2024-03-15 12:24

FRANKFURT, March 15 (Reuters) - Germany's Bundesbank confronted its predecessor's Nazi past in new research published on Friday and vowed it would never allow antisemitism or discrimination. The bank has put out an abridged version of an upcoming series of volumes, at a time when the far right is on the rise in Germany, triggering nationwide protests in a country still scarred by its 20th century history. It detailed how the Reichsbank financed Adolf Hitler's war efforts, helped the exploitation of occupied territories and was involved in the confiscation, expropriation and sale of Jewish assets. "The Reichsbank acted as a willing stooge and receiver of stolen goods in the context of the financial holocaust," said Albrecht Ritschl, a professor of economic history at the London School of Economics and one of the authors of the research. Founded in Frankfurt in 1957, the Bundesbank had little in common with the Berlin-based Reichsbank, which was wound down after the end of World War II and initially replaced with the Bank deutscher Länder. The Reichsbank's gold, for example, was confiscated by the Allies. However, some of its staff and above all middle-managers were hired by the new institutions after undergoing a process known as "denazification". Imposed by the Allies at the end of the war, the criteria for such denazification became laxer after 1948 as Germany became more integrated in the West and the central bank scrambled to find qualified personnel, the researchers found. "The degree of continuity in terms of what we might call the functional elite is thus on a par with that seen in ministries and other public institutions," said fellow author Magnus Brechtken, deputy director of the Institute for Contemporary History in Munich. Bundesbank President Joachim Nagel hoped the 100-page booklet would reach the general public and vowed to learn lessons from it. "Never again should there be antisemitism in Germany," he said, repeating a slogan used in recent demonstrations against the far right. "Never again should minorities be excluded and subjected to state tyranny, never again should government bodies like the central bank be allowed to trample on democratic values,” Nagel added. The Reuters Daily Briefing newsletter provides all the news you need to start your day. Sign up here. https://www.reuters.com/sustainability/society-equity/germanys-central-bank-confronts-nazi-past-vows-never-again-2024-03-15/

2024-03-15 12:21

KUALA LUMPUR, March 15 (Reuters) - Malaysia's state energy firm Petroliam Nasional (Petronas) (IPO-PETO.KL) , opens new tab said on Friday it expects oil and gas markets to face continued uncertainties this year, as it reported a drop in fourth quarter profit due to lower energy prices. The conflicts in Ukraine and Gaza have led to heightened supply risks, while slowing global growth has hampered demand, Petronas Chief Executive Tengku Muhammad Taufik Tengku Aziz said. "Despite this volatile backdrop, which shows no sign of subsiding or receding, Petronas remains resolute in its commitments to firstly monetise resources responsibly for economic growth," Muhammad Taufik said in a press conference. Petronas posted a profit of 16.6 billion ringgit ($3.5 billion) in October-December 2023, down from 24.4 billion ringgit in the same quarter the previous year. Revenue in the quarter fell 12% to 91.7 billion ringgit, due to lower average realised prices for all products in line with declining benchmark prices, Petronas said. For 2023, it recorded revenue of 343.6 billion ringgit, while profit after tax was at 80.7 billion ringgit. Petronas will "double down" on decarbonisation efforts as it looks to expand beyond its core upstream, downstream, and liquefied natural gas (LNG) businesses, including in clean energy solutions, renewables and hydrogen projects, Muhammad Taufik said. "We welcome increased transparency of our operations given the heightened pressure for sustainability related disclosures," he said. Petronas is on track to meet its near-term target of capping emissions at 49.5 million tons of CO2 equivalent by 2024 in its domestic operations, and is making progress towards commissioning its LNG plant in Canada, he added. Like other oil majors, Petronas is ramping up investments in clean energy as part of its net zero carbon emissions goals. It has said it will allocate 20% of its overall capital expenditure for decarbonisation projects and cleaner energy solutions from 2023 to 2026. ($1 = 4.7000 ringgit) The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. https://www.reuters.com/business/energy/malaysias-petronas-posts-lower-q4-profit-amid-fall-energy-prices-2024-03-15/

