Category: Reuters

Chelsea bidders shortlist to be narrowed down to three, new offers made

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Raine Group, a U.S. bank overseeing the sale of Premier League club Chelsea, plans to narrow down the shortlist of bidders to three on Monday or Tuesday, sources close to the deal told Reuters.

Chelsea were initially put up for sale by owner Roman Abramovich following Russia’s invasion of Ukraine and before sanctions were imposed on the oligarch by the British government, effectively giving it control of the club.

Raine set a deadline of 2100 GMT last Friday for bids to be made, with several being made public, while sources close to the deal said many more had been submitted privately.

Some are only just being made public now, with London-based global investment firm Centricus confirming on Monday that they had offered to buy Chelsea, a bid driven by co-founder Nizar Al-Bassam and CEO Garth Ritchie, who are both said to be Blues season ticket holders.

Reports in the British media have named several other bidders, including Saudi Media, headed by businessman Mohamed Alkhereiji.

To move things forward, Reuters has been told that Raine, in consultation with the club, will narrow down the shortlist, with the process slowed by revised bids still coming in.

Over the next few weeks, a preferred buyer or buyers will be submitted to the government who must issue a special licence for any sale and who require evidence that Abramovich will not make any financial gain.

From there it will be up to the prospective buyer to pass the Premier League’s Owners’ and Directors’ Test before completing their takeover.

The test outlines factors that would prohibit an individual from becoming an owner or director of a club. These include criminal convictions for a wide range of offences, a ban by a sporting or professional body and breaches of certain key football regulations, such as match-fixing.

The three bids made public on Friday were from groups led by British property developer Nick Candy, Chicago Cubs owners the Ricketts family and the pairing of former Liverpool chairman Martin Broughton and World Athletics President Sebastian Coe.

Candy’s bid, while not assured of being on the shortlist, announced on Monday that they had held initial discussions with tech platform PrimaryBid, with a view to potentially considering a community enfranchisement model for Chelsea, should their bid be successful, focused on improving fan involvement and engagement.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Pakistan PM Imran Khan faces toughest test as no-confidence move looms

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Pakistan’s parliament will convene on Friday to take up a no-confidence motion against Prime Minister Imran Khan, the lower house speaker’s office said on Sunday, in what is shaping up to be his toughest test since coming to power in 2018.

An alliance of opposition parties filed the motion against Khan this month, saying he had lost his parliamentary majority after over a dozen defections from his party, raising the risk of political turmoil in the nuclear-armed South Asian country.

Under the constitution, the speaker of the lower house of parliament is required to convene the session within 14 days of receiving the motion, which would fall on Monday.

But a statement from the speaker’s office said the date was pushed back several days because of a conference of Islamic countries in Islamabad scheduled for March 23.

The opposition accuses Khan of mismanaging the economy and foreign policy. He denies this. No Pakistani prime minister has ever completed his full term in office.

Khan appealed to the defected lawmakers to return to the ruling party.

“Get back, you will be forgiven,” he said at a public rally in northwestern Pakistan. “Like a father forgives his children.”

Khan has called on the public to show support for his premiership by holding a “million-man” rally in Islamabad on March 27.

The loss of dissident lawmakers has left Khan about a dozen seats less than the minimum – 172 – needed for a majority. The joint opposition commands 163 seats in the lower house, but could build a majority if most of the defectors effectively join its ranks via a no-confidence vote.

The opposition and political analysts also say Khan has fallen out with Pakistan’s powerful military, whose support is critical for any party to attain power in the way the former cricket star’s upstart party did four years ago.

Khan and the military deny the accusation.

Also Read: Didn’t join politics to check prices of ‘aloo & tamatar’, says Pakistan PM Imran Khan

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F1 drivers to support UNICEF appeal for Ukraine at Bahrain Grand Prix 2022

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Formula One drivers will gather together on the grid ahead of Sunday’s season-opening Bahrain Grand Prix to raise awareness of UNICEF’s emergency fundraising appeal for its programmes helping children and families in Ukraine and other conflict zones, the sport said on Sunday.

The 20 drivers will stand on the grid behind a banner in support of the appeal, urging fans to consider donating to the United Nations children’s agency’s appeal.

Formula One and teams have already made a “generous donation”, the sport said, without specifying a number.

Russia invaded Ukraine on Feb. 24.

