Latest news with #arbitration
Russia Today
2 hours ago
- Business
- Russia Today
Jailed Russian-Armenian tycoon wins lawsuit against Yerevan
A Stockholm arbitration court has blocked the Armenian government from moving forward with plans to nationalize a major electricity supplier owned by a jailed Russian-Armenian billionaire. Samvel Karapetyan was arrested in June on charges of calling for the seizure of power after publicly supporting the Armenian Apostolic Church in its confrontation with Prime Minister Nikol Pashinyan's government. Following his arrest, Pashinyan stated that 'it is time to nationalize' Karapetyan's company Electric Grids of Armenia and called for swift action. The Armenian parliament later passed legislation enabling the state to confiscate the company. In response, the Karapetyan family filed a lawsuit with the Arbitration Institute of the Stockholm Chamber of Commerce (SCC), a tribunal that specializes in commercial and investor-state disputes, invoking a 1995 bilateral investment treaty between Armenia and Cyprus. On Tuesday, the tribunal ruled that Armenia must refrain from enforcing the new laws and from taking any further steps to seize the company. The SCC stated that such measures would make it difficult for the plaintiffs to recover full damages if they lose control over the firm. The decision is binding on the Armenian government. Karapetyan is one of several high-profile figures to have been targeted in Yerevan's recent crackdown on the opposition. Archbishop Bagrat Galstanyan and the head of the Shirak Diocese of the Armenian Apostolic Church, Bishop Mikael Ajapakhyan, have also been detained. Furthermore, earlier this month, an Armenian court ordered the arrest of opposition lawmaker Artur Sarkisyan on charges of conspiring to stage a violent coup. The arrests were in response to a wave of mass protests led by the church and its supporters. Demonstrators accuse Pashinyan of betraying Armenia's national interests by handing over several border villages to Azerbaijan, a move the prime minister has defended as necessary to normalize relations with Baku. Moscow has said it is closely monitoring the developments, especially those concerning Karapetyan, who holds Russian citizenship. Kremlin spokesman Dmitry Peskov reiterated that while the unrest is an internal matter for Yerevan, Moscow wants Armenia to remain 'a prosperous and stable country that is friendly to Russia.'
New York Times
3 hours ago
- Sport
- New York Times
Large contingent of arbitration-eligible Twins weigh trade possibilities: ‘Emotionally torn'
LOS ANGELES — He's on a small-market club with a long list of arbitration-eligible players about to receive significant pay raises. Seeing as the club appears to be a seller, Twins reliever Griffin Jax almost expects he'll be traded before the July 31 trade deadline. Along with All-Star starting pitcher Joe Ryan and closer Jhoan Duran, Jax, who has two-plus seasons of team control remaining, promises to be one of the most discussed Twins over the next week and would certainly bring a windfall if he were traded. Even though the front office intends to listen to offers on the trio, as well as any of the team's eight other arb-eligible players, The Athletic's Ken Rosenthal reports uncertainty surrounding the sale of the team could result in the group staying put. Advertisement Either way, Jax and some of his fellow arb-eligible teammates aren't sure a long-term future with the Twins is in the cards. Jax cited the Twins' 2022 trade of Taylor Rogers and similar deals made by the Milwaukee Brewers, who surrendered Josh Hader and Devin Williams, as reasons he thinks his time in Twins Territory is limited. 'Odds are I'm not going to finish my career here,' Jax said. 'That's just kind of like the trajectory of a lot of high-end relievers. That's typically the path. I'm emotionally torn because a huge part of me wants nothing to do but to spend the rest of my career here. This is basically all they've known. But at the same time, it's exciting to see.' Unless their fortunes turn around quickly, the Twins are likely to deal most of a group of six impending free agents before July 31. Those players earn approximately $34.5 million combined this season. But even with that money coming off the books, the budget will be tight because of an estimated $50 million owed to an arb-eligible group, which includes: Bailey Ober, Ryan Jeffers, Cole Sands, Trevor Larnach, Royce Lewis, Brock Stewart, Justin Topa and Michael Tonkin. 