2024-03-15 12:17

MUMBAI, March 15 (Reuters) - India's foreign exchange reserves (INFXR=ECI) , opens new tab rose for a third straight week and reached a more than two-year high of $636.10 billion as of March 8, data from the central bank showed on Friday. The reserves jumped by $10.47 billion in the reporting week, the biggest jump since the week ended July 14, 2023. They had risen by a total of $9.5 billion in the prior two weeks, edging towards their record high of $642.45 billion, hit in September 2021. The Reserve Bank of India (RBI) intervenes in the foreign exchange market to curb excess volatility in the rupee. The RBI had bought dollars in the spot market in the reporting week, likely absorbing robust debt and equity inflows, as per traders. The jump in reserves also came as gold valuation stood at $50.72 billion, up from $48.42 in the prior week. Gold prices had jumped in the reporting week, and in India, the world's second-largest gold consumer, domestic prices rose to a record 66,356 rupees per 10 grams on March 8. Changes in foreign currency assets are caused by the RBI's intervention as well as the appreciation or depreciation of foreign assets held in the reserves. Foreign exchange reserves include India's reserve tranche position in the International Monetary Fund. In the week that the foreign exchange data pertains, the rupee rose 0.1% against the dollar and traded in a range of 82.7250 and 82.9275. The domestic currency settled at 82.8775 on Friday, down about 0.1% for the week, its first week-on-week decline since mid-February. FOREIGN EXCHANGE RESERVES (in million U.S. dollars) --------------------------------------------------------- March 08 March 01 2024 2024 --------------------------------------------------------- Foreign currency assets 562,352 554,231 Gold 50,716 48,417 SDRs 18,211 18,180 Reserve Tranche Position 4,817 4,798 ---------------------------------------------------------- Total 636,095 625,626 ---------------------------------------------------------- Source text: (https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx , opens new tab) ((India Headline News Team; +91 80 6749 1310)) Keep up with the latest medical breakthroughs and healthcare trends with the Reuters Health Rounds newsletter. Sign up here. https://www.reuters.com/markets/currencies/indias-forex-reserves-jump-over-two-year-high-2024-03-15/

2024-03-15 11:49

LONDON, March 15 (Reuters) - Since Russia invaded Ukraine two years ago, nearly 50 merchant ships have been languishing in its waters, stuck in ports too dangerous to sail from. But while these ships have not moved, some of their owners have changed, highlighting the risks some market players are prepared to take in the hunt for bargains. A Reuters analysis of port and ship tracking data detailing the line-up of ships has found at least nine vessels stranded in Ukrainian ports have been sold since February 2023 in a series of discrete deals. The sold ships are stuck in Mykolaiv, Kherson and Mariupol ports - all of which remain inaccessible. At least five others were sold while in Ukrainian ports but have since been able to sail from the country, according to three industry sources. For their original owners, the length of time the ships were unable to sail meant they could claim the majority – if not all – the value of the vessel on insurance, according to underwriters and shipping sources familiar with the deals. That allowed the ships to be sold on at a discount to investors willing to take a bet that at some point the vessels can sail again. "Who wants to buy a ship in a war zone? Some people do," said Richard Neylon, partner at law firm HFW, who has worked on several of these deals. "Category one is people who think they can get the ship out, and a few have got out. Category two are people who recognise they are in it for the long haul, and ideally they factor in that risk.” Neylon said most ships were going for around 25% of their original value, though the three industry sources said some had sold at as much as 80% of their value. The price depends on the ship's condition, they said, with some likely to be only fit to be sold for scrap. TRADE RUCTIONS The war in Ukraine created an unprecedented ruction for the shipping industry, turning ports that were crucial to the global trade in grain and metals into mined, no-go areas overnight. The gross tonnage of ships calling at Ukrainian ports during the first quarter of 2023 was down more than 70% compared with the average in the year before the invasion, according to analysis by the OECD published in November 2023. Currently, ships can only leave Ukraine from three ports - Odesa, Chornomorsk and Pivdennyi - along a temporary route set up for civilian vessels that has no formal safety guarantees, though Russia says it does not target non-military ships. London-listed shipping company Taylor Maritime Investments had a ship stranded in Ukraine at an undisclosed port and claimed insurance in late February 2023, after which the group said the ship left its ownership. The company declined to give further details. "We put the safety of our crew first in all circumstances when there's real risk," CEO Edward Buttery told Reuters. "I don't want to be responsible for people getting injured or worse when I have the ability not to have to make that decision." Others, though, are willing to take chances. The three sources said Hamburg-based shipping company Blumenthal JMK bought at least four ships in Ukraine, including the Liberian-flagged Primus which sailed out of Odesa last August and is listed as being managed by Blumenthal’s unit in Asia, with the owner’s details care of Blumenthal in Asia. The company did not respond to requests for comment. Other buyers appear to be companies registered in Liberia or unknown parties, according to shipping records. But even at low prices, the stakes are getting higher for buyers. Insurance is far more expensive than for owners who bought the ships before the war, and is now renewed on a weekly basis. The cost of maintaining vessels includes paying for insurance - a percentage of the ship's value - which is currently running at around 1.5% weekly for additional war risk insurance alone. The stuck ships' value varies from $20 million to $200 million, the three sources said. Owners also need to pay for keeping the vessel maintained and other expenses including a basic crew, usually local Ukrainians, the sources added. Even when stationary, ships in Ukrainian ports are vulnerable. On Feb. 27, the Turkey-flagged general cargo ship Kuruoglu-3 was hit by two Russian missiles while docked in Kherson, causing the vessel to list on its side, with concerns that it may eventually sink as it is not fully crewed, a representative of the vessel’s owner Kuruoglu Maritime told Reuters. But some ship buyers are familiar with such risks. "It's surprising the markets ... that you had no idea existed," said Adrian Cox, CEO of insurer Beazley. "Just like there's a market for distressed debt, there's a market for stuck ships." The Reuters Daily Briefing newsletter provides all the news you need to start your day. Sign up here. https://www.reuters.com/world/europe/ukraines-bombarded-ports-ship-buyers-scout-deals-2024-03-15/

