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☆ ABB Nears Deal to Resolve Third U.S. Bribery Case Against Company
▼ + stars: | 2022-11-25 | by ( Dylan Tokar | ) www.wsj.com time to read: +7 min

Photo: Waldo Swiegers/Bloomberg NewsIn the U.S., the ABB deal is an early test of a pledge by the Biden administration to take a tougher stance on corporate repeat offenders. An ABB spokesman said the company continues to fully cooperate with authorities and hopes to reach a final settlement soon. Exactly how U.S. authorities, including the Justice Department, will frame the ABB deal in relation to the new stance on repeat offenders remains to be seen. Allowing the ABB parent company to avoid a guilty plea will in theory help shield much of its business globally from those risks. The ABB deal would also mark the second time the Swiss company has settled FCPA offenses with a deferred-prosecution agreement.

☆ Azerbaijan cancels Armenia talks, says Macron cannot take part
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +3 min

Aliyev said Macron had "attacked" and "insulted" Baku and should not act as a go-between. Each side accused the other of triggering the latest bout of fighting, in which Armenia said Azerbaijan had seized settlements inside its borders. "Macron ... attacked Azerbaijan and accused us in what we haven't done," Aliyev said, speaking in English at a conference with international representatives in Baku. "It is clear that under these circumstances, with this attitude, France cannot be part of the peace process between Azerbaijan and Armenia." A spokesperson said Azerbaijan's assertion that Yerevan was trying to disrupt peace talks "has nothing to do with reality," the Interfax news agency reported.

☆ Airbus says reached settlement with French prosecutor on Libya, Kazakhstan bribery probe
▼ + stars: | 2022-11-24 | by ( ) www.reuters.com time to read: 1 min

PARIS, Nov 24 (Reuters) - Airbus has reached a settlement with the French financial prosecutor (PNF) concerning judicial investigations related to Libya and Kazakhstan, an Airbus spokesperson said on Thursday, confirming a report by news agency AFP. It said the agreement is now subject to court approval. Last month, Airbus confirmed it was negotiating a new bribery settlement with French authorities over past dealings in Libya and Kazakhstan as an extension to a settlement struck in 2020 which included record fines against the planemaker. The initial agreement followed a four-year probe which originated in Britain and later expanded to France and the United States, shedding light on a network of middlemen and disguised payments. Reporting by Tassilo Hummel, Writing by GV De ClercqOur Standards: The Thomson Reuters Trust Principles.

☆ Mobile operator Veon to sell Russian business for $2.2 bln
▼ + stars: | 2022-11-24 | by ( ) www.reuters.com time to read: +2 min

Veon also operates Beeline in Kazakhstan and Kyivstar in Ukraine. Veon said the management buyout of Vimpelcom implied an expected enterprise value of approximately 370 billion roubles. Though Veon is selling at a discount, the transaction represents a relatively rare example of money changing hands between parties as companies race to exit Russia. The shares have traded near record lows since tumbling after Russia began what it calls its "special military operation" in Ukraine. "The management buyout of our Russian operations will benefit all involved," Veon CEO Kaan Terzioglu said in a statement to Reuters.

☆ Putin was repeatedly snubbed at an international summit of countries meant to be Russia's friends
▼ + stars: | 2022-11-24 | by ( Sinéad Baker | ) www.businessinsider.com time to read: +4 min

Putin's meeting with the CSTO security alliance went south when an ally repeatedly snubbed him. Vladimir Putin met with leaders from the Collective Security Treaty Organization (CSTO), a Russian-dominated alliance of post-Soviet nations. CSTO leaders in Yerevan, Armenia on November 23, 2022. Armenian Prime Minister Nikol Pashinyan and Russian President Vladimir Putin shake hands as they attend the Collective Security Treaty Organization (CSTO) summit in Yerevan, Armenia, November 23, 2022. Putin also did not go to the G20 earlier this month and he did not address it virtually.

