Latest News
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French and Benelux stocks: Factors to watch September 15
Here are some company news and stories that could impact the markets in France and Benelux or even individual stocks. EIFFAGE: Eiffage, a French construction group, was selected to carry out civil engineering work at the Neomat CAM plant in Dunkirk. The project represents an investment of nearly EUR 500 million. Construction and development work will continue through 2028, employing up to 400 workers. EXAIL TECHNOLOGIES Exail Technologies, a French high-tech firm, announced that its preliminary first-half operating profit rose by 61% on an annual basis to EUR46.07 million ($53.07m). The company has postponed the full announcement of first-half earnings until September 24. The first-half cash flow of Exail Technologies was characterized by a rise in working capital of approximately EUR70 million. However, very significant cash inflows are expected in the second part of the year. GENFIT: After a significant reduction in mortality among severe COVID-19 patients, Genfit, a French biopharmaceutical firm, is moving nangibotide to a Phase 2A ACLF trial in the fourth quarter 2026. Data are expected in 2027. Nangibotide showed a favorable safety profile in four clinical trials. TOTALENERGIES: TotalEnergies, a French energy major, and the Iraqi Government have agreed to begin discussions on large-scale energy projects that will boost Iraqi oil production and contribute to the energy transition of the country. Separately the company announced an EUR100 million partnership to use AI models from Mistral in order to support TotalEnergies geosciences exports. The French insurance company has released financial targets for the period of 2027-2029. AXA targets a payout ratio of 75% and expects to generate approximately EUR25 billion in cumulative organic cash. The?company stated that it now expects its underlying earnings growth to be in the range of 6%-8% and its return on equity at the upper end of its target range of 14%-16%. Pan-European ?market data: European Equities speed guide................... FTSE Eurotop 300 index.............................. DJ STOXX index...................................... Top 10 STOXX sectors........................... Top 10 EUROSTOXX sectors...................... Top 10 Eurotop ?300 sectors..................... Top 25 European pct gainers....................... Top ?25 European pct losers........................ Main stock markets: Dow ?Jones............... Wall Street report ..... Nikkei 225............. Tokyo report............ London report ........... Xetra DAX............. Frankfurt items......... CAC-40................. Paris items............ World Indices..................................... Survey of global bourse outlook ......... European Asset Allocation........................ News in a nutshell: Top News ............. Equities.............. Main Oil Report ........... Main currency report .....
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Former DeepMind researcher from Google adds to the warnings that AI will 'kill humans'
Former Google DeepMind employees warned on Monday that AI technology could "kill off all humans", and that time was running out for the avoidance of this outcome. The public is becoming more concerned about the potential danger of AI. Anthropic researcher Jacob Coxon announced last week that he was resigning, partly because "people who are building AI believe it will kill us by the end the decade." Evan Hubinger, an anthropologist, responded to?Coxon’s comments by saying that he agreed with him and believed that there was a higher than?10% probability that AI would kill all humans in the next decade. Bilal Chughtai, a writer for X, wrote: "I recently resigned... from Google DeepMind where I worked on AGI alignment and safety research." "I honestly believe that AI could kill us all, and we may be running out of time." Chughtai was a research engineer at Google DeepMind and worked as such until July 2026. His LinkedIn profile states that he left the company. Google didn't respond to an outside of regular business hours request for "comment". Anthropic CEO Dario modei, in response to recent concerns, called for a halt in the pace of AI?development. He received rare support from SpaceXAI’s Elon Musk and OpenAI CEO Sam Altman, sparking a discussion on AI "doomerism." Chughtai said that steering AI safely is?possible, but coordination would be required "to avoid the manic race between AI companies." He added, "We must pace AI development at a rate that the society can handle. Emerging risks should be addressed before extreme harm occurs." The President Donald Trump has, however, dismissed the warnings. He said on social media that the AI industry's calls for regulation are a "hoax."