2024-03-15 11:15

March 15 (Reuters) - Madrigal Pharmaceuticals (MDGL.O) , opens new tab shares jumped as much as 23% on Friday after its oral drug became the first approved treatment for a fatty liver disease known as non-alcoholic steatohepatitis (NASH). The drug, Rezdiffra, was approved by the U.S. health regulator on Thursday without the need for a liver biopsy for diagnosis, paving the way for wider acceptance and creating a blockbuster opportunity. "There is nothing in this approval or in the label that could have come out better than it did," said Piper Sandler analyst Yasmeen Rahimi. The global market for NASH treatments is expected to surpass $16 billion by 2030, as per market research firm Vision Research Reports. Madrigal's drug is expected to generate about $5 billion in peak annual sales, at least two analysts estimated. NASH, recently renamed metabolic dysfunction-associated steatohepatitis (MASH), causes an excess build-up of fat in the liver, leading to inflammation and fibrosis, or scarring, of the organ. The drug has been approved for MASH patients with fibrosis that has progressed to stage 2 or 3 in severity. The approval also allays some concerns around the impact from GLP-1 drugs, especially after strong data from Eli Lilly's (LLY.N) , opens new tab drug tirzepatide last month, at least two analysts said, adding it was still too early to make a definitive assessment. The FDA nod should "supersede a lot of the excitement of the GLP-1 space," William Blair analyst Andy Hsieh said. The approval also rekindled expectations of the company becoming a buyout target. "We think MDGL becomes the source of M&A speculation again as we expect the NASH launch will be strong and Rezdiffra's first-to-market advantage will be meaningful," JMP Securities analyst Jonathan Wolleben said in a note. Shares of the company were last up about 12% at $273.7 in a weak broader market. Keep up with the latest medical breakthroughs and healthcare trends with the Reuters Health Rounds newsletter. Sign up here. https://www.reuters.com/business/healthcare-pharmaceuticals/madrigal-pharma-surges-fda-nod-first-drug-fatty-liver-disease-nash-2024-03-15/

2024-03-15 10:52

LONDON, March 15 (Reuters) - Sterling was set for its biggest weekly fall against the dollar since December on Friday, as investors looked ahead to a Bank of England (BoE) interest rate decision next week. The slide in the pound comes after a period of relative strength for the currency, which has gained this year on bets the BoE will keep rates higher for longer than its peers. The British public's expectations for the pace of inflation in 2024 have fallen over the past three months, a BoE survey showed on Friday, which may reassure policymakers who are considering when to cut rates. Sterling was last broadly flat versus the dollar on the day at $1.27535 and was on track for a 1% weekly fall. The euro gained 0.1% versus the pound to 85.40 pence . Economic data this week showed Britain's housing market picked up in February, while the overall economy grew 0.2% in January from a month earlier, after slipping into recession in late 2023. The BoE is expected to keep rates on hold at 5.25% next Thursday, with market pricing favouring the BoE cutting rates slightly slower than the European Central Bank and Federal Reserve this year. "We think the BoE will steer clear of indicating when it will likely start cutting, retaining its neutral guidance from February," BNP Paribas economists said in a note, adding they expected the first BoE cut in June, with a total 1 percentage point reduction over 2024. Keep up with the latest medical breakthroughs and healthcare trends with the Reuters Health Rounds newsletter. Sign up here. https://www.reuters.com/markets/currencies/sterling-track-weekly-fall-versus-dollar-ahead-boe-meeting-2024-03-15/