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8b5b97e0149571762c592d51285a2f12 | https://www.reuters.com/article/rbssSoftware/idUSN2843340420081128 | Yahoo shares surge after Icahn increases stake | Yahoo shares surge after Icahn increases stake
By Reuters Staff2 Min Read
SAN FRANCISCO, Nov 28 (Reuters) - Shares of Yahoo Inc YHOO.O surged on Friday, after billionaire activist investor Carl Icahn disclosed that he has increased his stake in the Internet company.
According to a filing with the Securities and Exchange Commission, Icahn bought roughly 6.8 million Yahoo shares over three days this week, paying around $67 million.
Icahn, who sits on Yahoo’s board, now owns 75.6 million of the company’s shares, or a 5.4 percent stake valued at around $870 million based on Yahoo’s closing share price on Friday.
Earlier this year, Icahn threatened to launch a proxy fight against Yahoo and oust Chief Executive Jerry Yang in an effort to push the company to accept Microsoft Corp's MSFT.O $47.5 billion acquisition offer. He later struck a deal with Yahoo and joined its board last summer. Icahn began amassing Yahoo shares during the company's merger talks with Microsoft.
Earlier this month, Yang said he was stepping down as CEO. The company is searching for his replacement.
Shares of Sunnyvale, Calif.-based Yahoo rose 93 cents, or 8.8 percent, to close the abbreviated trading session at $11.51. (Reporting by Gabriel Madway; editing by Gunna Dickson)
Our Standards: The Thomson Reuters Trust Principles.
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c19f57817f61768298a1676dc6d44b71 | https://www.reuters.com/article/rbssTechMediaTelecomNews/idINLDE6381EG20100409?edition-redirect=in | UPDATE 1-MTN, Standard Bank face $136 mln claim | UPDATE 1-MTN, Standard Bank face $136 mln claim
By Reuters Staff2 Min Read
* MTN, Standard Bank face patent claim
* Inventor files claim for up to 1 bln rand
(Recasts, adds company comments)
JOHANNESBURG, April 9 (Reuters) - South Africa's telecom company MTN MTNJ.J and Standard Bank SBKJ.J face a claim of up to 1 billion rand ($136.4 million) for infringement of technology patents in their joint venture MTN Banking.
The head of South African technology company 3MFuture, Wolfram Reiners, said on Friday that MTN and Standard Bank have been served with summons to appear in patent court because he alleges their MTN Banking venture uses technology he has patented.
“We first heard that MTN Banking was doing something similar back in 2007,” he said, adding 3MFuture investigated the matter with patent lawyers before pursuing the case.
Introduced in 2005, MTN Banking provides money transfers for customers without bank accounts. Its core product, MobileMoney, works like a mobile bank account, enabling MTN customers to make money transfers and payments.
Reiners said he had been in extensive talks with Standard Bank in 2001 and 2002 about the technology, but had not heard back from the bank after submitting a formal proposal.
A spokesman for Standard Bank, Africa’s biggest lender by assets, confirmed the bank had received a summons but declined to comment further.
MTN, Africa’s biggest mobile operator by subscribers, also confirmed it had received a summons and said the matter was under consideration.
Reiners said he may claim up to 1 billion rand, depending on the profits and customer numbers MTN Banking had gained from using the technology. ($1=7.334 Rand) (Reporting by Serena Chaudhry; editing by David Dolan and Editing by Sharon Lindores)
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713e631eef7b9c3514a8cc91f42a5f0c | https://www.reuters.com/article/rbssTechMediaTelecomNews/idINPEK17388620091104?edition-redirect=in | China bureaucratic war over online Warcraft heats up | China bureaucratic war over online Warcraft heats up
By Reuters Staff4 Min Read
BEIJING, Nov 4 (Reuters) - China’s Culture Ministry has accused the publishing watchdog of abusing its authority by shutting access to the popular online game, World of Warcraft, stoking bureaucratic rivalry over control of the Internet.
The ministry scolded the General Administration of Press and Publication (GAPP), which had told Chinese online game firm NetEase.com NTES.O not to operate the latest version of Activision Blizzard's ATVI.O World of Warcraft, the Chinese-language Economic Information Daily said on Wednesday.
The rare public turf war between the two agencies has exposed the tricky regulatory undergrowth that Internet companies must navigate in China.
China’s Communist Party leadership has demanded tighter control over the Internet and online gaming, worried about images and ideas it sees as pornographic, unhealthy or subversive.
Government agencies with a stake in the sector have in turn sought to demonstrate their eagerness to enforce those demands, and also competed to stake out control of the potentially lucrative and prestigious sector.
“The Ministry of Culture believes the notice from the General Administration of Press and Publication does not conform to the relevant regulations, and clearly oversteps its authority,” said Li Xiong, a Ministry of Culture official in charge of market affairs, according to the paper.
Li’s unyielding comments suggested that the bureaucratic warfare over Warcraft, a role-playing game in which subscribers complete quests, slay monsters and fight among themsleves, may not end immediately.
NetEase said on Monday that the GAPP halted and returned its application to operate the latest version of World of Warcraft game due to “gross violations” of regulations. [ID:nN02450107]
The original version of the game is not affected.
GAPP posted a statement on its Web site demanding that NetEase suspend charging users to play the game, and disallow new account registrations, NetEase said.
The move put the recently relaunched popular title’s future into question in China, and sent down NetEase and Activision Blizzard shares.
In October, GAPP banned many forms of foreign investment into the country’s online games industry, expected to grow 30-50 percent this year to up to $4 billion. [ID:nSHA252963]
But the bureaucratic friction can produce departures from China’s usually secretive and unyielding style of government.
In late June, the Ministry of Industry and Information Technology, which has also sought to assert control of Internet content, abruptly discarded a plan to force manufacturers to bundle Internet filtering software with personal computers sold in the country. [ID:nSP514751]
The “Green Dam” plan, which officials said was to stamp out Internet pornography, was to start from July 1, but it was assailed by critics of censorship, industry groups and Washington officials as politically intrusive, technically ineffective and commercially unfair. [ID:nSP491468] (Editing by Ken Wills) ((chris.buckley@thomsonreuters.com; +86-13501014479)) ((If you have a query or comment on this story, send an email to newsfeedback.asia@thomsonreuters.com))
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675ea533dc76fcf3e1b64333614a0fd1 | https://www.reuters.com/article/rbssTechMediaTelecomNews/idUKLJ65778920090119?edition-redirect=uk | T-Mobile to offer G1 in more European countries | T-Mobile to offer G1 in more European countries
By Reuters Staff2 Min Read
HAMBURG, Jan 19 (Reuters) - German Deutsche Telekom's DTEGn.DE wireless unit T-Mobile will begin selling its G1 phone, which has been available in Britain and the United States since October, in several European countries in coming weeks.
The G1 phone, made by Taiwan's HTC Corp 2498.TW, features a touch-sensitive screen, a computer-like keyboard, and Wi-Fi connections as well as popular Google applications such as search, maps and mail.
It is considered the most likely contender to the iconic status of Apple's AAPL.O iPhone.
“We will introduce the G1 by Jan. 30 in the Netherlands, Czech Republic and Austria,” T-Mobile Chief Executive Hamid Akhavan said on Monday.
The Android-based phone will be available in Germany on Feb. 2 and in Poland later that month, Akhavan said.
T-Mobile sells the G1 phone for $179 with a two-year contract in the United States and a T-Mobile USA executive has said an estimate of 400,000 phones sold by the end of 2008 in the United States was “not incredible”.
Akhavan declined to disclose precise numbers but said the G1 was the most successful phone ever sold in the United States.
“We have sold several hundred thousand phones. Sales have clearly exceeded our expectations,” Akhavan said.
In Germany the phone will sell for 1 euro ($1.33) in combination with a two-year contract with T-Mobile.
Mobile operators hope to generate continuous revenue streams from data traffic with the help of smart phones, as prices for mobile voice calls decline.
Google introduced its Android software system for designing mobile-phone devices in November 2007, in a move it promised could help the mobile phone industry make the Internet work as smoothly on phones as on computers.
Both Google and Apple are wooing developers to create applications for their devices, but unlike Apple, which keeps a tight grip on the iPhone’s hardware and operating software, Google’s Android is open to be changed by outside developers. (Reporting by Nicola Leske, editing by Dan Lalor)
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9cedfec136fdd0eac76ad548f000e654 | https://www.reuters.com/article/rbssTechMediaTelecomNews/idUKLK48723720090120?edition-redirect=uk | UPDATE 2-SAP falls on report crisis to weigh on margins | UPDATE 2-SAP falls on report crisis to weigh on margins
By 3 Min Read
* SAP may need longer to hit margin target - magazine
* Will not give 2009 sales outlook this month - magazine
* Apotheker to run company alone from Jan. 28 - magazine
* SAP declines comment
(Adds analyst comments, background)
FRANKFURT, Jan 20 (Reuters) - Shares in SAP SAPG.DE fell more than 5 percent on Tuesday after Capital magazine reported the software maker will need more time to hit its margin targets and will not give a 2009 sales outlook this month.
SAP declined to comment on the report, which also said co-Chief Executive Leo Apotheker would take sole responsibility for running the company as of Jan. 28.
“We are not fully surprised that SAP will not provide a detailed sales guidance for the whole full year (2009), as co-CEO (Henning) Kagermann indicated already the possibility of an alternative guidance model due to the financial crisis,” DZ Bank’s Oliver Finger wrote in a note.
“In our opinion this could mean that the company may give a quarterly guidance or a guidance solely for the margin,” he added.
The report said SAP would refrain from giving a concrete 2009 sales target at its annual results news conference on Jan. 28 and that it would delay the schedule for boosting its operating margin to 35 percent from 28 percent now.
Kagermann had previously said the company should be able to reach an operating margin of 35 percent at some point, but had not given a concrete date.
The report quoted Apotheker as saying the target would be valid again “as soon as the economic crisis is over”.
“I am rather surprised that the news has such an impact on SAP’s share price,” said BHF Bank analyst Jochen Klusmann.
“Not giving out a guidance for 2009 is legitimate in the current environment. In addition, SAP never gave a specific time frame when it is planning to reach its 35 percent margin target,” he added.
The report in Capital also quoted Apotheker as saying SAP had to reinvent itself, be nimble, eliminate red tape and become more international.
SAP shares fell as much as 5.6 percent and were still down 3.6 percent at 25.65 euros by 1343 GMT, the third-biggest decliner among German blue chips .GDAXI. (Reporting by Alexander Hueber, Michael Shields and Christoph Steitz; editing by Elaine Hardcastle)
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1f49717cdf1f916a22a921b2afae51cd | https://www.reuters.com/article/rbssTechMediaTelecomNews/idUKN1234952220090513?edition-redirect=uk | 'Star Trek' breaks Imax record as purists grumble | 'Star Trek' breaks Imax record as purists grumble
By Alex Dobuzinskis3 Min Read
* “Star Trek” posts record-breaking box office for IMAX
* Purists call smaller screen version of IMAX inauthentic
LOS ANGELES, May 12 (Reuters) - Imax Corp IMX.TO said on Tuesday its "Star Trek" screenings grossed a record $8.5 million during the film's first weekend, even as some purists complained that the company's big screens were not big enough.
The hotly anticipated science fiction movie garnered $79.2 million at U.S. and Canadian box offices over the weekend, and 11 percent of that figure came from Imax screens.
Imax said that was significant because its screens accounted for less than 2 percent of the venues for “Star Trek.” The old record of $6.3 million was set by “The Dark Knight” last summer, although that film played on 94 Imax screens, while “Star Trek” beamed in on 138.
The “Star Trek” Imax contribution shows that moviegoers are pleased with the company’s theater experience, Chief Executive Richard Gelfond told Reuters.
“There’s no indication at all that the word of mouth is anything but positive,” he said.
But on Tuesday, the company also faced some criticism from a Hollywood actor who wrote in an expletive-laden blog that he felt cheated when he paid $5 extra to see “Star Trek” in Imax and saw the movie on a smaller-than-expected screen.
“These new ‘Imax’ theaters are really just nice digital screens with good sound, but they are not Imax, in that they don’t have the huge 72-foot (22-metre) gigantic screen which people would expect,” said Aziz Ansari, a co-star of the new NBC show “Parks and Recreation.”
The actor’s comments echoed earlier criticism from purists who say Imax should re-brand its smaller screens in multiplexes to differentiate them from larger Imax screens, found mostly in museums and science centers.
Sizes vary, but a typical Imax multiplex screen could be 28 by 58 feet (8.5 metres by 18 metres) , while a larger Imax screen could be 76 by 97 feet (23 metres by 29.5 metres).
Gelfond countered that Imax has no re-branding plans because “Imax is Imax.”
“Does American Airlines brand a (Boeing) 767 (flight) differently than a 727? We wouldn’t put our name on it unless it lived up to the ‘Wow!’ factor and to the Imax brand,” he said.
The company has been moving its smaller version of Imax screens into multiplexes for more than five years, and it has 371 screens worldwide, with 250 of those in commercial venues as opposed to museums and science centers, the company said.
Imax screens in multiplexes are always the largest in that venue, and with digital remastering they offer higher picture quality and other enhanced features. “When you go to an Imax theater you get the most immersive film experience on the planet,” Gelfond said.
"Star Trek" was released by Paramount Pictures, a unit of Viacom Inc VIAb.N, (Editing by Dean Goodman and Eric Walsh)
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674f277b6412f4eef8efcfcf36da8ee8 | https://www.reuters.com/article/rbssTechMediaTelecomNews/idUKWEN577420080515?edition-redirect=uk | Icahn says he will fight Yahoo on Microsoft | Icahn says he will fight Yahoo on Microsoft
By Reuters Staff2 Min Read
NEW YORK, May 15 (Reuters) - Carl Icahn has launched a proxy battle to force Yahoo Inc YHOO.O to reopen buyout talks with Microsoft Corp MSFT.O, the billionaire investor said in a letter to the Internet company on Thursday.
Icahn has formed a 10-member rival slate for Yahoo’s board to push the company to accept Microsoft’s bid of $33 per share, or $47.5 billion.
He also disclosed in the letter to Yahoo Chairman Roy Bostock that he had acquired 59 million shares and had sought antitrust clearance from the U.S. Federal Trade Commission to acquire up to about $2.5 billion worth of Yahoo Stock.
“It is clear to me that the board of directors of Yahoo has acted irrationally and lost the faith of shareholders and Microsoft,” Icahn wrote.
(Reporting by Kenneth Li; Editing by Lisa Von Ahn)
((kenneth.li@thomsonreuters.com; +1 646 223 6224; Reuters Messaging: kenneth.li.reuters.com@reuters.net)) Visit blogs.reuters.com/mediafile/ for more coverage at the Reuters MediaFile blog. Keywords: ICAHN YAHOO/
C Reuters 2008. All rights reserved. Republication or redistribution ofReuters content, including by caching, framing or similar means, is expresslyprohibited without the prior written consent of Reuters. Reuters and the Reuterssphere logo are registered trademarks and trademarks of the Reuters group ofcompanies around the world.nWEN5774Our Standards: The Thomson Reuters Trust Principles.
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0a13b4f644e9af56e93e24d0877daed5 | https://www.reuters.com/article/rbssTechMediaTelecomNews/idUSBNG18015520090812 | Court stops RealNetworks selling DVD copy software | Court stops RealNetworks selling DVD copy software
By Reuters Staff2 Min Read
Aug 12 (Reuters) - A U.S. federal district court judge in California has granted Hollywood studios a preliminary injunction stopping digital media company RealNetworks RNWK.O from offering software that allows users to copy DVDs.
The studios have argued that the software should be banned because it violates copyright law and agreed-upon encryption methods.
Called “RealDVD”, the software allows people to make backups of their DVDs on a home computer, which “circumvents a technological measure that effectively controls access to or copying of the studios’ copyrighted content on DVDs”, U.S. District Judge Marilyn Hall Patel said.
Movie companies in the case are Disney DIS.N, Warner Bros TWX.N, Sony Pictures Entertainment 6758.T, Twentieth Century Fox, owned by News Corp NWSA.O, Paramount Pictures, owned by Viacom VIAb.N, and Universal Studios, owned by the NBC Universal media wing of General Electric Co GE.N.
They were joined by the Motion Picture Association of America and the DVD Copy Control Association.
A preliminary injunction will remain in effect until the full case is heard.
RealNetworks could not be immediately reached for comment by Reuters after regular U.S. business hours.
The case is RealNetworks, Inc. et al v. DVD Copy Control Association, Inc. et al in the Northern District Court of California, case number 3:08-cv-04548-MHP. (Reporting by S. John Tilak in Bangalore, editing by Will Waterman)
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d1fdf9874a35bce70fffc375f51502d3 | https://www.reuters.com/article/rbssTechMediaTelecomNews/idUSBNG46622420090602 | UPDATE 2-Tessera raises Q2 revenue view on Motorola deal | UPDATE 2-Tessera raises Q2 revenue view on Motorola deal
By Reuters Staff3 Min Read
* Motorola to pay royalties on certain product shipments
* Raises Q2 total rev view above analysts’ expectations
* Shares rise 15 pct in after-market trade (Adds conference call comments, updates share movement)
June 2 (Reuters) - Tessera Technologies Inc TSRA.O said Motorola Inc MOT.N signed an agreement to license its technology and settle all outstanding litigation between the companies, sending the chipmaker's shares up 15 percent.
Tessera also boosted its second-quarter revenue outlook as it expects the agreement, as well as better-than-anticipated revenue from other licensees, to add to its royalty and license-related revenue.
Based on the ‘pre-negotiated’ agreement, the largest U.S. handset maker will pay Tessera royalties on shipments of certain electronic products that incorporate unlicensed chips that use the company’s patented technology, the company said in a statement.
The dispute centered around the technology used to package semiconductor chips so that they are protected from damage inside wireless handsets.
The agreement follows the U.S. International Trade Commission's final verdict in May which found Qualcomm QCOM.O, Motorola MOT.N and others infringed Tessera's TSRA.O patents on technology used to package semiconductor chips.
“This is a win-win business proposition for both the companies. It enables Motorola to avoid interruption of supply to its customers,” Tessera Chief Executive Henry Nothhaft said on a conference call with analysts.
Motorola was faced with a possible interruption in supply as the ruling also included a ‘cease and desist’ order prohibiting Motorola, Qualcomm, Freescale, and Spansion from using their U.S.-based inventory to ship the infringing products.
“Generally speaking, we believe, the other respondents should take heed of the lead that Motorola has paid it and should sign up licenses,” a Tessera executive said on the call.
Tessera said it now expects second-quarter total revenue between $59.0 million and $61.0 million, compared with its prior view of $46.0 million and $49.0 million.
Analysts on average were expecting revenue of $47.8 million, according to Reuters Estimates.
Micro-electronics revenue, all of which will be royalty and license related, will be $53.0 million to $55.0 million, compared with the prior outlook of 40.0 million to $42.0 million, Tessera said.
Based on better visibility, the company said, it now expects image and optics revenue to be about $6.0 million, compared with its prior view of $6.0 million to $7.0 million.
Tessera shares were up by more than $3 at $28.08 in trading after the bell. They closed at $24.45 Tuesday on Nasdaq. (Reporting by Bijoy Koyitty in Bangalore; Editing by Saumyadeb Chakrabarty)
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d08cb71614b5801fa2088d8c88f96f85 | https://www.reuters.com/article/rbssTechMediaTelecomNews/idUSBOM41862520081216 | UPDATE 4-Satyam shares drop 55 pct on deal to buy builders | UPDATE 4-Satyam shares drop 55 pct on deal to buy builders
By Janaki Krishnan, Sumeet Chatterjee5 Min Read
(Adds analyst comment, background, updates share price)
MUMBAI, Dec 16 (Reuters) - India's Satyam Computer Services Ltd SATY.BOSAY.N shocked investors by saying it plans to spend $1.6 billion to buy two builders partially owned by Satyam's top executive, triggering a 55 percent plunge in its share price.
India's No. 4 software services company said on Tuesday it planned to enter India's depressed construction industry by buying all of privately held Maytas Properties for $1.3 billion and 51 percent of builder Maytas Infra MAIL.BO for $300 million.
The two are builders that work on infrastructure projects including highways, ports and water treatment systems. Satyam helps develop software for other businesses.
Satyam founder and Chairman B. Ramalinga Raju and other insiders hold 36 percent in Maytas Infra and 35 percent in Maytas Properties.
“This is outrageous and very frustrating,” said Jefferies & Co analyst Sachin Jain. “This clearly raises questions about what kind of corporate governance you have in other Indian companies. That could hurt foreign investment.”
The acquisitions make little sense at a time when technology outsourcing companies are preserving cash to cope with slowing sales, analysts said.
Ramalinga Raju said in a statement the move would “de-risk the core business,” making his company stronger.
“The two acquisitions pave the way for accelerated growth in additional geographies and market segments,” he said.
They will help diversify the company’s revenue base at a time when its core technology outsourcing businesses in developed countries are suffering because of the recession, he added.
Several analysts questioned the motives of Satyam’s top executives.
“They are doing it without taking the consent of the shareholders. It dents the confidence of shareholders,” said Tejas Doshi, head of research at Mumbai brokerage Sushil Finance.
JP Morgan cuts its recommendation on the stock to “underweight” from “overweight” and slashed its price target to 175 rupees ($3.68) from 475 rupees. Janney Montgomery Scott cut its recommendation to “neutral” from “buy,” while S&P Equity Research reduced its rating to “hold” from “buy.”
“We see this as a serious corporate governance issue and believe investors should avoid the stock,” JP Morgan said in a note to clients.
Satyam plans to fund 75 percent of the acquisition with cash and the rest by selling debt.
The company, which is based in the southern Indian city of Hyderabad, plans to acquire 31 percent in Maytas Infra from its promoters, or company insiders, at a price of 475 rupees a share. Satyam also plans to make an open offer for an additional 20 percent at a price of 525 rupees a share.
Maytas Infra shares fell 2.26 percent in India to 486 rupees before the acquisition was announced.
Satyam’s Chief Financial Officer, V. Srinivas, said the acquisitions would hurt his company’s profit margins in the first year after their completion, though he expects profitability to improve after that.
The company cut its sales forecast in October, saying that revenue would grow between 19 percent and 21 percent in U.S. dollars in the year ending March 2009, slower than 24 to 26 percent growth seen in July.
Satyam's revenue jumped 46 percent to $2.14 billion in the fiscal year to March 2008. Net income climbed 40 percent to $417 million at the company whose clients include General Electric GE.N, Nestle NESN.VX and Qantas Airways QAN.AX.
In the current financial year to March, the Maytas acquisitions would add $500 million to revenue, and in three-to-four years about 50 percent of Satyam’s consolidated revenue would be from infrastructure projects, Ramalinga Raju told television channel CNBC TV-18.
Still, Satyam said it would retain its emphasis on information technology and related services.
No. 3 Indian software services exporter Wipro WIPR.BO is diversified with interests in computer hardware, consumer products and lighting. Its software business accounts for the bulk of revenue.
Shares in Satyam fell $6.85, or 55 percent, to $5.70, after touching a low of $5.05. It was the biggest percentage decliner on the New York Stock Exchange on a day when the Dow Jones industrial average .DJI rose 4.2 percent as the Federal Reserve slashed borrowing costs to a record low.
The deal was announced after the Indian stock market had closed, and traders expected the stock to fall sharply in India on Wednesday. (Additional reporting by Jim Finkle in Boston. Editing by Andrew Macdonald and Bernard Orr)
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8fd1a5095fbb96b74cf27ef32d41815b | https://www.reuters.com/article/rbssTechMediaTelecomNews/idUSL0246300720080602 | Study sees Dutch broadband users at 6 mln in 2009 | Study sees Dutch broadband users at 6 mln in 2009
By Reuters Staff2 Min Read
AMSTERDAM, June 2 (Reuters) - The Dutch broadband market is expected to grow by about 2 percent per quarter this year to top 6 million connections in 2009, market research firm Telecompaper said on Monday.
The market grew by 2 percent or 107,000 new connections in the first quarter of 2008, accelerating from a 1.7 percent increase in the previous quarter, to total 5.55 million at end-March, Telecompaper said in a statement.
“Growth was driven by the introduction of two new brands in the last quarter which were aggressive in their marketing and driving other companies to do the same,” said Telecompaper analyst Kamiel Albrecht.
The Netherlands, with 16.4 million people and 77.1 percent of households connected, has one of the highest broadband penetration rates in the world.
Newly set-up internet service provider Ziggo, formed from three companies, led with 1.24 million broadband users, followed by dominant telecoms group KPN's KPN.AS brand Het Net with 659,000 customers. (Reporting by Foo Yun Chee; Editing by Quentin Bryar)
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9a806ac810ccf664d6884c2de949c159 | https://www.reuters.com/article/rbssTechMediaTelecomNews/idUSL0958400020080509 | UPDATE 3-T.Italia Q1 profit falls 35.4 pct, below estimates | UPDATE 3-T.Italia Q1 profit falls 35.4 pct, below estimates
By Mathias Wildt4 Min Read
(Adds analyst comment)
MILAN, May 9 (Reuters) - Telecom Italia TLIT.MI, Europe's fifth-largest telecoms group by market capitalisation, reported a worse than expected 35.4 percent drop in first-quarter net profit on lower sales and falling profit margins.
Net profit fell to 501 million euros ($774.5 million), the company said on Friday, compared with the average forecast of 512 million from 16 analysts polled by Reuters.
The main drag on results was falling fixed-line sales and margins due to stiffening competition in Italy as broadband companies such as Fastweb FWB.MI, taken over by Swisscom SCMN.VX last year, win a greater share of business.
The company -- 10 percent indirectly owned by Spain's Telefonica TEF.MC -- also cut its sales growth guidance for its Brazilian mobile phone unit and its German broadband unit.
However, Chief Executive Franco Bernabe said Telecom Italia would meet its group targets for this year thanks to cost cuts.
“Globally we are experiencing some problems,” Bernabe told analysts during a conference call. “I’m confident we will meet our 2008 targets.”
On March 7 Telecom Italia said it was targeting 1-2 percent a year revenue growth between 2008-2010 and earnings before interest, tax, depreciation and amortisation (EBITDA) of 39 percent of revenues. The company sees 2008 sales of 31 billion euros and an EBITDA margin of 38.5 percent.
“Meeting management’s 12 billion euro clean EBITDA target for 2008 is beginning to look challenging, and guidance for TIM Brasil and European Broadband has already been reduced, only two months after it was given,” Morgan Stanley analyst Nick Delfas said in a note on Friday.
He rates the company “underweight.”
First-quarter EBITDA fell 6.7 percent to 2.97 billion euros. The EBITDA margin, a key measure of profit, fell to 40.8 percent of sales from 42 percent a year ago. Sales fell 2.4 percent to 7.3 billion euros.
FRANCE, BOLIVIA
Bernabe said Telecom Italia had received three firm offers for its French unit Alice. French broadband communications provider Free ILD.PA, telecoms group Neuf Cegetel NEUF.PA and the privately held cable group Numericable have said they have bid.
Contradicting several press reports, Bernabe said Telecom Italia has not made an offer for Italian broadband operator Tiscali TIS.MI. Tiscali is for sale and will discuss the bids it has received on May 12.
Telecom Italia expects a “fairly limited impact on our balance sheet” from Bolivia’s nationalisation of the Italian company’s unit in the Latin American country, Bernabe said.
Bolivia’s government has taken over operations of leading phone company Entel, but still faces a legal challenge from Telecom Italia over compensation.
Entel has a book value of 40 million euros on Telecom Italia’s books.
Shares were trading up 1.3 percent to 1.328 euros by 1504 GMT as the DJ Stoxx index of European telecoms .SXKP lost 0.5 percent. Telecom shares had been trading up around 2 percent before the results statement.
This was the first set of figures for a period fully under the new management, which was named in December.
While Telecom Italia failed to stem its decline, other large European former monopolies have been able to hold the line.
France Telecom FTE.PA on Wednesday reported a 2.8 percent rise in underlying first-quarter profit helped by improved results in its mature markets in western Europe.
Deutsche Telekom DTEGn.DE on Thursday posted stable first-quarter core earnings as it chopped costs to offset the strong euro and price wars in its major businesses. (Reporting by Mathias Wildt; Editing by David Cowell and Sue Thomas)
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385675f2bdda933506a7a65b685fa594 | https://www.reuters.com/article/rbssTechMediaTelecomNews/idUSL2569762820080526?sp=true | Deutsche Telekom uncovers data misuse in spy probe | Deutsche Telekom uncovers data misuse in spy probe
By Reuters Staff3 Min Read
FRANKFURT, May 26 (Reuters) - Deutsche Telekom DTEGn.DE said that it has uncovered the illegal monitoring of phone calls while investigating claims that management had spied on rebel directors .
The German phone firm said it had informed state prosecutors about its discovery that the monitoring of phone call details took place in 2005.
Information about calls such as time, length and parties involved had been gathered, the company said, but it added that no conversations had been tapped, as had been alleged in a German magazine.
The Der Spiegel report said calls were monitored to spy on non-executive directors suspected of leaking information to journalists.
“I am completely shocked by the allegations,” Chief Executive Rene Obermann said after the report said Telekom had hired a Berlin-based specialist to spy on managers.
“We have involved the state prosecutors and will support them in their efforts to conduct a thorough investigation,” he said.
The monitoring of phone calls took place when Telekom was being managed by former Chief Executive Kai Uwe Ricke. Its then Chairman, Klaus Zumwinkel, recently quit after he became embroiled in a tax-dodging affair.
Der Spiegel reported both men as saying that they knew nothing of the monitoring of phone calls, which the magazine said took place in projects codenamed Clipper and Rheingold.
It said the consulting firm had mined through the records of “hundreds of thousands” of fixed line and mobile phone calls to identify contact between company management and journalists.
A spokesman for Zumwinkel told the magazine that any such analysis of phone records, if true, was not made with his approval.
Ricke said: “I never issued any illegal contracts and certainly not did I at any time give any orders to spy on telephone records.”
He confirmed, however, that top management -- which included Obermann, then head of Telekom’s mobile business --- had often spoken about leaks to the press and decided to “actively do something against it”.
“Telekom had as many holes as Swiss cheese,” Ricke was quoted as telling the magazine. (Editing by Andrew Callus)
Our Standards: The Thomson Reuters Trust Principles.
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f14616da3b0664459f39d94d0901a744 | https://www.reuters.com/article/rbssTechMediaTelecomNews/idUSL745559720090707 | Telenor says Moscow court to hear Vimpelcom motion | Telenor says Moscow court to hear Vimpelcom motion
By Richard Solem3 Min Read
OSLO, July 7 (Reuters) - Norway's Telenor ASA TEL.OL said on Tuesday a Moscow court had agreed to hear on July 21 a motion to halt the transfer of its shares in mobile firm Vimpelcom VIP.OL to a Russian agency in charge of auctioning them off.
“We’ll do whatever we can to stop a potential forced sale,” Telenor spokesman Dag Melgaard told Reuters.
He added, however, that a separate motion for a stay of execution of the transfer of its shares to the Federal State Property Agency, until after the court hearing, had been denied.
Vimpelcom, Russia’s second biggest mobile operator, is 44 percent owned by Russian billionaire Mikhail Fridman’s Alfa Group, while Telenor owns 29.9 percent.
Russian bailiffs issued an order last month to auction the shares and the Federal State Property Agency was entrusted with organising the sale. [ID:nLJ385090]
Bailiffs plan to sell Telenor’s stake to cover a $1.7 billion award by a Siberian court, which had ordered the Norwegian group to pay to Vimpelcom after Farimex, a tiny Vimpelcom shareholder, claimed Telenor had held back Vimpelcom’s expansion in Ukraine.
Telenor is contesting this ruling, which it views as being part of its protracted dispute with Alfa Group, although Alfa has denied links to Farimex.
Telenor’s appeal against the fine is due to be heard by another Siberian court on Sept. 30, but bailiffs have said the hearing of the appeal would not halt enforcement or stop them from selling the stake.
Telenor said on Tuesday it had filed its latest motions with a Russian business court, Moscow Arbitrazh court, last week.
“The motions were filed before the weekend and we were notified today that the first case will be heard on July 21,” Melgaard said.”
He added Telenor was confident the shares would not be transferred to the Federal State Property Agency before July 21, even though the motion for a stay of execution had been denied.
“They have said that a preparation of the sale will take at least two months ... so there is no clear and present danger of that,” Melgaard said.
Telenor's shares rose 0.6 percent at 1143 GMT against a 2.0 percent rise on the Oslo bourse's main index .OSEBX and a 0.2 percent drop for European telecom shares .SXKE.
The Federal State Property Agency said last month it would take at least two months to prepare the sale if a regular procedure was applied, but added it could take much less if the bailiff’s service decided to apply for a simplified procedure. (Editing by David Holmes)
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180404a259dbcd7805fb5c8b14313867 | https://www.reuters.com/article/rbssTechMediaTelecomNews/idUSLI95851520090318 | UPDATE 1-Mediaset sees worst of difficult 2009 in Q1 | UPDATE 1-Mediaset sees worst of difficult 2009 in Q1
By 3 Min Read
* Predicts “especially difficult” 2009
* Sees worst of ad spending trend in Q1, signs of recovery
* Shares up 3.9 percent
(Recasts with analysts’ presentation)
By Deepa Babington
ROME, March 18 (Reuters) - Italy's biggest private broadcaster Mediaset MS.MI forecast a "particularly difficult" 2009 but said the worst should be over in the first quarter amid signs companies were resuming spending on advertising.
Mediaset, owned by the family of Italian Prime Minister Silvio Berlusconi, on Tuesday reported a 9 percent fall in 2008 profit, cut its dividend 11 percent and warned profit could slump again this year as the downturn hits advertising revenues.
But the company -- which like other free-to-air broadcasters relies overwhelmingly on advertising for revenues -- said firms like pasta maker Barilla had begun to re-invest in advertising after a sharp slowdown in spending towards the end of 2008.
“2009 is definitely a particularly difficult year,” chief executive Giuliano Adreani said in a presentation to analysts. “I think the first three months of the year will be the most difficult and then things could get better.”
He cited expectations of increased advertising by carmakers and other companies resuming investment in their brand as among positive indicators that signalled a recovery in advertisement spending in the second half of the year.
Mediaset stock was up 3.9 percent at 3.37 euros at 1255 GMT.
Its 2008 results, published after the market closed on Tuesday, beat analyst forecasts, especially at its pay-television business.
“We are reassured by management’s ability to manage costs in 2008 and we are slightly concerned about the worse than expected decline in Italian TV advertising in the first two months of 2009,” J.P. Morgan analysts said in a research note.
Deutsche Bank analysts said the 0.38 euro dividend for 2008 was at the top end of the forecastd range and that “strong momentum” remained on pay-TV revenues.
Mediaset was the latest free-to-air European broadcaster to warn of a troubled year ahead, after Britain's ITV ITV.L and Germany's ProSiebenSat.1 PSMG_p.DE sounded alarm bells on the severe advertising downturn earlier this month.
Commercial free-to-air broadcasters are among the most exposed media companies since they usually rely almost entirely on advertising, unlike pay-TV rivals who have subscription income to lean on. (Editing by Andrew Macdonald and Dan Lalor)
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55949ce1ee675ede63af9c6392ffccb6 | https://www.reuters.com/article/rbssTechMediaTelecomNews/idUSN0644484220080506?rpc=64 | Super Bowl 30-second ads to cost $3 mln in 2009: report | Super Bowl 30-second ads to cost $3 mln in 2009: report
By Reuters Staff1 Min Read
A New York Giants player holds the Vince Lombardi Trophy after his team's win over the New England Patriots in Super Bowl XLII game in Glendale, Arizona February 3, 2008. REUTERS/Shaun Best
NEW YORK (Reuters) - NBC Universal, a unit of General Electric Co, plans to say next week that the entry price for a 2009 Super Bowl 30-second ad will be $3 million, the Wall Street Journal said on Tuesday.
The $3 million mark has never been the starting price for a commercial at the Super Bowl, though individual slots have sold for that much before, the report said.
Prices to buy a 30-second spot for the 2008 Super Bowl averaged $2.7 million, it was reported earlier.
NBC Universal representatives could not be reached immediately for comment.
Reporting by Aarthi Sivaraman; Editing by Quentin BryarOur Standards: The Thomson Reuters Trust Principles.
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1d02d7e7454a5f37cb2599a8e8b97d1f | https://www.reuters.com/article/rbssTechMediaTelecomNews/idUSN0852685420081208 | UPDATE 1-Level 3 cutting jobs as recession deepens | UPDATE 1-Level 3 cutting jobs as recession deepens
By Reuters Staff2 Min Read
NEW YORK, Dec 8 (Reuters) - Telecommunications company Level 3 Communications Inc LVLT.O said on Monday it would cut around 450 jobs, or 8 percent of its workforce, joining a parade of technology companies cutting costs to cope with the deepening U.S. recession.
Level 3 said the cuts, all in North America, will take place by the end of December and result in charges of around $12 million to $15 million in the fourth quarter of 2008.
The Broomfield, Colorado-based company is a communications and Internet backbone provider, offering network support for large businesses and phone carriers. In late October, it cut its revenue for the current quarter due to slowing customer spending.
The announcement comes after U.S. phone company AT&T Inc T.N said last Thursday that it would cut 12,000 jobs, or about 4 percent of its workforce.
Other technology and media companies like Viacom Inc VIAb.N and Adobe Systems ADBE.O have also announced job cuts.
Level 3 said the cuts would be made across various levels in the company and in multiple locations in North America. (Reporting by Ritsuko Ando)
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571efd66bdf1391c0197b1bc80e44f51 | https://www.reuters.com/article/rbssTechMediaTelecomNews/idUSN1261826220080212 | UPDATE 2-Dell to buy e-mail services company for $155 mln | UPDATE 2-Dell to buy e-mail services company for $155 mln
By Reuters Staff3 Min Read
(Rewrites first paragraph, adds background, company comment)
NEW YORK, Feb 12 (Reuters) - Dell Inc DELL.O said on Tuesday it will buy business e-mail services provider MessageOne Inc, which was co-founded by Michael Dell's brother, aiming to compete with similar service provided by Microsoft Corp MSFT.O and Google Inc GOOG.O.
The $155 million cash deal is the computer maker’s latest in a recent wave of acquisitions ranging from small shops like software company Everdream to Dell’s $1.4 billion purchase in November of network storage provider EqualLogic.
MessageOne’s software, which is delivered to customers over the Internet, helps companies manage and archive e-mail, minimize outages and prevent data losses, Dell said in a statement.
“It simplifies (information technology) for our customers,” said Steve Schuckenbrock, Dell chief information officer. “It will compete up against ... solutions that are emerging in the market from companies like Google, like Microsoft and others.”
Google last year paid $625 million to acquire e-mail security firm Postini to beef up its online “Google Apps” service to make it more useful inside businesses.
Dell said MessageOne is owned in part by two investment funds: Impact Venture Partners and Impact Entrepreneurs Fund. Dell founder and Chief Executive Michael Dell and his family are investors in the funds, which are managed by his brother, Adam Dell.
Dell said it expects Michael Dell, his wife Susan and their children’s trust to receive about $12 million from the deal. Adam Dell will get about $970,000 and his parents will receive about $450,000.
Michael Dell intends to donate their proceeds from the deal to charity, the company said, adding that the CEO was excluded from negotiating the terms and decisions of the acquisition.
Dell, the world's second-largest maker of personal computers, has stepped up the pace of acquisitions since Michael Dell retook the helm a year ago amid slowing sales growth and tough competition from Hewlett-Packard Co HPQ.N.
Dell last month completed the purchase of EqualLogic, its largest acquisition since the company was founded in 1984. EqualLogic specializes in data storage technology, Dell’s fastest-growing business.
