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The IMF stated that due to inflation and the global economic slowdown, Bangladesh's foreign reserves and economic growth are in jeopardy. This declaration follows the IMF's just finished visits to Bangladesh in January of this year.

IMF: Inflation, global slowdown risks to Bangladesh and its economy

The European Union is preparing to impose sanctions on seven Chinese companies accused of providing equipment that could be used in weapons to Russia's military and industrial complex, Reuters reported on Sunday.&nbsp;

This is a significant escalation in&nbsp;tensions between the EU and China, with Beijing likely to view this as Brussels siding with Washington in their battle for global influence.&nbsp;The EU had previously avoided targeting China, stating that there was no evidence of its direct involvement in arming Moscow.&nbsp;

The EU's move to impose sanctions on Chinese companies for supporting Russia's war machine comes at a time when Biden administration seeks to build a united global front against China with allies.

While the US has been accusing Beijing of unfair trade practices and human rights abuses, China, for its part, has been seeking to expand its influence in Europe.&nbsp;

The sanctions list includes two Chinese companies already sanctioned by the US, namely 3HC Semiconductors and King-Pai Technology, and two Hong Kong-based companies.&nbsp;

Reuters reported that the sanctions target enterprises researching, manufacturing, and supplying electronic components to Russia's military and industrial complex. In addition, the proposal entails provisions that authorise the EU to limit the sales of specific products to third countries if diplomatic efforts fail to alter their conduct.&nbsp;

The proposed sanctions, however, require unanimous approval from the 27 EU member states before implementation.

Sanctions: A New Weapon

This action is expected to cause displeasure in Beijing, which is eager to prevent Brussels from taking sides with Washington in its quest for worldwide dominance. Nevertheless, the EU's decision signals that it will not tolerate companies that support Russia's military capability.&nbsp;

Since Russia's military invasion of Ukraine, the EU has implemented 10 rounds of sanctions against Russian companies and individuals. These sanctions have significantly impacted the Russian economy and made it more challenging for them to finance the ongoing conflict in Ukraine.

Apart from the suggested sanctions on Chinese companies, the EU is also taking steps to combat the circumvention of sanctions in general. As per the draft proposal, the EU could prevent oil tankers from concealing their location without a valid reason at EU ports. According to a Financial Times report, there have been instances where vessels have bypassed the embargo on Russian seaborne oil imports by misrepresenting their cargo's origin.

The European Union is preparing to impose sanctions on seven Chinese companies accused of providing equipment that could be used in weapons to Russia's military and industrial complex, Reuters reported on Sunday.

The European Union is preparing to impose sanctions on seven Chinese companies accused of providing equipment that could be used in weapons to Russia's military and industrial complex, Reuters reported on Sunday. This is a significant escalation in tensions between the EU and China, with Beijing likely to view this as Brussels siding with Washington in their battle for global influence. The EU had previously avoided targeting China, stating that there was no evidence of its direct involvement in arming Moscow. The EU's move to impose sanctions on Chinese companies for supporting Russia's war machine comes at a time when Biden administration seeks to build a united global front against China with allies. While the US has been accusing Beijing of unfair trade practices and human rights abuses, China, for its part, has been seeking to expand its influence in Europe. The sanctions list includes two Chinese companies already sanctioned by the US, namely 3HC Semiconductors and King-Pai Technology, and two Hong Kong-based companies. Reuters reported that the sanctions target enterprises researching, manufacturing, and supplying electronic components to Russia's military and industrial complex. In addition, the proposal entails provisions that authorise the EU to limit the sales of specific products to third countries if diplomatic efforts fail to alter their conduct. The proposed sanctions, however, require unanimous approval from the 27 EU member states before implementation. Sanctions: A New Weapon This action is expected to cause displeasure in Beijing, which is eager to prevent Brussels from taking sides with Washington in its quest for worldwide dominance. Nevertheless, the EU's decision signals that it will not tolerate companies that support Russia's military capability. Since Russia's military invasion of Ukraine, the EU has implemented 10 rounds of sanctions against Russian companies and individuals. These sanctions have significantly impacted the Russian economy and made it more challenging for them to finance the ongoing conflict in Ukraine. Apart from the suggested sanctions on Chinese companies, the EU is also taking steps to combat the circumvention of sanctions in general. As per the draft proposal, the EU could prevent oil tankers from concealing their location without a valid reason at EU ports. According to a Financial Times report, there have been instances where vessels have bypassed the embargo on Russian seaborne oil imports by misrepresenting their cargo's origin.

Brussels plays tough: EU proposes sanctions on Chinese firms linked to Russia's military complex

German tech giants SAP and Siemens have joined their US counterparts&nbsp;in raising their voices against the proposed EU Data Act. The law, which aims to tackle the tech industry's monopolistic powers and support the EU's digital and green goals, includes a provision that demands companies to share their data with third parties.&nbsp;

However, the German tech giants fear that such an act could spill their trade secrets and shatter Europe's competitiveness.

The two companies came together and penned a letter to the European Union, calling for protective measures to refuse data-sharing requests in cases where trade secrets, cybersecurity, and health and safety are at stake, as reported by Reuters. They also contended that the legislation should not be expanded to cover more devices.

The letter, dated May 4 and seen by Reuters, has been signed by the chief executives of SAP and Siemens. In the letter, the German companies argue&nbsp;that the legislation could force EU companies to disclose data to third-country competitors, notably those not operating in Europe and against which the Data Act's safeguards would be ineffective. They also call&nbsp;for the legislation to preserve contractual freedom by allowing customers and providers to agree on the best contracts for each business case.

Triggering a growing debate: Is our data safe and secure?

The proposed EU Data Act has sparked a heated debate between tech companies and lawmakers over the balance between protecting user privacy and promoting innovation. While the law&nbsp;could benefit consumers, it could also put companies' proprietary information at risk.