Fighting flared in September between Armenia and Azerbaijan, and the two sides said more than 200 soldiers had been killed. "It is depressing that Armenia's membership in the CSTO did not deter Azerbaijan from aggressive actions," Pashinyan told the meeting in the Armenian capital, Yerevan. "Right up to today we have not managed to reach a decision on a CSTO response to Azerbaijan’s aggression against Armenia. In his own remarks, Putin acknowledged some unspecified "problems" facing the CSTO, and said more effort was needed to bring about peace between Azerbaijan and Armenia. Azerbaijan enjoys backing from Turkey and is not a member of the CSTO, which comprises Belarus, Kazakhstan, Kyrgyzstan and Tajikistan as well as Russia and Armenia.

☆ EBRD to support $206 million in Ukraine investment via local banks
▼ + stars: | 2022-11-23 | by ( ) www.reuters.com time to read: +1 min

LONDON, Nov 23 (Reuters) - The European Bank for Reconstruction and Development (EBRD) said on Wednesday it will help facilitate loans in Ukraine for key industries from agriculture to pharmaceuticals. The bank will issue risk-sharing instruments to local banks Credit Agricole Ukraine, ProCredit Bank, OTP Bank Ukraine and leasing company OTP Leasing aimed at backing up half of the risk of 200 million euros ($206.34 million) in new financing, according to an emailed statement from the bank. The EBRD will provide a 50-million euro guarantee to support the lending, which is also aimed at sectors such as food processing, transport and logistics and retail. "The bank's dedicated food security package envisages supporting 200 million euros of investment this year in Ukraine," the statement added. ($1 = 0.9693 euros)Reporting by Jorgelina do RosarioOur Standards: The Thomson Reuters Trust Principles.

☆ Russia asks Turkey to refrain from full-scale Syria offensive
▼ + stars: | 2022-11-23 | by ( ) www.reuters.com time to read: +1 min

ASTANA, Nov 23 (Reuters) - Russia has asked Turkey to refrain from a full-scale ground offensive in Syria, senior Russian negotiator Alexander Lavrentyev said on Wednesday, because such actions could trigger an escalation of violence. "We hope our arguments will be heard in Ankara and other ways of resolving the problem will be found," he said, after a fresh round of Syria talks with Turkish and Iranian delegations in Kazakhstan. Turkish President Tayyip Erdogan said this week that Turkey would attack Kurdish militants in Syria with tanks and soldiers soon, signalling a possible ground offensive in retaliation for a bomb attack in Istanbul. Lavrentyev said the United States was following a "destructive" course in northeastern Syria, and resolving the Kurdish issue would be an important factor in stabilising the situation in the region. The United States has allied with the Syrian Democratic Forces (SDF), led by the YPG Kurdish militia, in the fight against Islamic State in Syria, causing a deep rift with Turkey.

"We are continuing the air operation and will come down hard on the terrorists from land at the most convenient time for us," Erdogan told his AK Party's lawmakers in a speech in parliament. Meanwhile, the United States has conveyed serious concerns to Turkey, a NATO ally, about the impact of escalation on the goal of fighting Islamic State militants in Syria. Turkey has previously launched military incursions in Syria against the Kurdish YPG militia, regarding it as a wing of the outlawed Kurdistan Workers Party (PKK), which Turkey, the United States and the European Union designate as a terrorist group. NEARLY 500 TARGETS HITTurkish Defence Minister Hulusi Akar said the army had hit 471 targets in Syria and Iraq since the weekend in what he said was Turkey's biggest air operation of recent times. It cited him as saying 254 militants had been "neutralised" in the operation, a term generally used to be mean killed.

☆ EBRD warns of rise in 'zombie' firms if pandemic measures continue
▼ + stars: | 2022-11-22 | by ( Jorgelina Do Rosario | ) www.reuters.com time to read: +3 min

LONDON, Nov 22 (Reuters) - The European Bank for Reconstruction and Development urged governments in its region to rethink COVID-19 support measures for companies, warning that propping up "zombie" firms could have a knock-on effect on healthy businesses. However, ongoing support was no longer sustainable in a world of high interest rates, the EBRD said. Having zombie firms present in an economy creates negative spillovers for healthy firms, which see lower investment, revenue and employment, the EBRD warned. The problem is more present in economies dominated by government-run companies and banks, the EBRD found: 13% of state-owned enterprises in the 12-country sample used for the study could be classified as zombie firms, compared with 9% of privately-owned firms. The EBRD report also showed mixed progress on reforms by countries in six key areas, from competitiveness and resilience to the way they are governed.

