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☆ Uniper CEO: 2023 saw a 'spectacular recovery' after previous year's energy crisis
▼ + stars: | 2024-02-29 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUniper CEO: 2023 saw a 'spectacular recovery' after previous year's energy crisisMichael Lewis, CEO at Uniper, discusses full-year results, and shares the company's plans for green investment.

Persons: Michael Lewis

FRANKFURT, Germany (AP) — The Dutch parent of pioneering Russian tech company Yandex is selling its operations in the country at a steeply discounted price of just over $5 billion to its Russia-based managers and oil company Lukoil, one of the biggest deals for Western-held companies to exit Russia since the invasion of Ukraine. He subsequently condemned Russia's invasion as “barbaric.” The Nasdaq exchange suspended trading in Yandex shares days after the invasion. After the sale, Yandex NV would be left with its international businesses — employing 1,300 people — including self-driving technology and generative artificial intelligence as well as a data center in Finland. Yandex NV Chairman John Boynton said the company had faced “exceptional challenges” since the start of the war. None of the purchasers have been sanctioned, Yandex NV said, and the cash part of the transaction would be conducted in Chinese yuan outside of Russia.

Persons: Vladimir Putin's, Arkady Volozh, Dmitry Peskov, ”, —, Alexander Chachava, Pavel Prass, Alexander Ryazanov, John Boynton, Boynton, McDonald’s, France’s Renault, Baltika Organizations: Western, Nasdaq, Yandex, Google, Yahoo, European Union, Companies, Baltika Breweries, Danone Locations: FRANKFURT, Germany, Russian, Russia, Ukraine, Moscow, Netherlands, Israel, Finland, Avtovaz, Western

☆ Italy's Eni wins in arbitration case against Uniper -sources
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of Italian energy company Eni is seen at a gas station in Rome, Italy September 30, 2018. REUTERS/Alessandro Bianchi/File Photo Acquire Licensing RightsLONDON/MILAN/FRANKFURT, Nov 27 (Reuters) - Eni has won a $600-million award after an arbitration court decided in the Italian firm's favour and against Germany's Uniper in a row over a liquefied natural gas (LNG) supply contract, three trading sources said. The 2017 annual report by the International Group of LNG Importers (GIIGNL) showed a 15-year contract under which Eni supplied Uniper with 0.65 million tonnes of LNG per annum between 2007 and 2022. Eni was not immediately available for comment. ($1 = 0.9168 euros)Reporting by Marwa Rashad, Francesca Landini and Christoph Steitz Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

Persons: Alessandro Bianchi, Germany's, Uniper, Eni, Marwa Rashad, Francesca Landini, Christoph Steitz, Miranda Murray Organizations: Eni, REUTERS, Sunday, International Chamber of Commerce, E.ON, International Group, Thomson Locations: Rome, Italy, MILAN, FRANKFURT

☆ Sweden plans new nuclear reactors by 2035, will share costs
▼ + stars: | 2023-11-16 | by ( Simon Johnson | ) www.reuters.com time to read: +2 min

By 2045 the government wants to have the equivalent of 10 new reactors, some of which are likely to be small modular reactors (SMRs), smaller than conventional reactors. Energy Minister Ebba Busch said the government was planning a "massive build out" of new nuclear power by 2045. "It's decisive for the green transition, for Swedish jobs and at heart for the welfare of our citizens," she told reporters. Countries like Poland, the Czech Republic, and Britain are looking at expanding nuclear power as societies transition to a fossil-fuel free future. Sweden voted to get rid of nuclear power in 1980, and has only six of an original 12 reactors still in production.

