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Business

Airbus and Qatar Airways settle bitter A350 jet row

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PARIS, Feb 1 (Reuters) – Airbus (AIR.PA) and Qatar Airways have settled a dispute over grounded A350 jets, the companies said on Wednesday, averting a potentially damaging UK court trial after a blistering 18-month feud that tore the lid off the global jet market.

The “amicable and mutually agreeable settlement” ends a $2 billion row over surface damage on the long-haul jets. The spat led to the withdrawal of billions of dollars’ worth of jet deals by Airbus and prompted Qatar to increase purchases from Boeing.

The cancelled orders for 23 undelivered A350s and 50 smaller A321neos have been restored under the new deal, which is also expected to see Airbus pay several hundred million dollars to the Gulf carrier, while winning a reprieve from other claims.

Financial details were not publicly disclosed.

The companies said neither admitted liability. Both pledged to drop claims and “move forward and work together as partners”.

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The deal heads off what amounted to an unprecedented public divorce trial between heavyweights in the normally tight-knit and secretive $150 billion jet industry.

The two sides had piled up combined claims and counter-claims worth about $2 billion ahead of the June trial.

French Finance Minister Bruno Le Maire welcomed the deal, which came in the wake of increasing political involvement amid close ties between France, where Airbus is based, and Qatar.

“It is the culmination of significant joint efforts. It is excellent news for the French aerospace industry,” he said.

Airbus shares closed up 1% before the announcement.

Qatar Airways had taken the unusual step of publicly challenging the world’s largest planemaker over safety after paint cracks exposed gaps in a sub-layer of lightning protection on its new-generation A350 carbon-composite jets.

Airbus had acknowledged quality flaws but, backed by European regulators, had insisted that the jets were safe and accused the airline of exaggerating flaws to win compensation.

DAMAGES

Supported by a growing army of lawyers, both sides repeatedly bickered in preliminary hearings over access to documents, to the growing frustration of a judge forced to order co-operation.

Analysts said the deal would allow both sides to feel vindicated, with Qatar Airways winning damages and recognition that the problem lay outside the manual and therefore required a new repair, and Airbus standing its ground on safety and spared the difficult task of finding a home for cancelled A350s.

Qatar will get the in-demand A321neos needed to plan its growth, albeit three years later than expected, in 2026. Airbus’ decision to revoke that order, separate from the disputed A350 contract, had been criticised by global airlines group IATA.

Airbus said it had done its best to avoid pushing Qatar too far back in the queue, though some experts question whether it could have met the earlier schedule because of supply problems.

The settlement is also expected to stop the clock ticking on a claim for grounding compensation that had been growing by $6 million a day, triggered by a clause agreed upon after the repainting of a jet for the World Cup revealed significant surface damage.

Originally valued at $200,000 per day per plane, Airbus’ theoretical liability was ratcheting upwards by a total of $250,000 an hour for 30 jets – or $2 billion a year – by the time the deal was struck, based on court filings. Neither side commented on settlement details.

Airbus said it would now work with the airline and regulators to provide the necessary “repair solution” and return Qatar’s 30 grounded planes to the air.

Confirmation of a settlement came after Reuters reported a deal could arrive as early as Wednesday. In 2021, a Reuters investigation revealed other airlines had been affected by A350 skin degradation, all of whom said it was “cosmetic”.

The dispute has focused attention on the design of modern carbon-fibre jets, which do not interact as smoothly with paint as traditional metal ones, and shed light on industrial methods.

Additional reporting by Leigh Thomas, Michel Rose
Editing by David Goodman, Diane Craft and Gerry Doyle

Our Standards: The Thomson Reuters Trust Principles.

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Business

Unilever names former Heinz exec Schumacher as CEO

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  • To become CEO July 1
  • Activist shareholder says met Schumacher when at Heinz
  • First outsider CEO since Paul Polman appointed in 2008
  • Unilever shares outpace FTSE 100

LONDON, Jan 30 (Reuters) – Unilever on Monday appointed Hein Schumacher to replace Alan Jope as chief executive from July in a move that was welcomed by investors including board member and activist shareholder Nelson Peltz.