Shares of Round Rock, Texas-based Dell were up 17 cents to $20.10 in morning trading on the Nasdaq. (Reporting by Franklin Paul and Tiffany Wu, editing by Mark Porter/Dave Zimmerman)
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75789ff981896414cce33978152a6daa | https://www.reuters.com/article/rbssTechMediaTelecomNews/idUSN2147828420091021 | UPDATE 3-Omnicom profit drops 22 pct; awaits ad recovery | UPDATE 3-Omnicom profit drops 22 pct; awaits ad recovery
By 4 Min Read
* Omnicom Q3 EPS $0.53, matching estimates
* Q3 revenue $2.84 bln vs estimates $2.86 bln
* Sees stable climate, little sequential improvement in Q4
* Seeking acquisitions in Middle East, India, China
* Shares down 3 percent (Adds executive comments from conference call)
By Franklin Paul and Paul Thomasch
NEW YORK, Oct 21 (Reuters) - Omnicom Group Inc OMC.N reported a 22 percent fall in third-quarter earnings as a big drop in spending by key advertising clients, like Chrysler, badly hurt revenue -- and will likely do so again in the fourth quarter.
Executives at Omnicom, home to a network of advertising and media agencies including BBDO Worldwide and DDB Worldwide, did offer a somewhat brighter assessment of 2010, however. While spending remained depressed, it had at least stabilized and should pick up slowly next year, they said.
“At this point spending levels from our existing clients is best described as generally stable, with a few exceptions to the positive, which are mostly in the United States, and a few exceptions to the negative which are mostly in Europe,” Chief Financial Officer Randy Weisenburger said on a conference call.
Among the businesses where spending appeared most depressed, Weisenburger pointed to auto advertising, sports and event marketing, and recruitment marketing.
The decline in client spending more than offset Omnicom’s cost-cutting efforts, driving net income down 22 percent to $165.6 million, or 53 cents a share, which was in line with expectations.
Overall, revenue declined 14 percent to $2.84 billion, just shy of the $2.86 billion average analyst forecast, according to Thomson Reuters I/B/E/S.
Organic revenue, a closely watched industry benchmark that excludes foreign currency fluctuations and recent acquisitions, fell 10.7 percent.
While Omnicom’s shares dropped 3 percent after the results, at least one analyst, JPMorgan’s Alexia Quadrani, said she was encouraged by the quarter.
“Importantly, the third quarter did not show any further deterioration from the second quarter, which is consistent with our belief that the ad market has bottomed and we should see some improvement -- albeit on easier comparisons -- in the fourth quarter,” Quadrani told clients in a note.
Omnicom executives also pointed to easier comparisons in the fourth quarter from a year ago, but conceded that business was unlikely to improve much before 2010.
One reason is Chrysler, which has severely cut back on splashy advertising campaigns. “Is it possible that the auto sector will continue to have a drag as we go into the next quarter?” Omnicom Chief Executive John Wren asked. “I expect so, but probably to a decreasing amount as you go into 2010.”
Wren added that Omnicom’s agencies were “engaged in a number of other pitches for other auto-makers, and we’re fully expecting to win our fair share of those pitches.”
He also said that as business begins to improve, the world’s largest advertising services company would be back on the prowl for acquisitions. Specifically, he said Omnicom would be interested in agencies in the Middle East, China and India as well as “sensibly-priced” digital deals.
Second to acquisitions, Wren said Omnicom would consider buying back stock, which has climbed 45 percent this year, outperforming the broader market.
On Wednesday, shares of Omnicom fell $1.16 to $36.91 on the New York Stock Exchange. (Reporting by Franklin Paul and Paul Thomasch; Editing by Lisa Von Ahn, Dave Zimmerman)
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87a3497b3cc8a5014afbed3fbf4d2829 | https://www.reuters.com/article/rbssTechMediaTelecomNews/idUSN2826603320080128 | U.S. 2008 hotel revenue seen rising at slower rate | U.S. 2008 hotel revenue seen rising at slower rate
By Deena Beasley3 Min Read
LOS ANGELES, Jan 28 (Reuters) - Revenue for U.S. hotels will keep rising in 2008, but at a slower rate than in the past couple of years as leisure travel softens and the supply of new hotel rooms increases, industry experts said on Monday.
Despite recession fears, steady demand from business travelers is expected to allow hoteliers to raise room prices by 5.2 percent this year, while occupancy slips 0.8 percent, bringing revenue per available room -- a combination of room rates and occupancy that is a benchmark of industry health -- up 4.4 percent for the year, according to a forecast from Smith Travel Research presented at a lodging industry conference in Los Angeles.
Revenue per available room, or revpar for short, rose 5.7 percent last year and 7.8 percent in 2006.
U.S. consumers are cutting back on spending and a full- blown recession would indeed crimp the business travelers that hotels have come to rely on as their best-paying customers, but Smith Travel, which tracks the lodging industry, does not forecast a recession.
Paul Brown, president of North American operations at online travel agency Expedia Inc EXPE.O, said exchange rates and trends in air fares still make the United States an appealing destination for holiday travelers from Europe and elsewhere.
“Hoteliers need to be agile and should enlist highly targeted promotional and pricing strategies to leverage current market conditions to their maximum benefit,” he said.
Another hotel watcher, PKF Hospitality Research, expects revpar for U.S. hotels to increase 4.6 percent this year and 5.6 percent in 2009 as occupancy growth kicks back in.
SUPPLY OUTPACING DEMAND
As in 2007, Smith Travel’s projected 2008 increase of 2.2 percent in the supply of hotel rooms, is expected to outpace an anticipated 1.4 percent rise in demand.
But the credit crisis of past few months has actually helped improve the fundamentals of the hospitality sector by slowing down investment in new hotels, said Michael Fishbin, hospitality and leisure practice director for consulting firm Ernst & Young.
“With the financing tap essentially turned off for a few months and underwriting terms changing dramatically, there will be less new construction in the next two to three years than originally planned,” he said in a forecast report.
But some Wall Street analysts are expecting even slower, yet still positive, revpar growth this year.
JP Morgan analyst Harry Curtis said in research note on Monday that U.S. hotel revpar rose an average 5.5 percent in the fourth quarter of 2007, but the growth rate fell to 2.8 percent in December from 8.6 percent in October.
Joe Greff at Bear Stearns recently projected U.S. revpar growth of around 3 percent this year, consisting of rate increases of 4 percent to 5 percent and occupancy declines of around 100 basis points. (Editing by Andre Grenon)
Our Standards: The Thomson Reuters Trust Principles.
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ce528b770df85296507488e5ee3b63bc | https://www.reuters.com/article/rbssTechMediaTelecomNews/idUSN3136820920081031 | Boeing hit with $237 mln in damages from ICO trial | Boeing hit with $237 mln in damages from ICO trial
By Reuters Staff2 Min Read
NEW YORK, Oct 31 (Reuters) - Boeing Co BA.N and its satellite manufacturing unit have been ordered to pay $236.86 million in punitive damages to ICO Global Communications (Holdings) Ltd ICOG.O as a result of a long-running legal dispute, the company said on Friday.
The award comes on top of the $370.6 million in damages Boeing was ordered to pay ICO in the same case 10 days ago by a California state court jury in Los Angeles.
Boeing said it would seek an appeal that could take several years to run its course. The company said it believed it did not break the law or breach any contract.
The dispute dates back to a $2 billion contract initially awarded in 1995 by ICO to Hughes Electronics, which was acquired by Boeing in 2000.
ICO’s plan was to build and launch a dozen satellites that would form the basis of new global communications network, but according to arguments presented in the case, only one satellite was ever launched into space, another exploded on launch, and 10 more are incomplete and in storage.
ICO, a satellite communications company based in Reston, Virginia, was taken over by wireless pioneer Craig McCaw in 2000.
Chicago-based Boeing initially sued ICO in 2004 after ICO terminated its contract for the satellites. ICO countersued, accusing Boeing of breach of contract and fraud, and sought $2 billion in damages.
Boeing has denied any wrongdoing and said ICO’s problems stemmed from a bad business decision betting on the future of satellite phones. (Reporting by Bill Rigby, editing by Leslie Gevirtz)
Our Standards: The Thomson Reuters Trust Principles.
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76348206db45425212ccd5cb0bbe4569 | https://www.reuters.com/article/rbssTechMediaTelecomNews/idUSSP36888420090910 | Ellen DeGeneres joins 'American Idol' as 4th judge | Ellen DeGeneres joins 'American Idol' as 4th judge
By Reuters Staff2 Min Read
LOS ANGELES, Sept 9 (Reuters) - Comedian Ellen DeGeneres, one of the top U.S. talk show hosts, was named on Wednesday as the new fourth judge on “American Idol,” replacing Paula Abdul who quit the most-watched American television show last month.
Fox television executives and the producers of the hit singing talent show had been searching for a permanent, new judge to sit in Abdul’s seat when the ninth season of the show returns to TV in January 2010.
“As the new judge, Ellen will offer her own unique perspective to the contestants throughout the competition,” Fox said in a statement.
DeGeneres, whose award-winning talk show “The Ellen DeGeneres Show” is in its seventh season, described herself as a longtime fan of the show.
“So getting this job is a dream come true, and think of all the money I’ll save from not having to text my vote,” she said in the statement.
"American Idol" has become an audience juggernaut for News Corp's NWSA.O Fox network, with an average 26.3 million viewers per episode, and has grown into an estimated $1 billion-plus brand that is aired in about 100 countries.
Abdul abruptly quit the show after seven years when she failed to secure a new contract with a big enough pay raise.
After HER departure, the show’s producers said they would bring in several pop stars and performers to fill guest judge spots on “Idol.”
Fox said this list included Katy Perry, former Spice Girl Victoria Beckham, Shania Twain, Mary J. Blige, Joe Jonas, Neil Patrick Harris, Avril Lavigne and Kristin Chenoweth.
DeGeneres will take her seat at the judge’s table after the audition rounds start.
“Idol” producers have renewed the contract of songwriter and record producer Kara DioGuardi, who was added to the judging panel this year to help boost sliding viewership.
The two other judges -- the often-acerbic Briton Simon Cowell and the laid-back Randy Jackson -- are still under contract and host Ryan Seacrest also will be returning. (Writing by Belinda Goldsmith; editing by Mohammad Zargham)
Our Standards: The Thomson Reuters Trust Principles.
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dab9d433689fa81fd3ef018576d1f3a0 | https://www.reuters.com/article/rbssTechMediaTelecomNews/idUST848720080120 | Fujitsu looks to spin off chip operations-source | Fujitsu looks to spin off chip operations-source
By Reuters Staff2 Min Read
TOKYO, Jan 20 (Reuters) - Japan's Fujitsu Ltd 6702.T plans to spin off its struggling microchip operations, in a move that could smooth the way for partnerships with other chip makers, a company source said on Sunday.
Fujitsu’s system chips, used in products ranging from digital cameras to supercomputers, have been hurting from high development costs and price falls, even as annual sales have inched up 3 percent to 473.5 billion yen in the year to March 2007.
The business, close to 10 percent of Fujitsu’s overall sales, posted a loss of 5 to 6 billion yen in the April-September period, executives have said. The business is expected to edge into the black in the October-March period, said the source, who was briefed on the spin-off plan.
Fujitsu is likely to spin off the business as a wholly-owned subsidiary, as a prelude toward further reorganisation, said the source, who was briefed on the plan.
Price falls and a shortage of engineers, coupled with massive investment costs, are prompting system chip makers to band together as they race to move to smaller circuit sizes to cut production costs and make energy-efficient and powerful chips.
Domestic peers Toshiba Corp 6502.T and NEC Electronics Corp 6723.T have said they would work together in making next-generation 32-nanometre chips.
Matsushita Electric Industrial Co Ltd 6752.T and unlisted Renesas, a joint venture between Hitachi Ltd 6501.T and Mitsubishi Electric Corp 6503.T, are also considering joint develop of 32-nanometre chips. (Reporting by Mayumi Negishi and Kentaro Hamada; Editing by Lincoln Feast)
Our Standards: The Thomson Reuters Trust Principles.
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9d25735c78439fae5e9e3aa70fc4821b | https://www.reuters.com/article/rbssTechMediaTelecomNews/idUSTKV00630520091116 | Canon to buy Netherlands' Oce for 730 mln euros | Canon to buy Netherlands' Oce for 730 mln euros
By Reuters Staff1 Min Read
TOKYO, Nov 16 (Reuters) - Canon Inc 7751.T said on Monday it will launch a tender offer for shares in Dutch office equipment maker Oce OCEN.AS. It plans to spend 730 million euros ($1.09 billion) to buy all Oce shares.
The Japanese copier and digital camera maker plans to offer 8.6 euros per Oce share. (Reporting by Kiyoshi Takenaka)
Our Standards: The Thomson Reuters Trust Principles.
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d891a38e796843c85da428a17c3e5616 | https://www.reuters.com/article/rbssTechMediaTelecomNews/idUSWEN269320090821 | AT&T says had no role in iPhone Google app rejection | AT&T says had no role in iPhone Google app rejection
By Reuters Staff1 Min Read
WASHINGTON, Aug 21 (Reuters) - AT&T Inc T.N, the exclusive carrier for the iPhone, on Friday said it played no role in a decision by Apple Inc AAPL.O to reject Google Inc's GOOG.O voice application on the popular handset.
“Let me state unequivocally, AT&T had no role in any decision by Apple to not accept the Google Voice application for inclusion in the Apple App Store,” said Jim Cicconi, AT&T senior executive vice president for external and legislative affairs.
“AT&T was not asked about the matter by Apple at any time, nor did it offer any view one way or the other,” Cicconi said in a statement, accompanying a response to a regulatory inquiry into the rejection of Google’s voice application by Apple.
Regulators at the Federal Communications Commission on July 31 sent letters to the three companies seeking additional information over the matter. Responses were due Friday. (Reporting by John Poirier and Sinead Carew; Editing by Gary Hill)
Our Standards: The Thomson Reuters Trust Principles.
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319f919244597063d805aa36e7cdb8d6 | https://www.reuters.com/article/rbssTechMediaTelecomNews/idUSWEN320020080102 | LDK Solar expects 2008 revenue of $960 mln-$1 bln | LDK Solar expects 2008 revenue of $960 mln-$1 bln
By Reuters Staff1 Min Read
NEW YORK, Jan 2 (Reuters) - Solar wafer maker LDK Solar Co Ltd LDK.N reported on Wednesday it expected revenue in 2008 to be between $960 million and $1 billion.
The Jiangxi, China-based company also forecast wafer shipments of 510 MW to 530 MW in 2008, and 1,050 MW to 1,150 MW in 2009. It also forecast gross margins between 26 percent to 31 percent in 2008, and 42 percent to 50 percent in 2009. (Reporting by Ritsuko Ando; editing by Sue Thomas)
Our Standards: The Thomson Reuters Trust Principles.
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07a9662b908950a335b68e758fd4896d | https://www.reuters.com/article/rbssTobacco/idUSLA20333020090210 | Imperial Tobacco plans euro, sterling bonds -IFR | Imperial Tobacco plans euro, sterling bonds -IFR
By Reuters Staff1 Min Read
LONDON, Feb 10 (Reuters) - Imperial Tobacco IMT.L plans a seven-year euro bond and a 13-year sterling bond, IFR reported on Tuesday.
Guidance has been set at mid-swaps plus 525 to 537.5 basis points on the euro issue and at gilts plus around 500 basis points for the sterling tranche, said IFR Markets, a Thomson Reuters online news and market analysis service.
Imperial Tobacco has appointed Citi, Deutsche Bank, Royal Bank of Scotland and Banco Santander as joint lead managers for the issue, IFR reported.
The bond documentation includes a provision for a 125 basis point step-up in the coupon in the event of a downgrade to speculative-grade ratings, IFR said.
Imperial Tobacco is rated BBB by Standard & Poor’s, Baa3 by Moody’s Investors Service and BBB- by Fitch.
Our Standards: The Thomson Reuters Trust Principles.
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eb336f116c923722c3254bf0bc05cd09 | https://www.reuters.com/article/rbssWirelessTelecommunicationServices/idUSDEL29201020080825 | India adds 9.22 mln mobile users in July-regulator | India adds 9.22 mln mobile users in July-regulator
By Reuters Staff2 Min Read
NEW DELHI, Aug 25 (Reuters) - Indian mobile telecoms firms added 9.2 million users in July, taking subscribers in the world’s fastest growing wireless market to nearly 300 million, the Telecom Regulatory Authority of India said on Monday.
Leading mobile firm Bharti Airtel BRTI.BO signed up 2.7 million customers, enough for it to overtake state-run Bharat Sanchar Nigam Ltd as India's largest telecom firm by total subscribers, including fixed-line subscribers.
Second-ranked mobile firm Reliance Communications RLCM.BO added 1.75 million customers, and No. 3 Vodafone Essar, controlled by Britain's Vodafone Plc VOD.L, added 1.76 million.
India is the world’s fastest-growing market for wireless services and the second-largest market for such services after China, with growth fuelled by cheap handsets and call rates as low as 1 U.S. cent a minute.
The regulator’s data showed Indian wireless phone users rose to 296.1 million in July, while fixed-line line subscriptions fell by around 160,000 to 38.8 million. (Reporting by Rakesh Sharma; Editing by John Mair)
Our Standards: The Thomson Reuters Trust Principles.
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1afdcf2e372be8380246eb892d15ab01 | https://www.reuters.com/article/rbssWirelessTelecommunicationServices/idUSN0330694120080904 | Cablevision rolls out wireless Web in NY suburbs | Cablevision rolls out wireless Web in NY suburbs
By Yinka Adegoke3 Min Read
NEW YORK (Reuters) - New York cable TV operator Cablevision Systems Corp has started rolling out a free Wi-Fi network for subscribers who want to access the Web via laptops and other wireless devices.
Cablevision on Thursday said the Optimum Wi-Fi is free for existing subscribers to its Optimum home Internet service.
It said the service is already activated in commercial and high-traffic areas in the Long Island, New York suburbs of Nassau County and parts of Suffolk County. The cable operator has more than 2.4 million Internet subscribers, more than half of the homes passed by its cable systems.
The new Cablevision Wi-Fi network is already the largest in the country, according to analysts at Yankee Group.
Cablevision first said in May it was planning a Wi-Fi service and forecast capital investment of around $350 million to build it out.
“We believe free and broadly available Wi-Fi access will become an important and popular enhancement for our Optimum Online customers,” said Tom Rutledge, Cablevision’s chief operating officer in a statement on Thursday.
Free Wi-Fi for loyal subscribers could help Cablevision in its bid to fend off competition from Verizon Communications, which is mounting an aggressive campaign in Long Island with an advanced fiber optic-based video, high-speed Internet and phone service dubbed FiOS.
The move could also help allay investor concerns that phone companies such as Verizon and AT&T Inc may have a competitive advantage as more video and Web services go wireless via technologies such as Wi-Fi and WiMax.
Wi-Fi has become more widespread in use as popular mainstream devices such as Apple Inc’s iPhone and iPod Touch offer Wi-Fi capability.
“The latest frontier is Wi-Fi connectivity for cameras, media players and printers,” said Berge Ayvazian, Yankee Group, chief strategy officer. “By mid-2009, we will start seeing a new category of ‘mobile Internet devices’ all of which will be Wi-Fi connected.”
Cablevision said the new service delivers download and upload speeds of up to 1.5 megabits-per-second, which is comparable to DSL connections from telephone companies, but would be slower than Cablevision’s own cable connection speeds of around 15 megabits a second.
Other cable operators also are looking at wireless strategies, but are taking different paths from Cablevision. In May, the two largest cable providers Comcast Corp and Time Warner Cable Inc teamed up with wireless companies Sprint Nextel and Clearwire Corp in a $14.5 billon wireless venture that will use WiMax technology to offer video and data services.
Editing by Andre GrenonOur Standards: The Thomson Reuters Trust Principles.
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95d640fa3e2250e81b83a8567169e117 | https://www.reuters.com/article/rbssWirelessTelecommunicationServices/idUSN0452807120090804 | REFILE-Brazil's TIM says higher EBITDA margins possible | REFILE-Brazil's TIM says higher EBITDA margins possible
By Reuters Staff2 Min Read
(Refiling to correct date in dateline)
SAO PAULO, Aug 4 (Reuters) - Brazilian mobile phone carrier TIM Participacoes TCSL3.SATSU.N expects higher revenue from prepaid mobile phone sales and rising market share to help boost operational margins in the coming quarters, executives told analysis on a conference call on Tuesday.
Earnings before interest, taxes, depreciation and amortization, a measure of cash flow and operational profitability known as EBITDA, rose 15.5 percent to 736 million reais in the second quarter from 637 million reais in the same period of 2008, the company said in a statement.
EBITDA as a proportion of sales, known as the EBITDA margin, should improve throughout the next few months, according to Luca Luciani, the TIM executive hosting the call.
The company reported on Monday a second-quarter net loss of 15.2 million reais ($8.3 million), compared with a loss of 66.3 million reais a year earlier. TIM, also known as TIM Brasil, is an affiliate of Telecom Italia TLIT.MI. (Reporting by Guillermo Parra-Bernal, editing by Gerald E. McCormick)
Our Standards: The Thomson Reuters Trust Principles.
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f190afc5ce360c257f01909547fb8fa5 | https://www.reuters.com/article/RCOMUS_Energy/idUSKBN2BV05K | China EV battery maker Octillion looks to cash in on carbon neutral drive | China EV battery maker Octillion looks to cash in on carbon neutral drive
By Reuters Staff3 Min Read
HEFEI, China (Reuters) - China’s push towards carbon neutrality as well as its growing manufacturing might will allow electric vehicles (EV) to compete equally with standard cars by 2030 and drive the sector to new heights, the head of a leading Chinese EV battery maker said.
“Obviously, battery cost is the main driver,” said Peng Zhou, chief executive of Octillion Power Systems, a lithium-ion battery supplier headquartered in Hefei in Anhui province. “Economies of scale alone, coupled with innovation, will be sufficient to reach the parity line by 2030.”
China, the world’s biggest producer of climate-warming greenhouse gases, aims to bring emissions to a peak before 2030 and to become carbon neutral by 2060.
Tougher emission standards, more competitive EV models and a national commitment to curb greenhouse gas are driving growth, said Zhou, whose firm designs and builds customised battery modules for automakers and counts Total, Softbank and Samsung Venture Investment among its shareholders.
“We are assuming the carbon peak is going to occur and carbon neutrality is going to occur, and that pushes the entire sector,” he said.
The company supplied 10% of the country’s battery EV market in the second half of 2020, and aims to raise production capacity from 1.4 gigawatt-hours last year to more than 22 gigawatt-hours by 2025. It shipped 95,191 units in 2020, up from 24,844 a year earlier.
It is also aiming to diversify geographically and build on existing business in Brazil, India and North America.
Environmental groups have warned the boom in EV ownership will cause a surge in battery waste. Chinese cities have responded to the challenge by setting up recycling schemes.
Zhou said batteries contain scarce resources like nickel and cobalt, and he was not worried about any imminent “pollution nightmare”.
“By sheer economics there is money to be made reclaiming all the stuff,” he said. “I don’t think people are going to throw them away or dump them randomly somewhere because there is value in there.”
Reporting by David Stanway; Editing by Ana Nicolaci da CostaOur Standards: The Thomson Reuters Trust Principles.
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5716693232ae673226488541030d0576 | https://www.reuters.com/article/RCOMUS_Energy/idUSKBN2BV07Z | Oil flat as weaker dollar offsets coronavirus demand worries | Oil flat as weaker dollar offsets coronavirus demand worries
By Scott DiSavino3 Min Read
NEW YORK (Reuters) -Oil prices were little changed on Thursday as a falling dollar and rising stock markets offset earlier declines caused by a big increase in U.S. gasoline stockpiles and subdued demand compared with pre-pandemic levels.
FILE PHOTO: Pump jacks operate at sunset in Midland, Texas, U.S., February 11, 2019. REUTERS/Nick Oxford
Brent futures rose 4 cents, or 0.1%, to settle at $63.20 a barrel, while U.S. West Texas Intermediate (WTI) crude ended 17 cents, or 0.3%, lower at $59.60.
“Crude prices are struggling for direction as short-term COVID pressures are countered by a much weaker U.S. dollar,” said Edward Moya, senior market analyst at OANDA in New York.
The U.S. dollar fell to a two-week low against a basket of currencies, tracking Treasury yields lower, after data showed a surprise rise in U.S. weekly jobless claims.
A weaker dollar makes oil cheaper for holders of other currencies, which usually helps boost crude prices.
The S&P 500, meanwhile, hit a record high and the Nasdaq was at a seven-week peak, helped by gains in tech-related stocks, a day after the Federal Reserve reiterated its pledge to remain ultra-dovish until the economic recovery is more secure.
U.S. gasoline inventories rose sharply by 4 million barrels to a little more than 230 million barrels as refiners ramped up output before the summer driving season, the U.S. Department of Energy said on Wednesday. [EIA/S]
“A huge build in road fuel stocks is not what the market was expecting and concerns over the speed of the oil demand recovery resurfaced, leaving traders wondering how stable road fuel usage actually is,” said Rystad Energy analyst Bjornar Tonhaugen.
Russia said the fallout from the COVID-19 pandemic on the global consumption of oil may last until 2023-2024, according to a draft government document seen by Reuters.
While oil demand remains weakened by the impact of the coronavirus, crude production looks set to rise.
Last week, the Organization of the Producing Countries (OPEC) and its allies, including Russia, a group known as OPEC+, agreed to bring back about 2 million barrels per day (bpd) of production over the next three months.
Iran and the United States held talks with other powers on reviving a nuclear deal that almost stopped Iranian oil from coming to market, reviving tentative hopes Tehran might see some sanctions lifted and add to global supplies.
Data intelligence firm Kpler said the U.S.-Iran negotiations provide potential for 2 million bpd in additional oil supply if a deal is struck.
Russian oil output increased from average March levels in the first few days of April, traders said.
In the United States, energy research firm East Daley lifted its rig and production outlook for the Permian Basin in Texas and New Mexico following a 22% rally in WTI prices during the first quarter. The firm said that price rise set the stage for years of additional oil and natural gas output from the shale formation.
Additional reporting by Shadia Nasralla in London and Aaron Sheldrick in Tokyo; Editing by Marguerita Choy and Susan FentonOur Standards: The Thomson Reuters Trust Principles.
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a1974ea895f6a62c4374dbbc31f70298 | https://www.reuters.com/article/RCOMUS_Energy/idUSKBN2BV1CA | Japan, UAE to collaborate on hydrogen technology, supply chain | Japan, UAE to collaborate on hydrogen technology, supply chain
By Reuters Staff2 Min Read
TOKYO (Reuters) - Japan and the United Arab Emirates on Thursday agreed to work together on technology to produce hydrogen and create an international supply chain, Japan’s industry ministry said.
The collaboration, marked by a memorandum of cooperation between the oil-producing UAE and energy-importer Japan, reflects mounting enthusiasm for investment in hydrogen, which offers potential to help fight climate change.
Japan’s government set a goal in December to boost its annual hydrogen demand to 3 million tonnes by 2030, from about 2 million tonnes now, and to 20 million tonnes by 2050, as part of a green growth strategy to reach net zero carbon emissions by 2050.
The aim of Thursday’s agreement is that Japan should be able to import hydrogen produced in the UAE, which may be produced from fossil fuel but whose emissions are captured and used in industry.
The two countries will also cooperate to boost hydrogen demand in the UAE.
Hydrogen, mostly extracted from natural gas or coal production, has long been used in applications ranging from rocket fuel to making fertilisers.
But as goverments seek to address climate change, the goal is to shift to emissions-free green hydrogen produced using renewable power and to broaden its use to include replacing fossil fuel energy in industrial processes and using it as transport fuel. But there are still many hurdles involving cost and infrastructure.
Reporting by Yuka Obayashi; editing by Barbara LewisOur Standards: The Thomson Reuters Trust Principles.
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95f2ff846ab6a2997939721325342c6c | https://www.reuters.com/article/RCOMUS_Energy/idUSKBN2BV1GR | Analysis: India, Indonesia benefit as China's ban on Australian coal reshapes trade flows | Analysis: India, Indonesia benefit as China's ban on Australian coal reshapes trade flows
By Muyu Xu, Sudarshan Varadhan, Melanie Burton5 Min Read
BEIJING/CHENNAI (Reuters) - India and Indonesia have emerged as key beneficiaries of a Chinese ban on Australia’s coal exports which is expected to further shift global trade in the fuel used for power generation and steelmaking this year.
FILE PHOTO: Coal is unloaded onto large piles at the Ulan Coal mines near the central New South Wales rural town of Mudgee in Australia, March 8, 2018. REUTERS/David Gray/File Photo
Australia, the world’s biggest coal exporter, will continue to benefit from growing Indian demand for its coal, made cheaper after it was shunned by China, analysts said. Coal traders and buyers expect India’s buying spree of Australian coal to last into next year due to its price and quality.
China has targeted various Australian products with unofficial import restrictions since March 2020 as relations between the two countries soured.
The ban has also benefited coal exporters in Indonesia, Mongolia and Russia as China’s buyers switched suppliers, according to the latest Chinese customs data. Indonesia’s coal miners signed a $1.5 billion supply deal with China in November.
“Global trade flows will be self-adjusting with Australian coal flowing to Indian and European markets and South African and Colombian sources coming into China,” said Winston Han, chief analyst from China Coal Transportation and Distribution Association at a Coaltrans seminar this week.
As the largest consumer of most commodities apart from oil, China has long had a heavy influence on resources trade through its sheer size. But the ban has particularly benefited Indian buyers, while Chinese importers are complaining that they are having to pay more for lower quality coal from other countries.
Indian cement companies last year started snapping up cargoes of Australian coal that were being offered at steep discounts after being turned away from China, said Kirit C Gandhi, joint president at Indian cement firm Shree Cement.
India became the second-biggest buyer of Australian thermal coal in February, according to data from consultancy Lavi Coal Info, as it bought less coal from its traditional suppliers Indonesia and South Africa.
Australia, already India’s biggest supplier of metallurgical coal, accounted for around 20% of India’s thermal coal imports in the first two months of 2021, up from a little over 4% on average in 2020, according to data from Lavi Coal Info.
GRAPHIC: Australian and American share in Indian thermal coal imports
Lavi Coal Director Vasudev Pamnani said he expects Australia to maintain a 15-20% market share in India’s market for thermal coal for the rest of 2021, mainly at the expense of Indonesia and South Africa, both of which have ramped up supplies to China.
“Australia has no (new) big market other than India,” said Rajendra Singh Talan, managing director at Komin India Resources Pvt Ltd, an Indian commodities trading firm.
GRAPHIC: Indonesian and South African share in Indian thermal coal imports
Only in Japan, the world’s third-biggest coal importer, has Australia’s dominance remained steady around the 60% market share it had in 2020, according to official data.
CHINESE FALLOUT
China is expected to relax import restrictions on coal this year, apart from on Australia, with its total coal imports expected to reach around 300 million tonnes in 2021, compared to 304 million tonnes in 2020, Han said.
China has imposed import quotas on coal to protect domestic miners.
GRAPHIC: China's thermal coal imports by origins
For Australia, the ban has cut total coal exports by more than 7% to 198 million tonnes in 2020-21 from 213 million tonnes in 2019-20.
“However, exports are projected to increase to 231 million tonnes by 2025-26 as supply chains adjust and global markets increasingly prioritise high-quality coal,” the government resources bureau said.
Analysts warned that the trade reshuffle will make it harder for China’s buyers to source the high quality metallurgical coal that Australia specializes in.
“If imports from Australia are absent long-term, it will force Chinese steel mills to adjust their coking coal recipe to replace the missing types,” said Dongbin Feng, analyst from China-based Fenwei consultancy.
GRAPHIC: China's coking coal imports by origins
“Theoretically, supply from Russia, Mongolia, Canada and the U.S. can be the alternative, but these countries have their own problems,” Feng said.
The ban has also hit Chinese utilities, which have complained to state planners about high prices and low inventories in the first quarter, said a Beijing-based coal trader. Record low temperatures during the winter that just ended sent demand for heating surging.
Reporting by Muyu Xu in Beijing, Sudarshan Varadhan in Chennai and Melanie Burton in Melbourne; Writing by Aaron Sheldrick; Editing by Ana Nicolaci da CostaOur Standards: The Thomson Reuters Trust Principles.
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668a2f28828e266f266ff63c81d02d86 | https://www.reuters.com/article/RCOMUS_Energy/idUSKBN2BV1I5 | China's capital envisages 10,000 fuel cell vehicles by 2025 | China's capital envisages 10,000 fuel cell vehicles by 2025
By Reuters Staff2 Min Read
FILE PHOTO: Visitors look at a display of Toyota's Mirai hydrogen fuel-cell vehicle during the second China International Import Expo (CIIE) in Shanghai, China November 6, 2019. Picture taken November 6, 2019. REUTERS/Yilei Sun/File Photo
SINGAPORE (Reuters) - The city of Beijing aims to have over 10,000 fuel cell vehicles on the road and build 74 hydrogen filling stations by 2025, as the Chinese capital maps out an ambitious plan to develop the low-carbon fuel, state media reported on Thursday.
China is the world’s largest green house gas emitter but is aiming for carbon-neutrality by 2060. It is leading the global expansion in renewable energy like solar and wind power, and has in the last few years begun early planning for venturing into hydrogen.
Many provinces and cities are scrambling to map out hydrogen plans and are calling for state subsidies to help spur the sector.
The capital forecasts its hydrogen use for road transport and power generation to reach 50 tonnes a day by 2023, and 135 tonnes by 2025, Beijing Daily reported, citing a local government draft plan for 2021-2025.
Part of the new hydrogen vehicle fleet would be those deployed for the 2022 Winter Olympics Games due to take place in and near Beijing, before being expanded to ply highways in the Beijing-Tianjin-Hebei region to replace heavy-duty trucks powered by diesel fuel.
Between 2021 and 2025, some 4,400 trucks are expected to shift to fuel cells, displacing 145,000 tonnes of diesel consumption annually, the report said.
At the end of 2020, China had fewer than 10,000 trucks and buses powered by hydrogen, with annual use of the fuel at 3,000 tonnes, the world’s second-largest after the United States.
Beijing-based commercial vehicle maker Beiqi Foton Motor said last September it aimed to sell 4,000 hydrogen vehicles by 2023, and 15,000 such vehicles by 2025.
Beijing will source part of the hydrogen production from Yanshan Petrochemical Corp, owned by state refiner Sinopec Corp, which wants to become China’s No.1 hydrogen player.
Reporting by Chen Aizhu; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.
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ddd07adce4a6abbdab4a5e16d9997684 | https://www.reuters.com/article/RCOMUS_Energy/idUSKBN2BV1P4 | EDF Energy could bring forward decommissioning of Dungeness B nuclear plant | EDF Energy could bring forward decommissioning of Dungeness B nuclear plant
By Nina Chestney2 Min Read
LONDON (Reuters) -EDF Energy, owned by French utility EDF, is exploring a range of scenarios for its Dungeness B nuclear plant in Britain, including bringing forward its decommissioning date of 2028, it said on Thursday.
Slideshow ( 2 images )
The phasing out of ageing nuclear and coal-fired power plants, combined with declining North Sea oil and gas output, is putting pressure on Britain to develop new sources of energy and build new nuclear plants, something it has not done in around three decades.
The 1.1 gigawatt Dungeness B plant, in Kent on the south coast of England, has been offline since 2018 as the company has been carrying out inspections and maintenance of pipes carrying steam to the turbine.
EDF Energy has also been trying to complete repair work on corrosion identified during inspections of safety back-up systems.
The plant is currently forecast to return to service in August. It was designed in the 1960s and first started generating electricity in 1983.
EDF Energy said it has spent more than 100 million pounds ($138 million) on the plant during its current outage and it has a number of ongoing technical challenges that make its future uncertain.
The plant is scheduled to be decommissioned in 2028.
However, a range of options is being explored, such as moving directly into the defuelling phase later this year, if it cannot return to service as planned this August.
EDF Energy said it could also decide to bring forward its end of generation date or continue the plant’s operation until the scheduled decommissioning date.
The company said it expects to make a decision on the plant in the next few months.
Last year, EDF Energy said it would close its Hinkley Point B and Hunterston B nuclear plants earlier than planned. They are scheduled to close in 2022 and 2021 respectively. [POWER/GB]
($1 = 0.7265 pounds)
Reporting by Nina ChestneyEditing by David Goodman and David EvansOur Standards: The Thomson Reuters Trust Principles.
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323b1104904f62572a8687ad4fd007b8 | https://www.reuters.com/article/RCOMUS_Energy/idUSKBN2BV1QV | Analysis: Saudi $7 trillion investment goal puts spotlight on oil prices | Analysis: Saudi $7 trillion investment goal puts spotlight on oil prices
By Davide Barbuscia6 Min Read
DUBAI (Reuters) - In order to wean Saudi Arabia off its dependency on crude the kingdom needs higher oil prices.
FILE PHOTO: Flames are seen at the production facility of Saudi Aramco's Shaybah oilfield in the Empty Quarter, Saudi Arabia May 22, 2018. REUTERS/Ahmed Jadallah/File Photo
A multi-trillion dollar spending push designed to diversify the economy’s sources of income will require state companies to cut the dividends they pay the government to boost capital spending, Crown Prince Mohammed bin Salman has said.
It is not clear how much companies like oil group Saudi Aramco - whose $75 billion dividends last year were vital to support state revenues - would cut their dividends, but any reduction would likely need to be compensated by higher oil prices, analysts say.
“If dividends are lowered, a higher oil price would boost Aramco transfers to the sovereign through taxes and royalties instead,” Jean-Michel Saliba, MENA economist at Bank of America, said in a research note.
This leaves crude revenues at the centre of the kingdom’s strategy targeting 27 trillion riyals ($7.2 trillion) in domestic spending by 2030.
The scale of the investment plan means OPEC leader Saudi Arabia may need to curb supply over the coming years to boost oil prices. This was already visible in early 2021 with the kingdom implementing unilateral production cuts and keeping output steady for April, said Monica Malik, chef economist at Abu Dhabi Commercial Bank.
“Saudi Arabia has managed to keep cohesion in the OPEC+ group so far, though there were some signs of greater internal and external pressure to raise group output from May,” she said. OPEC and its allies including Russia are known as OPEC+.
The fiscal benefits of higher oil prices can outweigh the impact on the economy of lower oil production.
A finance ministry spokesman said the kingdom and OPEC+ have immediate and longer term views on maintaining stable oil prices “for the benefit of all concerned”, and will continue to respond to global events and supply and demand issues in line with this objective.
While it is up to the companies participating in the new programme to decide how to fund their investments, the ministry anticipates a range of funding avenues, “of which dividends are one amongst many options including soft loans, debt and other financial instruments,” he said.
SPENDING TRANSFERS
Hit hard by lower crude revenues and the coronavirus crisis last year, the Saudi government cut its budget by around 7% for 2021 to tame a deficit which nearly tripled last year to 12% of gross domestic product (GDP) from 4.5% of GDP in 2019.
It plans to reduce expenditure to 941 billion riyals in 2023 from 990 billion riyals this year, therefore Prince Mohammed’s target of 10 trillion riyals in government expenditure over the 2021-2030 period implies this year’s spending will remain unchanged on average over the next decade.
This could put pressure on the treasury.
Ratings agency Fitch expects a fiscal deficit of about $40 billion this year, assuming an average oil price of $59 a barrel, average oil production of 8.7 million barrels a day, and total spending of 1 trillion riyals.
The government would need prices of $76 per barrel to have a balanced budget this year, but under the current dividend policy, and as production recovers, the breakeven price could come down to around $60 a barrel, said Krisjanis Krustins, director in Fitch’s sovereign team.