☆ Huawei separates Russia business from other CIS countries -source
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +1 min

MOSCOW, Nov 22 (Reuters) - Chinese telecoms giant Huawei [RIC:RIC:HWT.UL] is separating its corporate division in Russia and Belarus from other CIS countries, a source close to the company told Reuters on Tuesday. The other countries of the Commonwealth of Independent States, made up of former Soviet republics, will now fall under the supervision of Huawei's office in Bahrain. Work to make the change has started and the new arrangement will officially become operational at the start of 2023, the source told Reuters. Vedomosti in September reported that Huawei had moved some employees in Russia to Kazakhstan and Uzbekistan. Reporting by Supantha Mukherjee and Alexander Marrow Editing by Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

☆ Kazakh leader stages snap vote to emerge from predecessor's shadow
▼ + stars: | 2022-11-20 | by ( ) www.reuters.com time to read: +2 min

[1/5] Kazakh army service members cast their votes at a polling station during presidential elections in Almaty, Kazakhstan, November 20, 2022. REUTERS/Pavel MikheyevALMATY, Nov 20 (Reuters) - Kazakh President Kassym-Jomart Tokayev holds a snap election on Sunday that he is certain to win, solidifying his grip on power less than a year after he sidelined his long-ruling predecessor Nursultan Nazarbayev. Nazarbayev, who had held on to important posts after stepping down, gave them up during the uprising in which 238 people died. Tokayev has since forced Nazarbayev allies to relinquish other positions, and changed the name of the capital - renamed "Nur-Sultan" in Nazarbayev's honour - back to Astana. "Among those who are running for president, I only know Tokayev, firstly," said Timerlan Sadykov, a resident of Kazakhstan's biggest city Almaty.

☆ Analysis: Shocked by Ukraine war, Russian neighbour Kazakhstan looks west
▼ + stars: | 2022-11-17 | by ( Olzhas Auyezov | ) www.reuters.com time to read: +8 min

Out of total exports of 68 million tonnes a year, 53 million tonnes of Kazakh oil move through it. The chief executive of Khazakhstan's state oil firm KazMunayGaz said this week that the target of 20 million tonnes was a "medium-term" aim. But getting Kazakh oil to Baku requires either tanker shipments across the sea or the construction of a trans-Caspian pipeline. Smailov said last week that Kazakhstan would start by sending an additional 1.5 million tonnes a year via BTC starting from 2023, gradually rising to 6-6.5 million tonnes. Kazakhstan's Aktau port, the only one equipped to load oil tankers, can handle up to 5.5 million tonnes.

☆ Biden wants to discuss Taiwan, Russia and trade with China’s Xi
▼ + stars: | 2022-11-10 | by ( The Associated Press | ) www.nbcnews.com time to read: +5 min

WASHINGTON — President Joe Biden said Wednesday he plans at an anticipated meeting with Chinese President Xi Jinping to discuss growing tensions between Washington and Beijing over the self-ruled island of Taiwan, trade policies and Beijing’s relationship with Russia. Biden told reporters at a White House news conference that he had much to discuss with Xi as U.S.-Chinese relations have grown more fraught in recent months. The White House and Defense Secretary Lloyd Austin were quick to clarify that there was no change in U.S. policy. Chinese President Xi Jinping inspects a joint operations command center at an undisclosed location on Tuesday. Li Gang / Xinhua via APAs president, Biden has repeatedly accused China of human rights abuses of the Uyghur people and other ethnic minorities.

☆ Biden expected to bring up Chinese economic practices, Taiwan and Russia's war in Ukraine in first meeting with Xi as president
▼ + stars: | 2022-11-10 | by ( Amanda Macias | ) www.cnbc.com time to read: +2 min

Chinese President Xi Jinping meets with U.S. President Joe Biden via video link, in Beijing, capital of China, Nov. 16, 2021. WASHINGTON – President Joe Biden will discuss a range of geopolitical challenges next week in his first face-to-face meeting with Chinese President Xi Jinping since he ascended to the White House two years ago. The meeting between the two leaders will take place Monday ahead of the G-20 Summit in Bali, Indonesia. Biden told reporters at the White House on Wednesday that he wants to address the mounting tensions between Washington and Beijing. The senior Biden administration official declined to elaborate on Covid-19 mitigation measures for the meeting, adding that health protocols were still being worked out by advance teams.