Schumacher, 51, rejoined Unilever in October last year as non-executive director and is currently the chief of Dutch dairy business FrieslandCampina.

He worked at Unilever more than 20 years ago before working for retailer Royal Ahold NV and packaged food maker H.J. Heinz in the United States, Europe and Asia.

One of the biggest consumer companies in the world with more than 400 brands ranging from detergent to ice cream, Unilever said in September said that Jope planned to retire at the end of 2023.

Billionaire activist investor Nelson Peltz, who heads investor Trian Partners, said he strongly supports Schumacher “as our new CEO and look(s) forward to working closely with him to drive significant sustainable stakeholder value.”

Peltz become a Unilever board member in July after it was revealed early last year that he had built a stake in the company.

“I first met Hein when I served as a director at the H.J. Heinz Company from 2006 to 2013 and was impressed by his leadership skills and business acumen,” Peltz said.

Peltz, through his Trian Fund, holds a nearly 1.5% stake in Unilever, making him the fourth largest shareholder, according to Refinitiv Eikon data.

Unilever shares were up 0.56% versus a FTSE 100 (.FTSE) index down 0.1% as of 1032 GMT.

The move was also cheered by other investors and analysts, who have felt in recent years that Unilever needed an outsider’s touch.

“Positive that he’s an external appointment,” Jack Martin, a fund manager at Unilever shareholder Oberon Investments, said. “Good CV from what I read, hopefully provides the impetus the company requires.”

‘ESG SAVVY, PRAGMATIC’

Unilever’s shares have underperformed European consumer staples and discretionary indices during CEO Jope’s tenure, which began in January 2019.

Reuters Graphics

His failed bids for GlaxoSmithKline’s (GSK.L) consumer healthcare business last year lost him some good faith among investors, including influential British billionaire Terry Smith, owner of Fundsmith.

Smith said at the time that Jope needed to focus less on sustainbility and more on building Unilever’s core business.

“Hein is ideal for Unilever — he’s got roots at the company but at the same time he’s external,” Allan Leighton, former CEO of British food retailer Asda and ex-chair of Britain’s Royal Mail, told Reuters.

Leighton, who worked with Schumacher on the board of C&A AG, described him as “ESG savvy but in a pragmatic and commercial way.”

Tineke Frikee, a fund manager at Unilever shareholder Waverton Investment Management, said: “It is good Schumacher has plenty of industry experience outside Unilever, particularly international.”

“I note though that his background is mainly in food, rather than beauty and personal care. This may lead the market to reduce the probability of a potential food spin-off.”

Unilever’s food business includes Ben & Jerry’s ice cream, Colman’s mustard, Hellman’s mayonnaise and Knorr stock cubes.

Some investors and analysts have speculated over the past year that Unilever might spin off what they feel is a weaker food business to focus on personal goods, beauty and home care.

“Why hire a food exec, if you are planning to sell the food business?” Bernstein analyst Bruno Monteyne said, adding that selling the food business “will always be on the cards, but I doubt that it is top priority in the short term.”

But Monteyne pointed out that some investors were hoping Unilever would name someone more well-established, globally.

“Investors we spoke to in recent weeks were hopeful for a more familiar name from a successful U.S.-based FMCG (fast-moving consumer goods) turnaround.”

Unilever had been considering internal and external candidates for the role.

Sources told Reuters in October that the candidates included finance chief Graeme Pitkethly, personal care division boss Fabian Garcia and Hanneke Faber, who heads the company’s nutrition group.

Reporting by Yadarisa Shabong and Richa Naidu; editing by Matt Scuffham and Jason Neely

Our Standards: The Thomson Reuters Trust Principles.

Richa Naidu

Thomson Reuters

London-based reporter covering retail and consumer goods, analysing trends including coverage of supply chains, advertising strategies, corporate governance, sustainability, politics and regulation. Previously wrote about U.S. based retailers, major financial institutions and covered the Tokyo 2020 Olympic Games.

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Business

Oil falls ahead of OPEC+, U.S. Federal Reserve meetings

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SINGAPORE, Jan 30 (Reuters) – Oil prices fell on Monday, giving up earlier gains, as global producers this week will likely keep output unchanged during a meeting this week and investors are cautious ahead of a U.S. Federal Reserve meeting that may spur market volatility.

