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Reliance Power and Reliance Infrastructure in India say the criminal case against Anil Ambani has no impact on their business
Reliance Power & Reliance Infrastructure said that the criminal investigation of Indian industrialist Anil Ambani, and his company Reliance Communications, has no effect on their respective companies. The agency reported that the Central Bureau of Investigation in India (CBI), which is the nation's largest banking institution, State Bank of India, had complained about fraud. They conducted searches at Ambani’s home and offices of Reliance Communications, now insolvent, on Saturday. Ambani's spokesperson said that he strongly denied all allegations on Saturday and would defend himself against any charges. Statements from Reliance Power and Reliance Infrastructure said that the action taken by CBI had no impact on their business operations, financial results, employees or other stakeholders. The releases stated that Ambani had not served on the boards of Reliance Power or Reliance Infrastructure for more than three and a half years. Therefore, any action taken in relation to Reliance Communications will have no impact or bearing on the governance, management or operations of these two companies. A government source said that Enforcement Directorate in India also searched 35 Reliance Group locations last month as part of a probe into allegations of money laundering and siphoning public funds. Reliance Group declined to comment on the allegations at the time. However, a source within the group denied them. (Reporting and editing by Swati Feast; reporting by Swati Bhatl)
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Chinese tourist city Sanya closes as Typhoon Kajiki intensifies
Sanya in southern China, known for its sandy beaches and seafront resorts, shut down tourist attractions and businesses on Sunday, as it prepared for the intensifying Typhoon Kajiki. National Meteorological Center reported that the tropical cyclone, which was located about 200 km (124 mi) south of Sanya in the island province Hainan on Monday morning (0100 GMT), had a maximum sustained wind speed of 38 metres (125 ft) per second near its center. The state weather forecaster stated that Kajiki will likely strengthen as it moves north at around 20 km/h with peak winds speeds of up to 48 m/s. The storm may make landfall on the southern coast Hainan between Sunday afternoon and evening or it could skirt the southern coast before heading towards Vietnam in the west. Meteorological Center has forecast heavy rain and strong winds in Hainan, Guangdong, and Guangxi. Hainan is expected to receive up to 400 mm in precipitation. Sanya has issued a red alert for a typhoon on Sunday morning, the highest colour coded warning in China. It also increased its emergency response level to the most serious. The government reported that city officials held a meeting Saturday evening to urge preparation for "worst-case scenarios" and emphasize the need for increased vigilance in order to prevent fatalities and minimize injuries. From Sunday, all classes, construction, and restaurants will be closed. Sanya has ordered vessels to stop operating in its waters. The impact of the storm will determine the lifting restrictions, according to officials. Sanya, according to the state news agency Xinhua, is China's top holiday destination, attracting more than 34 million tourists in 2024. Meteorologists have described extreme weather events in China that are linked to climate changes. Since July, China's north- and south-east regions have experienced record rainfall. This has tested local government preparedness and put lives and the economy at risk. The Ministry of Emergency Management reported that natural disasters such as flooding and drought caused a direct loss of 52.15 billion Chinese yuan (7.28 billion dollars) in July. This affected millions of people, and 295 were killed or went missing. $1 = 7.1651 Chinese Yuan Renminbi (Reporting and editing by Ethan Wang, Ryan Woo)
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The fire and reduced capacity at Russia's Kursk Nuclear Power Plant is caused by the Ukraine drone attack
The press service of the plant reported that a drone attack from Ukraine caused a short-lived inferno at the Kursk Nuclear Power Plant. It also damaged an auxiliary power transformer, and reduced the capacity at one unit. The press service released a statement via Telegram, saying that an unmanned combat aerial vehicle (UAV), belonging to the Armed Forces of Ukraine, was shot down near the Kursk Nuclear Power Plant by air defence systems. The drone detonated upon impact, damaging an auxiliary transformer. The press service said that no injuries were reported, but unit three was reduced to half capacity as a result. Press service reported that the destroyed drone caused a fire, which has been put out. The press service also stated that the radiation levels on the site and the surrounding area did not exceed normal limits. Ukraine did not immediately comment. Kyiv said that its strikes in Russia were a response to Russia's continuing attacks against Ukraine, and that they are intended to destroy infrastructure crucial to Moscow’s overall military effort. The report could not be independently verified. The exact location of the fire was not immediately known. Earlier, the Russian federal free-to air television network RENTV reported, citing a press release from the plant, that the transformer was not a component of the nuclear section. (Reporting and editing by Diane Craft, Christopher Cushing and Lidia Kelly from Melbourne)
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Gerry Spence has died at the age of 96. He was known for his courtroom victories, and unique style.
