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☆ Nintendo CEO once cut his salary in half to prevent layoffs—here's why that's so uncommon today
▼ + stars: | 2024-02-13 | by ( Ashton Jackson | ) www.cnbc.com time to read: +3 min

As sweeping rounds of layoffs rock the tech, media and finance industries in 2024, some video game fans are thinking about former Nintendo CEO Satoru Iwata. Iwata ran the Kyoto, Japan-based video game company from 2002 until his death in 2015. To avoid layoffs, Iwata took a 50% pay cut to help pay for employee salaries, saying a fully-staffed Nintendo would have a better chance of rebounding. Iwata had faith in his talentFor Iwata, taking a pay cut over layoffs centered around his employees' ability to bounce back, Verma says. "Nintendo [needed] to see through the changes that necessitated launching the Nintendo Switch, which has been massively profitable for the company," says Verma.

Persons: Satoru Iwata, Iwata, Rohan Verma, —, it's, Verma, could've, Sandra Sucher, Sucher Organizations: Nintendo, Riot Games, Microsoft, Activision Blizzard, Stanford University, Harvard Business, CNBC Locations: Kyoto, Japan, —, U.S

☆ PNG Assures Australia on Security Ties as Leader Marape Arrives on Visit
▼ + stars: | 2024-02-07 | by ( Feb. | At A.M. | ) www.usnews.com time to read: +2 min

Australia and the United States have been alarmed by China's security ambitions in the Pacific Islands region since Beijing struck a security and policing deal with Solomon Islands. U.S. Deputy Secretary of State Richard Verma urged PNG to reject a security deal with China, in comments reported by the Sydney Morning Herald on Monday. PNG would not strike a security agreement with China, he said in an interview with the ABC broadcast on Wednesday. China "understand clearly where we stand on security in the region and that is with our close traditional partners, Australia, U.S., New Zealand", he added. Even before the riots, he had pointed to law-and-order concerns and said boosting security would help to attract foreign investment in PNG's burgeoning resources sector.

Persons: James Marape, Marape, Justin Tkachenko, Tkachenko, Richard Verma, Tkatchenko, Penny Wong, Kirsty Needham, Michael Perry Organizations: SYDNEY, Papua New Guinea, Reuters, U.S, Sydney Morning Herald, Australian, ABC Locations: Papua New, Canberra, Australia, China, United States, Beijing, Solomon Islands, Port Moresby, U.S, , New Zealand

☆ Atmospheric River Storm Leaves Over 600,000 Still Without Power in California
▼ + stars: | 2024-02-05 | by ( Feb. | At A.M. | ) www.usnews.com time to read: +1 min

(Reuters) - More than 600,000 homes and businesses were still without power in California early on Monday, according to data from PowerOutage.us, after an atmospheric river storm pounded the state with heavy rainfall and hurricane-force winds. The storm is the second Pineapple Express weather system, or atmospheric river storm, to hit the state in the past week and arrived just as Los Angeles welcomed celebrities for the music industry's Grammy awards. According to PowerOutage.us, the utility with the most outages was Pacific Gas and Electric Co (PG&E) with over 500,000 customers without power. PG&E is a unit of California energy company PG&E Corp."Since the start of the storm 24 hours ago, PG&E crews have restored more than 565,000 customers who lost power. Approximately 570,000 customers remain out of power," PG&E said on its website.

Persons: PowerOutage.us, Gavin Newsom, Harshit Verma, Brijesh Patel, Angus MacSwan Organizations: Reuters, Pacific Gas and Electric Co, E Corp, The U.S, National, California's Locations: California, PowerOutage.us, Angeles, Los Angeles, Santa Barbara, San Luis Obispo, The, Bengaluru

☆ US Official Urges Papua New Guinea to Reject Chinese Security Deal
▼ + stars: | 2024-02-04 | by ( Feb. | At P.M. | ) www.usnews.com time to read: +2 min

SYDNEY (Reuters) - A senior U.S. state department official urged Papua New Guinea(PNG) to turn down China's offer of a potential security pact, warning the Pacific nation that any security guarantee with Beijing comes with consequences and costs. "We've seen that the Chinese commitment in defence or investment comes with a high cost. That's what we'd say to PNG," United States Deputy Secretary of State Richard Verma told the Sydney Morning Herald in an interview published on Monday. Papua New Guinea Foreign Minister Justin Tkachenko told Reuters last week that it was in early talks with China on a potential security deal. PNG has previously said Australia and the U.S. were its security partners, while China was an important economic partner.

