2025-05-20 17:13
MOSCOW, May 20 (Reuters) - Customers of UniCredit's (CRDI.MI) , opens new tab Russian subsidiary will be unable to send U.S. dollars out of Russia after June 6, a note sent by the bank to its clients showed on Tuesday. Italy's UniCredit is among only a handful of international banks that remained in Russia after Moscow despatched troops to Ukraine in February 2022, and it has been under growing pressure from the European Central Bank and latterly the Italian authorities to wind down its presence there. Sign up here. CEO Andrea Orcel said in May that UniCredit was targeting a full, orderly exit from its Russian retail business by the first half of next year. UniCredit's stopping outgoing dollar transfers further limits the options for individuals trying to take money out of Russia. Most Russian banks are under Western sanctions and blocked from the SWIFT global payments network, while the largest foreign bank in Russia, Austria's Raiffeisen Bank International (RBIV.VI) , opens new tab, made a similar move to halt outgoing FX transfers in 2024. In the note to clients, UniCredit said the reason for halting outgoing dollar payments was because its correspondent bank for outgoing payments was changing to UniCredit S.p.A., Italy, from JPMorgan Chase Bank, on May 26. Correspondent banking involves arrangements between banks that allow them to make payments between one another and move money around the globe. The note said that outgoing dollar transfers would be unavailable due to "restrictions on the side of the correspondent bank". UniCredit declined to comment when asked to specify what those restrictions were. https://www.reuters.com/business/finance/unicredits-russian-arm-halt-outgoing-dollar-transfers-after-june-6-2025-05-20/
2025-05-20 14:28
DOHA, May 20 (Reuters) - Qatar's sovereign wealth fund (QIA) is planning to at least double its annual U.S. investments in the next decade, its CEO said on Tuesday, after the fund has already pledged to invest $500 billion in the U.S. economy over the next 10 years. President Donald Trump visited Doha last week during his high-profile Gulf tour that focused on major business deals and leveraged rehabilitated relations with a key U.S. ally for investment commitments. Sign up here. He signed agreements with Qatar's Emir Sheikh Tamim bin Hamad Al-Thani that the White House said would generate an economic exchange worth at least $1.2 trillion, and included a $96 billion sale to Qatar Airways. But it did not offer a comprehensive breakdown. When asked on how the fund's annual investment into the U.S. would change since previous years, CEO Mohammed Al Sowaidi said: "It increased the pace for sure. So I think some years probably increased by double, some years probably buying more than double what we've been doing for the past five to six years." Trump helped isolate Doha in 2017, when he lent support to a trade and diplomatic embargo imposed by Saudi Arabia, the United Arab Emirates, Bahrain and Egypt, accusing the small but wealthy gas producer of backing terrorism among other charges. Doha has since rehabilitated itself in Washington's eyes, leveraging its deep pockets, and Trump's visit was the first by a U.S. president in 23 years. https://www.reuters.com/world/middle-east/qatars-qia-plans-least-double-annual-us-investments-over-next-decade-2025-05-20/
2025-05-20 12:44
Drivers demand bigger share of fare commission Riders fear job losses if potential GoTo, Grab merger proceeds GoTo's Gojek unit has 3.1 million drivers in Indonesia JAKARTA, May 20 (Reuters) - Hundreds of taxi and delivery drivers joined protests in several cities across Indonesia on Tuesday over low wages and to oppose a planned merger between the country's largest tech company GoTo (GOTO.JK) , opens new tab and U.S.-listed ride-hailing rival Grab (GRAB.O) , opens new tab. Ride-hailing and delivery services, especially by motorcycle, are a critical part of the transport landscape in Southeast Asia's largest economy, especially in big cities. GoTo's unit Gojek, which has more than 3.1 million motorcycle drivers on its books, and Singapore-headquartered Grab have dominated the Indonesian market for years. Sign up here. Drivers gathered in the early afternoon near the president's office, parliamentary buildings, and the office of the transport ministry in Jakarta, dressed in their trademark green jackets and helmets. They delivered fiery speeches through loudspeakers, waved flags and held up posters criticising what they said were unfair and exploitative company policies. Drivers, who say they typically make between 100,000 rupiah ($6.09) and 150,000 rupiah for a 10 to 12-hour day, also rode in a convoy through some of the capital's major streets. GoTo said in a statement it was open to drivers' input but reducing the company's share of fares was not a solution. On the merger plan, it said it had received proposals from various parties but had "not made any decision." Grab respects drivers' rights to express opinions, the chief of public affairs for its Indonesian unit, Tirza Munusamy, said. On the merger plan, she said "the speculation was not based on verified information". Drivers asked the government to ensure they received 90% of the fare from each trip, Raden Igun Wicaksono, the head of the online motorcycle driver association, told Reuters. Under current regulations, companies are supposed to take no more than 20% of the fare, but Wicaksono said that sometimes the companies took more. "There is no sanction in the regulation and the government has always been soft on the companies," he said. Transportation Minister Dudy Purwagandhi, who met company representatives on Monday to discuss the issues, acknowledged the drivers' concerns over the level of commissions and said in a statement that the government was evaluating the scheme. Grab and GoTo said they take a commission on fares as regulated by the government. Protests took place in cities, including Surabaya, Bandung, Yogyakarta, and Semarang on the country's main Java island, local media reported. Sunardi, 47, who joined the Jakarta protest, said company offers of discounted fares had also reduced driver incomes and called for an end to the practice. The drivers said they feared a merger between GoTo and Grab would result in a "monopoly" and lead to layoffs as well as "predatory prices" for consumers, said Wicaksono. Grab is looking to strike a deal to take over GoTo in the second quarter, two sources with knowledge of the matter told Reuters earlier this month. If the merger goes ahead it would create a regional ride-hailing giant with around 85% of the $8 billion market, according to data analytics firm Euromonitor International. ($1 = 16,410.0000 rupiah) https://www.reuters.com/business/world-at-work/ride-hailing-drivers-indonesia-hold-protests-demand-better-pay-2025-05-20/