SAP and Siemens are not alone in their opposition to the Data Act. Tech giants from the US, including Amazon, Google, and Microsoft, have also criticized the legislation, saying it is too restrictive and could stifle innovation.

The EU's efforts to regulate big tech companies are part of a broader push to exert greater control over the digital economy. However, the concerns raised by companies like SAP and Siemens demonstrate the challenge of balancing the interests of consumers, companies, and regulators. While greater regulation may be necessary to protect user privacy and ensure fair competition, it's equally important to safeguard innovation and the competitiveness of EU firms.

Currently, the EU has not responded to the concerns of SAP and Siemens, and the proposed legislation is still being discussed and debated by EU lawmakers. It will likely be some time before it is adopted as legislation.&nbsp;

German tech giants SAP and Siemens have joined their US counterparts in raising their voices against the proposed EU Data Act. The law, which aims to tackle the tech industry's monopolistic powers and support the EU's digital and green goals, includes a provision that demands companies to share their data with third parties.

German tech giants SAP and Siemens have joined their US counterparts in raising their voices against the proposed EU Data Act. The law, which aims to tackle the tech industry's monopolistic powers and support the EU's digital and green goals, includes a provision that demands companies to share their data with third parties. However, the German tech giants fear that such an act could spill their trade secrets and shatter Europe's competitiveness. The two companies came together and penned a letter to the European Union, calling for protective measures to refuse data-sharing requests in cases where trade secrets, cybersecurity, and health and safety are at stake, as reported by Reuters. They also contended that the legislation should not be expanded to cover more devices. The letter, dated May 4 and seen by Reuters, has been signed by the chief executives of SAP and Siemens. In the letter, the German companies argue that the legislation could force EU companies to disclose data to third-country competitors, notably those not operating in Europe and against which the Data Act's safeguards would be ineffective. They also call for the legislation to preserve contractual freedom by allowing customers and providers to agree on the best contracts for each business case. Triggering a growing debate: Is our data safe and secure? The proposed EU Data Act has sparked a heated debate between tech companies and lawmakers over the balance between protecting user privacy and promoting innovation. While the law could benefit consumers, it could also put companies' proprietary information at risk. SAP and Siemens are not alone in their opposition to the Data Act. Tech giants from the US, including Amazon, Google, and Microsoft, have also criticized the legislation, saying it is too restrictive and could stifle innovation. The EU's efforts to regulate big tech companies are part of a broader push to exert greater control over the digital economy. However, the concerns raised by companies like SAP and Siemens demonstrate the challenge of balancing the interests of consumers, companies, and regulators. While greater regulation may be necessary to protect user privacy and ensure fair competition, it's equally important to safeguard innovation and the competitiveness of EU firms. Currently, the EU has not responded to the concerns of SAP and Siemens, and the proposed legislation is still being discussed and debated by EU lawmakers. It will likely be some time before it is adopted as legislation.

Big data wars: SAP and Siemens clash with European Union over data Act

Oil prices rebounded at the end of the week gone by, but still experienced their third consecutive weekly decline. This was following concerns of the US banking crisis causing an economic slowdown and a decline in fuel demand.

Crude prices to remain elevated

Sweden is on track to create history as it converts a highway into a first-of-its-kind permanently electrified road.&nbsp;Sweden's pioneering project is expected to pave the way for an additional 3,000 kilometres&nbsp;of electric roads in the country by 2035, as per Euro News.

The project's chosen highway, European route E20, connects logistic hubs between Hallsberg and Örebro, which are positioned in the heart of Sweden's three largest cities, Stockholm, Gothenburg, and Malmö.

The initiative aligns with the EU's momentous decision to mandate zero carbon emissions for all new cars sold by 2035, which has spurred European nations to establish the necessary infrastructure for emissions-free transportation.&nbsp;

The electrified road is expected to work through dynamic charging, allowing vehicles to recharge while driving. As stated by experts, this innovative technology enables vehicles to travel longer distances with smaller batteries and avoid waiting at charging stations.&nbsp;

Although the charging process for the E20 hasn't been finalized yet, there are three charging options: catenary, conductive, and inductive.&nbsp;

The catenary system requires overhead wires that provide electricity to specific types of buses or trams. The conductive charging method is suitable for private cars and heavy-duty vehicles if a conductive system like a rail transfers the electricity. On the other hand, the inductive charging option uses unique equipment buried underneath the road that sends electricity to a coil in the electric vehicle, which then stores it in the battery.

Although the Electric Road System (ERS) primarily targets trucks, a new study indicates that private cars could also reap its advantages. The study showed that integrating home charging with dynamic charging could decrease the battery size of electric cars by as much as 70 percent. The researchers also highlighted that only a quarter of Sweden's roads need to be electrified to make the ERS feasible, and it is not necessary to electrify all roads.

Sweden has partnered with France and Germany to collaborate on authority and research partnerships regarding electric roads. As other countries like India, Italy, the United Kingdom, and the United States increase their efforts in building ERS systems, Germany and Sweden are already conducting trial facilities on public roads.

Sweden is on track to create history as it converts a highway into a first-of-its-kind permanently electrified road. Sweden's pioneering project is expected to pave the way for an additional 3,000 kilometres of electric roads in the country by 2035, as per Euro News.