Persons: Richard Verma, Justin Tkachenko, Tkachenko, Verma, James Marape, it's, Renju Jose, Stephen Coates Organizations: SYDNEY, Beijing, United States, Sydney Morning Herald, Papua New Guinea, Reuters, Solomon Islands, South Locations: U.S, Papua New Guinea, Papua New, China, Australia, Beijing, Solomon, Sydney

☆ A passenger who caused fighter jets to flank an airliner after he privately joked about blowing up the plane was cleared and avoided a $120,000 bill
▼ + stars: | 2024-01-30 | by ( Pete Syme | ) www.businessinsider.com time to read: +2 min

A Spanish judge cleared Aditya Verma of a public-disorder charge on Thursday. He had joked about blowing up a plane and faced paying $120,000 after fighter jets were scrambled. But the judge said Verma "could not even remotely assume" his Snapchat message would cause such drama. British security services flagged the message to Spanish authorities, who sent two F-18 jets to follow the plane until it landed. One question left unanswered in the case was how the security services saw Verma's Snapchat message.

Persons: Aditya Verma, Verma, — Organizations: Service, BBC, Spanish Defence Ministry, Gatwick, Reuters Locations: London, Spain, British

☆ An airline passenger could face a $120,000 bill after fighter jets were scrambled when he joked about blowing up the plane
▼ + stars: | 2024-01-24 | by ( Pete Syme | ) www.businessinsider.com time to read: +2 min

Per the BBC, he sent a Snapchat: "On my way to blow up the plane (I'm a member of the Taliban)." He is currently facing public disorder charges in Spain after the country's air force scrambled jets. AdvertisementAn airline passenger who prompted the Spanish Air Force to scramble fighter jets after he joked about blowing up the plane he was on appeared in court on Monday, the BBC reported. Advertisement"The intention was never to cause public distress or cause public harm," Verma told the court. According to the Telegraph, Verma told the court he first thought the jets were flanking the plane as part of a military exercise related to the Russia-Ukraine war.

Persons: Aditya Verma, —, Verma, Aditya didn't Organizations: BBC, Service, Spanish Air Force, London Gatwick Airport, Facebook Locations: Spain, easyJet, London, Menorca, Russia, Ukraine

☆ US Coast Guard Responds to Oil Spill in Gulf of Mexico
▼ + stars: | 2023-12-05 | by ( Dec. | At P.M. | ) www.usnews.com time to read: +1 min

(Reuters) - The U.S. Coast Guard said on Wednesday it was responding to an oil discharge near the Main Pass Oil Gathering (MPOG) Co's pipeline system in the Gulf of Mexico, while the main pipeline and several surrounding ones remained shut in. "The reported sheen is being investigated and has not been confirmed to be associated with the November 16 observed initial discharge," the Coast Guard said. The Coast Guard had not yet identified any damage or indication of a leak after surveying the entire length of the pipeline along with 22.16 miles (36 km) of surrounding pipelines. About 3% of the Gulf of Mexico's daily oil production remained shut in after a million-gallon oil spill, the Coast Guard said last week. The main pipeline and several surrounding lines remain shut in and have not been put back into service, the Coast Guard said while leading efforts to mitigate impacts from the spill.

Persons: MPOG, Harshit Verma, Sandra Maler, Stephen Coates Organizations: Reuters, U.S . Coast Guard, Coast Guard Locations: Gulf of Mexico, Mississippi, Plaquemines Parish, New Orleans, Bengaluru

KHAVDA, India (AP) — Rising from the bare expanse of the large salt desert that separates India from Pakistan is what will likely be the world's largest renewable energy project when completed three years from now. The solar and wind energy project will be so big that it will be visible from space, according to developers of what is called the Khavda renewable energy park, named after the village nearest to the project site. Shifting to renewable energy is a key issue at the ongoing COP28 climate summit. Once completed, it will supply 30 gigawatts of renewable energy annually, enough to power nearly 18 million Indian homes. Given this, Virmani said there is enough land in Kutch for various renewable energy projects.

