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PARIS (Reuters) -France will contribute to a 4 billion-euro ($4.7 billion) recapitalisation of Air France-KLM and more than double its stake to nearly 30%, under plans announced on Tuesday with European Union approval.
The move is the latest by a major airline group to shore up finances after more than a year of COVID-19 travel shutdowns and deep losses for the sector.
The French government will convert a 3 billion-euro loan granted last year into a perpetual hybrid bond instrument and subscribe to a 1 billion-euro share issue, raising its stake in Air France-KLM from the current 14.3%.
“This will make the state Air France’s biggest shareholder,” Finance Minister Bruno Le Maire said, describing the step as a “sign of commitment” to the airline and its workers.
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NEW YORK (Reuters) - Wall Street lost ground, pulling back from the prior session’s record closing highs and Treasury yields edged lower on Tuesday as investors trained their focus on the approaching earnings season and the Federal Reserve’s economic outlook.
FILE PHOTO: A Wall Street sign outside the New York Stock Exchange in New York City, New York, U.S., October 2, 2020. REUTERS/Carlo Allegri/File Photo
All three major U.S. stock indexes closed in the red, led by the blue-chip Dow, which notched an all-time closing high on Monday.
“It’s a normal follow-on to a strong day,” said Matthew Keator, managing partner in the Keator Group, a wealth management firm in Lenox, Massachusetts. “The market is catching its breath from the job number and a strong day like yesterday, which reflected a high in the market.”
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MOSCOW (Reuters) - The Russian central bank will consider holding or raising interest rates at its April 23 board meeting as inflation is seen hovering above the 4% target throughout 2021, the bank’s head of monetary policy, Kirill Tremasov, said.
FILE PHOTO: Kirill Tremasov, head of monetary policy department at the Bank of Russia, poses for a picture in Moscow, Russia March 31, 2021. Picture taken March 31, 2021. REUTERS/Andrey Ostroukh/File Photo
After slashing the key rate to a record low of 4.25% in 2020 to help the economy through the crisis sparked by the COVID-19 pandemic and a crash in oil prices, the central bank raised it to 4.5% and said more hikes would follow.
By Reuters Staff
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March 12 (Reuters) - The Texas power regulator on Friday voted to remove about $1 billion in service fees levied on grid users but took no action on petitions asking it to cut high power prices during a mid-February cold snap.
The fees involved payment to power generators for services not provided during the mid-February cold snap, according to the state’s market adviser. The Texas Public Utility Commission also ordered the state’s grid operator to extend its deadline for accepting freeze-related payment disputes to 6 months from 10 days. (Reporting by Gary McWilliams)
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ISTANBUL (Reuters) - Turkish asset management company Re-Pie aims to expand its portfolio to 4 billion lira ($490 million) with investments in renewable energy, agriculture and health, its chairman said.
Istanbul-based Re-Pie has already set up a fund to grow in health and health technologies, Emre Camlibel told Reuters, adding that other areas of investment could include financial and agricultural technology.
Re-Pie plans to make the new investments within Turkey, Camlibel said.
“We aim to grow our portfolio to 4 billion lira from a current 2.4 billion lira this year. We are prioritising growing in renewable energy and plan to set up a fund to invest in hydroelectric power plants,” Camlibel said in an interview.