FT : UK ministers to reject £200mn loan backing for Titanic maker Harland & Wolf

UK ministers to reject £200mn loan backing for Titanic maker Harland & Wolff
Labour government said to have decided granting debt guarantee would be ‘deeply irresponsible’

The Labour government is set to turn down a £200mn loan guarantee request from Harland & Wolff, removing a crucial lifeline from the troubled shipbuilder as it seeks much-needed funding.

The company, which built the Titanic, employs more than 1,000 workers at its four UK shipyards and had been in talks with Conservative ministers for more than a year for a loan guarantee needed to help lower interest payments on its borrowings.

But the new Labour government has decided that to sign-off the guarantee would be an inappropriate use of public funds, according to people close to the situation.

No formal announcement has yet been made, and people close to the company insisted that discussions were still live. But one Whitehall figure said: “Giving the loan guarantee would be deeply irresponsible.”

The decision means the lossmaking company could be forced to refinance on its own terms, and raises questions about the viability of the business that has seen its shares suspended after failing to file audited accounts two weeks ago.

It is also awkward timing for the Labour administration, as it launches a strategic military review that aims to use the defence manufacturing sector to revitalise the UK’s regional economies.

Defence secretary John Healey said on Monday that the sector would form “one of the cornerstones of a new industrial strategy” under the Labour government, highlighting its high-wage jobs and its ability to spread wealth creation beyond London and the South East.

H&W is involved in a £1.6bn contract led by Spain’s Navantia to build new ships for the Royal Navy.

H&W did not immediately respond to a request for comment.

The business already has a $115mn credit facility with New York-based Riverstone Credit Partners that pays 14 per cent interest and matures at the end of December. 

H&W had been hoping to secure a £200mn loan from a group of commercial banks at a lower interest rate, with the government acting as guarantor. 

In theory the business — which collapsed in 2019 and was bought out of administration by its current management for £6mn — could seek fresh financing from its existing lender by increasing the current facility or rolling it over.

John Wood, H&W chief executive, has insisted that failure to secure the guarantee would not spell the end for the company, and that other options remained on the table.

There have been concerns about whether the support would be challenged on state aid grounds and unease within government about the extent to which a government guarantee would end up benefiting the company’s Wall Street lender. 

Former Tory defence and business secretaries had wanted to approve the £200mn loan guarantee but were blocked by then chancellor Jeremy Hunt.

The incoming Labour administration has privately accused the previous government of “negligence” for giving outline approval to the loan guarantee in December, but then leaving the company in “limbo”. 

“There is a lot of frustration that the Tory government sat on this decision for months, it was selfish and irresponsible for them to duck the decision and just leave it for the incoming Labour government,” said one official. 

But a Conservative party official said: “This is desperate briefing from a Labour party that doesn’t know how to run anything and is just hoping to shout “blame the Tories” for the next five years.”

Riverstone declined to comment. The business department refused to comment, citing commercial sensitivities.

Union leaders have contacted the MoD and were urgently seeking clarification. Officials from Northern Ireland’s government had no immediate information and the region’s investment agency declined to comment.

Wired : The Hidden Ties Between Google and Amazon’s Project Nimbus and Israel's

The Hidden Ties Between Google and Amazon’s Project Nimbus and Israel's Military
A WIRED investigation found public statements from officials detail a much closer link between Project Nimbus and Israel Defense Forces than previously reported.

On April 16, police entered Google offices in New York and California to detain several employees protesting a $1.2 billion cloud contract with Israel’s government called Project Nimbus. The deal, shared with Amazon, has met pushback from some employees at both companies since 2021, but the protests have grown louder since Israel’s renewed conflict with Hamas after the attacks of October 7, 2023.

Current and former Google and Amazon workers protesting Project Nimbus say it makes the companies complicit in Israel’s armed conflicts and its government’s illegal and inhumane treatment of civilian Palestinians. Google has insisted that it is not aimed at military work and is not "relevant to weapons or intelligence services,” while Amazon, seemingly, has not publicly discussed the scope of the contract.

