Latest news with #970
New Straits Times
a day ago
- Sport
- New Straits Times
Kunlavut to become first Thai men's singles world No.1
KUALA LUMPUR: Kunlavut Vitidsarn will become the first Thai men's singles player to reach the world No. 1 spot following his emphatic win at the Singapore Open on Sunday. The 24-year-old reigning world champion crushed China's world No. 15 Lu Guang Zu 21-6, 21-10 in just 37 minutes to capture his fourth title of the year. "I'm having a great run this season, and to be the new world No. 1 is an honour," said Kunlavut. Currently ranked No. 2, Kunlavut has amassed 97,179 points — enough to leapfrog China's Shi Yu Qi (95,117), who dropped significant points after failing to defend his Super 750 crown. The Singapore win earned Kunlavut US$70,000 (RM297,970), while runner-up Lu Guang Zu pocketed US$34,000 (RM144,729). Kunlavut's rise has been nothing short of spectacular. The Chonburi-born shuttler was a three-time world junior champion before becoming Thailand's first men's singles world champion in 2023 and clinching Olympic silver in Paris last year. This season, Kunlavut has claimed titles at the Indonesia Masters, Badminton Asia Championships and the Thailand Open — and now adds the Singapore Open to his growing collection, taking his career tally to seven. Given his red-hot form, Kunlavut is widely tipped to win his first Super 1000 title at the Indonesia Open, which begins in Jakarta on Tuesday. The new world rankings will be released on Tuesday.
Time of India
5 days ago
- Business
- Time of India
Cotton MSP hiked by 589, taking rates to 7,710-8,110/q
Nagpur: The govt has increased the minimum support price (MSP) for cotton, the major crop of the region, by Rs589. This takes the rates for long staple cotton to Rs8,110 a quintal and Rs7,710 per quintal for the medium staple grade. A section of farmers and activists said it was expected that MSP will be taken to at least Rs8,500 a quintal. According to govt calculations, cost of cultivation per quintal of cotton comes to Rs5,140. Against this, MSP of Rs8,110 leaves margin of Rs2,970 on each quintal of long staple cotton. Charudutta Mayee, ex-director of Central Institute of Cotton Research (CICR), said, "MSP should have been fixed at Rs8,500 a quintal to leave a decent profit for farmers." MSP for soyabean, the second major crop, has been increased by Rs436 to Rs5,328 a quintal. Rates of tur have been hiked by Rs450, taking it to Rs8,000 a quintal. The MSP for paddy has been hiked by Rs69, taking it to Rs2,369 a quintal.
Gulf Insider
24-05-2025
- Gulf Insider
Bahrain: Mining Rig Deal Goes Bust, Court Orders BD10,000 Refund
A protracted court battle over an undelivered cryptocurrency mining rig ended with the High Civil Court ordering the seller to refund around BD10,000. The incident leading to the case started three years ago when the victim ordered a cryptocurrency mining machine from a woman for BD9,970. However, the deal signed in December 2021 was never fulfilled, where the machine was originally promised to be delivered in February the following year. A receipt, dated and signed and bearing the stamp of her sole proprietorship, confirmed the sum had changed hands. According to the claimant's lawyer, Mohammed Al Mahdi, his client waited well past the deadline before sending a notice asking for the machine. There was no reply. He then took the matter to the Consumer Protection Directorate, which referred the case to the Public Prosecution. Representative picture The woman was fined BD1,000 under a criminal order. She objected. Her objection was dismissed by the Lower Criminal Court, which upheld the fine. The buyer submitted the ruling along with records of the deal as part of the civil claim. In its judgment, the court said the criminal order, having gone unchallenged within the legal time frame, carried weight in civil proceedings. The facts, it said, were settled. The machine was neither delivered nor refunded, and the evidence was clear. The woman had not disputed the receipt or the amount. The court ruled she must pay back BD9,970 and cover the cost of the case, including legal fees.
Daily Tribune
24-05-2025
- Daily Tribune
Mining rig deal goes bust: Court orders BD10,000 refund
A protracted court battle over an undelivered cryptocurrency mining rig ended with the High Civil Court ordering the seller to refund around BD10,000. The incident leading to the case started three years ago when the victim ordered a cryptocurrency mining machine from a woman for BD9,970. However, the deal signed in December 2021 was never fulfilled, where the machine was originally promised to be delivered in February the following year. A receipt, dated and signed and bearing the stamp of her sole proprietorship, confirmed the sum had changed hands. According to the claimant's lawyer, Mohammed Al Mahdi, his client waited well past the deadline before sending a notice asking for the machine. There was no reply. He then took the matter to the Consumer Protection Directorate, which referred the case to the Public Prosecution. Representative picture The woman was fined BD1,000 under a criminal order. She objected. Her objection was dismissed by the Lower Criminal Court, which upheld the fine. The buyer submitted the ruling along with records of the deal as part of the civil claim. In its judgment, the court said the criminal order, having gone unchallenged within the legal time frame, carried weight in civil proceedings. The facts, it said, were settled. The machine was neither delivered nor refunded, and the evidence was clear. The woman had not disputed the receipt or the amount. The court ruled she must pay back BD9,970 and cover the cost of the case, including legal fees.