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Arbitration sought by Combined BHP Ports Unions over wage dispute
The union announced on Tuesday that it would take BHP, the world's largest?miner, to arbitration if the two parties could not agree on the?terms of a new wage?deal in Western Australia for the Port Hedland Iron Ore Operations. Port Hedland, the largest iron ore export center in the world and BHP's main shipping gateway to the Pilbara region, is the hub for BHP Pilbara operations. The union, which represents 450 workers on the site (operators and maintenance), will apply for a "intractable bargaining statement" which allows the Fair Work Commission to determine the terms of the agreement. Over the past nine months, both sides have been in talks to determine a wage agreement that will last four years. They've met almost weekly in recent weeks, with Fair Work Commission as a facilitator. ".....BHP refuses to negotiate an accord that reflects their specialized skills, the extreme conditions they work in and the personal sacrifices made by the employees who have generated more than $13 Billion in profits for the company?this past year", the Combined BHP Ports Unions stated in a press release. In response to a?request for comment, a BHP spokesperson stated: "Our focus is on delivering an?fair?and reasonable?agreement." BHP offers a 17% increase in pay for most workers over the four-year agreement. This includes a 'transition payment' of A$25,000 (17,802.50 USD) spread over two years as well as a rise in roster allowances. The union claims that 40% of workers would be worse off if this proposal were to go through.
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India's Tata share price jumps as RBI decision revives holding company's listing prospects
The shares of several Tata Group firms soared?on Tuesday, after India's Central Bank?rejected Tata Sons?application?to deregister as a non-bank lender. This revived prospects for a stock exchange listing for the holding company. Tata Chemicals shares jumped by 20% while Tata Motors Passenger Vehicles shares rose by 4.4%. Tata Consultancy and Tata Investment, a major provider of IT services, both advanced by 10% and 4.4%. Tata Sons'?potential listing could increase valuation and unlock value for Tata-linked companies. Tata Chemicals, Tata Motors, and Tata Investment?are listed Tata firms that own stakes in Tata Sons. Tata Sons assets alone totaled 1.75 trillion rupees (18.25 billion dollars) as of March 2025. The company has been privately owned for more than 100 years. It controls companies such as Tata Consultancy and Tata Motors. Tata Sons has been classified as a "core investment company" and is subject to RBI rules for non-bank lenders, which require that companies with assets over 1 trillion rupees or those with direct or indirect access to public funds be listed. Tata Sons announced last month that Chairman N Chandrasekaran will not seek reappointment. This has added to the 'uncertainty' surrounding the future leadership of the group.
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Mayor of Kyiv: Russia has hit petrol stations and warehouses in Kyiv
Vitali Klitschko, the mayor of Kyiv, Ukraine, said that a drone struck a petrol station early Tuesday morning. He also added that a drone had also struck warehouses in another part of the city. Witnesses heard an explosion in Kyiv The attack follows a?U.S. Donald Trump stated on Monday that Ukraine had agreed with Russia not to?hit each other's targets. Recently, Russia began targeting petrol stations in Kyiv and expanded the scope of facilities that were targeted. In the last few months, Russia has targeted around 300 petrol stations, mostly in or near Ukraine's frontline areas. In a social media statement, Poland's Armed Forces stated that as a precautionary measure, it had begun military aviation operations to secure its airspace. A regional governor on Telegram said that a Ukraine missile strike?damaged a warehouse owned by the ecommerce company Ozon, in the southern port of Taganrog. Separately, a?industrial facility?in the Samara Region on the Volga River was hit by a drone, said Governor Vyacheslav Federishchev on Telegram without naming this particular industrial facility. A number of large oil refineries are located in the?region. It was not possible to independently verify all the reports. Volodymyr Zelenskiy, the president of Ukraine, said that Kyiv would only support a U.S.-proposed ceasefire between Russia and Ukraine on energy sites if Washington could guarantee that Moscow was truly ready to end its conflict with Ukraine.
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China's oil throughput in August is up for the second consecutive month amid Iran war
China's oil throughput in August?rose for a second consecutive month but was still?6.9% lower than a year ago, according to?data released on Tuesday by the National Bureau of Statistics. In August, the world's largest oil buyer processed 59.07 metric tons crude oil, or 13,91 million barrels per day. This is an increase of 11.2% compared to July. Oil throughput in the first eight months was 456.12 millions metric tons or 13.7 million bpd. This is down 6.6% compared to a year earlier. According to data, China's domestic crude oil production in August rose by 0.8% on the year to a total of?18.43 metric tonne, or 4.34 millions bpd. Beijing does not release information on its reserves. However, calculations that add official crude imports and domestic production, then subtract refinery output, estimated a drop of 639,000 barrels per day (bpd) in August. This was the second largest drop since the Iran War began, following a decline of 936,000 barrels per day?in June. The data also revealed that the crude oil production for the year to date was 146.39 millions metric tons. This is a 0.9% increase from last year. The natural gas production in August increased by 0.8% from the previous year to?21.4 billion cubic meters (bcm). The output for the year to date is 175.7 bcm. This represents a 1.1% increase from a previous year.