But a WIRED review of public documents and statements by Israeli officials and Google and Amazon employees shows that the Israel Defense Forces have been central to Project Nimbus since its inception, shaping the project’s design and serving as some of its most important users. Top Israeli officials appear to think the Google and Amazon contract provides important infrastructure for the country’s military.

In February, at a conference dedicated to Project Nimbus, the head of Israel’s National Cyber Directorate, Gaby Portnoy, was quoted by Israeli media as crediting the contract with helping the country’s military retaliation against Hamas.

“Phenomenal things are happening in battle because of the Nimbus public cloud, things that are impactful for victory,” Portnoy said, according to an article published in People & Computers, which coorganized the conference. “And I will not share details.” Portnoy and the Cyber Directorate did not respond for comment.

Portnoy’s statement contradicts Google’s statements to media, which have sought to downplay the military connections of Project Nimbus. “This work is not directed at highly sensitive, classified, or military workloads relevant to weapons or intelligence services,” Google spokesperson Anna Kowalczyk said in an emailed statement. “The Nimbus contract is for workloads running on our commercial cloud by Israeli government ministries, who agree to comply with our Terms of Service and Acceptable Use Policy.”

Google’s terms forbid customers from “high risk activities,” defined to include situations where “use or failure of the Services would reasonably be expected to lead to death, personal injury, or environmental or property damage (such as the creation or operation of nuclear facilities, air traffic control, life support systems, or weaponry).” It is unclear how supporting IDF combat operations would fit within those rules.

Portnoy’s claim and other documents and statements reviewed by WIRED add to recent reporting that appears to confirm the Nimbus contract’s long-established military connections. Time quoted an internal Google document that said the Israeli Ministry of Defense has its own “landing zone” into the company’s Project Nimbus infrastructure. The Intercept reported that two state-owned Israeli arms companies are required to use Google and Amazon cloud services through Project Nimbus.

In response to a detailed list of questions from WIRED, Google spokesperson Anna Kowalczyk repeated the company’s boilerplate statement.

Likewise, Amazon spokesperson Duncan Neasham repeated boilerplate language Amazon has used in the past to talk about Project Nimbus, which says the company provides its technology to customers “wherever they are located” and that employees have the “right to express themselves.”

“We are committed to ensuring our employees are safe, supporting our colleagues affected by these terrible events, and working with our humanitarian relief partners to help those impacted by the war,” Neasham added. (Sasha Trufanov, a Russian-Israeli Amazon employee, is currently being held hostage by Hamas in Gaza. He was last seen alive in a hostage video released on May 28.)

Making Project Nimbus
Project Nimbus began in 2019 as a major upgrade to Israeli government technology. The multi-year project, led by the Ministry of Finance, had no specific end-date and called for the government to pick preferred cloud providers that would build new data centers to store data securely inside Israel. Like other Cloud customers, the Israeli government could use Google for data storage, and use its built-in tools for machine learning, analyzing data, and developing apps.

An early trace alluding to the Israeli military’s involvement in Project Nimbus came in a June 2020 LinkedIn post from Shahar Bracha, former chief executive officer of Israel’s National Digital Agency, then called the ICT Authority. “I am happy to update that the Ministry of Defense (in the name of the IDF) decided to join with the Cloud Center and in doing so changed the center to be greater and more attractive,” he wrote, suggesting the military would be a major user of services under the project.

Over the three-year bidding process, many other documents and public statements were explicit about the IDF’s intimate involvement in Nimbus and its expected role as a user. “Project Nimbus is a project to supply public cloud services to the government, the defense department and the IDF,” a statement provided by Israel’s Ministry of Finance in 2022 to Israeli online news outlet Mako said. It added that “the relevant security bodies were partners of this project from its first day, and are full partners still.”