“So it seems clear to me that to meet those spending plans while accepting a reduction in the Aramco dividend, the government would need higher non-oil revenue, higher oil prices/production, or some adjustment to its target of fiscal balance by 2023,” he said.
Oil prices will stabilise around $63 per barrel this year, as vaccine rollouts support demand and OPEC+ continues to rein in supply, a Reuters poll showed last week.
Brent crude was trading at $62.84 a barrel by 1013 GMT on Thursday. [O/R]
S&P Global Ratings analyst Ravi Bhatia said if the strategy leads to increased investment by large corporations in the economy, diversification and higher growth, this will in turn support fiscal revenues in the medium term.
The finance ministry spokesman said medium term fiscal consolidation plans outlined in the 2021 budget are unlikely to change significantly.
“We are looking to work in partnership with the private sector through various means such as PPP (public private partnerships), privatisations and other means to transfer the capital expenditure more from the government over this period.”
FUNDING GAP
Saudi Arabia’s push on domestic investment comes as foreign direct investment (FDI) into the country remains behind targets.
Net FDI totalled $5.5 billion last year but the plan outlined by the crown prince sees FDI flows of over $500 billion in the next 10 years.
Even putting that aside, local investment targets will be tough to meet, said Bank of America’s Saliba.
“The bulk of the investment program appears to encompass the broader public sector (including the Public Investment Fund, Saudi Aramco and Sabic), but a funding gap remains.”
The PIF has said it is targeting annual investments of 150 billion riyals between 2021 and 2025.
Extending this pace to 2030 would bring PIF’s total investments to 1.5 trillion riyals between 2021 and 2030.
“This suggests the PIF investments would need to double to reach the 3 trillion riyals level, a target that appears overly ambitious, in our view,” Saliba said.
The crown prince said PIF plans to offload some of its stakes in local firms and projects and Aramco, which listed in 2019, would sell more shares to bolster PIF’s coffers.
PIF, which did not respond to a comment request, funds itself through capital injections from the government, transfer of government assets, by retaining earnings from investments and with debt.
($1 = 3.7503 riyals)
Reporting by Davide Barbuscia; additional reporting by Yousef Saba; Editing by Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.
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15c447c3ae0b98d1f47c37c43ad38306 | https://www.reuters.com/article/RCOMUS_Energy/idUSKBN2BV1WK | Valero warns of bigger first-quarter loss on costs from Texas deep freeze | Valero warns of bigger first-quarter loss on costs from Texas deep freeze
By Arathy S Nair2 Min Read
(Reuters) -U.S. refiner Valero Energy Corp on Thursday warned that its first-quarter loss would exceed the previous three months, joining the ranks of energy firms hit hard by the severe winter storm in Texas in February.
FILE PHOTO: A Valero Energy Corp. gas station is pictured in El Cajon, California, U.S., August 8, 2017. Picture taken August 8, 2016. REUTERS/Mike Blake/File Photo
The cold wave in U.S. central and southern states has disrupted power and gas supply and knocked refineries, oil production and chemical plants out of commission for several weeks, resulting in companies including Exxon Mobil warning of a profit hit.
Valero said it expects net loss attributable to its stockholders in the range of $1.81 to $2.05 per share for the first quarter, compared with an 88 cents loss in the fourth quarter.
The company estimated the impact of excess electricity and natural gas costs, incurred mainly by its refining and ethanol business segments, to be between $1.14 and $1.18 per share.
U.S. Gulf Coast refining segment’s operating income would be hit by about $480 million due to the additional costs, while the U.S. Mid-Continent region’s income could be impacted by as much as $45 million.
“The higher natgas and electricity costs were definitely above our expectations,” Tudor, Pickering, Holt & Co analyst Matthew Blair said, adding that Valero has elevated Texas exposure as 50% of its refining capacity is in the state.
In comparison, rival Marathon Petroleum Corp has only 25% of its capacity in Texas, while Phillips 66 has just about 16%.
Excluding the one-time hit from energy costs, Valero’s outlook was in line with consensus, Blair as well as Cowen and Co analysts said.
Last week, Exxon Mobil said the cold snap would cut its first-quarter profit by up to $800 million, while Phillips 66 forecast a bigger-than-expected adjusted loss for the quarter, citing impact to its U.S. Gulf Coast petrochemical operations.
Shares of Valero, which is set to report first-quarter results on April 22, were down 2.6% at $72.44 in early trading.
Reporting by Arathy S Nair in Bengaluru; Editing by Devika Syamnath and Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.
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252dda90e45f9ec430800fceaae2be70 | https://www.reuters.com/article/RCOMUS_Energy/idUSKBN2BV21L | China drills deep in disputed South China Sea | China drills deep in disputed South China Sea
By Reuters Staff2 Min Read
FILE PHOTO: The Chinese national flag is seen in Beijing, China April 29, 2020. REUTERS/Thomas Peter/File Photo
BEIJING (Reuters) - China has drilled deep in the South China Sea to retrieve sediment core from the seabed, state media reported on Thursday, amid tensions over disputed waters with rival claimants Taiwan and the Philippines, as well as with the United States.
Chinese scientists on a marine research vessel used China’s home-made “Sea Bull II” drilling system to obtain a sediment core 231 metres (253 yards)long at a depth of 2,060 metres (6,760 feet), the official Xinhua news agency said.
The system can help explore natural gas hydrate resources in the seabed, Xinhua added, referring to the solid ice-like crystals formed from a mixture of methane and water that are touted as a promising source of energy.
It was unclear exactly where the drilling took place in the South China Sea, around 90% of which is claimed by Beijing as its territorial waters. Malaysia, the Philippines, Taiwan, Vietnam and Brunei also lay claim to parts of the sea, which has vast oil and gas potential.
Tensions in the region have escalated since a U.S. Navy strike group entered the South China Sea on Sunday. That came after the president of the Philippines, a U.S. ally, voiced concern about Chinese vessels massing in Manila’s 200-mile (320-km) exclusive economic zone.
Self-ruled Taiwan, which China also claims as its own territory, has threatened to shoot down Chinese drones spotted circling the Taipei-controlled Pratas Islands in the South China Sea.
China’s oil and gas exploration activities in the South China Sea have stoked tensions before, notably when state-run China National Offshore Oil Corp (CNOOC) deployed a deepwater drilling rig in Vietnam-claimed waters in 2014.
Reporting by Ryan Woo; writing by Tom Daly; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.
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96fb4f490c529e19ccb5293bae6b292b | https://www.reuters.com/article/RealEstate07/idUSN2625074420070626 | GE bullish on Mexican, Brazilian real estate | GE bullish on Mexican, Brazilian real estate
By Scott Malone2 Min Read
NEW YORK (Reuters) - General Electric Co. GE.N is increasing its real estate investments in Mexico and looking to enter the Brazilian property market in a bid to increase its exposure to those growing Latin American economies, a top executive said on Tuesday.
“We see Brazil as maybe the next Mexico,” Joseph Parsons, president of North American equity at GE Real Estate said at the Reuters Real Estate Summit in New York. “The country is stabilizing; the government is proactive and business-oriented; it has enormous natural resources; it has a growing middle class; it has a lot of positive dynamics.”
Parsons said GE is starting to recruit its Brazilian real estate team, but declined to provide details on the company’s investment goals in that country.
Brazil’s economy has been on a strong growth path of late, with a government-linked think tank forecasting 4.3 percent gross domestic product growth this year and foreign investment on the rise.
In Mexico, where GE Real Estate has operated for 10 years, the company plans to invest about $400 million in industrial space over the next three months, Parsons said.
“We’re seeing more job formation there and more jobs coming to Mexico,” Parsons said. “They continue to upgrade their manufacturing capabilities; they continue to invest in education ... You have a growing middle class and more opportunity.”
The Mexican government expects GDP to rise about 3.3 percent this year. Businesses face a possible rise in taxes as new President Felipe Calderon seeks to plug budgetary gaps.
In addition, GE is participating in a project to build new retail centers, anchored by grocery stores, in Mexico.
“We’re providing what we would call world-class retail stock to a market that’s undersupplied,” Parsons said. “We’re picking our niches and we’re participating in the growing middle class.”
Our Standards: The Thomson Reuters Trust Principles.
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311f27859a2924d18a5f063c3f372865 | https://www.reuters.com/article/regionsfinancial-settlement/regions-financial-settles-401-case-for-22-5-mln-idUSL2N0JY21W20131219 | Regions Financial settles 401(k) case for $22.5 mln | Regions Financial settles 401(k) case for $22.5 mln
By Jonathan Stempel3 Min Read
Dec 19 (Reuters) - Regions Financial Corp agreed to a $22.5 million settlement with employees who claim to have lost lose money in their 401(k) retirement accounts because the regional bank exposed them to risky home loans and mismanaged some bond mutual funds ahead of the financial crisis.
According to settlement papers filed on Wednesday, employees lost money on Regions’ stock in their retirement accounts after the housing bubble burst, causing the bank’s portfolio of subprime, commercial real estate and exotic loans to sink in value. The employees claimed that the stock should not have been an investment option because Regions knew it was too risky.
Employees also accused Regions of offering as investment options some bond mutual funds that were advertised as safe but lost more than half their value because they were stuffed with subprime and other toxic debt. They also accused Regions of offering funds that carried excessive administrative fees.
A spokeswoman for Regions, which is based in Birmingham, Alabama, declined immediate comment on the settlement, which resolves breach of fiduciary duty claims.
The bond funds had been offered by Regions’ Morgan Keegan unit, now part of Raymond James Financial Inc.
Regions in June 2011 agreed to pay $210 million to settle charges by regulators including the U.S. Securities and Exchange Commission over the funds.
Wednesday’s settlement requires approval by U.S. District Judge Samuel Mays in Memphis, Tennessee, where Morgan Keegan was based. Lawyers for the employees will request attorneys’ fees later, court records show.
Regions has roughly $117 billion in assets and runs about 1,700 branches in 16 U.S. states.
In April 2012, the U.S. Department of the Treasury said Regions repaid the $3.5 billion it got under the 2008 Troubled Asset Relief Program, making it among the last of the larger U.S. banks to repay federal bailout funds.
On Friday, in a separate case, the U.S. Supreme Court agreed to weigh whether Fifth Third Bancorp, another regional bank, can be sued for having put company stock in its employee retirement plan ahead of the housing downturn.
The Regions case is In re: Regions Morgan Keegan Securities, Derivative and ERISA Litigation, U.S. District Court, Western District of Tennessee, No. 09-md-02009.
Our Standards: The Thomson Reuters Trust Principles.
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fcae655bd4b813833aa51147a2cfd64f | https://www.reuters.com/article/reliance-jio-silver-lake-stake/reliance-to-sell-750-million-stake-in-unit-to-silver-lake-on-track-to-cut-debt-idINKBN22G05X?edition-redirect=in | Reliance to sell $750 million stake in unit to Silver Lake, on track to cut debt | Reliance to sell $750 million stake in unit to Silver Lake, on track to cut debt
By Sankalp Phartiyal, Chris Thomas3 Min Read
NEW DELHI/BENGALURU (Reuters) - India's Reliance Industries Ltd RELI.NS said on Monday private equity firm Silver Lake will invest nearly $750 million in its digital arm, days after securing a $5.7 billion investment from Facebook Inc FB.O, boosting its efforts to cut debt.
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The deal adds to a flurry of fund-raising activity announced by the oil-to-telecoms conglomerate in recent weeks including a $7 billion share sale, with plans to eliminate $21.4 billion of net debt by the end of the year.
Reliance last week reported a 39% slump in March quarter profit, hit by a sharp fall in oil prices and lower fuel demand, and said at the time it had received investor interest for a Facebook-like deal. It did not give further details.
The 56.56 billion rupees ($746.7 million) deal with Silver Lake values Jio Platforms - the digital services entity that houses Reliance’s telecoms arm Jio Infocomm, its music and video streaming apps, at about $65 billion, Reliance said in a regulatory filing.
Silver Lake’s investment, at a 12.5% premium to the equity valuation of the Facebook deal, gives it slightly more than a 1%stake in Jio Platforms.
“Silver Lake has an outstanding record of being a valuable partner for leading technology companies globally,” Reliance Chairman and tycoon billionaire Mukesh Ambani said in a statement. “We are excited to leverage insights from their global technology relationships for the Indian digital society’s transformation.”
Silver Lake has about $40 billion in assets under management, and its portfolio of companies includes social media firm Twitter Inc TWTR.N, computer hardware maker Dell Technologies Inc DELL.N, and movie theatre chain AMC Entertainment Holdings Inc AMC.N.
Unlike traditional mobile carriers, which depended on voice services to make money, Ambani has always pitched Jio, which launched in late 2016, as a trailblazer tech company that has helped hundreds of millions of Indians use the Internet for the first time.
Facebook said late last month it would buy a 9.99% stake in Jio Platforms, as it looks to capitalise on WhatsApp’s 400-million strong user base in India and roll out services for grocers and small businesses.
The partnership will help Reliance use Facebook’s tech in its new businesses, while giving the U.S. tech giant’s India reach a massive fillip with a formidable partner in Ambani, who is widely perceived to be influential in government circles.
Silver Lake’s investment highlights Reliance’s ability to monetise its digital services business and further adds to the company’s already strong financial flexibility, Moody’s Investors Service said in a note.
Shares in the Mumbai-headquartered Reliance were trading down 1.3 in a broader Mumbai market .NSEI that was down 4.9% at of 0455 GMT.
Reporting by Sankalp Phartiyal and Chris Thomas; Editing by Aditya Soni, Shri Navaratnam and Gerry DoyleOur Standards: The Thomson Reuters Trust Principles.
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46f7ea3686f99a2861c64a7f8fe76407 | https://www.reuters.com/article/reliance-jio-vista-equity-partners-equit/update-2-indias-reliance-strikes-third-unit-stake-deal-raising-8-bln-in-2-weeks-idUSL4N2CQ0QC | India's Reliance strikes third unit stake deal, raising $8 billion in two weeks | India's Reliance strikes third unit stake deal, raising $8 billion in two weeks
By Sankalp Phartiyal, Kanishka Singh3 Min Read
NEW DELHI (Reuters) - India’s Reliance Industries Ltd on Friday announced a $1.5 billion stake sale in digital unit Jio Platforms, a third deal in a little over two weeks that will inject a combined $8 billion in the telecoms-to-energy group to help it pare debt.
FILE PHOTO: A woman rides her scooter past advertisements of Reliance Industries' Jio telecoms unit, in Ahmedabad, India, July 5, 2018. REUTERS/Amit Dave
Private equity firm Vista Equity Partners is buying a 2.3% stake in Jio Platforms, the unit that houses Reliance’s telecoms venture Jio Infocomm, for 113.67 billion rupees ($1.5 billion), Mumbai-headquartered Reliance said in a statement.
The investment gives Jio Platforms an equity value of 4.91 trillion rupees and an enterprise value of 5.16 trillion rupees, said Reliance, which is controlled by billionaire tycoon Mukesh Ambani.
The deal comes after Reliance cut a $5.7 billion deal with Facebook for a 9.99% stake in Jio Platforms on April 22, and just days after it secured a $750 million investment from private equity firm Silver Lake.
The deals, along with its plan to sell $7 billion in new shares, will help Reliance meet its target of eliminating $21.4 billion of net debt by the end of the year.
The negotiations between Reliance and Vista were built off personal connections between the private equity firm’s founder Robert Smith and Ambani, a person familiar with the matter said.
The discussions were led by Ambani’s close aide Manoj Modi and Brian Sheth, co-founder of Vista who is half-Indian and whose father hails from Ambani’s home state of Gujarat, the source added.
Unlike traditional mobile carriers which depend on voice services to make money, Ambani has pitched Jio as a trailblazer tech company by offering cheap mobile data plans that helped hundreds of millions of Indians use the internet for the first time.
Ambani is set to roll out a new retail venture, which combined with Jio and interests in education, music and films, could pose a challenge to established e-commerce firms such as Amazon and Walmart’s Flipkart.
The investments by Facebook, and private equity firms such as Vista and Silver Lake, which primarily fund tech platforms and not telecoms carriers, will further cement Jio Platforms’ position as a consumer-tech company, brokerage Axis Capital said in a note to clients.
These “deals are just a start and we expect many such marquee deals in the next 1-2 years, as this route provides much needed capital and advanced technologies,” the note added.
Shares in Reliance rose 4.4% in a broader Mumbai market which was trading 1.6% higher at 0514 GMT.
Reliance last month reported a 39% decline in March quarter profit, hit by a sharp fall in oil prices and lower fuel demand.
Vista Equity has more than $57 billion in capital commitments and has invested in companies across sectors including media and entertainment, healthcare and real estate.
Reporting by Sankalp Phartiyal and Kanishka Singh; Additional reporting by Juby Babu; Editing by Lincoln Feast and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.
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5228fc7907e600e61c85622c43f26992 | https://www.reuters.com/article/remy-results/chinas-thirst-for-cognac-helps-remy-third-quarter-sales-beat-forecasts-idINKCN1PG0DZ?edition-redirect=in | Remy aims to reassure over China concerns as sales rise | Remy aims to reassure over China concerns as sales rise
By Dominique Vidalon3 Min Read
PARIS (Reuters) - French spirits group Remy Cointreau posted stronger-than-expected third quarter sales and struck a confident note over its prospects in China, even as increasing signs of a slowdown in that country have started to hit global markets.
Cognac is poured into a glass at the Remy Martin distillery in Cognac, southwestern France, October 8, 2012. REUTERS/Regis Duvignau/File Photo
Group sales reached 348 million euros ($395 million) in the three months to Dec. 31, showing like-for-like growth of 8.7 percent which beat forecasts for an 8.2 percent increase.
The maker of Remy Martin cognac and Cointreau liquor, which is trying to sell more of its higher-priced spirits to boost profits, also kept its full-year profit growth guidance intact.
Finance chief Luca Marotta told analysts that Remy’s cognac sales in China were growing 20 percent on average.
“We are confident we can keep on with that trend,” said Marotta, who added he remained comfortable with market estimates for a 13.5 percent rise in full-year current operating profits.
Nevertheless, Remy shares fell 1.7 percent by mid-session trading, with global markets on the backfoot in the wake of data showing a slowdown in China - the world’s second-biggest economy and a key market for Remy along with the United States.
There is concern that trade tensions between Beijing and Washington could have a knock-on effect on Chinese consumers, whose appetite for branded goods has supported a rebound in the global luxury industry over the past two years.
‘ZEN’ OVER CHINESE SITUATION
Remy Cointreau, which makes the Louis XIII luxury cognac that sells for over $2,000 a bottle, would be particularly vulnerable to a slowdown in China, analysts have said.
“While China continues to show strong performance, wider macro concerns will likely continue to weigh on sentiment,” wrote analysts at investment bank Jefferies, which kept a “hold” rating on Remy shares.
Marotta told analysts that Remy was “quite zen-like” about a possible slowdown in China as it believed it was better prepared than in the past to react quickly to a crisis in China, having a more balanced brands portfolio and regional exposure.
The United States is Remy Cointreau’s top market, with the Americas region contributing 37 percent to sales against 35 percent for Asia-Pacific.
Remy said cognac sales were growing at double-digit rates across all regions. Cognac sales advanced by 15.6 percent in the third quarter, accelerating from 12 percent growth in the second quarter, and beating analysts’ expectations of 13.3 percent.
The group has focused on selling spirits priced at $50 a bottle or more as part of a strategy that has benefited from a rebound in Chinese demand as well as solid sales in the United States, its top market.
Gregoire Laverne, fund manager at Roche Brune Asset Management, said Remy’s results were solid and its share price reflected investors booking profits on a rally in the stock since the start of 2019 rather than more serious concerns.
Nevertheless, others were more cautious, with brokerage Liberum keeping a “sell” rating on Remy shares. ($1 = 0.8808 euros)
Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta/Keith WeirOur Standards: The Thomson Reuters Trust Principles.
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4713aabb93fbf2aa2ec11746c2582e8f | https://www.reuters.com/article/renault-mitsubishi/mitsubishi-corp-could-take-10-stake-in-renault-in-alliance-rejig-report-idUSL8N2BJ5WK | Mitsubishi Corp could take 10% stake in Renault in alliance rejig -report | Mitsubishi Corp could take 10% stake in Renault in alliance rejig -report
By Reuters Staff1 Min Read
PARIS, March 26 (Reuters) - Japanese conglomerate Mitsubishi Corp could potentially take a 10% stake in French carmaker Renault as part of scenarios being discussed to reinforce an alliance between Renault, Nissan and Mitsubishi Motors, Les Echos newspaper reported on Thursday.
Restructuring plans, plant closures and cost savings schemes are being discussed, with changes in the capital structure of the three-way alliance also envisaged, Les Echos reported.
Renault could not be reached for immediate comment.
At present, Mitsubishi Corp has a 20% stake in Mitsubishi Motors, which counts Japan’s Nissan as its biggest shareholder.
Nissan in turn owns 15% of Renault and Renault has 43% of Nissan.
Reporting by Sarah White; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.
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205ab765413cd34e2247a3b49ca2f17d | https://www.reuters.com/article/renault-results-alliance/renault-ceo-im-confident-about-alliance-with-nissan-idUSL5N2F1353 | Renault CEO: I'm confident about alliance with Nissan | Renault CEO: I'm confident about alliance with Nissan
By Reuters Staff2 Min Read
PARIS, July 30 (Reuters) - The new CEO of French carmaker Renault said on Thursday he was confident that his firm’s troubled alliance with Japanese partners Nissan and Mitsubishi would demonstrate that it was valuable for all sides.
The alliance, for years a model of success, was roiled by the ouster of the man who forged it, Carlos Ghosn, in 2018. He has since said it is riven by tension and jealousies between French and Japanese executives.
Renault CEO Luca de Meo, speaking in a week when both Renault and Nissan announced record net losses, said: “With these results, the first priority is for both companies to focus and fix their miseries internally.”
But he said contacts between the French and Japanese parts of the alliance had taken on a new tone in the past few months.
“I think we are finding, let’s say, a good setup and we are trying to focus on four or five key projects where we can really prove to each that by working together it’s going to bring a benefit,” he said on a conference call with analysts.
“We are making it not too philosophical, very pragmatic and concrete, and you know the Japanese are very concrete people, so I think they are starting to appreciate that kind of new way of playing the game.
“We will see in the next months and years the result of that very operational and pragmatic work. I am confident we can give a lot to one another.” (Reporting by Gilles Gillaume Writing by Christian Lowe Editing by David Holmes)
Our Standards: The Thomson Reuters Trust Principles.
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8cad1dc012bf822ab4aa00e1a3035025 | https://www.reuters.com/article/repsol-results/sagging-oil-price-shrinks-q1-profit-28-for-spains-repsol-idINL8N2CM5DZ?edition-redirect=in | Sagging oil price shrinks Q1 profit 28% for Spain's Repsol | Sagging oil price shrinks Q1 profit 28% for Spain's Repsol
By Reuters Staff1 Min Read
May 5 (Reuters) - Spain’s Repsol reported a 28% fall in first-quarter profit on Tuesday, becoming the latest in a string of oil and gas firms to reveal deep damage done to their balance sheets by the new coronavirus laying waste to energy demand.
Oil prices fell 65% in the period as restrictions on movement to halt the spread of the virus paralysed industry and travel, erasing appetite for fuel which was further cheapened by a price war between top producers Saudi Arabia and Russia.
Adjusted net profit came in at 447 million euros ($487.5 million), much higher than an estimate of 330 million euros based on analyst forecasts compiled by the company.
$1 = 0.9168 euros Reporting by Isla Binnie, Editing by Inti LandauroOur Standards: The Thomson Reuters Trust Principles.
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3d325807e9f238579148c9ff236912ca | https://www.reuters.com/article/research-europe/europe-research-roundup-ferrovial-sa-icade-sa-kingfisher-idUSL4N2CW2B3 | EUROPE RESEARCH ROUNDUP-Ferrovial SA, Icade SA, Kingfisher | EUROPE RESEARCH ROUNDUP-Ferrovial SA, Icade SA, Kingfisher
By Reuters Staff0 Min Read
May 14 (Reuters) - Securities analysts revised their ratings and price targets on several European companies, including Ferrovial SA, Icade SA and Kingfisher, on Thursday. HIGHLIGHTS * Acerinox SA : BofA Global Research raises to buy from neutral * Ferrovial SA : Societe Generale cuts to hold from buy * Icade SA : Societe Generale raises to buy from hold * Mediclinic International Plc : HSBC raises to hold from reduce * Kingfisher Plc : HSBC raises to hold from reduce Following is a summary of research actions on European companies reported by Reuters on Thursday. Stock entries are in alphabetical order. * AB Foods : Redburn cuts to neutral * ABN Amro Bank NV : Citigroup cuts price target to EUR 6.5 from EUR 10.3 * ABN Amro Bank NV : Credit Suisse cuts target price to EUR 8 from EUR 10 * ABN Amro Bank NV : Kepler Cheuvreux cuts TP to EUR 9.3 from EUR 10.3 * ABN Amro Bank NV : RBC cuts target price to EUR 8 from EUR 9 * ABN Amro Bank NV : UBS cuts target price to EUR 7.8 from EUR 9.5 * Accor : Berenberg raises to hold from sell, cuts Tp to EUR 23 from EUR 24 * Acerinox SA : BofA Global Research raises to buy from neutral * Acerinox SA : BofA Global Research raises price objective to EUR 12 from EUR 7 * Adevinta ASA : UBS cuts target price to NOK 102 from NOK 103 * Aena Sme SA : SocGen raises to buy from hold; cuts TP to EUR 134 from EUR 175 * Akka Technologies : KBC Securities cuts TP to EUR 45.0 from EUR 74.0; buy * Alcon AG : UBS raises target price to CHF 65 from CHF 60 * Ald SA : Credit Suisse cuts target price to EUR 9.50 from EUR 14.50 * Alfa Laval AB : Citigroup raises price target to SEK 232 from SEK 228 * Allianz SE : Morgan Stanley raises target price to EUR 217 from EUR 209 * Alstom : Deutsche Bank cuts target price to EUR 41 from EUR 42 * Amadeus : JP Morgan cuts target price to EUR 40 from EUR 48 * Anglo American : RBC raises target price to 1475p from 1450p * Arbonia AG : Kepler Cheuvreux cuts target price to CHF 11 from CHF 15 * Aston Martin : Kepler Cheuvreux cuts target price to 25p from 50p * Avast Plc : Credit Suisse raises target price to 550p from 465p * BASF SE : Barclays cuts target price to EUR 51 from EUR 56 * Beazley Plc : Morgan Stanley cuts target price to 505p from 560p * Beiersdorf AG : JP Morgan raises target price to EUR 90 from EUR 85 * Bff Banking Group : Kepler Cheuvreux raises target price to EUR 6.7 from EUR 6.4 * BHP : RBC raises target price to 1475p from 1450p * Bouvet ASA : Kepler Cheuvreux raises target price to NOK 510 from NOK 475 * Britvic Plc : Liberum cuts target price to 750p from 1000p * Central Asia Metals Plc : RBC cuts target price to 145p from 170p * Claranova : Portzamparc cuts target price to EUR 8.13 from EUR 8.71; rating buy * Coloplast A/S : Barclays raises target price to DKK 945 from DKK 930 * Commerzbank AG : Independent Research cuts Tp to EUR 2.80 from EUR 3.50;sell * Commerzbank AG : Morgan Stanley cuts target price to EUR 3 from EUR 3.1 * Compass Group Plc : Barclays cuts target price to 1250p from 2000p * Deutsche Wohnen SE : Independent Research ups Tp to EUR 43 from EUR 35.50; hold * Deutsche Post AG : Independent Research ups PT to EUR 29 from EUR 27; hold * Digital Bros SPA : Midcap Partners raises TP to EUR 23.0 from EUR 16.0; buy * Drax Group Plc : JP Morgan cuts target price to 360p from 400p * Elior Group SA : Barclays cuts target price to EUR 4 from EUR 11.3 * ENI SpA : HSBC cuts target price to EUR 9 from EUR 9.3 * Euronext NV : KBC raises target price to EUR 89.00 from EUR 85.00; buy * Europcar Mobility Group SA : JP Morgan cuts TP to EUR 1.60 from EUR 6 * Ferguson : Deutsche Bank raises target price to 7000p from 6600p * Ferguson : SocGen cuts to hold from buy; cuts target price to 6600p from 8000p * Ferguson : UBS raises target price to 7250p from 6625p * Ferguson Plc : Jefferies raises target price to 7,399p from 6,670p * Ferrovial SA : Societe Generale cuts target price to EUR 24.4 from EUR 32.5 * Ferrovial SA : Societe Generale cuts to hold from buy * Firstgroup Plc : Citigroup cuts price target to 62p from 145p * FMC AG : Kepler Cheuvreux ups to buy from hold; raises TP to EUR 89 from EUR 70 * Fraport : Societe Generale cuts to hold from buy, cuts Tp to EUR 40 from EUR 90 * Glencore : RBC cuts target price to 180p from 190p * Greencore Group : Jefferies cuts to hold from buy; cuts TP to 165p from 235p * Go-Ahead Group Plc : Citigroup cuts price target to 1,600p from 2,330p * Gsk : UBS raises target price to 1920p from 1900p * Hargreaves Lansdown : Peel Hunt cuts price target to 1700p from 2000p * Haulotte Group : Portzamparc ups target price to EUR 4.0 from EUR 3.7; hold * Henkel AG & Co KGaA : UBS raises target price to EUR 66 from EUR 62 * HSBC : Berenberg raises to hold from sell, cuts target price to 390p from 430p * Hochtief AG : Independent Research cuts TP to EUR 85.00 from EUR 129.00; buy * Icade SA : Societe Generale cuts target price to EUR 73 from EUR 83 * Icade SA : Societe Generale raises to buy from hold * Indra : Morgan Stanley cuts target price to EUR 7.5 from EUR 8 * Interpump Group SpA : Kepler Cheuvreux raises TP to EUR 29.5 from EUR 27.5 * J D Wetherspoon Plc : HSBC raises target price to 1380p from 1000p * JCDecaux SA : Barclays raises target price to EUR 17.5 from EUR 16 * Jenoptik AG : Kepler Cheuvreux cuts target price to EUR 21 from EUR 25 * Jeronimo Martins SGPS SA : Barclays cuts target price to EUR 13.7 from EUR 14 * Jeronimo Martins SGPS SA : Jefferies cuts PT to EUR 17.50 from EUR 19.40 * K+S : Berenberg cuts target price to EUR 4.20 from EUR 4.50 * Kaz Minerals Plc : RBC raises target price to 405p from 350p * Kingfisher : BofA Global Research raises price objective to 150p from 130p * Kingfisher Plc : HSBC raises target price to 180p from 150p * Kingfisher Plc : HSBC raises to hold from reduce * Koninklijke Ahold Delhaize NV : Kepler Cheuvreux ups TP to EUR 25.8 from EUR 25.2 * Krones AG : Kepler Cheuvreux cuts target price to EUR 35 from EUR 40 * Lamprell Plc : Canaccord Genuity cuts price target to 30p from 60p * Leonardo SpA : Morgan Stanley cuts target price to EUR 6.4 from EUR 6.75 * Leoni AG : Deutsche Bank cuts target price to EUR 6 from EUR 7 * Leoni AG : Kepler Cheuvreux cuts target price to EUR 5 from EUR 5.2 * Lonza Group AG : UBS cuts to neutral from buy; raises TP to CHF 460 from CHF 440 * LPKF Laser & Electronics AG : HSBC cuts target price to EUR 30 from EUR 33 * Marston'S : Peel Hunt raises to buy from add; cuts target price to 60p from 140p * Mediaset SpA : Barclays raises target price to EUR 1.55 from EUR 1.5 * Mediclinic International Plc : HSBC raises to hold from reduce * Mediclinic International Plc : HSBC cuts target price to 260p from 270p * Melia Hotels International SA : Kepler Cheuvreux cuts TP to EUR 4.45 from EUR 6.1 * Morphosys AG : Independent Research raises TP to EUR 138 from EUR 119; buy * National Express Group Plc : Citigroup cuts price target to 231p from 435p * National Express Group Plc : Jefferies cuts target price to 380p from 410p * OCI NV : Citigroup cuts price target to EUR 19.4 from EUR 22 * Ontex Group NV : Morgan Stanley cuts target price to EUR 13.5 from EUR 15 * Oxford Biomedica Plc : Jefferies raises target price to 730p from 700p * Pfeiffer Vacuum : Independent Research raises target price to EUR 130; sell * Qinetiq Group Plc : Credit Suisse cuts target price to 340p from 350p * Reckitt : Independent Research raises target price to 7,800p from 6,000p; rating hold * Repsol SA : HSBC raises target price to EUR 10 from EUR 9.75 * Rovio Entertainment Oyj : Berenberg initiates with rating hold and PT EUR 5.50 * Royal Dutch Shell Plc : HSBC cuts target price to 1500p from 1575p * Royal Dutch Shell Plc : HSBC cuts target price to 1460p from 1545p * Saf Holland SE : Deutsche Bank raises target price to EUR 6 from EUR 5 * Sage Group : Canaccord Genuity cuts to hold from buy * Sage Group : Stifel cuts target price to 639p from 654p * Sage Group Plc : Barclays raises target price to 555p from 520p * Sage Group Plc : Credit Suisse raises target price to 538p from 500p * Salvatore Ferragamo SpA : Kepler Cheuvreux cuts Tp to EUR 9.5 from EUR 10 * Secure Trust Bank Plc : KBW cuts target price to 1080p from 1782p * Securitas AB : Credit Suisse raises target price to SEK 130 from SEK 120 * Servizi Italia : Midcap Partners cuts to neutral from buy * Servizi Italia : Midcap Partners cuts target price to EUR 3.0 from EUR 3.5 * Skanska AB : UBS cuts target price to SEK 160 from SEK 175 * Smith & Nephew Plc : Credit Suisse cuts target price to 1685p from 1825p * Sodexo : Deutsche Bank cuts target price to EUR 60 from EUR 68 * Sodexo SA : Barclays cuts target price to EUR 58 from EUR 96 * Sparebank 1 Nord-Norge : Kepler Cheuvreux cuts target price to NOK 63 from NOK 65 * Spirax-Sarco : Stifel cuts to sell from hold * Spirax-Sarco : Jefferies raises target price to 7,535p from 7,310p * Ssh Communications Security : Inderes ups TP to EUR 0.80 from EUR 0.70; sell * Stagecoach Group : Citigroup cuts to sell from buy; cuts TP to 49p from 200p * Stillfront Group AB : Berenberg initiates with buy rating and pt SEK 855 * Technipfmc : Jefferies cuts to underperform; cuts target price to EUR 5 from EUR 6 * Telecom Italia : Deutsche Bank cuts target price to EUR 0.68 from EUR 0.75 * Ten Lifestyle Group Plc : Peel Hunt cuts target price to 182p from 200p * TGS Nopec Geophysical Company ASA : Barclays raises TP to NOK 154 from NOK 146 * ThyssenKrupp : Independent Research raises to buy from hold * ThyssenKrupp : Independent Research cuts target price to EUR 5.00 from EUR 5.80 * Tod's SpA : Deutsche Bank cuts target price to EUR 33 from EUR 37 * Tod's SpA : JP Morgan cuts target price to EUR 30 from EUR 34 * Tod's SpA : Kepler Cheuvreux cuts target price to EUR 19 from EUR 20 * Total SA : HSBC raises target price to EUR 39.25 from EUR 38 * TUI AG : Barclays cuts target price to 260p from 930p * Unicredit : Berenberg cuts target price to EUR 9 from EUR 10 * United Bankers : Inderes ups target price to EUR 7.50 from EUR 6.40; reduce * United Internet AG : Barclays raises target price to EUR 38 from EUR 30 * Verbund AG : Barclays cuts target price to EUR 32 from EUR 32.5 * Verbund AG : Societe Generale cuts to hold from buy * Verbund AG : Societe Generale raises target price to EUR 44.50 * Vesuvius Plc : Morgan Stanley cuts target price to 420p from 440p * Virbac : Portzamparc raises rating Change to accumulate from hold * Virbac : Portzamparc raises target price to EUR 200 from EUR 170 (Compiled by Bengaluru Newsroom)
Our Standards: The Thomson Reuters Trust Principles.
