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Clik here to view. BP quits Russia
BP is abandoning its stake in Russian oil giant Rosneft in an abrupt and costly end to three decades of operating in the energy-rich country, marking the most significant move yet by a Western company in response to Moscow's invasion of Ukraine.
Rosneft accounts for around half of BP's oil and gas reserves and a third of its production and divesting the 19.75% stake will result in charges of up to US$25 billion, the British company said, without saying how it plans to extricate itself.
"I have been deeply shocked and saddened by the situation unfolding in Ukraine and my heart goes out to everyone affected. It has caused us to fundamentally rethink bp's position with Rosneft," BP Chief Executive Bernard Looney said.
The rapid retreat represents a dramatic exit for BP, the biggest foreign investor in Russia, and puts the spotlight on other Western companies with operations in the country including France's TotalEnergies and Britain's Shell, amid an escalating crisis between the West and Moscow.
It also underscores growing pressure from Western governments on their companies to curtail operations in Russia as they widen a net of economic sanctions against Moscow. -Reuters
Nio pursues Hong Kong
Chinese electric vehicle (EV) maker Nio Inc plans to carry out secondary listings by introduction in Hong Kong and Singapore as it seeks to grow its business in the region.
Stock exchange filings on Monday showed the New York-listed firm had received preliminary approval from the Hong Kong Stock Exchange to trade its shares in the city, while the Singapore Exchange was reviewing an application for a secondary listing on the main bourse of that board.
Shanghai-based Nio said the Class A shares are due to start trading on March 10 in Hong Kong under the code 9866 once it receives final approval from the stock exchange. Its primary listing will remain in New York, the company said.
Unlike a typical initial public offering (IPO) or secondary listing, companies listing stock by introduction raise no capital and issue no new shares.
The mechanism was popular among companies in the past looking to build a brand in Hong Kong and the rest of Greater China.
The decision to pursue a listing by introduction was ordered by the company to not dilute or put further pressure on its stock by issuing new shares in Hong Kong and Singapore, according to a source with direct knowledge of the matter. -Reuters
Google blocks RT
Alphabet Inc's Google barred on Saturday Russia's state-owned media outlet RT and other channels from receiving money for ads on their websites, apps and YouTube videos, similar to a move by Facebook after the invasion of Ukraine.
Citing "extraordinary circumstances," Google's YouTube unit said it was "pausing a number of channels’ ability to monetize on YouTube." These included several Russian channels affiliated with recent sanctions, such as those by the European Union.
Ad placement is largely controlled by YouTube. Google added later that it was also barring Russian state-funded media outlets from using its ad technology to generate revenue on their own websites and apps.
In addition, the Russian media will not be able to buy ads through Google Tools or place ads on Google services such as search and Gmail, spokesman Michael Aciman said.
"We’re actively monitoring new developments and will take further steps if necessary," Aciman said.
On Wednesday, the European Union unveiled sanctions on individuals such as Margarita Simonyan, whom it called RT's editor-in-chief and "a central figure" of Russian propaganda. -Reuters
Grupo suspends operations in Ukraine
Mexican breadmaker Grupo Bimbo said on Sunday it has temporarily suspended operations in its Dnipro plant to ensure the safety of its 150 workers, all of whom are Ukrainians, citing the ongoing crisis with Russia.
One of the world's largest breadmaker, Grupo Bimbo said in a statement that it operates in Ukraine under the brand of Bimbo QSR, providing baked goods to quick service restaurants. It said it had suspended operations in Ukraine four days earlier.
Grupo Bimbo also operates in Russia though the statement did not mention whether its presence there would be affected.
Earlier this week, Mexican tortilla-maker Gruma suspended operations at its plant in Ukraine, local media had reported. -Reuters
Chris Licht set to run CNN
Executive producer Chris Licht will lead CNN after the cable news channelis taken over by Discovery Inc, succeeding Jeff Zucker, a source familiar with the matter said on Saturday. An announcement is expected as early as next week, according to the source.
Licht is currently an executive producer of the Emmy Award-winning "The Late Show With Stephen Colbert" on Paramount Global's CBS network.
He served for six years as executive producer of "CBS This Morning," offering a newsier alternative to rival network morning shows. He has also served as executive producer of MSNBC's "Morning Joe," an experience that provided the backdrop of his book "What I Learned When I Almost Died," in which he describes the life-changing experience of surviving a brain aneurysm.
Industry newsletter Puck first reported the development. This marks the first major appointment by Discovery CEO David Zaslav, who will lead the new Warner Bros. Discovery once the acquisition of WarnerMedia is completed.
The network was thrown into turmoil earlier this month following the abrupt departure of its longtime leader Jeff Zucker, the executive who reshaped the news network. He was forced to leave, he told colleagues, because he failed to disclose a consensual relationship with a colleague. -Reuters
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COMPANY NEWS IN BRIEFImage may be NSFW.Clik here to view.