Sweden is on track to create history as it converts a highway into a first-of-its-kind permanently electrified road. Sweden's pioneering project is expected to pave the way for an additional 3,000 kilometres of electric roads in the country by 2035, as per Euro News. The project's chosen highway, European route E20, connects logistic hubs between Hallsberg and Örebro, which are positioned in the heart of Sweden's three largest cities, Stockholm, Gothenburg, and Malmö. The initiative aligns with the EU's momentous decision to mandate zero carbon emissions for all new cars sold by 2035, which has spurred European nations to establish the necessary infrastructure for emissions-free transportation. The electrified road is expected to work through dynamic charging, allowing vehicles to recharge while driving. As stated by experts, this innovative technology enables vehicles to travel longer distances with smaller batteries and avoid waiting at charging stations. Although the charging process for the E20 hasn't been finalized yet, there are three charging options: catenary, conductive, and inductive. The catenary system requires overhead wires that provide electricity to specific types of buses or trams. The conductive charging method is suitable for private cars and heavy-duty vehicles if a conductive system like a rail transfers the electricity. On the other hand, the inductive charging option uses unique equipment buried underneath the road that sends electricity to a coil in the electric vehicle, which then stores it in the battery. Although the Electric Road System (ERS) primarily targets trucks, a new study indicates that private cars could also reap its advantages. The study showed that integrating home charging with dynamic charging could decrease the battery size of electric cars by as much as 70 percent. The researchers also highlighted that only a quarter of Sweden's roads need to be electrified to make the ERS feasible, and it is not necessary to electrify all roads. Sweden has partnered with France and Germany to collaborate on authority and research partnerships regarding electric roads. As other countries like India, Italy, the United Kingdom, and the United States increase their efforts in building ERS systems, Germany and Sweden are already conducting trial facilities on public roads.

E-highways: Sweden leads the way in sustainable transportation

HSBC on Friday wins battle by defeating a plan that attempted to divide the bank in an effort to increase profits. The plan was supported by its largest shareholder, the Chinese insurer Ping An who has been trying for over a year to split the bank.

Ping An was unable to secure the support of any significant shareholders after investors decided to reject the idea. The outcome, according to HSBC chairman Mark Tucker, "draws a line" under a protracted discussion concerning the bank's structure.

WATCH | <a href="https://www.wionews.com/world/watch-dramatic-visuals-as-truck-driver-rescued-in-kenya-after-sudden-floods-589502">Dramatic visuals as truck driver rescued in Kenya after sudden floods</a>

Despite having its headquarters in London, HSBC makes the vast bulk of its revenues in Asia. Ping An wants HSBC to divide up its Asian operations since it has an 8% stake in the firm. It contends that the bank's lucrative activities in Asia are supporting less successful divisions of the bank. Additionally, splitting HSBC would exempt it from UK regulators' demands.

To force the separation, Ping An and Ken Lui, a stakeholder in HSBC with headquarters in Hong Kong, needed to win 75% of the votes cast at the AGM. No other significant investor supported the concept, therefore they were unable to obtain those figures.&nbsp;

A break-up of the bank, according to HSBC chairman Tucker, would weaken its worldwide ambition and be both hazardous and expensive.

"It would not be in shareholders' interests to split the bank," he told the AGM in Birmingham. Climate change activists, who contend that HSBC is not doing enough to curb its financing of polluting industries, regularly interrupted him.

Also Read | <a href="https://www.wionews.com/south-asia/onus-on-india-to-restart-peace-talks-pak-fm-bilawal-bhutto-589483">Onus on India to restart peace talks: Pak FM Bilawal Bhutto Zardari</a>

Lui pledged to continue with the break-up proposal at the meeting, saying he would exert pressure on the HSBC management and push the bank's numerous small&nbsp;shareholders in Hong Kong.

Some observers contend Ping An, which is partially owned&nbsp;by the Chinese government, may serve Beijing's political objectives more than the financial interests of its owners.

Watch | Srinagar gears up to host g20 summit | Inside South Asia: part 2

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"There is a jarring gap between HSBC's centre of gravity in Hong Kong and its subservience to regulators in Britain," says Steve Vickers, a corporate risk consultant based in Hong Kong. "This is an accident of history and a remnant of the colonial era."

"A more assertive China is now unafraid to project itself in the international business arena," said Vickers. "But they have to tread very carefully with HSBC - the stakes are high."

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HSBC on Friday wins battle by defeating a plan that attempted to divide the bank in an effort to increase profits. The plan was supported by its largest shareholder, the Chinese insurer Ping An who has been trying for over a year to split the bank.

HSBC on Friday wins battle by defeating a plan that attempted to divide the bank in an effort to increase profits. The plan was supported by its largest shareholder, the Chinese insurer Ping An who has been trying for over a year to split the bank. Ping An was unable to secure the support of any significant shareholders after investors decided to reject the idea. The outcome, according to HSBC chairman Mark Tucker, "draws a line" under a protracted discussion concerning the bank's structure. WATCH | Dramatic visuals as truck driver rescued in Kenya after sudden floods Despite having its headquarters in London, HSBC makes the vast bulk of its revenues in Asia. Ping An wants HSBC to divide up its Asian operations since it has an 8% stake in the firm. It contends that the bank's lucrative activities in Asia are supporting less successful divisions of the bank. Additionally, splitting HSBC would exempt it from UK regulators' demands. To force the separation, Ping An and Ken Lui, a stakeholder in HSBC with headquarters in Hong Kong, needed to win 75% of the votes cast at the AGM. No other significant investor supported the concept, therefore they were unable to obtain those figures. A break-up of the bank, according to HSBC chairman Tucker, would weaken its worldwide ambition and be both hazardous and expensive. "It would not be in shareholders' interests to split the bank," he told the AGM in Birmingham. Climate change activists, who contend that HSBC is not doing enough to curb its financing of polluting industries, regularly interrupted him. Also Read | Onus on India to restart peace talks: Pak FM Bilawal Bhutto Zardari Lui pledged to continue with the break-up proposal at the meeting, saying he would exert pressure on the HSBC management and push the bank's numerous small shareholders in Hong Kong. Some observers contend Ping An, which is partially owned by the Chinese government, may serve Beijing's political objectives more than the financial interests of its owners. Watch | Srinagar gears up to host g20 summit | Inside South Asia: part 2 × "There is a jarring gap between HSBC's centre of gravity in Hong Kong and its subservience to regulators in Britain," says Steve Vickers, a corporate risk consultant based in Hong Kong. "This is an accident of history and a remnant of the colonial era." "A more assertive China is now unafraid to project itself in the international business arena," said Vickers. "But they have to tread very carefully with HSBC - the stakes are high." WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

HSBC shareholders reject Chinese insurer Ping An's split proposal at annual meet

India and Sri Lanka stepped up their talks to proceed with trade in Indian Rupee as New Delhi and Colombo look set to expand their bilateral cooperation in "power and energy sector as well&nbsp;as aspects relating to Rupee trade".

