Group 1 - The International Energy Agency (IEA) has lowered its forecast for global oil demand growth in 2026, attributing this adjustment to the impact of higher prices on consumption [1] - The IEA projects a surplus of 3.73 million barrels per day in 2026, driven by increased supply from OPEC+ producers and non-OPEC countries, which is slightly up from the previous month's projection of a 3.69 million bpd surplus [1]

Core Viewpoint - Sanofi has appointed Belén Garijo as its new CEO, replacing Paul Hudson, amid challenges in the vaccine market and a stalled turnaround since Hudson's leadership began in 2019 [1]. Company Overview - Belén Garijo, aged 65, has a 15-year history with Sanofi, previously serving as vice president of pharmaceutical operations for Europe and Canada and as a member of the executive committee [1]. - Garijo played a significant role in integrating Sanofi's rare diseases unit, Genzyme, in the U.S. [1]. Previous Experience - Prior to her appointment at Sanofi, Garijo was the CEO of Merck KGaA, where she managed the company through turbulent market conditions influenced by the COVID-19 pandemic and oversaw strategic acquisitions and divestitures [1]. - Her tenure at Merck KGaA was marked by a mixed track record in drug development, with the company facing several setbacks during her leadership [1]. Board Memberships - Garijo served on the board of L'Oreal from 2014 to 2024 and currently holds a position on the board of Spanish lender BBVA [1]. Market Reaction - Following the announcement of Garijo's appointment, Sanofi's shares fell nearly 3% by 08:45 GMT on the day of the news [1].

Core Viewpoint - Inpex, Japan's largest oil and gas producer, anticipates a significant increase in global liquefied natural gas (LNG) demand, projecting a growth of 75% to approximately 700 million metric tonnes annually by 2035, which may lead to a supply shortfall in the Asia-Pacific region [1] Company Performance - Inpex reported a 7.8% decline in net profit to 393.8 billion yen ($2.6 billion) for the year ending December, attributed to weaker oil prices [1] - The company forecasts a further 16.2% decrease in profit for the current year, estimating it at 330 billion yen due to expected persistently low oil prices [1] Dividend and Investment Strategy - Despite the anticipated profit decline, Inpex plans to increase its dividend to 108 yen per share from 100 yen in 2025, reflecting confidence in future earnings [1] - The company is set to invest 850 billion yen in growth areas, a significant increase from 386.9 billion yen in 2025, with 809 billion yen allocated to oil and gas [1] - Of the total investment, 500 billion yen is earmarked for projects directly linked to future revenue generation, including the development of the Abadi project and new energy asset acquisitions [1] Supply and Demand Outlook - Inpex forecasts a supply shortfall of 231 million tonnes in the Pacific coastal region by 2035, while predicting oversupply of 137 million tonnes in the Atlantic coastal region and 56 million tonnes in the Indian Ocean coastal region [1] - The increase in global LNG demand is primarily driven by the needs of the Asia-Oceania region, which is expected to rise from the current level of 400 million tonnes per year [1]

Core Insights - Nissan Motor reported a 44% decline in third-quarter operating profit, amounting to 17.5 billion yen ($114.37 million) [1] - This performance is significantly lower than the average analyst estimate of an 81 billion yen loss and a 31.1 billion yen profit in the same quarter last year [1] Financial Performance - The operating profit of 17.5 billion yen represents a substantial decrease compared to the previous year's profit of 31.1 billion yen [1] - The decline in profit is attributed to intense competition in key markets, particularly the U.S. and China [1]

