FILE PHOTO: The Tereos logo is displayed at a sugar beet processing plant in Chevrieres, France, March 20, 2019. REUTERS/Benoit Tessier
April 24, 2019
PARIS/SAO PAULO (Reuters) – French sugar processing group Tereos has appointed a raft of new executives as part of a global reorganization to weather an industry-wide slump.
Effective immediately, Alex Leite will be executive director of its sugar trading division Tereos Commodities Sugar, it said in a statement on Wednesday, while two new executives will be appointed under a new corporate structure that will entail “a clear distinction between the raw and white sugar books,” the company said.
Tereos, the world’s second-largest sugar producer, said Omar Al-Dahhan will lead raw sugar and Pat Dean the white sugar unit.
Tereos Commodities Sugar “had reached a size and stage in its growth requiring additional focus to optimize its presence and results,” it said.
Tereos, which is forecasting falling profit this year due to a slump in global prices for sugar, has been carrying out an extensive reshuffle in recent weeks that saw its chief financial officer departing, among others.
It said on Wednesday that Marcelo Escorel Filho, who had been appointed as head of the Brazilian branch of Tereos Commodities in July 2018, would leave the company, with Leite assuming his responsibilities.
Leite, formerly head of international business development and M&A, will report to Philippe Huet, who was recently named head of trade, marketing activities and chief of Tereos Commodities.
In Brazil, which accounts for most of Tereos’ international revenues, both the CFO and the agricultural director were also leaving, Tereos said last month.
(Reporting by Sybille de La Hamaide in Paris and José Roberto Gomes in São Paulo; Writing by Ana Mano; Editing by Tom Brown and Rosalba O’Brien)
FILE PHOTO: Alexandre Arnault, CEO of Rimowa, attends the 3rd edition of the Vogue Fashion Festival in Paris, France, November 9, 2018. REUTERS/Benoit Tessier
April 24, 2019
PARIS (Reuters) – French billionaire Bernard Arnault’s son Alexandre will replace his father on the board of Carrefour, Europe’s largest food retailer said on Wednesday.
Luxury tycoon Bernard Arnault, whose Groupe Arnault owns a 5.46 percent stake in Carrefour, resigned from the board on April 15, the statement said.
Alexandre will serve the remainder of his father’s term until the end of the general shareholders’ assembly in 2020.
Carrefour did not say why Bernard Arnault had decided to resign from the board.
(Reporting by Inti Landauro, Editing by Dominique Vidalon)
PARIS – Notre Dame cathedral’s 8,000-pipe organ has escaped undamaged from the flames that engulfed the building last week.
Pascal Quoirin, a specialist who restored the Notre Dame organ in 2017, has checked the instrument and says it did not suffer any damage in the blaze that destroyed most of the roof.
Quoirin said “after two hours spent examining the instrumental part, I did not notice any damage that could have been caused by the fire.”
According to Quoirin, the thermometer inside the organ showed that the temperature did not rise above 17 degrees Celsius (63 Fahrenheit) on the day of the fire, ensuring no damage to the electronic components or pipes.
Quoirin recommends protecting the instrument with a waterproof case, to dusting it and playing it regularly during the restoration work.
Source: Fox News World
FILE PHOTO: A Scandinavian SAS airline passenger plane flies near the air traffic control tower after taking off from Charles de Gaulle International Airport in Roissy, near Paris, August 21, 2013. REUTERS/Charles Platiau/File Photo
April 24, 2019
STOCKHOLM (Reuters) – Scandinavian airline SAS is offering travelers concerned about a possible strike by pilots the chance to reschedule flights for the April 26-29 period to another date free of charge.
The Swedish, Danish and Norwegian pilot unions’ joint SAS branch said this month they would go on strike on April 26 if there was no agreement on wages and terms by then, after an earlier talks round of talks broke down.
SAS said on its website the offer concerned flights operated by SAS but not those operated by its partners as they would not affected by the potential strike.
SAS employs around 1,500 pilots across its home markets of Sweden, Denmark and Norway.
National mediators in the three countries have since last week tried to broker a deal between delegations of the two parties but without success so far.
(Reporting by Anna Ringstrom; Editing by Edmund Blair)
PARIS – France’s most powerful administrative court has refused the demands of Syria-based French women to be repatriated back to French soil with their families.