Dr Pramod Kumar Mishra, a cabinet rank official in India's Prime Minister Narendra Modi's administration, met with Sri Lankan High Commissioner Milinda Moragoda in New Delhi on Friday to continue the bilateral dialogue between two South Asian neighbours on a number of issues, including on debt restructuring matters crucial for Colombo's economic recovery.&nbsp;

"The High Commissioner stressed the vital role that economic integration between the two countries could play in Sri Lanka's economic recovery," an official readout stated.&nbsp;

"High Commissioner Moragoda also followed up [Pramod Kumar Mishra] on a range of issues pertaining to the bilateral relationship that had been discussed during their last meeting in February," the readout added, while referring to a previous round of bilateral talks between New Delhi and Colombo that addressed former's support for latter's economic recovery alongside aforementioned matters of bilateral cooperation.

"The matters discussed included further economic integration between Sri Lanka and India, enhancing Indian investments and tourism in Sri Lanka, ways and means to further promote bilateral trade, cooperation in power and energy sector as well as aspects relating to Rupee trade," the official readout stated further.

Several banks in Sri Lanka have opened special rupee trading accounts, called Vostro accounts. This means that Sri Lankan citizens can now hold $10,000 (₹8,26,823) in physical form and for transactions with their Indian counterparts, they can use Indian rupees instead of US dollars.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/south-asia/sri-lanka-to-use-indian-rupee-for-international-trade-543895">Sri Lanka to use Indian rupee for international trade, more countries aim to follow</a>

India's Prime Minister Narendra Modi's administration since July 2022, has been looking to bring countries that are short of dollars, into its rupee settlement mechanism.

ALSO WATCH |&nbsp;Sri Lanka mull using Indian rupee for economic transactions

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Designating Indian Rupee as a legal currency in Sri Lanka has provided India's coastal neighbour at its south much-needed liquidity support to help tide over its economic crisis amid inadequate availability of the US dollar.

Meanwhile, India's finance ministry has asked the Indian Banks’ Association (IBA) and the Federation of Indian Export Organisations (FIEO) to proceed with an awareness campaign to sensitise stakeholders about the rupee trade.&nbsp;

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India and Sri Lanka stepped up their talks to proceed with trade in Indian Rupee as New Delhi and Colombo look set to expand their bilateral cooperation in "power and energy sector as well as aspects relating to Rupee trade".

India and Sri Lanka stepped up their talks to proceed with trade in Indian Rupee as New Delhi and Colombo look set to expand their bilateral cooperation in "power and energy sector as well as aspects relating to Rupee trade". Dr Pramod Kumar Mishra, a cabinet rank official in India's Prime Minister Narendra Modi's administration, met with Sri Lankan High Commissioner Milinda Moragoda in New Delhi on Friday to continue the bilateral dialogue between two South Asian neighbours on a number of issues, including on debt restructuring matters crucial for Colombo's economic recovery. "The High Commissioner stressed the vital role that economic integration between the two countries could play in Sri Lanka's economic recovery," an official readout stated. "High Commissioner Moragoda also followed up [Pramod Kumar Mishra] on a range of issues pertaining to the bilateral relationship that had been discussed during their last meeting in February," the readout added, while referring to a previous round of bilateral talks between New Delhi and Colombo that addressed former's support for latter's economic recovery alongside aforementioned matters of bilateral cooperation. "The matters discussed included further economic integration between Sri Lanka and India, enhancing Indian investments and tourism in Sri Lanka, ways and means to further promote bilateral trade, cooperation in power and energy sector as well as aspects relating to Rupee trade," the official readout stated further. Several banks in Sri Lanka have opened special rupee trading accounts, called Vostro accounts. This means that Sri Lankan citizens can now hold $10,000 (₹8,26,823) in physical form and for transactions with their Indian counterparts, they can use Indian rupees instead of US dollars. ALSO READ | Sri Lanka to use Indian rupee for international trade, more countries aim to follow India's Prime Minister Narendra Modi's administration since July 2022, has been looking to bring countries that are short of dollars, into its rupee settlement mechanism. ALSO WATCH | Sri Lanka mull using Indian rupee for economic transactions × Designating Indian Rupee as a legal currency in Sri Lanka has provided India's coastal neighbour at its south much-needed liquidity support to help tide over its economic crisis amid inadequate availability of the US dollar. Meanwhile, India's finance ministry has asked the Indian Banks’ Association (IBA) and the Federation of Indian Export Organisations (FIEO) to proceed with an awareness campaign to sensitise stakeholders about the rupee trade. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

India steps up rupee's internationalisation for Sri Lanka's economic recovery

Energy majors Shell and British Petroleum (BP) have been accused of a 'profiteering bonanza' after they unveiled profits of billions for three months to March.

BP and Shell in Britain, ExxonMobil and Chevron in the United States, and TotalEnergies in France have together logged more than $40 billion in net profits for the three months to March.

Shell's profit after tax surged by 22 per cent to $8.7 billion from a year earlier. At that time, Shell had faced a USD 3.9 billion charge over its exit from Russia after the start of the Ukraine war.

British Petroleum announced on Tuesday (May 2) that it has bagged a net profit of USD 8.2 billion in the first quarter. BP had suffered a record loss a year earlier, stoked by its own exit from Russia.

Sharon Graham, general secretary of the Unite union, said both firms were “continuing the profiteering bonanza”.

“The scale of profiteering displayed today by Shell and earlier this week BP is one of the corporate scandals of our times. And this is practically untouched by Rishi Sunak’s so-called windfall tax," said Graham as quoted by The Guardian.

