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Business

Dateline
July 28, 2014 08:30
ARCHIVE PHOTO: The Yukos office building (RIA Novosti / Vladimir Vyatkin)
‘Mega-arbitration’: Court orders Russia to pay $50bn in Yukos case
The International Arbitration Court in the Netherlands has ended a decade long case brought by shareholders in the defunct Yukos oil company, and ordered Russia to pay about $50 billion in damages. 439
Customers look at a Range Rover Evoque car outside a dealership in Beijing (Reuters / Jason Lee) ​Luxury carmakers cut prices after Chinese regulatory pressure
Jaguar Land Rover, Audi and Daimler have agreed to cut prices on their luxury models and auto parts after China’s anti-monopoly regulator began investigating the auto industry for possible anti-competitive behavior. 4
AFP Photo / Roslan Rahman Malaysia Airlines wants to rebrand, considering name change
After the back–to-back tragedies of MH17 and MH370, Malaysia Airline’s reputation has been tarnished, and the airline is considering a complete brand makeover, from seeking new investors to a name change. 19
Reuters/Yves Herman EU economic sanctions on Russia won’t affect gas sector – Van Rompuy
EU sanctions on Russia will cut Moscow's access to “sensitive” technologies in the oil sector, according to European Council head Herman Van Rompuy. The gas sector – which Europe depends on – will be unaffected, including Gazprom's South Stream pipeline. 89

Business snaps

Deutsche Bank, HSBC, Bank of Nova Scotia accused of rigging silver price 

In a lawsuit filed in the US, Deutsche Bank, HSBC and Bank of Nova Scotia has been accused of attempting to rig the price of silver and abusing their position in the market, the BBC said. Deutsche Bank and HSBC have not commented on the filing. However, Bank of Nova Scotia said it would “vigorously defend” itself, Bloomberg reported. Earlier this year, UK regulators fined Barclays Bank $44 million after one of its traders was discovered attempting to fix the price of gold.

US parent company OSI Group pulls all products of scandal-hit Chinese subsidiary  

The parent company of a scandal-hit Chinese food supplier is withdrawing all products made by the subsidiary, the Guardian said. The scandal spread from China to Hong Kong and Japan erupted over allegations Shanghai Husi Food Co Ltd, owned by Illinois-based OSI Group LLC, mixed fresh and expired meat. OSI Group said it would “withdraw from the marketplace” all products made by Shanghai Husi. Shanghai’s Communist Party boss Han Zheng said on Sunday that regulators must toughen oversight.

McDonald’s faces lawsuit in Russia over unhealthy food 

McDonald’s is facing a lawsuit that could ban it from selling some of its signature products in Russia. Consumer protection agency Rospotrebnadzor said it had brought the case after inspections of two of the company’s restaurants in the city of Novgorod. The agency said some food was found with microbial contamination and several items had caloric values two to three times higher than allowed by national regulations, AP reported. Cheeseburgers, Royal Cheeseburgers and several milkshake varieties were among the products that were mentioned for incorrect nutritional information.

Russia bans Ukrainian dairy imports 

Russia’s ban on the imports of all dairy products and milk from Ukraine came into force on Monday, ITAR-TASS reported, citing the agricultural watchdog. Rosselkhoznadzor officials say the ban will not entail any consequences for Russia in the format of the World Trade Organization. According to them, the ban applies first and foremost to the imports of cheeses that might be hazardous since their production process includes palm oil of unknown quality and origin. On July 28, another ban came into force on imports of vegetables from Ukraine in individuals’ luggage.

4 foreign companies interested in construction of light metro in Moscow Region 

Four foreign companies are ready to take part in the construction of a light metro in the Moscow Region, ITAR-TASS reported, citing regional officials. The companies include Germany’s Siemens, France’s Alstom, China Railway Construction and Italy’s Finmeccanica. It was earlier reported that Siemens is not only ready to participate in developing the project, but also to finance it.

Consumer sentiment in Germany at highest level in 8 years 

German consumer sentiment rose to its highest level in nearly eight years, MarketWatch said, citing survey data from the Nuremberg-based GfK institute published on Friday. The consumer-sentiment indicator for August is due to rise to 9.0 versus July's 8.9. The mood is exceedingly robust in July, and the consumer climate “not only remained at an extremely good level, but even improved slightly,” the institute said.

Rosneft posts strong Q2 financial results amid sanctions 

Russia’s largest oil producer’s profit surged almost eightfold, beating estimates, to 171 billion rubles ($4.87 billion) in the three months to June 30, Bloomberg reported. Oil and gas sales rose 24 percent to 757 billion rubles, driving total revenue up 22 percent to 1.44 trillion rubles. Daily hydrocarbon production increased by 4.6 percent in Q2, EBITDA increased by 41 percent, net income increased 5 times, with net debt being reduced by 3,653 billion rubles, according to energyland.info. The company is preparing a plan to limit the impact of US-led sanctions.

Sales clerks of fast food chain McDonald's serve meals to customers at a Tokyo shop. (AFP Photo / Yoshikazu Tsuno) ​McDonald’s Japan halts Chinese supplies after rotten meat scandal
McDonald’s restaurants in Japan have stopped selling products that use chicken sourced in China. It comes after a scandal involving a Shanghai factory which supplied expired meat products to global fast food chains. 19
Bulgaria's Prime Minister Plamen Oresharski (Reuters / Stoyan Nenov) Bulgaria's Prime Minister resigns as banking crisis unfolds
The Prime Minister of Bulgaria Plamen Oresharski has resigned his post. His decision came after accusations by opponents of failing to cope with the worst banking crisis in 17 years. 34
AFP Photo / John D. Mchugh ​EU sanctions on Russian finance could cripple London
The EU plans to widen economic sanctions against Russia, but London, already on rocky ground with the EU, would be hit the hardest if tougher restrictions are slapped on Russia’s big state banks. 48
Reuters / Joe Raedle ​68 percent of Britons ‘tricked’ by small print financial fees - poll
More than half of Britons say they have been hit with extra fees on their credit cards, bank accounts mortgage or insurance in the last year. Two thirds say lenders and insurers are tricking them with dubious and difficult to compare headline prices. 4
Reuters/Todd Korol $200 per barrel oil if Russia sanctions escalate- Oxford Economics
If the standoff with Russia and the West reaches a point where the EU has to completely cut trade with Russia, oil prices could soar above $200 per barrel, sparking a global economic crisis, says Adam Slater, senior economist at Oxford Economics. 55
A front of the atrium of the European Union Council Building (AFP Photo) EU adds 15 people, 18 firms to sanctions list over Ukraine crisis
The European Commission added new names and companies to its blacklist on Thursday over the Ukrainian crisis, according to diplomats. However, 'stage three' economic sanctions against Russia have again fallen flat. 51

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