Gerry Spence was one of America's most successful trial lawyers. He boasted about never losing a criminal court case, fought for justice and won $10.5 million for the family whistleblower Karen Silkwood. His law firm reported that he died at the age 96 earlier this month. He spent many years representing the weak against the powerful, in some of the most prominent trials that took place throughout the country. He also represented powerful people: Imelda Marcos's husband, former Philippine president Ferdinand Marcos was acquitted of stealing the country's treasure to fund her lavish lifestyle. Spence, who was born in Wyoming, considered himself to be a country attorney. Spence preferred Stetson hats and fringed buckskin coats to business suits, but his down-home manner belied his impressive talents in court. Spence, a master storyteller who uses a baritone voice with sonority, meticulously prepared each case and was able to explain complex legal issues to jurors in lucid terms. Spence was a prolific writer of books about American law and his cases for general readers. He is free of legalese. He is honest and speaks from the heart. He is a connector. Spence is a winner," Laurie L. Levinson said in 2015, a former prosecutor, law professor and author. Spence was accused of hypnotizing a jury by an opponent. The Los Angeles Times referred to him as the hired gun for the underdog and champion of legal lost cause. He repeated catchphrases throughout the trial. According to the Trial Lawyer Hall of Fame which inducted Spence in 2009, he had won more multimillion dollar verdicts in the U.S. without a loss in between than any other attorney. Spence had not lost any civil cases since 1969. The legendary lawyer won a case of libel against Penthouse Magazine on behalf of a former Miss Wyoming. He claimed that white separatist Randy Weaver had acted in self-defense during a 1992 standoff with federal agents in Idaho. Spence obtained a $52,000,000 judgment against the fast food giant McDonald's Corp. for breach of contract, and record damages against a insurance company. The Silkwood Trial in 1979 was what brought him to national prominence. The flamboyant attorney won a large civil case on behalf of the family of a chemical technician who raised concerns about safety after being contaminated in Kerr-McGee plutonium factory in Oklahoma. On appeal, the settlement was reduced. Silkwood's life and mysterious death in an accident involving a single car were the subject of both a book, and the 1983 movie "Silkwood", starring Meryl Strreep. Spence declared the verdict at the end of the 10 month trial "a great win for the American people." THRAGEDIES and TRIUMPHS Spence was the first student to graduate from Wyoming College of Law, but he failed his bar exam in 1952. He became a prosecutor for two terms after passing the bar exam a second time. He unsuccessfully ran later for the U.S. Congress. Gerald Leonard Spence was born in Laramie Wyoming on January 8, 2929. He is the oldest son of a chemist, and his wife, a housewife. He was raised in a religious home that took in lodgers during the Depression to help make ends meet. Spence was a young boy when he learned how to hunt and catch fish. Spence's younger sister died from cerebral meningitis at the age of five. His mother's suicide at the age of 19 left him devastated and haunted. He was a bit of an overachiever in school, and his teacher told him that he should become a lawyer. In his 1996 memoir, "The Making of a Country Lawyer," he said that successful trial lawyering was simply selling truth and justice to the jury. Spence was a successful salesman. Spence won numerous cases for clients in the business world. Spence realized that justice was not served after winning an insurance case against an elderly driver who had been crippled by drunk driving. Spence decided to dedicate his career to helping people and not corporations. "I fought on behalf of all, the weak, the poor, and the powerless." Spence said, "I was their anger and their voice." In 1995-1996, he had his own cable network CNBC talk show and wrote over a dozen of books. During the O.J. In 1995, he was a legal advisor for NBC News. He also appeared on many TV shows. He has written "Gunning for Justice," with "With Justice for None," and "Police State": How America's cops get away with murder. Spence, a former rancher who split his time between Wyoming California, was married twice and has six children. He founded in 1993 the non-profit Trial Lawyers College which is dedicated to obtaining Justice for Individuals, and Lawyers and Advocates for Wyoming a pro bono firm that represents people who are poor. In his autobiography, he said: "Justice should not be a commodity available only to those born with wealth and power who are committed to fencing in justice at the expense of others." The Constitution is a legal fence that preserves justice for everyone. (Editing by Diane Craft & David Gregorio).