Brent crude futures fell 20 cents, or 0.2%, to $86.46 a barrel by 0435 GMT while U.S. West Texas Intermediate crude was at $79.57 a barrel, down 11 cents, or 0.1%.

Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, known collectively as OPEC+, are unlikely to tweak their current oil output policy when they meet virtually on Feb. 1.

Still, an indication of a rise in crude exports from Russia’s Baltic ports in early February caused Brent and WTI to post their first weekly loss in three last week.

“No change to the OPEC+ output is expected to be announced at this week’s meeting and we expect outlook commentary from the U.S. Fed to be the key driver of the outlook in the near term,” said National Australia Bank analysts in a research note.

Ahead of the Federal Reserve’s policy meeting scheduled on Jan. 31-Feb. 1, the market broadly expects the U.S. central bank to scale back rate hikes to 25 basis points (bps) from 50 bps announced in December, which may ease concerns of an economic slowdown that would curb fuel demand in the world’s biggest oil consumer.

Oil prices earlier gained amid tensions in the Middle East following a drone attack in oil producer Iran and as China, the world’s biggest crude importer, pledged over the weekend to promote a consumption recovery which would support fuel demand.

“It is not really clear yet what’s happening in Iran, but any escalation there has the potential to disrupt crude flow,” said Stefano Grasso, a senior portfolio manager at 8VantEdge in Singapore.

“We have Russia on the supply side and China on the demand side. Both can swing by more than 1 million barrels per day above or below expectation,” said Grasso, formerly an oil trader with Italy’s Eni.

“China seems to have surprised the market in terms of how fast they are coming out of zero COVID while Russia has surprised in terms of resilience of export volume despite the sanctions.”

China resumes business this week after its Lunar New Year holidays. The number of passengers travelling prior to the holidays rose above levels in the past two years but is still below 2019, Citi analysts said in a note, citing data from the Ministry of Transport.

“Overall international traffic recovery remains gradual, with high-single to low-teens digits to 2019 level, and we expect further recovery when outbound tour group travel resumes on Feb. 6,” the Citi note said.

Reporting by Florence Tan and Emily Chow; Editing by Muralikumar Anantharaman and Christian Schmollinger

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World

EU wants to send more migrants away as irregular arrivals grow

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  • EU border agency says 2022 irregular arrivals highest since 2016
  • Ministers discuss stepping up returns to states including Iraq
  • Hardline migration ideas return to fore
  • Top EU migration official says no money for ‘walls and fences’

STOCKHOLM, Jan 26 (Reuters) – European Union ministers on Thursday sought ways to curb irregular immigration and send more people away as arrivals rose from pandemic lows, reviving controversial ideas for border fences and asylum centres outside of Europe.

EU border agency Frontex reported some 330,000 unauthorised arrivals last year, the highest since 2016, with a sharp increase on the Western Balkans route.

“We have a huge increase of irregular arrivals of migrants,” Home Affairs Commissioner Ylva Johansson told talks among the 27 EU migration ministers. “We have a very low return rate and I can see we can make significant progress here.”

Denmark, the Netherlands and Latvia were among those to call for more pressure through visas and development aid towards the roughly 20 countries – including Iraq and Senegal – that the EU deems fail to cooperate on taking back their nationals who have no right to stay in Europe.

Only about a fifth of such people are sent back, with insufficient resources and coordination on the EU side being another hurdle, according to the bloc’s executive.

The ministerial talks come ahead of a Feb. 9-10 summit of EU leaders who will also seek more returns, according to their draft joint decision seen by Reuters.

“The overall economic malaise makes countries like Tunisia change from a transit country to a country where locals also want to go,” said an EU official. “That changes things. But it’s still very manageable, especially if the EU acts together.”

‘WALLS AND FENCES’

That, however, is easier said than done in the bloc, where immigration is a highly sensitive political issue and member countries are bitterly divided over how to share the task of caring for those who arrive in Europe.

The issue has become toxic since more than a million people crossed the Mediterranean in 2015 in chaotic and deadly scenes that caught the bloc off guard and fanned anti-immigration sentiment.