Persons: Tom Little, Ebba Busch, Elisabeth Svantesson, Busch, Finland's, Germany's Uniper, Simon Johnson, Chizu Nomiyama, Elaine Hardcastle Organizations: Rights, Energy, EDF, Thomson Locations: Swedish, Stockholm, Sweden, Rights STOCKHOLM, Poland, Czech Republic, Britain

☆ Carlsberg would rather lose its Russian business than negotiate a deal with Moscow, and it shows how hard it is for companies to exit the market
▼ + stars: | 2023-11-02 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

The CEO of Danish brewer Carlsberg says Moscow has "stolen" its business in Russia. Moscow seized Carlsberg's assets in July, weeks after the brewer announced it had found a buyer for its Russian business. Carlsberg said it's cutting ties with its Russian business as it can't find an acceptable solution to resolve the issue. AdvertisementAdvertisementDanish brewer Carlsberg operates eight breweries and employs more than 8,000 people through its Russian unit, Baltika Breweries. However, on July 16, Russia seized Baltika.

Persons: Carlsberg, Moscow, —, Jacob Aarup, Andersen, Dmitry Medvedev, Medvedev, they'd, Baltika, Carlsberg's Organizations: Service, Carlsberg, Baltika Breweries, Carlsberg Group, Financial Times, Russian, Unilever Locations: Moscow, Russia, Carlsberg, Ukraine, British

☆ Uniper swings to $10 billion net profit as gas prices fall
▼ + stars: | 2023-10-31 | by ( Christoph Steitz | ) www.reuters.com time to read: +2 min

A person stands at escalators near the Uniper logo at the utility's firm headquarters in Duesseldorf, Germany, July 8, 2022. REUTERS/Wolfgang Rattay/File Photo Acquire Licensing RightsCompanies Uniper SE FollowGazprom PAO FollowFRANKFURT, Oct 31 (Reuters) - Germany's Uniper (UN01.DE), which was bailed out during Europe's energy crisis, swung to a nine-month net profit of 9.77 billion euros ($10.35 billion), boosted by falling gas prices that positively impacted future provisions. The result compares with a net loss of 40.3 billion euros in the same period last year, when ballooning costs to replace Russian gas threw the company into its biggest crisis ever, triggering a government rescue. The results come a week after Uniper detailed its outlook for 2023, expecting adjusted operating profit (EBIT) of 6 billion to 7 billion euros and full-year adjusted net profit of 4 billion to 5 billion euros. At the end of September, liabilities tied to derivatives, which grow or shrink in line with gas price developments, stood at 26 billion euros, down from 216 billion a year earlier.

Persons: Wolfgang Rattay, Jutta Doenges, Christoph Steitz, Rachel More, Kirsten Donovan Organizations: REUTERS, Gazprom PAO, Gazprom, Thomson Locations: Duesseldorf, Germany, FRANKFURT, Frankfurt, Ukraine

☆ Q+A What is known about the Nord Stream gas pipeline explosions
▼ + stars: | 2023-09-26 | by ( Nerijus Adomaitis | ) www.reuters.com time to read: +8 min

This is what we know so far:WHAT ARE NORD STREAM PIPELINES? The multibillion-dollar infrastructure project was built by Russia's Gazprom (GAZP.MM) in two stages - Nord Stream 1 and Nord Stream 2. Gazprom owns 51% of Nord Stream 1, while Germany's E.ON (EONGn.DE) and Wintershall Dea (WINT.UL) have 15.5% each, while French Engie (ENGIE.PA) and Dutch Gasunie (GSUNI.UL) hold 9% each in Nord Stream 1. Nord Stream 2, fully owned by Gazprom and operated by Nord Stream 2 AG, was completed in September 2021 at a cost of $11 billion, but was never put into operation because Germany had cancelled Nord Stream 2's certification days before Russia's invasion of Ukraine on Feb. 24, 2022. The Nord Stream pipelines have been a flashpoint in an energy dispute between Europe and Moscow since Russia's invasion of Ukraine.