'It's gonna get interesting,' Jeffers said. The internal belief is a large group of suitors would pursue Duran, who was the American League reliever of the month for May, and Jax. Ryan should be extremely popular, too. But Twins are unlikely to move any of the trio unless the return makes a meaningful impact in quick order. Whether pitching-hungry contenders would meet the Twins' excessive price remains to be seen. Of course, none of this would be necessary if the Twins simply played better. 'If we're winning, I think they're going to figure out how to keep all of us in place,' Jeffers said. 'If we are not winning, then maybe they look at ways to reshuffle what's in the locker room. When you're a team that is kind of in a spot to potentially start selling, (trade talk) creeps on your mind more.' Advertisement Twins president Derek Falvey rarely tells opposing teams he won't listen to offers. Listening provides information on players who may be available and can lead to trades down the road. Falvey always notes how the Pablo López trade was the result of talks with the Miami Marlins which occurred ahead of the January 2023 deal. 'We're open to being creative,' Falvey said in December. 'We can't rule anything out before we hear it, no matter who the player is. We'll just be respectful of their process, what they are going through and trying to kick some creative ideas around.' Knowing the realities facing the Twins, Jax is open to entertaining the idea of being traded. Not only would he like to receive a long-term deal, Jax wants to win. Hard as being traded from his only organization would be, securing multiple desires wouldn't bother Jax. 'We know that there's going to be a lot of pieces moved at different times,' Jax said. 'They add and subtract at all times to help boost the major-league roster. … It's a compliment to know that there's other teams out there that really think that I could help push them forward. It's sad, but at the same time, it's exciting.' Three big innings from the offense and an all-out effort by the pitching staff propelled the Twins to a big victory on Tuesday. Christian Vázquez and Royce Lewis each drove in three runs, Carlos Correa scored four times and the Twins received enough from seven pitchers to top the Los Angeles Dodgers 10-7 at Dodger Stadium. Ty France also scored three runs for the Twins, who gained a game in the wild-card race and leap frogged one team in the standings. With the victory, the Twins moved back to within four games of the third-place Boston Red Sox, one of five teams ahead of them for the final wild-card spot. Advertisement 'That's the type of quality winning baseball we need,' pitcher Simeon Woods Richardson said. 'Sometimes it takes everybody to grab an oar and get in the boat together and paddle. Great team win.' Working lengthy, patient plate appearances, the Twins jumped on All-Star pitcher Yoshinobu Yamamoto in the second inning. Correa singled and France walked, which led to an RBI fielder's choice by Lewis. One out later, Vázquez hit a booming double to drive in two runs and make it 3-0. Though they didn't score again versus Yamamoto, the Twins drove up his pitch count and he exited after five innings. The Twins then took advantage of a wild and beat-up Dodgers bullpen, scoring seven runs over the final four innings. They tagged Los Angeles relievers Ben Casparius and Will Klein for three runs each after each walked three batters. Lewis forced in a run with a walk in the sixth inning and Vázquez singled in another as the Twins grabbed a 6-3 lead. They stretched the lead to 9-5 in the seventh when Edgardo Henriquez fielded Lewis's bases-loaded nubber and threw it away, which cleared the bases. TWINS CAPITALIZE!!! — (@twinstv) July 23, 2025 Correa and France each doubled in the ninth inning, which led to another run. 'We stayed very disciplined,' Twins manager Rocco Baldelli said. 'We tried to just force them into the zone. I think our guys were watching the game, paying attention to other guys' at-bats, and then taking those thoughts to the plate themselves. And when we did get some pitches, we hit pitches good too. … There was a lot of nodding and approval in the dugout.' The sixth of seven Twins pitchers, reliever Anthony Misiewicz tweaked his pectoral muscle in the eighth inning. Working with a four-run lead, Misiewicz walked the first batter he faced and was removed after Baldelli spotted him react poorly to a warmup pitch during an instant replay challenge. Advertisement The injury resulted in Jhoan Duran closing out the contest with two innings pitched. Duran surrendered a homer to Shohei Ohtani, the first he'd yielded since June 21, 2024. Luke Keaschall started at designated hitter for a fourth straight game, finishing 1-for-4 on Tuesday in Triple-A St. Paul's loss. Keaschall is 4-for-16 with three walks during his rehab assignment. … Ober threw a bullpen session Tuesday and will make another rehab start with St. Paul on Friday. (Photo of Griffin Jax: Stephen Maturen / Getty Images)
