, virtually unchanged from $21.13 billion the week before.
That was the biggest net short position since January, 2013, according to Reuters calculations. Yet the dollar has risen for four straight weeks as Fed chair Janet Yellen and her colleagues have put another rate hike this year firmly back on the table.
Money markets now put an 80 percent likelihood on a rate rise in December. Hedge funds haven’t changed their FX bets accordingly, even though they are betting fully on short-term U.S. bond yields going up.
The net short two-year Treasuries position - a bet that short-term yields will go up - was increased in the latest week to 226,840 contracts, the biggest since late-July. It’s only been bigger seven weeks in the CFTC’s 22 years of tracking this data - four in July this year and three in May 2007.
The two-year yield last week hit a nine-year high of 1.528 percent. Some immediate interest rate relief for hedge funds’ FX ills.
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a78d705261e56bccfa411bd235806435 | https://www.reuters.com/article/global-forex/forex-dollar-dips-as-virus-recovery-optimism-holds-idUSL4N2D80C9 | FOREX-Dollar dips as virus recovery optimism holds | FOREX-Dollar dips as virus recovery optimism holds
By Tom Westbrook4 Min Read
* Economic re-start hopes help riskier currencies higher
* Sino-U.S. tensions cap gains
* Graphic: World FX rates in 2020 tmsnrt.rs/2RBWI5E
SINGAPORE, May 26 (Reuters) - The dollar inched lower on Tuesday as growing optimism about a global recovery from the COVID-19 pandemic supported riskier currencies, though concerns about Sino-U.S. tensions held further moves in check.
After a quiet start to the week due to holidays in Britain and the United States, the greenback was a fraction softer against most Asian currencies.
Against a basket of currencies the dollar was roughly where it ended last week, holding at 99.692. The Japanese yen fetched 107.79 per dollar.
The Australian and New Zealand dollars rose about 0.3%, but kept below last week’s highs even as stock markets forged ahead.
“Markets are caught between two conflicting currents,” said Michael McCarthy, CMC Markets’ chief strategist. “Rising tensions between China and the U.S. are raising concerns, while easing COVID-19 lockdown measures are fuelling growth optimism.”
The Chinese yuan, a barometer of relations between the world’s two biggest economies, firmed a bit to 7.1427, though it remains near a two-month low of 7.1465 hit on Friday.
The Australian dollar was steady at $0.6559, and the kiwi at $0.6112.
ANZ Bank upgraded its forecasts for the Antipodean currencies, but still expects both to fall, with the Aussie forecast at $0.60 and the kiwi at $0.55 in December.
“At current levels a global recovery is in the price, and we believe it’s a question of when, not if, depreciation resumes,” ANZ analysts said in a note on Tuesday.
Trade, the handling of the pandemic and China’s move to impose laws on Hong Kong are all seen as potential catalysts for a further deterioration in already testy U.S.-China relations.
The latest salvos came over the weekend, with White House National Security Adviser Robert O’Brien warning of potential sanctions if Hong Kong’s autonomy was undermined, and China’s top diplomat Wang Yi criticising U.S. attacks as a “smear”.
A third downgrade in Singapore’s growth forecast also provided a fresh reminder of the pandemic’s devastating impact on the global economy. The trade-exposed city-state expects gross domestic product to contract between 4% and 7% this year.
Still, from Europe to Japan, restrictions on businesses and movement are lifting and barring a second wave of infections, there is plenty of hope for a swift return to growth.
Together with low interest rates, and talk of them heading even lower, the calmer conditions had some investors on the lookout for carry trades.
The British pound rose 0.3% to $1.2215 and the euro tacked on 0.2% to $1.0908. Both currencies lost between 4% and 5% on the Mexican peso and Brazilian real last week.
“We’ve got the perfect ground right now for Mexican peso or Brazilian real outperformance,” said Chris Weston, head of research at Melbourne brokerage Pepperstone. “It’s basically choose your carry vehicle, or funding currency, and get paid.” (Reporting by Tom Westbrook)
Our Standards: The Thomson Reuters Trust Principles.