The EU has since tightened its external borders and asylum laws. With people on the move again following the COVID pandemic, the debate is returning to the fore, as are some proposals previously dismissed as inadmissible.

Denmark has held talks with Rwanda on handling asylum applicants in East Africa, while others called for EU funds for a border fence between Bulgaria and Turkey – both ideas so far seen as taboo.

“We are still working to make that happen, preferably with other European countries but, as a last resort, we’ll do it only in cooperation between Denmark and, for example Rwanda,” Immigration Minister Kaare Dybvad said on Thursday.

Dutch minister Eric van der Burg said he was open to EU financing for border barriers.

“EU member states continue making access to international protection as difficult as possible,” the Danish Refugee Council, an NGO, said in a report on Thursday about what it said were systemic pushbacks of people at the bloc’s external borders, a violation of their right to claim asylum.

While EU countries protest against irregular immigration, often comprising Muslims from the Middle East and North Africa, Germany is simultaneously seeking to open its job market to much-needed workers from outside the bloc.

“We want to conclude migration agreements with countries, particularly with North African countries, that would allow a legal route to Germany but would also include functioning returns,” Interior Minister Nancy Faeser said in Stockholm.

Additional reporting by Philip Blenkinsop and Bart Meiejer, Writing by Gabriela Baczynska, Editing by Bernadette Baum

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Business

Musk bullish on Tesla sales as price cuts boost demand

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Jan 25 (Reuters) – Tesla Inc’s (TSLA.O) aggressive price cuts have ignited demand for its electric vehicles, Chief Executive Elon Musk said on Wednesday, playing down concerns that a weak economy would throttle buyers’ interest.

The company slightly beat Wall Street targets for fourth-quarter revenue and profit earlier on Wednesday despite a sharp decline in vehicle profit margins, and it sought to reassure investors that it can cut costs to cope with recession and as competition intensifies in the year ahead.

Deep price cuts this month have positioned Tesla as the initiator of a price war, but its forecast of a 37% rise in car volume for the year, to 1.8 million vehicles, was down from 2022’s pace.

However, Musk, who has missed his own ambitious sales targets for Tesla in recent years, said 2023 deliveries could hit 2 million vehicles, absent external disruption.

Tesla’s sales prospects, as it confronts a weaker economy, are a key focus for investors. The company said it maintains a long-term target of a compounded 50% annual rise in sales.

Musk addressed the issue at the start of a call with investors and analysts.

“These price changes really make a difference for the average consumer,” he said, adding that vehicle orders were roughly double production in January, leading the automaker to make small price increases for the Model Y SUV.

He said he expected a “pretty difficult recession this year,” but demand for Tesla vehicles “will be good despite probably a contraction in the automotive market as a whole.”

Shares rose 5.3% in extended trading.

CYBERTRUCK

The company is relying on older products and Musk said its Cybertruck, its next new electric pickup truck, would not begin volume production until next year. Reuters in November reported that the highly anticipated model would not be produced in volume until late this year.

Tesla will detail plans for a “next-generation vehicle platform” at its investor day in March.

Tesla’s vehicles “are all in desperate need of updates beyond software,” said Jessica Caldwell, Edmunds’ executive director of insights. She said Tesla will largely depend on the cheaper unit as well as Model 3 and Model Y to bring EVs to the masses.

“It’s unlikely that the Cybertruck will attempt to achieve mass-market volumes like the Detroit competitors.”

Reuters Graphics

[1/5] A Tesla supercharging station is seen in the early morning sun, in Kettleman City, California, U.S., January 25, 2023. REUTERS/Mike Blake

Reuters Graphics

Analysts said Tesla’s goal is bullish given the macroeconomic uncertainties.

“I think that you’re going to see some severe demand destruction across consumer spending and I think cars are going to take a big hit,” Edward Moya, senior market analyst at OANDA, said.

Tesla said it does not expect meaningful near-term volume growth from China, since its Shanghai factory was running near full capacity, rebounding from production challenges last year.

“Even a small cooling of demand will have significant implications for the bottom line,” said Sophie Lund-Yates, an analyst at Hargreaves Lansdown.