Yahoo
a day ago
- Business
- Yahoo
Former NFLPA President JC Tretter Resigns in Latest Union Shakeup
Former NFL Players Association president JC Tretter won't be the union's next executive director. Instead, the candidate to replace Lloyd Howell, who resigned on Thursday, said he's leaving the PA 'in the coming days.' Speaking to CBS Sports, Tretter expressed frustration at recent reporting and criticism of his tenure. The former Packers and Browns center served as NFLPA president from 2020 to 2024, presiding over Howell's hiring by the NFL's representative board in 2023. Following his time atop the organization, Tretter was hired in October to serve as chief strategy officer. More from NFLPA Head Lloyd Howell Resigns After Union Controversies NFLPA Fires Arbitrator Who Ruled on JC Tretter 'Fake Injuries' Case Sporticast 466: The Home Run Derby's Slam Dunk Contest Problem 'I think a lot of the attacks on me came from inside the building over the last six weeks,' Tretter said in his CBS Sports interview. 'And I don't want to walk inside that building anymore.' In June, some players called out union leadership for its handling of a January arbitration ruling that found 'a clear preponderance' of evidence that NFL voices advised teams to avoid giving players guaranteed contracts following Deshaun Watson's unprecedented $230 million deal. The ruling was reportedly kept secret from union membership. The NFLPA has said it will appeal the decision, which found that owners didn't collude to suppress player salaries. 'It's clear that my leadership has become a distraction to the important work the NFLPA advances every day,' Howell wrote in his resignation statement on the same day that reports emerged of him filing expense reports tied to visits to strip clubs. In the arbitration ruling that was previously kept secret, Tretter was found to have criticized quarterback Russell Wilson for his decision to sign a non-guaranteed contract offer from the Broncos. The NFL also previously won a grievance case against the union after Tretter mentioned the possibility of individual players faking injuries as part of their efforts to negotiate new contracts. On Friday, Ben Volin of the Boston Globe reported on X that NFL players were sharing a text message that asked, 'When will the players rise up and hold Tretter accountable for all this?' Still, The Athletic reported Friday that Tretter was one of the likely contenders to replace Howell, at least on an interim basis. NBC Sports and the Pablo Torre Finds Out podcast have speculated that Tretter might have been scheming to take the top job for some time. According to CBS Sports, former players and longtime union affiliates Don Davis and Zamir Cobb remain candidates for the executive director role. The NFLPA is expected to name a successor in the coming days. The union declined to comment on Tretter's decision. 'I'm not resigning in disgrace,' Tretter said to CBS Sports. 'I'm resigning because this has gone too far for me and my family, and I've sucked it up for six weeks. And I felt like I've been kind of left in the wind taking shots for the best of the organization.' The departures come months after an ESPN report that federal prosecutors were investigating financial deals tied to licensing company OneTeam Partners, which was cofounded by the NFLPA and the MLBPA. Best of Tennis Prize Money Tracker: Which Player Has Earned the Most in 2025? Browns Officially Get Public Money for New Stadium in Ohio Budget WNBA Franchise Valuations Ranking List: From Golden State to Atlanta
Reuters
a day ago
- Business
- Reuters
Spain's Enagas swings to first-half net profit
MADRID, July 22 (Reuters) - Spanish gas grid operator Enagas ( opens new tab said on Tuesday it booked a net profit of 176 million euros ($205.66 million) in the first half of the year, helped by gains from a disposal and the upwards revision of the amount it was awarded in an arbitration on an investment in Peru. In the same period last year, the company had a loss of 211 million euros, dragged by a capital loss on the sale of an asset in the U.S. The company said it is on track to achieve its profit target for the year. ($1 = 0.8558 euros)