Business Wire
15-05-2025
- Business
- Business Wire
Phillips 66 announces agreement to divest majority interest in Germany and Austria retail marketing business
HOUSTON--(BUSINESS WIRE)--Phillips 66 (NYSE:PSX) announced today that its subsidiary, Phillips 66 Continental Holding GmbH, has entered into a definitive agreement to divest a 65 percent interest in its Germany and Austria retail marketing business, including JET-branded sites, to a consortium owned by subsidiaries of investment firms Energy Equation Partners and Stonepeak. Phillips 66 will retain a non-operated 35 percent interest in the business through a newly formed joint venture. 'This transaction advances our strategy to optimize our portfolio and enhances long-term shareholder value,' said Mark Lashier, chairman and CEO of Phillips 66. 'The newly formed joint venture allows us to monetize this non-core asset while retaining the ability to benefit from its future growth.' The transaction values the Germany and Austria retail marketing business at an enterprise value of approximately €2.5 billion (approximately $2.8 billion), representing an implied Enterprise Value/EBITDA multiple of 9.1x based on expected 2025 EBITDA. Phillips 66 expects to receive pre-tax cash proceeds of approximately €1.5 billion (approximately $1.6 billion), after customary purchase price adjustments. The proceeds will be used to support the company's strategic priorities, including debt reduction and shareholder returns. In connection with the transaction, Phillips 66 will enter into a multi-year agreement to continue to supply the business with products from the Mineraloelraffinerie Oberrhein GmbH & Co. KG (MiRO) Refinery. The Germany and Austria retail business includes 970 sites, of which 843 are JET-branded sites. The transaction is expected to close in the second half of 2025, subject to regulatory approvals and other customary conditions. About Phillips 66 Phillips 66 (NYSE: PSX) is a leading integrated downstream energy provider that manufactures, transports and markets products that drive the global economy. The company's portfolio includes Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels businesses. Headquartered in Houston, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future. For more information, visit or follow @Phillips66Co on LinkedIn. Cautionary Statement for the Purposes of the 'Safe Harbor' Provisions of the Private Securities Litigation Reform Act of 1995 — This news release contains forward-looking statements within the meaning of the federal securities laws. Words such as 'anticipated,' 'estimated,' 'expected,' 'planned,' 'scheduled,' 'targeted,' 'believe,' 'continue,' 'intend,' 'will,' 'would,' 'objective,' 'goal,' 'project,' 'efforts,' 'strategies,' 'priorities' and similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management's expectations, estimates and projections as of the date they are made. These statements are not guarantees of future events or performance, and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: the possibility that Phillips 66 may not fully realize the expected benefits of the announced transaction; the risk of any unexpected costs or expenses resulting from the announced transaction; changes in governmental policies relating to NGL, crude oil, natural gas, refined petroleum or renewable fuels products pricing, regulation or taxation, including exports; the company's ability to timely obtain or maintain permits, including those necessary for capital projects; fluctuations in NGL, crude oil, refined petroleum products, renewable fuels, renewable feedstocks and natural gas prices, and refined product, marketing and petrochemical margins; the effects of any widespread public health crisis and its negative impact on commercial activity and demand for the company's products; changes to government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs including the renewable fuel standards program, low carbon fuel standards and tax credits for biofuels; liability resulting from pending or future litigation or other legal proceedings; liability for remedial actions, including removal and reclamation obligations under environmental regulations; unexpected changes in costs or technical requirements for constructing, modifying or operating the company's facilities or transporting its products; the company's ability to successfully complete, or any material delay in the completion of, any asset disposition, acquisition, shutdown or conversion that it may pursue, including receipt of any necessary regulatory approvals or permits related thereto; unexpected technological or commercial difficulties in manufacturing, refining or transporting the company's products, including chemical products; the level and success of producers' drilling plans and the amount and quality of production volumes around the company's midstream assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; changes in the cost or availability of adequate and reliable transportation for the company's NGL, crude oil, natural gas and refined petroleum or renewable fuels products; failure to complete definitive agreements and feasibility studies for, and to complete construction of, announced and future capital projects on time or within budget; the company's ability to comply with governmental regulations or make capital expenditures to maintain compliance; limited access to capital or significantly higher cost of capital related to the company's credit profile or illiquidity or uncertainty in the domestic or international financial markets; damage to the company's facilities due to accidents, weather and climate events, civil unrest, insurrections, political events, terrorism or cyberattacks; domestic and international economic and political developments including armed hostilities, such as the war in Eastern Europe, instability in the financial services and banking sector, excess inflation, expropriation of assets, and changes in fiscal policy, including interest rates; international monetary conditions and exchange controls; changes in estimates or projections used to assess fair value of intangible assets, goodwill and properties, plants and equipment and/or strategic decisions or other developments with respect to the company's asset portfolio that cause impairment charges; substantial investments required, or reduced demand for products, as a result of existing or future environmental rules and regulations, including greenhouse gas emissions reductions and reduced consumer demand for refined petroleum products; changes in tax, environmental and other laws and regulations (including alternative energy mandates) applicable to our business; political and societal concerns about climate change that could result in changes to the company's business or increase expenditures, including litigation-related expenses; the operation, financing and distribution decisions of joint ventures that the company does not control; the potential impact of activist shareholder actions or tactics, and other economic, business, competitive and/or regulatory factors affecting the company's businesses generally as set forth in Phillips 66's filings with the Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise. — This news release includes the term 'EBITDA,' which, as used in this release, is a forward-looking non-GAAP financial measure. EBITDA is defined as estimated net income plus estimated net interest expense, income taxes, depreciation and amortization. Net income is the most directly comparable GAAP financial measure. EBITDA estimates depend on future levels of revenues and expenses, which are not reasonably estimable at this time. Accordingly, we cannot provide a reconciliation between projected 2025 EBITDA to net income without unreasonable effort.
