2024-03-03 20:39

March 3 (Reuters) - Spanish bank Santander (SAN.MC) , opens new tab has cut around 320 jobs in the United States as it seeks to focus more on digital operations, a person familiar with the matter said. The euro zone's second largest bank by market value laid off about 2.4% of its total workforce of 13,489 at the bank's group operations in the United States, the person said. Santander said in a statement that the lender was evolving its U.S. business, investing in digital capabilities and simplified processes to adapt to changing customer needs. "These steps have resulted in an update to our staffing model that impacts a small percentage of our branch colleagues," the bank said. The staff cuts were first reported by Bloomberg News. The move comes as Santander aims to launch a fully digital platform in the United States this summer in its consumer and commercial units. The U.S. business has become the group's fifth-largest largest as it is trying to double its investment banking business in the United States, where its affiliate, including its consumer unit, has been hit by loan losses and higher funding costs. In 2023, net profit in the United States fell 48% to 932 million euros after a 49% rise in provisions. https://www.reuters.com/business/finance/santander-cuts-320-us-jobs-digital-shift-bloomberg-reports-2024-03-03/

2024-03-03 20:36

March 3 (Reuters) - More than one foot (30 cm) of additional snow was predicted to fall on Sunday in much of California's Sierra Nevada mountains, already whitened by a weekend of blizzards that closed a major highway into Nevada as forecasters warned of a high risk of avalanches. Interstate 80 has been closed between Colfax and the Nevada state line since Friday as high winds whipped up snow squalls, the California Highway Patrol said. The National Weather Service warned of wind gusts of up to 45 miles per hour (72 kph) and blizzard conditions in the highest mountain elevations through Sunday night. Ski resorts around Lake Tahoe closed for business. More than 80 inches (2 meters) of snow has piled up since Friday in Soda Springs, Sugar Bowl and other mountain towns, according to the National Weather Service. The storm also shut down Yosemite National Park, though the National Park Service said it hoped to partially reopen some roads on Sunday afternoon. More than 22,000 customers in northern California had lost electricity, according to the PowerOutage.us tracking service. Forecasters warned people to stay indoors, with a high risk of avalanches in the backcountry mountains of Eastern Sierra Nevada. Even as blizzards were easing, more snow-laden winter storms were expected for much of the region on Monday and Tuesday, the National Weather Service said. https://www.reuters.com/world/us/sierra-nevada-blizzards-close-highway-threaten-avalanches-2024-03-03/

2024-03-03 20:27

OPEC+ producers to continue cuts of 2.2 million bpd Russia to deepen oil output cuts, ease export limits Oil seen opening stronger when trading resumes - PVM DUBAI, March 3 (Reuters) - OPEC+ members led by Saudi Arabia and Russia agreed on Sunday to extend voluntary oil output cuts of 2.2 million barrels per day into the second quarter, giving extra support to the market amid concerns over global growth and rising output outside the group. Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries (OPEC), said it would extend its voluntary cut of 1 million barrels per day (bpd) through the end of June, leaving its output at around 9 million bpd. Russia, which leads OPEC allies collectively known as OPEC+, will cut oil production and exports by an extra 471,000 bpd in the second quarter. Russian Deputy Prime Minister Alexander Novak gave new figures showing that cuts from production will make up a rising proportion of the measure. Oil has found support in 2024 from rising geopolitical tensions and Houthi attacks on Red Sea shipping, although concern about economic growth has weighed. While OPEC+ was widely expected to keep the cuts in place, Russia's announcement could bolster prices further. "There was a surprise from Russia," said UBS analyst Giovanni Staunovo, who called the developments largely expected. "If the Russian cuts are fully implemented additional barrels would be removed from the market. So that is a surprise move no one expected and could lift prices," he added. Brent crude settled $1.64 higher, or 2%, at $83.55 a barrel on Friday, up more than 8% so far this year. OPEC+ members announced the cuts individually on Sunday and OPEC later issued a statement confirming the 2.2 million bpd total. Saudi state news agency SPA said the cuts would be reversed gradually, according to market conditions. "The decision sends a message of cohesion and confirms that the group in not in a hurry to return supply volumes, supporting the view that when this finally happens, it will be gradual," analysts at investment bank Jefferies said in a report. OIL SEEN OPENING HIGHER OPEC+ in November had agreed to the voluntary cuts totalling about 2.2 million bpd for the first quarter, led by Saudi Arabia rolling over a cut it had first made in July. "The rollover was anticipated but extending it to the end of the second quarter might come as a surprise," said Tamas Varga of oil broker PVM. "The market is expected to open stronger." For the second quarter, Iraq will extend its 220,000 bpd output cut, UAE will keep in place its 163,000 bpd output cut and Kuwait will maintain its 135,000 bpd output cut, the three OPEC producers said in separate statements. Algeria also said it would cut by 51,000 bpd and Oman by 42,000 bpd. Kazakhstan said it will extend its voluntary cuts of 82,000 bpd through the second quarter. OPEC+ has implemented a series of output cuts since late 2022 to support the market amid rising output from the United States and other non-member producers and worries over demand as major economies grapple with high interest rates. The total OPEC+ pledged cuts since 2022 stand at about 5.86 million bpd, equal to about 5.7% of daily world demand, according to Reuters calculations. Sources told Reuters last week that OPEC+ would consider extending the latest round of output cuts into the second quarter, with one saying it was "likely". The oil demand outlook is uncertain for this year. OPEC expects another year of relatively strong demand growth of 2.25 million bpd, led by Asia, while the International Energy Agency expects much slower growth of 1.22 million bpd. In a further headwind for OPEC+, the IEA also expects oil supply to grow to a record high of about 103.8 million bpd this year, almost entirely driven by producers outside OPEC+, including the United States, Brazil and Guyana. https://www.reuters.com/business/energy/some-opec-members-agree-extend-voluntary-cuts-q2-sources-2024-03-03/