Zawya
2 days ago
- Business
- Zawya
Chevron wins Exxon case but loses time, oil and billions
Exxon Mobil has lost its arbitration challenge to block Chevron's $55 billion Hess acquisition deal, but the top U.S. oil producer managed to delay the tie-up by over a year, costing its rival billions in lost Guyana oil revenue and slowing integration. Chevron's deal, first announced in October 2023, closed on Friday after a drawn-out dispute over Hess's 30% stake in Guyana's Stabroek block, the most attractive asset in its portfolio. The offshore oilfield holds more than 11 billion barrels of oil and is one of the fastest-growing oil production regions in the world. The No. 2 U.S. oil producer had originally targeted a mid-2024 close for the deal. Exxon, which operates the Guyana project and holds a 45% stake along with Hess and CNOOC, challenged the merger through arbitration, citing a right of first refusal on Hess's Guyana assets. "The delay kept roughly 180,000 barrels per day (bpd) of Hess oil, about $6-7 billion in gross sales and $3 billion in profit, just from Guyana's Stabroek Block sailing past Chevron's till in 2024, because those barrels kept flowing to Hess while the lawyers argued," said Michael Ashley Schulman, chief investment officer at Running Point Capital. Chevron's deal was part of the biggest wave of consolidation in the oil industry for over 20 years and was a strategic counter to Exxon's own blockbuster deal and growing position in the Permian. For Chevron CEO Michael Wirth, acquiring Hess and its stake in Guyana was central to his strategy for the company's future growth. That strategy had been in limbo during the arbitration, turning what was initially expected to be a clean, timely win for Chevron into a high-stakes challenge for Wirth, who had already lost one major deal. He abandoned his takeover bid for Anadarko Petroleum in 2019 after being outmanoeuvred by Occidental Petroleum's higher offer. OVERHANG ON CHEVRON'S STOCK With the Hess deal now closed, Chevron said it expects to realize $1 billion in run-rate cost synergies by the end of 2025 and will cut jobs due to overlapping roles between the two companies. Chevron is in the midst of laying off up to 20% of its global workforce, has faced a rise in safety issues, and its operations in Venezuela have been caught in a geopolitical crossfire. "For Chevron, this favorable ruling helps the major avoid other time-consuming (and likely costly) approaches for inorganic growth," said Atul Raina, vice president at Rystad Energy. "Had the ruling gone in favor of Exxon Mobil and CNOOC, Chevron would then have had to look for growth opportunities elsewhere ... this would have most likely translated into Chevron paying large premiums for buying premier U.S. shale assets that move the needle for the major," Raina added. During the arbitration, Chevron had prepared for the integration of Hess business, purchasing $2.2 billion in Hess shares and issuing $5.5 billion in long-term debt, according to Jefferies analysts. The arbitration itself was also costly, Schulman said. "Add an estimated $50-100 million in arbitration fees and white-shoe billable hours, and you start to see why Mike Wirth's victory lap feels a bit like winning the Indy 500 on three tires," said Schulman. By contrast, Exxon's own $60 billion acquisition of Pioneer Natural Resources, announced the same month as Chevron's deal, closed by May 2024. That deal gave Exxon a bigger position as a shale producer in the top U.S. oilfield, the Permian basin. Since announcing the Hess deal, Chevron shares have declined about 9%. Exxon's stock is up just over 1% since unveiling its Pioneer acquisition, a divergence reflecting investor sentiment around timing and execution. Some of that gap was closed on Friday as Chevron stock fell nearly 1% while Exxon fell nearly 3%. RBC analyst Biraj Borkhataria said the arbitration had clearly been an overhang on Chevron's stock, with many investors choosing to stay on the sidelines during the drawn-out process. "Investor sentiment has shifted multiple times over the last eighteen months, usually based on either Exxon or Chevron commentary at industry conferences, both expressing how 'confident' they were of winning," Borkhataria said in a note.