The IDF’s involvement included having a say in which companies would win the Nimbus contract. An Israel State Comptroller audit report from 2021 that says the IDF joined “to enable the transfer of declassified systems to the public cloud” and notes that “the Ministry of Defense and the IDF are crucial parts of the team working on the tender, both in creating the requirements and in assessing the outcomes.”

Ultimately, Google and Amazon won the Project Nimbus contracts, beating out Microsoft and Oracle. A May 2021 press release in English that congratulated the companies and announced “The Israeli Government is Moving to the Cloud” said that Project Nimbus is intended to serve “the Government, the Security Services and other entities.”

The Times of Israel reported the same day that Google and Amazon could not pick and choose which agencies they worked with, quoting an attorney for the Israeli Finance Ministry saying that the contract bars the companies “from denying services to particular government entities.”

That appears to still include the IDF. WIRED identified several Israeli government statements and documents published since 2022 that confirm the IDF’s continued involvement with Project Nimbus, although they do not provide details of the tools and capabilities it uses.

For instance, a government document published on June 15, 2022, that outlines the scope of the project, says "The Ministry of Defense and the IDF” will get a dedicated “digital marketplace” of services they can access under Project Nimbus.

In July 2022, The Intercept also reported on training documents and videos provided to Nimbus users in the Israeli government that revealed some of the specific Google technologies the contract provided access to. They included AI capabilities such as face detection, object tracking, sentiment analysis, and other complex tasks.

Official government pages old and new, both in Hebrew and English, feature the same boilerplate description of Project Nimbus. It calls the contract “a multiyear and wide-ranging flagship project, led by the Government Procurement Administration in the Accountant General's Division in the Ministry of Treasury together with the National Digital Unit, the Legal Bureau in the Ministry of Finance, the National Cyber Unit, the Budget Division, the Ministry of Defense and the IDF.” The statement appears on one of the main government pages about Project Nimbus, an undated news release, a 2022 cloud strategy document, and a press release from January 2023.

A version of the statement has also been posted in an Amazon guidance document about Nimbus from January 2023, and on the event page for the 2024 “Nimbus Summit,” a privately run event that brings together tech workers from Amazon, Google, and the dozens of other companies that have played some hand in modernizing Israel’s tech infrastructure in recent years.

Close Ties
Social media posts by Israeli officials, Amazon employees, and Google employees suggest the country’s military remains closely involved with Project Nimbus—and the two US cloud companies working on it.

In June 2023, Omri Nezer, the head of the technology infrastructure unit at the Israeli Government Procurement Administration, posted a recap of a cloud conference held by the Israeli government to LinkedIn. He wrote that it was meant to bring together people from “different government offices within ‘Project Nimbus.’”

Nezer’s post mentions a panel at the conference that featured “an IDF representative” and the head of engineering IT for Rafael Advanced Defense Systems, a defense company originally created as a research and development company for the Israeli military. The Intercept reported last month that Rafael and Israel Aerospace Industries, both Israeli government-backed weapons manufacturers, are “obligatory customers” of Google and Amazon through Project Nimbus. Amazon spokesperson Duncan Neasham tells WIRED that Rafael is “not required to use AWS or Google only for cloud services” and can “also use other cloud providers’ services.”

National security agencies remain an important part of Project Nimbus. In a 2023 LinkedIn post tagged #nimbus, Omri Holzman, defense team lead at Amazon Web Services, summarized a recent event AWS put on for defense customers. “We had attendees from each security organization in Israel,” Holzman wrote, without specifying which agencies. “AWS puts a lot of focus on the National Security (NatSec) community which has its unique needs and requirements.”

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Google has recently been pitching Israeli policing and national security officials on its Gemini AI model, the centerpiece of the search company’s attempts to compete with OpenAI’s ChatGPT. Shay Mor, director and head of public sector and defense for Google Cloud Israel, said in a March Linkedin post that he recently presented information about its “groundbreaking Nimbus projects” with agencies that include the Israeli Police, the Israel National Digital Agency, and the Israel National Cyber Directorate.