☆ Exxon or Chevron? Goldman Sachs gives its verdict on which energy stock is the better buy
▼ + stars: | 2022-11-10 | by ( Weizhen Tan | ) www.cnbc.com time to read: +2 min

When it comes to major oil stocks, ExxonMobil and Chevron are two names that may come to mind. Three factors The following are the factors that set one stock above the other, according to Goldman. The winner Goldman says that Exxon warrants the premium, giving it a "buy" rating and price target of $121 — or over 6% upside. According to Factset, 54% of analysts covering the stock gave it a buy rating, with an average upside of 2.4%. Half of analysts covering the stock gave it a buy rating, with an average upside of 1.1%, according to FactSet.

☆ Ukraine defence chief plays down Russian nuclear strike threat
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +1 min

KYIV, Nov 10 (Reuters) - Ukraine's defence minister said on Thursday he did not believe Russia would use nuclear weapons in Ukraine as it would be neither pragmatic nor practical, but that in Russia's case all risks needed to be calculated. Concern about possible nuclear escalation during Russia's war in Ukraine surged after two speeches by Russian President Vladimir Putin in which he indicated that he would, if needed, use nuclear weapons to defend Russia. But I think this is not a pragmatic and practical step for them," Defence Minister Oleksii Reznikov told Reuters. In an interview in Kyiv, he said he hoped India and China - countries Moscow wants to do business with - had indicated to Putin clearly that using nuclear weapons would be a "red line". Reporting by Tom Balmforth and Max Hunder; editing by Mike Collett-White and Cynthia OstermanOur Standards: The Thomson Reuters Trust Principles.

☆ Bencic leads Switzerland past Italy, Slovakia beat Belgium
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +1 min

Nov 9 (Reuters) - Belinda Bencic led Switzerland to victory over Italy in their opening Billie Jean King Cup tie on Wednesday while Slovakia bounced back from a tough loss to Australia to defeat Belgium and get their campaign back on track. Earlier, Viktoria Kuzmova and Anna Karolina Schmiedlova won their singles ties to help secure a 2-1 victory over Belgium in their final Group B tie. Schmiedlova sealed the tie for Slovakia in a tenacious 5-7 6-2 6-3 win over Maryna Zanevska before the doubles pairing of Elise Mertens and Kirsten Flipkens got Belgium on the board with a crushing 6-0 6-3 win over Kuzmova and Mihalikova. The United States will take on Poland in Group D while Spain face Kazakhstan in Group C later on Wednesday. Reporting by Hritika Sharma in Bengaluru Editing by Toby DavisOur Standards: The Thomson Reuters Trust Principles.

☆ Mexico's Pemex had a plan to fix its flaring problem, but abandoned it
▼ + stars: | 2022-11-07 | by ( Stefanie Eschenbacher | ) www.reuters.com time to read: +10 min

The broken commitment, which has not previously been reported, highlights the struggles of Mexico's oil regulator to rein in Pemex, a powerful state monopoly that is always closely connected to the government. The oil company has in recent quarterly reports stressed it was making efforts to clean up its operations and bring down flaring and other waste. Earlier this year, under increasing international criticism, Lopez Obrador said Pemex would invest $2 billion to improve infrastructure to reduce flaring and methane emissions. The regulator said in 2020 the company wasted 37.7% of the gas from Ku alone through flaring, venting or otherwise. One source said the regulator fined Pemex again for recurrence in 2021 but the oil company started legal proceedings to annul the fine, which are still pending.