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b6b807fee8a17c3bce0b755d5598122e | https://www.reuters.com/article/research-us/u-s-research-roundup-becton-dickinson-epam-systems-paypal-holdings-idUSL4N2CQ1UY | U.S. RESEARCH ROUNDUP-Becton Dickinson, Epam Systems, PayPal Holdings | U.S. RESEARCH ROUNDUP-Becton Dickinson, Epam Systems, PayPal Holdings
By Reuters Staff0 Min Read
May 8 (Reuters) - Wall Street securities analysts revised their ratings and price targets on several U.S.-listed companies, including Becton Dickinson, Epam Systems and PayPal Holdings, on Friday. HIGHLIGHTS * Becton Dickinson and Co : Citigroup raises price target to $260 from $234 * Carrols Restaurant Group Inc : Craig-Hallum raises to buy from hold; raises target price to $5 from $3.75 * Computer Programs and Systems Inc : Cantor Fitzgerald raises to overweight from neutral * Epam Systems Inc : Citigroup raises price target to $265 from $245 * PayPal Holdings Inc : Citigroup raises price target to $145 from $131 Following is a summary of research actions on U.S. companies reported by Reuters on Friday. Stock entries are in alphabetical order * Aaron's Inc : Keybanc cuts target price to $55 from $66 * Aaron's Inc : Raymond James cuts target price to $50 from $60 * Aaron's Inc : Stephens raises target price to $45 from $26 * Aaron's Inc : Stifel raises target price to $49 from $29 * Aaron's Inc : SunTrust Robinson raises target price to $40 from $25 * Abeona Therapeutics Inc : RBC cuts target price to $7 from $11 * Acceleron pharma Inc : Credit Suisse raises target price to $123 from $99 * ACI Worldwide Inc : Canaccord Genuity cuts target price to $35 from $44 * Acm Research Inc : Needham raises target price to $50 from $40 * Acushnet Holdings Corp : Jefferies raises target price to $25 from $24 * Acushnet Holdings Corp : JP Morgan raises target price to $30 from $27 * Adtran Inc : Cowen and Company raises price target to $13 from $9 * Aeglea Bio Therapeutics Inc : Needham cuts price target to $11 from $14 * Aerie Pharmaceuticals Inc : Citigroup cuts price target to $38 from $39 * Agco Corp : Citigroup cuts price target to $55 from $57 * AIG : KBW raises target price to $36 from $35 * Alarm.Com Holdings Inc : Northland Capital Markets cuts PT to $58 from $65 * Alaska Air Group Inc : Credit Suisse cuts target price to $51 from $82 * Albemarle Corp : Oppenheimer cuts target price to $95 from $116 * Allison Transmission Holdings Inc : Citigroup raises price target to $39 from $38 * Allscripts Healthcare Solutions : Cantor Fitzgerald cuts PT to $6 from $8 * Alteryx Inc : Guggenheim cuts target price to $130 from $160 * American Airlines : Credit Suisse cuts target price to $4 from $26 * American Electric Power Company Inc : UBS cuts target price to $90 from $100 * American Equity Investment Life Holding Co : SunTrust Robinson cuts PT to $30 from $40 * American States Water Co : UBS raises price target to $65 from $60 * Ameriprise Financial Inc : Credit Suisse raises target price to $165 from $153 * Ameriprise Financial Inc : Piper Sandler raises target price to $150 from $130 * Amerisourcebergen Corp : Baird raises target price to $115 from $109 * Amerisourcebergen Corp : Mizuho raises target price to $90 from $85 * Amtech Systems Inc : Cowen and Company raises target price to $7.50 from $7 * Angi Homeservices Inc : Needham raises target price to $11 from $8 * Angi Homeservices Inc : SunTrust Robinson raises target price to $13 from $10 * Angi Homeservices Inc : UBS raises price target to $10 from $8 * Ani Pharmaceuticals Inc : Guggenheim cuts target price to $48 from $58 * Ani Pharmaceuticals Inc : Raymond James cuts target price to $49 from $65 * Anika Therapeutics Inc : Barrington Research cuts to market perform * Ansys Inc : RBC raises target price to $260 from $230 * Antero Midstream Corp : Scotiabank cuts target price to $5 from $6 * Antero Resources Corp : Scotiabank raises target price to $3 from $1 * Anthem Inc : Bernstein raises target price to $357 from $342 * Appian Corp : Cowen and Company raises price target to $44 from $39 * Applied Optoelectronics Inc : Cowen and Company raises PT to $12 from $10 * Applied Optoelectronics Inc : Craig-Hallum raises target price to $10 from $6 * Applied Optoelectronics Inc : D.A. Davidson raises target price to $12 from $10 * Applied Optoelectronics Inc : Piper Sandler raises target price to $10 from $7.50 * Applied Optoelectronics Inc : Rosenblatt Securities cuts PT to $10 from $11.5 * Applied Optoelectronics Inc : Rosenblatt Securities cuts to neutral from buy * Aptinyx Inc : William Blair initiates coverage with outperform rating * Aptiv Plc : Citigroup raises price target to $84 from $67 * ArcelorMittal SA : Keybanc raises target price to $15 from $13 * Arcturus Therapeutics Holdings Inc : Baird raises target price to $44 from $26 * Arcturus Therapeutics Holdings Inc : Guggenheim raises target price to $51 from $41 * Ares Capital Corp : Citigroup raises price target to $15 from $13 * Armstrong Flooring Inc : Stifel raises target price to $1.8 from $1.5 * Arrowhead Pharmaceuticals Inc : Jefferies cuts target price to $79 from $80 * Athersys Inc : Needham cuts price target to $5 from $6 * Atlas Air Worldwide Holdings Inc : Cowen and Company raises PT to $44 from $40 * Avalara Inc : Canaccord Genuity raises target price to $115 from $105 * Avalara Inc : JP Morgan raises target price to $120 from $104 * Avalara Inc : Mizuho raises price target to $120 from $85 * Avalara Inc : Needham raises target price to $116 from $90 * Avalara Inc : Piper Sandler raises target price to $113 from $90 * Avalara Inc : Raymond James raises target price to $110 from $105 * Avalara Inc : Stifel raises target price to $100 from $95 * Avalonbay Communities Inc : Stifel raises target price to $176 from $171 * Avrobio Inc : Guggenheim raises target price to $50 from $49 * Axalta Coating Systems Ltd : RBC raises target price to $21 from $20 * Ball Corp : RBC cuts target price to $74 from $76 * Bausch Health Companies Inc : Piper Sandler cuts target price to $32 from $34 * Bausch Health Companies Inc : SunTrust Robinson cuts target price to $24 from $25 * Beacon Roofing Supply Inc : Deutsche Bank raises price target to $20 from $16 * Beacon Roofing Supply Inc : SunTrust Robinson raises target price to $26 from $24 * Beacon Roofing Supply Inc : Wedbush raises target price to $23 from $16 * Becton Dickinson and Co : Citigroup raises price target to $260 from $234 * Becton Dickinson and Co : Evercore ISI raises target price to $270 from $255 * Becton Dickinson and Co : Raymond James raises target price to $290 from $283 * Becton Dickinson and Co : Stifel raises target price to $280 from $265 * Becton Dickinson and Co : UBS raises price target to $265 from $260 * Beyond Meat Inc : Berenberg raises price target to $125 from $115 * Bill.Com Holdings Inc : Canaccord Genuity raises target price to $65 from $50 * Bill.Com Holdings Inc : Jefferies raises target price to $70 from $45 * Bill.Com Holdings Inc : Keybanc raises target price to $76 from $60 * Bill.Com Holdings Inc : Needham raises target price to $90 from $55 * Biohaven Pharmaceutical Holding Company : Cowen and Company raises PT to $60 from $45 * Biomarin Pharmaceutical Inc : Canaccord Genuity raises PT to $119 from $108 * BJ's Restaurants Inc : Oppenheimer cuts target price to $25 from $47 * BJ's Restaurants Inc : Wedbush cuts target price to $32 from $39 * Bonanza Creek Energy Inc : Stifel raises target price to $38 from $36 * Booking Holdings Inc : Credit Suisse raises target price to $1,810 from $1,790 * Booking Holdings Inc : Deutsche Bank raises price target to $1625 from $1600 * Booking Holdings Inc : Jefferies cuts target price to $1300 from $1350 * Booking Holdings Inc : Mizuho cuts price target to $1700 from $1720 * Booking Holdings Inc : RBC raises target price to $1,550 from $1,535 * Booking Holdings Inc : RBC raises target price to $1550 from $1535 * Booking Holdings Inc : Stifel cuts target price to $1450 from $1550 * Booking Holdings Inc : SunTrust Robinson cuts target price to $2030 from $2070 * BorgWarner Inc : Citigroup raises price target to $30 from $23 * BorgWarner Inc : Credit Suisse raises target price to $33 from $31 * BorgWarner Inc : Deutsche Bank raises price target to $31 from $27 * Bottomline Technologies (De) Inc : Citigroup raises price target to $46 from $43 * Bright Horizons Family Solutions Inc : Citigroup raises PT to $122 from $80 * Brightsphere Investment Group Inc : Credit Suisse raises PT to $10 from $9 * Brightsphere Investment Group Inc : Evercore ISI raises target to $9 from $6 * Brightsphere Investment Group Inc : KBW raises target price to $9.50 from $7.25 * Brightview Holdings Inc : Credit Suisse cuts target price to $14 from $18 * Brightview Holdings Inc : Jefferies raises target price to $14 from $12 * Brixmor Property Group Inc : Deutsche Bank cuts price target to $14 from $21 * Broadridge Financial Solutions Inc : Evercore ISI cuts PT to $139 from $141 * Buckle Inc : Deutsche Bank cuts price target to $12 from $13 * Cabot Microelectronics Corp : Citigroup cuts price target to $140 from $175 * Cactus Inc : zephirin Group raises price objective to $12 from $8 * Calithera Biosciences Inc : Jefferies raises target price to $9 from $6 * Callaway Golf Co : SunTrust Robinson raises target price to $16 from $10 * Calyxt Inc : BMO cuts price target to $7 from $13 * Calyxt Inc : BMO cuts to market perform from outperform * Camping World Holdings Inc : Credit Suisse raises target price to $12 from $11 * Camping World Holdings Inc : JP Morgan raises price target to $11 from $10 * Capstar Financial Holdings Inc : KBW raises target price to $11 from $10.50 * Cargurus Inc : BTIG raises target price to $26 from $23 * Carrols Restaurant Group Inc : Craig-Hallum raises to buy from hold; raises target price to $5 from $3.75 * Carrols Restaurant Group Inc : Deutsche Bank cuts price target to $5 from $7 * Carrols Restaurant Group Inc : SunTrust Robinson raises target price to $6 from $4 * Cassava Sciences Inc : H.C. Wainwright raises target price to $16 from $6 * Castlight Health Inc : Cantor Fitzgerald cuts target price to $1 from $2 * Catasys Inc : Canaccord Genuity raises target price to $36 from $35 * Catasys Inc : Dougherty raises target price to $36 from $28 * CBRE Group Inc : Evercore ISI cuts target price to $48 from $50 * CBRE Group Inc : KBW cuts target price to $51 from $52 * Celcuity Inc : H.C. Wainwright cuts target price to $11 from $19 * Centerpoint Energy Inc : BofA Global Research cuts to underperform from neutral * Centerpoint Energy Inc : Guggenheim raises target price to $26 from $25 * Centerpoint Energy Inc : Keybanc raises target price to $16 from $12 * Centurylink Inc : RBC cuts target price to $10 from $14 * CF Industries Holdings Inc : Citigroup cuts price target to $29 from $31 * CF Industries Holdings Inc : Scotiabank raises target price to $32 from $31 * CF Industries Holdings Inc : Stifel raises target price to $32 from $30 * ChannelAdvisor Corp : Needham raises price target to $14 from $11 * Charles River Laboratories International : Credit Suisse cuts PT to $159 from $162 * Charles River Laboratories International : Evercore ISI ups PT to $176 from $154 * Charles River Laboratories International : Jefferies raises PT to $161 from $139 * Charles River Laboratories International : SunTrust Robinson raises PT to $194 from $130 * Charles River Laboratories International Inc : Citigroup raises price target to $190 from $165 * Chart Industries Inc : zephirin Group raises price objective to $25 from $17 * Charter Communications Inc : Benchmark raises price target to $600 from $523 * Chemours Co : Citigroup raises price target to $13 from $8 * Chemours Co : UBS raises price target to $12 from $9 * Cimarex Energy Co : MKM Partners raises target price to $34 from $31 * City Holding Co : Stephens cuts target price to $63 from $64.50 * Cloudflare Inc : Jefferies raises target price to $27 from $20 * Cloudflare Inc : Needham raises target price to $32 from $24 * Cloudflare Inc : Oppenheimer raises target price to $31 from $26 * Cloudflare Inc : Piper Sandler raises target price to $29 from $23 * Cloudflare Inc : RBC raises price target to $29 from $24 * Cloudflare Inc : RBC raises target price to $29 from $24 * Codexis Inc : Craig-Hallum cuts target price to $23 from $25 * Cognex Corp : UBS raises price target to $56 from $43 * Cognizant Technology Solutions Corp : BMO raises price target to $60 from $59 * Cognizant Technology Solutions Corp : Cowen and Company cuts price target to $62 from $63 * Cognizant Technology Solutions Corp : Credit Suisse cuts PT to $71 from $83 * Cognizant Technology Solutions Corp : Deutsche Bank cuts PT to $60 from $63 * Cognizant Technology Solutions Corp : RBC raises target price to $65 from $60 * Colfax Corp : Citigroup raises price target to $21 from $18 * Colfax Corp : Deutsche Bank raises price target to $30 from $19 * Colfax Corp : Stifel raises target price to $32 from $30 * Collegium Pharmaceutical Inc : Needham cuts price target to $36 from $38 * CommScope Holding Company Inc : Citigroup raises price target to $12 from $7 * CommScope Holding Company Inc : Credit Suisse cuts target price to $17 from $19 * CommScope Holding Company Inc : Instinet raises target price to $15 from $14 * CommScope Holding Company Inc : Jefferies raises target price to $9.50 from $8 * CommScope Holding Company Inc : Raymond James raises target to $12 from $11.5 * Computer Programs and Systems Inc : Cantor Fitzgerald raises to overweight from neutral * Computer Programs and Systems Inc : Dougherty cuts target price to $28 from $33 * Consolidated Edison Inc : Credit Suisse cuts target price to $76 from $78 * Consolidated Edison Inc : Guggenheim cuts target price to $74 from $76 * Constellation Brands Inc : MKM Partners cuts to sell rating; cuts target price to $147 from $216 * Cooper Tire & Rubber Co : Jefferies raises target price to $21 from $19 * Copa Holdings SA : Credit Suisse cuts target price to $65 from $140 * Copa Holdings SA : Raymond James cuts target price to $60 from $65 * Core-Mark Holding Company Inc : Jefferies raises target price to $35 from $33 * Corteva Inc : Citigroup raises price target to $34 from $32 * Corteva Inc : Deutsche Bank cuts price target to $32 from $34 * Criteo SA : Deutsche Bank cuts price target to $16 from $22 * Cross Country Healthcare Inc : Credit Suisse cuts target price to $8 from $10.50 * Cross Country Healthcare Inc : Jefferies cuts price target to $6 from $11 * Cross Country Healthcare Inc : SunTrust Robinson cuts target price to $7 from $9 * Cryoport Inc : SVB Leerink raises target price to $25 from $24 * Cubic Corp : Citigroup cuts price target to $50 from $65 * Curtiss-Wright Corp : Stifel cuts target price to $139 from $145 * Cytomx Therapeutics Inc : H.C. Wainwright raises price target to $16 from $14 * Cytomx Therapeutics Inc : Jefferies Raise target price to $16 from $12 * Danaher Corp : Citigroup raises price target to $190 from $180 * Danaher Corp : Stifel raises target price to $170 from $147 * Delphi Technologies Plc : Credit Suisse raises target price to $11 from $9 * Devon Energy Corp : Raymond James raises target price to $15 from $11 * Dicerna Pharmaceuticals Inc : Baird cuts target price to $45 from $50 * Digi International Inc : Canaccord Genuity cuts target price to $24 from $26 * Digi International Inc : Craig-Hallum cuts target price to $19 from $21 * Digi International Inc : Dougherty cuts target price to $19 from of $22 * Digital Realty Trust Inc : Cowen and Company raises target price to $126 from $123 * Digital Realty Trust Inc : Jefferies raises target price to $167 from $161 * Digital Realty Trust Inc : SunTrust Robinson raises target price to $170 from $152 * Dime Community Bancshares Inc : Stephens cuts target price to $17 from $19 * Dish Network Corp : Cowen and Company raises target price to $55 from $53 * Dominion Energy Inc : UBS cuts target price to $87 from $94 * Dril-Quip Inc : Evercore ISI cuts target price to $32 from $34 * Dril-Quip Inc : JP Morgan cuts target price to $36 from $39 * Dril-Quip Inc : Simmons Energy cuts target price to $28.30 from $30 * Dropbox Inc : Jefferies raises target price to $22 from $20 * Dropbox Inc : RBC raises target price to $30 from $28 * Duke Energy Corp : UBS cuts target price to $102 from $113 * Earthstone Energy Inc : SunTrust Robinson raises target price to $3 from $2 * Eastgroup Properties Inc : RBC raises target price to $108 from $102 * Eastman Chemical Co : Berenberg raises target price to $71 from $60 * Eaton Corporation Plc : UBS raises price target to $93 from $90 * Edgewell Personal Care Co : Citigroup cuts price target to $30 from $36 * Edgewell Personal Care Co : Jefferies raises target price to $29 from $28 * Edison International : UBS cuts target price to $79 from $87 * Editas Medicine Inc : Raymond James raises price target to $46 from $41 * Egain Corp : Oppenheimer raises target price to $11 from $10 * Elanco Animal Health Inc : JP Morgan cuts target price to $34 from $38 * Eloxx Pharmaceuticals Inc : Piper Sandler cuts target price to $6 from $10 * Emerson Electric Co : UBS raises price target to $53 from $47 * Energizer Holdings Inc : Citigroup cuts price target to $56 from $58 * Energizer Holdings Inc : Deutsche Bank raises price target to $47 from $44 * Energizer Holdings Inc : UBS raises price target to $46 from $45 * Entasis Therapeutics Holdings Inc : BMO cuts price target to $5 from $15 * Entegris Inc : Berenberg raises price target to $62 from $52 * Envestnet Inc : Piper Sandler raises target price to $68 from $59 * Envestnet Inc : Raymond James cuts target price to $80 from $86 * Envestnet Inc : Rosenblatt Securities raises target price to $71 from $61 * Envestnet Inc : Stifel raises target price to $74 from $72 * Envestnet Inc : UBS raises price target to $77 from $73 * EOG Resources Inc : Credit Suisse raises target price to $58 from $50 * EOG Resources Inc : Stifel raises target price to $80 from $75 * EOG Resources Inc : TD Securities raises target price to $59 from $52 * Epam Systems Inc : Citigroup raises price target to $265 from $245 * Epam Systems Inc : Cowen and Company raises target price to $250 from $225 * Epam Systems Inc : Needham raises target price to $265 from $200 * Epam Systems Inc : Wells Fargo cuts to equal weight from overweight * EQT Corp : Credit Suisse raises target price to $13 from $11 * EQT Corp : TD Securities raises target price to $15.50 from $14 * Equinix Inc : Oppenheimer raises target price to $730 from $650 * Esco Technologies Inc : Stephens raises target price to $78 from $75 * Essential Utilities Inc : Evercore ISI raises target price to $38 from $37 * Essex Property Trust Inc : Stifel raises target price to $270 from $248 * Evergy Inc : UBS cuts target price to $59 from $64 * Eversource Energy : UBS cuts target price to $82 from $91 * Everspin Technologies Inc : Craig-Hallum raises price target to $10 from $9 * Evolent Health Inc : SunTrust Robinson raises target price to $14 from $12 * Exlservice Holdings Inc : Cowen and Company cuts price target to $61 from $63 * Exlservice Holdings Inc : Stifel cuts target price to $72 from $78 * Expeditors International of Washington : Stephens raises PT to $75 from $70 * Extended Stay America Inc : JP Morgan cuts target price to $11 from $12 * Fastly Inc : Citigroup raises price target to $31 from $25 * Fibrogen Inc : SVB Leerink cuts target price to $80 from $85 * Fidelity National Information Services : Cowen and Company ups PT to $152 from $148 * Fidelity National Information Services : Deutsche Bank cuts PT to $148 from $160 * Fidelity National Information Services : Evercore ISI cuts PT to $167 from $172 * Fidelity National Information Services : KBW raises target price to $153 from $142 * Fidelity National Information Services : Raymond James raises PT to $167 from $148 * Fidelity National Information Services : RBC raises target price to $150 from $140 * Fidelity National Information Services : SunTrust Robinson raises PT to $145 from $140 * Fidelity National Information Services Inc : Citigroup raises price target to $148 from $140 * First Interstate Bancsystem Inc : Stephens raises target price to $35 from $34 * First Solar Inc : CFRA cuts price target to $51 from $55 * FirstEnergy Corp : UBS cuts target price to $48 from $53 * Fiserv Inc : Cowen and Company raises target price to $128 from $115 * Fiserv Inc : Deutsche Bank cuts price target to $135 from $150 * Fiserv Inc : Evercore ISI raises target price to $138 from $132 * Fiserv Inc : KBW raises target price to $124 from $108 * Fiserv Inc : RBC raises target price to $132 from $113 * Fiserv Inc : Rosenblatt Securities raises target price to $107 from $97 * Fiserv Inc : SunTrust Robinson raises target price to $125 from $110 * Five Prime Therapeutics Inc : Jefferies cuts target price to $8 from $10 * Fiverr International Ltd : Citigroup raises price target to $53 from $35 * Fiverr International Ltd : JP Morgan raises target price to $54 from $37 * Fiverr International Ltd : Needham raises target price to $55 from $38 * Fiverr International Ltd : Oppenheimer raises target price to $55 from $36 * Fiverr International Ltd : UBS raises price target to $48 from $31 * Fleetcor Technologies Inc : BTIG cuts target price to $290 from $340 * Fleetcor Technologies Inc : Cowen and Company raises target to $258 from $240 * Fleetcor Technologies Inc : Credit Suisse cuts price target to $250 from $255 * Fleetcor Technologies Inc : Jefferies raises target price to $248 from $200 * Flex Ltd : Craig-Hallum cuts price target to $16.50 from $18 * Flexion Therapeutics Inc : Craig-Hallum cuts target price to $20 from $22 * Flexion Therapeutics Inc : Needham cuts target price to $20 from $30 * Flexion Therapeutics Inc : RBC cuts target price to $18 from $20 * FMC Corp : RBC raises target price to $116 from $94 * focus Financial Partners Inc : BMO cuts price target to $48 from $49 * Focus Financial Partners Inc : KBW raises target price to $32 from $28 * Focus Financial Partners Inc : RBC raises target price to $28 from $25 * Foot Locker Inc : Raymond James cuts target price to $30 from $50 * Forterra Inc : RBC raises target price to $7 from $5 * Fortinet Inc : Citigroup raises price target to $92 from $88 * Fortinet Inc : Cowen and Company raises target price to $125 from $105 * FS KKR Capital Corp : BMO cuts price target to $4 from $7 * FS KKR Capital Corp : KBW cuts target price to $3.75 from $4 * Gap Inc : Wedbusuh cuts target price to $7 from $12 * Gaslog Partners LP : Stifel raises target price to $6 from $5 * Gates Industrial Corporation Plc : UBS raises price target to $8 from $7.50 * GE : UBS cuts target price to $7.50 from $9 * German American Bancorp Inc : KBW raises target price to $31 from $30 * German American Bancorp Inc : Piper Sandler raises target price to $29 from $26 * Glaukos Corp : Piper Sandler cuts target price to $50 from $62 * Glaukos Corp : Stifel cuts target price to $45 from $55 * Global Payments Inc : BMO cuts price target to $170 from $188 * Globus Medical Inc : Credit Suisse raises target price to $57 from $56 * Globus Medical Inc : Needham cuts price target to $60 from $63 * Globus Medical Inc : Piper Sandler cuts target price to $60 from $65 * Globus Medical Inc : SVB Leerink cuts target price to $56 from $63 * Globus Medical Inc : UBS cuts target price to $61 from $67 * Glu Mobile Inc : Benchmark raises target price to $11 * Glu Mobile Inc : Piper Sandler raises price target to $10.5 from $8 * Glu Mobile Inc : Stephens raises target price to $6 from $4 * Glu Mobile Inc : Wedbush raises target price to $11.50 from $9 * GoDaddy Inc : Deutsche Bank raises price target to $85 from $80 * Golden Entertainment Inc : Deutsche Bank cuts price target to $12 from $14 * Golden Entertainment Inc : Jefferies cuts target price to $13 from $15 * GoPro Inc : Wedbush raises target price to $3.50 from $2.50 * Grand Canyon Education Inc : BMO raises price target to $102 from $95 * Gray Television Inc : Benchmark cuts price target to $20 from $29 * Gray Television Inc : Guggenheim raises target price to $16 from $15 * Greif Inc : Keybanc cuts target price to $26 from $29 * Grubhub Inc : Benchmark raises target price to $54 from $51 * Grubhub Inc : D.A. Davidson cuts target price to $31 from $33 * Grubhub Inc : Stifel raises target price to $50 from $47 * Grubhub Inc : Susquehanna cuts price target to $50 from $60 * Grubhub Inc : Susquehanna cuts target price to $50 from $60 * Guardant Health Inc : Citigroup raises price target to $110 from $100 * Guardant Health Inc : Cowen and Company raises target price to $90 from $80 * Guardant Health Inc : SVB Leerink raises target price to $130 from $125 * Hain Celestial Group Inc : Evercore ISI raises price target to $30 from $27 * Hain Celestial Group Inc : Jefferies raises target price to $30 from $28 * Hain Celestial Group Inc : JP Morgan raises target price to $28 from $26 * Hain Celestial Group Inc : JP Morgan raises to neutral from underweight * Hain Celestial Group Inc : Piper Sandler raises target price to $32 from $30 * Hain Celestial Group Inc : SunTrust Robinson raises target price to $25 from $23 * Healthcare Realty Trust Inc : Berenberg raises target price to $33 from $32 * Hecla Mining Co : H.C. Wainwright cuts target price to $4 from $4.25 * Henry Schein Inc : Guggenheim cuts target price to $65 from $75 * Herbalife Nutrition Ltd : Citigroup raises price target to $56 from $49 * Herbalife Nutrition Ltd : Jefferies raises target price to $45 from $40 * Heska Corp : Alliance Global Partners raises target price to $90 from $78 * Hess Corp : Credit Suisse raises target price to $46 from $40 * Hess Corp : Raymond James raises price target to $52 from $40 * Hess Corp : Susquehanna raises target price to $54 from $45 * Hilton Worldwide Holdings Inc : BMO raises price target to $65 from $63 * Hilton Worldwide Holdings Inc : Deutsche Bank cuts price target to $74 from $103 * Hilton Worldwide Holdings Inc : JP Morgan cuts target price to $75 from $109 * Hilton Worldwide Holdings Inc : SunTrust Robinson raises PT to $66 from $61 * HollyFrontier Corp : Cowen and Company raises target price to $20 from $17 * HollyFrontier Corp : RBC cuts target price to $34 from $36 * Honeywell : UBS cuts target price to $136 from $143 * Huntington Ingalls Industries Inc : Credit Suisse cuts target to $197 from $204 * Hyatt Hotels Corp : Deutsche Bank cuts price target to $54 from $86 * IAA Inc : Stephens raises target price to $44 from $39 * IAC/InterActiveCorp : Cowen and Company raises price target to $285 from $245 * IAC/InterActiveCorp : Credit Suisse cuts target price to $280 from $283 * IAC/InterActiveCorp : Jefferies raises target price to $280 from $215 * IAC/InterActiveCorp : SunTrust Robinson raises target price to $275 from $227 * IAC/InterActiveCorp : UBS raises price target to $302 from $282 * ICU Medical Inc : Raymond James raises target price to $228 from $215 * IGM Biosciences Inc : Guggenheim raises target price to $66 from $58 * IGM Biosciences Inc : Jefferies raises target price to $68 from $49 * IGM Biosciences Inc : Piper Sandler raises target price to $81 from $53 * IGM Biosciences Inc : Stifel raises target price to $67 from $60 * Imara Inc : SVB Leerink raises target price to $27 from $25 * Ingersoll Rand Inc : UBS raises price target to $28 from $25 * Innovative Industrial Properties Inc : Craig-Hallum cuts PT to $75 from $95 * Inphi Corp : Cowen and Company raises price target to $112 from $97 * Inphi Corp : Craig-Hallum raises price target to $125 from $120 * Inphi Corp : D.A. Davidson raises target price to $115 from $100 * Inphi Corp : Deutsche Bank raises price target to $115 from $108 * Inphi Corp : Jefferies raises target price to $130 from $111 * Inphi Corp : Needham raises target price to $122.50 from $100 * Inphi Corp : Rosenblatt Securities raises price target to $130 from $100 * Inphi Corp : Stifel raises target price to $120 from $110 * Insulet Corp : Baird raises target price to $242 from $189 * Insulet Corp : Canaccord Genuity raises target price to $185 from $180 * Insulet Corp : CFRA raises target price to $179 from $162 * Insulet Corp : Citigroup raises price target to $250 from $206 * Insulet Corp : Cowen and Company raises target price to $220 from $200 * Insulet Corp : Piper Sandler raises target price to $235 from $200 * Insulet Corp : Stifel raises target price to $195 from $161 * Insulet Corp : SVB Leerink raises price target to $230 from $200 * Insulet Corp : UBS raises target price to $213 from $195 * Integer Holdings Corp : Keybanc cuts target price to $87 from $90 * Integra Lifesciences Holdings Corp : Jefferies cuts target price to $67 from $73 * Integra Lifesciences Holdings Corp : Oppenheimer cuts target price to $60 from $70 * Integra Lifesciences Holdings Corp : Piper Sandler cuts target to $53 from $58 * Integra Lifesciences Holdings Corp : UBS cuts target price to $55 from $65 * Intellia Therapeutics Inc : Jefferies cuts target price to $32 from $35 * Intellia Therapeutics Inc : Raymond James raises price target to $25 from $24 * Intuit Inc : Jefferies cuts target price to $320 from $325 * Intuit Inc : Stifel cuts target price to $300 from $315 * Invitation Homes Inc : KBW raises target price to $29 from $27 * IRhythm Technologies Inc : BTIG raises target price to $130 from $90 * IRhythm Technologies Inc : Canaccord Genuity raises target to $130 from $107 * IRhythm Technologies Inc : SunTrust Robinson raises price target to $130 from $102 * Iron Mountain Inc : Credit Suisse cuts target price to $17 from $18 * ITT Inc : UBS raises price target to $65 from $64 * Jacobs Engineering Group Inc : Credit Suisse cuts target price to $100 from $106 * Jacobs Engineering Group Inc : Stifel cuts target price to $100 from $110 * JetBlue Airways Corp : Credit Suisse cuts target price to $10 from $20 * JetBlue Airways Corp : UBS cuts target price to $9 from $12 * Johnson Controls International Plc : UBS raises price target to $30 from $28 * Joint Corp : D.A. Davidson cuts target price to $17 from $32 * Kala Pharmaceuticals Inc : Jefferies raises target price to $21 from $15 * Kar Auction Services Inc : SunTrust Robinson cuts target price to $15 from $17 * Karuna Therapeutics Inc : Mizuho raises price target to $116 from $103 * Karuna Therapeutics Inc : Mizuho raises target price to $116 from $103 * Kennedy-Wilson Holdings Inc : BTIG cuts target price to $25 from $33 * Kontoor Brands Inc : Piper Sandler cuts target price to $20 from $22 * Kontoor Brands Inc : Stifel cuts target price to $21 from $24 * Kratos Defense and Security Solutions : Canaccord Genuity cuts PT to $20 from $22 * Kratos Defense and Security Solutions Inc : JP Morgan raises PT to $17 from $15 * Lamar Advertising Co : MKM Partners raises fair value to $67 from $53 * Lannett Company Inc : BMO cuts price target to $10 from $11 * Lexington Realty Trust : Evercore ISI raises target price to $12 from $11.50 * Lexington Realty Trust : Stifel cuts price target to $11 from $11.50 * Lincoln National Corp : Piper Sandler raises target price to $36 from $28 * Lincoln National Corp : RBC raises target price to $43 from $40 * Linde Plc : Deutsche Bank cuts price target to $225 from $230 * Linde Plc : Jefferies cuts target price to $221 from $232 * Linde Plc : JP Morgan raises price target to $200 from $187 * Linde Plc : SunTrust Robinson cuts target price to $215 from $250 * Live Nation Entertainment Inc : Jefferies raises target price to $55 from $48 * LivePerson Inc : Berenberg raises target price to $43 from $35 * Lululemon Athletica Inc : Evercore ISI raises price target to $320 from $280 * Lyft Inc : SunTrust Robinson raises target price to $49 from $45 * Madrigal Pharmaceuticals Inc : H.C. Wainwright cuts target price to $168 from $215 * Magna International Inc : Citigroup raises price target to $57 from $52 * Malibu Boats Inc : Raymond James raises target price to $43 from $38 * Malibu Boats Inc : SunTrust Robinson raises target price to $45 from $28 * Marathon Oil Corp : Raymond James raises price target to $7 from $6 * Marathon Oil Corp : Susquehanna cuts to neutral from positive * Marriott Vacations Worldwide Corp : Jefferies raises target price to $94 from $65 * Marriott Vacations Worldwide Corp : SunTrust Robinson cuts PT to $114 from $118 * Masonite International Corp : Instinet raises target price to $95 from $69 * Match Group Inc : Citigroup raises price target to $100 from $90 * Maximus Inc : Canaccord Genuity cuts target price to $67 from $76 * Maximus Inc : Jefferies raises target price to $70 from $63 * Mednax Inc : Citigroup cuts price target to $15 from $23 * Mednax Inc : Deutsche Bank cuts price target to $15 from $24 * Mednax Inc : UBS cuts target price to $11 from $18 * Metlife Inc : Piper Sandler raises target price to $36 from $33 * Metlife Inc : RBC raises target price to $44 from $42 * Mettler-Toledo International Inc : CFRA raises price target by $36 to $741 * Mettler-Toledo International Inc : Citigroup raises price target to $740 from $725 * Mettler-Toledo International Inc : Evercore ISI raises target to $675 from $655 * Mettler-Toledo International Inc : UBS raises target price to $770 from $755 * Microchip Technology Inc : CFRA cuts target price to $95 from $110 * Microchip Technology Inc : Keybanc raises target price to $100 from $85 * Microchip Technology Inc : Mizuho cuts price target to $92 from $95 * Microchip Technology Inc : Needham raises target price to $100 from $96 * Microchip Technology Inc : Rosenblatt Securities cuts target price to $110 from $120 * Middleby Corp : Citigroup raises price target to $64 from $54 * Middleby Corp : Jefferies raises target price to $60 from $50 * Mimecast Ltd : BMO cuts price target to $51 from $58 * Miragen Therapeutics Inc : Jefferies cuts target price to $4 from $5 * Mirum Pharmaceuticals Inc : Raymond James cuts target price to $28 from $30 * Moderna Inc : Needham raises price target to $58 from $35 * Moderna Inc : Oppenheimer raises target price to $62 from $43 * Mohawk Industries Inc : Jefferies raises target price to $78 from $75 * Monster Beverage Corp : Deutsche Bank raises price target to $75 from $73 * Monster Beverage Corp : Guggenheim raises target price to $68 from $66 * Monster Beverage Corp : UBS raises price target to $52 from $51 * Mosaic Co : Stifel cuts target price to $14 from $15 * Motorola Solutions Inc : Citigroup cuts price target to $160 from $175 * Motorola Solutions Inc : Cowen and Company cuts price target to $202 from $225 * Motorola Solutions Inc : Jefferies cuts target price to $155 from $170 * Motorola Solutions Inc : JP Morgan cuts target price to $130 from $168 * Motorola Solutions Inc : JP Morgan cuts to underweight from neutral * Motorola Solutions Inc : Raymond James cuts target price to $175 from $180 * Nabors Industries Ltd : Altacorp cuts price target to $22 from $30 * Nabors Industries Ltd : Susquehanna adjusts price target to $15 from $0.40 * National Vision Holdings Inc : Citigroup cuts price target to $31 from $34 * National Vision Holdings Inc : Guggenheim cuts target price to $35 from $45 * National Vision Holdings Inc : Jefferies cuts target price to $28 from $30 * National Vision Holdings Inc : UBS cuts target price to $40 from $44 * Nektar Therapeutics : Cowen and Company raises price target to $28 from $27 * Nektar Therapeutics : SVB Leerink raises price target to $18 from $17 * Netscout Systems Inc : Piper Sandler raises target price to $23 from $21 * Netscout Systems Inc : RBC raises target price to $27 from $25 * New Fortress Energy Llc : Citigroup cuts price target to $16 from $21 * New Mountain Finance Corp : Deutsche Bank cuts price target to $9.5 from $14.75 * Newmark Group Inc : KBW raises target price to $4.50 from $4 * Newmont : CIBC raises target price to $79 from $77 * Nextier Oilfield Solutions Inc : Simmons Energy raises target to $2.30 from $1.65 * Nextier Oilfield Solutions Inc : Stephens raises target price to $3 from $2 * Nike Inc : BofA Global Research raises price objective to $100 from $95 * Nomad Foods Ltd : D.A. Davidson raises price target to $29 from $25 * Nomad Foods Ltd : Jefferies raises target price to $25 from $24 * Nomad Foods Ltd : SunTrust Robinson raises target price to $25 from $22 * Nomad Foods Ltd : UBS raises target price to $26 from $25 * Now Inc : Evercore ISI cuts target price to $7 from $8 * Now Inc : Stephens cuts target price to $8 from $9 * NRG Energy Inc : UBS cuts target price to $41 from $44 * Nuance Communications Inc : Craig-Hallum raises price target to $25 from $23 * Nutrien Ltd : Scotiabank cuts target price to $45 from $52 * Oaktree Specialty Lending Corp : KBW raises target price to $4.75 from $4.50 * OGE Energy Corp : BofA Global Research cuts price objective to $32 from $36 * OGE Energy Corp : BofA Global Research raises to buy from neutral * OGE Energy Corp : UBS raises target price to $31 from $30 * Omnicell Inc : Benchmark cuts target price to $80 from $96 * Omnicell Inc : Benchmark cuts target price to $82 from $96 * Omnicell Inc : Cantor Fitzgerald cuts target price to $85 from $95 * Omnicell Inc : Piper Sandler cuts price target to $76 from $88 * Onewater Marine Inc : Raymond James raises target price to $13 from $10 * Onewater Marine Inc : SunTrust Robinson raises target price to $16 from $7 * Optinose Inc : Cowen and Company cuts price target to $20 from $25 * Optinose Inc : Piper Sandler cuts target price to $19 from $20 * Option Care Health Inc : Barrington Research raises target price to $17 from $16 * Option Care Health Inc : Canaccord Genuity cuts target price to $18 from $20 * Orasure Technologies Inc : Stephens raises target price to $17 from $14 * Orchard Therapeutics Plc : Guggenheim cuts target price to $29 from $36 * Orchard Therapeutics Plc : Wedbush cuts target price to $20 from $22 * Orion Engineered Carbons SA : UBS cuts target price to $13 from $14 * Ovid Therapeutics Inc : RBC raises target price to $13 from $12 * Ovintiv Inc : Credit Suisse raises target price to $6 from $2 * Pacific Biosciences of California : Piper Sandler cuts target price to $6 from $7 * Pacira Biosciences Inc : Stifel cuts target price to $48 from $49 * Pacira Biosciences Inc : SVB Leerink raises target price to $45 from $44 * Pan American Silver Corp : Scotiabank raises target price to $23 from $22 * Papa John's International Inc : Stephens raises target price to $83 from $61 * Par Pacific Holdings Inc : RBC raises target price to $9 from $8 * Park Ohio Holdings Corp : Keybanc cuts target price to $22 from $24 * Parsley Energy Inc : UBS raises target price to $13 from $8 * Paylocity Holding Corp : Craig-Hallum raises target price to $136 from $125 * Paylocity Holding Corp : Mizuho raises price target to $110 from $80 * Paylocity Holding Corp : Needham raises target price to $140 from $110 * Paylocity Holding Corp : Raymond James cuts target price to $140 from $165 * Paylocity Holding Corp : RBC raises target price to $120 from $100 * Paylocity Holding Corp : Stifel raises target price to $93 from $80 * Paylocity Holding Corp : SunTrust Robinson raises target price to $133 from $115 * PayPal Holdings Inc : Citigroup raises price target to $145 from $131 * PayPal Holdings Inc : KBW raises target price to $152 from $120 * PayPal Holdings Inc : Raymond James raises price target to $171 from $124 * Paysign Inc : D.A. Davidson cuts price target to $11 from $12 * Paysign Inc : D.A. Davidson cuts target price to $11 from $12 * PDC Energy Inc : Stifel raises target price to $14 from $13 * PDC Energy Inc : TD Securities raises target price to $15 from $13 * Penn National Gaming Inc : Deutsche Bank cuts price target to $12 from $32 * Penn National Gaming Inc : Jefferies raises target price to $17 from $10.50 * Penn National Gaming Inc : JP Morgan cuts target price to $21 from $44 * Penn National Gaming Inc : SunTrust Robinson raises target price to $20 from $19 * Pennymac Financial Services Inc : Piper Sandler raises target to $57 from $55 * Pentair Plc : UBS raises target price to $36 from $32 * Penumbra Inc : Canaccord Genuity raises target price to $200 from $184 * Penumbra Inc : Citigroup raises price target to $214 from $192 * Perficient Inc : Barrington raises target price to $44 from $40 * Perficient Inc : Needham raises target price to $40 from $37 * Petiq Inc : Jefferies raises target price to $39 from $37 * Petiq Inc : Raymond James cuts target price to $32 from $33 * Petiq Inc : SunTrust Robinson raises target price to $35 from $30 * Pfsweb Inc : Needham raises target price to $6 from $5 * Phibro Animal Health Corp : Credit Suisse cuts target price to $23 from $25 * Physicians Realty Trust : Berenberg raises target price to $17 from $16 * Physicians Realty Trust : Compass Point raises target price to $21 from $19 * Plains All American Pipeline LP : RBC raises target price to $9 from $8 * Plains All American Pipeline LP : Simmons Energy raises target to $10 from $9 * Playags Inc : Deutsche Bank cuts price target to $5 from $9 * PNM Resources Inc : UBS cuts target price to $45 from $49 * Power Integrations Inc : Deutsche Bank raises price target to $93 from $90 * Power Integrations Inc : Susquehanna raises price target to $100 from $90 * Power Integrations Inc : Susquehanna raises target price to $100 from $90 * PPD Inc : Citigroup raises price target to $31 from $26 * PPD Inc : Jefferies raises target price to $31 from $20 * Ppd Inc : Mizuho raises price target to $29 from $22 * Precigen Inc : HC Wainwright initiates with buy and pt $5 * Pricesmart Inc : Scotiabank cuts to sector perform from sector outperform; cuts target price to $65 from $86 * Primo Water Corp (Mississauga) : Scotiabank cuts target price to $12.5 from $13.5 * Progressive Corp : Deutsche Bank raises price target to $90 from $88 * Proofpoint Inc : BTIG raises target price to $151 from $125 * Proofpoint Inc : Citigroup raises price target to $166 from $147 * Proofpoint Inc : D.A. Davidson raises price target to $155 from $125 * Proofpoint Inc : RBC raises target price to $146 