“It was an honor and a pleasure to present our Gemini technology and some of our groundbreaking Nimbus projects with the Israeli Police, Israel National Digital Agency, Ministry of Education, and the Israel National Cyber Directorate today at the Nimbus event,” Mor posted, referring to the same event where Portnoy the Cyber Directorate leader said Nimbus helped the battle with Hamas. Mor didn’t specify how the IDF or security agencies could use Google’s AI, but the company has said Gemini could help its cloud customers write code, analyze data, or identify security challenges.

In his own reported comments at the event, Portnoy suggested that the Nimbus project is set to deepen Amazon’s and Google’s ties with Israel’s national security apparatus. He said that the companies have been “working partners” on a new project creating “a framework for national defense” with cloud-based security tools. Portnoy likened it to Israel’s missile defense system, calling it the “Iron Dome of Cyber.”

Growing Outcry
The recent protests against Project Nimbus do not mark the first time that a cloud deal with military connections has prompted protests—in particular, protests inside Google. A former Google employee who was fired along with dozens of others after protesting Project Nimbus in April says years of trying to steer the company in a more ethical direction had left them exhausted. “I became convinced that basically, you cannot trust anything they say,” says the former employee. They protested in 2018 against Project Maven, a now-lapsed Pentagon contract that saw Google algorithms analyze drone surveillance imagery, Google’s work with US Customs and Border Protection in 2019, and Project Nimbus starting in 2021 with the group No Tech for Apartheid. “I have zero trust in these people.”

The first major action against Project Nimbus took place in October 2021, when a coalition of Google and Amazon employees published an open letter in The Guardian decrying the contract. No Tech for Apartheid also formed explicitly in response to Project Nimbus at around this time. Many of the same people who joined these early organizing efforts were also involved in No Tech for ICE, a tech worker-led movement formed in 2019 to oppose their companies working for Immigration and Customs Enforcement.

Ariel Koren, at the time a project manager at Google who helped draft the open letter, says that her manager told her in early November 2021 that she had to agree to move to São Paulo, Brazil, within 17 business days “or lose her position,” according to the Los Angeles Times. Koren announced that she had resigned in March 2022. A few weeks later, a group of tech workers and activists led protests outside Google and Amazon offices in New York, Seattle, and Durham, North Carolina, to express solidarity with Koren and her demand to wind up Project Nimbus.

Protests have escalated from there. Emaan Haseem, a former engineer for Google Cloud, was fired in April alongside 48 others after she traveled from Seattle to San Francisco to participate in a group sit-in inside the office of Google Cloud CEO Thomas Kurian. She says that No Tech for Apartheid is part of a wider movement known as Boycott Divest Sanction, using economic pressure to encourage Israel to end occupation of Palestinian territories.

Opposition to Israel’s military actions in Gaza and the West Bank, Haseem said, is a central pillar of No Tech for Apartheid. Poject Nimbus “is a contract that stands out the most for anyone who has their eyes on the genocide in Gaza currently.”

The Information : The Biggest Winners From Wiz’s Potential $23 Billion Sale to G

The Biggest Winners From Wiz’s Potential $23 Billion Sale to Google

The Takeaway
• Index, Sequoia slated to return billions from investment
• Wiz is targeting $1 billion in recurring revenue
• Four co-founders each own 9.5% in company

Google’s proposed $23 billion acquisition of cloud security startup Wiz would help it compete with Microsoft, the top seller of security software. If the deal manages to avoid antitrust challenges and other hang-ups in the ongoing negotiations—and those issues are still a big if—it would also create a windfall for the startup’s investors during a period in which such returns have been lacking.