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2bc464226c51f3b2a31a386533c14475 | https://www.reuters.com/article/global-forex/forex-dollar-finds-support-as-coronavirus-china-data-sap-confidence-idUSL4N2FG1QQ | FOREX-Dollar finds support as coronavirus, China data sap confidence | FOREX-Dollar finds support as coronavirus, China data sap confidence
By Tom Westbrook4 Min Read
* Dollar supported as risk appetite wanes
* Yen headed for worst week in two months after U.S. yields jump
* Graphic: World FX rates in 2020 tmsnrt.rs/2RBWI5E
SINGAPORE, Aug 14 (Reuters) - The dollar steadied on Friday as a jump in U.S. bond yields and a drag on sentiment from lacklustre Chinese economic data put the brakes on a selldown of the world’s reserve currency.
China’s retail sales unexpectedly extended their fall into a seventh month in July and industrial output missed expectations - suggesting bumps in even the world’s most promising rebound.
The mood had the dollar within reach of snapping a seven-week losing streak against the risk-sensitive Aussie , which has settled around $0.7149 and is flat for the week.
Tepid demand in a long-dated U.S. government bond auction on Thursday has also extended a surge in Treasury yields that has drawn some investors - especially from Japan - back to dollars.
The yen is on course for its weakest week against the dollar in two months and is down about 0.9% at 106.84 from last Friday’s close.
The biggest loser has been the kiwi, which was pressured at $0.6538, as the country faces a fresh coronavirus outbreak and after the central bank this week flagged increased bond buying and again mentioned the prospect of negative rates.
“Risk sentiment is slowing down,” said Westpac FX analyst Imre Speizer. “It’s too early to say the whole (dollar) downtrend is over...but it’s got potential and at the very least it’s putting a cap on the Aussie and kiwi.”
Troubling signs also emerged on the health front in Asia, with 29 new cases in previously virus-free New Zealand prompting an extension of Auckland’s lockdown and the biggest daily jump in new cases in South Korea since March.
Against a basket of currencies the dollar remains 0.2% lower for the week, but it has appeared to arrest a slide that has it about 9.5% below its March peak.
DIVERGENCE
Preliminary European employment and GDP numbers due at 0900 GMT and U.S. retail sales figures at 1230 GMT are the next set of data for investors to parse for signs of divergence between the U.S. and European recoveries.
Gathering faith in Europe’s rebound, and doubts in the United States as the virus spreads and politicians remain deadlocked over the next relief package, have kept the euro firm even as the dollar has been able to bounce a bit elsewhere.
A fall last week in the number of applications for unemployment benefits in the United States to below one million was welcome surprise, but with some 30 million out of work and stimulus plans stalled the outlook remains grim.
The euro hung on at $1.1816 in the Asia session on Friday and the pound was also steady at $1.3062, as investors have sought to focus on a rebound in growth in June rather than the diabolical quarterly contraction.
Another element of divergence has opened up in the Tasman Sea, where central banks on either side - in Australia and New Zealand - are striking quite a different tone.
The Reserve Bank of New Zealand (RBNZ) sparked a bond rally this week by promising to extend its own purchases and, next week, speed them up as well.
And while the RBNZ talked about sub-zero rates, Reserve Bank of Australia Governor Philip Lowe re-iterated on Friday that fiscal support was what’s needed.
“(The RBNZ) are pro-active,” said Chris Weston, head of research at Melbourne brokerage Pepperstone.
“And if they want something they don’t sit on their hands to see how things evolve, they make it happen, or at least they try. This to me is why AUD/NZD is likely going higher,” he said.
The Aussie last sat at a 22-month high of NZ$1.10941 , having forged nearly 1% this week and the spread between Australian and New Zealand 10-year debt, at 28 basis points, is at its widest since May. (Editing by Shri Navaratnam and Jacqueline Wong)
Our Standards: The Thomson Reuters Trust Principles.
