Rosneft says ex-Qatari energy minister re-elected as company chairman
One of the key tasks for Al-Sada, who was first elected in June 2023, will be navigating Rosneft through the latest sanctions imposed by the European Union.
Rosneft called the sanctions, which also targeted India's Nayara Energy refinery in which it has a stake, "unjustified and illegal". It said the EU move against Nayara directly threatened India's energy security.
Al-Sada was Qatar's minister of energy and industry, and chairman of the board of Qatar Petroleum (now QatarEnergy) from 2011 to 2018.
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BreakingNews.ie
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- BreakingNews.ie
Four people killed in Russia and Ukraine as countries trade aerial attacks
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The Independent
2 hours ago
- The Independent
4 people killed in Russia and Ukraine as countries trade aerial attacks
Russia and Ukraine traded aerial attacks overnight, resulting in two deaths in each country, according to officials. Ukraine's southern Dnipro and northeastern Sumy regions came under combined rocket and drone attack, local officials reported. Head of the Dnipro regional administration Serhii Lysak said at least two people had died and five were wounded in the barrage. In the city of Dnipro, a multi-story building and business were damaged during the strike and in the region a fire engulfed a shopping center. In Sumy, the military administration said three people were injured. Kharkiv sustained an intense aerial bombardment overnight with local authorities reporting Ukraine's second-largest city was hit by four guided aerial bombs, two ballistic missiles and 15 drones over a three-hour period. In a post on Telegram, Kharkiv mayor Ihor Terekhov said high-rise residential buildings, local businesses, roads and the communication network were damaged in the attack. He said at least five people were injured, including three rescue workers who were wounded in a double tap strike — where a second attack targets emergency workers trying to help people wounded in the initial attack. According to the daily air force report, in total Russia targeted Ukraine with 208 drones and 27 missiles overnight. It said according to preliminary data, air defense and electronic warfare took down or intercepted 183 drones and 17 missiles but hits from 10 missiles and 25 drones had been recorded in nine locations. In Russia, officials said that Ukrainian drones targeted multiple regions overnight. A drone attack on the Rostov region, on the border with Ukraine, killed two people, acting governor Yuri Slyusar reported. In the neighboring Stavropol region, drones hit an unspecified industrial facility, governor Vladimir Vladimirov said on Telegram. He added that the attack sparked a brief fire, but didn't specify where exactly. Vladimirov said cellphone internet in the region was restricted because of the attack — a measure authorities regularly take across the vast country that critics say helps widespread online censorship. An unconfirmed media report said videos posted online by local residents showed that the drones hit the Signal radio plant that makes jamming equipment. The Associated Press was unable to verify the claim. Drones also targeted Moscow, but were shot down, according to Mayor Sergei Sobyanin, and an unspecified industrial facility in the Penza region southeast of the capital, Gov. Oleg Melnichenko said. Russia's Defense Ministry said that its air defenses shot down or intercepted a total of 54 Ukrainian drones, including 24 over the Bryansk region on the border with Ukraine, 12 over the Rostov region, six over the annexed Crimean Peninsula, four over the Azov sea, three over the Black Sea and a few others over the Orlov, Tula and Belgorod regions. Russian civil aviation agency Rosaviatsia overnight briefly halted flights in and out of airports serving the city of Kaluga, southwest of Moscow, as well as Vladikavkaz and Grozny in the North Caucasus. ___
Reuters
2 hours ago
- Reuters
Kotak Mahindra Bank's Q1 profits drop more than expected on higher provisions
MUMBAI, July 26 (Reuters) - Kotak Mahindra Bank ( opens new tab, India's third-largest private lender by market capitalisation, reported a drop in first-quarter profit on Saturday, as it set aside more funds for potential bad loans and saw a contraction in lending margins. The bank's standalone net profit fell 47.5% to 32.81 billion indian rupees ($379.42 million) for the quarter ended June 30, down from year-earlier 62.5 billion rupees ($722.75 million), which included a 27.3 billion rupee gain on a stake sale of its insurance subsidiary to Zurich Insurance (ZURN.S), opens new tab last year. On average, analysts had expected a profit of 35.82 billion rupees, according to data compiled by LSEG. The lender's net interest margin, a key gauge of profitability, fell to 4.65%, from 5.02% a year earlier, reflecting the impact of the Reserve Bank of India's recent interest rate cuts. When rates are lowered, banks typically pass on the benefits to borrowers first and only later reduce deposit rates, which can temporarily squeeze margins. Meanwhile, Kotak Mahindra Bank's asset quality deteriorated, with the gross non-performing assets ratio at 1.48% at the end of June, versus 1.39% a year earlier. Indian lenders have kept a tight lid on unsecured lending after grappling with higher bad loans in that segment, a move that has helped support asset quality. The bank's provisions for bad loans more than doubled year-on-year to 12.08 billion rupees. Net interest income grew 6% to 72.59 billion rupees in the first quarter. While credit growth has slowed across the industry, Kotak Mahindra Bank's loan book expanded 13%, driven mainly by a 16% rise in loans to retail consumers. ($1 = 86.4750 Indian rupees)