from $141 * Proofpoint Inc : Wedbush raises target price to $150 from $135 * Protagonist Therapeutics Inc : BMO raises price target to $19 from $17 * Q2 Holdings Inc : BTIG cuts target price to $99 from $105 * Q2 Holdings Inc : D.A. Davidson raises target price to $72 from $67 * Q2 Holdings Inc : Keybanc raises target price to $90 from $85 * Q2 Holdings Inc : Needham cuts price target to $100 from $110 * Q2 Holdings Inc : Raymond James cuts price target to $95 from $100 * Q2 Holdings Inc : RBC raises target price to $92 from $73 * Qorvo Inc : Canaccord Genuity raises target price to $117 from $115 * Qorvo Inc : Cowen and Company raises price target to $115 from $110 * Qorvo Inc : Cowen and Company raises target price to $115 from $110 * Qorvo Inc : Mizuho raises price target to $114 from $110 * Qorvo Inc : Raymond James raises target price to $130 from $120 * Qorvo Inc : Susquehanna raises target price to $105 from $95 * Qorvo Inc : UBS raises target price to $100 from $91 * Qualys Inc : JP Morgan cuts target price to $89 from $91 * Qualys Inc : RBC raises target price to $101 from $85 * Qualys Inc : Rosenblatt Securities raises target price to $125 from $120 * Qualys Inc : Stifel raises target price to $99 from $90 * Quanta Services Inc : Citigroup raises price target to $42 from $40 * Quidel Corp : Piper Sandler raises target price to $168 from $86 * Quinstreet Inc : Stephens cuts target price to $18 from $23 * Radian Group Inc : BTIG cuts target price to $28 from $32 * Radius Health Inc : Jefferies cuts target price to $17 from $23 * Range Resources Corp : Scotiabank raises target price to $4 from $3 * Rapid7 Inc : Mizuho raises price target to $53 from $50 * Rapid7 Inc : Raymond James raises target price to $64 from $53 * Raytheon Technologies Corp : CFRA cuts price target to $65 from $71 * Raytheon Technologies Corp : RBC raises target price to $63 from $61 * Re/Max Holdings Inc : Compass Point cuts price target to $32 from $34 * Realogy Holdings Corp : Susquehanna raises target price to $4.50 from $3 * Realpage Inc : KBW raises target price to $75 from $62 * Redfin Corp : D.A. Davidson raises price target to $27 from $26 * Redfin Corp : RBC raises target price to $25 from $24 * Regency Centers Corp : Deutsche Bank cuts price target to $56 from $71 * Regional Management Corp : BMO cuts price target to $14 from $26 * Rent-A-Center Inc : Raymond James cuts target price to $28 from $31 * Rent-A-Center Inc : Stephens raises target price to $23 from $14 * Rent-A-Center Inc : Stifel raises target price to $29 from $19 * Republic Services Inc : JP Morgan raises target price to $92 from $85 * Revance Therapeutics Inc : Guggenheim cuts target price to $41 from $45 * Reynolds Consumer Products Inc : Credit Suisse raises target price to $36 from $34 * Rockwell Automation Inc : UBS raises target price to $200 from $161 * Roku Inc : Oppenheimer raises target price to $135 from $120 * Roku Inc : RBC raises target price to $141 from $139 * Roku Inc : Rosenblatt Securities raises target price to $145 from $110 * Roku Inc : Susquehanna cuts price target to $145 from $170 * Roku Inc : Wedbush raises target price to $136 from $86 * Rollins Inc : Jefferies raises target price to $39 from $37 * Royal Gold Inc : CIBC raises target price to $140 from $114 * Royal Gold Inc : Scotiabank raises target price to $125 from $123 * RPC Inc : Evercore ISI raises target price to $4 from $2 * RPC Inc : Stephens raises target price to $3 from $2 * Ryerson Holding Corp : Deutsche Bank cuts price target to $6 from $7 * Sage Therapeutics Inc : Ladenburg Thalmann raises target price to $40 from $28 * Sage Therapeutics Inc : Mizuho raises price target to $44 from $36 * Sage Therapeutics Inc : Mizuho raises target price to $44 from $36 * Sage Therapeutics Inc : SunTrust Robinson cuts target price to $35 from $37 * Sage Therapeutics Inc : Wedbush cuts to neutral from outperform; raises PT to $37 from $36 * Sailpoint Technologies Holdings : D.A. Davidson raises target to $24 from $18 * Sailpoint Technologies Holdings Inc : Jefferies raises target to $25 from $21 * Sailpoint Technologies Holdings Inc : RBC raises target price to $28 from $25 * Savara Inc : Jefferies raises target price to $5 from $4 * Scotts Miracle-Gro Co : Berenberg raises target price to $119 from $107 * Sculptor Capital Management Inc : Citigroup cuts price target to $21.5 from $33.5 * Select Energy Services Inc : Simmons Energy raises PT to $6.65 from $3.50 * Select Energy Services Inc : Stephens raises target price to $5 from $3 * Sensus Healthcare Inc : Craig-Hallum cuts target price to $6 from $7 * Sensus Healthcare Inc : H.C. Wainwright cuts target price to $5 from $8 * Servicemaster Global Holdings Inc : Jefferies cuts target price to $33 from $38 * Servicemaster Global Holdings Inc : RBC cuts target price to $40 from $43 * Servicemaster Global Holdings Inc : Stifel cuts target price to $45 from $50 * Shell Midstream Partners LP : Stifel cuts target price to $14 from $17 * Shotspotter Inc : Craig-Hallum cuts target price to $28 from $38 * Sierra Wireless Inc : Canaccord Genuity cuts target price to $11 from $12 * Skywest Inc : Cowen and Company cuts price target to $35 from $38 * Solid Biosciences Inc : Instinet cuts target price to $6 from $10 * Southwest Airlines Co : Credit Suisse cuts target price to $35 from $53 * Southwestern Energy Co : Scotiabank raises target price to $2.75 from $2.50 * Spire Inc : Credit Suisse cuts target price to $69 from $81 * Spirit Airlines Inc : Credit Suisse cuts target price to $12 from $47 * SPX Corp : UBS raises target price to $47 from $46 * Square Inc : BMO cuts price target to $54 from $58 * Square Inc : Citigroup raises price target to $66 from $50 * Square Inc : Guggenheim cuts to neutral from buy * Square Inc : KBW raises target price to $68 from $60 * Staar Surgical Co : Stephens raises target price to $45 from $37 * Stamps.Com Inc : Craig-Hallum raises price target to $230 from $200 * Stamps.Com Inc : Craig-Hallum raises target price to $230 from $200 * Stamps.Com Inc : Northland Capital Markets raises target price to $220 * Stanley Black & Decker Inc : UBS cuts target price to $132 from $142 * Stericycle Inc : BMO cuts price target to $56 from $65 * Stericycle Inc : RBC cuts target price to $67 from $75 * Stoneridge Inc : Stephens raises target price to $20 from $18 * Suburban Propane Partners LP : Raymond James cuts target price to $16 from $19 * Super Micro Computer Inc : Susquehanna cuts target price to $33 from $35 * Synaptics Inc : Dougherty cuts price target to $86 from $91 * Synaptics Inc : Mizuho cuts price target to $77 from $80 * Syndax Pharmaceuticals Inc : Instinet raises target price to $31 from $16 * Tabula Rasa Healthcare Inc : Piper Sandler cuts price target to $68 from $72 * Talos Energy Inc : Keybanc raises target price to $13 from $12 * Targa Resources Corp : Raymond James raises target price to $21 from $18 * TCG BDC Inc : KBW raises target price to $8.50 from $7 * Technipfmc Plc : zephirin Group cuts price objective to $10 from $18 * Tegna Inc : Benchmark cuts price target to $18 from $22 * Tegna Inc : Guggenheim raises target price to $15 from $14 * Teradata Corp : BMO cuts price target to $24 from $27 * Teradata Corp : RBC cuts target price to $21 from $23 * Teradata Corp : Stifel cuts target price to $24 from $25 * Teradata Corp : UBS cuts target price to $21 from $23 * Terex Corp : Citigroup raises price target to $14 from $13 * Tesla Inc : Independent Research raises target price to $420.00 from $400.00; rating sell * Teva Pharmaceutical Industries Ltd : SVB Leerink raises PT to $12 from $11 * TPI Composites Inc : Canaccord Genuity cuts target price to $20 from $22 * TPI Composites Inc : Craig-Hallum raises price target to $31 from $29 * Trade Desk Inc : Needham raises price target to $370 from $250 * Trade Desk Inc : Oppenheimer raises target price to $320 from $300 * Trade Desk Inc : Pivotal Research raises target price to $345 from $267 * Trade Desk Inc : RBC cuts to sector perform from outperform; raises target price to $300 from $225 * Trade Desk Inc : SunTrust Robinson cuts to hold from buy; cuts PT to $250 from $280 * Tradeweb Markets Inc : Citigroup raises price target to $55 from $54 * Tradeweb Markets Inc : Compass Point raises price target to $54 from $45 * Tradeweb Markets Inc : Deutsche Bank raises price target to $54 from $52 * Tradeweb Markets Inc : KBW raises target price to $56 from $49 * Tradeweb Markets Inc : Piper Sandler raises target price to $50 from $47 * Tradeweb Markets Inc : UBS raises target price to $62 from $53 * Treehouse Foods Inc : SunTrust Robinson raises target price to $55 from $50 * Trinseo SA : Citigroup cuts price target to $19 from $20 * Triplepoint Venture Growth BDC Corp : Deutsche Bank cuts PT to $11.5 from $15.5 * Tronox Holdings Plc : SunTrust Robinson cuts target price to $12 from $20 * Tronox Holdings Plc : UBS raises target price to $5 from $3.50 * Turtle Beach Corp : D.A. Davidson raises target price to $22 from $16 * Turtle Beach Corp : Wedbush raises price target to $12 from $11 * Twilio Inc : Stephens raises target price to $130 from $105 * Twist Bioscience Corp : Evercore ISI raises target price to $44 from $38 * Uber Technologies : BofA Global Research raises price objective to $42 from $40 * Uber Technologies Inc : Cowen and Company raises target price to $55 from $53 * Uber Technologies Inc : D.A. Davidson raises to buy from neutral; raises target price to $39 from $23.50 * Uber Technologies Inc : Guggenheim raises target price to $37 from $34 * Uber Technologies Inc : Needham raises price target to $42 from $36 * Uber Technologies Inc : Oppenheimer raises target price to $38 from $34 * Uber Technologies Inc : Piper Sandler cuts target price to $33 from $39 * Uber Technologies Inc : RBC raises target price to $52 from $44 * Uber Technologies Inc : Stifel cuts target price to $38 from $40 * Uber Technologies Inc : SunTrust Robinson raises target price to $50 from $42 * Uber Technologies Inc : Wedbush raises target price to $38 from $30 * UDR Inc : Stifel raises target price to $42 from $40 * UFP Industries Inc : Stifel raises target price to $49 from $45 * UFP Industries Inc : Wedbush raises target price to $45 from $40 * Ultragenyx Pharmaceutical Inc : Citigroup raises price target to $66 from $53 * Ultragenyx Pharmaceutical Inc : Jefferies raises target price to $76 from $71 * Ultragenyx Pharmaceutical Inc : SVB Leerink cuts target price to $85 from $90 * Under Armour Inc : Citigroup cuts price target to $15 from $17 * United Airlines Holdings Inc : Credit Suisse cuts target price to $41 from $111 * Universal Display Corp : Susquehanna cuts target price to $128 from $148 * Universal Electronics Inc : Dougherty cuts target price to $60 from $70 * Upland Software Inc : Raymond James cuts target price to $40 from $47 * Upland Software Inc : SunTrust Robinson cuts target price to $46 from $56 * Urogen pharma Ltd : Jefferies raises target price to $48 from $44 * Valvoline Inc : Jefferies raises target price to $17 from $15 * Veeco Instruments Inc : Benchmark raises price target by $2 to $18 * Viacomcbs Inc : Benchmark cuts target price to $24 from $27 * Viacomcbs Inc : Guggenheim raises target price to $24 from $22.50 * Viacomcbs Inc : Moffettnathanson cuts target price by $2 to $19 * Viacomcbs Inc : RBC cuts target price to $17 from $20 * Viacomcbs Inc : Rosenblatt Securities cuts target price to $19 from $20 * Viper Energy Partners LP : Raymond James cuts target price to $10 from $11 * Virtu Financial Inc : Citigroup raises price target to $25 from $24 * Virtu Financial Inc : Compass Point raises target price to $28 * Virtu Financial Inc : Evercore ISI raises target price to $27 from $21 * Virtu Financial Inc : Jefferies raises target price to $31 from $28 * Virtu Financial Inc : JP Morgan raises target price to $30 from $25 * Virtu Financial Inc : Piper Sandler raises target price to $29 from $27 * Virtu Financial Inc : UBS raises target price to $26 from $24 * Vivint Smart Home Inc : Evercore ISI cuts target price to $14 from $22 * Vivint Smart Home Inc : RBC raises target price to $13 from $12 * Vonage Holdings Corp : Jefferies raises target price to $11 from $9 * Vonage Holdings Corp : JP Morgan cuts target price to $11 from $12 * Vonage Holdings Corp : Keybanc cuts target price to $12 from $16 * Voya Financial Inc : CFRA cuts target price by $19 to $50 * Vulcan Materials Co : Berenberg raises target price to $122 from $106 * Vulcan Materials Co : Citigroup raises price target to $133 from $129 * Wendys Co : Deutsche Bank raises price target to $19 from $16 * Western Forest Products Inc : Scotiabank cuts target price to C$1.25 from C$1.5 * WEX Inc : BTIG cuts target price to $190 from $255 * WEX Inc : Jefferies raises target price to $145 from $105 * WEX Inc : SunTrust Robinson raises target price to $150 from $100 * World Acceptance Corp : BMO cuts price target to $28 from $37 * WPX Energy Inc : Raymond James raises price target to $8 from $6 * Yelp Inc : Credit Suisse cuts target price to $34 from $44 * Yelp Inc : RBC raises target price to $25 from $22 * Yeti Holdings Inc : BTIG raises target price to $36 from $30 * Yeti Holdings Inc : Citigroup cuts price target to $35 from $37 * Yeti Holdings Inc : Cowen and Company raises price target to $31 from $19 * Yeti Holdings Inc : Jefferies raises target price to $33 from $27 * Yeti Holdings Inc : Piper Sandler raises target price to $35 from $34 * Yeti Holdings Inc : Raymond James raises target price to $31 from $30 * Yeti Holdings Inc : Stifel raises target price to $27 from $23 * Zillow Group Inc : Benchmark raises target price to $63 from $57 * Zillow Group Inc : Craig-Hallum raises price target to $60 from $45 * Zillow Group Inc : Jefferies raises target price to $50 from $30 * Zillow Group Inc : RBC raises target price to $58 from $56 * Zillow Group Inc : SunTrust Robinson raises target price to $55 from $45 * Zoetis Inc : Citigroup cuts price target to $131 from $139 * Zoetis Inc : UBS cuts target price to $126 from $146 (Compiled by Bengaluru Newsroom)
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27e25e4ff6bc12739c8709f5fe32308a | https://www.reuters.com/article/retail-trading-citron-gamestop/update-3-from-left-for-dead-to-the-next-hot-brand-short-seller-changes-view-on-gamestop-idUSL4N2KV4JA | UPDATE 3-From left-for-dead to the next 'hot brand', short seller changes view on GameStop | UPDATE 3-From left-for-dead to the next 'hot brand', short seller changes view on GameStop
By Svea Herbst-Bayliss, Ayanti Bera, Aaron Saldanha3 Min Read
(Rewrites throughout, adds comments from interview with Left)
Feb 25 (Reuters) - The battle for videogame retailer GameStop’s future took a new twist on Thursday when a prominent investor suggested that the company, which has been at the center of a recent stock trading frenzy, should buy online gambling firm Esports Entertainment Group.
Short-seller Citron Research said in a tweet that such a move would be "obvious and easy to justify (GameStop) stock price."(bit.ly/2MocuDQ)
Citron Research founder Andrew Left, who has spent two decades investing and producing stock market research, told Reuters such a tie-up would be “a major pivot” that would put GameStop on a solid financial footing and introduce the brand to millions of new customers.
“It would be an easy acquisition for GameStop to tuck in right now,” Left said in an interview.
“Some people say it would be a ‘Hail Mary pass’ but I think it would be a major pivot,” he said. He said he owns shares in Esports.
Left’s suggestion sent Esports’ shares up roughly 27% to a three-year high before falling back down to $21, up a shade over 19%. GameStop’s shares were up nearly 60%%, extending a new rally that began on Wednesday.
Esports said on Thursday it has not held sale talks with GameStop. GameStop did not comment.
Jeff Cohen, vice president of strategy at Esports Entertainment, told Reuters the two companies have spoken in the past but not about an acquisition.
“We have talked to GameStop in the past about areas within Esports where we might be able to collaborate, but we haven’t had any discussions around acquisitions,” Cohen said.
VOLTE-FACE
Only four weeks ago, Left said he was betting against the future of GameStop, describing it as an outdated brand whose products were sold in shopping malls that weren’t being frequented much during the pandemic.
“Six weeks ago this brand was (close to) being dead,” he said. Now it’s a “hot brand” that can raise money and reestablish itself as a strong player, he said, valuing the company at between $8 billion and $10 billion. GameStop was valued at around $6.4 billion before Thursday’s rally.
“What’s changed? I realize that there are millions of kids in this country who like to gamble,” he said. “If they combined, as a short seller, I wouldn’t even think about touching that.”
Left was one of the most prominent short-sellers betting against GameStop in January. Hedge funds, including Melvin Capital, were also hurt by their short bets against GameStop.
Lawmakers in the U.S. Congress last week held a hearing with executives from Melvin Capital, online trading platform Robinhood, and a retail investor who calls himself “Roaring Kitty” and championed GameStop, sending its share price up some 1,700%. (Reporting by Aaron Saldanha and Ayanti Bera in Bengaluru; Writing by Anirban Sen; Editing by Shounak Dasgupta and Sonya Hepinstall)
Our Standards: The Thomson Reuters Trust Principles.
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491b3c2632de74dddcd4896269ed7b83 | https://www.reuters.com/article/us-deluxe-entertainment-bankruptcy/perelman-backed-deluxe-entertainment-files-bankruptcy-to-be-owned-by-lenders-idUSKBN1WI2I8 | Perelman-backed Deluxe Entertainment files bankruptcy, to be owned by lenders | Perelman-backed Deluxe Entertainment files bankruptcy, to be owned by lenders
By Reuters Staff2 Min Read
NEW YORK (Reuters) - Deluxe Entertainment Services Group Inc, a video services company backed by the billionaire financier Ronald Perelman, filed for bankruptcy Thursday, as part of a restructuring that will hand control of the company to its lenders.
The Burbank, California-based company said its Chapter 11 restructuring will reduce long-term debt by more than half, raise $115 million of new financing and have no impact on day-to-day operations.
Founded in 1915, Deluxe makes visual effects for Hollywood movies and television shows. It had been owned since 2006 by Perelman’s MacAndrews & Forbes holding company.
Moody’s Investors Service said in August that Deluxe had been struggling with negative cash flows because fewer movies were entering wide release, some movies were being shelved and DVD and Blu-ray sales and prices were falling.
Deluxe said it will ask a federal bankruptcy judge in White Plains, New York to approve its restructuring on Oct. 24.
It reported between $500 million and $1 billion of assets and more than $1 billion of liabilities in its bankruptcy petition.
Deluxe's competitors include Walt Disney Co's DIS.N Industrial Light & Magic and France's Technicolor SA TCH.PA.
Reporting by Jonathan Stempel in New York; Editing by Cynthia OstermanOur Standards: The Thomson Reuters Trust Principles.
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4753b4d69fb2a04d6097f1c33e1312c1 | https://www.reuters.com/article/us-demandmedia-results-idUSBRE97615P20130807 | Demand Media revenue growth slows on changes at Google | Demand Media revenue growth slows on changes at Google
By Jennifer Saba2 Min Read
(Reuters) - Demand Media DMD.N, the online content company that operates websites such as eHow and Cracked, said on Wednesday its total year-on-year revenue growth slowed to 9 percent in the second quarter to $101.1 million because of changes in the Google search engine.
During the first quarter revenue rose 17 percent.
In recent years, Demand Media has been hurt when Google GOOG.O adjusts its search algorithm to keep in check the quality of content that surfaces in its search results. Demand relies on high search results for its content which helps bring in advertising revenue.
Advertising revenue is tied to traffic. When more people that click on a site, Demand can charge advertisers more money. Some 36 percent of Demand’s revenue comes from Google traffic referrals.
“We are dramatically improving our websites and diversifying,” said Demand Media CFO Mel Tang.
“There is no silver bullet,” he said.
Adjusted net income for the second quarter rose to $8.8 million, or 10 cents per share from $7.8 million, or 9 cents per share in the same quarter last year.
For the third quarter, Demand estimates that revenue will be in the range of $99 million to $101 million.
In June, the company warned that Google’s changes would hurt results and it lowered it second-quarter revenue forecast.
Still, Demand is attempting to reduce its reliance on traffic and advertising and has branched out into ecommerce and subscriptions.
It made two acquisitions this year, e-commerce marketplace Society6 and video subscription craft site Creativebug.
Demand also owns a registrar business that maintains top level generic web domain names like “.actor” and “.social” that it plans to spin off early next year.
Reporting by Jennifer Saba in New York; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.
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a3bd4fd1393ebf0b7e9cac701a5aa724 | https://www.reuters.com/article/us-denmark-beer-idUSKBN1810XK?feedType=nl&feedName=oddlyEnoughNews&utm_source=Sailthru&utm_medium=email&utm_campaign=US%20Oddly%20Enough%202017-05-11&utm_term=US%20Oddly%20Enough | Danish brewer puts the 'P' in pilsner | Danish brewer puts the 'P' in pilsner
By Reuters Staff2 Min Read
COPENHAGEN (Reuters) - A Danish brewery is drawing on 50,000 liters of urine collected from the largest music festival in Northern Europe in producing a novelty beer aimed at the more adventurous drinker.
The beer named “Pisner” - a word-play combining pilsner with local slang for urine - contains no human waste, but is produced from fields of malting barley fertilized with human urine rather than traditional animal manure or factory-made plant nutrients.
“When the news that we had started brewing the Pisner came out, a lot of people thought we were filtering the urine to put it directly in the beer and we had a good laugh about that,” said Henrik Vang, Chief Executive of brewer Norrebro Bryghus.
Using human waste as fertilizer on such a scale is a novelty, said Denmark’s Agriculture and Food Council, which came up with the idea for what could be the ultimate sustainable hipster beer and has already named the concept “beercycling”.
“If it had tasted even a bit like urine, I would put it down, but you don’t even notice,” said Anders Sjögren, who attended Roskilde Music Festival in 2015.
The 50,000 liters collected from that festival resulted in enough malting barley to brew around 60,000 bottles of Pisner beer.
Reporting by Julie Astrid Thomsen, editing by Terje Solsvik and Ralph BoultonOur Standards: The Thomson Reuters Trust Principles.
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a903b1f2a024622d2ce7623aa8b60d10 | https://www.reuters.com/article/us-denmark-climatechange-autos/denmark-agrees-deal-to-have-775000-electric-cars-by-2030-idUKKBN28E23O?edition-redirect=uk | Denmark agrees deal to have 775,000 electric cars by 2030 | Denmark agrees deal to have 775,000 electric cars by 2030
By Reuters Staff2 Min Read
FILE PHOTO: An anti-exhaust emission traffic sign is pictured in Copenhagen, Denmark April 18, 2017. REUTERS/Fabian Bimmer
COPENHAGEN (Reuters) - Denmark on Friday agreed on a deal with parliament to put at least 775,000 electric or hybrid cars on Danish roads by 2030 in its latest move to reach its ambitious target reducing greenhouse gas emissions by 70% in 2030.
The government also announced a broader aim of having as many as one million low or zero-emission cars on the road by 2030, but the current deal would secure financing for the first 775,000.
There are currently only around 20,000 electric cars in Denmark, a fraction of the 2.5 million cars currently on Danish roads.
Under the new deal, taxes and levies on cars propelled by fossil fuels will gradually increase, and taxes on new cars will depend on how much carbon dioxide they emit, replacing a system which calculates tax based on cars’ mileage.
“The average electric car will be significantly cheaper in the coming years,” Tax Minister Morten Boedskov said.
The plan, which largely follows earlier recommendations by the Danish Climate Council, would reduce greenhouse gas emissions by more than 2 million tons.
The plan, for which the government will set aside 2.5 billion Danish crowns ($407.62 million), will be reviewed in 2025, to develop measures to have up to one million zero-emissions cars by 2030.
Banning the sale of diesel and petrol cars is in breach of current European Union rules, but the government on Friday echoed earlier calls by 11 member countries to phase out fossil fuel cars on an EU level by 2030.
($1 = 6.1332 Danish crowns)
Reporting by Nikolaj Skydsgaard and Jacob Gronholt-Pedersen; editing by Hugh Lawson, Larry King and Andrea RicciOur Standards: The Thomson Reuters Trust Principles.
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f40683b5245f706cf553e19b1034eed0 | https://www.reuters.com/article/us-denmark-crime-facebook/danish-police-after-facebook-tip-off-charge-1000-young-people-for-sharing-sex-film-idUSKBN1F41HZ | Danish police, after Facebook tip-off, charge 1,000 young people for sharing sex film | Danish police, after Facebook tip-off, charge 1,000 young people for sharing sex film
By Reuters Staff1 Min Read
COPENHAGEN (Reuters) - Danish police said on Monday they have charged 1,004 children and young people for sharing video clips of two 15-year-olds having sex, following a tip-off from Facebook.
They said it could constitute distribution of child pornography even though the age of consent in Denmark is 15.
The two video clips were shared through Facebook’s Messenger chat-platform in the autumn and the company advised the U.S. authorities about it, as it is obliged to.
The tip-off was then passed on to Denmark via Interpol.
Most of the young people charged have only shared the videos a few times whereas as some have shared them several hundred times, police said.
LIF
Reporting by Teis Jensen, editing by Jacob Gronholt-Pedersen/Jeremy GauntOur Standards: The Thomson Reuters Trust Principles.
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696d48d15b5fb0426c83be47569e7313 | https://www.reuters.com/article/us-denmark-election-welfare-insight/danes-make-welfare-a-hot-election-issue-as-cracks-show-in-nordic-model-idUSKCN1SZ0IC?utm_source=amerika.org | Danes make welfare a hot election issue as cracks show in Nordic model | Danes make welfare a hot election issue as cracks show in Nordic model
By Jacob Gronholt-Pedersen8 Min Read
COPENHAGEN (Reuters) - The Nordic welfare model, long the envy of many across the world seeking an egalitarian utopia, is creaking.
92-year old Aase Blytsoe, who has dementia, sits in her apartment in Aarup, Denmark, May 28, 2019. REUTERS/Fabian Bimmer
Aging populations have led to politicians across the region chipping away at the generous cradle-to-grave welfare state for years. In Denmark, next week’s election could prove a turning point as frustrated voters say: No more.
Danes, like citizens of other Nordic nations, have largely been happy to shell out some of the highest taxes in the world, seeing them as a price worth paying for universal healthcare, education and elderly services.
However, spending cuts by successive governments to reduce the public deficit have led to more people paying out of their own pockets for what used to be free.
“We pay very high taxes in Denmark, and that’s alright. But in return, I think we can demand a certain service,” said pensioner Sonja Blytsoe.
Her 92-year old mother, who has dementia, was told by her local council in the central Danish town of Assens that the cleaning of her small apartment at a nursing home would be almost halved to 10 times a year.
Her mother, who lives off her state pension of 9,000 Danish crowns ($1,350) per month, could not afford to pay the roughly 1,000 crowns a month for a private cleaning firm, Blytsoe said.
In an illustration of the simmering public anger at such cuts, the council’s move sparked an outcry on social media that prompted the prime minister to comment on the case in parliament and the decision to be reversed.
The erosion of the welfare state has now become a defining issue in the June 5 general election in a country where people hand over an average 36% of their personal income to the state each month.
Opinion polls indicate Prime Minister Lars Lokke Rasmussen of the Liberal Party will lose power to Mette Frederiksen of the center-left Social Democratic Party.
Frederiksen’s Social Democrats have won popular support by pledging to increase public spending, making businesses and the wealthy pay more toward welfare services through higher taxes, and to partially roll back some recent pension reforms by allowing people who have worked 40 years to retire earlier.
However Rasmussen has accused his rival of being in “the business of selling dreams”.
“Either you’ll leave voters massively disappointed, or leave an enormous hole in the treasury,” he told Frederiksen about her pension plans during a TV debate earlier this year.
DANES GO PRIVATE
The Nordic model has been held up as the gold standard for welfare by many left-leaning politicians and activists globally.
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It featured in the last U.S. presidential election campaign, for example, when Democratic candidate Bernie Sanders pointed to Denmark as a model for his vision of an ideal American future.
However the tough choices confronting Denmark are reflected across Nordic nations faced with a generation of baby-boomers creeping into retirement. Voters feeling a rising sense of insecurity are increasingly pressuring politicians to safeguard their cherished welfare model.
In Finland, the Social Democrats came out on top in an April election, for the first time in 20 years, after campaigning on tax hikes to meet the rising costs of welfare.
In Sweden, one of Europe’s richest countries, support for the nationalist Sweden Democrats surged in last year’s election on the back of fears over immigration and welfare.
Nordic countries still top other high-spending OECD countries like the United States, Germany and Japan for public spending per capita on social benefits targeted at the poor, the elder, disabled, sick or unemployed.
Denmark itself spends a higher proportion of its wealth on public welfare than most European countries, at 28% of GDP, behind only France, Belgium and Finland.
But many Danes are distressed at the way things are going following two decades of economic reforms.
Cuts to healthcare services, which include everything from free doctor appointments to cancer treatment, have led to the closure of a quarter of state hospitals in the past decade alone.
A recent survey showed that more than half of Danes don’t trust the public health service to offer the right treatment. As a consequence the proportion of the 5.7 million Danish population taking out private health insurance has jumped to 33% from 4% in 2003, according to trade organization Insurance & Pension Denmark.
Other cuts over the past 10 years have led to the closure of a fifth of state schools, while spending per person above 65 years on services such as care homes, cleaning and rehabilitation after illness has dropped by a quarter.
Since the early 2000s, governments have also pushed through unpopular measures to encourage people to work longer.
They include gradually increasing the retirement age to 73 - the highest in the world - in decades to come from 65 currently, phasing out early retirement benefits and cutting unemployment benefits to two years from four.
SPENDING CONTEST
While the policies have generated economic growth averaging 1.6% since 2010 - above the EU average - and sound public finances, the election could mark a change of direction.
Frederiksen says she will increase public spending by 0.8% per year over the next five years - the equivalent of 37 billion Danish crowns in 2025 - to buttress welfare.
“The reason you can’t agree to spend the money needed to keep the current (welfare) level is that you want to set aside money for tax cuts,” she told Rasmussen during the TV debate.
Frederiksen is however bound by a 2012 law not to allow a public deficit of more than 0.5% of GDP, much stricter than EU rules setting the ceiling at 3%.
Her message about increased spending is nonetheless going down well with the public, along with a tougher stance on immigration which has also helped her win voters from the anti-immigration Danish People’s Party.
Rasmussen has argued that an acceptable level of welfare can be achieved in part by technological advances and letting more private players into areas like health and elderly care.
But this month, in a change of tack to address voters’ concerns, he announced a new plan to raise public spending by 0.65% a year - almost the same rate as the Social Democrats.
‘NOT ENOUGH PEOPLE’
With government debt at 49% of GDP, way below the OECD average of 111%, and a budget close to being balanced, there is room to raise welfare spending, according to economists.
However Jan Stoerup Nielsen at Nordea said certain election promises, such as those by both candidates to come up with 1,000-2,000 new nurses, were unrealistic at a time of record high employment of 2.77 million, or 97% of those able to work.
“The problem is that there’s not enough people,” he added. “There is not much politicians can do at the moment. You can say you want a thousand new nurses in the hospitals, but they are nowhere to be found,” he added.
He warned more public spending risked overheating the economy and hurting growth down the line if more people shifted from the private to public sector.
Pensioner Blytsoe said that when her mother’s services were curbed, she did her best to tidy up the apartment when she visited, but refused to do the regular cleaning previously offered by the state.
“If I did that, the municipality would’ve achieved their goal to cut costs and make us fill the gap.”
Reporting by Jacob Gronholt-Pedersen; Editing by Pravin CharOur Standards: The Thomson Reuters Trust Principles.
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1f216d015053e942b5094e55a86b27c8 | https://www.reuters.com/article/us-denmark-murder-bitcoin/italian-woman-jailed-in-denmark-for-ordering-murder-online-in-bitcoin-idUSKBN1E91SB | Italian woman jailed in Denmark for ordering murder online in bitcoin | Italian woman jailed in Denmark for ordering murder online in bitcoin
By Reuters Staff1 Min Read
COPENHAGEN (Reuters) - An Italian woman who ordered the murder of her boyfriend through a website and paid a hitman in bitcoin digital currency was sentenced on Friday to six years in a Danish jail.
The 58-year-old woman ordered the murder - which was never carried out - in March, transferring 4.1 bitcoin, then worth around $4,000, to the hitman’s virtual wallet, the court found.
Bitcoin can be transferred electronically between users without an intermediary such as a bank, making it potentially attractive for buying illegal goods or services.
The woman, who has lived in Denmark for 30 years, will be expelled after serving her sentence, the court said.
The intended murder victim was present at the court hearing north of Copenhagen on Friday and spoke with the woman after the verdict, the Danish public broadcaster said.
Reporting by Jacob Gronholt-Pedersen; Editing by Kevin LiffeyOur Standards: The Thomson Reuters Trust Principles.
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65b14aa159754a3dfeb2b14fbedf2e1f | https://www.reuters.com/article/us-denmark-rates-jyske-bank/denmarks-jyske-bank-to-charge-wealthy-clients-for-deposits-idUKKCN1VA0YW?edition-redirect=uk | Denmark's Jyske Bank to charge wealthy clients for deposits | Denmark's Jyske Bank to charge wealthy clients for deposits
By Andreas Mortensen2 Min Read
FILE PHOTO: Jyske Bank branch in Copenhagen, Nov. 5, 2013. REUTERS/Fabian Bimmer
COPENHAGEN (Reuters) - Denmark's Jyske Bank JYSK.CO will begin charging wealthy individuals for deposits instead of paying interest, it said on Tuesday, less than two weeks after launching the world's first negative interest rate mortgage.
Jyske Bank, Denmark’s second-largest lender, said it would introduce a negative interest rate of 0.6% for clients depositing more than 7.5 million Danish crowns ($1.1 million).
“The negative interest rate environment that has affected the Danish market since the spring of 2012, only interrupted in 2014, now seems to be of a rather permanent nature,” Jyske Chief Executive Anders Dam said in a statement.
“Market expectations indicate that the negative interest rate environment will last for several years,” Dam added.
The Nordic country was among the first to introduce negative rates in 2012. Earlier this month, Jyske became the first to offer a negative rate on a home loan, in effect paying customers 0.5% to borrow money for 10 years.
Such moves reflect prospects of a global recession, prompting central banks to try to kick-start the economy by measures such as cutting lending rates.
Denmark's largest lender Danske Bank DANSKE.CO has said it has no plans to introduce negative interest rates on deposits, though Switzerland's UBS UBSG.S has said it would impose a negative rate of 0.75% on wealthy clients who deposit more than 2 million Swiss francs ($2 million) with its Swiss bank.
Denmark last month became the first developed economy in this year’s global plunge in bond yields to have negative yields on all its government bonds.
Reporting by Andreas Mortensen; Additional reporting by Nikolaj Skydsgaard; Editing by Jacob Gronholt-Pedersen and David HolmesOur Standards: The Thomson Reuters Trust Principles.
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6ae8d0d2bdb2e33ce32933603197f19c | https://www.reuters.com/article/us-denmark-submarine-idUSKCN1B30E5 | Danish police identify torso as missing submarine journalist | Danish police identify torso as missing submarine journalist
By Julie Astrid Thomsen, Teis Jensen4 Min Read
COPENHAGEN (Reuters) - Police on Wednesday identified a headless female torso washed ashore in Copenhagen as that of Swedish reporter Kim Wall, who they believe was killed by a Danish inventor on board his home-made submarine.
Wall, who was researching a story on inventor Peter Madsen, went missing after he took her out to sea in his 17-metre (56-foot) submarine on Aug. 10. He denies killing her, saying she died in an accident.
Announcing the results of tests on the torso, discovered by a passing cyclist on Monday, police spokesman Jens Moller said it had suffered damage suggesting “an attempt to make sure air and gas inside should leave the body so that it would not rise from the seabed”.
He added: “There was also some metal attached to the body, allegedly also to make sure the body would sink to the bottom.”
The arms, legs and head had been sawn from the body. Analysis showed a match with Wall’s DNA, which the police had gathered from a toothbrush and a hairbrush, and with blood found in the submarine, Moller said.
Police still do not know the cause of death, and divers are searching for more body parts.
Madsen, 46, is charged with manslaughter, which carries a sentence of between five years and life in prison. His lawyer Betina Hald Engmark told Reuters he was maintaining his innocence and sticking to his account that Wall’s death was accidental.
Slideshow ( 6 images )
The macabre case has riveted Swedish and Danish media, and made headlines around the world.
“It is with boundless sadness and dismay we received the message that the remains of our daughter and sister Kim Wall have been found,” Wall’s mother Ingrid Wall said on Facebook.
“During the horrendous days that have passed since Kim disappeared, we have received countless evidence of how loved and appreciated she was, both as a person and friend and as a professional journalist. From all corners of the world comes proof of Kim as a person who made a difference.”
Madsen has told a court that following the alleged accident, he “buried” Wall at sea - changing his initial statement to police that he dropped her off alive in Copenhagen.
A day after taking Wall out on his UC3 Nautilus submarine, the inventor was rescued after the vessel sank. Police found nobody else on board.
The submarine is one of three constructed by Madsen and one of the largest privately built ones in the world. It can carry eight people and weighs 40 tonnes when fully equipped.
Slideshow ( 6 images )
‘ROCKET MADSEN’
Madsen was already well known in Denmark as an entrepreneur and aerospace engineer, as well as for his submarines. He founded the association Copenhagen Suborbitals, with the goal of sending a person into space in a home-built rocket, and wrote a blog under the nickname ‘Rocket Madsen’.
“He is not violent, he does not drink, does not do drugs,” Thomas Djursing, who wrote a book about him, told Danish tabloid B.T. earlier this month. “On the other hand, he quarrels with everyone and I have argued with him too. But that is how it often is with people who are deeply driven by a passion.”
Wall, 30, was a freelance journalist whose work had appeared in Harper’s Magazine, The Guardian, The New York Times, Foreign Policy, the South China Morning Post, The Atlantic and TIME.
Originally from Sweden, she held degrees from New York’s Columbia University and the London School of Economics and was based between New York and Beijing. She had written about topics ranging from gender and social justice to pop culture and foreign policy, according to her LinkedIn profile.
She had also received training in hostile environments and emergency first-aid, she said on the profile.
