2025-11-29 07:25
Gupta's firms allegedly created duplicate bills of lading Trial to resume December 10 with closing arguments Gupta's UD Group aimed for expansion into Europe, Russia, Africa LONDON, Nov 28 (Reuters) - Indian businessman Prateek Gupta, accused by commodity group Trafigura of orchestrating a $600 million metals fraud, told a court on Friday he did not know who at his firms allegedly created fake documents to sell the same cargo to two customers. Testimony wrapped up on Friday in the long-running trial, which will resume on December 10 for closing arguments. Sign up here. Geneva-based Trafigura sued Gupta more than two years ago, saying he engineered a hoax in which he and his companies agreed to provide pure nickel but delivered steel or scrap instead. On Thursday, Trafigura lawyers accused Gupta of siphoning off funds from the alleged fraud to prop up his business empire when his companies began to run out of funds in early 2021. Gupta has said Trafigura employees devised the scheme at the centre of the case, an allegation the trader has repeatedly denied. Trafigura lawyer Nathan Pillow showed Gupta copies of two shipping documents from 2022 with the same number, one of which he said was a duplicate one sold to Trafigura that had a stamp of TMT Metals AG, one of Gupta's companies. "You... were driven by your financial difficulties to resort to this kind of scam," Pillow told Gupta in a London High Court. "This created millions of dollars for your companies which were on the brink of collapse." When Pillow asked Gupta who at TMT had stamped and signed the document, he replied on his third day of testifying that he did not know about any duplicate documents or who would have signed them. In 2015, Gupta told Reuters he had big expansion plans for his UD Group, aiming to extend the group's reach into Europe, Russia and Africa and expand headcount from 250 people to 400 in the following two years. https://www.reuters.com/sustainability/testimony-closes-trafigura-fraud-case-gupta-denies-knowledge-duplicate-cargoes-2025-11-28/
2025-11-28 21:15
High interest rates, cheaper oil, stronger rouble hit profits Rosneft says security costs increased MOSCOW, Nov 28 (Reuters) - The January-September net income of Russia's largest oil producer Rosneft (ROSN.MM) , opens new tab fell by 70% year-on-year to 277 billion roubles ($3.57 billion) amid high interest rates, cheaper oil and a stronger rouble, the company said on Friday. Lower oil prices have dragged down the quarterly profits of various oil majors, including Shell (SHEL.L) , opens new tab and TotalEnergies (TTEF.PA) , opens new tab. Sign up here. Rosneft said additional pressure on the company's results came from an increase in ensuring "anti-terror security". The company did not elaborate on the specific security measures. Ukraine has stepped up drone attacks on Russia's energy infrastructure since August. Rosneft said its revenue dropped by 17.8% in the first nine months of the year to 6.29 trillion roubles. "The high level of the Bank of Russia's key interest rate continues to have a significant negative impact on the profit. In addition, non-monetary and one-off factors adversely affected the indicator's dynamics during the reporting period," Rosneft said. Earnings before interest, taxes, depreciation and amortisation (EBITDA) fell for the period by 29.3% to 1.6 trillion roubles. ($1 = 77.4955 roubles) https://www.reuters.com/business/energy/russias-rosneft-reports-70-fall-9-month-net-income-2025-11-28/
2025-11-28 20:51
LONDON, Nov 28 (Reuters) - Britain said on Friday it would temporarily stop imports of pork meat from parts of Spain after the country confirmed its first cases of African swine fever in just over three decades. Britain is one of Spain's main customers for pork, and the move comes as authorities in Madrid activated emergency measures in Catalonia, a region central to pig farming. Sign up here. "Following an outbreak of African Swine Fever in Spain, all fresh pork and other affected products from Spain will be held at Border Control Posts until further notice," Britain's environment department (DEFRA) said in a statement. "We will continue to monitor the situation and keep all measures under review," it added. Spain exported 37,600 metric tons of fresh and frozen pork to Britain so far in 2025, worth over 112 million euros ($129.93 million), up 