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Taiwan nuclear plant vote for reopening fails due to approval threshold being missed
The referendum on the reopening of Taiwan’s last nuclear power plant fell short of the legal threshold for validity, but the president stated that the island may return to this technology in the future as safety standards improve. The opposition-backed plebiscite asked if the Maanshan Power Plant should be reopened once it was "confirmed", that there were no safety concerns. The plant closed in May, as the government shifted to renewables and liquid natural gas. Taiwan's small Taiwan People's Party proposed the referendum in the beginning of this year. With the support of the larger Kuomintang, the KMT, passed the legislation to vote. They said Taiwan needed reliable power supplies, and was not so dependent on imports. The Central Election Commission reported that 4.3 million people supported the reopening of the plant in the referendum. This was a large majority compared to the 1.5 million voters who were against it. The motion would have to be approved by a quarter of the registered voters - approximately 5 million people – in order for it to pass under the electoral law. This means that the plant at Taiwan's southernmost tip will never reopen. Taiwan's Government says that there are serious safety concerns about generating nuclear energy in Taiwan, which is prone to earthquakes, and dealing with nuclear waste. Lai Ching Te, Taiwan's president, told reporters Saturday night that despite the referendum failing, he "understands society's expectation for diverse energy options". He added: "If the future brings a safer technology, a reduction in nuclear waste, and an increase in societal acceptance, we won't rule out advanced nuclear power." Separately, on Saturday, voters rejected the recall of 7 KMT legislators. Last month, a larger recall vote to remove 24 legislators from the same political party also failed. Civic groups that ran the recall campaigns with the support of Taiwan's ruling Democratic Progressive Party, (DPP), accused lawmakers of being too close China and of trying to intentionally stymie government spending and legislation. The legislators strongly denied these accusations. Lai stated that Cho Jung-tai, the Premier of Taiwan had requested to resign many times after the failures of the recall vote in July. However, he asked Cho to remain. Lai said that there will be a cabinet shake-up to improve the efficiency of the team and make governance more effective. Both opposition parties form a majority of the parliament in Taiwan, but the DPP is in control of the presidency. (Reporting and editing by Andrew Heavens; Additional reporting by Jeanny KAO; Reporting by Ben Blanchard)
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Pakistan's lake created by a mountain mudslide could cause 'catastrophic floods'
Officials warned that a 7-km (4 mile) lake created by a mountainous mudslide in Pakistan's north is on the verge of bursting and causing "catastrophic floods" downstream. National Disaster Management Authority reported that the mudflow entered the main Ghizer river channel on Friday and completely blocked it, causing the lake to form in Gilgit Baltistan Province. In a report on the situation, its provincial office said that the blockage had created a "dam like structure" which poses a serious threat of burst. Zakir Hussain said that the new lake could cause a "catastrophic flood". He said that four downstream districts, Ghizer, Gilgit Astore, and Diamer, face a grave threat. Ghizer lies north of the mountainous districts of northwest Pakistan, where flooding triggered by this year's worst monsoon rainfall and cloudbursts has killed more than 400 people since August 15th. The national authority shared a video on WhatsApp where it makes statements. In the video, black mud slides down the mountain and lands in the river. The video was not verified independently by the authority, but an official said it was taken by local residents. Faizullah Faraq, spokesperson for the provincial government, confirmed that similar mud flows had landed on different mountainside. He said that a shepherd who was on higher ground and the first person to see the mud slide crashing down alerted the local authorities and villagers. He said that as a result, nearly 200 people living in scattered houses in the mountainsides, and along the river, were saved. Faraq stated that although the lake has begun to discharge water, flash floods can't be completely ruled out in the downstream districts until the lake is cleared. He said that the communities downriver have been told to be on high alert, and evacuate areas near the river. The National Authority of Pakistan has warned that two more rainy spells are expected by September 10th. Reporting by Mushtaq Al in Peshawar, writing by Asif Shazad and editing by William Mallard.