Persons: ”, KSRK Verma, Khavda, Verma, “ It’s, Vneet Jaain, Adani, Gautam Adani, Adani Green, ” Ajay Mathur, Mathur, Abi T Vanak, Vanak, Sandip, Virmani, Hirelal Rajde, “ Organizations: Associated Press, Adani Green Energy Limited, Adani, Adani Group, Hindenburg, Group, International Solar Alliance, Ashoka Trust for Research, Twitter, AP Locations: KHAVDA, India, Pakistan, Singapore, Rann, Kutch, India’s Gujarat, China, United States, Bengal, Ahmedabad, Jaain, U.S, Mundra, Gujarat, Europe, Africa, Bengaluru, Denmark, Khavda

☆ Gold eyes 3rd weekly gain as lower inflation cements Fed cut bets
▼ + stars: | 2023-12-01 | by ( Harshit Verma | ) www.reuters.com time to read: +2 min

Spot gold rose 0.3% at $2,042.58 per ounce by 0621 GMT on Friday, and is up about 2% for the week so far. The metal rose $60 in November in its second straight monthly gain. Data on Thursday showed U.S. consumer spending rose moderately in October, while the annual increase in inflation was the smallest in more than 2-1/2 years. "However, month-end flow may have also been a factor, and seasonality tends to favour gains for gold between November and December," City Index's Simpson added. Spot silver and platinum edged up 0.1% to $25.29 and $927.44 per ounce, respectively, while palladium rose 0.4% to $1,011.65.

Persons: Alexander Manzyuk, Powell, Matt Simpson, CME's, Index's Simpson, Hugo Pascal, Harshit Verma, Nivedita Bhattacharjee, Mrigank Organizations: REUTERS, Federal, Reuters, Federal Reserve, Traders, U.S, Thomson Locations: Novosibirsk, Siberian, Russia, U.S, Bengaluru

☆ Gold holds ground ahead of US inflation test
▼ + stars: | 2023-11-30 | by ( Harshit Verma | ) www.reuters.com time to read: +2 min

An employee casts ingots of 99.99 percent pure gold at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. Spot gold was flat at $2,044.30 per ounce by 0728 GMT, trading in a range of about $6. It hit its highest since May 5 on Wednesday, and was poised for its second straight monthly gain. U.S. gold futures for December delivery fell 0.1% to $2,045.40 per ounce. Reporting by Harshit Verma in Bengaluru; Editing by Rashmi Aich, Mrigank Dhaniwala and Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

Persons: Alexander Manzyuk, Yeap Jun Rong, Jerome Powell, Harshit Verma, Rashmi Aich, Mrigank Dhaniwala, Sonia Cheema Organizations: REUTERS, PCE, U.S, Fed, Traders, Thomson Locations: Novosibirsk, Siberian, Russia, U.S, Bengaluru

☆ 'Like Brothers': Rescued Indian Tunnel Workers Stayed Hopeful Through Ordeal
▼ + stars: | 2023-11-29 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +3 min

They went for daily walks and did yoga in the 2-km (1-mile) stretch of the highway tunnel in which they were trapped. But many said knowing they were not forgotten, and would be soon pulled out, was what really kept them hopeful and strong. "For the first day or so, everyone inside was very hopeless and sad," worker Birendra Kishku, 39, told Reuters. "We lived like brothers," Saba Ahmed, a worker of the private firm contracted to build the tunnel, told Modi. "My son was consoling me, telling me not to worry and assuring me that they would soon come out."

Persons: Saurabh Sharma CHINYALISAUR, Doctors, Birendra Kishku, Subodh Kumar Verma, Narendra Modi, Saba Ahmed, Modi, Sukanti Nayak, Raju, consoling, Jatindra, YP Rajesh, Miral Fahmy Organizations: Reuters, Authorities, YP Locations: India, Rishikesh, Sukanti, Bhubaneswar

☆ 'Like brothers': rescued Indian tunnel workers stayed hopeful through ordeal
▼ + stars: | 2023-11-29 | by ( Saurabh Sharma | ) www.reuters.com time to read: +3 min

One of the trapped workers is checked out after he was rescued from the collapsed tunnel site in Uttarkashi in the northern state of Uttarakhand, India, November 28, 2023. They went for daily walks and did yoga in the 2-km (1-mile) stretch of the highway tunnel in which they were trapped. But many said knowing they were not forgotten, and would be soon pulled out, was what really kept them hopeful and strong. A rescue mission is currently underway at the Silkyara tunnel in Uttarakhand to free 41 workers who are stuck inside following a landslide. "We lived like brothers," Saba Ahmed, a worker of the private firm contracted to build the tunnel, told Modi.

