China announces countermeasures against 2 EU banks
UAB Urbo Bankas and AB Mano Bankas would be banned from carrying out transactions and cooperation with organisations and individuals within China, according to a ministry statement.
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Reuters
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- Reuters
India BPCL buys 10 million barrels of US oil via five-month tender, sources say
NEW DELHI, Aug 14 (Reuters) - India's state-run Bharat Petroleum Corp ( opens new tab has awarded a five-month tender for 10 million barrels of U.S. oil to European trader Glencore, two people with knowledge of the matter said, aiding India's efforts to deepen energy ties with Washington. India, the world's third-largest oil importer, is increasing imports from the United States as negotiations for a bilateral trade agreement continue. Under the deal, Glencore will deliver 2 million barrels of WTI Midland crude per month from November to March to the Indian refiner, the sources said, doubling the volume BPCL imported under its previous tender. Indian refiners and traders do not comment on oil trade issues citing confidentiality. The increased imports are expected to support India's efforts to narrow its trade surplus with the U.S., which stood at $45.7 billion last year. Trade tensions between India and the United States have escalated sharply in the last few weeks, with U.S. President Donald Trump imposing a 25% tariff on Indian goods starting August 7 and threatening similar measures over the Asian country's continued purchases of Russian oil. During Prime Minister Narendra Modi's visit to Washington in February, India pledged to raise U.S. energy purchases from $10 billion to $25 billion, with both nations targeting $500 billion in bilateral trade by 2030. Indian refiners have already increased imports of U.S. oil from the spot markets on improved arbitrage economics of sending Atlantic Basin grades to Asia. Refiners also plan to raise imports of cooking gas from the U.S. from 2026, while the federal government is looking at eliminating import tax on propane and liquefied natural gas purchases from the U.S.
Reuters
18 minutes ago
- Reuters
CK Hutchison sees "reasonable chance" of $22.8 bln ports sale going through
HONG KONG, Aug 14 (Reuters) - CK Hutchison ( opens new tab said on Thursday its $22.8 billion ports business sale had a "reasonable chance" of going through after a plan to add a Chinese major strategic investor to the buying consortium, as it tries to navigate through Sino-U.S. tensions. CK Hutchison, based in the Chinese-controlled territory of Hong Kong, has faced heavy criticism from Beijing since unveiling a plan in March to sell 43 ports in 23 countries, including two near the Panama Canal, to a group led by BlackRock (BLK.N), opens new tab and Italian Gianluigi Aponte's family-run shipping firm MSC. President Donald Trump had called for the U.S. to "take back" the Panama Canal, which is used by more than 40% of U.S. container traffic, valued at roughly $270 billion annually, from Chinese influence. CK Hutchison's ports are not on the canal or part of it, however. "We are into a new stage of our deal," group co-managing director and finance director Frank Sixt told analysts at an earnings conference. "There is a reasonable chance that those discussions will lead to a deal that is good for all of the parties, ourselves included. And most importantly, that we'll be capable of being approved by all of the relevant authorities." On July 28, the conglomerate said it was in talks to include a Chinese "major strategic investor" in the bid for its ports, and that it would allow as much time as needed to secure approval in relevant jurisdictions. On Thursday, Sixt said these included China, the U.S., Britain and the European Union. He said the talks were taking much longer than expected but that this was "not particularly troublesome" because the port business had delivered stronger earnings and cash flow this year than expected. Sources have said the investor is COSCO ( opens new tab - one of the world's dominant, vertically integrated marine transportation firms. They said COSCO wanted a bigger stake while the other parties were keen to keep it a minority. The inclusion of a Chinese investor would alleviate Beijing's security concerns and have its blessing, the sources and other experts have said. COSCO did not respond to a request last month for comment. Thursday's results conference was the first opportunity for analysts to quiz management about the ports deal. But chairman Victor Li, eldest son of Hong Kong's richest man, Li Ka-shing, who took over the conglomerate from his father, was missing for the first time, as was deputy chairman Canning Fok. Also unusually, CK Hutchison did not brief analysts or media about its 2024 earnings when it released them in March. Its shares closed down 0.4% on Thursday ahead of the results, in line with the Hang Seng Index (.HSI), opens new tab. The conglomerate posted an 11% rise in first-half underlying profit to HK$11.3 billion ($1.44 billion) on a post-IFRS 16 basis. UBS had forecast a 6% rise. However, including one-time non-cash accounting loss, notably from the merger of 3UK and Vodafone UK, net profit dropped 92% year-on-year to HK$852 million. The company said global trade and consumer demand affecting its ports business would remain volatile in the second half due to uncertainty over trade disputes and geopolitical risks. ($1 = 7.8474 Hong Kong dollars)
Reuters
18 minutes ago
- Reuters
Publicis sues India antitrust body for denying case files in ad agencies probe
NEW DELHI, Aug 14 (Reuters) - Publicis has sued India's antitrust watchdog for denying access to case files in a high-profile price-fixing investigation of ad agencies, after the French group failed to get the probe stalled until it could review the documents, court filings show. The Competition Commission of India (CCI) shook India's near-$30 billion media and entertainment sector in March with dawn raids at WPP's (WPP.L), opens new tab GroupM, Dentsu (4324.T), opens new tab, Publicis ( opens new tab, Omnicom (OMC.N), opens new tab and many other agencies over suspected collusion over publicity rates and discounts. Details of cartel cases are kept confidential in India, but Reuters has reported that the CCI's initial assessment found the firms used a WhatsApp group to coordinate and agree on pricing, entered into secret pacts, and colluded with broadcasters to deny business to agencies that didn't comply. Concerned the CCI has not responded to its requests in recent months to provide access to case files, Publicis approached the Delhi High Court on August 11 asking judges to order the watchdog to accede to its requests, according to its non-public filing reviewed by Reuters on Thursday. Publicis and its employees in India are "unable to understand the allegations against them and prepare a defence in the absence of the case records", it said in the filing. The CCI did not respond to Reuters queries, and the court is likely to hear Publicis' case next week. The filing was made by TLG India, which its court papers said "is the legal entity that houses majority of the advertising business of the Publicis group in India". The antitrust investigation was triggered by Dentsu disclosing alleged industry malpractices to the CCI in February 2024 under the regulator's leniency program, which allows lesser penalties for firms that share evidence of malpractice. Publicis is the first company to file a lawsuit related to the high-profile CCI investigation in court. Filings showed the company urged the CCI in July that "further investigation remain in abeyance till" it is granted inspection of case records. CCI investigations typically take several months. The regulator has powers to impose financial penalties on the media agencies of up to three times their profit or 10% of an Indian entity's global turnover, whichever is higher, for each year of wrongdoing. Publicis' court filing also showed the CCI in July asked for a brief note from the company about its business model, and how operations are coordinated with the parent entity. On August 4, the CCI issued summons to Publicis' South Asia chief Anupriya Acharya to appear before investigators, and provide documents such as copies of key contracts involving Publicis and its Indian entities, including on revenue sharing. Acharya did not respond to Reuters queries, and Publicis has asked the court to quash the summon.
