2025-05-23 11:50

LONDON, May 23 (Reuters) - Turkey-based tanker operator Palmali on Friday lost its London lawsuit against the trading arm of Russian oil producer Lukoil over a purported deal to provide oil products. Palmali, controlled by Azerbaijan-born businessman Mubariz Mansimov, first sued Lukoil's Swiss subsidiary Litasco at the High Court in 2017 and was initially seeking nearly $2 billion. Sign up here. The value of Palmali's case was substantially reduced, however, after Litasco succeeded in having much of the lawsuit thrown out in 2020. Palmali was, by the time of the trial earlier this year, seeking just over $120 million for Litasco's alleged breach of its obligations to supply up to 700,000 metric tons of cargoes a month. But Judge Mark Pelling dismissed Palmali's lawsuit in a written ruling on Friday, saying its contract with Litasco was void because Litasco's then chief executive Valery Golovushkin had "a plain conflict of interest" when the contract was agreed. The judge also upheld Litasco's counterclaim for the repayment of a loan and payments made to Palmali which were due to be paid on to third parties. Litasco's lawyer Craig Morrison said the parties had agreed the value of the counterclaim at around $14.8 million, including interest. Palmali and Litasco did not immediately respond to requests for comment. https://www.reuters.com/sustainability/turkey-based-palmali-lawsuit-against-lukoils-litasco-dismissed-by-uk-court-2025-05-23/

2025-05-23 11:48

PARIS, May 23 (Reuters) - About a dozen activists from the Extinction Rebellion climate group briefly occupied the entrance lobby of French bank BNP Paribas' headquarters in Paris on Friday morning in protest against what they said are BNP's links with TotalEnergies, which holds its annual shareholders meeting on Friday afternoon. Environmentalist protesters, some wearing white masks, briefly shouted slogans and threw around fake money before police pushed them out of the building. Sign up here. Extinction Rebellion said in a statement the action was part of a campaign against TotalEnergies and its partners. It said that several NGOs are denouncing TotalEnergies' decision not to put the usual "Say on Climate" questions on its climate strategy to the vote at the shareholders meeting and said this was part of "the fossil fuel industry's unabashed backtracking on its human and environmental commitments." Earlier this year, TotalEnergies said it would not put a vote to investors on its sustainability strategy progress report and only consult shareholders in the event of a strategy change. The company instead will hold a climate debate during the shareholders meeting. TotalEnergies said on Friday it fully respects the right to protest and freedom of expression but added that it deplores all forms of violence, whether verbal, physical or material. BNP Paribas said it condemned "the aggressive actions of Extinction Rebellion and all forms of physical violence". It added that BNP Paribas is committed to supporting the energy transition and that any new financing it grants to the energy production sector is almost exclusively reserved for low-carbon energy sources. TotalEnergies' shareholders meeting got underway on Friday at its headquarters in Paris' La Defense business district . Extinction Rebellion said that in the afternoon activists will converge on "a symbolic Parisian site" to hold a "Counter-General Energy Assembly," without naming the site. https://www.reuters.com/sustainability/climate-energy/extinction-rebellion-briefly-occupies-bnp-paribas-entrance-totalenergies-protest-2025-05-23/

2025-05-23 11:10

FTSE 100, FTSE 250 up 0.1% UK retail sales for April rise much more than expected Consumer confidence rises in May AJ Bell gains after posting 12% rise in profit May 23 (Reuters) - Britain's main stock indexes rose on Friday, led by metal mining stocks, with positive economic data and declining bond yields aiding investor sentiment. By 1020 GMT, the blue-chip FTSE 100 (.FTSE) , opens new tab was up 0.1% and was poised for a second week of gains. Sign up here. Meanwhile, the domestically-focussed midcap index (.FTMC) , opens new tab also gained 0.1%. However, it was down 0.8% this week, on track to break its six-week-long winning streak. Stocks came under pressure earlier this week as concerns over rising debt in the U.S. and a higher-than-expected UK government budget deficit dampened investor sentiment. The benchmark 10-year gilt yield eased on Friday along with its U.S. counterpart after surging earlier this week as the Republican-controlled U.S. House of Representatives passed a sweeping tax and spending bill. On the day, data showed that British retail sales volumes were boosted by sunny weather and jumped for the fourth straight month in April, suggesting consumers might be a bright spot in an otherwise drab outlook for the economy. A separate report from market research firm GfK revealed that Britain's consumers turned a bit more confident in May, which might reflect the impact of falling interest rates and ease in global trade tensions. Precious metal miners (.FTNMX551030) , opens new tab advanced 1.7% as gold prices surged 1% and were on track for their best week in six weeks. Industrial metal miners (.FTNMX551020) , opens new tab rose 1.3% after copper prices in London edged higher, supported by a weaker dollar. Travel and leisure sub-index (.FTNMX405010) , opens new tab gained over 1% with budget airline easyJet (EZJ.L) , opens new tab rising 4.2% after at least three brokerages raised their price target on the stock. Investment platform, AJ Bell (AJBA.L) , opens new tab was the top gainer on the mid-cap index after posting a 12% year-on-year rise in half-yearly profit on increased client activity. Its shares jumped 6.2%. Games Workshop (GAW.L) , opens new tab slipped 4% to the bottom of the blue-chip index after Peel Hunt downgraded the miniature war-games maker, saying it expects U.S. tariffs to cost around 10 million pounds. https://www.reuters.com/world/uk/london-stocks-rise-led-by-mining-shares-strong-economic-data-aids-sentiment-2025-05-23/

