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Yandex Bank is the target of UK sanctions against Russia's shadow navy
Britain imposed new sanctions on Russia Tuesday. They targeted Yandex Bank and a network that is linked to Russian military intelligence. Also, they targeted dozens of vessels suspected of shipping Russian gas and oil into third-country countries as part Moscow's shadow fleet. The package also included Evofinance Mosnarbank, Wildberries Bank and insurer Rosgosstrakh. "These sanctions are aimed at the ships, the money, and the people who support Russia's war economic, which in turn threatens European security," stated Prime Minister Keir starmer, who is in France for a Group of Seven summit. The G7 countries have sanctioned more than 20 oil tanks and several LNG vessels in the first ever sanctions imposed by a G7 nation on ships connected to Russia's Arctic LNG 2 project. According to the British government, Britain has sanctioned over 600 shadow fleet ships to date. In?March, Starmer granted permission to the military to board and detain vessels suspected of helping Russia to export oil in spite of Western restrictions. British 'commandos' intercepted an oil tanker sanctioned by the shadow fleet in the Channel, Sunday. The new sanctions target what Britain called a 'Russian military intelligence procurement network, centred around Neptune Co Ltd. They accused the company of secretly acquiring Western technologies for Russia's defense sector. $1 = 0.7443 pounds (Reporting and editing by William James, Sarah Young and Alistair Smout)
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Fujitsu's chairman resigns after 'woman-related inappropriate behaviour'
Fujitsu chairman Hidenori Furuta has resigned at his request on Tuesday after the company confirmed his "woman-related improper conduct", a spokesperson for the Japanese technology conglomerate announced. Fujitsu announced that it had withdrawn Furuta’s candidacy for a nonexecutive director at the upcoming?annual shareholders meeting? The spokesperson didn't comment on Furuta or any plans to replace Furuta. Furuta, who was contacted via LinkedIn, stated: "The?statement of the company speaks for itself." Furuta, who served as Fujitsu’s chief operating officer, executive Vice President and chief technology Officer, will become chairman of the company in 2024, according to its website. After the announcement, shares in 'Fujitsu' were barely moved, rising 0.2% during the afternoon session, in line with the benchmark index?Nikkei?225. In 2023, the?president of energy giant 'Eneos' was dismissed for misconduct during a social event while drunk. (Reporting and editing by Thomas Derpinghaus, Tom Hogue, and Kantaro Koiya)
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The US-Iran agreement promises an end to the war, but its implementation remains unclear
Shippers said it would take weeks before confidence returned after any reopening of Strait of Hormuz. And fundamental questions remain unanswered. U.S. president Donald Trump announced on Monday that a preliminary agreement had been signed between the U.S. The interim agreement would prolong a tenuous truce announced in April for another 60 days, and reopen Strait of Hormuz which Iran effectively closed since the U.S. attacked Iran in February. During the 60-day window, the next round of negotiations will address the difficult issues such as the future of Iran’s nuclear program. Trump and Benjamin Netanyahu's other arguments for war, including ending Iran's support of regional armed proxy forces and curbing the missile program aren't expected to be discussed during those negotiations. Trump announced that the deal was signed after arriving in France to attend a G7 summit. He said that Vice President JDVance would be attending a formal signing in Geneva, on Friday. Oil prices dropped on Monday, to their lowest levels since March 10, just a few days after the Strait of Hormuz was closed between Iran and Oman. This narrow waterway is responsible for one-fifth of all oil trade in the world. Brent crude futures fell 0.3% in Asian trading to $82.96 per barrel. The deal is the biggest step forward in resolving the conflict. It has resulted in the deaths of at least 7,000 people - mostly in Iran and Lebanon - and upended the global energy markets. Masoud Pezeshkian, the Iranian president, wrote in a social media post on Monday that "the interim agreement" was "an important step" towards stopping the fighting. However, he noted that "a final deal to achieve a lasting ceasefire has yet to be shaped." Vance said on CNN that the memorandum signed was a very general document. U.S. officials said that details would be revealed over the next couple of days. Vance stated that it contained "a very important sanctions relief package" (for Iran). Later, he told Fox News Trump could decide to release the deal before Friday. U.S. officials and Iranian officials claim that lifting sanctions, unfreezing assets abroad and creating a $300 billion reconstruction funds, funded by Gulf States, who host U.S. bases, could lead to substantial economic benefits for Iran. U.S. officials who spoke on condition of anonymity said that Iran must comply with U.S. requirements to never build a nuclear bomb and to stop supporting militias such as Hezbollah, in Lebanon, in order to receive these benefits. Iranian officials who have denied ever wanting to build a nuke say that they have not given much