Tag Archives: Electrical Components & Equipment (TRBC level 4)

UPDATE 1-Contractor asked Australia to review asset sale to Tianqi Lithium China | Instant News


(Change date, add timeline, add contractor’s comments)

MELBOURNE March 11 (Reuters) – An Australian mining services contractor locked in a legal dispute with China’s Tianqi Lithium Corp over a failed payment has asked the Foreign Investment Review Agency to examine the related sale, a company director said on Thursday.

Perth-based MSP Engineering has asked the FIRB to review part of the sale of Tianqi’s Australian lithium business to nickel miner IGO after Tianqi refused to pay him to build a battery-grade lithium processing plant in Western Australia.

This week, the Western Australian Supreme Court ruled that Tianqi, one of the world’s largest producers of the lithium chemical used in electric vehicle batteries, must pay A $ 38.9 million ($ 30 million) in arrears. Tianqi said he would appeal.

The FIRB application comes at a time when trade tensions between China and Australia are rising.

“If we are not completed as part of that sale, then we don’t think it represents the right behavior by foreign investors,” director Craig Burton told Reuters.

MSP has had to stop other lines of business from paying its contractors and subcontractors for months of work and has reduced its staff to four out of 400 employees pending payment, he said.

“This has a bad impact on our business. We just want Tianqi to do the right thing and pay the money spent on the project. “

Tianqi said in a filing on Wednesday that it would challenge the verdict that has given up to March 15 to pay money, including principal and interest. His counter claims included that the project was over budget.

The FIRB did not have any comments yet. The IGO declined to comment.

Tianqi’s assets include a 51% stake in the Greenbushes lithium mine and a 100% stake in the Kwinana lithium plant.

The facility was heralded as the largest of its kind before the first phase commissioning of 24,000 tonnes was halted a year ago as Tianqi flagged liquidity problems due to plunging lithium prices.

The debt-laden company in December secured a strategic investor in the form of Australian nickel miner IGO Ltd for 49% of its business, paving the way for a $ 3 billion loan extension.

Tianqi warned that filing the verdict could adversely affect the liquidity and factory of Kwinana.

The facility is likely to start operating in the fourth quarter of 2021, Daiwa Capital Markets said in a January note, citing Tianqi management at a conference.

Tianqi did not immediately respond to a request for comment about the intended launch date.

$ 1 = 1.2932 Australian dollars Report by Tom Daly and Melanie Burton at MELBOURNE; Edited by Mark Potter and Stephen Coates

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Talks about Franco-German fighter jets are still ongoing, Germany said | Instant News


BERLIN, February 19 (Reuters) – Negotiations on the next steps in the development of a Franco-German fighter jet are still ongoing, the German defense ministry said on Friday about Europe’s biggest defense project.

A defense ministry spokesman commented on the latest round of talks between the two countries’ defense ministers which took place on Thursday.

The German government still plans to send a budget proposal for the payment of the next phase of the project to parliament before general elections in September, the spokesman added.

At a cost of more than 100 billion euros ($ 120.4 billion), the Future Combat Air System (FCAS) brings together Germany, France and Spain at the core of a deepening European Union defense cooperation.

On Wednesday, talks between defense officials from France, Germany and Spain, as well as Dassault, Airbus and Indra, failed to produce a breakthrough. (Reporting by Sabine Siebold, Editing by William Maclean)

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UPDATE 1-Draghi effect to drive up the Italian financial markets – Morgan Stanley | Instant News


(Add quote, details, background)

LONDON, Feb. 17 (Reuters) – Mario Draghi’s appointment as prime minister of Italy will provide a big boost to the country’s financial markets, Morgan Stanley said on Wednesday, predicting a big increase in the spread of closely watched sovereign bonds and double-digit performance. by its stock market.

Draghi, a former head of the European Central Bank who feasted on the Italian media as a national savior, pledged sweeping reforms to help rebuild Italy in a speech to the Senate on Wednesday ahead of a mandatory vote of confidence in his national unity government.

Morgan Stanley said the halo effect would narrow the BTP bond spread – a premium investor demand for holding Italian government bonds rather than AAA rated German debt – to 85 basis points in June from the current 90 bps spread. In the optimistic case it could drop to 55 bps before the end of the year.