“Not taking any action against ‘Big Oil’ means the profiteering plundering will continue without end.”

“As temperatures soar from Madrid to Mogadishu, Shell is once again posting bumper profits while promising to keep extracting fossil fuels for years to come. Millions around the world are already feeling the effects of the climate crisis and it’s those who did the least to cause it who are paying the heaviest price," said Charlie Kronick, of Greenpeace UK, also quoted by The Guardian.

“The UK government should stop issuing new oil and gas licences and force Shell and the rest of the industry to start using their obscene profits to pay for the damage that their fossil fuel habit is causing to lives and livelihoods around the world.”

Profits are also forging ahead outside Britain.

France's TotalEnergies saw net profit advance 12 per cent to $5.6 billion in the first quarter.

US giants benefitted from refining activities and cost-cutting, with ExxonMobil more than doubling profit to a first-quarter record of $11.4 billion, while Chevron chalked up $6.6 billion.

(With inputs from agencies)

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&nbsp;

Energy majors Shell and British Petroleum (BP) have been accused of a 'profiteering bonanza' after they unveiled profits of billions for three months to March. BP and Shell in Britain, ExxonMobil and Chevron in the United States, and TotalEnergies in France have together logged more than $40 billion in net profits for the three months to March.

Energy majors Shell and British Petroleum (BP) have been accused of a 'profiteering bonanza' after they unveiled profits of billions for three months to March. BP and Shell in Britain, ExxonMobil and Chevron in the United States, and TotalEnergies in France have together logged more than $40 billion in net profits for the three months to March. Shell's profit after tax surged by 22 per cent to $8.7 billion from a year earlier. At that time, Shell had faced a USD 3.9 billion charge over its exit from Russia after the start of the Ukraine war. British Petroleum announced on Tuesday (May 2) that it has bagged a net profit of USD 8.2 billion in the first quarter. BP had suffered a record loss a year earlier, stoked by its own exit from Russia. Sharon Graham, general secretary of the Unite union, said both firms were “continuing the profiteering bonanza”. “The scale of profiteering displayed today by Shell and earlier this week BP is one of the corporate scandals of our times. And this is practically untouched by Rishi Sunak’s so-called windfall tax," said Graham as quoted by The Guardian. “Not taking any action against ‘Big Oil’ means the profiteering plundering will continue without end.” “As temperatures soar from Madrid to Mogadishu, Shell is once again posting bumper profits while promising to keep extracting fossil fuels for years to come. Millions around the world are already feeling the effects of the climate crisis and it’s those who did the least to cause it who are paying the heaviest price," said Charlie Kronick, of Greenpeace UK, also quoted by The Guardian. “The UK government should stop issuing new oil and gas licences and force Shell and the rest of the industry to start using their obscene profits to pay for the damage that their fossil fuel habit is causing to lives and livelihoods around the world.” Profits are also forging ahead outside Britain. France's TotalEnergies saw net profit advance 12 per cent to $5.6 billion in the first quarter. US giants benefitted from refining activities and cost-cutting, with ExxonMobil more than doubling profit to a first-quarter record of $11.4 billion, while Chevron chalked up $6.6 billion. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Shell accused of 'profiteering bonanza' after massive profits

US regional bank Western Alliance's shares dipped 60 per cent after the now-quashed report which said the lender is exploring a possible sale.&nbsp;This comes after the Financial Times reported that Western Alliance was exploring strategic options which also included the sale of its whole business or at least part of it.&nbsp;

FT cited two sources while reporting on the matter. However later in the day, the bank has rubbished the report, according to Reuters.&nbsp;"Western Alliance is not exploring a sale, nor has it hired an advisor to explore strategic options," the lender said.

Also Read | <a href="https://www.wionews.com/world/wagner-leader-says-ukraine-counter-offensive-has-begun-death-toll-from-kherson-shelling-rises-to-21-588678">Wagner leader says Ukraine counter-offensive has begun; Death toll from Kherson shelling rises to 21</a>

It added that the bank was "reaffirming its financial strength as well as its deposit growth guidance in response to recent industry events."

<h2>Western Alliance shares plunge&nbsp;</h2>

The shares of Western Alliance plunged to $17.22 at one point during the trade. The trading in the stock also halted multiple times, reported Reuters.&nbsp;

<h2>US bank collapses&nbsp;</h2>

By far, at least three US banks have collapsed in the last two months. A Los Angeles-based bank holding company PacWest Bancorp earlier said it is exploring strategic options, including a sale.&nbsp;

The shares went tumbling by 52 per cent after the markets were filled with anxiety over concerns if this will result in the collapse of yet another US bank.&nbsp;

Also Read | <a href="https://www.wionews.com/world/at-least-14-killed-25-injured-after-road-accident-in-egypt-588676">At least 14 killed, 25 injured after road accident in Egypt: Reports</a>

It is pertinent to note that PacWest Bancorp had raised $1.4 billion from investment firm Atlas SP Partners in late March.

Watch | Iran seizes Panama-flagged oil tanker in Tehran on judicial order | World News | WION

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<h2>First Bank Collapse&nbsp;</h2>

The latest bank that collapsed was First Republic Bank. The US banking regulators announced Monday of closing the crisis-hit San Francisco-based bank First Republic and selling off the lender's majority deposits of $93.5bn to JPMorgan Chase along with most of the assets.

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US regional bank Western Alliance's shares dipped 60 per cent after the now-quashed report which said the lender is exploring a possible sale. This comes after the Financial Times reported that Western Alliance was exploring strategic options which also included the sale of its whole business or at least part of it.