up by agreeing with the United States to resume diplomatic talks over Iran's nuclear enrichment program. These discussions were interrupted by the war. REBUILD CONFIDENCE The latest agreement may lift Iran's chokehold over the Strait of Hormuz but that is only a return to the status quo of the war. Shippers have said they will not resume traffic until they feel confident they can safely transit the Strait. Chief executive of Japan’s Mitsui O.S.K. Lines, a shipping company with a fleet that includes more than 900 vessels, including tankers, said to the Financial Times that shipowners wouldn't sail through the Strait until they felt confident about the U.S. Iran deal. "Given what we've seen in the past couple of months, it seems reasonable to assume that it will take a few weeks or even a month," Tamura said before Trump announced his deal. According to the FT, Tamura's opinion has not changed despite the agreement between Washington DC and Tehran having been finalised. Iran has indicated that it will maintain a 'control' over the strait with Oman. The U.S. has said that the strait would be toll-free during 60 days, and they expect this provision to be included in a final agreement. Trump stated in a Truth Social posting that oil-laden ships were beginning to leave the strait "going along the Southern 'Highway', which is completely safe, secure and pristine". NETANYAHU - "STOOD FIRM" Another key issue is the fighting in Lebanon between Israel, a U.S.-aligned country, and Hezbollah, allied with Iran. This conflict has resulted in the displacement of 1.2 million people. Iran said that the 'deal' requires an end to all hostilities in the region, but Netanyahu stated that Israel would maintain its forces in southern Lebanon and retain the right of response to Hezbollah attack. He said at a Monday news conference that Iran wanted us to pull out of the deal, but he refused. Israel has not taken part in the Iranian peace talks directly. An official from the United States said that the withdrawal of Israel from Lebanon was not part of the agreement. In March, after Hezbollah entered the war, it had invaded the country. Abbas Araqchi, Iranian foreign minister, said that Israeli attacks must cease immediately.
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New York Times Business News - June 16,
These are the top stories from the business pages of the New York Times. The New 'York Times has not?verified?these stories and does?not vouch?for their accuracy. Fox Corp. is purchasing Roku for $22 billion in cash and stock. This represents a major?bet by the broadcaster on the streaming platform to strengthen their advertising business and increase the reach of its sports and news content online. The preliminary agreement?to end?the war?between?the United States _and?Iran aims to reopen quickly the Strait of Hormuz. However, companies have said that they require more information before navigating this waterway. Iran announced on Monday that they would charge for services in the strait that are not specified. President 'Trump' arrived in France for the annual summit of the Group of Seven on Monday, as his positions regarding trade, the conflict in Ukraine, and NATO are straining relations with European allies. (Compiled by Bengaluru Newsroom)
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Is the Iran War just an energy shock or a turning-point? Russell
Loss of?barrels, and increased prices are already signs that the Iran war has disrupted global crude oil and gas markets. With a U.S. peace deal with Iran expected to reopen Strait of Hormuz in the near future, it's time to assess whether this was a 'watershed moment or just another blip. Consider two precedents. Volkswagen's "Dieselgate", a scandal in 2015 over rigged emission tests, seemed innocent at first. But it signaled the end of diesel cars for passenger vehicles and the rise?of electric vehicle (EVs). The 2022 Russian invasion of Ukraine sparked a dramatic rise in energy prices. However, the market was able to absorb the shock and reroute the flows, so the impact was short-lived. The market has certainly worked its magic to close the Strait of Hormuz effectively since the U.S. and Israeli attacks against Iran began on 28 February. Iran, Iraq, Kuwait and the United Arab Emirates have all lost at least 1 billion barrels worth of crude oil. The narrow waterway that separates Iran and Oman also traps up to 20% of the global supply of liquefied gas. The combination of strategic and business inventory releases, as well as a dramatic drop in crude imports from China, the largest crude importer in the world, have helped to keep Brent crude futures below $100 per barrel during the current crisis. One could argue that traders were influenced by the optimism surrounding a possible agreement to reopen Strait, believing President Donald Trump’s social media posts suggesting that an accord was imminent. The long-awaited agreement began to take shape on Sunday, when the U.S. announced that it had reached an agreement with Iran on a framework to allow vessels to resume their transit. Trump announced on Monday that oil tankers had begun to leave the Strait. The full details of this agreement are not yet public, but the prospect that tankers will soon be able to enter and exit the waterway with no hindrances raises the question of what comes next. First, the energy markets would receive a temporary sugar rush of relief as trapped tankers in the Gulf