☆ Five dead after methane leak at ArcelorMittal coal mine in Kazakhstan
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: 1 min

NUR-SULTAN, Nov 3 (Reuters) - Five people died after a methane gas leak at an ArcelorMittal (MT.LU) coal mine in Kazakhstan on Thursday, the company said, and four more people have been hospitalised. The company said it continued rescue work at the mine in the Qaraghandy region in central Kazakhstan where ArcelorMittal operates the country's biggest steel mill. Reporting by Tamara Vaal; Writing by Olzhas Auyezov; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

The drop is not just because industrial companies are turning down thermostats, they are also shutting down plants that may never reopen. And while lower energy use helps Europe weather the crisis sparked by Russia's war in Ukraine and Moscow's supply cuts, executives, economists and industry groups warn its industrial base may end up severely weakened if high energy costs persist. Reuters GraphicsThe International Energy Agency estimates European industrial gas demand fell by 25% in the third quarter from a year earlier. "We are doing all we can to prevent a reduction in industrial activity," an European Commission spokesperson said in an email. "From Jan. 1, we will be able to switch to oil," company executive Wolfgang Ott said, as the company seeks government help to cushion energy costs.

☆ Kremlin says it will not issue a decree ending Russian mobilisation
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Igor RussakLONDON, Nov 1 (Reuters) - Russia does not need a presidential decree to formalise the completion of a partial mobilisation of reservists to fight in Ukraine, and none will be issued, the Kremlin said on Tuesday. Russia had already said it had recruited the 300,000 reservists it needed in just over a month, and that no more were required. But the Kremlin's refusal to issue a formal decree ending recruitment may increase concern among Russians that the mobilisations could still be restarted. "The Presidential Administration's legal department has reached its conclusion ... partial mobilisation has been completed. The part of Putin's mobilisation decree outlining how many would be called up was classified and never made public, adding to fears that the enlistment campaign could resume.

☆ Djokovic starts Paris defence with win, Rublev and Hurkacz also through
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +2 min

The Serbian raised his game in the second set, breaking his opponent at 4-4 before serving out the match with ease. As soon as I was returning and the ball was in play, I felt I had an advantage and wasn't nervous." Poland's Hurkacz fired 20 aces and saved eight break points to overcome French left-hander Adrian Mannarino 7-6(5) 6-4 to stay on a course for a potential third-round clash against Rublev. In the other matches, French qualifier Corentin Moutet downed Borna Coric 3-6 6-3 6-4 and Dan Evans of Britain saw off American youngster Brandon Nakashima 6-3 3-6 6-4. Reporting by Dhruv Munjal in Bengaluru, additional reporting by Manasi Pathak Editing by Toby DavisOur Standards: The Thomson Reuters Trust Principles.

☆ MENA, Central Asia economies show resilience but global headwinds loom -IMF
▼ + stars: | 2022-10-31 | by ( Wayne Cole | ) www.reuters.com time to read: +3 min

DUBAI, Oct 31 (Reuters) - Economic activity in the Middle East and Central Asia was resilient with recovery continuing in 2022 but the region must guard against growing global headwinds and push ahead with reforms, the International Monetary Fund said on Monday. Countries should be on alert as "headwinds are growing, vulnerabilities are growing" with a global economic slowdown, volatile food and energy prices and tightening financial conditions, IMF Middle East and Central Asia Director Jihad Azour told Reuters ahead of the October report's release. An urgent policy challenge was tackling the cost-of-living crisis by restoring price stability, protecting vulnerable groups through targeted support and ensuring food security. Economic growth in 2023 was forecast by the IMF at 4% percent and likely narrow to 3.5% in the medium term. "Spillovers from the war could put the CCA's progress toward reducing poverty and inequality at risk," the report said.

☆ University of Kentucky student among at least 153 dead in Seoul crowd crush
▼ + stars: | 2022-10-30 | by ( Julianne Mcshane | ) www.nbcnews.com time to read: +2 min

A University of Kentucky student is among at least 153 people, and one of two Americans, who died in a crowd crush in Seoul, South Korea this weekend, the school announced Sunday afternoon. Anne Gieske, a third-year nursing student from northern Kentucky, was among the victims who perished in the crowd crush, the university's President, Eli Capilouto, announced to the school on Sunday. Gieske was from northern Kentucky, and was studying abroad in South Korea this semester, Capilouto said. Two other University of Kentucky students and a faculty member who are also abroad in South Korea are safe, the president wrote. Capilouto said school officials "have been in contact with Anne’s family and will provide whatever support we can — now and in the days ahead — as they cope with this indescribable loss."

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