2024-05-22 12:35

ABUJA, May 22 (Reuters) - A Nigerian court has adjourned a tax evasion case against Binance to next month for possible arraignment of the cryptocurrency exchange and two of its executives after a trial stalled on Wednesday, the judge said. The matter stalled because authorities failed to bring Tigran Gambaryan, a U.S. citizen and Binance head of financial crime compliance, to court. No reason was given for Gambaryan's absence in court. On Friday, an Abuja court ruled that Gambaryan could stand trial in the tax evasion case on behalf of Binance. The CEO of Binance Richard Teng in May accused Nigeria of setting a dangerous precedent after its executives were invited to the country and then detained as part of a crackdown on crypto. The company is challenging the trials on charges of tax evasion and money laundering. Binance and its executives Gambaryan and Nadeem Anjarwalla, a British-Kenyan who is Binance's regional manager for Africa, face four counts of tax evasion, including failure to register with Nigeria's Federal Inland Revenue Service for tax purposes. Anjarwalla escaped custody in March but is still listed on the case, without indicating he was 'at large' - a factor that could stall trial given that Nigerian law requires that parties must be served before the case can proceed, Gambaryan's lawyer Chukwuka Ikwuazom said. The revenue service lawyer Moses Ideho said Gambaryan was supposed to have been produced in court by Nigeria's prison service and that he did not know why he was not in court. Judge Emeka Nwite adjourned the possible arraignment of Binance and Gambaryan to June 14. In addition to the tax evasion trial, Binance and the executives have also been charged with laundering more than $35 million by Nigeria's anti-graft agency, the Economic and Financial Crimes Commission (EFCC). A money laundering trial will be heard on Thursday. Binance has said it is working closely with Nigerian authorities following the detention of Gambaryan. Sign up here. https://www.reuters.com/world/africa/nigerian-court-adjourns-binance-executives-tax-evasion-trial-june-14-2024-05-22/

2024-05-22 12:31

BERLIN, May 22 (Reuters) - Germany's economy ministry presented on Wednesday its concept to create a market for climate-friendly products as Germany aims to become carbon neutral by 2045 and seeks ways to cut emissions in its steel, cement and chemicals industries. In addition to subsidies to help energy-intensive firms switch to green production the government launched earlier this year, Berlin wants to build demand for goods built with a lower greenhouse footprint which are usually more expensive than those conventionally-made. The concept includes industry-specific definitions of climate-friendly steel, cement, ethylene and ammonia, along with a labelling system for these definitions. "Our vision is the wind turbine made of green steel, which is based on a foundation of green cement, and the electric car, which not only runs CO2-free but is also made of green steel," said Economy Minister Robert Habeck. The ministry said setting quotas for green goods for public procurement, which makes up 15% of Europe's biggest economy, is a possible tool to advance green markets until they are the standard in Germany from 2045 and in Europe by 2050. On the European level, the ministry wants to introduce binding requirements for raw materials and products' emissions. Sign up here. https://www.reuters.com/sustainability/climate-energy/germany-sets-out-concept-green-industry-market-bid-decarbonization-2024-05-22/

2024-05-22 12:29

CAPE TOWN, May 22 (Reuters) - Vivo Energy, owned by global commodities trader Vitol, will invest an initial 10 billion rand ($550.79 million) in its South African operations following its merger with Engen, South Africa's trade minister Ebrahim Patel said on Wednesday. The investment is part of a range of public interest and competition commitments, designed to prevent job losses and continue supply contracts with local refineries, that domestic regulators sought when the merger was considered. "The company (Vivo) has committed to a minimum of about 10 billion rand over the next five years to be invested in areas like green energy, infrastructure and the upgrading of its operations," Patel said at a signing ceremony with senior company executives. The company may invest a further 4 billion rand, subject to feasibility, in biofuels production and marine infrastructure, among other projects, he added. Besides the capital investment, there was also provision for workers' ownership that will be financed via a vendor funding mechanism so that workers did not pay for their shares directly. The agreement also requires Engen to continue buying fuel refined from Glencore's Astron refinery in Cape Town for a period of 15 years and from Sasol's refineries to the north of the country for a period of up to 10 years. Astron Energy and Sasol had opposed the merger at competition hearings over fears that their locally refined products would be displaced by imports. "This provides a significant buffer for local refineries and a boost to maintain and expand oil refining locally," Patel said of a supply commitment valued at an estimated 100 billion rand over the next five years. Engen and Vivo Energy formally completed the transaction on to combine their businesses on Tuesday, after regulators agreed in April for Malaysia's Petronas to sell its 74% stake in Engen to Vivo Energy. The combined Vivo Energy group now has over 3,900 service stations and more than 2 billion litres of storage capacity across 28 African markets. "Africa and South Africa has and will remain a key focus for Vitol's investment," Harvey Foster, Vitol's country manager said. ($1 = 18.1557 rand) Sign up here. https://www.reuters.com/business/energy/vivo-energy-invest-over-550-mln-south-africa-minister-says-2024-05-22/