US regional bank Western Alliance's shares dipped 60 per cent after the now-quashed report which said the lender is exploring a possible sale. This comes after the Financial Times reported that Western Alliance was exploring strategic options which also included the sale of its whole business or at least part of it. FT cited two sources while reporting on the matter. However later in the day, the bank has rubbished the report, according to Reuters. "Western Alliance is not exploring a sale, nor has it hired an advisor to explore strategic options," the lender said. Also Read | Wagner leader says Ukraine counter-offensive has begun; Death toll from Kherson shelling rises to 21 It added that the bank was "reaffirming its financial strength as well as its deposit growth guidance in response to recent industry events." Western Alliance shares plunge The shares of Western Alliance plunged to $17.22 at one point during the trade. The trading in the stock also halted multiple times, reported Reuters. US bank collapses By far, at least three US banks have collapsed in the last two months. A Los Angeles-based bank holding company PacWest Bancorp earlier said it is exploring strategic options, including a sale. The shares went tumbling by 52 per cent after the markets were filled with anxiety over concerns if this will result in the collapse of yet another US bank. Also Read | At least 14 killed, 25 injured after road accident in Egypt: Reports It is pertinent to note that PacWest Bancorp had raised $1.4 billion from investment firm Atlas SP Partners in late March. Watch | Iran seizes Panama-flagged oil tanker in Tehran on judicial order | World News | WION × First Bank Collapse The latest bank that collapsed was First Republic Bank. The US banking regulators announced Monday of closing the crisis-hit San Francisco-based bank First Republic and selling off the lender's majority deposits of $93.5bn to JPMorgan Chase along with most of the assets. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

US regional bank Western Alliance quashes report of exploring potential sale

After tech workers, it is pilots that are facing the uncertainty of a turbulent job market. Reports suggest pilots of troubled airline Go First, flocked to a Tata group hotel near delhi for walk-in interviews with the conglomerate's Air India airline.

Go First pilots check-in for Air India interviews

India's benchmark stock indexes are very close to breaching new highs. That comes after a better-than-expected earnings season for most sectors, barring the tech industry. The sensex index is about 1,000 points away from an all-time high.

Nifty, Sensex close to record highs

Trouble may be knocking on the doors of Goldman Sachs. The US financial giant revealed that authorities were investigating the company in connection with the collapse of Silicon Valley Bank (SVB).

US Banking Crisis: Goldman Sachs under scanner

The federal reserve rate hike on Wednesday led to a deep selloff in US regional banks on Thursday. Now, the fear is that another financial shoe may soon drop.

Bank rout rages on in US after Fed rate hikes

Embattled US pharma giant Johnson & Johnson has brought cheers to the otherwise sombre US stock markets. The pharma giant's new consumer health business, Kenvue, has had an impressive debut on listing day on the US stock exchange.

J&J's new unit Kenvue's blockbuster stock debut

Tech giant Apple has surprised analysts by posting better-than-expected sales and revenue numbers in the second quarter. The company reported a total revenue of 94 billion dollars, higher than analysts' prediction of 92.6 billion dollars. Sales of iPhones, too, did better than what analysts expected.

Apple's earnings results beat estimates

Shopify is selling off its logistics business to flexport. This strategic decision means that the company will shrink by over 2,000 people.

Shopify cuts jobs for the second time in 10 months

Saudi Arabia, the world's biggest oil producer, has lowered its oil prices for Asia. That is driven by concerns that a global economic slowdown could hurt oil demand. State-controlled Saudi Aramco's key Arab light-grade crude was reduced to 2.55 dollars a barrel for June.

Saudi Arabia cuts oil prices for Asia

When Adidas' shareholders meet next week, two prominent German investors announced their intention to vote against Adidas AG's management. The Yeezy crisis and poor sales are the top reasons for investors' frustration.

Adidas faces investor unrest

Investors in Asia are joining international lawsuits against the Swiss government for its handling of affairs during the takeover of Credt Suisse, the iconic but troubled bank. Authorities in Switzerland forced Credit Suisse to merge with rival UBS to prevent own collapse.

Though the takeover averted a catastrophe in Swiss banking system, it made bonds worth USD 17 billion held by investors worthless.

An anonymous investor quoted by BBC had bought USD 500000 worth of bonds in January. The investor took the decision even after several problems in the bank.

"Whenever I spoke to them, the bank gave me constant reassurances that this was just a blip, so I decided to go for it. It didn't feel like I was gambling," BBC quoted the investor as saying.

The type of bonds bought in this case were reportedly AT1, a riskier type of bond the value of which can be written down to zero. This is something that happened when Credit Suisse was taken over by UBS.

Now, dozens of bondholders in Singapore are joining hands to hold the Swiss government responsible. The main grievance is the manner in which the merger was conducted.

The investors reportedly claim that terms of bonds should have made them first to be compensated when the bank was on the brink of collapse. The bondholders were to be given priority over shareholders. However, shareholders were allowed to exchange their Credit Suisse shares with UBS shares.

This in effect means that shareholders got something but bondholders did not.

The legal firm, which is representing bondholders, has alleged that the Swiss regulator's decision was "an unlawful action" and that it had "devastating consequences on thousands of retail and small investors globally."

Bondholders who talked to BBC expressed frustration after losing their money and&nbsp;questioned Switzerland's banking reputation.

"We're losing sleep over this. It should have been a rock solid investment, but now I think the reputation of Switzerland and Swiss banks has gone down the tube," said an Asian investor quoted anonymously by BBC.

"Who in the world is going to trust Switzerland anymore?"

(With inputs from agencies) 
 
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Investors in Asia are joining international lawsuits against the Swiss government for its handling of affairs during the takeover of Credt Suisse, the iconic but troubled bank.

