2025-11-14 07:29

Siemens Gamesa made $1.59 billion operating loss Unclear whether it can turn double-digit margins Wind unit only loss-making business in group BERLIN, Nov 14 (Reuters) - Siemens Energy sees limited synergies between its struggling onshore and better-performing offshore wind units, its CEO said on Friday, reflecting ongoing uncertainty over the future of the group's only loss-making division. Siemens Gamesa, Siemens Energy's wind division that produces both offshore and onshore turbines, is still recovering from a quality crisis two years ago, causing the division to post an operating loss late Thursday of 1.36 billion euros ($1.59 billion) in the fiscal year that ended in September. Sign up here. While management had high hopes for the wind business when Siemens Energy was spun off from Siemens AG (SIEGn.DE) , opens new tab in 2020, it is gas turbines and power networks fuelling most of the group's profits and share price. "We have to believe that wind is a double-digit margin business," Siemens Energy CEO Christian Bruch said on Friday at the group's annual press conference, adding it was too early to say whether that was the case. ALL BUSINESSES MUST DELIVER DOUBLE-DIGIT MARGINS Asked about a potential breakup of the division to rid itself of the weaker onshore business, Bruch told Reuters: "synergies between the two businesses, I do believe they're more limited than people believe." Finance chief Maria Ferraro said all of the group's businesses were expected to deliver double-digit margins, adding there were regular portfolio reviews with that aim in mind. Siemens Energy, which also on Thursday raised its mid-term targets and proposed its first dividend in four years on strong demand for gas turbines and power grids, confirmed that it expects Siemens Gamesa to break even in 2026. For 2027, a small profit is expected, Bruch said. The unit's ongoing losses have repeatedly driven calls by investors to review or even sell the business, but Siemens Energy has so far committed to turning the business around, touting the long-term prospects for wind energy overall. "Keep in mind it's a tale of two cities," Bruch said. "Offshore, we are market leader. We have excellent products. If the market continues to thrive ... I think we are well positioned also to continue to grow the margins." For onshore wind, where the quality issues caused it to halt the sale of its newer generation turbines, Bruch said "the key question will be: Will the Chinese flood the market or not? I don't know this yet." ($1 = 0.8575 euros) https://www.reuters.com/sustainability/climate-energy/siemens-energy-expects-low-triple-digit-million-euro-tariff-hit-2026-2025-11-14/

2025-11-14 07:22

ATHENS, Nov 14 (Reuters) - Greece has arrested a 38-year-old man as part of a Europol crackdown on international cybercrime, during which authorities dismantled malware infrastructure that has infected hundreds of thousands of computers worldwide, police said. The pan-European law enforcement cooperation agency Europol said on Thursday that in the latest phase of "Operation Endgame" across 10 countries, including the United States, it targeted infostealers Rhadamanthys, the Remote Access Trojan VenomRAT and the botnet Elysium. Sign up here. The malware infrastructure dismantled this week consisted of hundreds of thousands of infected computers containing several million stolen credentials, Europol said. Many of the victims did not know that their systems were infected. In total, 1,025 servers were taken down or disrupted worldwide and 20 domains were seized. The man, an Albanian national arrested in Athens on November 3, is allegedly the creator and seller of VenomRAT since 2020, Greek police officials said. He was detained on a European arrest warrant issued by France. "The main suspect behind the infostealer had access to over 100,000 crypto wallets belonging to these victims, potentially worth millions of euros," Europol said. Greek police said that the malware was designed to steal information through keystroke recording and the remote use of web cameras, text infiltration and cryptocurrency wallet hacking. The price for its use ranged from 150 euros a month to 1,550 euros a year. After searching the man's residence they said they found versions of malware source code, evidence pointing to the management of a website promoting the malware, suspicious emails and cryptocurrency accounts. They have confiscated seven hard drives, three USB sticks and a digital wallet with cryptocurrencies worth $140,424 among other items, police said in a statement. A Greek police official said that the digital infrastructure for the operation of the malware was hosted on a server of a company based in France, while French and U.S. authorities have also launched investigations. https://www.reuters.com/technology/greece-arrests-man-europols-global-endgame-operation-against-cybercrime-2025-11-14/