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India claims that US trade negotiations continue as new tariffs loom
India's Foreign Minister said that the trade negotiations are still ongoing with Washington, but that there are some points that New Delhi must defend. This is just a few days before additional U.S. Tariffs will be imposed. Due to the increased purchase of Russian oil, Indian goods will face an additional U.S. duty of up to 50 percent. This is among Washington's highest tariffs. The 25% tariff is already in effect. The remaining 25% will be implemented on August 27. The U.S. Trade Negotiators' planned trip to New Delhi, scheduled for August 25-29, has been cancelled. This shatters hopes of a reduction or delay in the tariffs. Subrahmanyam Jaishankar, Indian Foreign Minister, said, "We have redlines that we must maintain and defend" at an Economic Times event in New Delhi. He was referring to the farmers and small producers of India. The India-U.S. Trade talks failed earlier this year because India refused to agree to open up its vast dairy and agricultural sectors. Over $190 billion in bilateral trade exists between the fifth and world's biggest economies. Jaishankar stated that it is "our right" to make decisions based on our "national interest". Capital Economics analysts said that the economic growth of India would be affected by 0.8 percentage points if all the U.S. Tariffs were to come into effect and remain in place this year and the following year. The longer-term damage could be greater, as high tariffs could cut India's appeal to the world as a manufacturing hub. The Indian Minister described the policy announcements of U.S. president Donald Trump as "unusual". Jaishankar stated that "we have never had a U.S. President conduct his foreign policy as publicly and it is a departure (from the traditional way) of doing business with the rest of the world." He said that Washington's concerns about India's Russian crude oil purchases did not apply to other major purchasers such as China and the European Union. If the issue is oil then (other) large buyers are available. "If the argument is about who trades more with Russia, then there are larger traders," he stated. He added that the trade between Russia and Europe is larger than India-Russia. The minister said that India's purchase of Russian oil was not raised during earlier trade discussions with the U.S. prior to the announcement of tariffs.
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CNOOC Completes New Refinery and Petrochemical Complex in East China
China National Offshore Oil Corp (CNOOC) has completed building an integrated refining and petrochemical complex in eastern China, state news agency Xinhua reported on Friday.The 21 billion yuan ($2.9 billion) project, built on the Daxie Island of eastern coastal city Ningbo, Zhejiang province, includes what CNOOC calls the country's largest facility that directly converts heavy oil into olefins.A core unit brought onstream can produce 1.2 million metric tons per year of polymer-grade ethylene and propylene, basic feedstocks for beverage bottles, food packaging and synthetic fibre clothing, the report said.Following the startup, the plant's olefins capacity will reach 1.8 million tons per year, it said, without giving any details on the expanded refinery at the same site.Reuters reported in March that the complex included an upgrade that expands crude processing capacity at the Daxie plant by 50% to 240,000 barrels per day, as a smaller crude unit was mothballed.CNOOC is the parent of listed CNOOC Ltd.($1 = 7.18 Chinese yuan renminbi)(Reuters)
FT reports that BP will update its progress on cost cutting as Elliot puts more pressure on the company.
The Financial Times reported that BP would announce an update on its $5 billion cost cutting initiative on Tuesday amid increasing pressure from activist investors Elliott Management to take more action to reduce operating expenses.
Elliott wants BP's CEO Murray Auchincloss, who announced in February that he would reduce costs by $4-$5 billion between 2023 and 2027 from a baseline of 2023, to add an additional $5 billion to those savings.
Could not verify the report immediately. BP and Elliott didn't immediately respond to a comment request.
Report added that the hedge fund "identified tens and thousands of BP staff worldwide" as an example for the cost base.
The FT reported that BP had already reduced its costs by $750 million towards its 2024 target and was looking to achieve its cost saving target through job reductions, divestment, and streamlining its supply chains.
reported
In April, the activist investor said that he would like BP's spending to be cut to $12 billion a yearly, from a range of $13 to $15 billion currently, until 2027. He also wants to deepen cost reductions, particularly on administrative costs.
Elliott, which owns a little over 5% of BP, is also
The oil major will replace its chief strategy officer and create separate units to oversee upstream and downstream activities in order to improve accountability.
(source: Reuters)