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a27f90e263041195344bb78a6c768b0b | https://www.reuters.com/article/global-forex/forex-dollar-hits-two-year-low-fourth-month-of-losses-on-fed-inflation-mandate-idUKL8N2FX422?edition-redirect=uk | FOREX-Dollar hits two-year low, fourth month of losses on Fed inflation mandate | FOREX-Dollar hits two-year low, fourth month of losses on Fed inflation mandate
By Kate Duguid3 Min Read
* Dollar index hits two-year low
* August is dollar’s fourth straight month of losses
* August is euro’s fourth straight month of gains
* Graphic: World FX rates in 2020 tmsnrt.rs/2RBWI5E (New throughout; changes dateline, previous LONDON)
NEW YORK, Aug 31 (Reuters) - The dollar hit a more than two-year low and a fourth straight month of losses on Monday in the wake of the U.S. Federal Reserve’s policy shift on inflation.
Against a basket of currencies the dollar was down 0.15% at 92.097 in midday trading, having earlier hit its lowest since April 2018. It is down 1.24% for the month, marking its worst August in five years and the longest run of monthly losses since the summer of 2017.
The euro, which makes up the majority of the basket against which the dollar index is weighted, was up 0.35% at $1.195, having gained 1.45% in August, also its fourth straight month of increases.
Investors are adjusting to a speech last Thursday in which Federal Reserve Chair Jerome Powell outlined an accommodative policy change that is believed could result in inflation moving slightly higher and interest rates staying lower for longer.
“Even if U.S. central bankers are likely to be pleased about the interpretation of their measures, it is not good news for the dollar,” Commerzbank analysts commented.
“If one expects the domestic purchasing power of the dollar to be eroded more quickly (as that is what inflation is) it is difficult to assume that it will maintain its purchasing power on the FX market in the long run,” they argued.
Powell’s remarks last week continued a trend lower in the dollar. The Fed’s stimulus to offset the economic effects of the coronavirus pandemic has driven risk assets higher and hurt the safe-haven dollar.
“I think what we’re seeing is the continuation of the momentum move lower in the dollar that began in Q2. The Fed message last week just reinforced that,” said Daniel Katzive, head of FX strategy for North America, BNP Paribas.
The yen weakened by 0.48% to 105.84 per dollar on the view that Japan’s next leader will stay the course on the ‘Abenomics’ economic revival program. The yen climbed to 104.195 on Friday after Shinzo Abe’s resignation as prime minister for health reasons.
In recent weeks the yen has not strengthened proportionally to the weakening dollar.
“Dollar-yen remains a real sore thumb sticking out in the wrong direction. There’s clearly some flow-based explanation, but I don’t think we know exactly what’s driving it. I do think that fundamentals will ultimately prevail and you will see a breakdown in that pair,” said Katzive.
Reporting by Kate Duguid in New York and Julien Ponthus in London; Editing by Steve OrlofskyOur Standards: The Thomson Reuters Trust Principles.
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0ba42856613250d8da441302a05bc185 | https://www.reuters.com/article/global-forex/forex-dollar-posts-third-straight-weekly-rise-after-upbeat-u-s-payrolls-report-idUSL1N2LV0Q3 | Dollar posts third straight weekly rise after upbeat U.S. payrolls report | Dollar posts third straight weekly rise after upbeat U.S. payrolls report
By Gertrude Chavez-Dreyfuss4 Min Read
NEW YORK (Reuters) -The dollar rose on Friday in thin trading, posting its third straight weekly gain, after data showed the world’s largest economy created more jobs than expected in March, suggesting it is on a steady path to recovery from the pandemic.
FILE PHOTO: U.S. one dollar banknotes are seen in this illustration taken February 8, 2021. REUTERS/Dado Ruvic/Illustration
Financial markets are closed in Australia, Singapore, Hong Kong, Britain, and Europe in observance of the Good Friday holiday. Wall Street is also closed, while the U.S. bond and currency markets are open because Good Friday is not a U.S. government holiday.