leave and deliver their cargoes. The next step would be to try to restore the supply chain and flow of goods to their pre-war level, followed by a longer process to rebuild depleted stocks. The price of crude oil and LNG could stay high for longer if the barrels lost are replaced. However, this will depend on the speed at which Middle East producers can ramp up production and exports and if the OPEC+ 'group is able to produce the higher volumes that it has agreed to. CHANGES IN BEHAVIOUR? The longer-term effects are the more important question. The views of consumers and governments will be crucial, particularly in Asia, which is the fastest growing region, where energy consumption is high. Customers who can change their minds are more likely to switch to hybrid or electric vehicles in order to protect themselves from future price spikes for diesel and gasoline. Australia, which is the largest diesel importer in the world and relies on foreign refineries to meet over 80% its fuel needs, provides an early glimpse of what this could look like. In May, Australian EV sales reached a new record, with a 20% market share. When combined with hybrids, this share increased to 46%. In China, which is the world's largest EV producer, EVs and hybrids will account for more than half of all sales by 2025. This figure rose to 60% this May. The government's?policies will also shift towards promoting renewables and electricity over fossil fuels. Dieselgate has seen the motor fuel lose popularity, particularly in Europe where its share in passenger car sales fell from 52% in 2015, to less than 10% in 2025. Asian countries like Vietnam have already put in place policies that encourage electric scooters and EVs. This momentum will likely grow throughout the region. In Asia, LNG is also a threat as countries weigh up the security risks associated with an imported fossil fuel versus buying solar panels,?wind turbines, and?battery-storage from China or developing local industries with Chinese backing. Coal is one fossil fuel that could emerge as the long-term victor of this crisis. China, India, and Indonesia are all countries with large reserves of domestic fuel. They will continue to use it because they can afford it and have a reliable supply, even though this makes it more difficult to reduce carbon emissions. Importing coal is also an option for some countries, as the main exporters, such as Indonesia, Australia, and South Africa, are reliable suppliers, and shipments won't be at risk due to chokepoints, like the Strait of Hormuz. But a long-term move away from crude oil or LNG is not guaranteed, since the producers and exporters are not likely to accept their demise. It may not be difficult to get people to forget about the previous crisis if prices are kept low and drop quickly. Brent fell 4% from $83 to $83 immediately after the announcement of the deal, suggesting that this process is already underway. It's possible for governments and consumers to forgive and forget about the costs and disruption of the Iran War, just as they did in the past after price spikes caused by conflict. The views expressed are those of the columnist, who is an author for. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
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China's Xi supports Myanmar's President as the two leaders meet in Beijing
Chinese President Xi Jinping on Tuesday endorsed the ?political leadership of Myanmar's military chief-turned-president Min Aung Hlaing as the ?two met in Beijing to ?map out the future development ?of ?bilateral ties. "I'm willing to continue strengthening (our countries' bilateral ties), to carry forward the brotherly relationship between our two nations, and to deepen comprehensive strategic collaboration," Xi said to his Myanmar counterpart according to Chinese state television CCTV. Min Aung Hlaing will be in China until Friday for a 5-day state visit. This is his first trip since he formalised his power after the controversial elections that took place in December and Janaury in war-torn Myanmar. Xi spoke about the importance of their bilateral ties in contributing to regional peace and growth. Beijing hosted a state-welcome ceremony at the Great Hall of the People, before the leaders met in a closed door meeting that lasted a little more than an hour. Xinhua, the Chinese state-run news agency, reported that both men witnessed the signing documents of cooperation. The 18 memorandums of cooperation covered areas such as cross-border transportation within the Greater Mekong Subregion, free trade and assistance for natural disasters. China is one of Myanmar's most important foreign partners. The military seized power in February 2021 from Aung San Suu Kyi, the elected leader of Myanmar. This triggered an armed revolt. China's Foreign Ministry?has stated that it supports Myanmar to unify domestic political forces and restore?stability. Beijing has also invested in Myanmar projects under the Belt and Road Initiative. This includes an oil and natural gas pipeline that crosses the country, and planned infrastructure such as a deep sea port. Min?Aung Hlaing has met Xi twice in less than a calendar year. He first met him at the Shanghai Cooperation Organisation Summit in Tianjin in August last year. Min Aung Hlaing chose India as his first foreign trip after he became president. However, analysts believe that his visits to China indicate a stronger relationship with Beijing.