Persons: Doctors, Birendra Kishku, Subodh Kumar Verma, Narendra Modi, Saba Ahmed, Modi, Sukanti Nayak, Raju, consoling, Jatindra, YP Rajesh, Miral Organizations: REUTERS, Reuters, Authorities, YP, Thomson Locations: Uttarkashi, Uttarakhand, India, Rishikesh, Sukanti, Bhubaneswar

The flags of the United States and India are displayed on the Eisenhower Executive Office Building at the White House in Washington, U.S., June 21, 2023. REUTERS/Elizabeth Frantz Acquire Licensing RightsNEW DELHI, Nov 29 (Reuters) - India will formally investigate security concerns aired by the United States in a warning to New Delhi about its links to a foiled plot to murder a Sikh separatist leader, the foreign ministry said on Wednesday. The Financial Times newspaper on Nov. 22 first reported the thwarted plot against Pannun in the United States. The White House said it was treating the issue with "utmost seriousness" and had raised it with India at the "seniormost levels". The foiled plot and the U.S. concerns were reported two months after Canada said it was looking at credible allegations linking Indian agents to the June murder of Hardeep Singh Nijjar, another Sikh separatist, in a Vancouver suburb.

Persons: Elizabeth Frantz, Biden, Gurpatwant Singh, Pannun, Hardeep Singh Nijjar, Narendra Modi's, Antony Blinken, Lloyd Austin, Sanjay Verma, India’s, Verma, Krishn Kaushik, Shivam Patel, Clarence Fernandez Organizations: Eisenhower, White, REUTERS, White House, Financial Times, U.S, Indian, Reuters, Defence, CTV, Thomson Locations: United States, India, Washington , U.S, DELHI, New Delhi, China, Delhi, U.S, Canada, Vancouver, . New Delhi, Canadian, Ottawa

One Russian banking source close to the Russian central bank said receiving revenue in a non-convertible currency with little value outside India was "pointless". They said, however, the problem remained of finding a viable alternative to the dollar, and that the problems affect buyers in Africa, China and Turkey which have become top buyers of Russian oil. The biggest issue, however, concerns India, which has been buying more than 60% of Russian seaborne oil, according to LSEG data and Reuters calculations. India's top refiner Indian Oil Corp (IOC.NS) is struggling to settle some payments, mainly for the purchase of Russia's light, sweet Sokol grade from the Sakhalin 1 project. From October, several UAE banks have tightened control over Russia-focused clients to ensure compliance with the price cap, according to five oil trading and bank sources.

Persons: Yang Mei Hu, Tatiana Meel, Ivan Nosov, Sokol, YUAN, Barbara Lewis Organizations: COSCO Shipping, REUTERS, U.S ., UAE, Reuters, Indian Oil Corp, Sokol, IOC, UAE dirhams, Thomson Locations: Nakhodka, Russia, Ukraine Russian, MOSCOW, DELHI, Ukraine, India, Russian, Hong, Africa, China, Turkey, Washington, Moscow, United States, Russia's, Sakhalin, UAE

— Lisa Kailai Han 7:07 a.m. — Lisa Kailai Han 6:48 a.m. "At current levels, we believe the risk/reward skews to the downside," wrote analyst Paul Lejuez. — Lisa Kailai Han 6:05 a.m. — Lisa Kailai Han

