Tag Archives: Company Events

China TV said it would continue service with Germany’s Vodafone cable | Instant News


BERLIN, March 6 (Reuters) – China’s state-owned CGTN television said it had resumed services via Germany’s Vodafone cable network after receiving approval from French media regulators.

Germany’s Vodafone, a unit of British telecommunications group Vodafone, had to stop distributing CGTN television on its cable service last month as a result of a media dispute between Britain and China.

CGTN has been distributed in Germany under a British license but French media regulator Conseil supérieur de l’audiovisuel (CSA) says here on Wednesday that he took over as the relevant authority following Britain’s exit from the European Union.

“After receiving a confirmation letter from the French media regulator stating that CGTN’s rights to broadcast in Europe are under its jurisdiction, Vodafone Germany resumed distribution of CGTN and its Documentary channel at around 7 a.m. on March 5 via its cable service,” CGTN said in a statement. here.

The UK last month revoked a permit allowing CGTN to be distributed in the UK. This drew protests from China, which banned the BBC from its television network and limited its reach in Hong Kong.

Under the terms of the 1989 treaty on “transboundary television”, drawn up under the auspices of the Council of Europe, of which Britain remains a member, a distribution license in one European country applies over most continents.

France’s CSA says CGTN abides by standards such as information pluralism and refrains from incitement to hatred or violence.

“CSA will take great care that CGTN respects these legal requirements,” he said in the statement. (Reporting by Ludwig Burger, Emily Chow in Shanghai, John Irish in Paris, Editing by Ros Russell)

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Italian sovereign lenders approve the sale of the SACE export agent to Treasury -sources | Instant News


ROME, March 5 (Reuters) – Italian state lender Cassa Depositi e Prestiti (CDP) on Friday approved a preliminary agreement to sell SACE export agents to the Ministry of Finance in a deal that will add 4.25 billion euros ($ 5.07 billion) to that country’s public debt. , sources told Reuters.

SACE offers guarantees and financial support to Italian exporters. It is also working with banks to facilitate companies’ access to credit, a role that has grown since the coronavirus broke out in Italy a year ago.

The Ministry of Finance wants to directly control the export agency given its importance in supporting the economy.

Roma assists SACE as a co-insurer, in part sharing its exposure to risks that could potentially harm public finances over time.

SACE may also participate in plans to privatize the Monte dei Paschi bank in Siena.

Under the Treasury’s sponsored scheme, SACE and other private players will protect potential MPS buyers from a share of the 10 billion euros legal risk facing banks after decades of mismanagement.

The CDP board approved the agreement on Friday morning, paving the way for the Treasury Department to work out a decision to finalize the acquisition, two sources close to the matter told Reuters.

Sovereign lenders will transfer SACE to the Ministry of Finance in exchange for 4.25 billion euros in government bonds still to be issued. CDP’s liabilities do not count as public debt even though the Ministry of Finance controls it with 83% of the shares.

Rome’s debt pile of 2.6 trillion euros, equivalent to 155.6% of national output, is one of the largest in the world.

The deal reverses a divestment made during the sovereign debt crisis of 2012 by technocrat Mario Monti’s government, which sold SACE to the CDP for about 6 billion euros.

As part of the deal, CDP will buy SACE’s 76% stake in service provider SIMEST, which is partly owned by a group of Italian banks, for around 230 million euros. ($ 1 = 0.8386 euros) (Reporting by Giuseppe Fonte in Rome, Editing by Gavin Jones and Matthew Lewis)

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UPDATE 2-Myer Australia’s first half sales fell 13% due to the pandemic, stocks slipped | Instant News


(Recast, adding analyst comments, stocks)

March 4 (Reuters) – Australia’s Myer Holdings Ltd said on Thursday store closings due to the COVID-19 pandemic led to a 13% drop in first-half sales, sending department store operator shares to their lowest in almost two months.