The Council of State rejected the calls on Tuesday in a short statement explaining that a French judge couldn’t make a binding decision on the issue as it involves “negotiations with foreign authorities or intervention on a foreign territory.”
The court said it “rejects the demands for repatriation made by French nationals and for their children, currently in Syria.”
At this month’s G-7 ministers’ meeting in Paris the issue of how to deal with suspected extremists and their families from Western countries who go to Syria was a bone of contention. The U.S. has called for countries to take back their citizens and put them on trial, if necessary, but European allies have largely refused.
Source: Fox News World
FILE PHOTO: The skyline of banking district is photographed in Frankfurt, Germany, April 9, 2019. REUTERS/Kai Pfaffenbach/File Photo
April 23, 2019
By Huw Jones, Sinead Cruise and Francesco Canepa
LONDON/FRANKFURT (Reuters) – European Union regulators are refusing to cut British-based banks any slack over bulking up in the bloc in preparation for Brexit, despite an extension to the process which some have taken as an opportunity to drag their feet.
Cost-conscious banks are reluctant to spend millions more and cause further disruption to already unsettled staff given uncertainty over how and when Britain will leave the EU.
“Businesses are trying to be savvy, to meet the minimum legal requirement and figure the rest out after Brexit,” Hakan Enver, managing director for financial services at recruiter Morgan McKinley told Reuters.
Banks are trying to minimize staff moves despite pressure from the European Central Bank (ECB), which set a proviso to granting licenses that firms would beef up their EU units with more employees and assets over the next one to two years.
This requirement has not changed, a source close to the matter said, even though the EU has given Britain until Oct. 31 to leave, an extension from the original “Brexit Day” of March 29.
“Banks are still expected to stick to the timeline agreed with the ECB,” the source said.
Dozens of banks have already set up new bases in the EU to avoid disrupting services to clients. Regulators issued licenses for them, even though they are thinly staffed, so that they could be operational when Britain was meant to quit the EU.
HSBC, which declined to comment, shifted some staff from London to its Paris subsidiary in case of a no-deal Brexit on April 12, only to recall them when a new delay was agreed.
And a source at a major U.S. bank said it had dozens of staff lined up to move if there was a no-deal Brexit, but stood them down and is now awaiting clarity before any further moves.
“We are inclined to say that while we remain in this holding pattern, we don’t have to move anyone or anything,” the source said, adding that Brexit could yet be scrapped completely.
The Bank of England expects about 4,000 banking and insurance jobs will have moved from London to new EU hubs by Brexit Day, but recruiters and banking sources say the number that have moved so far is much lower than that.
Some banks were behind with plans to be operationally ready and are now using the delay to complete moves of customer accounts to new hubs, a senior official at a global bank said.
Meanwhile, Britain’s Financial Conduct Authority’s has warned financial firms sending staff to new EU hubs to ensure they still have “appropriate senior oversight” of their operations left behind in Britain.
Banks have so far moved around a trillion euros in stocks, bonds, derivatives contracts and other assets from London to their new EU hubs. Accounts of EU clients must also be moved to conduct business from these hubs, a process known as repapering.
But there is still a long tail of small customers for whom repapering is a burdensome task of changing IT and controls systems, limiting how much business new hubs can take on despite regulatory pressure to move in to higher gear.
“Nobody is yet really doing any substantive business, but there will be a robust dialogue between banks and regulators about when to transfer substantive amounts of business and client preferences will play a big role,” said Vishal Vedi, lead financial services Brexit partner at Deloitte.
EU regulators gave temporary concessions to banks to obtain a license, such as continuing to book some trades in London, but their tolerance is waning.
“We expect some back-to-back (trading) to continue, though new hubs in Frankfurt will have to show the ECB that they can stand on their own two feet if need be,” a senior banking regulator told Reuters.
Having to build up capital in a new unit is expensive for banks at a time of a slowdown in European investment banking.
European M&A was down 67 percent in the first quarter of the year, while first quarter results due out over the next few weeks are expected to show trading volumes at European investment banks were down 15 to 20 percent.
“The longer the extension period, the longer it will be problematic for firms,” Andrew Gray, head of UK financial services at PwC, said.