Industry Overview - Norwegian oil and gas investments are projected to decline in 2026 as many field developments are nearing completion while fewer new projects are anticipated to start [1] - Norway currently produces about 2% of global oil and meets approximately 30% of Europe's gas needs, having become the largest pipeline gas supplier to Europe following Russia's invasion of Ukraine in 2022 [1] Investment Projections - The expected investment for 2026 is 255 billion Norwegian crowns ($27 billion), a decrease from the record 273 billion crowns in 2025 [1] - The 2025 investment estimate has been revised down from 275 billion crowns as reported in a previous survey, while the 2026 level remains subject to change due to potential cost inflation or new project additions [1] - The investment estimate for 2027 is projected at 201 billion crowns, primarily related to existing fields and smaller developments of near-field discoveries [1] Development Insights - Strong investment growth over the past three years was driven by a series of offshore oil and gas projects approved in 2022 under temporary tax incentives [1] - The largest ongoing developments are expected to be completed in 2027, and these will not be fully replaced by new developments [1]

Core Insights - Adyen reported a net revenue of 1.27 billion euros ($1.51 billion) for the second half of 2025, reflecting a 21% increase on a constant currency basis, indicating strong growth compared to European competitors and U.S. firms like PayPal and Stripe [1] - The full-year revenue for Adyen also rose by 21% to 2.36 billion euros, with the core profit margin expanding to 53% from 50% the previous year, driven by increased wallet share among existing customers and effective cost management [1] - The company forecasts revenue growth of 20-22% for 2026 and expects the EBITDA margin to exceed 55% by 2028 [1] Financial Performance - Adyen's revenue for the second half of 2025 was 1.27 billion euros, marking a 21% increase [1] - The full-year revenue reached 2.36 billion euros, also up 21% [1] - The core profit margin improved to 53%, up from 50% year-over-year [1] Market Position - Adyen has solidified its position in the market, outpacing struggling European rivals and competing effectively against U.S. giants [1] - The company processed 173 billion euros in transactions through point-of-sale terminals in the second half of the year, a 26% increase from the previous year [1] - Partnerships with key clients such as Starbucks and Uber have contributed to Adyen's growth in unified commerce [1]

Core Insights - The UK has selected HSBC's blockchain platform for its pilot issuance of tokenised government bonds, positioning the country as a leader among G7 nations in exploring blockchain for sovereign debt [1] - The pilot, named "Digital Gilt Instrument," aims to enhance capital market efficiency and reduce costs for financial institutions through distributed-ledger technology [1] - HSBC's Orion platform has successfully facilitated the issuance of over $3.5 billion in digital bonds globally across various sectors [1] Company Insights - HSBC is actively involved in the development of the UK gilt market and the broader economy, expressing satisfaction with its role in the pilot project [1] - The bank's global head of markets and securities services highlighted the platform's proven track record in other jurisdictions [1] Industry Insights - There is a growing global interest in issuing traditional assets on blockchain, although tokenised debt currently represents a small portion of the overall market [1] - The UK government has also engaged Ashurst LLP to provide legal services for the Digital Gilt Instrument pilot [1]

Group 1 - Platinum Equity has agreed to sell Urbaser, a Spanish waste management company, to Blackstone and EQT for $6.6 billion [1] - Platinum Equity will retain ownership of Urbaser's waste management business in Argentina [1]

China's Lenovo warns of PC shipment pressure from memory shortage | ReutersSkip to main content[Exclusive news, data and analytics for financial market professionalsLearn more aboutRefinitiv]Lenovo Chairman and CEO Yang Yuanqing speaks at the opening ceremony of the World Internet Conference (WIC) in Wuzhen, Zhejiang province, China, November 23, 2020. REUTERS/Aly Song/File Photo [Purchase Licensing Rights, opens new tab]BEIJING, Feb 12 (Reuters) - China's Lenovo Group [(0992.HK), opens new tab] warned on T ...

Group 1 - Nuveen has agreed to acquire British firm Schroders for £9.9 billion ($13.5 billion), creating a combined entity with nearly $2.5 trillion in assets under management [1] - Shareholders of Schroders will receive 590 pence per share in cash, along with permitted dividends of up to 22 pence [1] - Richard Oldfield, the CEO of Schroders, will continue to lead the firm post-acquisition, with London designated as the non-U.S. headquarters for the combined group [1]