Over three million have fled the fighting for other countries, according to United Nations data, in what has become Europe’s fastest-growing refugee crisis since World War Two.

Russia calls its actions in Ukraine a “special military operation”.

Check: Russia-Ukraine war updates here

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Australian cricketing legend Warne farewelled in private funeral

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Family, sportspeople and entertainers bid farewell to Australian cricketing legend Shane Warne at a private funeral held at his hometown in Melbourne on Sunday.

Warne, one of the finest bowlers of all time whose talent and personality transcended cricket, died about two weeks ago at the age of 52 while on holiday on the Thai resort island of Koh Samui. Thai authorities said an autopsy showed his death was from natural causes and Warne’s family later accepted the findings.

About 80 people attended the service including retired Australian Test captains Mark Taylor, Allan Border and Michael Clarke, while former England skipper Michael Vaughan was also present.

Warne’s long-time teammates Mark Waugh and Ian Healy were also in attendance, along with bowling greats Merv Hughes and Glenn McGrath.

Guests were asked to wear St Kilda scarves and a pair of them were draped across Warne’s coffin as it was driven around the oval of St Kilda Football Club to popular songs including the 1970s Bill Medley and Jennifer Warnes hit ‘The Time of My Life’, the Australian Associated Press reported.

“To Warnie,” Warne’s close friend Eddie McGuire declared in his speech, according to AAP. “He was simply the best.”

Warne is arguably the most famous and influential cricketer since Don Bradman, and is widely credited with revitalising the art of leg-spin bowling after an era dominated by fast bowlers.

He was the first player to take 700 wickets, although his record was ultimately surpassed by Muttiah Muralitharan. Warne also became the first player in over 90 years to take a hat-trick in the Ashes when he achieved the feat against England at Melbourne in 1994.

A charter plane carrying Warne’s body landed in his home city of Melbourne last week after an eight-hour flight from Thailand.

A state memorial service will be held at the 100,000-seater Melbourne Cricket Ground (MCG) on March 30.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

List of confirmed bidders to buy Chelsea

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Following is a list of confirmed bidders that have announced they will seek to buy English football club Chelsea after Russian team owner Roman Abramovich was hit by UK government sanctions following Russia’s invasion of Ukraine.

Mushin Bayrak

Turkish businessman Muhsin Bayrak said his company was preparing to submit a bid for Chelsea, adding that he would need the blessing of sanctioned Russian oligarch Roman Abramovich for any deal.

Bayrak said he had 1 billion pounds in cash available and could take out loans if a larger amount was needed.

Nick Candy

British property developer Nick Candy, a Chelsea supporter since childhood, said he was interested in making a bid for the club.

Sky News reported a central part of Candy’s pitch to buy Chelsea was the proposal to offer a seat to fans on the board and he was in talks with financiers about joining his bid ahead of a deadline for offers at the end of the week. He will also offer short-term funding if Chelsea face a cash crunch, the report added.

Candy will be joined by a familiar face to Chelsea fans as a former player and manager Gianluca Vialli said he was working with the British property developer on his proposal.

Sebastian Coe 

World Athletics President Sebastian Coe has joined a consortium including former Liverpool chairman Martin Broughton that hopes to buy Chelsea.

“I am certain Sir Martin is the right man to lead Chelsea Football Club into its next chapter,” Coe said in a statement to British media.

The Ricketts Family and Ken Griffin

The owners of U.S. baseball team the Chicago Cubs, the Ricketts family, have teamed up with Citadel founder Ken Griffin to work on a bid to buy Chelsea, a spokesperson for Griffin said.

They have formed an investment group which is set to make a formal offer for the London club on Friday. Reuters has been told the bid does not involve Citadel, the hedge fund business, only Griffin.

Hansjoerg Wyss

Swiss business tycoon Hansjoerg Wyss is interested in acquiring Chelsea, Swiss newspaper Blick reported.

In a video on its website, Blick said Wyss told it he “remained interested in spite of the new circumstances”, after sanctions imposed against Abramovich put the sale process on hold.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Oil surges 7% amid warnings of Russian supply shortages

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Oil prices climbed over 7% on Thursday after the International Energy Agency (IEA) said three million barrels per day (bpd) of Russian oil and products could be shut in from next month and despite the U.S. Federal Reserve’s decision to raise interest rates.