Her mother said she had uncovered stories all over the world. “She gave a voice to the weak, the vulnerable and marginalized people. That voice would have been needed for a long, long time. Now it won’t be so.”
Additional reporting by Stine Jacobsen and Jacob Gronholt-Pedersen; Editing by Mark TrevelyanOur Standards: The Thomson Reuters Trust Principles.
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77938bee1aeb96a9be6ab78e00f15fe8 | https://www.reuters.com/article/us-denmark-submarine/danish-divers-find-missing-body-parts-of-swedish-journalist-kim-wall-idUSKBN1CC07E | Danish divers find missing body parts of Swedish journalist | Danish divers find missing body parts of Swedish journalist
By Teis Jensen2 Min Read
COPENHAGEN (Reuters) - Danish police said on Saturday divers had found the head and the legs of Swedish journalist Kim Wall, who died in mysterious circumstances on an inventor’s homemade submarine.
Peter Madsen has been charged with killing the Swedish journalist who disappeared after she went on a trip with him in his submarine on August 10. He denies the charges.
Madsen, a Dane, was arrested after his submarine sank and he was rescued. His lawyer Betina Hald Engmark told Reuters that she had been informed of the development, but had not received any material or documentation and decline further comment.
Police identified a headless female torso that washed ashore in Copenhagen later in August as Wall’s, but a cause of death has not been determined.
Madsen has said Wall died in an accident when she was hit by a heavy hatch cover on board his submarine.
On Saturday a police spokesman told reporters in Copenhagen that there were no fractures to Wall’s skull.
The body parts, a knife and some of Wall’s clothes in bags weighted down by bits of metal were found in Koge Bay on Friday by Danish navy divers who are assisting the police.
Slideshow ( 3 images )
Police spokesman Jens Moller Jensen told reporters on Saturday that the body parts will be investigated further to try and determine a cause of death.
He said that the Madsen and his lawyers had not had time yet to react to the new evidence.
A police prosecutor said earlier this week that officers had found images “which we presume to be real” of women being strangled and decapitated on Peter Madsen’s computer in a laboratory he ran.
Madsen said the computer searched by police was not his but was used by everyone in the laboratory.
Reporting by Teis Jensen; editing by Alexander SmithOur Standards: The Thomson Reuters Trust Principles.
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c909a807c31287a3e5a44fa2fadae5d3 | https://www.reuters.com/article/us-denmark-tech-idUSKBN19A17A | Silicon Valley giants outrank many nations, says first 'techplomat' | Silicon Valley giants outrank many nations, says first 'techplomat'
By Stine Jacobsen3 Min Read
COPENHAGEN (Reuters) - The top firms in California’s Silicon Valley carry more weight on the global stage than many countries, which makes building diplomatic relations with them increasingly important, the world’s first national technology ambassador said.
Slideshow ( 3 images )
Chosen to fill what his country’s foreign ministry has dubbed the first “techplomacy” posting on the U.S. West Coast, Denmark’s Casper Klynge will be tasked with building direct ties between his country and the likes of Facebook, Apple and Alphabet’s Google.
“We are to continue doing traditional diplomacy with countries and organizations, but we also have to start looking into what relation you can have with these big tech companies,” Klynge told Reuters in an interview.
The aim was to help Denmark understand the impact of rapid changes in digital technology while promoting the country’s interests and values - setting up a channel of communication that would also benefit the companies.
“If you look at these companies’ involvement and significance for you and me, many of them have a much greater degree of influence than most nations,” he said in comments cleared for publication late on Friday.
In economic terms, the new partners are comparable.
Denmark’s 2016 gross domestic product was 2.06 trillion Danish crowns ($310 billion), sitting between Facebook’s current $437 billion market value and the $185 billion of Oracle Corp.
With tech companies under growing pressure to share encrypted information to prevent terrorism, Klynge also identified the ability of radical individuals or groups to exploit online platforms as a key issue.
“We saw what happened after the terror acts in London when Facebook came forward and said they are ready to discuss how we prevent terror organizations using its network to promote their actions,” said Klynge, who takes up his new role on Sept 1.
In May, Facebook was fined 150,000 euros ($166,000) by France’s data protection watchdog for failing to prevent users’ data being accessed by advertisers.
“If you look at what impacts us in our daily lives and how much data they can pull on all of us... (the firms) are truly influential players,” Klynge said.
Technological diplomacy is one of Denmark’s five foreign policy priorities alongside national security; Brexit; the Arctic region; and migration, instability and terrorism.
Editing by Terje Solsvik and John StonestreetOur Standards: The Thomson Reuters Trust Principles.
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047d1098dcc02cfdb3bdcecdd78796c3 | https://www.reuters.com/article/us-denso-renesas/toyota-affiliate-denso-buying-stake-worth-800-million-in-chipmaker-renesas-idUSKCN1GL0DP | Toyota affiliate Denso buying stake worth $800 million in chipmaker Renesas | Toyota affiliate Denso buying stake worth $800 million in chipmaker Renesas
By Reuters Staff2 Min Read
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TOKYO (Reuters) - Japanese auto parts supplier Denso Corp 6902.T is buying an additional 4.5 percent stake in chipmaker Renesas Electronics 6723.T in a deal worth $800 million based on market prices, as car makers accelerate the adoption of self-driving and other technologies.
Denso is an affiliate of and supplier to Japan's biggest automaker Toyota Motor Corp 7203.T. It has been ramping up spending on research and development of new technologies including "connected cars". In February, Denso announced an investment in California cybersecurity startup Dellfer.
It is acquiring the stake from Innovation Network Corp of Japan (INCJ), a state-backed fund that owns 50.1 percent in the chipmaker, INCJ said in a statement. The terms of the deal were not disclosed, but the transaction is worth about 85 billion yen ($796.9 million) based on Renesas’ share price.
As a result of the deal, Denso’s stake in Renesas will rise to 5 percent, while INCJ’s will fall to 45.6.
Renesas shares rose almost 9 percent on Friday after the news, before giving back some of the gains to be up 5 percent. Denso shares were down 0.1 percent. The benchmark Nikkei 225 index .N225 was up 0.2 percent in afternoon trade.
Automakers and auto parts makers have been racing to develop new technologies as the sector shifts to electronic cars and automated driving, boosting the role of chips and software in cars.
In a statement, Denso said it is “essential to further enhance collaboration with semiconductor manufacturers that have profound experience and expertise” to develop vehicle control systems in automated driving and other new fields.
Last week, Toyota said it would establish a new venture with Denso and another group supplier Aisin Seiki Co 7259.T, which would invest more than $2.8 billion to develop automated-driving software.
Reporting by Taiga Uranaka and Minami Funakoshi; Editing by Stephen Coates and Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.
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a4a3f2dae7ac3acaebd229e6a830a95e | https://www.reuters.com/article/us-dental-health-dementia-idUSBRE87J0RC20120820 | Dental health linked to dementia risk | Dental health linked to dementia risk
By Natasja Sheriff, Reuters Health5 Min Read
NEW YORK (Reuters Health) - People who keep their teeth and gums healthy with regular brushing may have a lower risk of developing dementia later in life, according to a new study.
Researchers who followed close to 5,500 elderly people over an 18-year period, found those who reported brushing their teeth less than once a day were up to 65 percent more likely to develop dementia than those who brushed daily.
“Not only does the state of your mind predict what kind of oral health habits you practice, it may be that your oral health habits influence whether or not you get dementia,” said Annlia Paganini-Hill, who led the study at the University of California.
Inflammation stoked by gum disease-related bacteria is implicated in a host of conditions including heart disease, stroke and diabetes.
And some studies have found that people with Alzheimer’s disease, the most common form of dementia, have more gum disease-related bacteria in their brains than a person without Alzheimer’s, said Paganini-Hill.
It’s thought that gum disease bacteria might get into the brain causing inflammation and brain damage, she told Reuters Health.
So she and her team wanted to look at whether good dental health practices over the long term would predict better cognitive function in later life.
The researchers followed 5,468 residents of a Californian retirement community from 1992 to 2010. Most people in the study were white, well-educated, and relatively affluent. When the study began, participants ranged in age from 52 to 105, with an average age of 81.
All were free of dementia at the outset, when they answered questions about their dental health habits, the condition of their teeth and whether they wore dentures.
When the researchers followed-up 18 years later, they used interviews, medical records and in some cases death certificates to determine that 1,145 of the original group had been diagnosed with dementia.
Of 78 women who said they brushed their teeth less than once a day in 1992, 21 had dementia by 2010, or about one case per 3.7 women. In comparison, among those who brushed their teeth at least once a day, closer to one in every 4.5 women developed dementia. That translates to a 65-percent greater likelihood of dementia among those who brushed less than daily.
Among the men, the effect was less pronounced, with about one in six irregular brushers developing the disease - making them 22 percent more likely to have dementia than those who did brush daily. Statistically, however, the effect was so small it could have been due to chance, the researchers said.
There was a significant difference seen between men who had all, or at least most, of their teeth, or who wore dentures, and those who didn’t - the latter group were almost twice as likely to develop dementia.
That effect was not seen in women, though.
Paginini-Hill could only speculate on the reasons for the different outcomes among men and women. Perhaps women wear their dentures more often than men, and they visit the dentist more frequently, she suggested.
The new findings, published in the Journal of the American Geriatrics Society, cannot prove that poor dental health can cause dementia.
Neglecting one’s teeth might be an early sign of vulnerability to dementia, for instance, or some other factor could be influencing both conditions.
Still, this report “is really the first to look at the effect of actions like brushing and flossing your teeth,” said Dr. Amber Watts, who studies the causes of dementia at the University of Kansas and was not involved in the research.
The new study does have some limitations. Paganini-Hill and her team looked at behavior and tooth count as a kind of proxy for oral health and gum disease. They didn’t carry out any dental exams so they couldn’t determine if people had gum disease or not.
And tooth loss isn’t always related to gum disease, Watts noted. Head injury and malnutrition are also important causes of tooth loss in adults, and any of those might increase risk for dementia, she said.
“I would be reluctant to draw the conclusion that brushing your teeth would definitely prevent you from getting Alzheimer’s disease,” Watts said.
Yet despite the limitations, Watts said the study is an important step toward understanding how behavior might be linked to dementia.
“It’s nice if this relationship holds true as there’s something people can do (to reduce their chances of developing dementia),” said Paganini-Hill. “First, practice good oral health habits to prevent tooth loss and oral diseases. And second, if you do lose your teeth, wear dentures.”
SOURCE: bit.ly/N5CCOu Journal of the American Geriatrics Society, online August 2, 2012.
Our Standards: The Thomson Reuters Trust Principles.
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f68101c0dd18dc8b72fe0c61a32a1562 | https://www.reuters.com/article/us-dental-xylitol-cavities-idUSKBN0MM01N20150326 | Evidence of xylitol's cavity-preventing benefits lacking | Evidence of xylitol's cavity-preventing benefits lacking
By Andrew M. Seaman, Reuters Health5 Min Read
(Reuters Health) – There is little evidence to support claims that a popular sweetener reduces the likelihood of cavities on its own, according to a new analysis of past research.
There was some evidence that xylitol reduces the risk of cavities – or caries – among children, but people should be cautious about that finding because of limitations in the previous studies, researchers report in the Cochrane Library.
“It’s put in a lot of products as a preventive agent for caries, but we weren’t sure what the evidence base was to substantiate the claims,” said Dr. Deborah Moore, one of the study’s authors from Manchester University in the UK.
Xylitol is a sugar alcohol that is as sweet as traditional sugar, but is not absorbed by the body, according to the researchers. Its properties allow xylitol, which occurs naturally in plants and fruits, to be used in diabetic and “sugar-free” food products, like gum and candies.
“Xylitol is known in the laboratory to kill the main bacteria that cause tooth decay, which is why it was singled out as having possible preventive effects on tooth decay,” Moore told Reuters Health.
Moreover, she said, there is little or no risk of xylitol causing tooth decay, especially when it’s compared to regular sugar. Products that contain xylitol, like gum or lozenges, can increase the production of saliva, which also may reduce the risk of cavities.
The new review is part of The Cochrane Collaboration, an international organization that evaluates medical research.
The researchers compiled the best available studies comparing products containing xylitol to products with inactive ingredients.
They found 10 studies fitting their criteria, with a total of 5,903 participants.
Two studies had data on 4,216 Costa Rican children who used either xylitol- and fluoride-containing toothpaste or simply fluoride-containing toothpaste for three years and found a 13 percent reduction in cavities in the xylitol-fluoride group.
However, people should be cautious about interpreting those findings, the researchers write. The data were judged to be of low quality, and the benefits were only seen among the children who were evaluated in both of the studies, so the results could have something to do factors unique to those kids.
They also found that data on side effects were lacking for many of the studies, and they note that xylitol is linked to some stomach issues, including diarrhea.
Moore said that xylitol is better than sugar, but there is not enough evidence to say it prevents cavities on its own.
“If people are concerned about tooth decay the best thing to do is be preventive,” she said, adding that using fluoride-containing toothpaste, using mouthwash and reducing sugar consumption are the best preventive measures.
Dr. Burton Edelstein, chair of the Section of Population Oral Health at Columbia University College of Dental Medicine in New York City, agreed that more research is needed on xylitol’s potential to prevent cavities.
He cautioned that lack of evidence is not evidence against xylitol, however.
For example, Edelstein and colleagues estimate in a new report published in the Journal of the American Dental Association that money might be saved by giving mothers xylitol products because they cut the transmission of bacteria that cause tooth decay from mother to child.
Mothers may pass on the bacteria to their children through direct contact, such as sharing utensils or using their saliva to clean the baby’s pacifier or face.
Edelstein’s group estimates that for every $1 spent on xylitol products for high-risk mothers on New York’s government-run insurance programs for the poor, $1.76 will be saved over 10 years in reduced dental care for the children.
Other cost-effective measures include encouraging increased brushing among high-risk preschoolers and maximizing water fluoridation in New York, they write.
“We’re dealing with this highly prevalent and almost completely preventable disease that’s taxing public coffers,” Edelstein told Reuters Health.
SOURCE: bit.ly/1HGTrty Cochrane Library and bit.ly/1HGTLII Journal of the American Dental Association, online March 25, 2015.
Our Standards: The Thomson Reuters Trust Principles.
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89c62f3301cc0a797d6de2076e41d007 | https://www.reuters.com/article/us-dentists-idUSN0125965620080204 | Americans go to Mexico for a cheaper perfect smile | Americans go to Mexico for a cheaper perfect smile
By Robin Emmott4 Min Read
CIUDAD JUAREZ, Mexico (Reuters) - It was fear of the hefty bill as much as fear of the drill that kept American musician Don Clay away from U.S. dental clinics for 30 years.
Dentists analyze a dental digital X-ray of an American patient at the Rio Dental clinic in the border city of Ciudad Juarez January 24, 2008. REUTERS/Tomas Bravo
When a sorely infected tooth eventually drove him to the dentist last month, it was to a clinic in a Mexican border city better known for violent crime and drug cartels.
Shrugging off concerns about hygiene and Mexico’s brutal drug war, thousands of Americans are heading to Ciudad Juarez and other Mexican border cities for cheap dental treatment.
“I had to get my teeth fixed. I need a perfect smile to make a successful career in music. Treatment in the United States is so pricey,” said Clay, a Texan trying to get a record deal as a hip-hop artist.
U.S. dental treatment costs up to four times as much as in Mexico, making it tough for uninsured Americans to treat common problems such as abscessed teeth or pay for dentures.
A dental crown in the United States costs upward of $600 per tooth, compared to $190 or less in Mexico.
Aspiring Mexican dentists are moving to border cities in droves and are luring American patients away from farther flung discount destinations such as Hungary and Thailand.
Americans have long crossed the border for cheap medicines, flu vaccines, eye surgery or specialist doctors, but dentists are now in highest demand.
Dental clinics are on almost every block in central Ciudad Juarez, ranging from dingy dives to clinics that look more like posh hair salons. Getting there involves dodging prostitutes, drug pushers and cowboy-boot sellers.
Slideshow ( 4 images )
BARGAIN-HUNTING
“We’ve gone from a handful of patients when we started 2-1/2 years ago to 150 new patients a month,” said Joe Andel, an American who owns the Rio Dental clinic in Ciudad Juarez with his Mexican dentist wife, Jessica.
Rio Dental, which uses U.S. labs to make its crowns, picks patients up at the airport in El Paso, Texas, across the border and has treated people from as far away as Alaska and Hawaii.
“The Internet makes this possible. It allows patients to find us and research us and shows we can do dental work of equal or superior quality to the United States,” Andel said.
Internet bloggers swap stories and compare notes about Mexican dentists, but it always comes down to money.
Dentistry in the United States has become prohibitively expensive for some patients, with bills that can run to tens of thousands of dollars. Malpractice insurance premiums, operating costs that are much higher than in Mexico and dentists seeking to claw back the rising cost of their tuition all weigh.
Even among Americans who have medical insurance, many find they are not covered for treatment other than the basics, and paying on credit means high interest payments.
“I did $4,000 of dental work in the United States and put it on my credit card. Because of the interest, I only paid off $400 in three years,” said a U.S. teacher from New Mexico getting treatment in Ciudad Juarez who gave his name as Bill.
Cosmetic dentistry, which insurers do not cover and which can be paid in dollars in many Mexican border clinics, is also popular, Ciudad Juarez dentist Luis Garza said.
“If you want a perfect smile, you have to pay for it, and we can do it cheaper, that’s all,” he grinned.
Editing by Catherine Bremer and Eric BeechOur Standards: The Thomson Reuters Trust Principles.
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499753585ebbb4d5ba4b63229eb282bd | https://www.reuters.com/article/us-department-stores-results-idUSKBN1871L6 | Nordstrom's comparable sales miss deepens department-store gloom | Nordstrom's comparable sales miss deepens department-store gloom
By Sruthi Ramakrishnan4 Min Read
(Reuters) - Nordstrom Inc on Thursday became the latest department store operator after Macy’s and Kohl’s to report weaker-than-expected quarterly same-store sales, underscoring the industry’s struggle to attract customers amid a slump in demand for apparel and a shift to shopping online.
People walk by a Nordstrom Rack store in the Brooklyn borough of New York, U.S., May 11, 2017. REUTERS/Brendan McDermid
Nordstrom’s shares, which closed down 7.6 percent at $46.21 in regular trading, fell nearly 4 percent after the bell on Thursday.
Department stores are struggling with declining mall traffic as well as tough competition from online retailers and off-price stores. They have tried to cope by cutting costs through store closures, managing inventory better and squeezing more out of their real estate.
Nordstrom reported a 0.8 percent decline in its comparable-store sales for the first quarter ended April 29, compared with flat sales expected by analysts polled by research firm Consensus Metrix.
The first-quarter reports from Macy’s Inc and Kohl’s Corp were the first by department store operators and the disappointing sales numbers weighed on the sector.
Macy’s shares fell as much as 17.4 percent during regular trading to levels last seen in 2011. Kohl’s shares initially rose after the company’s profit topped expectations, but soon reversed course and closed down nearly 8 percent.
Shares of J.C. Penney Co Inc, which reports results on Friday, also closed 7.4 percent lower.
Macy’s net sales declined for the ninth straight quarter, while Kohl’s sales dropped for the fifth quarter in a row. Even sales at the retailers’ stores open for at least a year tumbled much more than analysts were expecting in the February-April quarter.
However, Nordstrom’s first-quarter sales managed to edge past analysts’ average estimate.
Macy’s inventory was up 4.2 percent, which in part led to a bigger-than-expected drop in its profit. In contrast, Kohl’s inventory dropped 2.3 percent, helping the company’s profit beat analysts’ expectations.
Nordstrom’s inventory jumped 1.6 percent.
Q2 IMPROVEMENT?
Macy’s said it expects sales trends to improve from the current quarter, helped by the store closures, changes to its promotional marketing and a revamp and expansion of product lines in categories such as beauty, jewelry and furniture and mattresses.
But analysts were skeptical.
“We view these initiatives positively, however they are not enough to offset the challenging environment and changing consumer shopping habits,” Jefferies analyst Randal Konik said in a note.
Kohl’s efforts to speed up its supply chain, stock stores to suit local tastes, and use in-store merchandise to fill online orders helped keep inventories low and boost margins, Chief Executive Kevin Mansell said on a conference call.
That helped Kohl’s profit of 39 cents per share easily beat analysts’ estimate of 29 cents, according to Thomson Reuters I/B/E/S.
However, sales at the retailer’s stores open at least a year fell 2.7 percent, much steeper than the 1.1 percent drop analysts polled by research firm Consensus Metrix had expected.
Macy’s same-stores sales, including sales in departments licensed to third parties, fell 4.6 percent, also steeper than the 3.5 percent drop analysts has expected.
As a result, the company’s profit sank 39 percent to $71 million. Macy’s earned 24 cents per share on an adjusted basis, well below the 35 cents analysts on average had expected.
Macy’s net sales fell 7.5 percent to $5.34 billion, missing the average analyst estimate of $5.47 billion.
Reporting by Sruthi Ramakrishnan in Bengaluru; Additional reporting by Gayathree Ganesan; Editing by Savio D’Souza and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.
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5f59e676134d3228393b47696d2f3406 | https://www.reuters.com/article/us-derailment-crude-canadianpacific-idCAKBN1YR1ZO | Derailed Canadian Pacific train was carrying ConocoPhillips oil: media | Derailed Canadian Pacific train was carrying ConocoPhillips oil: media
By Reuters Staff1 Min Read
FILE PHOTO: The wreckage of a derailed Canadian Pacific Railway train hauling crude oil is seen near Guernsey, Saskatchewan, Canada, December 9, 2019 in this picture obtained from social media. MELANIE LOESSI via REUTERS
(Reuters) - ConocoPhillips COP.N on Monday stated that its oil was being transported in a Canadian Pacific Railway CP.TO train which derailed west of Guernsey, Saskatchewan, early on Dec. 9, CBC reported.
Canadian Pacific Railway had declined to say which oil company was involved, the report added.
Canada is the world’s fourth-largest crude oil producer.
Reporting by Harshith Aranya in Bengaluru; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.
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57e259e8be23b73665fb7df9a7080bed | https://www.reuters.com/article/us-dermstore-m-a-the-hut-group-idUSKBN2930IQ | UK's Hut Group to buy online retailer Dermstore from Target for $350 million | UK's Hut Group to buy online retailer Dermstore from Target for $350 million
By Reuters Staff2 Min Read
(Reuters) -E-commerce company Hut Group said on Tuesday it would buy Dermstore, an online retailer owned by Target Corp, for $350 million in cash as it looks to bolster the presence of its beauty brands in the U.S. market.
The British company, which owns retail brands such as Lookfantastic and skin care group ESPA, also bought UK-based Claremont Ingredients and David Berryman for 59.5 million pounds ($80.29 million), looking to scale up its drinks business with the aim of developing flavours tailored to local tastes across the globe.
The Hut Group said the Dermstore deal would help scale up its beauty box business, while speeding up growth of its own brands through a large U.S. customer base.
The company said it was expecting Dermstore to add sales of around $180 million and adjusted core earnings of around $4 million for 11 months of Hut Group’s 2021 financial year.
Hut Group, which went public in September, said it was expecting an antitrust clearance for the Dermstore deal in late Jan. 2021.
Claremont and Berryman’s are expected to add sales of around 15 million pounds and adjusted core earnings of around 4 million pounds in fiscal 2021, the company said.
($1 = 0.7411 pounds)
Reporting by Tanishaa Nadkar in Bengaluru;Editing by Anil D’SilvaOur Standards: The Thomson Reuters Trust Principles.
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4759484d62ef211e4b1d864277f75efc | https://www.reuters.com/article/us-detox-patients/alcohol-detox-helps-head-and-neck-cancer-patients-idUSPAT67653920080826 | Alcohol detox helps head and neck cancer patients | Alcohol detox helps head and neck cancer patients
By David Douglas, Reuters Health3 Min Read
NEW YORK (Reuters Health) - Early recognition and treatment of alcohol withdrawal syndrome can improve the outcomes of patients with head and neck cancer, researchers report in the Archives of Otolaryngology, Head and Neck Surgery.
The alcohol withdrawal syndrome includes several symptoms seen in persons who stop drinking alcohol after continuous and heavy use. Milder forms of the syndrome include seizures, tremulousness, and hallucinations, usually occurring within 6 to 48 hours after the last drink.
“Alcohol withdrawal syndrome in the postoperative, post-traumatic and other inpatient settings is a potentially life-threatening condition that is difficult to identify in its early stages and difficult to treat in its later stages,” senior investigator Dr. Theodoros N. Teknos told Reuters Health.
“In this study,” he added, “we employed a standardized treatment protocol which identified at-risk patients early and began treatment at the first signs of alcohol withdrawal syndrome.”
Teknos of the University of Michigan Health System, Ann Arbor, and colleagues screened postoperative patients, initially using an alcohol consumption questionnaire, and identified 26 at risk for alcohol withdrawal syndrome.
Two of the selected patients showed no signs of alcohol withdrawal syndrome and three who did not meet alcohol withdrawal syndrome criteria were enrolled late after they began to develop symptoms.
Compared with 14 untreated patients who were seen before the new protocol began, the treated patients had significantly fewer alcohol withdrawal syndrome-related transfers to the intensive care unit. There was also less delirium, lower rates of breathing arrest and less violent behavior.
However, the late enrollees, say the investigators, “showed many significantly worse outcomes” than those who were identified by the initial screening.
With early screening and treatment for alcohol withdrawal syndrome, concluded Teknos, “We saw significant improvements in patient outcomes and we believe that universal application of such approaches may improve patient and health care provider safety in our nation’s hospitals.”
Our Standards: The Thomson Reuters Trust Principles.
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273507ebb450b6494607813465db098a | https://www.reuters.com/article/us-deutsche-bank-agm-bnp-paribas/bnp-paribas-ceo-rules-out-big-deals-when-asked-about-deutsche-bank-idUKKCN1IP1UU?edition-redirect=uk | BNP Paribas CEO rules out big deals when asked about Deutsche Bank | BNP Paribas CEO rules out big deals when asked about Deutsche Bank
By Reuters Staff2 Min Read
FILE PHOTO: BNP Paribas Chief Executive Officer Jean-Laurent Bonnafe attends a news conference to present the bank's 2017 annual results in Paris, France, February 6, 2018. REUTERS/Charles Platiau
PARIS (Reuters) - BNP Paribas BNPP.PA chief executive Jean-Laurent Bonnafe effectively ruled out a tie-up with struggling German rival Deutsche Bank DBKGn.DE on Thursday, saying the French lender is not considering any large takeovers or mergers.
Responding to a question from a BNP Paribas shareholder at its annual general meeting in Paris, Bonnafe said that the bank was always watching its competitors to learn “good” practices and ideas, but dismissed the idea of a big tie-up.
Europe’s big banks put consolidation on the back burner following the financial crash and ensuing debt crisis, focusing largely on getting their own houses in order.
France’s biggest bank now dwarfs Deutsche Bank in terms of market capitalization, at 77 billion euros ($90 billion) compared with the German bank’s 23 billion euro valuation.
“In the foreseeable future, the group has no intention to carry out large-sized operations, because it is not possible,” Bonnafe said, when asked if BNP was “analyzing” Deutsche Bank.
“We cannot transform, modernize and accelerate our business while engaging into operations such as major acquisitions,” he told investors.
Sources close to Britain's Barclays Plc BARC.L on Wednesday said it is not actively exploring a potential merger with rivals after a Financial Times report that it could combine with Standard Chartered STAN.L.
Under its 2020 business plan BNP Paribas plans to expand in investment banking and win market shares in Europe as competitors retrench, while also raising its cost savings.
Reporting by Maya Nikolaeva; Editing by Alexander SmithOur Standards: The Thomson Reuters Trust Principles.
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613d2b4ecff81624837a0c580e71bcc4 | https://www.reuters.com/article/us-deutsche-bank-asset-management/deutsche-asset-management-to-rebrand-as-dws-plans-kgaa-structure-idUSKBN1DZ0ZX | Deutsche asset management to rebrand as DWS, plans KGaA structure | Deutsche asset management to rebrand as DWS, plans KGaA structure
By Arno Schuetze4 Min Read
FRANKFURT (Reuters) - Deutsche Bank DBKGn.DE plans to rebrand its asset management arm as DWS, the name of its main retail brand, and put a structure in place that gives the group full control even after the unit's planned stock market listing.
The Deutsche Bank app logo is seen on a smartphone in this picture illustration taken September 15, 2017. REUTERS/Dado Ruvic/Illustration
Germany’s largest lender earlier this year said it would list a minority stake in Deutsche Asset Management, which sources say could achieve a total valuation of around 8 billion euros ($9.5 billion), as part of a broader overhaul following costly lawsuits and trading scandals.
On Tuesday, the bank said at a capital markets day that the asset management unit would assume the legal structure of a partnership limited by shares, or KGaA, during the first quarter of 2018.
That structure ensures Deutsche Bank can retain control of the unit even if its shareholding falls below the 75 percent needed to dominate normal German stock corporations, possibly as part of a merger of the unit with a peer.
However, in the event that Deutsche’s holding falls below a certain - so far undisclosed - threshold, the unit would lose the KGaA status and become a normal stock corporation or AG.
Typically, such a threshold would be 50 percent.
Deutsche Bank’s board member Karl von Rohr is poised to become chairman of the unit, while its 12-member supervisory board will include another one or two Deutsche Bank representatives, four labor representatives and five or six independent directors.
“We want to unlock the full potential of Deutsche AM to facilitate growth,” unit head Nicolas Moreau said.
The listing will give the unit the ability to attract and retain talent by incentivising staff with bonus shares, although it is not targeting overall pay increases. It will also enable the unit to use its shares to fund acquisitions.
The business is looking for ways to strengthen its so-called alternative products offerings, especially in areas such as structured credit and real estate asset management, bolster its distribution network and expand in countries such as Japan, Korea, Taiwan and Singapore.
Its management is, however, focused on smaller deals.
“I will not go around the world with my cheque book. We will probably not do large transformational deals, we will do add-ons,” Moreau said.
In China, where the unit holds a 30 percent stake in Beijing-based Harvest Fund Management, it is aiming to raise money for investments in Europe or the United States, but not in China.
In the United States, Moreau has abandoned a previous strategy of offering a broad product range and wants to focus on areas such as alternative investments, fixed income and real assets.
Deutsche Asset Management currently has roughly 700 billion euros invested worldwide and plans to add 3-5 percent to that annually. It saw outflows of 5.5 percent last year as worries about Deutsche Bank, dogged by legal headaches, prompted some investors to shun the lender.
“We have had a challenging 18 months from mid-2015. We are through this now, we are on a good trajectory again in 2017,” Moreau said.
The unit, which offers 600 investment funds, is also targeting management fee margins of more than 30 basis points, an adjusted cost-income-ratio of less than 65 percent and a dividend payout ratio of 65-75 percent.
In the first nine months, the unit posted a management fee margin of 32 basis points, while assets under management grew by 1 percent.
Total assets under management of the world’s largest 500 money managers grew 5.8 percent to $81 trillion in 2016, according research from Willis Towers Watson, which lists Deutsche Bank’s as the 14th largest firm, behind U.S. groups Blackrock, Vanguard and State Street, as well as European peers such as Allianz, Axa, BNP and UBS.
Some investors have indicated in the past they would prefer a stronger focus at Deutsche’s asset management arm on so-called passive investments or exchange traded funds (ETFs). Its main business is currently actively managed funds.
The asset management unit has 3,800 staff and aims to keep headcount stable.
Reporting by Arno Schuetze; Editing by Mark Potter and Douglas BusvineOur Standards: The Thomson Reuters Trust Principles.
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3f692c360d9bd4c198f069687a88bee9 | https://www.reuters.com/article/us-deutsche-bank-bafin-idUSKCN0ZA1YG | Bafin fines Deutsche Bank for anti-money laundering flaws: source | Bafin fines Deutsche Bank for anti-money laundering flaws: source
By Reuters Staff1 Min Read
The headquarters of Germany's Deutsche Bank are photographed early evening in Frankfurt, Germany, January 26, 2016. REUTERS/Kai Pfaffenbach/File Photo
FRANKFURT (Reuters) - German financial watchdog Bafin last year imposed a fine of 40 million euros ($44 million) on Deutsche-Bank DBKGn.DE for flaws in its systems designed to prevent money-laundering, a person close to the matter said.
Bafin in February closed special audits on Deutsche Bank after the bank pledged to redress its shortcomings and implemented some reforms. In May, the regulator praised changes the lender was making to its business approach.
According to its annual report, Bafin fined German banks a total of just over 40 million euros last year for failing to establish effective anti-money laundering measures.
Deutsche Bank and Bafin declined to comment on the fine, which was first reported by weekly Der Spiegel.
Reporting by Arno Schuetze and Jonathan Gould; Editing by Georgina ProdhanOur Standards: The Thomson Reuters Trust Principles.
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2074a71caa08bdf28679d0463f837dc8 | https://www.reuters.com/article/us-deutsche-bank-ceo/christian-sewing-to-become-new-ceo-of-deutsche-bank-source-idUSKBN1HF066?feedType=RSS&feedName=businessNews&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+reuters%2FbusinessNews+%28Business+News%29 | Deutsche Bank picks retail specialist Christian Sewing as CEO | Deutsche Bank picks retail specialist Christian Sewing as CEO
By Andreas Framke, Tom Sims5 Min Read
FRANKFURT (Reuters) - Deutsche Bank DBKGn.DE named retail specialist Christian Sewing as its new chief executive officer with immediate effect on Sunday, signaling a possible retreat from almost three decades of empowering investment bankers at Germany's largest lender.
Christian Sewing, member of the board of Germany's Deutsche Bank is pictured in Frankfurt, Germany, February 2, 2018. REUTERS/Ralph Orlowski
Sewing, a German national, will replace John Cryan, a Briton, as the bank seeks to strengthen its brand in its home market. Cryan had been in charge since 2015 and his mandate would have expired in 2020, but investors had lost faith that he could return the bank to profitability after three consecutive years of losses.
“Following a comprehensive analysis we came to the conclusion that we need a new execution dynamic in the leadership of our bank,” Chairman Paul Achleitner said in a statement.
Sewing, 47, had been deputy CEO, with a background in retail banking, auditing and risk. His promotion comes as the bank and its major shareholders debate the path forward for Deutsche’s investment banking unit, where revenues have slowed and key staff defected.
His appointment could suggest a shift in emphasis away from a strategy of seeking profit growth through the investment bank and giving investment bankers greater influence. Deutsche Bank began its investment banking push with the purchase of Morgan Grenfell in 1989.
Sewing topped a list of candidates as the preferred option presented by Achleitner at a hastily arranged board call on Sunday evening, two people familiar with the matter said. A second external candidate was also proposed, one of the people said.
Cryan will leave at the end of this month, the bank said. Garth Ritchie and Karl von Rohr will serve as deputy CEOs. Marcus Schenck, who was co-deputy CEO and helped oversee the investment bank, is also leaving, Deutsche said.
‘OK CANDIDATE’
In picking up the baton, Sewing faces challenges including further cost cutting, intense competition at home and abroad, and increased regulation.
Related CoverageFactbox: Deutsche Bank's 30 years of twists and turns
Sewing, a member of the management board since 2015, had been overseeing Deutsche Bank’s private and commercial bank division, which includes the Postbank retail banking unit.
He joined Deutsche Bank in 1989 and has worked in Frankfurt, London, Singapore, Tokyo and Toronto.
“Our view is that Sewing seems to be an OK candidate,” said one major investor who spoke on condition of anonymity.
Sewing's appointment was a blow to Schenck, a former Goldman Sachs GS.N investment banker long considered a future CEO at Deutsche.
Achleitner began a search last month to replace Cryan following a flurry of negative headlines after the bank reported a third consecutive annual loss.
“Mr. Sewing urgently needs to bring a sense of calm back to the bank,” said Ingo Speich, a fund manager at Union Investment, which holds Deutsche stock.
‘DYSFUNCTIONAL COMPANY’
The leadership debate also paralleled concern about the direction of Deutsche’s investment bank, whose swift expansion in the years leading up to the financial crisis has been blamed for many of the bank’s current woes.
Slideshow ( 3 images )
The investment bank’s revenue in 2017 was down 25 percent compared with 2015, a steeper fall than the declines suffered by its rivals. The division employed more than 41,000 staff at the end of 2017, up 4 percent from 2015, but key staff have left.
The bank is conducting a global review of the investment bank, known internally as Project Colombo, a person with direct knowledge of the matter has said.
Ritchie will be the sole head of the investment bank, Deutsche said.
Octavio Marenzi, CEO of consultancy Opimas, said Sewing’s appointment will mean a greater focus on commercial and retail banking and wealth management.
“It looks like the board of directors is capitulating on the investment banking front,” Marenzi said.
Cryan, the son of a jazz musician, took charge at Deutsche less than three years ago to overhaul the bank, draw a line under a string of legal disputes, and cut costs. But his tumultuous tenure highlighted many of the bank’s underlying issues.
Early on, Cryan quickly announced thousands of job cuts, but he later reversed the bank’s plans to sell its Postbank unit after tepid interest from buyers.
Some of Germany’s most senior politicians criticized him for paying 2.3 billion euros ($2.8 billion) in staff bonuses, four times higher than the previous year, after the bank made losses in 2017.
The bank’s chief operating officer Kim Hammonds told colleagues recently that Deutsche was “the most dysfunctional company” she had ever worked for, according to a person with direct knowledge of the matter.
($1 = 0.8143 euros)
Reporting by Andreas Framke, Tom Sims, Edward Taylor, and Hans Seidenstuecker; Editing by Jane Merriman and Daniel WallisOur Standards: The Thomson Reuters Trust Principles.
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f957c5eca67020aee9c2fa7250bf4687 | https://www.reuters.com/article/us-deutsche-bank-cfo/expected-bank-merger-wave-puts-deutsche-bank-on-stand-by-idINKCN26D0XM?edition-redirect=in | Expected bank merger wave puts Deutsche Bank on stand-by | Expected bank merger wave puts Deutsche Bank on stand-by
By Tom Sims, Brenna Hughes Neghaiwi3 Min Read
FRANKFURT/ZURICH (Reuters) - Deutsche Bank is preparing for a wave of mergers, its finance chief said on Tuesday, in a potential change for Germany’s biggest lender, which has been focused firmly on a turnaround.
Slideshow ( 2 images )
Policymakers have long said Europe’s ailing banking sector needs to consolidate, but regulatory and political obstacles have hindered big deals over the past decade.
This year, however, has seen major domestic bank tie-ups in Italy and Spain, with bankers saying regulators are now more willing to wave deals through.
"Already since late (2019), and since COVID, things are crystal clear," UBS UBSG.S Chief Executive Sergio Ermotti told an annual Bank of America Merrill Lynch conference.
“The train left the station in that sense, and consolidation is inevitable,” Ermotti said, adding that Europe faced the risk of its banks becoming too small to survive or compete.
Deutsche Bank's DBKGn.DE chief financial officer James von Moltke said it supported the "appropriate or valid industrial logic" of mergers among the region's larger banks.
“We’ve been very focused on executing on our own strategy, and we think that strategy would prepare us to engage in merger activity when the time comes and the right opportunities arise,” von Moltke said at the same “virtual” financials conference.
“So we are expecting this wave but we are also working hard to prepare on our side,” he said.
MERGER ‘CHALLENGES’
There has been growing speculation about a potential deal in Switzerland, heightened last week when the board of UBS, which last year held brief tie-up talks with Deutsche Bank, gathered to discuss strategy.
UBS recently examined a potential deal with Credit Suisse, whose executives also expect consolidation.
Ermotti, who is due to be replaced at UBS by former ING INGA.AS head Ralph Hamers in November, declined comment on any role the Swiss bank might play in the consolidation.