Several venture capital firms, including Index Ventures, Sequoia Capital, Insight Partners, Greenoaks Capital Partners and Israeli venture firm Cyberstarts, collectively stand to return at least $7 billion on their Wiz investments, which began in 2020, the year it was founded. (See a full list below.)

Even latecomers such as Andreessen Horowitz and Thrive Capital, which invested in the company for the first time in May at a $12 billion valuation including the investment, could double their money with the company’s sale, a rare feat for such a short period of time. Altogether, Wiz raised $1.9 billion in venture capital.

“It’s a real needle mover” for investors, said Robert Ackerman, managing director at cybersecurity investment firm DataTribe, which is not an investor in Wiz.

The deal could still fall apart based on concerns that antitrust regulators would eventually scuttle it. Adobe Systems, for instance, abandoned its planned $20 billion takeover of design software startup Figma late last year after antitrust scrutiny. The arrangement would have generated a rich payout to Figma’s backers, including Index and Sequoia Capital.

What’s more, Google and Wiz are still negotiating payments Wiz stakeholders such as the founders would receive for hitting certain performance goals after the acquisition, known as earnouts, according to an investor in Wiz.

$1 Billion ARR Target

Google has proposed paying a high price for the young company, whose revenue is quickly growing.

Wiz has exceeded $500 million in annual recurring revenue, roughly 5 times what it was generating two years ago, and now expects to cross $1 billion in ARR (a metric that refers to projected subscription revenue over the next 12 months) by mid-2025, according to a person close to the company.

Wiz’s $500 million in ARR makes the potential $23 billion acquisition price roughly 46 times its forward revenue. That’s a far higher valuation multiple than is typical for publicly traded security companies. Zscaler, one of the largest publicly traded cloud security firms, trades at around 14 times the $2.14 billion in revenue analysts expect it to generate this year.

But Google likely sees an opportunity to rapidly accelerate revenue growth at Wiz, which largely sells to Fortune 500 companies, by selling its software to the startups and smaller businesses that use Google Cloud. Wiz’s software helps businesses keep track of their applications that run in the cloud, and its customers rent servers from a range of cloud providers including Amazon Web Services, Microsoft, Google and Oracle, according to some of its customers.

And Wiz is getting closer to breaking even. It has lost more than $100 million in the past 12 months, but its quarterly losses have shrunk from roughly $40 million to less than $30 million over the past year, according to a person who reviewed its finances.

“Everyone’s trying to get some type of differentiation in their cloud products so they can lock in recurring revenue, especially as businesses are beginning to spend on new cloud categories like generative AI,” said Keith Campbell, a senior partner at tech consultancy West Monroe.

Google Cloud appears to have successfully integrated Mandiant, a security incident response firm it purchased for about $5 billion two years ago, which should make it easier to sell Wiz services to its customers, he said. Google Cloud also will try to convince Wiz customers to rent its cloud servers. A Google spokesperson did not immediately respond to requests for comment.

The VC firms’ stakes and Wiz’s losses and revenue target haven’t been previously reported. The Wall Street Journal first reported on the Google talks and current Wiz’s revenue.

Here’s what we know about Wiz’s largest shareholders:

Wiz Founders

Wiz’s founders Assaf Rappaport, Ami Luttwak, Yinon Costica and Roy Reznik each own 9.5% of the company, an amount worth $2.2 billion per person, if the $23 billion purchase price comes to fruition, according to a person close to the company.

After serving together in the Israel Defense Forces, they founded a cloud security startup, Adallom, which Microsoft bought in 2015 and used to develop its Defender software to protect companies’ cloud workloads. That product is a backbone of Microsoft’s more than $20 billion in annual security software sales. The founders left Microsoft in 2019 to start Wiz. Google, which doesn’t have a product that competes directly with Defender, could now look to Wiz to bulk up its cloud security software offerings.