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China embraces Myanmar's president as former junta chief seeks legitimacy
The state visit by Myanmar President Min Aung Hlaing to China will give him a diplomatic boost, as he seeks to consolidate power in the war torn country after a widely condemned presidential election held at the beginning of the year. Min Aung Hlaing's five-day state visit, which will include a meeting with Chinese President Xi Jinping at the highest diplomatic level, comes after he visited India last month and held discussions with Prime Minister Narendra Modi. Richard Horsey is the Crisis Group's senior Myanmar advisor. "India did not give him the full honors of a state visit on his recent trip, but he was given a warm welcome." Analysts say that while the optics of Min?Aung Hlaing's visit are positive, Beijing will likely remain focused on its own strategic goals, such as strengthening borders and developing resources like rare earths. China is Myanmar's largest trading partner and investor. It has anchored its influence with major Belt and Road Projects, such as a cross country oil and gas pipeline and deep sea port. Beijing is also a key supplier and diplomatic partner of the Myanmar military. David Mathieson is a Thailand-based analyst who closely follows Myanmar. "China also perceives that the West is retreating from Myanmar, and Beijing will assert its new suzerainty in the country." CHINESE INTERESTS Since Min Aung Hlaing overthrew the elected government of Aung San Suu Kyi, in February 2021, Myanmar has been engulfed in a civil war. The protests against the coup turned into a national armed uprising that pitted the military against newly formed pro-democracy groups and ethnic armies. More than 93,000 people have been killed and more than 3.7 millions displaced by the fighting in this impoverished Southeast Asian country. Myanmar's military orchestrated a general elections last December and January that excluded major opposition, and resulted in an overwhelming victory for a party backed by the army, which paved the way for the election of Min?Aung Hlaing as president. According to the state media, the delegation that accompanied Min Aung Hlaing in China included the chief ministers from Myanmar's Kachin State and Shan State, which both border China. They also included the country's minister of industry. Kachin State has one of the largest heavy rare earth mine belts in the world, and Shan State shares many trading routes with China. Aung Kyaw Soe said that the ministers' attendance suggests that discussions will likely focus on border trade, and the Myitsone Dam project, a $3.6 billion Chinese-led project, in Kachin State, which was shelved by 2011. Aung Kyaw Soe stated that "in 2025, the military second-in command, General Soe Win personally started bringing up the topic of restarting Myitsone. I believe they will discuss it during 'Min Aung Hlaings' current trip to China," Aung Kyaw Soe. Min Aung Hlaing’s visit will be impacted by the arrest of Min Zin in China, a prominent American scholar from Myanmar. He was arrested on suspicion of spying. Horsey, from the Crisis Group, said that Min Aung Hlaing’s visit would bring more attention to Min Zin’s arrest because he was one of the leading Myanmar scholars who worked towards improving understanding between the countries. (Reporting and Editing by DevjyotGhoshal and Kate Mayberry).
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The largest tanker operator told FT that it will take a few weeks to resume transit through the Strait of Hormuz.
The chief exec of Japan's Mitsui O.S.K. said that shipowners won't resume transiting the Strait of Hormuz until they feel "confident" about the U.S.Iran deal. Lines said in an interview with the Financial Times published on Tuesday. The Iran War that began with U.S. and Israeli strikes on February 28, along with products like?aluminium, urea and other liquefied gas and oil supplies around the world has largely stopped shipping. Mitsui O.S.K. is one of Japan’s three largest shipping companies with a fleet of over 900 vessels. This includes bulk carriers, tanks and ferries. "What must?come into place is not a simple agreement, but one that can be translated to the actual situations in the Strait of Hormuz so shipping lines feel comfortable going through," Mitsui O.S.K. 's Jotaro Tamura told FT just before U.S. President Donald Trump announced a?"deal" to end the Iran war. Tamura said that based on the experience of the past couple of months it is reasonable to assume it will take at least two weeks, if not more. Mitsui O.S.K. A request for comment was not responded to immediately. According to the FT, Tamura's opinion has not changed since the agreement between Washington & Tehran was finalised. In a post on Truth Social, President Donald Trump?said that ships laden with?oil have started to leave the strait. "They are going along the Southern 'Highway', which is completely safe, secure and pristine".
Norwegian Air will buy Nordic Leisure Travel Group at $843 Million
Norwegian Air, a budget airline, announced on Tuesday that it has agreed to?buy the package holiday company Nordic Leisure Travel Group. The deal is worth around 8.94 billion Swedish crowns (US$842.90m) in cash and stocks.
Norwegian stated that the 'deal', which includes tour operator and hotel brand names, would create a Nordic Travel Group serving 'roughly 30 millions customers annually. Revenues will increase by close to 50%, and earnings will be accretive starting in 2027.
Norwegian Air CEO Geir Carlsen stated in a press release that "we?see an opportunity to grow our hotel and holiday sales amongst our existing customers."
The deal, which is backed by Geveran's largest shareholder, is subject to shareholder and regulatory approval, including EU antitrust clearance. It is expected to close in the second half of 2026.
Norwegian stated that upon closing Strawberry Equities, funds managed by Altor and TDR Capital will become "significant shareholders".
(source: Reuters)