2025-05-23 10:56

LONDON, May 23 (Reuters) - Russia is in advanced talks with Bahrain over a three-year liquefied natural gas (LNG) agreement under which Moscow would supply the Gulf kingdom with 1.5 million metric tons of the fuel, according to three sources close to the matter. The prospective deal would be the first of its kind between the countries and continues the expansion of Russia's reach in global energy markets and LNG competition with the United States. Sign up here. Russia, the world's fourth-largest LNG producer behind the United States, Qatar and Australia, is striving to enter the top three global LNG exporters and plans to produce 100 million tons per annum (mtpa) of the super-chilled gas in the medium term. Home to the U.S. Navy's Fifth Fleet, Bahrain is seeking to increase LNG imports to meet a gas shortage amid peak summer energy demand for air-conditioning. Last month the kingdom received its first LNG cargo in six years. Russian Deputy Prime Minister Alexander Novak met Bahrain's Minister of Oil and Environment, Mohamed bin Mubarak bin Daina, this week to discuss the purchase of 1.5 million tons, or 20 LNG cargoes, per year for three years, the sources said. "Talks are at an advanced stage and the deal is expected to be concluded soon," one of the sources said. Volumes are expected to come from Russia's Yamal LNG plant, in which Russia's largest LNG producer, Novatek (NVTK.MM) , opens new tab, holds a majority stake. Novatek and Bahrain's government communications office did not respond immediately to requests for comment. https://www.reuters.com/business/energy/russia-bahrain-advanced-talks-over-lng-supply-deal-sources-say-2025-05-23/

2025-05-23 10:55

SYDNEY, May 23 (Reuters) - Ancient rock art in Western Australia is not being damaged by emissions from industrial sites, a study released on Friday found, just days out from a decision on whether to extend Woodside’s (WDS.AX) , opens new tab major gas project nearby. WHY IT’S IMPORTANT The latest findings from the Western Australian government’s ongoing Murujuga Rock Art Monitoring Program could clear the way for Woodside’s North West Shelf liquefied natural gas (LNG) plant extension, as well as the addition of the Murujuga Cultural Landscape to the UNESCO World Heritage list. Sign up here. CONTEXT The Murujuga rock art is estimated to be up to 50,000 years old and is of cultural and spiritual significance to Indigenous Australians. Australia nominated the landscape for heritage listing in 2023. The rock art is located on the Burrup Peninsula, a key industrial hub, also home to two LNG plants run by Woodside and fertiliser and explosives plants run by Norway's Yara International. The Australian federal government is currently considering a proposal to extend the life of Woodside’s North West Shelf project until 2070. Environmental groups have long opposed the extension, citing the risk of acidic industrial emissions degrading the rock art’s surface. WHAT’S NEXT Australia’s decision on the North West Shelf is due by next week. The UNESCO World Heritage listing decision is due by July. KEY QUOTES "The program's data does not support earlier theories suggesting acid rain or deposition is contributing to damage of the rock art," a statement from the state government said. Belinda Churnside, vice chair of the Murujuga Aboriginal Corporation, which partnered with the government on the study, said in a video that she was confident the rock art monitoring program would contribute to its conservation and "support the decisions made by the World Heritage Committee." However, the study did find some rock surfaces had been affected by industrial pollution when emissions were higher in the 1970s. https://www.reuters.com/sustainability/climate-energy/study-ancient-australia-rock-art-paves-way-woodsides-north-west-shelf-extension-2025-05-23/

2025-05-23 10:51

Flight was facing a hail storm, Indian aviation regulator says Says diversion requests denied by Indian Air Force and Pakistan Images of damaged plane circulating on social media May 23 (Reuters) - An IndiGo (INGL.NS) , opens new tab passenger plane attempting to avoid severe weather en route to Indian Kashmir was denied permission to divert towards Pakistan by both the Indian Air Force and Pakistan, India's aviation regulator said on Friday. No passengers were injured when the flight from India's capital Delhi to the northern Indian city of Srinagar was forced to fly through a hailstorm. But a post-landing inspection revealed damage to the aircraft's nose, the Directorate General of Civil Aviation (DGCA) said in a statement, adding that the incident was under investigation. Sign up here. An image shared by the Times of India newspaper on the social media platform X showed a large hole in the front of the aircraft, while a video also circulating on the site showed passengers screaming and praying during the turbulence. Reuters could not immediately verify the authenticity of the video. The incident highlights the risks commercial airlines and passengers face after tensions between India and Pakistan led the two nuclear-armed neighbours to close their airspaces to each other's airlines last month. The Airbus (AIR.PA) , opens new tab A321neo, which typically has seating capacity for 180 to 220 passengers, was first denied a request to turn towards the India-Pakistan border by the Indian Air Force, the regulator said, without specifying the reason. The IAF did not immediately respond to a request for comment. The flight crew then contacted the city of Lahore in Pakistan requesting entry into Pakistan's airspace, but that was also denied, the DGCA said. A spokesperson for the Pakistan Civil Aviation Authority declined to comment. The crew of flight 6E 2142 then flew through the storm, choosing the shortest route to Srinagar, the summer capital of Indian Kashmir. "The flight and cabin crew followed established protocol and the aircraft landed safely in Srinagar," IndiGo said in a statement. It later said the aircraft was undergoing checks in Srinagar and would resume operations once clearances had been secured. Tensions flared between India and Pakistan following a deadly attack on tourists in Indian Kashmir in April, eventually triggering the two neighbours' worst military conflict in nearly three decades. The two countries declared a truce earlier this month. Their airspaces, however, remain closed to each other's airlines. https://www.reuters.com/world/india/indigo-flight-facing-severe-weather-was-denied-diversion-requests-india-says-2025-05-23/