2025-11-14 07:09

Sales at constant exchange rate +14%, +8% at real FX rate Chairman notes early signs of demand recovery in China US-Swiss trade talks aim to reduce 39% tariffs on Swiss imports ZURICH, Nov 14 (Reuters) - Cartier-owner Richemont (CFR.S) , opens new tab reported quarterly sales well ahead of market expectations on Friday, driven by improved demand in China and a robust North American market which helped it weather the hit from U.S. tariffs and high gold prices. Group sales grew 14% at constant exchange rates to 5.21 billion euros ($6.08 billion), exceeding a consensus estimate of 7% in a Visible Alpha poll of analysts. Sign up here. Shares in the world's second-largest luxury group by sales jumped nearly 7% on the result. Richemont's sales beat points to a broader brightening outlook in the luxury sector, echoing more positive signals from other luxury houses including industry leader LVMH (LVMH.PA) , opens new tab and Hermes (HRMS.PA) , opens new tab. Kepler Cheuvreux analyst Jon Cox said that while all regions performed better than expected, China - once the key engine of growth for the luxury sector - was the main driver for the Swiss-based company's sales growth in the July-September period. EARLY SIGNS OF IMPROVED DEMAND IN CHINA The return to growth in Richemont's sales in China in the quarter was the first positive reading in almost two years, the company said. Chairman Johann Rupert said on a call after the results he was seeing "some early signs" of improved demand in the country, but cautioned it was too early to speak of a full recovery. Richemont CEO Nicolas Bos said on a call that Hong Kong and Macau were the main drivers of the improvement, but added that mainland China also showed better signs towards the end of the quarter. Luxury company executives have been cautious about calling an end to the economic slump in China, which has been struggling to recover from a major real estate crisis. On Thursday, Beijing reported home prices fell at their fastest pace in a year. Sales in the Asia-Pacific region, Richemont's most important market dominated by China, rose by 10% at constant exchange rates during the quarter. RICHEMONT NAVIGATES US TRADE TARIFFS Richemont is also weathering U.S. trade tariffs and the luxury sector's recent slowdown better than most rivals due to a steady price policy and exposure to jewellery rather than faster-moving fashion, analysts say. The U.S. and Switzerland have also edged closer to a trade deal to reduce President Donald Trump's crippling 39% tariffs on Swiss imports. The U.S. is Richemont's biggest single market, generating about 22% of sales. The company's other brands include watchmakers IWC, Piaget and Jaeger-LeCoultre, as well as jeweller Van Cleef & Arpels. Richemont executives said the hit from U.S. tariffs on its earnings was low in the first half of the year but could be higher in the second half if the rate is not changed, leading to a potential 300-million-euro ($350 million) hit for the full year. High gold prices and exchange rates - a weaker U.S. dollar and Chinese yuan, in which Richemont makes most of its sales, paired with a strong Swiss franc needed to pay parts of its production - also weighed on margins. "We suspect some of these concerns will melt away on this print," Deutsche Bank analysts said in a note. Shareholders' net profit rose to 1.81 billion euros, 1.35 billion more than last year, when Richemont posted a 1.2-billion-euro non-cash writedown of assets held by online luxury portal YNAP, which it sold to digital retailer group MyTheresa. The company said it had "high expectations and hopes" for the festive season. ($1 = 0.8575 euros) https://www.reuters.com/business/retail-consumer/cartier-owner-richemont-beats-quarterly-sales-forecast-sales-rise-14-2025-11-14/