Persons: Robert Ford Aguilar, Aguilar, Lisa Kailai Han, Rachel Vatnsdal, GeoMx, Vatnsdal, skews, Paul Lejuez, — Lisa Kailai Han, Nik Modi, Raymond James, Matt Roberts, headwinds, Roberts, Ashwani Verma, Verma, Morgan Stanley, Micron Morgan Stanley, Joseph Moore's, Moore, Amit Mehrotra, Mehrotra, Sangita Jain, Jain, Fred Imbert Organizations: CNBC, Monday, UBS, Teva Pharmaceutical, Bloom Energy, Bank of America, Arcos Dorados Bank of America, Arcos Dorados, ARCO, JPMorgan downgrades, JPMorgan, U.S, District, Prognosys, 10X Genomics, Citi, RBC, RBC Capital Markets, UBS downgrades Jazz Pharmaceuticals, Jazz Pharmaceuticals, Digital, Micron, Western, Deutsche Bank, BE Locations: America, Caribbean, Argentine, Delaware, NSTG, U.S, Europe, Mondelez, narcolepsy

☆ Gold scales 6-month peak on softer dollar, Fed pause bets
▼ + stars: | 2023-11-27 | by ( Harshit Verma | ) www.reuters.com time to read: +2 min

Spot gold was up 0.5% at $2,010.99 per ounce by 0758 GMT, after hitting its highest since May 16. U.S. gold futures rose 0.4% to $2,011.70. Reuters Graphics"What's moving gold at the moment is the lower U.S. dollar because of the recent soft data," said Kyle Rodda, a financial market analyst at Capital.com. The dollar index (.DXY) edged down 0.1% against its rivals, not far from a more than two-month low level touched last week, making gold less expensive for other currency holders. Recent data showing signs of slowing inflation in the U.S. has boosted expectations that the Fed could begin easing monetary conditions sooner than expected.

Persons: Alexander Manzyuk, Kyle Rodda, Rodda, CME's, Wang Tao, Harshit Verma, Janane Venkatraman, Sherry Jacob, Phillips Organizations: REUTERS, U.S, PCE, Federal, Reuters, Fed, Traders, Thomson Locations: Novosibirsk, Siberian, Russia, U.S, Bengaluru

☆ India announces phased introduction of biogas blending for domestic use
▼ + stars: | 2023-11-25 | by ( ) www.reuters.com time to read: +1 min

Biogas, methane collected from dairy farms, is piped into a cleaning facility at the Calgren facility in Pixley, California, U.S., October 2, 2019. REUTERS/Mike Blake/File Photo Acquire Licensing RightsNEW DELHI, Nov 25 (Reuters) - India will start blending compressed biogas with natural gas to boost domestic demand and cut reliance on natural gas imports, the government said in a statement on Saturday. The mandatory phased introduction will start at 1% for use in automobiles and households from April 2025, it said. The government also aims to have 1% sustainable aviation fuel (SAF) in aircraft turbine fuel by 2027, doubling to 2% in 2028. The SAF targets will initially apply to international flights, the statement said.

Persons: Mike Blake, Nidhi Verma, Krishn Kaushik, Mike Harrison Organizations: REUTERS, SAF, Thomson Locations: Pixley , California, U.S, DELHI, India

The logo of Oil and Natural Gas Corp's (ONGC) is pictured along a roadside in Ahmedabad, India, September 6, 2016. The comments come after India's finance minister announced a plan this year to provide equity of 300 billion rupees ($3.6 billion) to help the big state oil refiners move towards cleaner energy. Based on rights issues previously announced by two other state refiners, an ONGC issue could amount to about 155 billion Indian rupees ($1.86 billion), Reuters calculations show. ONGC, HPCL and the oil and finance ministries did not immediately respond to requests for comment. India's other big state refiners, Indian Oil Corp (IOC.NS) and Bharat Petroleum Corp (BPCL.NS) have announced plans to launch rights issues of 220 billion and 180 billion rupees, respectively.