Index Ventures

Index owns at least 11% of the company, making it the largest outside shareholder, a person familiar with the figure said. That stake could be worth $2.5 billion under the proposed deal. Index first invested in Wiz in December 2020 when it co-led a $100 million Series A that valued the company at $500 million. It participated in subsequent rounds, then co-led Wiz’s 2023 Series D, a $300 million round that valued the company at $10.3 billion.

Index partner Shardul Shah, a New York–based member of Wiz’s board of directors, wrote on LinkedIn last year that he had “not seen a software company move at the velocity of Wiz, they’re a true ‘first-of-their-kind.’”

Sequoia Capital

The VC firm, known for its highly profitable early bets on Google and Nvidia, also stands to gain billions from Wiz. Alongside Cyberstarts, Sequoia first invested in Wiz in early 2020. Today, Sequoia owns at least 10% of Wiz, potentially worth $2.3 billion, according to a person familiar with the firm’s investments.

Sequoia partner Doug Leone is on Wiz’s board of directors, and the firm has participated in every financing round since sending its first check.

Insight Partners

The New York investment firm first invested in Wiz in December 2020, when it co-led the company’s $100 million Series A deal. Insight later co-led Wiz’s $250 million Series C in 2021. Today the firm owns a roughly 9% stake that could be worth $2 billion, according to a person familiar with the firm’s investments.

Jeff Horing, Insight co-founder, and Teddie Wardi, managing director, led the investments.

Greenoaks Capital

San Francisco–based Greenoaks Capital first invested in Wiz in 2021 when it participated in a Series B that valued the company at $1.7 billion. It also co-led the company’s Series C and Series D and later participated in its Series E. In total, Greenoaks has invested $275 million for a 5% stake that could be worth $1.1 billion, according to a person familiar with the firm’s investments.

Cyberstarts

Cyberstarts, Wiz’s very first VC backer, owns about 4% of the company worth $920 million, according to one of the people. Cyberstarts has invested a total of about $30 million, including $6.3 million in the company’s seed round, the person said, and is poised to make a return of 130 times on its initial seed investment.

Lightspeed Venture Partners

The Menlo Park, Calif.–based firm has invested a total of $265 million in Wiz, according to a person familiar with the matter, across two funding rounds: the 2023 Series D, which it co-led, and the 2024 Series E. The firm owns approximately 4% of Wiz worth $920 million, according to someone familiar with the company’s finances.

Advent International

Private equity firm Advent International led the 2021 round that valued Wiz at $1.7 billion, acquiring an estimated stake of over 3% and later participating in the 2021 Series C, which valued the company at $6 billion.

Thrive Capital and Andreessen Horowitz

Thrive Capital, the New York–based VC firm led by Josh Kushner, and Menlo Park–based Andreessen Horowitz first invested in Wiz this May, when it co-led a $1 billion investment at a $12 billion valuation. The two firms own roughly 1% to 2% of Wiz, with each of their shares worth up to $460 million.

G Squared

G Squared has invested about $200 million in Wiz, including a roughly $50 million investment in its 2021 Series C that valued the company at $6 billion, according to a person at the firm.

The Chicago-based investment firm also purchased $100 million of shares from existing shareholders at the same valuation and made a $50 million investment in Wiz’s 2023 Series D, which valued the company at $10.3 billion.

Greylock Partners

Menlo Park–based Greylock Partners, whose portfolio company, Rubrik, recently went public, owns less than 1% of Wiz, worth an estimated $115 million.