2025-11-14 06:57

Novorossiysk is key Black Sea outlet for Russian oil exports Fire reported at Sheskharis oil terminal Two berths have been damaged, sources say Three crew members injured on a vessel Global oil prices up on supply concerns MOSCOW, Nov 14 (Reuters) - Russia's Black Sea port of Novorossiysk temporarily suspended oil exports - equivalent to 2.2 million barrels per day, or 2% of global supply - on Friday, according to industry sources, after a Ukrainian missile and drone attack. The attack was one of the biggest on Russian oil-exporting infrastructure in recent months. It follows a ramping-up of Ukrainian strikes on Russian oil refineries since August, part of an attempt by Kyiv to degrade Moscow's ability to finance its war. Sign up here. Global oil prices rallied by more than 2% on supply fears after the attack. Long-range Ukrainian air and sea drone strikes have repeatedly disrupted Russian oil infrastructure this year, targeting Baltic and Black Sea ports, a trunk pipeline system, and a number of oil refineries. UKRAINE ALSO FIRES CRUISE MISSILES, ZELENSKIY SAYS Ukraine's General Staff said its forces had fired Neptune cruise missiles and used various types of strike drones in the attack on Novorossiysk "as part of efforts to reduce the military and economic potential of the Russian aggressor". Ukraine said it separately struck an oil refinery in Russia's Saratov region and a fuel storage facility in nearby Engels overnight. Russian pipeline oil monopoly Transneft (TRNF_p.MM) , opens new tab has also been forced to suspend supplies to the port of Novorossiysk, the sources told Reuters. The company declined to comment. The Caspian Pipeline Consortium, which exports oil from Kazakhstan through the neighbouring Yuzhnaya Ozereevka terminal, suspended oil loadings for a few hours and then resumed them when the air alert was lifted, sources said. It plans to export 1.45 million barrels per day this month from the Yuzhnaya Ozereevka terminal, around 15 kilometres (9 miles) southwest of Novorossiysk. Debris from the drones fell on the terrain of Russian grain terminal NKHP, which was working normally, Interfax news agency reported, citing director general Yury Medvedev. Russian officials said Friday's attack had also damaged a docked ship, apartment buildings and an oil depot in Novorossiysk, injuring three of the vessel's crew members. Delo, a transport and logistics group, said drone debris had fallen onto a container terminal in Novorossiysk, but that its operations continued as usual. British maritime security company Ambrey said a crane sustained damage, and so did several containers. It said a non-sanctioned container ship alongside the terminal suffered some collateral damage, while no crew members were injured as they sheltered in a safe muster point within the vessel. 'NOVOROSSIYSK SUFFERED MOST' Russian crude oil shipments via Novorossiysk's Sheskharis terminal totalled 3.22 million tonnes, or 761,000 barrels a day, in October, according to industry sources. For the first 10 months of the year, the figure was 24.716 million tonnes. The sources told Reuters that a total of 1.794 million tonnes of oil products had been exported through Novorossiysk in October and oil product exports for January-October totalled 16.783 million tonnes. According to three industry sources, the Ukrainian attack hit two oil berths at Sheskharis. The damage was inflicted on berth 1 and berth 1A, which handle 40,000-deadweight-ton and 140,000-deadweight-ton tankers respectively. Two of the sources said the Sierra Leone-flagged Arlan oil tanker was also hit during the attack. "Novorossiysk suffered the most," Veniamin Kondratyev, the governor of the Krasnodar region, where Novorossiysk is located, said on social media. "Overnight, more than 170 people and 50 pieces of equipment dealt with the aftermath of the attack, quickly extinguishing fires and assisting residents," he said. Three injured crew members of the damaged boat were being treated in hospital, Kondratyev said. Local officials later said that a fire at an oil depot at the Sheskharis terminal, which handles crude oil and oil product exports, had been extinguished. Coastal structures had also been damaged, they said, without providing details. The Ukrainian statement said damage was also inflicted on a Russian S-400 air defence system and missile storage facility, causing a detonation and a fire. Reuters could not independently confirm those details. https://www.reuters.com/world/ukrainian-drones-damage-ship-dwellings-oil-depot-russias-novorossiysk-2025-11-14/

2025-11-14 06:52

Gold up 2.3% so far this week Silver, platinum, palladium up for the week Traders see a nearly 46% chance of US interest rate cut in December Nov 14 (Reuters) - Gold prices dropped 3% on Friday on a broader market sell-off, sparked by hawkish remarks from U.S. Federal Reserve officials, dimming hopes for a December interest rate cut. Spot gold fell 1.9% to $4,092.72 per ounce, as of 02:33 p.m. ET (1933 GMT), after falling over 3% earlier in the session. However, bullion is up 2.3% so far this week. Sign up here. U.S. gold futures for December delivery settled 2.4% lower at $4,094.20. "It's this idea that we're going to see a lesser likelihood of a Fed rate cut in December that is taking some of the wind out of the sails of the gold and silver market," said David Meger, director of metals trading at High Ridge Futures. Equity markets tumbled, following the global selloff triggered by hawkish Fed signals. The longest U.S. government shutdown, which ended Thursday, created a major data gap, leaving the Fed and traders flying blind ahead of next month's policy meeting. Investors hoped fresh data would show a slowing economy, giving the Fed room to cut rates in December, boosting the appeal of non-yielding gold. Those expectations dimmed as more Fed policymakers adopted a cautious stance toward additional monetary easing. Market expectations for a 25 basis-point rate cut next month fell to nearly 46%, from 50% earlier this week, CME Group's FedWatch tool showed. Non-yielding gold tends to perform well during periods of economic uncertainty and in a low-interest-rate environment. "When margin calls and liquidations happen, traders close everything to free up margin... This is what partially explains why even gold is down in this risk off environment," said Fawad Razaqzada, market analyst at City Index and FOREX.com, in a note. Meanwhile, physical gold demand across major Asian markets was subdued this week. In other metals, spot silver edged down 2.8% to $50.84 per ounce but was on track for a weekly gain, up 5.2% so far. Platinum fell 2.1% to $1,547.30 and palladium lost 2.8% to $1,387.25. Both metals are so far up for the week. https://www.reuters.com/world/india/gold-rises-poised-weekly-gain-softer-dollar-2025-11-14/