Persons: Pipes, Fabian Bimmer, Wintershall, OMV, Peter Frank, Die, Seymour Hersh, Mats Ljungqvist, Der Spiegel, Der Siegel, BfV, Nerijus Adomaitis, Christoph Steitz, Nina Chestney, Ros Russell Organizations: REUTERS, Rights, Gazprom, Nord, E.ON, Shell, . Security, WHO, Washington Post, Die Welt, . Security Council, Reuters, Street, ZDF, Kyiv, CIA, NDR, WDR, German Federal Intelligence Service, Thomson Locations: Baltic, Mukran, Germany, Rights OSLO, Russia, Swedish, Bornholm, Sweden, Denmark, Nord, Ukraine, Uniper, Washington, NATO, Moscow, Kaliningrad, Russian, Britain ., U.S, Norway, China, Brazil, Rostock, Wiek, Rugen, Danish, Christianso, Kolobrzeg, Poland, Europe, United States, Oslo, Frankfurt

☆ A timeline of 5 major hurdles Russia's imposed on Western firms trying to exit the country
▼ + stars: | 2023-09-08 | by ( Huileng Tan | ) www.businessinsider.com time to read: +7 min

The Russian foreign ministry did not immediately respond to a request for comment from Insider sent outside regular business hours. Some companies trying to exit Russia recently are facing demands of even steeper discounts, Reuters reported on August 25, citing three persons familiar with exit processes for foreign companies. Both firms had been trying to exit Russia for months before the seizures, before the sudden takeover. In July, Moscow targeted the Russian assets of food and beverage giants Danone and Carlsberg for seizures. A month later, in September, Russia demanded foreign banks unfreeze Russian assets if they wanted to exit the market.

Persons: Linklaters, —, Vladimir Putin's, Germany's, Fortum —, Putin, Dmitry Peskov, Alexei Moiseev Organizations: Service, Yale University, Russia, Russian, Novaya Gazeta, Companies, Kremlin, Investors, Danone, Carlsberg, Financial Times, UBS, Credit Suisse —, Zenit Bank, Reuters, Raiffeisen Locations: Russia, Wall, Silicon, Ukraine, London, Russian, Moscow

☆ Uniper CEO: We're living in a more volatile energy pricing environment
▼ + stars: | 2023-09-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUniper CEO: We're living in a more volatile energy pricing environmentMichael Lewis, CEO of Uniper, discusses the outlook for European energy supply and the continent's resilience to potential price volatility.

Persons: Michael Lewis

☆ Factbox: China's incumbent and upcoming LNG traders
▼ + stars: | 2023-08-21 | by ( Chen Aizhu | ) www.reuters.com time to read: +5 min

A liquefied natural gas (LNG) tanker is tugged towards a thermal power station in Futtsu, east of Tokyo, Japan November 13, 2017. Below is a list of China's main gas traders and their operations globally, according to information from company sources and traders. In May, PCI became the first Chinese firm to gain long-term access to gas storage at a European gas terminal. CNOOC also plans to create a London desk in the coming year or two, following PCI and Unipec. Sumitomo Corp (8053.T), which has a desk to trade piped gas in London is considering expanding into LNG trading, said a company spokesperson.

Persons: Issei Kato, Keith Martin, Wang Bingsi, CNOOC, Norinco, ENN, Chen Aizhu, Yuka Obayashi, Florence Tan, Tom Hogue Organizations: REUTERS, Rights, PetroChina International, PCI, London, Gazprom, China National Offshore Oil Company, Gas Co, ENN, LNG, Beijing Gas, Zhejiang Energy, Zhejiang Energy Zhejiang Energy, Exxon Mobil, Mexico, China Gas Holding, China Gas, JOVO Energy, Privately, SOUTH, Mitsubishi Corp, Marubeni Corp, Tokyo Gas, Korea's SK E, Sumitomo Corp, Thomson Locations: Futtsu, Tokyo, Japan, London, Singapore, Beijing, Dubai, Houston, Sinopec, China, Jiangsu province, ENN, U.S, Hebei, Shenzhen, CNOOC, Zhejiang Energy Zhejiang, Zhejiang, Ningbo, Wenzhou, Zhejiang province, HK, Guangxi province, Yantai, Shandong province, Guangdong, Guangzhou, JAPAN, SOUTH KOREA, Asia