Mergers would be positive for the industry, so long as tie-ups were complementary, he added.
Only last year Deutsche Bank called off merger talks with domestic rival Commerzbank CBKG.DE and von Moltke said domestic mergers "frankly present some challenges".
Raimund Roeseler, who oversees banking supervision at German financial regulator BaFin, said mergers could be helpful, but were not always the solution.
“Do we really believe that the problems of the German banking market would be solved if we only had 700 or 500 banks instead of 1,400? I don’t think so,” he told another banking conference.
Reporting by Tom Sims, Patricia Uhlig and Brenna Hughes Neghaiwi; Additional reporting by Rachel Armstrong; Editing by Michelle Adair, Mark Potter and Alexander SmithOur Standards: The Thomson Reuters Trust Principles.
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30bcb8af94accd4c5e40ada894011528 | https://www.reuters.com/article/us-deutsche-bank-equities-trading-idUSKCN0WQ15C | Deutsche Bank hiring 100 staff to boost equities trading-source | Deutsche Bank hiring 100 staff to boost equities trading-source
By Olivia Oran, Arno Schuetze3 Min Read
LONDON/FRANKFURT (Reuters) - Deutsche Bank DBKGn.DE is hiring about 100 people to boost its equities trading operations as it seeks to recover ground in an area seen as vital to its new strategy, a source familiar with the matter told Reuters.
The headquarters of Germany's Deutsche Bank is photographed early evening in Frankfurt, Germany, January 26, 2016. REUTERS/Kai Pfaffenbach
The move comes as Deutsche, a traditional bond trading powerhouse, looks to improve profitability by shifting business to less capital intensive areas such as equity trading.
The hiring process, which has started recently, will beef up operations in the United States, Europe and Asia and across product groups, with an emphasis on technology and electronic trading, the source said.
Deutsche is also looking to improve its prime finance department, which helps hedge funds finance their positions, deploying more people and capital to it, a second source said.
A spokesman for Deutsche declined to comment on the firm’s strategy. The bank employed 101,000 people at the end of 2015 but did not give a figure for equity trading.
Chief Executive John Cryan has urged investors to have patience as the overhaul of Germany’s biggest lender is expected to peak this year, following a record loss in 2015.
He acknowledged in January that Deutsche had lost momentum in equities sales and trading and vowed to invest in the unit, just as European rivals are scaling back their own securities divisions.
Deutsche’s revenue from trading stocks fell 28 percent to 520 million euros ($581 million) in the fourth quarter from a year earlier, with a significant drop in equity derivatives weighing while prime services had a positive reading.
Credit Suisse meanwhile said on Wednesday it would shave another 800 million Swiss francs ($822 million) off costs and cut 2,000 more jobs at its Global Markets division, where it sees trading revenues dropping by 40 to 45 percent in the first quarter. It added, however, that it would continue to build its cash equities and prime finance business.
The Swiss bank as well as peer UBS UBSG.S are concentrating on their wealth management business and Barclays BARC.L has large retail banking operations, while Deutsche Bank has said it is sticking with a focus on investment banking.
Deutsche Bank’s finance chief had said earlier this week that the first two months of 2016 were the worst start to a year for banks in general that he has seen in his banking career.
Data published by Coalition, an industry analytics firm, on Thursday shows that Deutsche maintained its position as one of the top five global investment banks in 2015, taking the second rank in Europe after J.P. Morgan and the number one spot in Asia.
Globally, it remained the third largest player in fixed income, currencies and commodities, while it fell behind in equities, the data showed.
Editing by Rachel Armstrong and Keith WeirOur Standards: The Thomson Reuters Trust Principles.
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3dfef4d66bb6afcbbc72f89f5ea9ebf2 | https://www.reuters.com/article/us-deutsche-bank-fed-assessment/deutsche-banks-u-s-ops-deemed-troubled-by-fed-a-year-ago-wsj-idUKKCN1IW1R4?edition-redirect=uk | Deutsche Bank's U.S. ops deemed "troubled" by Fed a year ago: WSJ | Deutsche Bank's U.S. ops deemed "troubled" by Fed a year ago: WSJ
By Reuters Staff3 Min Read
FRANKFURT (Reuters) - The United States Federal Reserve last year designated Deutsche Bank AG's DBKGn.DE U.S. operations to be in "troubled condition", The Wall Street Journal reported on Thursday, citing people familiar with the matter.
FILE PHOTO: The headquarters of the Deutsche Bank is pictured in Frankfurt, Germany, March 19, 2018. REUTERS/Ralph Orlowski/File Photo
The Fed’s assessment has not previously been made public, it said, sending shares in the German lender down 7.2 percent to 9.16 euros, their lowest level in more than a year and a half.
The “troubled condition” status is one of the lowest designations employed by the Fed, The WSJ said.
The report comes a month after Deutsche Bank's new Chief Executive Christian Sewing announced plans to cut back bond and equities trading, where it has been unable to compete with U.S. powerhouses such as Goldman Sachs GS.N and JP Morgan JPM.N.
Deutsche Bank’s attempts to break into the U.S. markets, which are seen as an essential plank for delivering a global investment banking platform, proved to be costly as it ended up paying out billions of dollars to settle regulatory breaches, prompting speculation at one point of a bailout by Berlin.
The WSJ said that the Fed downgrade of Deutsche Bank’s U.S. operations caused the U.S. Federal Deposit Insurance Corporation (FDIC) to put Deutsche Bank Trust Company Americas on its list of “Problem Banks”.
The U.S. Federal Reserve declined to comment on the report. The FDIC was not immediately available for comment.
Related CoverageCost of insurance against Deutsche Bank default surges after WSJ report
NO CONCERNS
Deutsche Bank declined to comment on the WSJ report and on its relations with the Fed, but said it was working to remedy weaknesses in its U.S. business identified by regulators, which it said did not affects its ability to serve clients.
The three U.S. subsidiaries mentioned by the WSJ report - DB USA Corp, Deutsche Bank Trust Corporation, and Deutsche Bank Trust Company Americas - account for less than 10 percent of the overall balance sheet of Deutsche Bank Group, it said in a statement.
Despite potential weaknesses in parts of its U.S. operations, the parent Deutsche Bank AG remains well capitalised and has adequate liquidity reserves, it said.
“There are no concerns with regard to the financial stability of Deutsche Bank AG,” it said.
Thomas Hallett, banking analyst at Keefe, Bruyette & Woods, said while Deutsche Bank has in the meantime started to cut costs and shift capital away from the United States, the news indicated the pressure the group was under from U.S. regulators.
“The bank has failed to sufficiently restructure the business to operate in a low interest rate and regulatory constrained environment,” he said.
Deutsche Bank said the recently announced strategic shift was not the result of the regulatory actions but part of a programme to increase the profitability of the firm.
“We are fully committed to our Corporate & Investment Bank, Wealth Management and Asset Management businesses in the U.S.,” it added.
Reporting by Edward Taylor; Additional reporting by Kathrin Jones, Danilo Masoni and Pete Schroeder; Editing by Maria Sheahan and Alexandra HudsonOur Standards: The Thomson Reuters Trust Principles.
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3eff65e75251164edf6b96c38e04dacc | https://www.reuters.com/article/us-deutsche-bank-fed/deutsche-bank-criticised-in-internal-n-y-fed-audit-german-newspaper-idUKKBN22P2Q5?edition-redirect=uk | Deutsche Bank criticised in internal N.Y. Fed audit: German newspaper | Deutsche Bank criticised in internal N.Y. Fed audit: German newspaper
By Reuters Staff2 Min Read
FILE PHOTO: The logo of Deutsche Bank is pictured on a company's office in London, Britain July 8, 2019. REUTERS/Simon Dawson
FRANKFURT (Reuters) - Deutsche Bank's DBKGn.DE regulators in the United States have criticised the German lender in an internal audit for weaknesses in fighting money laundering and in risk management, according to a German newspaper on Wednesday.
The Sueddeutsche Zeitung said the bank has 90 days to respond to the audit, which was sent to Deutsche management at the end of March.
Deutsche Bank declined to comment and the Federal Reserve Bank of New York didn’t immediately respond to a request for comment.
Deutsche Bank, which has posted five consecutive years of losses and is undergoing major restructuring, has faced harsh criticism from regulators in the United State in past years.
The audit results cited by the Sueddeutsche are a setback for Deutsche, which last year passed both parts of the Fed’s stress tests for the first time.
The bank’s chief executive, Christian Sewing, said in a speech published on Tuesday that the bank had made progress in improving its controls but had room for improvement.
“We must continue to improve here and to invest in our processes – in close contact with our regulators,” he said.
According to the Sueddeutsche, the audit found “serious weaknesses” and raised doubts about whether Deutsche would reach a score indicating that it is deemed well-managed.
Reporting by Tom Sims, Patricia Uhlig and Hans Seidenstuecker; Editing by Elaine Hardcastle and Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.
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0e7cec695f8ee79ef41b73f6b4836db8 | https://www.reuters.com/article/us-deutsche-bank-italy-probe-idUKKCN0XX0J5?edition-redirect=uk | Italian prosecutor investigates Deutsche Bank over 2011 bond sale | Italian prosecutor investigates Deutsche Bank over 2011 bond sale
By Vincenzo Damiani3 Min Read
BARI, Italy (Reuters) - An Italian prosecutor is investigating Deutsche Bank DBKGn.DE over its sale of 7 billion euros ($8 billion) of Italian government bonds five years ago, an investigative source told Reuters.
A statue is seen next to the logo of Germany's Deutsche Bank in Frankfurt, Germany, January 26, 2016. REUTERS/Kai Pfaffenbach/File Photo
A prosecutor in Trani, a town in southern Italy, is investigating because Deutsche Bank allegedly told clients in a research note in early 2011 that Italy’s public debt was no cause for concern, and then sold almost 90 percent of its own holding of the country’s bonds, the source said on Friday.
“We do not believe there is a case to answer here and are confident that we acted appropriately,” a spokesman for Deutsche Bank said in an email to Reuters, adding the German lender was cooperating with Italian authorities.
Deutsche Bank sold the bonds in the first half of 2011 as Italy slid toward a debt crisis that eventually brought down the government of former Prime Minister Silvio Berlusconi.
Italy’s economy ministry said in August 2011 that Deutsche Bank had explained the sale by saying it needed to balance out its exposure to Italian debt after taking on more when it bought out Deutsche Postbank in 2010.
Five former Deutsche Bank managers as well as the bank itself are under investigation in Trani, the source added.
The same prosecutor has, in recent years, also opened investigations into ratings agencies Moody’s, Standard & Poor’s and Fitch, saying their reports on Italy and its banks during the crisis were mismanaged and provoked sharp losses on the Milan stock market.
Related CoverageGlass Lewis recommends not backing Deutsche Bank co-CEO
The case against Moody’s was dropped before a trial began in Trani last year. The case against Fitch Italia and its country head was moved to Milan, where a judge threw it out on Friday.
However David Riley, Fitch’s former head of sovereign ratings, remains on trial in Trani, along with five S&P officials. The ratings agencies have denied wrongdoing.
The U.S. ambassador to Italy, John Phillips, mentioned the ratings agency probe in a speech in Milan last month in which he said Italy’s justice system was deterring investors.
In the United States it was “highly unlikely that such a case would be brought outside the major financial centers, where prosecutors have both jurisdiction and expertise in securities fraud prosecutions,” Phillips said.
Additional reporting by Arno Schuetze; Writing by Isla Binnie; Editing by Mark Potter and Alexander SmithOur Standards: The Thomson Reuters Trust Principles.
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583dfc64dd67071d4d02ba4489220213 | https://www.reuters.com/article/us-deutsche-bank-loans-shipping-exclusiv-idUSKCN0ZM19I | Exclusive: Deutsche Bank to sell $1 billion of shipping debt to boost capital - sources | Exclusive: Deutsche Bank to sell $1 billion of shipping debt to boost capital - sources
By Jonathan Saul, Arno Schuetze, Andreas Kröner3 Min Read
LONDON/FRANKFURT (Reuters) - Deutsche Bank DBKGn.DE is looking to sell at least $1 billion of shipping loans to reduce its exposure to a sector whose lenders face closer scrutiny from the European Central Bank, sources told Reuters.
Shareholders of Deutsche Bank arrive for the bank's annual general meeting in Frankfurt, Germany, May 19, 2016. Picture taken with a long exposure. REUTERS/Kai Pfaffenbach
While the oil tanker trade has picked up, the container and dry bulk shipping industries are struggling with their worst downturn due to a glut of ships, a faltering global economy and weaker consumer demand.
Banking and finance sources familiar with the matter said Germany’s biggest lender was initially looking to offload at least $1 billion.
“They are looking to lighten their portfolio and this includes toxic debt. It makes commercial sense to try and sell off some of their book,” one finance source said. “They are not looking to exit shipping.”
Deutsche Bank, which has around $5 billion to $6 billion worth of total exposure to the shipping sector, declined to comment.
Germany was one of the world’s main centers of global ship finance before the 2008 financial crisis, and lenders there still have around 80 billion euros ($88.62 billion) on loan to the sector.
Deutsche Bank’s ratio of non-performing loans stands at about 5 percent, compared with 10 to 15 percent among competitors, one banking source estimated.
Reuters reported last month that the European Central Bank has launched a review of banks’ lending to the shipping sector. This has raised concerns among lenders that they may be required to set aside more capital and make higher loss provisions against loans to the industry.
“Every bank with a significant amount of shipping loans is evaluating options to sell some of them. The ECB probe has encouraged banks even more to pursue sales,” another banking source said.
“However, it is difficult to agree with buyers on the mix of the portfolio such as performing, less performing, non-performing loans and different types of ships.”
Deutsche Bank’s global head of ship finance Klaus Stoltenberg said last month that banks would be forced to mark down their loans and adjust portfolios to market values over the next two years.
Deutsche will join other German banks, including state-owned lender HSH Nordbank [HSH.UL] and NordLB [NDLG.UL], who are trying to sell off shipping loans.
Royal Bank of Scotland RBS.L is also looking to divest its Greek ship finance business, which is worth around $3 billion, Reuters reported in June.
“It is going to become a more crowded market place and any buyers for these portfolios will want a bigger discount now,” another finance source said.
NordLB as well as HSH, Commerzbank CBKG.DE, DVB DVBG.F and KFW [KFW.UL], have set aside more capital and made higher loss provisions against loans to the industry.
Deutsche Bank has embarked on an overhaul of its overall business. The International Monetary Fund said last week the bank’s links to the world’s largest lenders made it a bigger potential risk to the wider financial system than any other bank.
Editing by Rachel Armstrong and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.
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c5bab43cae1aa7aafe10a250c8c7c1f6 | https://www.reuters.com/article/us-deutsche-bank-moneylaundering/deutsche-bank-hit-by-new-laundering-report-shares-slide-again-idUKKBN1O51P7?edition-redirect=uk | Deutsche Bank hit by new laundering report; shares slide again | Deutsche Bank hit by new laundering report; shares slide again
By Andreas Framke4 Min Read
FRANKFURT (Reuters) - Deutsche Bank DBKGn.DE defended its record in fighting money laundering on Thursday after the Financial Times reported it had processed 31 billion euros ($35 billion) more in questionable funds for Danske Bank DANSKE.CO than previously thought.
FILE PHOTO: The logo of Deutsche Bank is seen in front of one of the bank's office buildings in Frankfurt, Germany, October 27, 2016. REUTERS/Kai Pfaffenbach/File Photo
A Deutsche Bank spokesman declined to comment on the FT article. He said, however, that it was not Deutsche’s responsibility to vet Danske Bank’s customers and that business ties with the Danish bank had been cut in 2015.
The sum came on top of $150 billion Deutsche cleared for Danske’s Estonian branch from 2007-15, meaning it handled four-fifths of the flows from the Danish bank’s clients in Russia and the former Soviet Union, the FT reported, citing people familiar with the matter.
“We have continuously intensified our efforts over the past years against money laundering and tax evasion,” Deutsche’s Chief Financial Officer, James von Moltke, said in a statement.
The bank is also under investigation in a separate German case linked to the so-called Panama Papers, a trove of documents from Panamanian law firm Mossack Fonseca that was leaked to the media in April 2016.
Prosecutors raided Deutsche’s Frankfurt offices for two days last week as part of a probe into whether it may have helped customers set up companies in tax havens to skirt money-laundering safeguards.
Von Moltke, speaking earlier to CNBC, said he was not aware of any wrongdoing on Deutsche’s part in the Panama Papers case and noted that a subsidiary under investigation was sold earlier this year.
A whistleblower who revealed alleged money-laundering involving Danske Bank said last month that a major European bank had helped process up to $150 billion in suspicious payments. A source with direct knowledge of the matter said he was referring to Deutsche Bank.
Deutsche has said only that it processed payments for Danske but severed ties after identifying suspicious transactions.
Deutsche’s shares slid by 4 percent on Thursday to a new historic low, dealing a fresh blow to Chief Executive Christian Sewing’s bid to stabilise the bank after three years of losses under previous management.
Speaking on CNBC, von Moltke said the share price was a concern but reiterated that Deutsche would hit its targets and return to profit this year. Asked whether clients were withdrawing money, he said the reaction of customers was very limited.
Deutsche shares have shed more than half their value this year, and now value the bank at 16.7 billion euros ($19 billion).
Five-year credit default swaps, the cost of insurance on its debts, rose 16 percent on Thursday to 221.5 basis points. They now price in a 17.3 percent probability of default, according to Refinitiv data.
Sewing, an insider appointed in April, has sought to make a clean break after previous leadership became a byword for spiralling compensation and risky investment banking deals.
That legacy has hampered his attempt to return Deutsche to its roots as Germany's premier commercial bank. Sewing has repeatedly rebutted speculation that Deutsche will end up having to merge, possibly with fellow struggler Commerzbank CBKG.DE.
Von Moltke said the lender had made it easier to spot potential money laundering by reducing the total number of correspondent banks it deals with by 40 percent since 2016 and tightening scrutiny of customers.
“The current management has conducted itself with a real focus on our compliance and our control systems,” he said. “We’ve made enormous investments and these investments are showing themselves.”
($1 = 0.8787 euros)
Writing by Douglas Busvine; Editing by Edward Taylor and Adrian CroftOur Standards: The Thomson Reuters Trust Principles.
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65d08da97435f88fa4a192fafa724320 | https://www.reuters.com/article/us-deutsche-bank-polska-m-a-sale-idUKKBN13328C?edition-redirect=uk | Deutsche Bank looks to sell its Polish business: sources | Deutsche Bank looks to sell its Polish business: sources
By Reuters Staff3 Min Read
WARSAW (Reuters) - Deutsche Bank AG DBKGn.DE is seeking to sell its Polish banking business, two banking sources said, part of efforts by the German bank to shed non-core assets and free up capital to meet tougher bank rules.
The logo of Germany's largest business bank, Deutsche Bank is seen in front of one of the bank's office buildings in Frankfurt, Germany, October 27, 2016. REUTERS/Kai Pfaffenbach
Germany’s biggest bank is looking to sell off a string of its smaller overseas operations to try to boost capital and to simplify its business as part of chief executive John Cryan’s overhaul of the group.
A sale of Deutsche Bank Polska would also mark another exit by a foreign banking group from Poland, where the government wants to increase local ownership of the country’s banks.
A senior bank source said Deutsche Bank Polska was up for sale and another source familiar with the matter confirmed this.
Deutsche Bank declined to comment.
Deutsche Bank Polska, with assets of 38 billion zlotys ($9.69 billion) is Poland’s eleventh biggest lender in terms of balance sheet size. Its profits fell last year partly because Polish banks had to cope with record low interest rates and make payments into a guarantee fund.
Both sources also said that Deutsche might have problems with finding a buyer as roughly a third of Deutsche Bank Polska’s assets are in foreign-currency loans - mainly euro and Swiss franc-denominated mortgages. The Polish regulator is unlikely to allow the sale of these mortgages.
“The main question is who will be ready to buy it, as if you deprive it of its Swiss franc-denominated mortgages portfolio, not much remains,” the senior bank source said.
The Polish financial regulator has so far demanded that foreign investors seeking to exit Poland have to keep hold of portfolios of foreign exchange-denominated mortgages to reduce risks to the Polish financial sector.
Deutsche Bank Polska’s foreign currency loans portfolio stood at 12.6 billion zlotys ($3.21 billion), mainly in Swiss francs and euros.
Other foreign players in Poland's banking industry are also looking to sell. GE Money GE.N agreed earlier this year to sell its Polish banking business to local lender Alior ALRR.WA.
Austria's Raiffeisen RBIV.VI and UniCredit CRDI.MI are also in the process of selling their Polish arms with state-controlled entities likely to become buyers.
Poland’s ruling eurosceptic Law and Justice (PiS) party wants to curb what it sees as excessive foreign ownership in the banking sector, currently at more than 50 percent, and, at the same time get more control over the economy.
Currently, the state-run insurer PZU PZUWA> and fund PFR are in talks with UniCredit CRDI.MI to buy Poland's second biggest lender Bank Pekao PEO.WA, one of the country's strongest banks with only a small portfolio of foreign-currency mortgages.
Reporting by Marcin Goclowski; Additional reporting in FRANKFURT by Arno Schuetze. Editing by Jane MerrimanOur Standards: The Thomson Reuters Trust Principles.
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6f87b741bcca8d36a0cfecf69a78893f | https://www.reuters.com/article/us-deutsche-bank-rating-s-p/deutsche-bank-gets-key-investor-backing-as-rating-cut-casts-doubt-on-turnaround-idUSKCN1IX3UC?il=0 | Deutsche Bank gets ECB, key investor support as S&P questions strategy | Deutsche Bank gets ECB, key investor support as S&P questions strategy
By Douglas Busvine, Edward Taylor5 Min Read
FRANKFURT (Reuters) - Deutsche Bank, the ECB and its biggest investor sought to reassure shareholders and staff of its financial strength on Friday after S&P cut its rating and questioned its plan to return to profitability.
Shares in Deutsche Bank closed at an all-time low on Thursday as past misadventures in high-risk investment banking haunted new Chief Executive Christian Sewing’s attempt to refocus on its more staid corporate banking roots.
A source familiar with the thinking of the European Central Bank (ECB), which regulates Deutsche Bank, and its top shareholder HNA Group Co Ltd [HNAIRC.UL] of China, separately said they backed management’s strategy of retrenchment.
This followed a report on Thursday that the U.S. regulator viewed the lender as “troubled” last year, and on Friday a Standard & Poor’s credit rating downgrade to BBB+ from A-.
Deutsche Bank shares were up 3.7 percent at 1235 GMT, although the cost of insuring against default .
Meanwhile in Australia, federal prosecutors were preparing criminal cartel charges against Deutsche, as well as the country’s third-largest bank and Citigroup, over a $2.3 billion share issue. All deny wrongdoing.
Sewing, a Deutsche Bank ‘lifer’ appointed in April after the removal of former CEO John Cryan, said in a letter to staff: “At group level, our financial strength is beyond doubt”.
But the newsflow was “not good”, Sewing added as S&P questioned his ability to get Deutsche Bank back to profit after three years of losses by scaling back its global investment bank and refocusing on Europe and Germany.
“We see significant execution risks in the delivery of the updated strategy amid a continued unhelpful market backdrop, and we think that, relative to peers, Deutsche Bank will remain a negative outlier for some time,” S&P said
Related CoverageGerman government spokesman declines comment on Deutsche Bank situationChinese investor HNA backs Deutsche Bank management after ratings cut
TROUBLED CONDITION
Credit ratings are crucial for banks, whose perceived health is important in winning business, and Deutsche Bank is a big issuer of debt whose cost is highly reliant on them.
S&P had rated Deutsche Bank’s long-term credit at A-, on negative credit watch. That was one or two notches below most European competitors, with Switzerland’s UBS rated A+ with a stable outlook.
Sewing also addressed U.S. regulatory concerns following the Wall Street Journal report that said the Federal Reserve had designated Deutsche Bank’s operations as in a “troubled condition”.
The WSJ report had sent Deutsche Bank’s shares down 7 percent to their lowest closing level, valuing it at $22 billion.
Although Deutsche Bank’s senior debt has held up well, its junior and hybrid debt instruments that would be vulnerable if the bank got into serious financial trouble have underperformed.
Deutsche Bank’s 1.75 billion euro contingent convertible (CoCo) bond with a 6 percent coupon saw its cash price hit a 15-month low of 89.735 cent on the euro on Thursday, translating to a yield of 9.24 percent.
It has since recovered to a cash price of 93.167 and a yield of 8.1 percent; still nearly double this year’s low in January.
FILE PHOTO: Christian Sewing, new CEO of Germany's Deutsche Bank, addresses the audience during the bank's annual meeting in Frankfurt, Germany, May 24, 2018. REUTERS/Kai Pfaffenbach/File Photo
FULLY FUNDED
Sewing said Deutsche Bank’s credit and market risk levels had rarely been so low, speculation it was exposed to political uncertainty in Italy was unfounded, and funding plans for this year were well advanced.
Deutsche Bank was also well positioned to react to excessive moves in debt markets, Sewing said, adding that a series of enforcement actions by the U.S. Federal Reserve were principally related to weaknesses in internal controls and infrastructure.
“We have made progress in remediating them over the past year,” he wrote. “We’re not yet where we want to be, but we are steadily getting there.”
And a source familiar with the ECB’s thinking made it clear that Deutsche Bank had made “good progress” in its efforts to address regulatory concerns.
“The bank now has a tighter management team, good capital and liquidity, and supervisors are reassured by the plans they see,” the source said in a rare comment on an individual bank.
Chinese investor HNA Group Co Ltd [HNAIRC.UL], which controls an 8 percent stake in Deutsche Bank, said it supported its management and strategy.
“HNA remains committed to Deutsche Bank’s long-term success and looks forward to continuing to work with the management team in support of that goal,” a spokesman for HNA said.
A German government spokesman declined to comment on Deutsche Bank on Friday.
Additional reporting by Andreas Framke and Abhinav Ramnarayan; Editing by Alexander SmithOur Standards: The Thomson Reuters Trust Principles.
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05f121d75deefd425c6d9cc2997295cc | https://www.reuters.com/article/us-deutsche-bank-results-breakingviews/breakingviews-deutsche-ceo-will-dust-off-commerz-merger-in-2021-idUKKBN27D1LP?edition-redirect=uk | Breakingviews - Deutsche CEO will dust off Commerz merger in 2021 | Breakingviews - Deutsche CEO will dust off Commerz merger in 2021
By Liam Proud3 Min Read
Banners of Deutsche Bank and Commerzbank are pictured in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, September 30, 2016.
LONDON (Reuters Breakingviews) - Christian Sewing has had a surprisingly good year, but 2021 will be harder. The chief executive of 17 billion euro Deutsche Bank will most likely have to abandon his medium-term profitability target. Reviving a merger with rival Commerzbank is the most logical Plan B.
A pandemic-fuelled trading boom, relatively low loan losses and heavy cost cuts have helped Sewing in 2020. Deutsche’s shares are up 17% this year, while the Euro STOXX Banks Index is down 45%.
In 2021, however, it will become clear that Sewing’s targeted 8% return on tangible equity for 2022 is out of reach. It would require Deutsche to generate 24.5 billion euros of revenue, according to Breakingviews calculations based on Sewing’s own cost targets and analysts’ estimates for loan losses. Even if investment banking income holds steady - which is unlikely as volatility fades - the rest of Deutsche would have to grow at a 1.1% average annual rate. Analysts expect the top line to shrink instead.
Sewing’s alternatives are limited. There will be little fat left to cut by 2022, since he has pledged to reduce costs by one-quarter from 2018’s level, and exited businesses such as equities trading.
Dusting off the aborted 2019 Commerzbank deal would help. A merger could generate 2.9 billion euros in annual savings, based on the 12% of combined expenses targeted in the recent Caixabank and Bankia merger. Add that to the two banks’ forecast net income, and the new group’s ROTE would reach 7% in 2022, according to Breakingviews calculations based on Refinitiv data. A solo Deutsche would churn out just a 3.1% return that year, analysts reckon.
Sewing’s cleanup makes his bank a more appealing partner than in 2019, when the lenders called off talks citing execution risks and capital requirements. Deutsche has shed 27 billion euros of risk-weighted assets through its bad bank, and should finally generate a profit next year. European regulators have also made it clear they won’t necessarily raise capital requirements after mergers.
Finally, Commerzbank’s equity value has slumped since early 2019. Assuming a 30% acquisition premium, Deutsche shareholders would own 70% of the new bank, versus 60% in early 2019, giving them more of the upside. Sewing’s revamp might not deliver the hoped-for returns. But at least it’s making Deutsche fit for a deal.
BreakingviewsReuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com. All opinions expressed are those of the authors.
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13d182e99ecaf79089555194d5d05e1c | https://www.reuters.com/article/us-deutsche-bank-results-idUKKBN1HX0J2 | Deutsche Bank calls time on Wall Street in retreat to Europe | Deutsche Bank calls time on Wall Street in retreat to Europe
By Tom Sims, Arno Schuetze5 Min Read
FRANKFURT (Reuters) - Deutsche Bank moved to end its nightmare on Wall Street on Thursday as its new chief executive Christian Sewing called time on three expensive decades struggling to become a global investment bank with a retreat to Europe.
Sewing said Deutsche would cut back bond and equities trading, where it has been unable to break the grip of the U.S. powerhouses such as Goldman Sachs and JP Morgan, and would invest in German retail banking and asset management in Europe.
Deutsche Bank’s attempts to break into the U.S. markets, which are seen as an essential plank for delivering a global investment banking platform, proved to be costly as it ended up paying out billions of dollars to settle regulatory breaches, prompting speculation at one point of a bailout by Berlin.
Other European banks have also tried and failed over the years, often hiring bankers at great cost or buying smaller Wall Street players in the hope of gaining critical mass.
Deutsche Bank’s cull has already begun, one source said, with around 300 U.S. based investment bankers fired on Wednesday and another 100 due to leave Germany’s largest bank by Friday.
These job cuts were “painful but regrettably unavoidable to ensure our bank’s competitiveness in the long run”, Sewing, who has a background in retail banking, auditing and risk, said.
“Deutsche Bank is deeply rooted in Europe – here we want to provide our clients access to global financing and treasury solutions,” he added, just weeks after becoming its CEO.
Sewing broke the restructuring news as Deutsche Bank reported a 79 percent fall in its first quarter net profit. The moves are the initial product of a review known as Project Colombo, which is likely to lead to further cuts, bankers said.
Investment banking now accounts for 54 percent of Deutsche Bank’s revenues, which fell across all divisions in the first quarter of the year, underlining the enormity of the challenge.
A red traffic light is photographed in front of the head quarters of Germany's largest business bank, Deutsche Bank, in Frankfurt, Germany, December 6, 2017. REUTERS/Kai Pfaffenbach
The bulk of the cuts will focus on the U.S. and Asia and involve scaling back business with hedge funds. Restructuring costs for 2018 were likely to hit 800 million euros, from an earlier 500 million euro target, as a result, Sewing added.
Shares in the bank were down by 2.8 percent at 1355 GMT as analysts and investors dissected the figures and sought answers to strategic questions left unanswered by the announcement.
“There are a lot of open questions,” said Michael Huenseler, head of credit portfolio management at Assenagon, which owns Deutsche Bank shares and is a critic of the bank.
These included how the new focus on retail will lift Deutsche Bank’s revenue and profit, Huenseler added.
Germany’s fragmented banking sector is dominated by cooperative lenders and municipally owned savings banks, while wealth management in the region is dominated by traditional private banks like UBS and Credit Suisse, whose base in Switzerland gives them a competitive advantage.
NOT ACCEPTABLE
Sewing said the first quarter results showed the need for “immediate action”, adding that shareholder returns were “not acceptable”. Earnings fell far short of analysts’ expectations, with net income of 120 million euros below the forecast of 379 million, according to a Reuters poll.
The figure was also below the 575 million euros posted in the first quarter of last year.
Hendrik Leber, a fund manager with Acatis, which owns Deutsche Bank shares, said the measures announced on Thursday were “small and moderate” and predicted the bank would make “much more considerable” cuts in three months time.
Although the cuts were expected to have a negative impact on 2018 revenues, they would improve returns in the medium term, Deutsche Bank said, adding it would scale back U.S. rates sales and trading and expected to reduce its global equities platform.
Overall, the bank expects revenues in its bond trading activities to be flat this year and lower in its equities trading and in advisory business, after a steep slide in all three in the first quarter.
By contrast, Goldman Sachs GS.N said this month that is so confident in its recent business boom, especially in trading, that it will pause share buybacks and instead use capital to facilitate trades, loans and deals for customers.
All major Wall Street banks have reported bumper first-quarter earnings thanks to a surge in stock trading activity, while Deutsche Bank conceded market share losses.
Deutsche Bank was founded during the Industrial Revolution to finance Germany companies abroad, but it aggressively changed course 30 years ago, buying British merchant bank Morgan Grenfell and then Banker’s Trust in New York.
“That was the cardinal sin,” Klaus Nieding of the shareholder lobby group DSW said, adding that the powerful investment bank took on a life of its own and faced little supervision from Frankfurt.
Editing by Maria Sheahan/Mark Potter/Alexander SmithOur Standards: The Thomson Reuters Trust Principles.
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59e78e259aa41fc732ac322a6c610323 | https://www.reuters.com/article/us-deutsche-bank-results/turnaround-costs-push-deutsche-bank-to-bigger-than-expected-loss-idUSKBN1ZT0GH | Turnaround costs push Deutsche Bank to $6 billion loss | Turnaround costs push Deutsche Bank to $6 billion loss
By Tom Sims, Patricia Uhlig5 Min Read
FRANKFURT (Reuters) - Deutsche Bank DBKGn.DE plunged to a bigger than expected loss of 5.7 billion euros ($6.3 billion) last year, its fifth in a row, as the cost of its latest turnaround attempt hit earnings.
Misconduct scandals, a failed attempt to take on Wall Street heavyweights and, more recently, an aborted merger with Commerzbank mean Germany’s biggest bank is still in recovery mode more than a decade on from the global financial crisis.
The latest attempt, under CEO Christian Sewing, is a 7.4-billion euro drive to cut 18,000 jobs, shrink its investment bank and focus on corporate as well as private banking.
But its efforts are being hindered by a faltering global economy and ultra-low euro zone interest rates.
“Our new strategy is gaining traction,” Sewing said on Thursday, noting revenues had stabilised in the second half of 2019, cost cutting was on track, the bank’s capital position had improved and the net loss was entirely down to revamp costs.
But the 1.6 billion euros loss attributable to Deutsche Bank shareholders in the fourth quarter was larger than analysts’ mean forecast of 1 billion, leading the full-year result to miss expectations of a 5 billion euros loss.
The bank’s shares nevertheless erased early losses to rise 4% by mid-afternoon, as investors cheered the bank’s growing capital cushion.
The results conclude a turbulent decade for Deutsche, including a cumulative loss of 15 billion euros over the last five years and an 82% plunge in the shares over the decade.
In contrast, U.S. rival JPMorgan Chase & Co. posted its biggest-ever profit last year as its bond trading business bounced back in the last quarter of the year.
Related CoverageDeutsche Bank CEO: Negative rates not an option generally for private customers
(Graphic: Deutsche Bank shares vs European and U.S. bank indexes - )
‘ON THE OFFENSIVE’
For analysts and investors, Deutsche’s ability to generate revenue has been a major concern. The bank has repeatedly trimmed its forecasts.
Revenue fell 4% in the fourth quarter to 5.3 billion euros and was down 8% for the year to 23.2 billion euros.
The quarterly figure included a 5% drop in corporate banking and a 4% decline at the private bank. The investment bank’s cash-cow bond trading arm saw a 31% jump, a big improvement on recent quarterly falls, but less than gains at some U.S. banks.
“For us Deutsche Bank remains a ‘show me’ stock on revenues and we need evidence in future quarters to give credit on revenue turnaround,” JP Morgan Cazenove analysts said in a note.
Deutsche is aiming for annual revenue of 24.5 billion euros by 2022.
Slideshow ( 5 images )
“Deutsche Bank is far from out of the woods, but if the slightly positive trend continues, I am cautiously optimistic,” said Klaus Nieding, vice president of the shareholder lobby group DSW.
Investors were heartened that the bank was comfortably meeting regulators’ capital requirements, which Deutsche believes will allow it to allocate more capital to expand business.
The so-called common equity tier 1 (CET1) ratio stood at 13.6% at the end of the year, up from 13.4% at the end of September, due to the bank shedding riskier assets faster than expected.
Andreas Thomae, a fund manager with Deka Investment, described the ratio as “very solid”.
Slideshow ( 5 images )
Sewing said the bank was feeling the benefits of its restructuring plan this month, and was bullish about 2020.
“We will shift our focus over to growth. We don’t just want to defend our market position; we want to build on it,” he said.
“We’re going on the offensive and we intend to sustain it. But not everywhere, just in those areas where we are relevant and have a leading position.”
Deutsche said it was making good progress on reducing costs, another focus for investors, with global employee numbers down by more than 4,100 last year to 87,597 full-time equivalents.
The bank said on Wednesday it would halve 2019 bonuses for individual board members, and told staff this week it would delay salary raises by a few months.
Now in its 150th year, Deutsche is considered one of the global financial system’s most important banks, but has been hit by a string of misconduct scandals.
Seeking to repair relations with Berlin and the general public, it last week appointed to its supervisory board former German government minister Sigmar Gabriel, who once criticised the bank for a business model built on speculation.
(Graphic: Deutsche Bank's lost decade - )
Reporting by Tom Sims, Patricia Uhlig and Hans Seidenstuecker; additional reporting by Matt Scuffham in New York; editing by Jason Neely and Mark PotterOur Standards: The Thomson Reuters Trust Principles.
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fcc4aa4d783010959b2e0e4ecca33b90 | https://www.reuters.com/article/us-deutsche-bank-rosemary-vrablic-idINKBN28W2CI?edition-redirect=in | Trump's longtime banker at Deutsche Bank resigns | Trump's longtime banker at Deutsche Bank resigns
By Reuters Staff2 Min Read
Slideshow ( 2 images )
(Reuters) - Donald Trump’s longtime banker at Deutsche Bank AG will be stepping down from the German lender, with the move coming as the bank looks for ways to cut its relations with the U.S. president.
Rosemary Vrablic, a managing director and senior banker in the lender’s wealth management division, recently handed in her resignation, which the bank accepted effective as of year-end, Deutsche Bank spokesman Dan Hunter said in an emailed statement.
According to the New York Times, which first reported Vrablic’s resignation, she arranged for the lender to grant hundreds of millions of dollars of loans to Trump’s company.
The resignation of another longtime colleague of Vrablic, Dominic Scalzi, has also been accepted by the bank, Hunter said, without mentioning reasons for the resignations.
Vrablic and Scalzi both joined Deutsche Bank in 2006 from Bank of America.
The Times reported that Deutsche Bank in August opened an internal review into a 2013 real estate transaction between Vrablic and Scalzi and a company owned in part by Jared Kushner, Trump’s son-in-law and a client of Vrablic.
Reuters reported last month that Deutsche Bank was looking for ways to end its relationship with Trump after the U.S. elections, following negative publicity stemming from the ties.
The German bank, which first started lending to Trump in the late 1990s, has been dragged into congressional and other investigations looking into the real estate mogul-turned-politician’s finances and alleged Russia connections.
As of November, Deutsche Bank has about $340 million in loans outstanding to the Trump Organization, currently overseen by his two eldest sons.
Reporting by Kanishka Singh and Shradha Singh in Bengaluru; Editing by Maju Samuel and Bill BerkrotOur Standards: The Thomson Reuters Trust Principles.