2025-11-14 06:07

Data gaps after government shutdown may delay Fed rate cuts Investors wary of AI valuations, seek to lock in gains All eyes on Nvidia's upcoming results NEW YORK, Nov 14 (Reuters) - The U.S. shutdown has ended but the hangover is just beginning for investors, who worry gaps in economic data will delay or even derail Federal Reserve rate cuts just as concerns over lofty AI stock valuations have put fresh pressure on companies' stocks and bonds. Unease drove the heaviest selloff for the rate-sensitive Nasdaq (.IXIC) , opens new tab in a month on Thursday. The index, which has soared this year with booming AI shares, is down about 4% from October's peak. Sign up here. Pressure continued in early trade on Friday, with blue-chip bourses from Tokyo to Paris and London deep in the red, but eased later in the day, with the S&P 500 ending slightly lower and the Nasdaq Composite up 0.13%. Even gold and bitcoin were not spared, the latter hitting lows below $96,000 last seen in May. Credit spreads - or the premium over U.S. Treasuries paid by companies to issue bonds in the U.S. market - widened this week. "The market certainly has some froth both in terms of valuations and expectations", said Michael McGowan, managing director of investment strategy at Pathstone. "I think there’s a healthy skepticism coming into the market and you could certainly see that continue to play out a little more," he said. The problem is being exacerbated by an information vacuum that spans from futures positioning to crop estimates and in particular jobs and price figures, some of which weren't collected during the 43 days of shutdown. There is doubt about the publication of October's inflation data and the employment report for that month won't include the jobless rate, White House economic advisor Kevin Hassett said, because the household survey from which it is calculated wasn't conducted. On Friday, the Census Bureau and the Bureau of Labor Statistics announced they would begin releasing data skipped over during the shutdown starting next week. Employment data for September, which had been scheduled for release on October 3, will be published on November 20. 'DRIVING IN THE FOG' The gaps in the data matter for markets because Federal Reserve Chair Jerome Powell has likened the situation to "driving in the fog" and flagged that policymakers are likely to "slow down" in response, or in other words hold rather than cut interest rates, after two consecutive cuts in September and October. "We were able to see a September cut and an October cut because they felt confident in their direction of travel for inflation ... will they have that confidence at the December meeting with the lack of data points?" said Tim Horan, chief investment officer, fixed income, at Chilton Trust. Expectations for a 25-basis point rate cut in December, seen as a sure thing a month ago, are down to about 46%, according to CME's FedWatch tool. "We've obviously had a huge rally in the market from the April trough, and it's pretty much been uninterrupted," said Matt Sherwood, head of investment strategy at Perpetual in Sydney. "(It) requires Fed rate cuts and sustained easy financial conditions to justify what I think are extreme valuations." As of Wednesday, the forward price-to-earnings ratio for the S&P 500, based on earnings estimates for the next 12 months, stood at 22.8 times, well above its 10-year average of 18.8, according to LSEG Datastream. Together with year-to-date gains above 20% in hard-running sectors such as technology (.SPLRCT) , opens new tab, it also doesn't take much for investors to want to lock in some gains. Already the mood has turned fickle and darlings such as Palantir (PLTR.O) , opens new tab and Oracle (ORCL.N) , opens new tab have logged losses around 12% and 14%, respectively, this month. Chipmaker Nvidia (NVDA.O) , opens new tab is down 6%. Nvidia's results next week are critical, given the stock has been at the fore of the record-breaking stock rally this year. "We're at a time of year here where any kind of downside might ripple a little bit further in certain sectors that have really put up big numbers this year, as you're going to have some trigger fingers to take some profits off the table," said Chuck Carlson, chief executive officer at Horizon Investment Services in Hammond, Indiana. Meanwhile, Michael Burry's decision to close his hedge fund Scion Asset Management on Thursday added to jitters over frothy AI valuations. He has argued that tech giants pouring billions into Nvidia chips and servers are quietly stretching out depreciation schedules to make earnings look smoother. Valuation concerns spilled over into corporate debt markets, too. Bonds issued by Oracle Corp have taken a hit in recent days as concerns rise over the cloud and AI giant's huge debt issuance to further fund its AI infrastructure. Hedge funds disclosed their third quarter positioning on Friday with some showing possible bearishness on tech. Tiger Global Management, the hedge fund founded and led by Chase Coleman, showed it slashed its stake in Facebook parent Meta Platforms(META.O) , opens new tab. MARKETS COULD REMAIN BUMPY FOR A WHILE During the shutdown, the data void shot previously little-followed private surveys to prominence and painted a mixed picture of the economy where spending appears to be holding up but, on some measures, layoffs have surged. Investors have struggled to draw conclusions and have stuck with expectations for at least three cuts by the end of 2026 to take rates to about 3%. Analysts say that view is likely to face pressure, especially as a growing number of policymakers are sounding reticent on rate cuts. "The Fed is flying blind as we are," said Bob Savage, head of markets macro strategy at BNY in New York. https://www.reuters.com/business/global-markets-selloff-pix-2025-11-14/