BP quits RussiaBP is abandoning its stake in Russian oil giant Rosneft in an abrupt and costly end to three decades of operating in the energy-rich country, marking the most significant move yet by a Western company in response to Moscow's invasion of Ukraine.
Rosneft accounts for around half of BP's oil and gas reserves and a third of its production and divesting the 19.75% stake will result in charges of up to US$25 billion, the British company said, without saying how it plans to extricate itself.
"I have been deeply shocked and saddened by the situation unfolding in Ukraine and my heart goes out to everyone affected. It has caused us to fundamentally rethink bp's position with Rosneft," BP Chief Executive Bernard Looney said.
The rapid retreat represents a dramatic exit for BP, the biggest foreign investor in Russia, and puts the spotlight on other Western companies with operations in the country including France's TotalEnergies and Britain's Shell, amid an escalating crisis between the West and Moscow.
It also underscores growing pressure from Western governments on their companies to curtail operations in Russia as they widen a net of economic sanctions against Moscow. -Reuters
Nio pursues Hong Kong
Chinese electric vehicle (EV) maker Nio Inc plans to carry out secondary listings by introduction in Hong Kong and Singapore as it seeks to grow its business in the region.
Stock exchange filings on Monday showed the New York-listed firm had received preliminary approval from the Hong Kong Stock Exchange to trade its shares in the city, while the Singapore Exchange was reviewing an application for a secondary listing on the main bourse of that board.
Shanghai-based Nio said the Class A shares are due to start trading on March 10 in Hong Kong under the code 9866 once it receives final approval from the stock exchange. Its primary listing will remain in New York, the company said.
Unlike a typical initial public offering (IPO) or secondary listing, companies listing stock by introduction raise no capital and issue no new shares.
The mechanism was popular among companies in the past looking to build a brand in Hong Kong and the rest of Greater China.
The decision to pursue a listing by introduction was ordered by the company to not dilute or put further pressure on its stock by issuing new shares in Hong Kong and Singapore, according to a source with direct knowledge of the matter. -Reuters
Google blocks RT
Alphabet Inc's Google barred on Saturday Russia's state-owned media outlet RT and other channels from receiving money for ads on their websites, apps and YouTube videos, similar to a move by Facebook after the invasion of Ukraine.
Citing "extraordinary circumstances," Google's YouTube unit said it was "pausing a number of channels’ ability to monetize on YouTube." These included several Russian channels affiliated with recent sanctions, such as those by the European Union.
Ad placement is largely controlled by YouTube. Google added later that it was also barring Russian state-funded media outlets from using its ad technology to generate revenue on their own websites and apps.
In addition, the Russian media will not be able to buy ads through Google Tools or place ads on Google services such as search and Gmail, spokesman Michael Aciman said.
"We’re actively monitoring new developments and will take further steps if necessary," Aciman said.
On Wednesday, the European Union unveiled sanctions on individuals such as Margarita Simonyan, whom it called RT's editor-in-chief and "a central figure" of Russian propaganda. -Reuters
Grupo suspends operations in Ukraine
Mexican breadmaker Grupo Bimbo said on Sunday it has temporarily suspended operations in its Dnipro plant to ensure the safety of its 150 workers, all of whom are Ukrainians, citing the ongoing crisis with Russia.
One of the world's largest breadmaker, Grupo Bimbo said in a statement that it operates in Ukraine under the brand of Bimbo QSR, providing baked goods to quick service restaurants. It said it had suspended operations in Ukraine four days earlier.
Grupo Bimbo also operates in Russia though the statement did not mention whether its presence there would be affected.
Earlier this week, Mexican tortilla-maker Gruma suspended operations at its plant in Ukraine, local media had reported. -Reuters
Chris Licht set to run CNN
Executive producer Chris Licht will lead CNN after the cable news channelis taken over by Discovery Inc, succeeding Jeff Zucker, a source familiar with the matter said on Saturday. An announcement is expected as early as next week, according to the source.
Licht is currently an executive producer of the Emmy Award-winning "The Late Show With Stephen Colbert" on Paramount Global's CBS network.
He served for six years as executive producer of "CBS This Morning," offering a newsier alternative to rival network morning shows. He has also served as executive producer of MSNBC's "Morning Joe," an experience that provided the backdrop of his book "What I Learned When I Almost Died," in which he describes the life-changing experience of surviving a brain aneurysm.
Industry newsletter Puck first reported the development. This marks the first major appointment by Discovery CEO David Zaslav, who will lead the new Warner Bros. Discovery once the acquisition of WarnerMedia is completed.
The network was thrown into turmoil earlier this month following the abrupt departure of its longtime leader Jeff Zucker, the executive who reshaped the news network. He was forced to leave, he told colleagues, because he failed to disclose a consensual relationship with a colleague. -Reuters