Investors in Asia are joining international lawsuits against the Swiss government for its handling of affairs during the takeover of Credt Suisse, the iconic but troubled bank. Authorities in Switzerland forced Credit Suisse to merge with rival UBS to prevent own collapse. Though the takeover averted a catastrophe in Swiss banking system, it made bonds worth USD 17 billion held by investors worthless. An anonymous investor quoted by BBC had bought USD 500000 worth of bonds in January. The investor took the decision even after several problems in the bank. "Whenever I spoke to them, the bank gave me constant reassurances that this was just a blip, so I decided to go for it. It didn't feel like I was gambling," BBC quoted the investor as saying. The type of bonds bought in this case were reportedly AT1, a riskier type of bond the value of which can be written down to zero. This is something that happened when Credit Suisse was taken over by UBS. Now, dozens of bondholders in Singapore are joining hands to hold the Swiss government responsible. The main grievance is the manner in which the merger was conducted. The investors reportedly claim that terms of bonds should have made them first to be compensated when the bank was on the brink of collapse. The bondholders were to be given priority over shareholders. However, shareholders were allowed to exchange their Credit Suisse shares with UBS shares. This in effect means that shareholders got something but bondholders did not. The legal firm, which is representing bondholders, has alleged that the Swiss regulator's decision was "an unlawful action" and that it had "devastating consequences on thousands of retail and small investors globally." Bondholders who talked to BBC expressed frustration after losing their money and questioned Switzerland's banking reputation. "We're losing sleep over this. It should have been a rock solid investment, but now I think the reputation of Switzerland and Swiss banks has gone down the tube," said an Asian investor quoted anonymously by BBC. "Who in the world is going to trust Switzerland anymore?" (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Credit Suisse: Bondholders in Asia sue Swiss government after wipeout

Two privately-owned islands belonging to Jeffrey Epstein, the tainted American financier and registered sexual offender, were sold to a billionaire investor Thursday. The two islands, Great St.James and Little St. James were abandoned after Epstein committed suicide in 2019 in a Manhattan jail while awaiting trial on sex-trafficking charges.&nbsp;

Stephen Deckoff, the founder of private equity firm Black Diamond Capital Management, bought the islands for $60 million, Forbes reported Wednesday. Deckoff paid approximately 50 per cent less for the two private islands than the price that was listed last year by Epstein’s estate.&nbsp;

According to a press release by Deckoff, he is planning to “develop a state-of-the-art, five-star, world-class luxury 25-room resort” on the islands that will become operational in 2025.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/world/wagner-leader-says-ukraine-counter-offensive-has-begun-death-toll-from-kherson-shelling-rises-to-21-588678">Wagner leader says Ukraine counter-offensive has begun; Kherson shelling toll rises to 21</a>

"I've been proud to call the US&nbsp;Virgin Islands home for more than a decade and am tremendously pleased to be able to bring the area a world-class destination befitting its natural grace and beauty," Deckoff said in the release.&nbsp;

"There is simply no place in the world as special as the US&nbsp;Virgin Islands and I am humbled by the opportunity to share its splendour with visitors in a manner that will provide economic benefits to the region while respecting its culture, history and natural beauty."

In a conversation with Forbes, Deckoff revealed&nbsp;that he had never met Epstein and had never been to the islands before they went on the market. In March last year, the islands were listed for a combined price of $125 million.&nbsp;

Deckoff has ties with the US Virgin Islands and is aware of the unsavoury past of these islands. It was reported that Epstein used to use these islands to sexually abuse&nbsp;teenage girls. One island was even sometimes dubbed as the ‘Paedophile Island’.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/world/us-judge-dismisses-donald-trumps-lawsuit-against-new-york-times-orders-him-to-pay-all-legal-fees-588698">US judge dismisses Donald Trump's lawsuit against New York Times, orders him to pay all legal fees</a>

The 72-acre Little St. James Island was repurchased by Epstein in 1998 for $7.95 million, which has a villa-style compound, a library, a cinema hall, a detached bath house and cabanas. He later bought the 160-acre Great St. James Island for $20 million in 2016.&nbsp;

In the allegation against Epstein, it was said that he used to bring girls as young as 11 to the islands with his associates and used to sexually assault them.&nbsp;

Jeffrey Epstein’s case&nbsp;

Jeffrey Epstein died of an apparent suicide in August 2019 in a Manhattan jail cell, where he was held while awaiting his trial for sex trafficking. The FBI raided Little St. James, where Epstein was believed to have his primary residence.&nbsp;

Epstein’s girlfriend Ghislaine Maxwell was later found guilty of aiding his beau in the sex trafficking of young girls and was sentenced to prison for 20 years.&nbsp;

(With inputs from agencies) 
 
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Two privately-owned islands belonging to Jeffrey Epstein, the tainted American financier and registered sexual offender, were sold to a billionaire investor Thursday.

Two privately-owned islands belonging to Jeffrey Epstein, the tainted American financier and registered sexual offender, were sold to a billionaire investor Thursday. The two islands, Great St.James and Little St. James were abandoned after Epstein committed suicide in 2019 in a Manhattan jail while awaiting trial on sex-trafficking charges. Stephen Deckoff, the founder of private equity firm Black Diamond Capital Management, bought the islands for $60 million, Forbes reported Wednesday. Deckoff paid approximately 50 per cent less for the two private islands than the price that was listed last year by Epstein’s estate. According to a press release by Deckoff, he is planning to “develop a state-of-the-art, five-star, world-class luxury 25-room resort” on the islands that will become operational in 2025. Also Read | Wagner leader says Ukraine counter-offensive has begun; Kherson shelling toll rises to 21 "I've been proud to call the US Virgin Islands home for more than a decade and am tremendously pleased to be able to bring the area a world-class destination befitting its natural grace and beauty," Deckoff said in the release. "There is simply no place in the world as special as the US Virgin Islands and I am humbled by the opportunity to share its splendour with visitors in a manner that will provide economic benefits to the region while respecting its culture, history and natural beauty." In a conversation with Forbes, Deckoff revealed that he had never met Epstein and had never been to the islands before they went on the market. In March last year, the islands were listed for a combined price of $125 million. Deckoff has ties with the US Virgin Islands and is aware of the unsavoury past of these islands. It was reported that Epstein used to use these islands to sexually abuse teenage girls. One island was even sometimes dubbed as the ‘Paedophile Island’. Also Read | US judge dismisses Donald Trump's lawsuit against New York Times, orders him to pay all legal fees The 72-acre Little St. James Island was repurchased by Epstein in 1998 for $7.95 million, which has a villa-style compound, a library, a cinema hall, a detached bath house and cabanas. He later bought the 160-acre Great St. James Island for $20 million in 2016. In the allegation against Epstein, it was said that he used to bring girls as young as 11 to the islands with his associates and used to sexually assault them. Jeffrey Epstein’s case Jeffrey Epstein died of an apparent suicide in August 2019 in a Manhattan jail cell, where he was held while awaiting his trial for sex trafficking. The FBI raided Little St. James, where Epstein was believed to have his primary residence. Epstein’s girlfriend Ghislaine Maxwell was later found guilty of aiding his beau in the sex trafficking of young girls and was sentenced to prison for 20 years. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Jeffrey Epstein’s private islands sold to billionaire investor for $60 million