>>> Europe : Brokers Upgrades & Downgrades - 16th of July 2024 V2(+)

>>> Up
* Airtel Africa Raised to Overweight at JPMorgan; PT 139.40 pence
* Enagas Raised to Outperform at Renta 4; PT 18.23 euros (+)
* Enagas Raised to Buy at Bestinver; PT 16.50 euros (+)
* Goldman Sachs PT Raised to $520 from $465 at Argus
* Sequoia Economic Raised to Buy at Stifel '+)

>>> Down
* Alfen Cut to Neutral at Oddo BHF; PT 20 euros
* Amplifon Cut to Neutral at Oddo BHF; PT 30 euros
* Bossard Cut to Hold at Research Partners; PT 250 Swiss francs
* Britvic Cut to Hold at HSBC; PT 1,290 pence
* Gjensidige Cut to Sell at Berenberg; PT 160 kroner
* GrafTech Cut to Underweight at JPMorgan
* Hugo Boss Cut to Neutral at Oddo BHF; PT 41 euros
* Reddit Cut to Hold at Loop Capital; PT $75
* Sagax Cut to Hold at SEB Equities; PT 316 kronor
* Seacrest Petroleo Bermuda Cut to Market Perform at Itau BBA
* Sampo Cut to Hold at SEB Equities; PT 43 euros
* Sitowise Group Cut to Reduce at Inderes; PT 2.90 euros
* Swatch PT Cut to 170 Swiss francs at Jefferies

>>> Initiation
* Alphabet Reinstated Outperform at Wolfe; PT $240
* Amazon Rated New Outperform at Wolfe; PT $250
* Auction Technology Group Rated New Sector Perform at RBC
* Domino's Pizza Group Rated New Outperform at RBC; PT 400 pence
* Lyft Rated New Peerperform at Wolfe
* Match Group Reinstated Outperform at Wolfe; PT $36
* Meta Platforms Rated New Outperform at Wolfe; PT $620
* Metsa Board Resumed Hold at Nordea (+)
* Peloton Rated New Peerperform at Wolfe
* Saipem Reinstated Buy at Intesa Sanpaolo; PT 3 euros (+)
* Shopify Reinstated Outperform at Wolfe; PT C$109.34
* Snap Rated New Peerperform at Wolfe
* Sopra Steria Rated New Buy at Berenberg; PT 238 euros
* Stora Enso Resumed Buy at Nordea; PT 15.20 euros (+)
* Team17 Rated New Outperform at RBC; PT 360 pence
* Uber Rated New Outperform at Wolfe; PT $90
* UPM-Kymmene Resumed Buy at Nordea; PT 37 euros (+)
* Yelp Rated New Peerperform at Wolfe

>>> Call
* BofA Strategists Say ‘Stars Are Aligning’ to Buy Cyclical Stocks
* Experian Makes Strong Start But Valuation Still Elevated: RBC (+)
* Gjensidige Downgraded at Berenberg on Higher Claims Volatility
* Scor Profit Warning Creates Overhang, Morgan Stanley Says
* Ofwat Enforcement Case to Weigh on UK Water Utility Shares: RBC (+)

>>> Stoxx 600 Pre-Market Indications

  • Equinor (DNQ TH) +0.9%
  • Deutsche Bank (DBK TH) -0.9%
    • Bafin Says Deutsche Bank 2019 Financial Report Had Deficiencies
  • Airbus (AIR TH) -1.1%
  • Zealand Pharma (22Z TH) -1.2%
  • Glencore (8GC TH) -1.2%
  • Zalando (ZAL TH) -1.5%
  • Hugo Boss (BOSS TH) -7.6%
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  • Scor (SDRC TH) -9.1%
    • Scor Profit Warning Creates Overhang, Morgan Stanley Says

>>> TradeGate Pre-Market Indications

DAX:
  • Deutsche Bank (DBK TH) -0.9%
    • Bafin Says Deutsche Bank 2019 Financial Report Had Deficiencies
  • Airbus (AIR TH) -1%
MDAX:
  • Aixtron (AIXA TH) +1.2%
  • Hugo Boss (BOSS TH) -7.6%
    • Hugo Boss Cuts Full-Year Outlook on Weaker Demand: Street Wrap
SDAX:
  • RENK Group AG (R3NK TH) -1.8%
  • Salzgitter (SZG TH) -2.3%
    • JPMorgan cuts rating to neutral: APA