The 120-year-old retailer, the country’s highway icon, said sales fell to A $ 1.40 billion ($ 1.09 billion) for the six months ended January 25, from A $ 1.61 billion last year, due to movement restrictions. especially hitting sales. in metro cities like Melbourne, Sydney and Brisbane.

Myer and other brick and mortar retailers have been hardest hit by the pandemic, and have had to rely on millions of dollars in government support.

While Australian retailers benefited from an economic rebound late last year as the country eased restrictions, Myer’s results suggest it still relies heavily on government support to keep operations going.

Myer received A $ 51 million as part of the government’s JobKeeper payment scheme aimed at supporting businesses significantly affected by the pandemic, and was also granted A $ 18 million in rental waivers in connection with store closings.

However, his online sales proved to be a bright spot as they jumped 71%. They account for 21% of total sales, double last year’s share.

“Management has indeed shown that they will continue to invest online. That makes a lot of sense, ”said Johannes Faul, director of equity research, Australia & New Zealand, Morningstar.

“In the long term, the general online channel will grow and the physical footprint will decline for Myer, while sales will be reallocated to the online channel.”

Profit attributable to shareholders for the period rose to A $ 43 million from A $ 24.4 million a year earlier, helped in large part by benefits from the JobKeeper scheme and lease relief.

The company does not pay dividends, continuing the suspension since 2018. ($ 1 = 1.2862 Australian dollars) (Reporting by Arundhati Dutta and Nikhil Subba in Bengaluru; Editing by Amy Caren Daniel and Rashmi Aich)

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Germany opens a third auction for payments to close coal-fired power plants | Instant News


FRANKFURT, March 3 (Reuters) – Germany’s energy regulator has opened a third round of bidding for coal-fired power plant operators to compete for compensation to cover their capacity, part of the country’s shift towards carbon-free power.

Germany has decided to abandon coal in 2038 and achieve a carbon-free energy system by 2050.

A spokesman for the Bonn Bundesnetzagentur-based regulator said a bid had to be submitted by April 30 to cover the 2,481 megawatt (MW) capacity that would go offline by the end of 2022.

The regulator’s website shows the maximum price per megawatt of closed capacity will be € 155,000 ($ 186,883).

In the auction, operators announce the price they will be prepared to close their factories in exchange for funds to cover some of their financial losses.

The winner is determined not only by price but also by the relationship between the costs expected to result in a CO2 reduction.

The second round, which opens on January 4 to deactivate capacity of 1,500 MW and which also sets a maximum price of 155,000 euros / MW, has concluded with results due in the coming weeks, the spokesman said.

Following the first round of bidding, which opened in September, regulators closed 4,788 MW of coal-fired power generation capacity on January 1.

The average pay to operators in the round was set at 66,259 euros / MW after bidding ranged from 6,047 euros / MW and 150,000 euros / MW.

The auction will continue in the coming years, but after 2027, coal-fired power plants can be ordered to close without compensation.

$ 1 = 0.8294 euros Reported by Vera Eckert; Edited by Edmund Blair

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Italy could mass produce a vaccine in 4-6 months: service | Instant News


FILE PHOTO: A medical worker holds a COVID-19 vaccine bottle at a newly opened mass vaccination center at the Cecchignola military complex, in Rome, Italy, February 23, 2021. REUTERS / Remo Casilli

MILAN (Reuters) – Several Italian companies have given their availability to produce the COVID-19 vaccine and production could take off in 4-6 months after regulatory authorization, the industry ministry said on Wednesday.

Many companies will be ready to manufacture bulk drug substances – the active ingredients of vaccines – “because they already have, or will soon have, the necessary bioreactors and fermentation equipment,” the statement said.

He added that the government is willing to set up a research center in Italy for COVID-19 drugs and vaccines, which are financed by public and private investment.

Report by Giuseppe Fonte, by Maria Pia Quaglia, editing by Giulia Segreti

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