Tesla said that its automotive gross margins, which dropped to a two-year low of 25.9% in the reported quarter, were pressured by the costs of ramping up battery production and new factories in Berlin and Texas, as well as higher raw material, commodity, logistics and warranty costs.

Tesla expected its automotive gross margin to remain above 20%.

Margins generally are expected to be under further pressure from its aggressive price cuts. Tesla, which had made a series of price increases since early 2021, reversed course and offered discounts in December in the United States, followed by price cuts of as much as 20% this month.

Analysts had said Tesla’s profitability gave it room to cut prices and pressure rivals. The company’s $9,000 in net profit per vehicle in the past quarter was more than seven times the comparable figure for Toyota Motor Corp (7203.T) in the third quarter. But it was down from almost $9,700 in the third quarter.

“In severe recessions, cash is king, big time,” Musk said, adding that Tesla is well positioned to cope with an economic downturn because of its $20 billion of cash.

The company’s stock posted its worst drop last year, hit by demand worries and Musk’s acquisition of Twitter, which fueled investor concerns he would be distracted from running Tesla.

Musk dismissed surveys that suggest his political comments on Twitter are damaging the Tesla brand. “I might not be popular” with some, he said, “but for the vast majority of people, my follow count speaks for itself.” He has 127 million followers.

Revenue was $24.32 billion for the three months ended Dec. 31, compared with analysts’ average estimate of $24.16 billion, according to IBES data from Refinitiv.

Tesla’s full-year earnings were bolstered by $1.78 billion in regulatory credits, up 21% from a year earlier.

Adjusted earnings per share of $1.19 topped the Wall Street analyst average of $1.13.

It ended the fourth quarter with 13 days’ worth of vehicles in inventory, more than four times higher than the start of 2022, and a record $12.8 billion in value.

Reporting by Hyunjoo Jin in San Francisco and Akash Sriram in Bengaluru, Additinoal reporting by Joe White and Ben Klayman in Detroit and Kevin Krolicki in Singapore
Writing by Peter Henderson
Editing by Sriraj Kalluvila, Matthew Lewis, Sam Holmes and David Goodman

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World

Ex-kickboxer Andrew Tate says Romanian prosecutors have no evidence against him

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BUCHAREST, Jan 25 (Reuters) – Divisive internet personality Andrew Tate said on Wednesday there was no justice in Romania and that the case file against him in a criminal investigation for alleged human trafficking and rape was empty.

Tate, his brother Tristan and two Romanian female suspects have been in police custody since Dec. 29 pending an ongoing criminal investigation on charges of forming a criminal gang to sexually exploit women, accusations they deny.

On Thursday, a Romanian court extended their detention until Feb. 27. Prosecutors have said the Tate brothers recruited their victims by seducing them and falsely claiming to want a relationship or marriage.

The victims were then taken to properties on the outskirts of the capital Bucharest and through physical violence and mental intimidation were sexually exploited by being forced to produce pornographic content for social media sites that generated large financial gain, prosecutors said.

They also said Andrew Tate, a former professional kickboxer who holds U.S. and British nationality, raped one of the victims in March last year, which he has denied.

“They know we have done nothing wrong,” Tate told reporters as he was brought in for further questioning by anti-organised crime prosecutors, the first comments to the media since his arrest. “This file is completely empty. Of course it’s unjust, there is no justice in Romania unfortunately.”

Andrew Tate and his brother Tristan are escorted by police officers outside the headquarters of the Bucharest Court of Appeal, in Bucharest, Romania, January 10, 2023. Inquam Photos/Octav Ganea via REUTERS

Asked whether he has hurt women, Tate said: “Of course not.”

Earlier this month, Romanian authorities said they had seized goods and money worth 18 million lei ($3.99 million), including luxury cars and properties as a part of the investigation.

“There is no evidence against me,” Tristan Tate told reporters on Wednesday. “The authorities are planning to steal my cars and steal my money. That is why I am in jail.”

Prosecutors have said the seizure was meant to prevent the assets being concealed.

The Tates “are confident in the defence, they are confident in the evidence in their favour, they have given a detailed statement, they have collaborated (with authorities),” their lawyer Eugen Vidineac told reporters after the questioning.

“We believe the defence is starting to take shape.”

