CNBC Utilities Page Wires

  • KELLOGG CEO SAYS COULD POST LOW SINGLE DIGIT SALES GROWTH IN DEVELOPED MARKET SNACKS "MAYBE EVEN THIS YEAR".

  • MOSCOW, Feb 20- The Russian economy expanded by 0.7 percent in January year-on-year after growing by 2.3 percent the previous month, the Economy Ministry said on Wednesday. Economic growth was lower affected by a slowdown in manufacturing industry and construction. Sales were also weak due to value-added tax increase from January.

  • PARIS, Feb 20- A French court on Wednesday ordered UBS to pay the French state 800 million euros in damages, after finding UBS guilty of laundering the proceeds of tax fraud.

  • BEIJING, Feb 20- Aluminum Corp of China Ltd, known as Chalco, said on Wednesday it had proposed selling 190,000 tonnes of annual aluminium smelting capacity to a Yunnan- based unit of its parent, Chinalco, for 950 million yuan. The move points to a gradual rebalancing of state-owned Chinalco's aluminium portfolio from northern China to southern regions like...

  • BEIJING, Feb 20- Aluminum Corp of China Ltd, known as Chalco, said on Wednesday it had proposed selling 190,000 tonnes of annual aluminum smelting capacity to a Yunnan- based unit of its parent, Chinalco, for 950 million yuan. The move points to a gradual rebalancing of state-owned Chinalco's aluminum portfolio from northern China to southern regions like Yunnan,...

  • PARIS, Feb 20- A French court on Wednesday found Swiss bank UBS AG guilty of laundering the proceeds of tax evasion and fined it 3.7 billion euros. The judges did not immediately announce any compensation to the French state for lost tax revenues. The state had sought an additional 1.6 billion euros in damages.

  • The company, which competes with the likes of Fitbit Inc and TomTom, forecast full-year profit of about $3.70 per share and revenue of about $3.5 billion. Analysts were expecting profit of $3.52 per share and revenue of $3.43 billion, according to IBES data from Refinitiv. Global wearable fitness trackers market is on track to generate revenue of $48.2 billion...

  • The People's Bank of China will also attempt to prevent any economic risks stemming from overly tight monetary conditions and "flood-like stimulus," the central bank official said in an interview with the Financial News, which is run by the central bank.

  • *U.S.- China trade talks watched for progress. PARIS, Feb 20- Chicago wheat hovered on Wednesday close to its lowest since October as traders awaited the outcome of a tender by top importer Egypt to see if a price slide since last week would stir fresh demand. The most-active Chicago Board of Trade wheat contract was up a quarter of a cent at $4.90 a bushel by 1221 GMT,...

  • CAPE TOWN, Feb 20- South Africa will give power utility Eskom a total of 69 billion rand but will not take on 100 billion rand of debt as requested by the struggling firm, Finance Minister Tito Mboweni said on Wednesday. President Cyril Ramaphosa wants to reform Eskom, which generates 95 percent of South Africa's electricity but is drowning in 420 billion rand of...

  • Feb 20- Garmin Ltd reported quarterly results that beat Wall Street estimates on Wednesday on the back of higher demand for its smartwatches and navigation systems and forecast full-year revenue above expectations. Net income rose to $190.15 million, or $1 per share, in the fourth quarter ended Dec.29, from $142.55 million, or 75 cents per share, a year earlier.

  • Feb 20- Navigation device maker Garmin Ltd on Wednesday reported a rise in quarterly profit that beat Wall Street estimates, driven by higher demand for its fitness and outdoor gadgets. Net income rose to $190.15 million, or $1 per share, in the fourth quarter ended Dec.29, from $142.55 million, or 75 cents per share, a year earlier. Excluding items, it earned $1.02 per...

  • LONDON, Feb 20- The U.S. dollar paused on Wednesday as traders positioned ahead of the release of monetary policy minutes, while China's yuan rose after the United States pressed Beijing to prevent a sharp weakening of its currency as part of any trade deal. The euro, which has struggled this month as worries grew about the state of the euro zone economy, slipped 0.1...

  • NEW DELHI, Feb 20- Saudi Energy Minister Khalid al-Falih said on Wednesday he hoped the oil market would be balanced by April and that there would be no gap in supplies due to U.S. sanctions on OPEC members Iran and Venezuela.

  • CAPE TOWN, Feb 20- South Africa will inject 23 billion rand a year over the next three years into state power utility Eskom but will not take on 100 billion rand of debt as requested by the struggling firm, the national budget showed on Wednesday. The Treasury said the first step in a plan announced by President Cyril Ramaphosa this month to split Eskom into three...

  • LONDON, Feb 20- Three pro-EU lawmakers from Britain's governing Conservatives quit over the government's "disastrous handling of Brexit" on Wednesday, in a blow to Prime Minister Theresa May's attempts to unite her party around plans to leave the European Union. May said she was saddened by the resignations, but signalled she would press on with her attempts to...

  • *Indivior says launches generic version of Suboxone in U.S. market. Feb 20- British drugmaker Indivior Plc said on Wednesday it had launched a copycat version of its blockbuster opioid addiction drug Suboxone in the United States, just one day after a court decision cleared the way for its rivals to market generic versions of it. The U.S. Supreme Court ruling...

  • Feb 20- Palladium briefly surpassed the $1,500 mark for the first time to touch a record high due to tight supplies and gold topped a 10- month peak on hopes of a U.S.- China trade truce, as investors awaited clarity on U.S. monetary policy. "There is a lack of supply in the market and demand is very high," said Afshin Nabavi, senior vice president at MKS SA, citing lack of...

  • *New CEO Ben Smith seeks new savings. Presenting 2018 earnings for the group he joined in September, Chief Executive Ben Smith promised better-coordinated networks and fleets, after overcoming KLM resistance to closer integration with Air France in a new boardroom deal. Air France-KLM has trailed rivals Lufthansa and British Airways on profitability, held...

  • LONDON, Feb 20- A growing number of hedge funds are moving into shipping debt, an asset class few have invested in before, looking to buy up loans and bonds as banks cut their exposure to the troubled sector. In one of the first deals to have been concluded in recent weeks, finance sources said hedge and private equity firm Avenue Capital together with asset manager...