Companies Uniper SE FollowGazprom PAO FollowDUESSELDORF, Aug 1 (Reuters) - Uniper (UN01.DE) announced plans on Tuesday to triple its green investments in the coming years as it confirmed strong financial results in the first half driven by favourable market conditions in a turnaround for Germany's bailed-out utility. Uniper said it would invest 8 billion euros ($8.79 billion) through 2030 for its green transformation alone, triple its average annual investments of the past three years. In May, it flagged profits of more than 2 billion euros expected from hedging its gas supply commitments. Expecting no further financial losses from procuring replacement gas volumes, Uniper said on Tuesday no further capital increases from the German state would be necessary. Its credit line from the KfW state lender has been reduced ahead of schedule to 11.5 billion euros from 16.5 billion euros, the company said.

Persons: Germany's, Uniper, Michael Lewis, Vera Eckert, Rachel More, Friederike Heine, Muralikumar Organizations: Gazprom, Thomson

☆ Morning Bid: Testing the 'Goldilocks' view of the global economy
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +2 min

A look at the day ahead in European and global markets from Kevin Buckland. The 'Goldilocks' view that equity investors are taking of the global economy continued into August, as a benchmark of Asian stocks hovered around Monday's 16-month highs. Signs of a peak for European consumer inflation to start the week echoed the narrative in the U.S., where optimism for a soft landing continues to grow. And the Bank of England decision on Thursday could mar the peak rates story for the world's major central banks. The PMI parade continues through the day, with numbers from the euro zone and many of its members, including Germany, as well as from the UK and the U.S.

Persons: Kevin Buckland, Muralikumar Organizations: United, Bank of, PMI, BP, Diageo, Caterpillar, PMIs, U.S ., Italy U.S, ISM, Uniper, Daimler, Deutsche Post U.S, Uber, Pfizer, Merck, Starbucks, AMD, Thomson Locations: U.S, United States, Bank of England, Beijing, Germany, Europe, Sweden, Spain, Italy, France, Tokyo

☆ European markets open lower ahead of slew of earnings
▼ + stars: | 2023-08-01 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

LONDON — European markets opened lower on Tuesday as investors look ahead to a busy week of earnings after logging a winning month in July. The Stoxx 600 opened down 0.1%, with all major bourses and the majority of sectors trading in negative territory. Stateside, U.S. futures traded near the flatline after wrapping up a winning earnings month. Back in Europe, earnings are due from Euroapi, Uniper, Daimler Truck, DHL Deutsche Post, Covestro, BP, HSBC, Travis Perkins and Diageo. Euro zone unemployment data will also be posted.

Persons: Dow, Travis Perkins Organizations: P Global, Nasdaq, Daimler Truck, DHL Deutsche Post, BP, HSBC, Diageo Locations: Asia, Pacific, Europe, Euroapi, Covestro

☆ Factbox: Moscow takes control over assets of Western companies
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +1 min

July 27 (Reuters) - President Vladimir Putin has signed decrees to take temporary control of assets belonging to some Western companies in Russia, in retaliation against foreign moves against Russian companies abroad, and warned in April the Kremlin could seize more. CARLSBERG (CARLb.CO)The Russian state took control of Danish beer company Carlsberg's stake in local brewer Baltika Breweries on July 16, putting it under "temporary management" of government property agency Rosimushchestvo, according to a decree signed by Putin. DANONE (DANO.PA)The Russian state took control of the French yoghurt maker Danone's Russian subsidiary Danone Russia on July 16, according to a decree signed by Putin, and brought it under temporary control of the government property agency. FORTUM (FORTUM.HE)On April 25, Putin signed a decree that established control over the Russian subsidiary of the Finnish utility company Fortum, which operates power plants in Russia. Compiled by Agata Rybska, Greta Rosen Fondahn; Editing by Nick MacfieOur Standards: The Thomson Reuters Trust Principles.