2024-03-03 20:26

QUITO, March 3 (Reuters) - Ecuador's La Cumbre volcano, part of the Galapagos archipelago, has started to erupt, the government of the South American country reported on Sunday. There was no immediate danger posed because the island where the volcano is located is uninhabited, the environment ministry confirmed. "Gas emission and thermal anomalies were detected through satellite systems," the ministry said in a statement, adding that while they would continue to monitor the volcano, the eruption would not affect tourism to the islands. La Cumbre on the island of Fernandina is one of numerous active volcanoes in the Galapagos, which are nearly 1,000 km (600 miles) from mainland Ecuador. Images taken from afar and circulated on social media showed glowing lava moving through the pre-dawn darkness in the early hours of Sunday. The volcano last erupted in 2020, following several years of activity. This eruption was likely bigger than those previously registered, authorities said. https://www.reuters.com/business/environment/galapagos-volcano-starts-erupt-uninhabited-island-2024-03-03/

2024-03-03 17:19

Russia reducing oil, fuel exports in Q1 No mention of fuel exports reduction for Q2 Russian oil under Western sanctions over Ukraine MOSCOW, March 3 (Reuters) - Russia will cut its oil output and exports by an additional 471,000 barrels per day (bpd) in the second quarter, in coordination with some OPEC+ participating countries, its Deputy Prime Minister Alexander Novak said on Sunday. The world's second-largest global oil exporter has been cutting crude oil and fuel exports by a combined 500,000 bpd in the first quarter, in addition to its previous pledge to curtail production alongside other members of the OPEC+ grouping. Russia plans to gradually ease the export cuts, Novak said in a statement. In April, it will reduce output by an extra 350,000 bpd, with exports cut by 121,000 bpd. In May, the extra output cut will be 400,000 bpd and exports cut by 71,000 bpd. In June, all the additional cuts will be from oil output, he added. Novak did not mention cuts in exports of fuel, production of which has suffered since the start of the year due to unplanned outages and drone attacks by Russia's neighbour Ukraine. A reduction in refining volumes means more Russian crude oil has become available, facilitating oil production cuts. The export cut will be made from the average export levels of May and June 2023, Novak said. Russia pledged in April 2023 to voluntary reduce its crude oil output by 500,000 bpd until the end of 2024 to around 9.5 million bpd. Novak late last month that Russian oil output stood at 9.5 million bpd. It was not immediately clear what level Russia's production quota will be after Sunday's statement. However, output is set to drop to almost 9 million bpd in June, if the reduction is implemented as planned. A six-month ban on Russian gasoline exports from March 1 was also not reflected in Novak's statement. Russian crude oil and fuel trade has been under Western sanctions over the Ukraine conflict, while the United States also last month imposed sanctions on Russia's leading tanker group Sovcomflot (FLOT.MM) , opens new tab. An industry source said that Russia is being forced to reduce production by the new sanctions, adding: "There is no need to produce more than Russia can sell". A spokesperson for Novak did not immediately respond to a request for further detail on his statement. https://www.reuters.com/business/energy/russia-cut-oil-output-exports-by-additional-471000-bpd-q2-2024-03-03/

2024-03-03 13:58

PARIS, March 3 (Reuters) - French farmers could stage more protests and blockades in the coming weeks to push the government to deliver on its promises to help the sector, the head of France's largest farming union FNSEA said on Sunday. Farmers across Europe have been protesting for weeks over what they say are excessively restrictive environmental rules, competition from cheap imports from outside the European Union, plus rising costs and low incomes. Union boss Arnaud Rousseau was speaking to BFM TV on the last day of the Paris agricultural fair and ahead of a meeting between President Emmanuel Macron, farmers' union representatives and other stakeholders at the Elysee palace in mid-March. "To expect that in 15 days it will all be over is a mistake. Farmers need something concrete ... There could be a number of actions to make sure things happen in coming days," Rousseau said, without providing further details. "The embers are hot, this is not over ... some regions are planning to keep up the protests," he said. On Feb. 24, a group of French farmers stormed into the Paris agricultural show ahead a visit by Macron, disrupting the start of the fair. Farm Minister Marc Fesneau, responding to Rousseau on BFM on Sunday, said: "We need to keep up the work ... it is up to us to lift doubts." French farmers last month had largely suspended protests after Prime Minister Gabriel Attal promised new measures worth 400 million euros ($433.48 million). But some protests have resumed to pile pressure on the government to provide more help to farmers and deliver on promises. ($1 = 0.9228 euros) https://www.reuters.com/world/europe/french-farmers-could-stage-more-protests-union-boss-says-2024-03-03/