2024-05-22 12:20

MOSCOW/VIENNA, May 22 (Reuters) - A Russian court ruling on Wednesday banned Austrian energy company OMV Gas Marketing and Trading GmbH (OMVV.VI) New Tab, opens new tab from pursuing arbitration proceedings in Stockholm against the exporting arm of Kremlin-controlled Gazprom (GAZP.MM) New Tab, opens new tab. The TASS news agency also said that the Court of Arbitration of St Petersburg and the Leningrad Region threatened to fine OMV 575.2 million euros ($624.26 million) if the Austrian company went ahead with the arbitration in courts outside Russia. Gazprom and some other Russian companies are trying to move court cases to Russia from international arbitration. Many of the disputes stem from the breakdown of business relations between Russia and the West over the conflict in Ukraine. "This case is another example of the increasingly widespread and illegitimate practice of certain Russian companies to circumvent validly agreed international arbitration proceedings with the assistance of Russian courts contrary to their contractual obligations," OMV said in a statement. It said that OMV considered the Russian legal proceedings to be illegitimate and in breach of the principles of a fair trial and applicable laws. OMV is preparing an appeal. "OMV strongly believes that the decision of the Russian court should not be recognised, upheld or enforced in any jurisdiction, including Russia," it said. The court also issued the same ruling in April against OMV Exploration and Production GmbH, prohibiting it from seeking international arbitration. OMV's Chief Executive Officer Alfred Stern said last month that OMV had initiated arbitration proceedings against Gazprom, concerning among other matters its stake in a Russian gas field. Separately, OMV said on Wednesday that gas supplies from Gazprom may be suspended in connection with a foreign court ruling, without identifying the case. OMV assured the market it would have replacement cover. ($1 = 0.9214 euros) Sign up here. https://www.reuters.com/business/energy/russian-court-bans-austrias-omv-non-russia-arbitration-against-gazprom-tass-2024-05-22/