Persons: Vladimir Putin, Putin, Agata Rybska, Greta Rosen Fondahn, Nick Macfie Organizations: CARLSBERG, Baltika Breweries, Putin, DANONE, Danone Russia, Unipro, Thomson Locations: Russia, Russian, Finnish

☆ Why are so many Western firms staying put in Russia, despite the rising risks?
▼ + stars: | 2023-07-26 | by ( Hanna Ziady | ) edition.cnn.com time to read: +6 min

London CNN —When Russia launched its full-scale invasion of Ukraine in February 2022, a slew of Western companies left in protest. Companies now find themselves caught between Western sanctions and public outrage on the one hand, and an increasingly hostile Russian government on the other. The Kremlin is making it more difficult for Western firms to sell their Russian assets — and imposing steep discounts and punitive taxes when they do. Both companies had been finalizing sales to local buyers when President Vladimir Putin signed an order nationalizing their local assets earlier this month. Spurred by sweeping Western sanctions, oil companies, automakers, technology firms, consultancies and banks led the initial wave of departures.

Persons: —, Vladimir Putin, Carlsberg, Maria Shagina, Andrey Rudakov, Konstantin Zavrazhin, Hein Schumacher, Schumacher, ”, ” Procter, Gamble, ” Mondelez, Fortum Oyj, Jeffrey Sonnenfeld, ” Sonnenfeld, — Olesya Dmitracova Organizations: London CNN, Nestlé, Heineken, Companies, Danone, Carlsberg, Breweries, International Institute for Strategic Studies, CNN, Bloomberg, Getty, Yale University, Yale, Unilever, UL, Procter, Gamble, Treasury, Foreign, Control, Carlsberg — Locations: Russia, Ukraine, Lyubuchany, Rosneft, Moscow, Russian

☆ Ukraine seeks to lure global firms from Moscow as Danone and Carlsberg assets seized
▼ + stars: | 2023-07-19 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

Alexander Demianchuk | RussiaUkraine is urging global companies to divest from Russia and relocate to its war-stricken neighbor, as Moscow continues to seize the assets of foreign companies. Sergiy Tsivkach is the CEO of UkraineInvest, a government agency tasked with attracting foreign direct investment to Ukraine and promoting the country as a secure long-term investment option for international business. "It is important to show that the aggressor cannot receive any investments or any operations from international companies." 28, 2022 that it would seek a full disposal of its business in Russia, and signed an agreement on Jun. 'Your war investment could be wiped out'Ukraine's allies pledged nearly $60 billion toward the country's recovery and reconstruction at the Ukraine Recovery Conference in London in June.

Persons: Alexander Demianchuk, Vladimir Putin, Danone, Tsivkach, Carlsberg, UkraineInvest, David Roche Organizations: Carlsberg, CNBC, videolink, Yale School of Management, Danone, Baltika Breweries, Danone Russia, Russian Federal Agency, Rosimushchestvo, Mar, Initiative, Conference, Independent, NATO Locations: Carlsberg, St . Petersburg, Russia, Russia Ukraine, Moscow, Russian, Ukraine, Uniper, Kyiv, London

☆ Putin ordered 2 Western corporate giants to be seized after Kremlin-friendly businessmen expressed an interest in them: report
▼ + stars: | 2023-07-19 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Putin ordered Danone and Carlsberg seized after Kremlin-friendly businessmen expressed interest, per the FT.A Chechen leader and a businessman close to Putin have taken over the companies' assets in Russia. Russia seizing the local operations of Danone and Carlsberg was not the first time the country took control of Western firms. Managers from Rosneft, a state energy company headed by Putin ally Igor Sechin, took over both energy companies. Independent Russian newspaper Novaya Gazeta reported on Thursday, Russian businessmen bought the assets of 110 Western companies "that have fully or partially left Russia" at bargain-bin prices. Danone said in a Sunday statement it was "preparing to take all necessary measures to protect its rights as shareholder."