Andrew Tate gained mainstream notoriety for misogynistic remarks that got him banned from all major social media platforms, although his Twitter account was reinstated in November after Elon Musk acquired the social media network.

Reporting by Luiza Ilie and Octav Ganea; Editing by Nick Macfie and Daniel Wallis

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World

India police detain students gathered to watch BBC documentary on Modi

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NEW DELHI, Jan 25 (Reuters) – Students were detained by the Delhi police on Wednesday as they gathered to watch a recent BBC documentary about Prime Minister Narendra Modi that India has dismissed as propaganda and blocked its streaming and sharing on social media.

This follows similar disruptions, some of which turned violent, at gatherings this week by students to watch the documentary that questions Modi’s leadership during deadly riots two decades ago, as his opponents raise questions of government censorship.

Modi, who is aiming for a third term in elections next year, was the chief minister of Gujarat in February 2002 when a suspected Muslim mob set fire to a train carrying Hindu pilgrims, setting off one of independent India’s worst outbreaks of religious bloodshed.

In reprisal attacks across the state at least 1,000 people were killed, mostly Muslims, as crowds roamed the streets over days, targeting the minority group. Activists put the toll at around 2,500, over twice that number.

The government has said the BBC documentary “India: The Modi Question” released last week is a biased “propaganda piece” and has blocked the sharing of any clips from it on social media.

The Students’ Federation of India (SFI) said on Wednesday it plans to show the documentary in every Indian state.

“They won’t stop the voice of dissent,” said Mayukh Biswas, general secretary of the SFI, the student wing of the Communist Party of India (Marxist).

Ahead of one of those screenings at Delhi’s Jamia Millia Islamia university, 13 students were detained amid a heavy police deployment. The university blamed the students for creating a “ruckus on the street” and said they did not have permission for holding the show, police said.

“There is no chance that anybody who tries to disturb the discipline of the university will go free,” the university’s vice chancellor, Najma Akhtar, told Reuters.

A day earlier, bricks were hurled, allegedly by members of a right-wing group, on students hoping to watch the documentary at Delhi’s Jawaharlal Nehru University, students said.

Student leader Aishe Ghosh said they were watching the documentary on their phones and laptops after power was cut off about half an before a scheduled screening.

The university had denied permission and threatened disciplinary action if the documentary was screened.

“It was obviously the administration that cut off the power,” Ghosh said. “We are encouraging campuses across the country to hold screenings as an act of resistance against this censorship.”

The media coordinator for the university did not comment when asked about the on-campus power cut.

A spokesman for the right-wing student group did not respond to a message seeking comment. A police spokesperson did not respond to queries.

Protests also erupted following the film’s screening at campuses in the southern state of Kerala on Tuesday while a show was cancelled mid-way at a university in the north Indian city of Chandigarh, according to local media reports.

Derek O’Brien, a member of parliament in the upper house of the parliament, wrote on Twitter on Saturday that the opposition “will continue to fight the good fight against censorship” in reference to the block on sharing clips from the documentary on social media.

The BBC said its documentary series examines tensions between India’s Hindu majority and Muslim minority and explores Modi’s politics in relation to those tensions.

“The documentary was rigorously researched according to highest editorial standards,” the BBC said.

It approached “a wide range of voices, witnesses and experts” and featured a range of opinion including responses from people in Modi’s Hindu nationalist Bharatiya Janata Party, the BBC said.

Reporting by Shivam Patel in New Delhi and Sudipto Ganguly in Mumbai; additional reporting by Krishn Kaushik; Editing by Robert Birsel and Jonathan Oatis

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World

Indian university reports power cut ahead of Modi documentary screening

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NEW DELHI, Jan 24 (Reuters) – A top Indian university cut off power and internet supply on campus on Tuesday before a screening by its students’ union of a BBC documentary on Prime Minister Narendra Modi that India has dismissed as propaganda, broadcaster NDTV reported.

The Jawaharlal Nehru University (JNU) in the capital New Delhi had threatened disciplinary action if the documentary was screened, saying the move might disturb peace and harmony on campus.

Modi’s government has labelled the documentary, which questioned his leadership during deadly riots in his home state of Gujarat in 2002, as a “propaganda piece”, blocked its airing and also barred sharing of any clips via social media in India.

