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Big companies manage to pass on soaring costs to cash-strapped consumers
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Biden unveils $800 million in new Ukraine military aid, to ask Congress for more
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Global energy crisis, Russia invasion eclipse Biden climate goals
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New U.S. sanctions imposed for Russian bank, oligarchs, crypto miner BitRiver
Musk secures $46.5 billion in funding for Twitter bid
Date: April 21, 2022
By Nivedita Balu (Reuters) -Elon Musk on Thursday said he has lined up $46.5 billion in debt and equity financing to buy social network company Twitter Inc and is considering taking his offer directly to shareholders, a filing with U.S. regulators showed. Musk himself has committed to put up $33.5 billion, which will include $21...
Saipem beats expectations as core energy business gets boost
Date: April 21, 2022
MILAN (Reuters) -Italy’s Saipem beat expectations for first-quarter earnings as an upturn in global oil and gas spending lifted the energy contractor’s core business, putting it on track for a better year. Adjusted core earnings in the period rose 65% to 145 million euros ($157 million), above a Refinitiv consensus of 103 million euros, Saipem...
Italy’s Eni signs Congo Republic LNG deal
Date: April 21, 2022
MILAN (Reuters) -Italy’s Eni has signed a deal to increase gas supplies from the Congo Republic by more than 4.5 billion cubic metres (bcm) a year, the energy group said on Thursday. The deal is the latest Italian move to reduce dependence on Russian gas, with Foreign Minister Luigi Di Maio and Ecology Transition Minister...
Demand for Akzo Nobel products outpaces supply despite price hike
Date: April 21, 2022
By Valentine Baldassari (Reuters) -Dulux paint maker Akzo Nobel offset first-quarter supply chain issues with a “vigorous” 17% price hike yet demand for its products still outpaced supply, it said on Thursday. “Customers have accepted (the increases),” CEO Thierry Vanlancker told Reuters. “For the bigger industrial customers, they understood exactly what was happening. They weren’t...
Telecom Italia seeks 3 billion euro credit line with state guarantee – sources
Date: April 21, 2022
MILAN (Reuters) -Telecom Italia (TIM) has started talks with banks to raise around 3 billion euros ($3.3 billion) in financing that could be partly guaranteed by Italy’s export insurer SACE, three sources familiar with the matter said. Burdened with total gross debt of more than 30 billion euros, TIM has around 3 billion euro in...
Germany’s Evonik beats earnings expectations on higher pricing
Date: April 21, 2022
(Reuters) -German chemicals group Evonik Industries on Thursday reported better-than-expected adjusted quarterly core profit, as higher selling prices offset an increase in variable costs, including energy prices. The company, which makes ingredients for products ranging from animal feed and diapers to Pfizer/BioNTech’s COVID-19 vaccine, reported adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of...