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SKRILL ANNOUNCES COMPLETION OF ACQUISITION BY CVC CAPITAL PARTNERS

Skrill Group, one of Europe’s leading online payments companies, announced the completion of the acquisition of a controlling stake in its business by CVC Capital Partners from a consortium of investors led by Investcorp, which remains as a shareholder.
Founded in 2001 and with operations across Europe and in the US, Skrill is among the world’s largest providers of digital wallet technology, with 36 million account holders and revenues of over €220 million in 2013. Using Skrill, customers can make mobile and online payments conveniently and securely, without revealing personal financial data. It also provides a safe way to send and receive money instantly, online.

SKRILL Announces Completion Of Acquisition By CVC Capital Partners
Skrill’s worldwide payment network offers businesses access to direct payment processing via 100 payment options in 200 countries and in over 40 currencies, through just one integration. Also part of Skrill Group is paysafecard, a prepaid payment card that can be bought from one of 450,000 sales outlets across Europe and used to make safe online payments, without a bank account or credit card, at 4,000 participating online outlets.
Commenting on the completion of the acquisition, Peter Rutland, senior managing director of CVC Capital Partners says, “Skrill has continued to impress CVC with its growth and strategy to respond to the opportunities from the increase in digital transactions. The company has demonstrated its ability to meet and influence the emerging needs of customers and merchants, and has shown both insight and innovation in order to adapt to trends such as mobile payments, which are shaping the future of transactions.”
Siegfried Heimgaertner, chief executive officer of Skrill Group, adds, “We are delighted to have reached this milestone in Skrill’s history. The support of CVC demonstrates confidence in Skrill’s strategy and will enable us to remain at the forefront of transforming the way people pay and get paid globally. Skrill will continue to develop products that break down international boundaries between businesses and their customers by enabling transactions in an ever-extending digital world.”
CVC was advised by Jefferies International, Clifford Chance, Bain and Company and PwC. Investcorp and Skrill were advised by Barclays, SJ Berwin, Travers Smith, Freshfields Bruckhaus Deringer, PwC and Anthemis Group.
Crédit Suisse, Jefferies International and Royal Bank of Scotland have provided fully committed senior debt financing for the transaction.
Skrill Group is regulated by the Financial Conduct Authority (FCA) of the UK and holds money transmitter licenses in 49 US States.
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Oil rises on positive forecasts, slow U.S. output restart

By Bozorgmehr Sharafedin
LONDON (Reuters) – Oil prices rose on Tuesday, underpinned by the likely easing of COVID-19 lockdowns around the world, positive economic forecasts and lower output as U.S. supplies were slow to return after a deep freeze in Texas shut down crude production.
Brent crude was up 36 cents, or 0.5%, at $65.60 a barrel by 1212 GMT, and U.S. crude rose 39 cents, or 0.6%, to $62.09 a barrel.
Both contracts rose more than $1 earlier in the session.
“Vaccine news is helping oil, as the likely removal of mobility restrictions over the coming months on the back of vaccine rollouts should further boost the oil demand and price recovery,” said UBS oil analyst Giovanni Staunovo.
Commerzbank analyst Eugen Weinberg said optimistic oil price forecasts issued by leading U.S. brokers had also contributed to the latest upswing in prices.
Goldman Sachs expects Brent prices to reach $70 per barrel in the second quarter from the $60 it predicted previously, and $75 in the third quarter from $65 forecast earlier.
Morgan Stanley expects Brent crude to climb to $70 in the third quarter.
“New COVID-19 cases are falling fast globally, mobility statistics are bottoming out and are starting to improve, and in non-OECD countries, refineries are already running as hard as before COVID-19,” Morgan Stanley said in a note.
Bank of America said Brent prices could temporarily spike to $70 per barrel in the second quarter.
Disruptions in Texas caused by last week’s winter storm also supported oil prices. Some U.S. shale producers forecast lower oil output in the first quarter.
Stockpiles of U.S. crude oil and refined products likely declined last week, a preliminary Reuters poll showed on Monday.
A weaker dollar also provided some support to oil as crude prices tend to move inversely to the U.S. currency.
(Reporting by Bozorgmehr Sharafedin in London, additional reporting by Jessica Jaganathan in Singapore; editing by David Evans and John Stonestreet)
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UK-Japan trade deal settled nerves for Japanese firms, Honda executive says

LONDON (Reuters) – Britain’s trade deal with Japan settled the nerves of a lot of Japanese businesses in the United Kingdom and gives them confidence about their future prospects there, a senior Honda executive said on Tuesday.
Japan, the world’s third-largest economy, has since the 1980s made the United Kingdom its favoured European destination for investment, with the likes of Nissan, Toyota and Honda using the country as a launchpad into Europe.
But Britain’s shock 2016 decision to leave the European Union had prompted Japan to express unusually strong public concerns. Their companies and investors warned that a disorderly exit from the EU would force them to rethink their four-decade bet on Britain.
“We welcome very much the Japanese trade agreement which as a Japanese businesses was very welcomed,” Ian Howells, senior vice president at Honda Motor Europe, told a parliamentary committee.
“On the point around confidence, that certainly amongst my peers in Japanese companies was very much welcomed, and probably settled a lot of nerves in terms of their trading prospects in the UK going forward.”
Britain and Japan formally signed a trade agreement in October, marking Britain’s first big post-Brexit deal on trade. It has also made a formal request to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), of which Japan is also a member.
(Reporting by Kate Holton)
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UK retailers see sharp fall in sales and mounting job losses, CBI says

LONDON (Reuters) – British retail sales fell in the year to February as stores cut jobs at a rapid rate, with only supermarkets reporting any growth during the latest COVID-19 lockdown, a survey showed on Thursday.
The Confederation of British Industry’s gauge of retail sales stood at -45, up only slightly from January’s eight-month low of -50. The measure points to falling sales and is below the consensus forecast of -38 in a Reuters poll of economists.
Retailers’ expectations for March – when non-essential shops will remain closed to the public as part of lockdown measures – fell to -62, the lowest since the series began in 1983.
In another sign of a changing consumer habits during lockdown, the survey’s gauge of internet retail sales hit a new record high.
“With lockdown measures still in place, trading conditions remain extremely difficult for retailers,” said Ben Jones, principal economist at the CBI.
“Record growth in internet shopping suggests that retailers’ investments in on-line platforms and click-and-collect services may be paying off, but the re-opening of the sector can’t come soon enough to protect jobs and breathe life back into the sector.”
Job losses among retailers accelerated according to a quarterly question in the survey. For the distribution sector as a whole, which includes wholesalers and car dealers, employment fell at a record rate, the CBI survey showed.
(Reporting by Andy Bruce, editing by David Milliken)