logo
EU-sanctioned Indian refiner Nayara takes Microsoft to court over outage

EU-sanctioned Indian refiner Nayara takes Microsoft to court over outage

Reuters28-07-2025
NEW DELHI, July 28 (Reuters) - Russia-backed Indian refiner Nayara Energy Monday said it has started legal proceedings against Microsoft (MSFT.O), opens new tab following the abrupt and unilateral suspension of critical services by the U.S.-headquartered software giant.
"Microsoft is currently restricting Nayara Energy's access to its own data, proprietary tools, and products—despite these being acquired under fully paid-up licenses," the refiner said in a statement.
Nayara, a major buyer of Russian oil, was recently sanctioned by the European Union as the refinery is majority-owned by Russian entities, including oil major Rosneft (ROSN.MM), opens new tab.
Microsoft last Tuesday halted services for Nayara Energy, sources familiar with the matter said, adding that the company's employees' Outlook email accounts and Teams have not been working.
Microsoft declined to comment on the issue.
Nayara Energy has filed a petition before Delhi High Court seeking an interim injunction and resumption of services to safeguard its rights and ensure continued access to essential digital infrastructure, the company said.
It said Microsoft had not consulted the company before withdrawing the services.
"This action has been taken unilaterally, without prior notice, consultation or recourse, and under the guise of compliance," it said.
Since the imposition of EU sanctions against Nayara, at least two tankers skipped loading refined products from Vadinar and one crude tanker carrying Russian Urals was diverted.
Its chief executive resigned and the company had to appoint Sergey Denisov as CEO.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Dozens more countries face higher taxes as Trump tariffs come into force
Dozens more countries face higher taxes as Trump tariffs come into force

The Independent

time10 minutes ago

  • The Independent

Dozens more countries face higher taxes as Trump tariffs come into force

New tariff rates, initiated under US President Donald Trump 's administration, came into effect on Thursday, marking a significant shift in global trade policy. These measures include proposed duties of up to 200 per cent on pharmaceuticals, 100 per cent on computer chips, and 50 per cent on most copper, steel, and aluminium imports. The tariffs announced on 1 August, which apply to 66 countries, Taiwan, and the Falkland Islands, have resulted in billions of dollars in higher costs for companies and increased uncertainty for global exporters. Despite the economic pressures, global financial markets largely took the adjustments in stride, with Asian shares and US futures mostly higher on Thursday. Major trading partners, such as the UK, EU, South Korea, and Japan, have negotiated deals for lower tariff rates to maintain access to the substantial American market.

Germany's industrial output hits lowest since 2020, exports exceed forecasts
Germany's industrial output hits lowest since 2020, exports exceed forecasts

Reuters

time11 minutes ago

  • Reuters

Germany's industrial output hits lowest since 2020, exports exceed forecasts

Aug 7 (Reuters) - Germany's industrial output fell in June to its lowest level since the pandemic in 2020, while exports rose more than expected, official data showed on Thursday. Industrial output dropped 1.9% month-on-month, the federal statistics office said, exceeding the 0.5% decline forecast in a Reuters poll of analysts. Production reached its lowest point since May 2020, when the pandemic triggered a sharp contraction, the office added. A three-month comparison revealed a 1.0% decline in production in the second quarter, marking a return to levels last seen in the first half of 2020. The statistics office also revised the data for May to a 0.1% drop from the previous month, compared with a provisional figure of a 1.2% increase. The office attributed the revision to corrections from establishments in the automotive sector. Separately, German industrial orders fell unexpectedly by 1% in June, marking the second consecutive month of decline due to reduced foreign demand, data released on Wednesday showed. German exports rose 0.8% month-on-month in June, surpassing the 0.5% increase predicted by analysts. Exports to European Union countries increased by 2.4%, while shipments to non-EU nations fell 1.2%, the statistics office said. Exports to the United States dropped 2.1% compared with May, marking a third consecutive monthly decline and reaching their lowest value since February 2022. Germany's export-oriented economy is expected to be badly affected by U.S. tariffs. The U.S. was Germany's biggest trading partner in 2024 with two-way goods trade totaling 253 billion euros. Germany's foreign trade surplus narrowed to 14.9 billion euros ($17.39 billion) in June, down from 18.5 billion euros in May and 20.3 billion euros in June of 2024. ($1 = 0.8566 euros)

SoftBank Group swings to profit in first quarter on market enthusiasm for tech stocks
SoftBank Group swings to profit in first quarter on market enthusiasm for tech stocks

Reuters

time11 minutes ago

  • Reuters

SoftBank Group swings to profit in first quarter on market enthusiasm for tech stocks

TOKYO, Aug 7 (Reuters) - Japanese technology investor SoftBank Group (9984.T), opens new tab on Thursday booked a net profit of $2.87 billion in the first quarter, driven by gains among larger listed investments in its Vision Fund portfolio. The result will likely be welcomed by investors as SoftBank pursues its biggest spending spree since the launch of its Vision Funds in 2017 and 2019, this time making mammoth investments in artificial intelligence companies. Investors and analysts are awaiting updates on how these investments will be financed, the timeline for returns to materialise and whether assets will be sold to fund the new projects. Favourable market conditions for technology companies over the quarter raised valuations of SoftBank's array of startup stakes, potentially fuelling monetisation opportunities that can be directed toward newer investments. SoftBank's Vision Funds hold $45 billion worth of late-stage companies ready to list soon, up from $36 billion at the end of March. The group overall logged a net profit of 421.8 billion yen ($2.87 billion) for the April-June quarter. The result compared with a net loss of 174.3 billion yen for the same period a year earlier and the 127.6 billion yen average profit from three analyst estimates compiled by LSEG. The Vision Fund unit posted an investment gain of 726.8 billion yen ($4.94 billion), around half of which derived from a surge in the share price of South Korean e-commerce firm Coupang (CPNG.N), opens new tab over the quarter. SoftBank is leading a $40 billion funding round for ChatGPT maker OpenAI. SoftBank has until the end of the year to fund its $22.5 billion portion, although the remainder has been subscribed, according to a source familiar with the matter. It is also leading the financing for the Stargate project - a $500 billion scheme to develop data centres in the United States, part of its effort to position itself as the "organiser of the industry," founder Masayoshi Son said in June. SoftBank has yet to release details on what kinds of returns its financing of the Stargate project could generate. The extent of third-party investment will determine what other financing tools, such as bank loans and debt issuance, it may have to deploy. In July, SoftBank raised $4.8 billion by selling off a portion of its holding in T-Mobile (TMUS.O), opens new tab. However SoftBank's performance in exiting from investments and distributing profit has been patchy of late. The Vision Funds have made a cumulative investment gain of just $5 billion out of a total committed capital of $172.2 billion as of the end of June. ($1 = 147.0600 yen)

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store