Modi was chief minister of the western state during the violence in which more than 2,000 people were killed, most of them Muslims.

The students’ union of the JNU, long seen as a bastion of left-wing politics, was to screen the documentary, “India: The Modi Question”, at 9 p.m. (1530 GMT).

A person present with students inside campus said the documentary was now being watched on mobile phones through links shared over Telegram and Vimeo (VMEO.O) after the power went out.

“There are about 300 people streaming the documentary now in campus on their phones since the power went out about half an hour before the screening,” the person, who did not wish to be identified, told Reuters.

Footage from inside the campus showed some students huddled together and watching the film on a laptop propped up on a chair.

The JNU media coordinator did not comment when asked about reports of internet outage and a power cut inside the campus. A source in the administration said a fault in the power line caused outages in faculty residences and other facilities and the issue was being looked into.

The university administration earlier said it had not given permission for the documentary screening.

“This is to emphasise that such an unauthorised activity may disturb peace and harmony of the university campus,” it said.

“The concerned students/individuals are firmly advised to cancel the proposed programme immediately, failing which a strict disciplinary action may be initiated as per the university rules.”

Union president Aishe Ghosh had asked students via Twitter to attend the screening, describing it as having been “‘banned’ by an ‘elected government’ of the largest ‘democracy'”.

Ghosh did not respond to phone calls and a message after reports emerged of a power outage in campus.

Police vigilance was ramped up following a request from campus, police said.

The documentary was also screened at some campuses in the Communist-ruled southern state of Kerala, The Hindu newspaper reported.

India’s home ministry did not respond to requests for comment on the government’s plans if the film is shown at JNU and in Kerala.

The 2002 Gujarat violence erupted after a train carrying Hindu pilgrims caught fire, killing 59. Crowds later rampaged through Muslim neighbourhoods. In 2017, 11 men were jailed for life for setting the train ablaze.

Modi has denied accusations that he did not do enough to stop the riots and was exonerated in 2012 following an inquiry overseen by the Supreme Court. Another petition questioning his exoneration was dismissed last year.

Last week, the BBC said the documentary was “rigorously researched” and involved a wide range of voices and opinions, including responses from people in Modi’s Hindu nationalist Bharatiya Janata Party.

Reporting by Sudipto Ganguly, Shivam Patel and Rupam Jain; additional reporting by Krishn Kaushik; Editing by Robert Birsel and Clarence Fernandez

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US

Ex-FBI official worked for sanctioned Russian oligarch, prosecutors say

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NEW YORK, Jan 23 (Reuters) – A former top FBI official was charged on Monday with working for sanctioned Russian oligarch Oleg Deripaska, as U.S. prosecutors ramp up efforts to enforce sanctions on Russian officials and police their alleged enablers.

Charles McGonigal, who led the FBI’s counterintelligence division in New York before retiring in 2018, pleaded not guilty to four criminal counts including sanctions violations and money laundering at a hearing in Manhattan federal court.

He was released on $500,000 bond, following his arrest over the weekend.

Prosecutors said McGonigal, 54, in 2021 received concealed payments from Deripaska, who was sanctioned in 2018, in exchange for investigating a rival oligarch.

McGonigal was also charged with unsuccessfully pushing in 2019 to lift sanctions against Deripaska.

Sanctions “must be enforced equally against all U.S. citizens in order to be successful,” FBI Assistant Director in Charge Michael Driscoll said in a statement. “There are no exceptions for anyone, including a former FBI official.”

Separately on Monday, federal prosecutors in Washington said McGonigal received $225,000 in cash from a former member of Albania’s intelligence service, who had been a source in an investigation into foreign political lobbying that McGonigal was supervising.

McGonigal faces nine counts in that case, including making false statements to conceal from the FBI the nature of his relationship with the person.

“This is obviously a distressing day for Mr McGonigal and his family,” the defendant’s lawyer Seth DuCharme told reporters after the Manhattan hearing. “We’ll review the evidence, we’ll closely scrutinize it, and we have a lot of confidence in Mr McGonigal.”