Friday’s data showed U.S. nonfarm payrolls surged 916,000 jobs last month, the largest gain since last August. Data for February was revised higher to show 468,000 jobs created instead of the previously reported 379,000. Economists polled by Reuters had forecast payrolls increasing by 647,000 jobs in March.
“The overall strength of the labor market is likely to prove dollar-positive,” said Joe Manimbo, senior market analyst, at Western Union Business Solutions in Washington.
“The hiring explosion showed the economy producing some of the ‘substantial further progress’ the Federal Reserves wants to see before it pivots away from its low rate policies.”
He added, though, that Treasury yields may take exception given tepid wage growth which is consistent with inflation remaining subdued.
Sentiment for the dollar has improved in recent weeks, while Treasury yields have spiked, as the Biden administration’s planned stimulus of more than $2 trillion and a rapid COVID-19 vaccine rollout spurred economic optimism as well as inflation fears.
U.S. benchmark 10-year Treasury yields were last at 1.717%, up nearly 4 basis points from the previous session. [US/]
In midday trading, the dollar index was up 0.1% at 93.025, posting gains in five of the last six weeks.
The dollar’s ascent to multi-month highs is likely to continue as more investors bet on economic recovery.
The dollar was up 0.1% versus the yen at 110.67 yen, not far from its strongest level in a year at just under 111 yen.
The euro, meanwhile, was down 0.2% against the dollar at $1.1756.
In the cryptocurrency market, ethereum, the second-largest cryptocurrency in terms of market capitalization, hit a record high of $2,081.83 and was last up 5% at $2,065.45.
“Basically, there’s a decentralized Wall Street blooming on top of ethereum that’s currently growing faster than any other sector in the entire cryptocurrency industry, and it all requires ETH to function, likely explaining a good portion of the increased attention on the asset,” said Sergey Nazarov, co-founder of Chainlink, a decentralized network that provides data to smart contracts on the blockchain.
Bitcoin, meanwhile, briefly rose above $60,000 for the first time in two weeks but then pared gains to trade up 1.1% at $59,400.
========================================================
Currency bid prices at 11:58AM (1558 GMT)
Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid
Previous Change
Session
Dollar index 92.9990 92.8980 +0.12% 3.354% +93.0750 +92.8300
Euro/Dollar $1.1756 $1.1778 -0.15% -3.75% +$1.1787 +$1.1749
Dollar/Yen 110.6750 110.6050 +0.08% +7.13% +110.7450 +110.3700
Euro/Yen 130.16 130.23 -0.05% +2.55% +130.3100 +130.0400
Dollar/Swiss 0.9408 0.9416 +0.11% +6.55% +0.9434 +0.9407
Sterling/Dollar $1.3817 $1.3834 -0.01% +1.25% +$1.3852 +$1.3815
Dollar/Canadian 1.2561 1.2553 +0.11% -1.31% +1.2573 +1.2530
Aussie/Dollar $0.7599 $0.7617 -0.17% -1.15% +$0.7637 +$0.7599
Euro/Swiss 1.1080 1.1090 -0.09% +2.53% +1.1097 +1.1074
Euro/Sterling 0.8508 0.8511 -0.04% -4.80% +0.8520 +0.8502
NZ $0.7016 $0.7025 -0.17% -2.34% +$0.7047 +$0.7013
Dollar/Dollar
Dollar/Norway 8.5190 8.5265 -0.04% -0.74% +8.5435 +8.5235
Euro/Norway 10.0298 10.0360 -0.06% -4.18% +10.0530 +10.0296
Dollar/Sweden 8.7275 8.7115 +0.04% +6.48% +8.7375 +8.7048
Euro/Sweden 10.2644 10.2598 +0.04% +1.87% +10.2685 +10.2572
Reporting by Gertrude Chavez-Dreyfuss in New YorkAdditional reporting by Stanley White in TokyoEditing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.
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