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LSE to be told about EU’s Refinitiv deal concerns, sources say By Reuters

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© Reuters. FILE PHOTO: The London Stock Exchange Group offices are seen in the City of London, Britain

By Foo Yun Chee

BRUSSELS (Reuters) – London Stock Exchange (L:) is set to be hit with a charge sheet in the coming weeks setting out the European Union’s antitrust concerns over its $27 billion purchase of data provider Refinitiv, two people familiar with the matter said.

LSE announced the proposed Refinitiv deal last year to broaden its trading business and make it a major distributor and creator of market data in a profitable and fast growing sector. It would also make it a rival to Bloomberg.

The European Commission has voiced concerns about the combined company’s large market share in the trading of European government bonds because both LSE’s MTS trading business and Refinitiv’s Tradeweb are already market leaders.

The EU competition enforcer will send a statement of objections to the companies by mid October, the people said.

In some cases, companies prefer to wait for such a document so they can tailor concessions to the concerns and avoid giving up too much.

The Commission, which is scheduled to decide on the deal by Dec. 16, declined to comment.

Last month, LSE picked Euronext (PA:) as the preferred bidder for its Borsa Italiana business, a sale aimed at addressing competition issues. Borsa Italiana, which LSE acquired in 2007, owns bond trading platform MTS.

Bloomberg was the first to report about the imminent EU charge sheet.

Refinitiv is 45%-owned by Thomson Reuters (TO:), which owns Reuters News.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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European Stocks Seen Lower; Virus Prompts Lockdown Fears By Investing.com

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© Reuters.

By Peter Nurse

Investing.com – European stock markets are seen opening lower Wednesday on worries about the damage to the region’s economies caused by a second wave of shutdowns to combat the surge in Covid-19 cases.

At 2:00 AM ET (0700 GMT), the contract in Germany traded 0.3% lower, in France dropped 1.4% and the contract in the UK fell 0.8%. 

Europe continues to be hit hard with the second wave of the virus, with many of the region’s countries reporting soaring infection rates, not helped by the onset of cold, damp winter weather.

Restrictions imposed to try and combat the pandemic have had a limited effect to date, prompting fears of more draconian measures.

French President Emmanuel Macron is set to give a televised address on Wednesday evening, with local media reporting that the government is considering imposing a lockdown from midnight on Thursday.

Similarly, the Belgian government will convene on Friday to decide on a potential new national lockdown, while Spain has already announced a state of emergency for six months.

In corporate news, Deutsche Bank (DE:) will be in focus after the troubled bank returned to quarterly profit, helped by a strong performance from its investment banking arm.

Additionally, Reuters reported that U.S. jeweler Tiffany (NYSE:) and French luxury goods giant LVMH (PA:) are in talks to settle their dispute over a $16 billion takeover at a price slightly lower than that initially agreed.

Oil prices slumped Wednesday, as a jump in stocks, coupled with the potential damage to demand from the incessant increase in Covid-19 cases, raised worries about a supply glut.

Data from the late Tuesday showed a build of 4.577 million barrels for the week ending Oct. 23, more than the 1.2 million barrels expected, while gasoline inventories also rose. Government are expected later Wednesday.

Oil had rallied on Tuesday, with the contract climbing nearly 2% and the WTI version 2.6%, after a significant portion of U.S. Gulf output was shuttered ahead of the arrival of Hurricane Zeta, which is expected to make landfall in Louisiana later Wednesday.

U.S. crude futures traded 2.6% lower at $38.55 a barrel, while the international benchmark Brent contract fell 1.6% to $40.95. 

Elsewhere, fell 0.2% to $1,908.05/oz, while traded 0.2% lower at 1.1775.

 

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Italy’s antitrust probes Google for possible abuse of dominant position By Reuters

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© Reuters. FILE PHOTO: Logo of Google is seen in Davos

ROME (Reuters) – Italy’s antitrust said on Wednesday it was probing Google (O:) for a possible abuse of dominant position in the Italian market of display advertising.

The regulator said that thanks to its position in the online advertising market, the company “uses in a discriminatory way enormous amounts of data, collected through its own applications, impeding other competitor operators to compete in an effective way”.

The authority added that it had carried out, with Italy’s Finance police, inspections in some Google offices on Tuesday.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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AES, PetroVietnam Gas to sign $2.8 billion LNG deal: Pompeo By Reuters

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2/2
© Reuters. U.S. Secretary of State of Mike Pompeo and U.S. Defense Secretary Mark Esper visit India

2/2

HANOI (Reuters) – AES Corp. (N:) will sign a deal with PetroVietnam Gas (HM:) to develop a $2.8 billion liquefied (LNG) import terminal and a power plant in Vietnam, U.S. Secretary of State Mike Pompeo said on Wednesday.

“Vietnam has given the green light to AES Corp. (N:), a company based in Virginia, to go forward with the project,” Pompeo said at a virtual Indo-Pacific Business Forum.

The deal will open the door for the import of billions of dollars worth of U.S. LNG to Vietnam each year, Pompeo said, describing it as a “real win-win situation”.

The forum, also attended by his Vietnamese counterpart Pham Binh Minh, comes as the United States ramps up its rhetoric against the regional influence of Chinese state firms.

“American companies adhere to the rule of law and transparency and have very high standards of quality for their products,” Pompeo said. “I say that because that’s quite a contrast with the Chinese state-backed companies.”

Vietnam is building numerous LNG-to-power plants, with the first to be operational by 2023, an ambitious move that could see LNG become a major energy source for its fast-growing economy.

Much of that will be imported from the United States, which wants to narrow its trade deficit with Vietnam, which widened to $44.3 billion in the first nine months of this year from $33.96 billion in the same period of 2019.

Also at Wednesday’s forum, Delta Offshore Energy formalised an earlier announced plan for a $3 billion agreement with Bechtel Corp., General Electric (N:) and McDermott for the development of a 3.2-gigawatt LNG power plant in Bac Lieu province, the U.S. Embassy in Hanoi said.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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