The American companies operating in China are facing heightened scrutiny from the Chinese authorities. The latest events include the questioning of employees at the management consultancy bain & company in Shanghai. The events coincide with an amendment to an already extensive counter-espionage law in China. The law widens the scope of the kind of materials and data the country deems relevant to the national security. The new law was revised last week and is set to take effect in July.

Investor jitters rise as China tightens screws on US firms

The US national debt has hit a new high of 28 trillion dollars caused by years of government spending exceeding the revenue. Watch this report to understand the impact of this on the world's largest economy. Will this crisis push the us economy further into recession and what do experts suggest on the matter?

Is US economy really rich? Or is it a facade?

Shares of US-based bank pacwest bancorp tumbled 56% in extended trading. This happened following the news that the bank is weighing strategic options. The regional bank is assessing various options. Including a possible sale, and bringing in advisors to evaluate longer-term plans for the business. Piper Sandler and Stephens are the two firms advising pacwest.

Yet another US bank on the brink of collapse?

Have you ever wondered how the top boss at your firm drives a fancy new car every year, vacations in exotic locations & stays in the most aspiring real estate property in your city? Well, your pay cheque may not have grown as much as you desired. But a report from oxfam suggests that the top bosses have seen their wealth surge faster than ever. Watch the report to understand the pay disparity between your salary and your employer's salary.

Pay disparity widens between CEOs and employees

European aircraft manufacturer Airbus said Wednesday its revenues and net profit fell during the first quarter of the year as deliveries dropped amid continuing supply chain difficulties.

The company delivered 127 aircraft in the first three months of this year, down from 142 during the same period last year.

While this had only a modest impact on revenue, which dipped two per cent to 11.76 billion ($13.0 billion), net profit fell by 62 per cent to 466 million euros.

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/air-france-airbus-went-to-trial-for-the-2009-rio-paris-crash-heres-what-happened-583379">Explained | Air France, Airbus trial over the 2009 Rio-Paris crash. Here's what happened</a>

"We continue to face an adverse operating environment that includes in particular persistent tensions in the supply chain," said chief executive Guillaume Faury.

Airbus posted a record profit of 4.2 billion euros in 2022 despite supply chain problems limiting its ability to raise production.

ALSO WATCH |&nbsp;Low output by Airbus causes concerns

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The company slashed production and jobs during the pandemic when airlines halted most operations, and it has had trouble scaling production back up, as have some of its suppliers.

The Russian invasion of Ukraine also complicated sourcing certain parts.

Revenues generated by Airbus' commercial aircraft activities decreased by five per cent year-on-year, mainly reflecting the lower deliveries, the company said.

The company's defence and space unit saw revenues drop by six per cent, while the helicopter unit jumped by 26 per cent as deliveries rose.

The first quarter performance was also hit by a charge of 360 million euros due to change in the value of the US dollar from when some pre-payments were made to settlement when aircrafts were delivered.

The company said it's 2023 outlook remains unchanged, which is for commercial aircraft deliveries to rise from 661 last year to 720 this year. 
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European aircraft manufacturer Airbus said Wednesday its revenues and net profit fell during the first quarter of the year as deliveries dropped amid continuing supply chain difficulties.

European aircraft manufacturer Airbus said Wednesday its revenues and net profit fell during the first quarter of the year as deliveries dropped amid continuing supply chain difficulties. The company delivered 127 aircraft in the first three months of this year, down from 142 during the same period last year. While this had only a modest impact on revenue, which dipped two per cent to 11.76 billion ($13.0 billion), net profit fell by 62 per cent to 466 million euros. ALSO READ | Explained | Air France, Airbus trial over the 2009 Rio-Paris crash. Here's what happened "We continue to face an adverse operating environment that includes in particular persistent tensions in the supply chain," said chief executive Guillaume Faury. Airbus posted a record profit of 4.2 billion euros in 2022 despite supply chain problems limiting its ability to raise production. ALSO WATCH | Low output by Airbus causes concerns × The company slashed production and jobs during the pandemic when airlines halted most operations, and it has had trouble scaling production back up, as have some of its suppliers. The Russian invasion of Ukraine also complicated sourcing certain parts. Revenues generated by Airbus' commercial aircraft activities decreased by five per cent year-on-year, mainly reflecting the lower deliveries, the company said. The company's defence and space unit saw revenues drop by six per cent, while the helicopter unit jumped by 26 per cent as deliveries rose. The first quarter performance was also hit by a charge of 360 million euros due to change in the value of the US dollar from when some pre-payments were made to settlement when aircrafts were delivered. The company said it's 2023 outlook remains unchanged, which is for commercial aircraft deliveries to rise from 661 last year to 720 this year. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Airbus net profit goes down as airplane deliveries drop due to supply chain issues

Tech war continues between US and China. The US Export controls on microchips which were imposed last year to slow down China's tech development appear to have minimal effect on China's tech sector. Experts say the US Challenge is to slow china's progress in high-tech without hurting US Companies.

US-China tech tensions continue