Heavy snowfall in Japan triggers power outages, isolates communities

TOKYO (Reuters) – Heavy snowfall in central Japan and along the northern coast isolated communities and cut off power to about 10,000 households, prompting the government to call an emergency meeting on Thursday to address the fallout.

The heavy snowfall was centred on Niigata and Gunma prefectures, which saw about 2 metres (6.6 feet) of snow over three days, according to public broadcaster NHK.

Prime Minister Yoshihide Suga was set to attend the emergency meeting with relevant ministries and agencies on Thursday afternoon, his office said.

Edf Lifts 2020 EBITDA Target – Quick Facts

Edf (EDFEF.PK) revised its EBITDA target for 2020 at 16 billion euros or slightly above, compared to prior outlook of EBITDA of 15.2 billion euros – 15.7 billion euros.

The level of the nuclear output in France for 2020 is expected at about 335TWh.

Last month, Edf reported total Group sales of 48.85 billion euros for the first nine months compared to 50.96 billion euros, restated, previous year. The Group said its sales were down 4.0% organically compared to the first nine months of 2019, but were almost stable when excluding the effects of the health crisis.

U.K.’s Largest Rolex Retailer Lifts Forecast as Demand Improves

Watches of Switzerland Group Plc raised its revenue forecast after a stronger-than-expected first half, providing a glimmer of hope for the battered Swiss watch industry.

The company, which is the U.K.’s largest watch retailer, forecast full-year sales of 900 million pounds ($1.2 billion) to 925 million pounds. Demand was better than anticipated in the six months ended October as well into the start of the Christmas holiday period. The stock rose as much as 10% Thursday morning in London.

The upbeat outlook reflects some improvements for the Swiss watch industry as it suffers from store closures and a virtual standstill in travel. Swiss watch exports slipped 3.2% last month, continuing a gradual moderation of declines caused by the coronavirus pandemic that’s led to a slump of 24% so far this year.

“There is more demand,” Watches of Switzerland Chief Executive Officer Brian Duffy said in an interview with Bloomberg Television. “That gives us the luxury of being able to conduct our business a fair bit better than others.”

The company’s previous sales forecast was for 880 million pounds to 910 million pounds.

The number of people working in Switzerland for the watch industry dropped by about 1,550 in the year through September, an industry group said Wednesday.

China says to share part of lunar samples with scientists from other countries

BEIJING (Reuters) – China plans to share data and samples that the Chang’e 5 probe obtained during its recent mission to the moon, based on international cooperation conventions, said the deputy head of the country’s space agency on Thursday.

The lunar samples will be mainly used for scientific research, Wu Yanhua, deputy head of the China National Space Administration, told a press briefing.

Philippine central bank keeps key rates steady, as expected

MANILA, Dec 17 (Reuters) – The Philippine central bank left key interest rates steady on Thursday, as expected, saying current monetary policy settings remain appropriate after a series of easing measures this year to shore up the pandemic-hit economy.

The Bangko Sentral ng Pilipinas (BSP) kept the rate on the overnight reverse repurchase facility at a record low of 2.0%. The rates on the overnight deposit and lending facilities were likewise kept at 1.5% and 2.5%, respectively.

Hunting Plc Expects Improving Performance For The Year Ahead

International energy services group Hunting Plc (HTG.L) reported that its final quarter of the year has reflected slightly lower revenue compared to the previous two quarters, as an improving US onshore market is offset by lower international activity, primarily in its North Sea market, while other offshore projects have been delayed due to COVID-19 related issues.

The company continues to report a strong cash and bank of about $94 million as at November 30, 2020, as working capital improvements continue to generate cash.

Inventory levels at November 30, 2020 were about $304 million, reflecting a continued focus to reduce stock. Further, the company expects capital investment for the full year to be around $17 million.

Jim Johnson, Chief Executive of Hunting, said, “As the Group approaches the year-end, market indicators including the WTI oil price, the onshore rig count and the number of active frac crews in the US, have all shown modest increases throughout the quarter which will support activity levels going into the New Year.”

With this market backdrop, coupled with a significantly lower cost base, where about $81 million in annualised savings have been recorded in the year to date, the company expects an improving performance for the year ahead.

China to Provide Financial Support to Key Foreign Companies

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China’s government said it will provide financial support to some foreign companies to help them offset the impact of the pandemic and resolve funding difficulties, part of its efforts to improve the business environment for overseas investors.

Companies operating in key areas, including special and general equipment, medical equipment, and auto manufacturing, will be eligible to receive the financial support, the Commerce Ministry said Thursday in a joint statement with the country’s banking and insurance regulator.

The businesses will have access to funds including 1.5 trillion yuan ($230 billion) in special re-lending and re-discounting quotas provided by the central bank, and 570 billion yuan in a new loan quota from Export-Import Bank of China.

China should enhance the role financial support plays in stabilizing foreign investment and further improve the “targetedness” and “directness” of financial policies, the Commerce Ministry said in its statement.

— With assistance by James Mayger, and Lin Zhu