2025-05-20 12:44
Shell CEO, chair laud LNG as "low carbon" Activist resolution questioning LNG strategy gets 21% support LONDON, May 20 (Reuters) - Shell (SHEL.L) , opens new tab shareholders on Tuesday re-elected Chair Andrew Mackenzie and CEO Wael Sawan, who said when asked about a potential deal for rival BP (BP.L) , opens new tab that the bar for mergers and acquisitions was very high. Media reports earlier this month suggested Shell was working with advisers to evaluate a potential acquisition of BP. Sign up here. Sawan won the support of 98.7% of shareholders at Shell's annual general meeting and Mackenzie of 91.4%. In contrast, BP Chair Helge Lund only received 76% at its AGM after years of share underperformance, and is set to leave his post in the coming months. Echoing previous comments when asked about media reports that Shell was studying a bid for BP, Sawan said Shell's current share price makes buybacks an especially attractive way of spending money. A shareholder resolution asking Shell to provide further information on its strategy to boost LNG sales, and how this is compatible with goals to cut carbon emissions, received around 20.6% support. "LNG will be the biggest contribution Shell will make to the energy transition," Sawan told shareholders, pointing to the option of replacing more polluting fuels like coal with gas. "LNG is a versatile low-carbon fuel that is going to be essential for the energy transition." The majority of natural gas is made up of methane, a greenhouse gas and significant contributor to climate change alongside carbon dioxide. All other board members, including Finance Chief Sinead Gorman, were also re-elected. https://www.reuters.com/business/energy/re-elected-shell-ceo-asked-about-bp-says-bar-deals-is-high-2025-05-20/
2025-05-20 12:38
75% of Syrian wheat crops projected to fail, FAO reports Syria relied on Russian wheat imports - now disrupted Sanctions relief could revive Syria's agriculture sector ALEPPO, May 19 (Reuters) - Severe drought in Syria this year could lead to the failure of an estimated 75% of local wheat crops, according to the United Nations' Food and Agriculture Organisation, threatening the food security of millions of people. Toni Ettel, the FAO's representative in Syria, told Reuters the agency anticipated a "food shortage of 2.7 million tonnes of wheat for this year, which is sufficient to feed 16.3 million people over one year." Sign up here. Under former President Bashar al-Assad, Damascus depended on wheat imports from Russia to support a bread subsidy programme during past droughts. Wheat farmers like Asaad Ezzeldin, 45, have seen their crops fail due to the drought. It has further strained Syria's beleaguered agricultural sector that suffered from fighting and heavy bombardment during 13 years of civil war. "Agriculture in Aleppo's northern countryside has been hit because of the lack of irrigation. There is no rainfall," he said. Moscow, a staunch ally of Assad, suspended wheat supplies to Syria soon after Islamist rebels toppled him, citing uncertainties about the country's new authorities. In a surprise announcement last week, U.S. President Donald Trump said he would order the lifting of all sanctions on Syria. Washington is likely to begin providing some sanctions relief in the coming weeks. The flow of funds could revive the agriculture sector, providing much-needed technologies for irrigation and infrastructure renewal, Ettel said. Unable to buy wheat and fuel, Syria's new government had lobbied for a lifting of the sanctions that for years isolated the Syrian economy and made it dependent on Russia and Iran. Syria's agriculture ministry did not reply to a request for comment. European Union foreign policy chief Kaja Kallas said on Tuesday she hoped ministers would reach an agreement on lifting EU economic sanctions on Syria. The EU has already eased sanctions related to energy, transport and reconstruction, and associated financial transactions, but some argued this was not enough to support its political transition and economic recovery. https://www.reuters.com/business/environment/drought-hit-syrian-farmers-hope-sanctions-reprieve-will-restore-agriculture-2025-05-20/
2025-05-20 12:31
TANGERANG, Indonesia, May 20 (Reuters) - Malaysian state energy company Petronas wants to include oil and gas projects in Indonesia's Kutai Basin in its planned joint venture with Eni (ENI.MI) , opens new tab, an executive said on Tuesday. Petronas and the Italian oil major announced the proposed tie-up in February to manage some upstream assets in Indonesia and Malaysia, combining about 3 billion barrels of oil equivalent (boe) of reserves with exploration that could bring estimated additional reserves of 10 billion boe. Sign up here. The companies are in talks over which assets will be managed by the venture, the vice president responsible for Petronas's international assets told reporters on the sidelines of the Indonesia Petroleum Association conference. Petronas is aiming to swap interests in its assets in Malaysia and Indonesia with Eni's blocks in the Kutai Basin, Mohd Redhani Abdul Rahman said. "The idea is what we offer will complement the portfolio that Eni has here," he said. "So we will be part of development of all the discoveries in Kutai Basin with the funding we get from all the assets we bring in from Indonesia and Malaysia." An Eni spokesperson said the company was not able to make immediate comment. The Italian group's Kutai Basin assets include developments in the Northern and Gendalo-Gandang hubs, which have massive gas reserves. Talks on the assets to be included in the venture remain at an early stage, Redhani said, adding that Petronas will not include Indonesian assets only recently awarded to the company, such as the Binaiya and Serpang blocks. https://www.reuters.com/business/energy/petronas-seeks-kutai-basin-assets-part-planned-eni-tie-up-2025-05-20/