Persons: Amit Dave, ONGC, Nidhi Verma, Tony Munroe, Clarence Fernandez Organizations: Gas, REUTERS, Natural Gas Corp, Hindustan Petroleum Corp, Indian Oil Corp, Bharat Petroleum Corp, IOC, Thomson Locations: Ahmedabad, India, DELHI, New Delhi, HPCL, ONGC, BPCL

☆ CSX Train Derails in Kentucky, Spilling Molten Sulfur
▼ + stars: | 2023-11-23 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +1 min

(Reuters) - A train derailment involving 16 cars, two of which spilled molten sulfur, sparked a fire north of Livingston, Kentucky, railroad operator CSX said on Wednesday, prompting officials to tell residents to evacuate. The cause of the derailment and the scale of the fire were not immediately clear, though ABC News said one crew member suffered minor injuries. "We will work together with local authorities to secure the area and safety is our top priority as we develop a recovery plan," CSX said on its website, adding that the burning of molten sulphur releases sulphur dioxide gas. Giving initial details of the incident, which took place at about 2:23 p.m., it said at least 16 cars were involved, two carrying molten sulphur that lost some of their contents, which then caught fire. Short-term exposure to colourless sulphur dioxide can harm the human respiratory system and make breathing difficult, the U.S.

Persons: Andy Beshear, Beshear, Harshit Verma, Brijesh Patel, Clarence Fernandez Organizations: Reuters, CSX, ABC News, U.S . Environment Protection Agency, Facebook Locations: Livingston , Kentucky, Livingston, Rockcastle, U.S, Bengaluru

All three Aframax-sized tankers discharged Russian Sokol crude in India in September while two of them made the trip in October, the data showed. One trader also said India may seek supply from the Mediterranean and North Sea to replace Russian Sokol. A spike in global prices led to Russian oil being sold at above the price caps imposed by western nations of $60 a barrel. The three vessels last year obtained safety certification from the Indian Register of Shipping (IRClass), according to its website. Sokol crude is produced at the Sakhalin-1 project, managed by a Rosneft subsidiary after the exit of ExxonMobil (XOM.N).

Persons: Dado Ruvic, IRClass, Sokol, India's ONGC Videsh, Florence Tan, Muyu Xu, Nidhi Verma, Jacqueline Wong, Raju Gopalakrishnan, Sharon Singleton Organizations: REUTERS, Sokol, Washington, Indian Oil Corp, Liberian, Ligovsky, Treasury Department, Russian Sokol, IOC, Indian Register of Shipping, Oil Tanker, Sun Ship, American Bureau of Shipping, ExxonMobil, Natural Gas Corp, Sakhalin Oil, Gas Development, Thomson Locations: SINGAPORE, DELHI, LSEG, U.S, Washington, Moscow, Ukraine, Kazan, India, North, Gujarat, Dubai, London, Sakhalin, Singapore, New Delhi

☆ Goldman Sachs forecasts higher returns on commodities
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +2 min

[1/2] Oil, miniatures of oil barrels and U.S. dollar banknote are seen in this illustration taken, June 6, 2023. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsNov 13 (Reuters) - Goldman Sachs expects increased returns on commodities over the next 12 months, buoyed by higher spot prices amid easing monetary policy and recession fears while the asset class also strengthens on hedging against geopolitical supply risks. The bank has forecast returns of 21% on commodities over a 12-month horizon on the oil-heavy S&P GSCI Commodity Index, led by returns of about 31% from energy and 17.8% from industrial metals. Commodity returns will also be bolstered by OPEC-driven declines in oil inventories and demand for so-called green metals, primarily from China, Goldman said. In metals, Goldman forecast a sharp tightening in copper and aluminium stocks into the middle of the decade, driving up prices from the second half of 2024.

Persons: Dado Ruvic, Goldman Sachs, Goldman, Brent, Harshit Verma, David Goodman Organizations: REUTERS, U.S . Federal Reserve, European Central Bank, OPEC, Energy, Thomson Locations: China, Bengaluru

Down 45% so far this year, palladium is on course for its worst year of losses since 2008, when the financial crash hit demand. Top producer Russia's Nornickel expects the palladium market to swing to a surplus of 300,000 ounces in 2024 from a 200,000-ounce deficit in 2023 due to supplies, boosted by recycling, outpacing demand. Consultancy Metals Focus forecasts above-ground palladium stocks of about 11.64 million ounces in 2023, compared with 12.35 million in 2022 and 12.89 million in 2021 - meaning ample supplies. In March 2022, palladium was trading at more than double the price of platinum, prompting a switch by automakers. However, longer-term Metals Focus is quite bearish on palladium," said Nikos Kavalis, managing director at Metals Focus.