For stocks, the bank expects Italy’s MSCI index to outperform MSCI EMU by 10-15% led by banks. Stocks with an overweight rating include: Unicredit, Mediobanca, ENEL, Stellantis and Prysmian.

“PM Draghi’s government is a significant positive catalyst for Italian equities, which are trading near record low valuations versus EMU,” said Morgan Stanley analysts.

The long-suffering European banking sector could do better.

Increasing perceptions around Italy could be matched by the expected economic recovery from the COVID-19 pandemic, Morgan Stanley said, adding that a performance of more than 30% was “absurd”.

The MSCI European stock index is currently trading at a discount to the World Index of All Countries excluding the United States for the first time since 2013.

“Draghi’s appointment could spark renewed interest in the region from global investors, as was the case around (Emmanuel) Macron’s election victory in France in 2017,” said Morgan Stanley.

Reporting by Marc Jones; Edited by Tom Arnold and Gareth Jones

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German stocks – a factor to watch for on 23 November | Instant News


BERLIN / FRANKFURT, 23 Nov (Reuters) – Here are some of the factors that could move German stocks on Monday:

CORONA VIRUS

Germany must extend its measures to contain the COVID-19 pandemic until December 20, according to senior politicians and a draft proposal obtained by Reuters.

German Finance Minister Olaf Scholz plans to take at least 160 billion euros in new debt by 2021 to help prevent the economic impact of the COVID-19 pandemic, said three people with knowledge of the matter.

Germany could start giving injections of the COVID-19 vaccine as soon as next month, Health Minister Jens Spahn was quoted as saying.

German Chancellor Angela Merkel has urged COVAX, an initiative set up to provide a COVID-19 vaccine to poor countries, to immediately start talks with producers.

A special envoy for the World Health Organization predicts a third wave of pandemic in Europe as early as 2021, if the government repeats what he says is a failure to do what is needed to prevent a second wave of infections.

Germany reported 10,864 new COVID-19 infections and another 90 deaths.

Asian stocks rose, with the broad regional index hitting record highs on hopes for a coronavirus vaccine soon, but concerns over the impact of the economic lockdown and uncertainty over US stimulus limited gains.

GERMAN BANK

Deutsche Bank is seeking takeovers and joint ventures to help achieve its goal of becoming a force in the European payment processing industry, The Financial Times reported, citing a senior executive.

GERMAN STOCK EXCHANGE

Institutional Shareholder Services proxy advisor said new owner Deutsche Boerse would support him in a legal battle against the Securities and Exchange Commission which will help shape the market for shareholder advice, the Financial Times reported.

GERMAN TELECOM

Germany needs to reach a consensus within the government that telecommunications vendors pose a national security threat to exclude its equipment from the national 5G network, according to a draft law reviewed by Reuters.

SIEMENS

Siemens Mobility and Deutsche Bahn have started developing a hydrogen-powered fuel cell train and fueling station that will be piloted in 2024 with the aim of replacing diesel engines on Germany’s local rail network.

VOLKSWAGEN

Electric grid company 50Hertz and Stromnetz Berlin launched a program in collaboration with Volkswagen and Bosch subsidiaries to find out how electric car batteries can help stabilize the grid.

Separately, a group representing major auto makers, including Volkswagen, filed a lawsuit to block a Massachusetts state ballot initiative seeking to dramatically expand access to vehicle data.

VONOVIA

The current lockdown to contain the spread of the coronavirus pandemic has no impact on rent payments, Rolf Buch, Chief Executive of Vonovia, Germany’s largest real estate company, told Die Welt.

HELLOFRESH

The company said it had agreed to buy Factor75, a fully prepared food provider in the US, for up to $ 277 million in cash.

BILFINGER

Private equity firm CVC has joined the race for Germany’s Bilfinger, Bloomberg reported, citing people with knowledge of the matter.

OVERSEAS STOCK MARKET

Dow Jones -0.8%, S&P 500 -0.7%, Nasdaq -0.4% at close.

Japanese market is closed, Shanghai shares + 1.3%.

Time: 5:48 GMT

ECONOMIC

* Germany’s November Markit flash PMI is due at 0830 GMT. Manufacturing is seen at 56.3, services at 47.0, composite at 50.0

Diary

TOP NEWS REUTERS (Reported by newsrooms of Berlin, Frankfurt and Gdansk)

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