Russian subsidiary of Japan's Sony liquidated, company filings show
Hundreds of foreign companies have left Russia since Moscow's February 20202 invasion of Ukraine, by selling, handing the keys to existing managers, or abandoning assets.
Sony paused its operations in Russia soon after the start of the war.
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CNA
3 hours ago
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Oil maintains gains ahead of Trump-Putin summit
Oil prices nudged higher on Friday to fresh one-week highs after U.S. President Donald Trump warned of "consequences" if Russia blocked a Ukraine peace deal, injecting concerns about supply. Sentiment was also boosted by strong economic data out of Japan, which is among the largest global crude importers. Brent crude futures gained 16 cents, or 0.2 per cent, to $67.00 a barrel by (0017 GMT). U.S. West Texas Intermediate crude futures were up 14 cents, also 0.2 per cent, to $64.10. All eyes are on Friday's meeting of Trump and Russian leader Vladimir Putin in Alaska where a ceasefire in the Ukraine war is at the top of the agenda. A continued conflict between Russia and Ukraine supports oil markets by limiting the supply of Russian oil. Trump, however, also said he believes Russia is prepared to end the war in Ukraine. Fresh Japanese government data released on Friday showed the economy expanded an annualised 1.0 per cent in the April-June quarter, compared with a median market forecast for a 0.4 per cent increase. The rise in gross domestic product (GDP) translated into a quarterly increase of 0.3 per cent, compared with a median estimate of a 0.1 per cent increase. Strong economic activity typically spurs oil consumption. Prospects of higher-for-longer U.S. interest rates, however, kept oil prices from rising further. Higher-than-expected inflation data and weak jobs numbers out of the U.S. raised concerns that the Federal Reserve would keep interest rates high, usually a dampener of oil consumption.
CNA
6 hours ago
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Oil prices rise ahead of US-Russia summit as stocks digest inflation data
NEW YORK: Wall Street stocks finished little changed Thursday (Aug 14) as markets absorbed a disappointing inflation report, while oil prices shot higher on the eve of a US-Russia summit on Ukraine. After a negative start, major US indices worked their way back up to even following July wholesale price data. The producer price index rose 0.9 percent on a month-on-month basis, much greater than analysts expected following benign consumer pricing data earlier this week. "The large spike in the Producer Price Index (PPI) this morning shows inflation is coursing through the economy, even if it hasn't been felt by consumers yet," said Chris Zaccarelli, chief investment officer for US-based Northlight Asset Management. Zaccarelli called the report a "most unwelcome surprise," adding that it is "likely to unwind some of the optimism of a 'guaranteed' rate cut next month" from the Federal Reserve. However, futures markets still were betting on a quarter point interest rate decrease, but the PPI data likely means a large half-point rate cut is "off the table," said Jack Ablin of Cresset Capital Management. All three major US indices finished within 0.1 percent of their start points. In Europe, the main markets in Paris, Frankfurt and London registered positive figures by the close of trading. London rallied back into the green from an earlier slump as data showed the UK economy had slowed in the second quarter, though less than feared, as Trump's tariffs came into effect. Meanwhile, oil prices finished up around two percent as traders nervously awaited US President Donald Trump's summit with Russian President Vladimir Putin amid fears by European leaders that Putin will cajole Trump into a settlement imposed on Ukraine. But oil traders are worried about a different outcome: "that if the meeting doesn't go well, we'll see stronger sanctions on Russian oil thereby depriving the world of or making it much difficult for this oil to get to the market," said Stephen Schork of the Schork Group. The market is "very nervous," Schork added. Among individual companies, Intel surged 7.4 percent following a Bloomberg News report that Trump is considering an investment in the beleaguered chip company in exchange for a government stake.
CNA
9 hours ago
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Trump says Putin ready to make deal on Ukraine, US hopes to include Zelenskyy
MOSCOW/LONDON/KYIV: US President Donald Trump said on Thursday (Aug 14) he thought Vladimir Putin was ready to make a deal on ending his war in Ukraine after the Russian president floated the prospect of a nuclear arms agreement on the eve of their summit in Alaska. Ukrainian President Volodymyr Zelenskyy and his European allies have intensified their efforts this week to prevent any deal between the US and Russia emerging from Friday's summit that leaves Ukraine vulnerable to future attack. "I think he's going to make a deal," Trump said in a Fox News radio interview, adding that if the meeting went well, he would call Zelenskyy and European leaders afterwards, and that if it went badly, he would not. The aim of Friday's talks with Putin is to set up a second meeting including Ukraine, Trump said, adding: "I don't know that we're going to get an immediate ceasefire." Putin earlier spoke to his most senior ministers and security officials as he prepared for a meeting with Trump in Anchorage, Alaska, on Friday that could shape the endgame to the largest war in Europe since World War Two. In televised comments, Putin said the US was "making, in my opinion, quite energetic and sincere efforts to stop the hostilities, stop the crisis and reach agreements that are of interest to all parties involved in this conflict." This was happening, Putin said, "in order to create long-term conditions for peace between our countries, and in Europe, and in the world as a whole - if, by the next stages, we reach agreements in the area of control over strategic offensive weapons." His comments signalled that Russia will raise nuclear arms control as part of a wide-ranging discussion on security when he sits down with Trump. A Kremlin aide said Putin and Trump would also discuss the "huge untapped potential" for Russia-US economic ties. A senior Eastern European official, who requested anonymity to discuss sensitive matters, said Putin would try to distract Trump from Ukraine at the talks by offering him possible progress on nuclear arms control or something business-related. "We hope Trump won't be fooled by the Russians; he understands all (these) dangerous things," the official said, adding that Russia's only goal was to avoid any new sanctions and have existing sanctions lifted. 'LIKE A CHESS GAME' Trump said there would be a press conference after the talks, but that he did not know whether it would be joint. He also said there would be "a give and take" on boundaries and land. "The second meeting is going to be very, very, very important. This meeting sets up like a chess game. This (first) meeting sets up a second meeting, but there is a 25 percent chance that this meeting will not be a successful meeting," he said. Trump said it would be up to Putin and Zelenskyy to strike an agreement, saying: "I'm not going to negotiate their deal." Russia controls around a fifth of Ukraine, and Zelenskyy and the Europeans worry that a deal could cement those gains, rewarding Putin for 11 years of efforts to seize Ukrainian land and emboldening him to expand further into Europe. An EU diplomat said it would be "scary to see how it all unfolds in the coming hours. Trump had very good calls yesterday with Europe, but that was yesterday." Trump had shown willingness to join the security guarantees for Ukraine at a last-ditch virtual meeting with European leaders and Zelenskyy on Wednesday, European leaders said, though he made no public mention of them afterwards. Friday's summit, the first Russia-US summit since June 2021, comes at one of the toughest moments for Ukraine in a war that has killed tens of thousands and displaced millions since Russia's full-scale invasion in February 2022. Speaking after Wednesday's meeting, French President Emmanuel Macron said Trump had said the transatlantic NATO alliance should not be part of any security guarantees designed to protect Ukraine from future attacks in a post-war settlement. However, Trump also said the US and all willing allies should be part of the security guarantees, Macron added. Expanding on that, a European official told Reuters that Trump said on the call he was willing to provide some security guarantees for Europe, without spelling out what they would be. It "felt like a big step forward," said the official, who did not want to be named. It was not immediately clear what such guarantees could mean in practice. On Wednesday, Trump threatened "severe consequences" if Putin does not agree to peace in Ukraine and has warned of economic sanctions if his meeting on Friday proves fruitless.