Persons: Putin, Vladimir Putin, Moscow, Yakub Zakriev, Ramzan Kadyrov —, Taimuraz, Igor Sechin, Ekaterina Kurbangaleeva, Kurbangaleeva, Hassan Malik, Loomis Sayles, Danone, Carlsberg Organizations: Danone, Carlsberg, Kremlin, Observers, Service, Financial Times, Vedomosti, Rosneft, Analysts, Russia's, Independent Russian, Novaya Gazeta, Carnegie Endowment, International, Boston Locations: Russia, Wall, Silicon, Russian, Moscow, Ukraine

London/Atlanta CNN —Moscow has seized control of the Russian subsidiaries of French yogurt maker Danone and Danish brewer Carlsberg, highlighting risks facing foreign firms that continue to do business in the country. The decision follows a decree Putin signed in April that allows the government to place foreign assets in the country under its temporary control if Russian assets abroad are seized or threatened. At the time, the Russian government took control of utilities owned by German energy company Uniper and Finland’s Fortum Oyj. Baltika is one of the largest consumer goods companies in Russia and employs 8,400 people, according to Carlsberg’s website. Andrey Rudakov/Bloomberg/Getty Images/FileDanone (DANOY) is also in the process of selling its Russian business.

Persons: Vladimir Putin, Baltika, Putin, Russia —, ”, Andrey Rudakov Organizations: London, Atlanta CNN —, Danone, Carlsberg, Russian, Heineken, Nestlé, Unilever, UL, Companies, Baltika Breweries, Breweries, Bloomberg, Getty, Danone Russia Locations: Atlanta, Atlanta CNN — Moscow, Russian, Russia, Ukraine, St . Petersburg

☆ Russia ramps up its economic war with the West as it seizes local operations of 2 corporate giants
▼ + stars: | 2023-07-17 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Russia escalated its economic war with the West by seizing local operations of Carlsberg and Danone. They marked the second seizures of Western assets since the Kremlin unveiled a decree in April. To slow the exodus of Western firms out of Russia, the Kremlin previously mandated a steep discount for any firms trying to sell their local operations as well as an exit tax. But the recent seizures of Western assets signal a continued escalation in Russia's economic war with the West, which imposed punishing sanctions on Moscow in 2022 for its war on Ukraine. Meanwhile, 523 of the major firms in the study have permanently withdrawn from Russia, while 503 firms have temporarily suspended operations.

Persons: Vladimir Putin, Germany's Uniper, Danone Organizations: Carlsberg, Danone, Kremlin, Service, Russian, Carlsberg Group, Danone Russia, Yale School of Management Locations: Russia, Wall, Silicon, Danish, Moscow, Ukraine

☆ Moscow takes control of Russian subsidiary of Danone and Carlsberg's stake in brewer
▼ + stars: | 2023-07-16 | by ( ) www.reuters.com time to read: +1 min

MOSCOW, July 16 (Reuters) - The Russian state has taken control of French yoghurt maker Danone's (DANO.PA) Russian subsidiary along with beer company Carlsberg's (CARLb.CO) stake in a local brewer, according to a decree signed by President Vladimir Putin on Sunday. The decree said that foreign-owned stakes in Danone Russia and Baltika Breweries were being put under the "temporary management" of government property agency Rosimushchestvo. The move comes after the Russian subsidiaries of Germany's Uniper (UN01.DE) and Finland's Fortum (FORTUM.HE) were taken under state control in April. The decree published on Sunday also said that Danish brewer Carlsberg's stake in Russian-based Baltika Breweries had been put under state management. Carlsberg said in June it had signed an agreement to sell its Russian business, subject to regulatory approvals.

Persons: Vladimir Putin, Finland's, Danone, Carlsberg's, Carlsberg, Caleb Davis, Darya, Andrew Osborn Organizations: Sunday, Danone Russia, Baltika Breweries, Danone, Carlsberg, Thomson Locations: MOSCOW, Russian, Russia

☆ Britain puts coal plant on standby as warm temperatures ramp up demand
▼ + stars: | 2023-06-12 | by ( Susanna Twidale | ) www.reuters.com time to read: +2 min

[1/2] Steam and smoke billow from the Ratcliffe-on-Soar coal-fired power station near Nottingham, Britain, December 1, 2017. Britain has a target to close its coal-fired power plants by October 2024 as part of efforts to cut fossil fuel emissions and meet its 2050 net-zero target. A market notice, published by the National Grid Electricity System Operator (ESO) showed it has asked for the unit to be ready on Monday afternoon. National Grid ESO did not comment on why the notification had been issued. Gas-fired power plants were providing around 41% of the country’s electricity on Monday, with wind power lower than usual, providing just 7%.