Deripaska, the founder of Russian aluminum company Rusal (RUAL.MM), was among two dozen Russian oligarchs and government officials blacklisted by Washington in 2018 in reaction to Russia’s alleged meddling in the 2016 U.S. election.

He and the Kremlin have denied any election interference.

Also charged in the Manhattan case was Sergey Shestakov, a former Soviet diplomat who later became an American citizen and Russian language interpreter for U.S. courts and government agencies.

Prosecutors said Shestakov he worked with McGonigal to help Deripaska, and made false statements to investigators.

Shestakov pleaded not guilty on Monday and was released on $200,000 bond.

The enforcement of sanctions are part of U.S. efforts to pressure Moscow to stop its war in Ukraine, which the Kremlin calls a “special military operation.”

Deripaska was charged last September with violating the sanctions against him by arranging to have his children born in the United States.

The following month, British businessman Graham Bonham-Carter was charged with conspiring to violate sanctions by trying to move Deripaska’s artwork out of the United States.

Deripaska is at large, and Bonham-Carter is contesting extradition to the United States.

Reporting by Luc Cohen in New York; Editing by Rosalba O’Brien, Bill Berkrot, Jonathan Oatis and Marguerita Choy

Our Standards: The Thomson Reuters Trust Principles.

Luc Cohen

Thomson Reuters

Reports on the New York federal courts. Previously worked as a correspondent in Venezuela and Argentina.

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Business

Oil settles mixed after hitting 7-week high on strong China outlook

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  • Brent, U.S. crude hit highest since early December
  • G7 seeks two price caps for Russian oil products
  • India’s crude imports hit 5-month high in December

NEW YORK, Jan 23 (Reuters) – Oil prices settled mixed on Monday, retreating as investors cashed in on a jump to a seven-week high on optimism about a possible recovery in demand of top oil importer China as the economy recovers this year from pandemic lockdowns.

Brent crude settled 56 cents higher at $88.19 a barrel. The session high was $89.09 a barrel, the highest since Dec. 1. U.S. West Texas Intermediate (WTI) crude settled 2 cents lower at $81.62 a barrel, off the session high $82.64 a barrel, the highest since Dec. 5.

Prices pulled back at the end of the session as investors took profits, said Phil Flynn, analyst at Price Futures Group.

Still, the market wants to preserve long positions in case Chinese growth resumes, said Sukrit Vijayakar, director of Mumbai-based energy consultancy Trifecta.

Data shows a solid pick-up in travel in China after COVID-19 curbs were eased, ANZ commodity analysts said in a note, pointing out that road traffic congestion in the country’s 15 key cities so far this month is up 22% from a year ago.

Crude oil prices in much of the world’s physical markets have started the year with a rally as China has shown signs of more buying and traders have worried that sanctions on Russia could tighten supply.

“While the (China) reopening itself will no doubt prove to be complicated, particularly over the holiday season, early indications suggest there has been a rise in activity, meaning the economy could perform better,” said OANDA analyst Craig Erlam.

Brent is expected to move back into a range between $90 and $100 as the oil market tightens, Erlam said.

Demand for products has lifted the oil market and refining margins, Flynn said. The 3-2-1 crack spread , a proxy for refining margins, rose to $42.18 per barrel on Monday, the highest since October.

The European Union and Group of Seven (G7) coalition will cap prices of Russian refined products from Feb. 5, in addition to the price cap on Russian crude in place since December and an EU embargo on imports of Russian crude by sea.

The G7 has agreed to delay a review of the level of the price cap on Russian oil to March, a month later than originally planned, to provide time to assess the impact of the oil products price cap.

In India, crude oil imports rose to a five-month high in December, government data showed on Monday, as refiners stocked up discounted Russian fuel amid a steady increase in consumption in the country.

Reporting by Stephanie Kelly in New York; additional reporting by Ron Bousso in London, Mohi Narayan in New Delhi and Sonali Paul in Melbourne
Editing by David Goodman, David Gregorio and Mark Potter

Our Standards: The Thomson Reuters Trust Principles.

Stephanie Kelly

Thomson Reuters

A New-York-based correspondent covering the U.S. crude market and member of the energy team since 2018 covering the oil and fuel markets as well as federal policy around renewable fuels.

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