17% in volume and 9.5% in value compared with all of 2024, according to data from the government-backed body the Agriculture and Horticulture Development Board. The virus is a highly contagious disease that affects pigs and wild boar but poses no risk to humans. It has no vaccine or cure and often leads to mass culling when detected in farmed herds. The disease has spread westwards in Europe in recent years, disrupting pork markets and prompting trade bans. Germany's outbreak in 2020 led to sweeping restrictions from major buyers such as China, while Croatia has battled infections in recent months. Spain, the European Union's top pork producer, has so far avoided the virus in domestic pigs since 1994, making the latest detection in wild boar near Barcelona a significant concern for its 8-billion-euro ($9.28 billion) pork industry and export markets. Britain's government earlier this year banned personal imports of ham and other meat and dairy products from all EU countries to prevent the spread of foot-and-mouth disease, following a rising number of cases. ($1 = 0.8620 euros) https://www.reuters.com/world/uk/uk-hold-fresh-pork-other-affected-spanish-products-border-amid-african-swine-2025-11-28/
2025-11-28 20:49
RIO DE JANEIRO, Nov 28 (Reuters) - Brazilian state-run oil firm Petrobras could review some of the 15 wells it plans to drill in the so-called Equatorial Margin, as Brent oil prices are expected to remain low in the coming years, its CEO said on Friday. In its business plan for the 2026-2030 period, Petrobras cut planned investments for the region that extends along Brazil's northern coastline from the state of Rio Grande do Norte to the state of Amapa by $500 million to $2.5 billion. Sign up here. "We had a large set of wells for the Equatorial Margin; some were prioritized, others were, let's say, deprioritized depending on the price of Brent crude oil," Petrobras Chief Executive Officer Magda Chambriard said in a press conference. She did not say how many of the 15 wells could be reviewed. The Equatorial Margin is considered Petrobras' most promising oil frontier, with the firm commencing drilling this year in an environmentally sensitive area off the coast of Amapa known as Foz do Amazonas. Petrobras' cuts will also impact extraordinary dividends to shareholders, Chief Financial Officer Fernando Melgarejo told journalists, saying the possibility of doling out extra cash in the coming years is low. Despite the cuts, Petrobras expects to maintain its oil production at some 2.6 million or 2.7 million barrels per day until 2034 after ramping it up around 2027, Chambriard said. These oil production levels represent the peak Petrobras expects to reach in the next five years under its new business plan. https://www.reuters.com/business/energy/petrobras-oil-output-ramp-up-around-2027-maintaining-level-until-2034-ceo-says-2025-11-28/
2025-11-28 20:42
Weight-based concessions split India's car industry The 909-kg cutoff is arbitrary, company executives say Hyundai, Mahindra say concessions risk hurting India's EV push Maruti defends move, says small cars emit less CO2 than big SUVs NEW DELHI, Nov 28 (Reuters) - India's biggest carmakers including Tata Motors and Hyundai want the government to scrap a weight-based emission concession for small cars under planned new efficiency rules, a move they say would benefit just one company, letters seen by Reuters show. Tata (TAMO.NS) , opens new tab, Mahindra & Mahindra (MAHM.NS) , opens new tab, JSW MG Motor and Hyundai (HYUN.NS) , opens new tab are concerned that a weight-based relief risks hurting India's EV goals while helping a single player, according to individual letters they wrote to the government. Sign up here. They did not name the player but industry data shows and three auto executives told Reuters that Maruti Suzuki (MRTI.NS) , opens new tab would be the main beneficiary. Maruti, the biggest seller of small cars in India, told Reuters that global car markets like Europe, the U.S., China, Korea and Japan all had some provisions in their emission regulations to protect the "very small cars". 