Persons: Ratcliffe, Hannah McKay, Uniper, Ami McCarthy, Statnett, Susanna Twidale, Sharon Singleton Organizations: REUTERS, National Grid Electricity, Grid ESO, country's Met, Grid, Greenpeace, Thomson Locations: Nottingham, Britain, Ratcliffe, Norway, Norwegian

[1/3] A tyre produced by the Finnish group Nokian Tyres on display at a dealership in Moscow, Russia, March 23, 2023. Nokian Tyres' protracted departure illustrates the growing headwinds faced by Western companies that have yet to fully depart the country. "The war changed the operating environment in a rapid and unpredictable way," Nokian Tyres' Chief Transformation Officer Johanna Horsma told Reuters. Additional valuation requirements published in mid-December came in the middle of Nokian Tyres' transaction, he added. The buyer needs to be well selected to avoid scammers, said Nokian Tyres' Horsma.

Persons: Maxim Shemetov, Johanna Horsma, Finland's Fortum, Germany's, Peter Wand, Baker McKenzie, Thomas Kormendi, Kormendi, Alexei Moiseev, Moiseev, Nokian, Tatiana Stanovaya, Elopak, Baker McKenzie's Wand, Alexander Marrow, Darya Korsunskaya, Matt Scuffham, Kirsten Donovan Organizations: Nokian Tyres, REUTERS, Finland's, U.S . Treasury, Reuters, Companies, Thomson Locations: Moscow, Russia, finalising, Ukraine, Western, Frankfurt

While paying bonuses at bailed-out energy groups raises questions around the use of taxpayers' money, it also highlights the need for the companies to remain competitive. One of the sources said 200 of Sefe's traders in London had received hundreds of millions of dollars in bonuses, adding mid-level traders had received $5 million-$7 million each. Two of the other people said that generous subsidies had been paid at both Sefe and Uniper. Uniper confirmed that bonuses were paid to trading staff for 2022 but below the level of the previous year. The Finance Ministry, which is responsible for the government's ownership of Uniper, also referred questions on operating issues including staff remuneration to the company.

☆ Putin orders Russian govt to clarify rules on dividend payments to 'unfriendly' investors
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine. MOSCOW, May 2 (Reuters) - Russian President Vladimir Putin on Tuesday ordered his government to "clarify" the procedure for how Russian companies can make dividend payments to shareholders from so-called "unfriendly countries". Russia considers all countries that have hit it with sanctions over its military campaign in Ukraine to be "unfriendly". The Kremlin said proposals on dividend payments should "include conditions that residents expand their production in Russia, develop businesses based on new technologies and invest in the Russian economy." Putin asked the government to come up with proposals by May 20, a document published by the Kremlin said.

☆ Ukraine war live updates: Putin warned of arrest if he attends summit; Russia had 100,000 casualties in 5 months, U.S. says
▼ + stars: | 2023-05-02 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +1 min

Russian President Vladimir Putin on Tuesday ordered his government to "clarify" the procedure for how Russian companies can make dividend payments to shareholders from so-called "unfriendly countries." Russia considers all countries that have hit it with sanctions over its military campaign in Ukraine to be "unfriendly". It has hit back with its own package of counter-sanctions and capital controls which restrict the ability of companies and investors from these countries to transfer profits or dividends back home. The Kremlin said proposals on dividend payments should "include conditions that residents expand their production in Russia, develop businesses based on new technologies and invest in the Russian economy." Putin asked the government to come up with proposals by May 20, a document published by the Kremlin said.

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