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453ffa2b8cd3c4ea9df09cf72768e22c | https://www.reuters.com/article/us-deutsche-bank-settlement-silver-idUSKBN12H2HB | Deutsche Bank to pay $38 million in U.S. silver price-fixing case | Deutsche Bank to pay $38 million in U.S. silver price-fixing case
By Nate Raymond3 Min Read
NEW YORK (Reuters) - Deutsche Bank AG DBKGn.DE has agreed to pay $38 million to settle U.S. litigation over allegations it illegally conspired with other banks to fix silver prices at the expense of investors, according to court papers filed on Monday.
A statue is pictured next to the logo of Germany's Deutsche Bank in Frankfurt, Germany September 30, 2016. REUTERS/Kai Pfaffenbach/File Photo
The settlement, disclosed in papers filed in Manhattan federal court, came in one of many recent lawsuits in which investors have accused banks of conspiring to rig rates and prices in financial and commodities markets.
The settlement had been expected since April, though terms had yet to be disclosed. In court papers, lawyers for the investors say the deal will likely be an “ice breaker” that will serve as a catalyst for other banks to settle.
Vincent Briganti, a lawyer for the investors, said the deal provides “substantial monetary compensation plus cooperation from Deutsche Bank in the continued prosecution of this important case against the non-settling defendants.”
The settlement is subject to court approval. A spokeswoman for the German bank declined to comment.
In the litigation, investors claimed Deutsche Bank, HSBC Holdings Plc HSBA.L and Bank of Nova Scotia BNS.TO (ScotiaBank) rigged silver prices through a secret daily meeting called the Silver Fix, and accused UBS AG UBSG.S of exploiting that fix.
The alleged conspiracy started by 1999, suppressed prices on roughly $30 billion of silver and silver financial instruments traded each year, and enabled the banks to pocket returns that could top 100 percent annualized, the investors said.
Earlier this month, U.S. District Judge Valerie Caproni ruled the investors had sufficiently, “albeit barely,” alleged that Deutsche Bank, HSBC and ScotiaBank violated U.S. antitrust law by conspiring to depress the Silver Fix from 2007 to 2013.
But the judge dismissed UBS from the case, saying there was nothing showing it manipulated prices, even if it benefited from distortions.
Caproni at that time said the investors could amend their complaint, including against UBS, and a lawyer for the investors has said they planned to do so.
The case is In re: London Silver Fixing Ltd Antitrust Litigation, U.S. District Court, Southern District of New York, No. 14-md-02573.
Our Standards: The Thomson Reuters Trust Principles.
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b3cf30a561bcfd22c02f91db848f2f8a | https://www.reuters.com/article/us-deutsche-bank-shipping/deutsche-bank-sells-1-billion-non-performing-ship-loan-portfolio-sources-idUSKBN1JA2VP | Deutsche Bank sells $1 billion non-performing ship loan portfolio: sources | Deutsche Bank sells $1 billion non-performing ship loan portfolio: sources
By Arno Schuetze, Jonathan Saul3 Min Read
FRANKFURT/LONDON (Reuters) - Deutsche Bank DBKGn.DE has found a buyer for the bulk of its bad ship loans as it seeks to draw a line under sour investments in the sector and to start a fresh push in transport lending, people close to the matter said.
FILE PHOTO: People are silhouetted next to the Deutsche Bank's logo prior to the bank's annual meeting in Frankfurt, Germany, May 24, 2018. REUTERS/Kai Pfaffenbach/File Photo
Germany’s flagship lender has agreed to sell a non-performing ship loan portfolio with a notional value of $1 billion to investors Oak Hill Advisors and Varde, one of the sources said.
Deutsche Bank and Oak Hill declined to comment, while Varde was not immediately available for comment.
There was no word on the price tag for the bundle of loans.
Finance sources said the portfolio was expected to include some performing loans from shipowners rather than just distressed debt.
“Deutsche has made various efforts to try and reconfigure parts of its portfolio including sales over the past two years. But for various reasons it has not happened. This time round they have been more focused and decisive,” one of the sources said.
Deutsche Bank has been looking to shrink its exposure to shipping and other maritime lending, such as port facilities, over the last couple of years. At the end of March, its exposure to the overall sector stood at 4.1 billion euros, of which 3.3 billion euros were for vessel financing.
Exploiting German rules that gave tax credits to owners of container ships, German lenders had become some of the biggest backers of shipowners over the past 20 years.
Two years ago they were estimated to be behind roughly a quarter of the world’s $400 billion of outstanding shipping loans, although German banks’ share has since decreased as they have cut their exposure amid heavy writedowns.
The clean-up of its transport financing book is part of Deutsche Bank’s deep overhaul, which also includes plans to reduce headcount to below 90,000 from 97,000.
Christian Sewing, who became CEO in an abrupt management reshuffle in April, has said while the bank was committed to its international presence, it now wants to scale back its global investment bank and refocus on Europe and its home market after three consecutive years of losses.
After the sale of the sour shipping portfolio only a small volume of non-performing ship loans remains and Deutsche Bank is poised to start increasing its exposure to the sector again, one of the sources said.
In a sign that other banks are also rekindling interest in a sector that is emerging from its worst slump on record, Germany’s HSH Nordbank [HSH.UL], once the world’s biggest ship financier, aims to buy shipping loans from other banks and make new investments in the industry.
HSH Nordbank had needed two bailouts, partly due to its high-risk shipping book, and was privatized earlier this year with taxpayers nursing losses of more than 10 billion euros.
Reporting by Arno Schuetze and Jonathan SaulOur Standards: The Thomson Reuters Trust Principles.
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c49a2a85d97e949041bdfaa2315ab3c9 | https://www.reuters.com/article/us-deutsche-bank-strategy/deutsche-bank-to-cut-18000-jobs-in-7-4-billion-euro-overhaul-idUSKCN1U20J2?utm_medium=Social&utm_source=Facebook&utm_medium=Social&utm_source=twitter | Deutsche Bank to cut 18,000 jobs in 7.4 billion euro overhaul | Deutsche Bank to cut 18,000 jobs in 7.4 billion euro overhaul
By Tom Sims, Hans Seidenstuecker5 Min Read
FRANKFURT (Reuters) - Deutsche Bank DBKGn.DE is to ax vast swathes of its trading desks in one of the biggest overhauls to an investment bank since the aftermath of the financial crisis, in a restructuring that will see 18,000 jobs go and cost 7.4 billion euros.
FILE PHOTO: The Deutsche Bank headquarters are seen in Frankfurt, Germany October 29, 2015. REUTERS/Kai Pfaffenbach/File Photo
The plan represents a major retreat from investment banking by Deutsche Bank, which for years had tried to compete as a major force on Wall Street.
As part of the overhaul, the bank will scrap its global equities business, scale back its investment bank and also cut some of its fixed income operations, an area traditionally regarded as one of its strengths.
The bank will set up a new so-called “bad bank” to wind-down unwanted assets, with a value of 74 billion euros of risk-weighted assets.
The depth of the restructuring shows that Deutsche is coming to terms with its failure to keep pace with Wall Street's big hitters such as JP Morgan Chase & Co JPM.N and Goldman Sachs GS.N.
The cuts were foreshadowed on Friday, when the head of Deutsche’s investment bank Garth Ritchie agreed to step down.
Chief Executive Officer Christian Sewing, who now aims to focus on the bank’s more stable revenue streams, said it was the most fundamental transformation of the bank in decades. “This is a restart,” he said.
“We are creating a bank that will be more profitable, leaner, more innovative and more resilient,” he wrote to staff.
Sewing will now represent the investment bank on the board in a shift that illustrates the divisions’s waning influence.
The CEO had flagged an extensive restructuring in May when he promised shareholders "tough cutbacks" to the investment bank. This followed Deutsche's failure to agree a merger with rival Commerzbank CBKG.DE.
Some investors were cautious about the turnaround plan.
Related CoverageFactbox: Deutsche Bank takes an axe to investment bank
Michael Huenseler, head of credit portfolio management at Assenagon Asset Management, said a lot had to go right for the plan to be successful.
“The margin for error is...low,” he said.
Union Investment portfolio manager Alexandra Annecke said the steps were long overdue and noted that the bank’s aim to bring down its cost-to-income ratio to 70% was not ambitious compared with international competitors.
JOB CUTS
Soon after becoming CEO last year, Sewing started to cut jobs and promised to bring staffing “well below” 90,000. There were media reports from Reuters and others that Deutsche Bank could cut as many as 20,000 jobs -- more than one in five of its 91,500 employees.
In the event, the bank said it would reduce headcount to 74,000 by 2022.
Deutsche bank gave no geographic breakdown for the job cuts. The equities business is focused largely in New York and London.
A person with direct knowledge of the matter said job cuts would be distributed around the world, including in Germany.
Stephan Szukalski, head of the DBV union, told Reuters that the measures were in the right direction, echoing the sentiment of the Verdi labor union.
“This could be a real new beginning for Deutsche Bank,” said Szukalski, who also sits on the bank’s supervisory board.
The board met on Sunday to agree the proposed changes, one of the biggest announcements of job cuts at a major investment bank since 2011 when HSBC said it would axe 30,000 jobs.
Deutsche said it expects a 2.8 billion euro ($3.1 billion) net loss in the second quarter as a result of restructuring charges and loss for the full year.
Deutsche will have been in the red for four out of the five last years. Its shares fell to a record low last month.
Founded in 1870, Deutsche has long been a major source of finance and advice for German companies seeking to expand abroad or raise money through the bond or equity markets, a role which had the tacit backing of successive governments in Berlin.
Big cuts to its investment bank could make it harder for the bank to fulfil this role and would mark a reversal of a decades-long expansion that began with its purchase of Morgan Grenfell in London in 1989 and continued a decade later by a takeover of Bankers Trust in the United States.
The investment bank generates about half of Deutsche’s revenue but is also a volatile business.
Revenue at the division was forecast to fall to 12.4 billion euros this year, according to a consensus of analysts ahead of Sunday’s announced changes. That would mark a fourth consecutive year of decline, down more than 30% from 2015.
In the restructuring, Sewing let go two other members of the management board - head of regulation Sylvie Matherat and head of retail Frank Strauss - and brought in some newcomers.
He also created a corporate bank to streamline services offered throughout the bank, something Sewing called a “core strength”.
Additional reporting by Rachel Armstrong in London and Kathrin Jones in Frankfurt; Editing by Keith Weir and Jane MerrimanOur Standards: The Thomson Reuters Trust Principles.
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ff061789ad2e4a2e4cd9a6f035fcfb5b | https://www.reuters.com/article/us-deutsche-boerse-clearstream-iran/iran-says-to-fight-u-s-suit-to-seize-1-7-billion-held-by-deutsche-boerse-unit-idUKKBN25P0QE?edition-redirect=uk | Iran says to fight U.S. suit to seize $1.7 billion held by Deutsche Boerse unit | Iran says to fight U.S. suit to seize $1.7 billion held by Deutsche Boerse unit
By Reuters Staff2 Min Read
DUBAI (Reuters) - Iran's central bank said on Saturday it was taking legal steps to counter a lawsuit filed in a U.S. court by creditors seeking to seize $1.7 billion of its assets held by Deutsche Boerse's DB1Gn.DE Clearstream unit.
The German stock exchange operator said earlier the creditors had filed the suit in a New York court seeking to require Clearstream to surrender assets that allegedly belong to Iran’s central bank. It said the clearing house considers the claims to be unfounded and will take steps to defeat them.
Amir Hossein Tayyebi Fard, a deputy governor of the Iranian central bank, said in a statement: “After repeated legal defeats in Luxembourg, the U.S. plaintiffs are seeking legal action in U.S. courts against Clearstream. Serious legal action is also underway to counter these measures.”
Tayyebi Fard did not give details of the bank’s legal measures to prevent a seizure of the assets which he said were worth $1.7 billion, according to the statement posted on the bank’s website.
U.S. authorities have targeted Luxembourg-based Clearstream for years in an investigation over whether it violated U.S. money laundering and Iran sanction laws. Deutsche Boerse has denied wrongdoing.
In 2019, a Luxembourg court refused to enforce a U.S. ruling that would have helped families of victims of the Sept. 11, 2001 attacks claim Iranian assets held with Clearstream.
In 2012, a New York court found there was evidence to show that Iran provided “material support and resources to al Qaeda for acts of terrorism”. The militant group carried out the hijacked plane attacks on New York and Washington.
That court awarded the plaintiffs damages of over $7 billion. Iran denies any links to Al Qaeda or any involvement in the Sept. 11 attacks.
Reporting by Dubai newsroom; editing by Clelia OzielOur Standards: The Thomson Reuters Trust Principles.
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24a64571f2e2faf55ba78688dd8a8152 | https://www.reuters.com/article/us-deutsche-boerse-m-a-lse-idUKKBN1502G2?edition-redirect=uk | Deutsche Boerse-LSE merger make markets healthier: Blackrock | Deutsche Boerse-LSE merger make markets healthier: Blackrock
By Reuters Staff3 Min Read
FRANKFURT (Reuters) - Blackrock BLK.N, the second-largest shareholder in both Deutsche Boerse DB1Gn.DE and London Stock Exchange Group LSE.L, publicly voiced its support for the $28 billion merger of the two European exchanges as key regulatory decisions on the tie-up loom.
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Deutsche Boerse and LSEG have been working to overcome regulatory hurdles holding up the merger and looking to appease antitrust regulators. LSEG agreed this month to sell its French clearing business to Euronext ENX.PA.
“Sceptics of this merger must consider the need for stronger capital markets in Europe - as well as the ways the alliance could in fact benefit competition by deepening access to capital on the continent,” Blackrock Chairman Laurence Fink said in a speech at a Deutsche Boerse reception on Monday.
“Deutsche Boerse itself has taken an important step towards healthier markets through the proposed merger with LSE.”
The German state of Hesse, which has the authority to veto a merger of the two exchange operators, will host a summit on Tuesday to review the tie-up.
Britain’s preparations to trigger divorce talks with the European Union have put a question mark over the deal because a Brexit would place London, Europe’s financial capital and planned headquarters of the new group, outside the bloc.
British Prime Minister Theresa May is expected to use a speech on Tuesday to signal a so-called “hard Brexit”, meaning Britain would pull out of the single market and customs union.
German regulators, fearing a loss of control, want Frankfurt to play the leading role, or, at the very least, be one of two headquarters with London.
Blackrock’s Fink also said that Germany needed to keep a close relationship with Britain.
“Brexit means that maintaining ties with London is even more important today, given its more developed capital markets,” he said in a prepared speech.
Fink, who is part of President-elect Donald Trump’s business advisory council, also hailed the moral leadership of Germany’s Chancellor Angela Merkel.
“Despite the terrible events in Berlin only a couple of weeks ago, Germany has demonstrated its ability to balance acts of humanity and economic and political challenges that come along with it,” Fink said, referring to the attack in which a truck ploughed into a Berlin Christmas market, killing 12.
Trump’s stance on immigration contrasts sharply with that of Merkel, whose policy has allowed for an influx of more than a million migrants into Germany in 2015 and 2016, mainly Muslims fleeing war-torn countries including Syria, Iraq and Afghanistan.
Reporting by Arno Schuetze; Editing by David EvansOur Standards: The Thomson Reuters Trust Principles.
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9d2e4bf3be7a0ecc2185576c7348185e | https://www.reuters.com/article/us-deutsche-boerse-m-a-lse-kengeter/lse-had-doubts-over-deutsche-boerse-ceo-leading-merged-firm-sources-idUSKBN1661WA | LSE had doubts over Deutsche Boerse CEO leading merged firm: sources | LSE had doubts over Deutsche Boerse CEO leading merged firm: sources
By Andreas Kröner2 Min Read
Carsten Kengeter, CEO of Deutsche Boerse talks to the media during the presentation of FinTec start-up facilities provided by Deutsche Boerse in Frankfurt, Germany, February 24, 2016. REUTERS/Kai Pfaffenbach
FRANKFURT (Reuters) - The London Stock Exchange (LSE) had doubts about the suitability of Deutsche Boerse CEO Carsten Kengeter to lead a combined company after insider trading allegations were made against him, two sources familiar with the matter said on Monday.
LSE LSE.L Chairman Donald Brydon wrote an email to Deutsche Boerse DB1Gn.DE Chairman Joachim Faber to express his concerns in early February, shortly after prosecutors searched Kengeter's apartment in connection with suspected insider trading, the sources said, adding they had seen the email.
Kengeter has said the allegations made against him are unfounded.
Some people familiar with the matter said the LSE's doubts over Kengeter played a role in its decision to scupper a merger with Deutsche Boerse DB11.DE. The LSE decided late on Sunday not to sell its stake in Italian trading platform MTS, a step that all but ended a planned tie-up.
Other sources, however, said the LSE’s reluctance to discuss moving the headquarters of the merged company to Frankfurt from London in the wake of Britain’s vote to leave the European Union was a more important consideration.
Deutsche Boerse, Kengeter and the LSE declined to comment.
In his email, the LSE’s chairman said advisers had told him they were no longer sure whether Kengeter was the right person to take over as chief executive following a merger, the sources said.
Faber replied to Brydon by defending Kengeter, saying the presumption of innocence must prevail, the sources added.
On Feb. 7, Deutsche Boerse publicly backed Kengeter as prosecutors investigated whether secret merger talks with the LSE were under way when Kengeter bought shares in his company in December 2015.
Additional reporting by Arno Schuetze; Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.
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645064504f3901d0e849894e75fa200f | https://www.reuters.com/article/us-deutsche-boerse-results/deutsche-boerse-first-quarter-profit-up-11-idUKKCN1S51SA?edition-redirect=uk | Deutsche Boerse first-quarter profit up 11% | Deutsche Boerse first-quarter profit up 11%
By Reuters Staff2 Min Read
Slideshow ( 2 images )
FRANKFURT (Reuters) - German exchange operator Deutsche Boerse posted an 11 percent rise in first-quarter net profit, roughly in line with expectations, despite poor market conditions.
Net profit attributable to shareholders of 275 million euros ($307 million) was a little more than the 267 million euros expected in a Reuters poll and up from 249 million euros a year ago.
Net revenue rose 4 percent to 720.8 million euros, held back by lower equity volatility that helps generate turnover.
Gregor Pottmeyer, chief financial officer, called the quarter a “weak equity market environment”, but added that “earnings growth in the first quarter is in line with the guidance for the full year”.
Costs were down 1 percent from the previous year despite higher spending on investment and technology.
Theodor Weimer, who took over as chief executive at the start of 2018, has been seeking to open a new chapter after Deutsche Boerse became entangled in an insider trading scandal in 2017 and a planned merger with its London counterpart was scrapped.
Reporting by Tom Sims; Editing by David Goodman and Mark PotterOur Standards: The Thomson Reuters Trust Principles.
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8d5c29bea29b9c0888b73be8b099657a | https://www.reuters.com/article/us-deutsche-telekom-inmarsat-wifi/new-european-wi-fi-network-for-airline-passengers-to-launch-within-months-idUSKBN1FP238 | New European Wi-Fi network for airline passengers to launch within months | New European Wi-Fi network for airline passengers to launch within months
By Reuters Staff3 Min Read
BERLIN (Reuters) - A new European Wi-Fi network for airline passengers will be launched by the end of June, the companies behind the project said on Monday.
German telecoms company Deutsche Telekom and communications firm Inmarsat have teamed up to develop the European Aviation Network (EAN).
Combining around 300 base stations across each country of the European Union with a satellite, the project aims to provide smooth broadband coverage over land and water and across the 28 countries of the bloc.
Until now, European carriers have had to rely on satellite-only systems for onboard Wi-Fi across the region.
Deutsche Telekom and Inmarsat also say the EAN equipment is small, lightweight and easy to install, making it suitable for short-haul planes and low-cost carriers.
The launch customer is IAG, which owns British Airways, Iberia, Vueling and Aer Lingus, but it is not clear when exactly its first flights using the EAN will take place.
“Clearly in the next few months we are hoping the first passengers will get to enjoy the service,” Frederik van Essen, Senior Vice President at Inmarsat Aviation, told an online press conference.
The start of the service was delayed by around six months after setbacks to SpaceX’s launch schedule prompted Inmarsat to turn to Arianespace to send its satellite into space.
Van Essen said he did not expect legal challenges by Viasat, which has complained to the European Commission over Inmarsat’s use of the spectrum, to delay the launch. “We think no merit to claims they are filing,” he said.
More and more airlines are starting to offer Wi-Fi on their planes to meet passenger demand to be connected during flights as well as seek new revenue opportunities.
According to Routehappy, which provides information on flight amenities, 82 airlines worldwide now offer in-flight Wi-Fi, up 17 percent from last year.
So far, it is mainly larger airlines that have been installing Wi-Fi on board for long-haul flights, while coverage is also widespread in the United States.
But with costs coming down, Routehappy said it was now seeing many smaller airlines start to offer internet on board too.
Inmarsat’s van Essen said the EAN would be suitable for use by low-cost operators. He declined to name any other potential customers, saying he wasn’t allowed to give details of talks.
Lufthansa’s Eurowings started offering internet on short-haul routes this month, using an Inmarsat satellite-based system, while Norwegian Air Shuttle also offers Wi-Fi.
Reporting by Victoria Bryan; Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.
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7345350d541c9ab0c06353da149a7af6 | https://www.reuters.com/article/us-deutsche-telekom-m-a-sprint-t-mobile/telekom-ceo-argues-for-strong-no-3-player-in-u-s-wireless-market-newspaper-idUSKBN1CX0PQ | Telekom CEO argues for strong No. 3 player in U.S. wireless market: newspaper | Telekom CEO argues for strong No. 3 player in U.S. wireless market: newspaper
By Reuters Staff2 Min Read
FRANKFURT (Reuters) - A strong No. 3 player in the U.S. wireless market would enhance competition, the chief of Deutsche Telekom DTEGn.DE told a German newspaper, as T-Mobile US Inc TMUS.O seeks to merge with Sprint Corp S.N.
Timotheus Hoettges, Chief Executive Officer of Germany's telecommunications giant Deutsche Telekom AG poses for a picture at the Cyber Defense and Security Operation Center (SOC) of Telekom Security in Bonn October 26, 2017. REUTERS/Wolfgang Rattay
Chief executive officer Timotheus Hoettges also urged the new German government to think twice before selling down its large stake in Deutsche Telekom, according to an interview in Welt am Sonntag.
T-Mobile US, majority-owned by Deutsche Telekom, is close to agreeing tentative terms on a deal to merge with Sprint Corp, people familiar with the matter have said, a breakthrough in efforts to merge the third and fourth largest U.S. wireless carriers.
Hoettges, in the interview published on Sunday, declined to comment directly on talks between the companies.
“In the U.S. there is a duopoly between two very big players, and then there are two smaller players well behind,” he said. “A third strong player would be good for competition.”
Verizon Communications Inc VZ.N and AT&T Inc T.N are the two largest wireless carriers.
Competition regulators have in the past quashed consolidation efforts by T-Mobile, but Hoettges said chances are now better under U.S. President Donald Trump.
“History has taught us that governments led by Republicans are more hands-off than Democratic administrations,” he said.
On the German state’s nearly 32 percent stake in Deutsche Telekom, Hoettges acknowledged it would be the new government’s decision whether to sell or keep.
But he said those who argued for a sale “should perhaps ask themselves who will buy the stake”.
“What interest would the owner have in infrastructure security? Would the owner want to invest in Germany, and if so, where and in particular, how much?”
The FDP and Green parties, which are in talks to form a coalition government with Chancellor Angela Merkel’s conservatives, have both advocated a sale or partial sale of the stake.
Reporting by Tom Sims and Douglas Busvine; editing by John StonestreetOur Standards: The Thomson Reuters Trust Principles.
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983acbda8f039552cb45d4ebfafb6882 | https://www.reuters.com/article/us-deutsche-telekom-nokia-europe-exclusi/exclusive-fearing-huawei-curbs-deutsche-telekom-tells-nokia-to-shape-up-idUSKBN2010TU | Exclusive: Fearing Huawei curbs, Deutsche Telekom tells Nokia to shape up | Exclusive: Fearing Huawei curbs, Deutsche Telekom tells Nokia to shape up
By Douglas Busvine7 Min Read
BERLIN (Reuters) - Deutsche Telekom has told supplier Nokia it must improve its products and service to win business installing the German group’s 5G wireless networks in Europe, according to internal documents and a source with direct knowledge of the matter.
FILE PHOTO: Signal strength of Deutsche Telekom 5G is displayed on a mobile device at the IFA consumer tech fair in Berlin, Germany, September 5, 2019. REUTERS/Hannibal Hanschke/File Photo
Europe’s biggest telecoms operator has dropped Nokia as a provider of radio gear from all but one of its dozen markets in the region, according to the source and the documents - briefing notes for top Deutsche Telekom management reviewed by Reuters.
The documents - written by the vendor management team for internal meetings and talks with Nokia between July and November last year - also show the German group considered Nokia the worst performer among all suppliers in 5G tests and deployments.
But faced with the threat of restrictions on China's Huawei - its dominant supplier of network equipment - Deutsche Telekom DTEGn.DE has decided to give Nokia another chance to mend their relationship, according to the documents and the source.
A briefing note for a meeting between Deutsche Telekom managers and Nokia NOKIA.HE Chairman Risto Siilasmaa in mid-November said "assurances have been received" from the Finnish company, without giving details.
The clock is ticking. Deutsche Telekom team leaders are due to present an updated strategy for sourcing network gear from vendors to the board after the Mobile World Congress, an annual telecoms industry gathering in Barcelona at the end of this month, according to the documents and the source, who was not authorized to speak to the media and so requested anonymity.
Deutsche Telekom’s willingness to give Nokia another hearing shows the difficulties mobile companies face over pressure from the United States on its allies to ban Huawei from their 5G networks. Washington alleges Huawei’s equipment can be used by Beijing for spying - a charge the Chinese firm denies.
With Deutsche Telekom foreswearing new deals with Huawei, according to the documents, it is increasingly relying on the only other big telecoms supplier, Sweden's Ericsson ERICb.ST, which is spreading its footprint in southeastern Europe.
The documents also provide a window into the troubles facing Nokia, which issued a profit warning last October that sent its shares down by a third. Nokia mainly blamed setbacks in sourcing new chipsets for 5G radio transmission systems.
In a joint statement issued after this story was published, Deutsche Telekom and Nokia ‘noted’ its findings and highlighted the work they were undertaking to strengthen their business relationship.
“Nokia is of strategic importance to Deutsche Telekom. It is well known that Deutsche Telekom is pursuing a multi-vendor strategy so that we are not dependent on just one supplier. This is an elementary part of our security philosophy,” said Claudia Nemat, Deutsche Telekom’s head of technology and IT.
“In 2019 we have made many steps together with Nokia to make Deutsche Telekom’s networks evolve towards 5G readiness, including all network domains, from radio and fixed access to transport and core, and continue to do so in 2020 and onwards.”
Federico Guillen, Nokia’s president of customer operations in EMEA and APAC, said: “We continue to work extensively with Deutsche Telekom which is one of our most significant customers, both in Europe and the U.S.”
Slideshow ( 2 images )
(Graphic: Deutsche Telekom's European Vendor Map, )
‘GEOPOLITICAL ISSUES’
Deutsche Telekom once relied equally on Huawei and Nokia for radio access network equipment - antennas and base stations that account for most of the cost of a mobile network - in Germany.
But in 2017 Nokia was dropped entirely from that market segment when Ericsson was handed a 30% share of Deutsche Telekom’s spending on it, reports in the trade press said at the time. It was the first of several wins for Ericsson.
Three sources with direct knowledge of the matter said Deutsche Telekom reached an advanced stage in talks late last year to keep Huawei as its dominant supplier in Germany, with 70% of the investments in upgrading to super-fast 5G networks.
Ericsson would keep its 30% share.
Deutsche Telekom then suspended vendor talks to await the outcome of a debate in Berlin over the security of critical national networks, where senior lawmakers from Chancellor Angela Merkel’s conservative party back the U.S. call to bar Huawei.
Were Germany and other European countries to follow Britain’s recent decision to cap Huawei’s share of network spend at 35%, Deutsche Telekom would face serious challenges, the source with direct knowledge said.
Despite Deutsche Telekom’s desire for multiple suppliers, however, Nokia faces a battle to win back the German group’s trust, the documents show.
In an all-day meeting last July 11 at Deutsche Telekom’s headquarters in Bonn, Nokia’s CEO was to be told that its responsiveness and performance were still lower than those of its competitors, and that it “must step up”, according to a briefing note prepared for Deutsche Telekom CEO Tim Hoettges.
Nokia’s 5G product was inferior to all other suppliers, and negotiations were complex and drawn-out for every single project, the note stated.
Presented in bullet-point format or as slides, the notes provide high-level talking points for top bosses, but do not identify specific Nokia products or services.
While they are part of the cut and thrust of negotiations between buyers and sellers, the concerns raised appear to be backed up by Deutsche Telekom’s recent dealings with Nokia.
The German group’s annual purchases from Nokia across Europe and the United States fell by half to 1.5 billion euros ($1.7 billion) between 2016 and 2018, a presentation to the executive board in mid-October shows.
Late last year, Deutsche Telekom also dropped Nokia in Croatia and Greece, the source with direct knowledge said.
That left Poland as the last European country where Nokia is present, in the network shared by the local units of Deutsche Telekom and France's Orange ORAN.PA, according to an undated strategic overview of the German group's vendors.
A 5G vendor decision in Poland is pending. A spokesman for Orange, which has picked Nokia and Ericsson to build its French 5G network, said the Polish tender was still open.
Nonetheless, on Oct. 15 - nine days before Nokia’s profit warning - Deutsche Telekom’s executive board backed a recommendation from team leaders to give Nokia another chance, the source with direct knowledge of the matter said.
“Deutsche Telekom needs Nokia as competition to Ericsson in case of geopolitical issues,” the team leaders wrote in their presentation, in perhaps an oblique reference to Huawei.
South Korea's Samsung 005930.KS, a new entrant into the networks business, could only play a meaningful role in the medium term, they added. Samsung did not respond to requests for comment.
Reporting by Douglas Busvine; Additional reporting by Tarmo Virki and Mathieu Rosemain; Editing by Jonathan Weber, Mark Potter and Carmel CrimminsOur Standards: The Thomson Reuters Trust Principles.
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7720892ec11b25c6eac28b63e778b4d7 | https://www.reuters.com/article/us-deutsche-telekom-outages-idUKKBN13N12K?edition-redirect=uk | German internet outage was failed botnet attempt: report | German internet outage was failed botnet attempt: report
By Eric Auchard3 Min Read
FRANKFURT (Reuters) - Hundreds of thousands of Deutsche Telekom customers in Germany were hit on Sunday by network outages and a company executive blamed the disruptions on a failed hacking attempt to hijack consumer router devices for a wider internet attack.
Slideshow ( 3 images )
Deutsche Telekom said on Monday as many as 900,000, or about 4.5 percent of its 20 million fixed-line customers, suffered internet outages starting on Sunday and continuing into Monday, when the number of affected users began to decline sharply.
Deutsche Telekom’s head of IT Security Thomas Thchersich told the newspaper Der Tagesspiegel that the outages appeared to be tied to a botched attempt to turn a sizeable number of customers’ routers into a part of the Mirai botnet.
“In the framework of the attack, it was attempted to turn the routers into a part of a botnet,” Tschersich told the Berlin newspaper, referring to the network devices customers use to connect to the internet for phone, data and TV services.
Mirai is malicious software designed to turn network devices into remotely controlled “bots” that can be used to mount large-scale network attacks. Last month, hackers used it to unleash an attack using common devices like webcams and digital recorders to cut access to some of the world’s best known websites.
Telekom resells routers from more than a dozen mostly Asian suppliers under the brand Speedport. It offered firmware updates on Monday to three models, all of which are made by Taiwan’s Arcadyan Technology.
The German network operator will be reviewing their cooperation with Arcadyan following the outage, Tschersich told Tagesspiegel.
Arcadyan did not reply to an emailed request for comment.
The network monitoring site Allestoerungen.de (Breakdown)reported tens of thousands of complaints across Germany ranging from Berlin, Hamburg and Duesseldorf in the north to Frankfurt, Stuttgart and Munich in the south.
The site showed outages began to surge at 1400 GMT (9.00 a.m. ET) on Sunday and peaked around 1600 GMT, then picked up again on Monday.
Telekom said on Monday its security measures appeared to be taking effect and the number of customers affected had declined to around 400,000 by 1200 GMT on Monday.
German security officials said the outages looked like the work of hackers, several government sources told Reuters.
The company suggested that users having connection problems unplug their router, wait 30 seconds and then restart their device. But if problems continued, the network operator advised them to disconnect their equipment from the network.
Deutsche Telekom said the rest of its customers could use its fixed-line network without any issues.
Additional reporting by Harro Ten Wolde, Ilona Wissenbach and Peter Maushagen in Frankfurt and Andreas Rinke and Sabine Siebold in Berlin; Editing by Keith Weir and Andrew HayOur Standards: The Thomson Reuters Trust Principles.
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64f7039b2cfb94b2b4fb03e18a903dbc | https://www.reuters.com/article/us-deutsche-telekom-regulator/deutsche-telekom-loses-lawsuit-over-all-you-can-watch-video-product-idUSKCN1UA188 | Deutsche Telekom loses lawsuit over all-you-can-watch video product | Deutsche Telekom loses lawsuit over all-you-can-watch video product
By Reuters Staff2 Min Read
A crow rests on the GSM mobile phone antennas of Deutsche Telekom AG atop of the headquarters of German telecommunications giant in Bonn, Germany, February 19, 2019. REUTERS/Wolfgang Rattay
FRANKFURT (Reuters) - Deutsche Telekom has lost a legal battle to continue offering an all-you-can-watch mobile video product after a court sided with the German regulator, saying it violated European rules on roaming and network neutrality.
The appeals court in Muenster ruled that Deutsche Telekom’s StreamOn product could no longer be offered in its current form, confirming a lower court decision in favor of restrictions imposed by the Federal Network Agency (BNetzA) in December 2017.
Deutsche Telekom, Europe’s largest telco, had sought to emulate the success of its T-Mobile US business, which won market share in the United States by offering Netflix “on us”. StreamOn has attracted 2 million users.
The Higher Administrative Court in Muenster ruled that StreamOn violated the European Union’s “roam-like-at-home” rule by only offering free data for video streaming to viewers when they were in Germany.
Download speeds were throttled under some cheaper price plans in violation of the principle of net neutrality, the court said in a statement, adding its decision was final and could now be implemented.
“We are delighted that the court has confirmed our interpretation of the law,” a BNetzA spokesman said of the decision. “We will take quick action to ensure that Telekom adjusts its product accordingly.”
Deutsche Telekom said it would examine its legal options and would for the time being continue to offer StreamOn to German customers without increasing prices.
“We expect the BNetzA to allow an appropriate amount of time to make the necessary adjustments,” a spokesman said. “We are convinced that StreamOn is a legal product and will explore all our legal options.”
Reporting by Douglas Busvine. Editing by Jane MerrimanOur Standards: The Thomson Reuters Trust Principles.
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0bd99fc53fcdf9511a35cddc69c3cd5f | https://www.reuters.com/article/us-deutsche-telekom-results-ceo/deutsche-telekom-on-track-to-become-100-billion-euro-business-ceo-idUKKBN27S14Y?edition-redirect=uk | Deutsche Telekom on track to become 100 billion euro business: CEO | Deutsche Telekom on track to become 100 billion euro business: CEO
By Reuters Staff2 Min Read
FILE PHOTO: Deutsche Telekom Chief Executive Tim Hoettges at the Mobile World Congress in Barcelona, Spain, February 26, 2018. REUTERS/Yves Herman
BERLIN (Reuters) - Deutsche Telekom DTEGn.DE is on course to become a 100 billion euro business, Chief Executive Tim Hoettges said after the transatlantic telecoms group posted forecast-beating quarterly results boosted by its recently-merged U.S. unit.
Although results in its core telecoms operations on both sides of the Atlantic were strong, Hoettges said that IT services unit T-Systems was underperforming as the coronavirus pandemic hit orders and revenue.
“The transformation of our systems solutions business ... is not progressing as we would like,” Hoettges said in remarks prepared for delivery to reporters.
CFO Christian Illek said that group leverage was on still track to return to a target range of 2.25 to 2.75 times within three years after it was pumped up by the prolongation of a leasing deal with American Tower AMT.N in the third quarter.
Group net debt including leases grew by 3.6 billion euros to 124.5 billion euros in the quarter, putting the leverage ratio based on that metric at 2.9 times.
Reporting by Douglas Busvine; Editing by Riham AlkousaaOur Standards: The Thomson Reuters Trust Principles.
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d92928a1e10dd6029f6357ec5a88d49e | https://www.reuters.com/article/us-deutsche-telekom-results/deutsche-telekom-confident-u-s-merger-will-still-deliver-cost-savings-idUKKCN1UY0G2?edition-redirect=uk | Deutsche Telekom confident U.S. merger will still deliver cost savings | Deutsche Telekom confident U.S. merger will still deliver cost savings
By Douglas Busvine3 Min Read
FRANKFURT (Reuters) - Deutsche Telekom DTEGn.DE said on Thursday it still expects the merger of its U.S. unit T-Mobile TMUS.O with Sprint S.N to generate $43 billion in cost savings even after tweaking the deal to secure antitrust clearance.
FILE PHOTO - Brochures with the logo of Deutsche Telekom AG are pictured at the shop in the headquarters of German telecommunications giant in Bonn, Germany, February 19, 2019. REUTERS/Wolfgang Rattay
The U.S. Department of Justice approved the deal, which was struck more than a year ago, after T-Mobile agreed to sell Sprint's prepaid business to satellite TV firm Dish Network Corp DISH.O to create a fourth U.S. wireless carrier.
However, a lawsuit filed by over a dozen U.S. states seeking to halt the deal is still outstanding and although Deutsche Telekom - which owns 63% of T-Mobile - is open to a settlement, it said it expects the case to go to trial in December.
The merger of the No.3 and No.4 U.S. mobile players would create a business accounting for more than three fifths of group revenue at Deutsche Telekom, which is the leader in its home market and has a broad European presence.
“Our plans to build a bigger, stronger T-Mobile remain unchanged - even after the conditions agreed with the DoJ,” CEO Tim Hoettges told reporters, adding he still expected the merger to yield the cost savings originally envisaged.
Deutsche Telekom earlier reported in-line second-quarter results with revenue up 2.9% and core profits rising 3.5% on an underlying basis. It confirmed guidance for profits to reach 23.9 billion euros ($26.8 billion) this year.
Related CoverageDeutsche Telekom: U.S. DoJ backing for T-Mobile-Sprint deal a major milestone
U.S. STRENGTH
T-Mobile, which has already reported results, led growth with a 5.1% increase in dollar revenues. Germany lagged with weakness in its consumer internet business and costs related to network upgrades.
The so-called IP migration, which is costing hundreds of millions of euros per year, has prompted some customers to cancel contracts rather than upgrade. German revenues rose by just 1.2% in the quarter.
Some analysts picked up on that weakness, and Deutsche Telekom shares traded 0.8% weaker in Frankfurt. They are down 2% year to date, just outperforming the European sector index .SXKP.
Hoettges told reporters that the IP migration would be completed for retail customers by the end of 2019 and for business customers in the first half of 2020.
Updating on the restructuring of troubled IT services arm T-Systems, Hoettges said a recent decision to bundle telecoms services for both large and small business customers at Deutsche Telekom would be good for clients and revenues.
He also said plans to carve out T-Systems’ cybersecurity and industrial internet businesses would position them as profit and growth centers, rather than service organizations. The units were not for sale, he added.
The further shakeup at T-Systems, where CEO Adel Al-Saleh has already let go thousands of staff in a restructuring exercise, will be put to Deutsche Telekom’s supervisory board for approval.
Reporting by Douglas Busvine; editing by Tom Sims, Michelle Martin, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.
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