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New Hope coal miner in Australia pays out highest dividends since 2022
New Hope Corp, a thermal coal -miner in Australia, declared its 'largest ever final dividend' on Tuesday. This was despite the fact that their annual profit had more than halved and they missed expectations. The shares rose to their highest level in over 3-1/2 years. Rob Bishop, CEO of. "We had a good year and we were able to pay out a large dividend," said he. New Hope announced a final dividend per share of 30 Australian cents for fiscal 2026. This is the highest since 2021 when it was 31 cents and surpasses last year's 15 Australian cents. The company's shares rose by as much as 4.1% in the early trading, reaching their highest level since January 2023. As of 0056 GMT, the broader market was down 0.5%. Sales and production of saleable coal increased by 7.6% and 11.8% respectively. This was due to the ramp-up at its New Acland Mine in Queensland, and the strong performance in the second half of the year at the Bengalla Mine in New South Wales. The annual net profit after taxes fell by 63.4% compared to the previous year, falling to A$161 million ($114.94 millions), the lowest level since fiscal 2021 when A$79million was recorded. Visible Alpha's estimate of A$182.2 millions was also not met. New Hope said that its earnings were negatively affected by a decline of 8.8% in the average realized sales price to A$143.2 per tonne. This was due to unfavourable exchange rate fluctuations, as well as an increase in the percentage of sales with high-ash across the group. The company's Bengalla Growth Project and ramp-up at the New Acland Mine?also contributed to the decline in profits. The company stated that it expects thermal coal prices will be well supported in the medium to long term, due to a shortage of supply caused by ageing assets and a lack of investment in new projects.
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Asian shares fall as oil prices and yields increase ahead of Fed and BOJ meetings
Asian shares struggled on Tuesday, as investors considered Middle East tensions. Industry figures also called for a halt in AI development. Meanwhile, higher oil prices and bond yields heightened caution ahead of 'key' central bank meetings taking place in the U.S. Yemen's Houthis, who are aligned with Iran, launched a new offensive on Saudi Arabia Monday. Riyadh had blamed Iran-backed fighters based in Iraq for an assault on the east-west oil pipeline of the kingdom that could disrupt up to 4% global supply. Gulf Arab states have also delayed planned talks with Iran. Brent crude was up by 1.21% at $106.96 a barrel, while U.S. Crude rose 1.27% to $102,68 per barrel. In a recent note, Yokoo Akihiko, an analyst at Mitsubishi UFJ Bank said that the markets are likely to continue to focus on the possibility that higher crude oil costs could contribute to 'inflationary forces, and in turn, drive interest rates higher. Leading AI figures have called for a'slow down in development of AI technology. This has continued to resonate through the markets, even as U.S. president Donald Trump has played down concerns about misuse. He said that existing U.S. protections are adequate and China would benefit from any doubts regarding AI development. MSCI's broadest Asia-Pacific share index outside Japan fell 0.12%. South Korea's 0.25% drop led the way. Japan's Nikkei index edged up 0.19% after reversing its early losses. Shares of chip-related companies were mixed. South Korea's Samsung Electronics lost 0.2%, while Japan's Kioxia rose 3.3%. Federal Open Market Committee will begin its two-day session later that day. The markets have priced in a 90% probability of a rate increase, which would be the first since mid-2023. Morgan Stanley analysts said in an?address that "while inflation continues to decelerate" recent upside surprises have made the pace of disinflation slower and less convincing. They expect a 25 basis point hike on Wednesday and December. "We can see both arguments for a hike or a hold. However, signs of second-round impacts from energy prices and strong demand linked to AI-related investments, as well as a neutral rate which is temporarily higher and concerns over credibility, mean that the balance of risk now argues in favor of a slightly more restrictive policy." Overnight, the benchmark yield on 10-year U.S. Treasury bonds reached 5% for first time in 2023. Germany's 10-year yield rose above 3.51% to its highest level since 2009, and U.S. Treasury bond yields also touched 5% overnight. Tuesday, Japan’s benchmark 10-year government bond rate jumped back to 3%. Bank of Japan will likely raise its interest rate to 1.25% by 25 basis points at the conclusion of its two-day session on Friday, and signify that more tightening is to come. The Bank of Japan is looking to bolster the yen following intervention that helped move the currency away from a low for 40 years. The dollar index, which measures greenbacks against a basket including the yen, and euro, increased 0.05%, to 99.53. Meanwhile, the euro fell 0.03%, to $1.1543. The dollar rose 0.17% against the Japanese yen to 154.61. Spot gold fell 0.15%, to $4,291.59 per ounce. Spot silver dropped 0.31%, to $63.03 per ounce.