(Editing by Alexander Smith)
FILE PHOTO: Cans of Coca-Cola are pictured in the refrigerator during an event in Paris, France, March 21, 2019. REUTERS/Benoit Tessier
April 23, 2019
(Reuters) – Coca-Cola Co’s quarterly sales and profit beat Wall Street estimates on Tuesday, as it sold more of its water and soft drinks including its signature soda and Coke Zero, sending its shares up about 4 percent before the bell.
The company has been bolstering its portfolio of non-carbonated drinks such as coffee, flavored waters and smoothies under Chief Executive Officer James Quincy who is spearheading Coca-Cola’s transformation into a “total beverage company”.
As part of the plan, Coca-Cola paid $5.1 billion for Costa Coffee earlier this year to tap into a booming global coffee market.
The company has also been testing new flavors of its trademark colas after the success of cherry- and vanilla-flavored drinks. It launched an orange-vanilla version of its Coca-Cola soda earlier this year, its first new Coke flavor in over a decade.
Quincy is also focusing on margins over volumes by divesting its bottling operations, while tweaking package sizes and raising prices. The slimmer cans and bottles helped drive a 6 percent rise in sales of waters and sports drinks.
New low-sugar recipes and smaller packages are helping both Coca-Cola and rival PepsiCo Inc reverse years of declines in soda sales.
Coke’s organic sales, which exclude the impact of currency swings and acquisitions, rose 6 percent, driven by price hikes and partly benefiting from bottlers stocking up more products due to Brexit uncertainty.
“We are impressed with Coca-Cola’s ability to deliver a strong topline, suggesting that its refranchising (and) portfolio transformation are paying off,” Wells Fargo analyst Bonnie Herzog said.
For the second quarter, the company projected a 6 percent boost in comparable revenue from acquisitions and divestitures, but continues to see an impact from currency swings. It maintained its forecast for the full year.
Revenue rose 5 percent to $8.02 billion, and the company earned 48 cents per share on an adjusted basis.
Analysts had forecast earnings of 46 cents per share on revenue of $7.88 billion, according to Refinitiv IBES.
Net income attributable to the company rose 22.6 percent to $1.68 billion.
(Reporting by Nivedita Balu in Bengaluru; Editing by Bernard Orr and Anil D’Silva)
FILE PHOTO: The logo of Lockheed Martin is seen at Euronaval, the world naval defence exhibition in Le Bourget near Paris, France, October 23, 2018. REUTERS/Benoit Tessier/File Photo
April 23, 2019
(Reuters) – Pentagon’s No.1 weapons supplier Lockheed Martin Corp on Tuesday reported a 47 percent jump in quarterly profit and raised its 2019 profit forecast, sending shares up 4.5 percent before the bell.
The company now expects full-year profit to range between $20.05 and $20.35 per share, compared with its previous forecast of $19.15 to $19.45.
Net earnings rose to $1.70 billion, or $5.99 per share, in the first quarter ended March 31, from $1.16 billion, or $4.02 per share, a year earlier.
Net sales rose 23 percent to $14.34 billion.
(Reporting by Sanjana Shivdas in Bengaluru; Editing by Shinjini Ganguli)
PARIS – The man in charge of the restoration of the fire-ravaged Notre Dame cathedral says he has appointed professional mountain climbers to install temporary tarps over the building to offset potential rain damage.
With showers set to hit the French capital this week, the architect-in-chief said he had to rush the installation of the protective covers.
Speaking to BFM TV station, Philippe Villeneuve said “the highest priority is to protect the cathedral from the rain to come.”
He said the installation should start Tuesday.
Notre Dame isn’t expected to reopen to the public for five or six years, according to its rector, although French president Emmanuel Macron is pushing for a quick reconstruction. Investigators think the fire was an accident, possibly linked to renovation work.
Source: Fox News World
FILE PHOTO: The logo of U.S. motorcycle company Harley-Davidson is seen on one of their models at a shop in Paris, France, August 16, 2018. REUTERS/Philippe Wojazer
April 23, 2019
WASHINGTON (Reuters) – U.S. President Donald Trump on Tuesday said European Union tariffs facing motorcycle manufacturer Harley Davidson Inc were “unfair” and vowed to reciprocate, but gave no other details.
“So unfair to U.S. We will Reciprocate!” Trump tweeted, citing comments by a Fox Business Network host.
(Reporting by Susan Heavey and Makini Brice)