2024-05-22 11:46

Protesters erect new barricades overnight Local officials say riots have ebbed but not over Macron to visit New Caledonia on Thursday Aims to ease tensions after over a week of riots SYDNEY/PARIS, May 22 (Reuters) - Protesters in New Caledonia erected new barricades overnight in "cat-and-mouse" games with French police reinforcements ahead of the arrival of President Emmanuel Macron, after the worst riots on the French-ruled Pacific island in 40 years. Macron is due to land in the French overseas territory early on Thursday for talks after government electoral reforms passed last week sparked violence that has killed six people and left a trail of destruction including looted shops and torched cars and buildings. The protesters fear the reforms will dilute the votes of indigenous Kanaks, who make up 40% of the island's population versus 24% who identify as European, according to a 2019 census. The riots have calmed down but are not over, local officials said. Reuters drone footage showed smoke rising above damaged buildings in the capital Noumea, as well as burning road blockades and continued clashes between protesters and police. "The police forces go around clearing these barricades but right after that, the youths put them up again, so it's almost a cat-and-mouse game," said Jimmy Naouna, from the Front de Liberation Nationale Kanak et Socialiste (FLNKS). The pro-independence FLNKS had called for protesters to remove roadblocks that restrict movement and food supplies in Noumea, though they continued to appear overnight, Naouna told Reuters in an interview. Much now hinges on what Macron will say and do during his visit. Aides say Macron has no pre-conceived plan and will talk with all parties about reconstruction in the wake of the riots, as well as about politics, but is unlikely to rush into any major decision. EXPECTATIONS This may disappoint some local groups, including FLNKS, who want Macron to shelve the electoral reform. "We are expecting that if he (Macron) travels to Kanaky he will make some strong announcement that he is withdrawing this electoral bill, but if he is just coming here as a provocation that might just turn bad," Naouna said, using the island's indigenous name. Calls to scrap the bill - or at least postpone its ratification - come not only from the pro-independence camp. Noumea Mayor Sonia Lagarde, a member of Macron's Renaissance party, described her city as "under siege". Lagarde told France 2 TV she hoped Macron's visit would help "cool things down" and that he would announce a postponement of a joint session of France's National Assembly and Senate that is required to ratify the electoral reform. Asked what he hoped from Macron's visit, Yoan Fleurot, a local naval mechanics business owner, said: "A return to order." New Caledonia's Pacific neighbours have repeatedly urged Macron to listen to the island's leaders and calm a situation they say worries them. New Zealand and Australia have started to evacuate tourists from the island. "I think the gesture of President Macron travelling there is an important one, and we just urge both sides to support the Noumea Accords," Australia's Pacific minister Pat Conroy told ABC Television. Electoral rolls were frozen in 1998 under the Noumea Accord, which ended a decade of violence and established a pathway to gradual autonomy, which critics say has now been derailed. 'MOBILISED AND CONFIDENT' The Field Action Coordination Cell (CCAT), organiser of the protests, called on social media for demonstrators to display Kanak flags and banners opposing the electoral amendment. "We don't know what Macron and his team are coming to do but we remain mobilised and confident for Kanaky," it said. France annexed New Caledonia in 1853 and gave the colony the status of overseas territory in 1946. It is the world's No. 3 nickel miner but the sector is in crisis and one in five residents lives below the poverty threshold. The electoral reform would allow French residents who have lived in New Caledonia for 10 years to vote in provincial elections - a move Paris says is needed to improve democracy. The island is more than 16,000 km (10,000 miles) from mainland France and 1,500 km (930 miles) east of Australia. Meanwhile, the New Caledonia government said a large cyber attack launched soon after the announcement of Macron's visit - and now ended - had aimed to make internet services unavailable, with millions of emails sent to one address. Government official Christopher Gyges told BFM TV most of the IP addresses involved in the attack originated in Russia. Sign up here. https://www.reuters.com/world/asia-pacific/new-caledonia-protesters-police-play-cat-mouse-before-macron-arrives-2024-05-22/

2024-05-22 11:46

PERTH, Australia, May 22 (Reuters) - Shell (SHEL.L) New Tab, opens new tab expects its Australian supplies of liquefied natural gas (LNG) to help meet demand from emerging markets in south and southeast Asia, which are tipped to absorb some of the pick up in global supplies towards the end of this decade. Asian spot LNG prices rose last week to the highest levels since January as hot weather across the region spurred demand for the super-chilled fuel. "That combination of decarbonisation, and declining domestic production (will drive LNG demand growth)," Cecile Wake, Country Chair at Shell Australia told Reuters on the sidelines of the Australian Energy Producers Conference on Wednesday. Wake expects Philippines, Thailand, Vietnam and Bangladesh to be key demand growth markets. "I think, we describe it as latent demand in south and southeast Asia," Wake said, adding that global LNG markets were "finely balanced" this year. Wake said Shell's internal assessment of demand prospects in Asia was why it was deeply committed to the Australian market. "We see ourselves competitively positioned to Asian markets. It is about maintaining that supply position, ensuring that we've got high utilization, high reliability of our LNG assets here," she said. Wake said Shell was pleased with how its flagship floating LNG facility Prelude came out of its statutory shutdown in Australia. Prelude, whose deck is longer than four soccer fields, was the world's first floating LNG facility estimated to have cost over $12 billion. It has suffered a string of outages since it started production in June 2019, including a fire that led to a full power loss in December 2021. "The volumes this year are of course anticipated to be higher than last year because it doesn't have a statutory turnaround. It has come out of that statutory shutdown with both higher reliability and a much tighter band of where we think the performance range is," Wake said. "There's no major statutory shutdowns this year or next. The next major shutdown will not be until 2026, at this stage," she said. Sign up here. https://www.reuters.com/markets/commodities/shell-sees-emerging-asian-markets-taking-more-worlds-growing-lng-supply-2024-05-22/