Elliott, a hedge fund that is known for its relentless activism, has captured the attention of C-suites.
Bankers and lawyers that have dealt with Elliott Investment Management say that executives should expect to receive a thorough analysis of their weaknesses, backed up by rigorous research and financial power.
Elliott is now focusing on the legendary oil giant BP. The $70 billion investment firm has not revealed the size of their stake in BP, or what they want to see changed. The mere hint that Elliott was playing the corporate agitator in this week's BP share price spiked to its highest level since August on the expectation the fund would force improvements and unlock shareholder value. The day after Elliott's announcement, BP announced that it would reset its strategy following weaker than expected results.
The chief executive of BP declined to comment about the hedge fund investment. It was unclear whether Elliott had played a part in the company's decision. The hedge fund's bankers and lawyers, who worked for it or defended the company against it, said that Elliott is an investor no board should ignore. In bankers' notes, the fund has a reputation for being a persistent activist. It is sometimes referred to as an aggressive player but can also be a powerful one.
Elliott, on the other hand, argues that its tenacity will eventually earn investors in its target company and portfolio greater returns.
"Elliott’s team is truly frightening smart." "Sometimes the emphasis is on smart and at other times, it's on scary," said Kai Liekefett. He is co-chairman of Sidley Austin’s shareholder activism practice and corporate defense.
The firm's expertise is in analyzing a company's peers, sector and competitors, as well as potential buyers, if the sale of a company is being considered.
Lawyers and bankers have said that sometimes executives are taken by surprise by Elliott's investment. They noted that a news article or a phone call announcing the position would spark a feverish defense.
"Elliott revived the ambush attack" in recent years. Elliott, and other activist investors, used to approach a target first privately. Today Elliott goes public immediately - often without much advance notice," Sidley’s Liekefett stated. Elliott is not just a one man show, as some prominent activist firms are. Its roots can be traced back to founder and co CEO Paul Singer's middle initial. The firm, which has about 600 employees, is instead reliant on a large group of analysts and portfolio managers who monitor sectors from retail to energy in all parts of the world.
The team is more comfortable staying out of the spotlight to let their work speak for themselves, whether they are trying to dismantle a deal between two corporations in Asia or an American conglomerate. If Elliott is not convinced by the company's counterarguments and they resist, then discussions can quickly escalate to public threats such as proxy battles or special meetings.
Attorneys, bankers, and other investors who have worked with or against the firm say Elliott sends a clear message to companies: Either agree with us, and you can take credit for any positive changes that occur, or refuse and suffer the consequences.
Many sources asked to remain anonymous for fear of upsetting their firm.
Elliott has declined to make any comments.
Elliott is a multi-strategy fund, which invests in real estate and convertible bonds, as well as sometimes buying out companies. However, it's equity activism strategy that has garnered the most attention. Elliott approached 15 companies, including Southwest Airlines, Starbucks and other large corporations, last year. The firm also secured 12 board positions.
A person familiar with Elliott's performance stated that since its founding in 1977, with $1.3 Million in assets, Elliott returned approximately 13% per year net of fees. In the last seven year, assets have doubled. Industry data shows that Elliott has been targeting ever larger companies over the past five years.
Elliott investors are pleased with the steady returns of the company. It may not be as impressive as other firms that have made huge gains on occasion, but it has only had two years of losses over its 50-year-history. Elliott's outreach and negotiations are often conducted privately. Sometimes, they don't become public until the matter is resolved. This happened last year at Etsy when an Elliott portfolio manger joined the board. The firm is confident that it can continue to push its thesis of corporate overhaul, even if the company rejects it. Southwest Airlines eventually agreed to changes at the board level, while CEO Bob Jordan was left in place. Elliott's appetite for rapid changes was evident again this week when media reported that the fund increased its stake in U.S. refining company Phillips 66 from $1 billion to $2.5 billion.
Phillips 66 already had a plan in place to improve performance and increase shareholder returns. Elliott now wants to push operational changes as well as the sale of midstream.
In an interview with David Rubenstein, a private equity executive, Elliott founder Singer (now 80) said that he approved of every position taken by the firm. Singer says it's good for companies that become Elliott's activist targets to have their executives listening "with an understanding that we are real and can carry out our projects." Reporting by Svea Autumn-Bayliss, with additional reporting from Anousha Sakoui, in London; editing by Paritosh and Nia Bansal.
(source: Reuters)