Persons: Alexander Manzyuk, hastening, Russia's Nornickel, John Meyer, Edward Meir, Nikos Kavalis, Brijesh Patel, Harshit Verma, Ashitha, Anjana Anil, Anushree Mukherjee, Abhijith, Arpan Varghese, Pratima Desai, Hugh Lawson Organizations: REUTERS, Russia, ICE, International Energy, Consultancy, Metals, Thomson Locations: Siberian, Krasnoyarsk, Russia, Ukraine, Bengaluru

☆ Russian oil shaves India's import costs by about $2.7 billion
▼ + stars: | 2023-11-08 | by ( Nidhi Verma | ) www.reuters.com time to read: +3 min

Crude oil accounts for about a third of India's overall imports by value. Access to cheap Russian oil enabled India to cut imports from the Middle East, where prices strengthened following Saudi Arabia's voluntary additional supply cuts since July. India imported 69.06 million metric tons of Russian oil, equivalent to 1.85 million barrels per day (bpd), between January and September, commerce ministry data showed, including Russian oil imported from South Korea, Greece and Spain through transshipments. The average price for Russian oil delivered to Indian refiners was $525.60 per ton during that period, including shipping and insurance costs, Reuters calculations based on ministry data showed. Discounted Russian oil cuts India's crude import billIndia saved at least $2 billion in buying discounted Russian oilBy importing Russian oil, Indian refiners benefit from lower feedstock costs, which have buoyed gross refining margins and curtailed revenue loss from subsidised retail fuel sales.

Persons: Dado Ruvic, India doesn't, Nidhi Verma, Florence Tan, Tony Munroe, Christina Fincher Organizations: REUTERS, Saudi, Iraq, Saudi Arabia, Thomson Locations: DELHI, India, Europe, Moscow, Ukraine, South Korea, Greece, Spain, transshipments, Russia, Saudi, Sokol, China

☆ Indian diplomat says high-level Canadian official damaged probe into Sikh's murder
▼ + stars: | 2023-11-04 | by ( ) www.reuters.com time to read: +2 min

Canada has alleged Indian involvement in the murder in a Vancouver suburb of Canadian citizen and Sikh separatist leader Hardeep Singh Nijjar, whom India called a "terrorist." "I would go a step further and say now the investigation has already been tainted," Verma told the newspaper. "A direction has come from someone at a high level to say India or Indian agents are behind it." Canada withdrew 41 diplomats from India after New Delhi in September asked Ottawa to reduce its diplomatic presence following Canada's allegations over Nijjar's killing. Verma said that India has not been shown concrete evidence by Canada or Canada's allies that Indian agents were involved in Nijjar's killing.

Persons: Hardeep Singh Nijjar, Nanak, Chris Helgren, India's, Sanjay Kumar Verma, Verma, Justin Trudeau, Gursimran Kaur, Matthew Lewis Organizations: REUTERS, Globe and, Thomson Locations: Surrey, British Columbia, Canada, Vancouver, India, New Delhi, Ottawa, Bengaluru

☆ India says relations with Canada passing through difficult phase
▼ + stars: | 2023-10-22 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Amr Alfiky/File photo Acquire Licensing RightsNEW DELHI, Oct 22 (Reuters) - India on Sunday said its relationship with Canada is passing through a difficult phase and there had been "continued interference" by Canadian personnel in New Delhi's internal affairs. Canada had to withdraw 41 of its diplomats from India on Thursday as New Delhi decided to unilaterally revoke their official diplomatic status. Trudeau said on Friday the Indian government's crackdown on Canadian diplomats was making normal life difficult for millions of people in both countries. Jaishankar said India had invoked diplomatic parity under the Vienna convention, "because we had concerns about continuous interference in our affairs by Canadian personnel". He said India would resume the issuance of visas if there was progress in the safety of its diplomats working there.

Persons: Jaishankar, Amr Alfiky, Justin Trudeau, Trudeau, Melanie Joly, Jaishankare, Nidhi Verma, David Holmes Organizations: Affairs, United Nations Security Council, United Nations General Assembly, REUTERS, Sunday, Canadian, Thomson Locations: U.N, New York City, U.S, DELHI, India, Canada, British Columbia, New Delhi, Vienna

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