'LIMITED POTENTIAL FOR EFFICIENCY IMPROVEMENTS' Under India's current Corporate Average Fuel Efficiency norms, the quantity of permissible carbon dioxide emissions applies to all passenger cars weighing less than 3,500 kg (7,716 lb). The new rules propose tightening average CO2 emissions to 91.7 grams/km from an earlier target of 113 grams/km. This will make it tougher for small cars to meet the target compared with large SUVs, pushing companies to sell more EVs. In its latest draft, India has proposed leniency for petrol cars weighing 909 kg or less, measuring under four meters in length and with engine capacity of 1200 cc or below as they offer "limited potential for efficiency improvements". This has created a sharp split between India's leading EV-focused companies and Maruti - for whom 16% of sales come from cars weighing under 909 kg - causing delays in finalising the regulation that is crucial for automakers to plan future product portfolios and investments in powertrain technology. Three company executives told Reuters the 909 kg threshold was arbitrary and did not align with any global standards, alleging that the move only benefitted Maruti Suzuki. In a letter to India's power ministry, which is drafting the rules, Mahindra requested omission of a "special category" or definitions based on size or weight. "(This) can have adverse effects in terms of the nation's progress towards safer, cleaner cars, and can alter the level playing field for industry players," it said. RISKS TO INDUSTRY STABILITY AND CUSTOMERS Hyundai told the industries ministry in its letter that the exemption may be perceived internationally as a step backward, at a time when global markets are converging toward stricter fuel-efficiency and zero-emission standards. "Abrupt policy changes favouring a specific segment risk undermining industry stability and customer interests, as future investments and technology rollouts are planned on the basis of established norms," Hyundai said in a statement to Reuters. JSW MG Motor said that over 95% of cars under 909 kg come from a single carmaker, without naming anyone. "A relaxation restricted to this weight band would disproportionately benefit one manufacturer," it said in its letter to the road transport ministry dated November 21. Tata, Mahindra and JSW MG Motor did not respond to a request for comment. India's power, transport and industries ministries also did not respond to requests. Maruti told Reuters that small cars consume much less fuel and emit less carbon dioxide than bigger cars, so having this "safeguard" will help both CO2 reduction and fuel saving. About 16% of its sales in India are of cars weighing less than 909 kg but demand has been falling as buyers choose bigger SUVs. https://www.reuters.com/sustainability/climate-energy/hyundai-tata-want-india-drop-fuel-emission-concessions-seen-benefiting-suzuki-2025-11-28/
2025-11-28 20:35
ISTANBUL, Nov 28 (Reuters) - Blasts rocked two tankers from Russia's shadow fleet in the Black Sea near Turkey's Bosphorus strait on Friday, causing fires on the vessels, and rescue operations were launched for those on board, Turkish authorities and sources said. The 274-meter-long tanker Kairos suffered an explosion and caught fire in the Black Sea while en route from Egypt to Russia, Turkey's Transport Ministry said. Sign up here. It said two fast rescue boats, a tugboat, and an emergency response vessel were immediately dispatched to the scene and the 25 crew members on board were safely rescued. Kairos was heading to Russia's Novorossiysk port when it reported "an external impact" causing a fire 28 nautical miles off the Turkish shore, Turkey's Maritime Affairs Directorate said. It said another tanker, Virat, was reportedly struck some 35 nautical miles offshore, further east in the Black Sea, and rescue units and a commercial vessel were sent to the scene. Heavy smoke was detected in the engine room but the 20 personnel on board were in good condition, it added. Both Kairos and Virat are on a list of ships subject to sanctions imposed against Russia following its full-scale invasion of Ukraine in 2022, according to LSEG data. There have been incidents of ships hitting mines in the Black Sea in recent years and some mines have been found drifting. The Kairos was sailing under the Gambian flag and in ballast when the incident occurred, Tribeca shipping agency said. It said reports indicated that the ship may have struck a mine and be in danger of sinking. Shipping traffic through the strait continued, the agency said. https://www.reuters.com/world/tanker-hit-by-blast-fire-north-turkeys-bosphorus-strait-agency-says-2025-11-28/