The supply loss would be far greater than an expected drop in demand of one million bpd triggered by higher fuel prices, the IEA said in a report on Wednesday.

Benchmark Brent crude futures gained $7.47, or 7.6%, to $105.49 a barrel by 1427 GMT. U.S. West Texas Intermediate (WTI) crude was up $6.85, or 7.2%, to $101.89 a barrel.

Morgan Stanley raised its Brent price forecast by $20 for the third quarter to $120 a barrel, predicting a fall in Russian production of about 1 million bpd from April.

The fall will more than offset a downward global demand revision of about 600,000 bpd, the bank said.

“Both supply and demand are hurting but supply is currently hurting more and a tight oil market for the coming two quarters is to be expected,” bank SEB said.

Prices had sagged in the previous session after government data showed U.S. crude inventories climbed 4.3 million barrels last week, versus analysts’ expectations of a fall of 1.4 million barrels.

The oil market largely shrugged off a decision by the U.S. Federal Reserve on Wednesday to raise interest rates by one-quarter of a percentage point, as anticipated.

Sentiment was somewhat boosted after China pledged policies to boost financial markets and economic growth while a decline in new COVID-19 cases in China spurred hopes lockdowns will be lifted to allow factories to resume production.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Russian invasion spurs European demand for U.S. drones, missiles

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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European governments have approached the U.S. government and defence contractors with a shopping list of arms including drones, missiles and missile defences as the Russian invasion of Ukraine drives renewed demand for U.S. weaponry.

Germany, which is nearing a deal for 35 Lockheed Martin Corp F-35 jet fighters, has inquired about systems to defend against ballistic missiles, sources familiar with the situation said.

Meanwhile, Poland urgently wants to purchase sophisticated Reaper drone systems from the United States, a Polish government official said this week.

Requests are also coming in from other countries in Eastern Europe, where allies are keen to acquire weaponry that Ukraine has successfully used against Russian forces, two people familiar with the demand said, including anti-aircraft Stinger missiles and anti-tank Javelin missiles.

The inquiries comes as countries in Europe boost defence budgets to meet an increasingly uncertain security outlook, with Germany, Sweden and Denmark among those promising a sharp increase in spending.

European allies are “doubling down” on their defence spending, Mara Karlin, a Pentagon assistant secretary of defence, said last week after a congressional hearing where she spoke of “Russian aggression that threatens the territorial integrity of Europe.”

Since the sale of arms by U.S. contractors to foreign governments requires U.S. approval, the Pentagon’s Defense Security Cooperation Administration is having weekly meetings of its European Crisis Management Team to review specific requests related to the current situation in Ukraine, a source said.

To speed up U.S. government approval for sales and transfers of arms produced by American defence contractors, the Pentagon has re-established a team to respond to the increased demand.

“The Department of Defense is exploring options to support Ukraine’s needs, rapidly replenish U.S. inventories and backfill depleted stocks of allies and partners,” a senior Defense official said, adding that the Pentagon was working with contractors on ways to “mitigate supply chain constraints (and) accelerate production timelines.”

Raytheon Technologies and Lockheed Martin Corp jointly produce Javelins, while Raytheon makes Stingers. The potential for a surge in sales of all types of weaponry since the invasion began Feb. 24 has lifted Lockheed stock 8.3% and Raytheon shares 3.9%.

Raytheon executive Tom Laliberty said the company recognizes “the urgent need to replenish depleted inventories of Javelin and Stinger.”

Any significant shift toward the United States as a supplier is likely to trigger a backlash from Europe’s fragmented defence industry.

The head of Dassault Aviation earlier this month lambasted the German decision to order the F-35, saying it could weaken support for collaborative projects like the Franco-German FCAS fighter shared by Dassault and Airbus.

Germany is also examining U.S.-made missile defence systems like Terminal High Altitude Air Defense (THAAD), although that is not a frontrunner for purchase, a source said. An opposition politician, for example, has asked about the purchase of the short-range rocket interceptor called Iron Dome to protect Berlin. Decision-making on what to buy is in the early stages.

A German defence ministry spokesman declined to comment.

Germany was already expected to decide on a new heavy-lift helicopter this year, something increased spending could bring forward. Competitors for the approximately 4 billion euro deal include Lockheed Martin’s CH-53K King Stallion and Boeing’s H-47 Chinook.

Poland wants to buy several MQ-9 Reaper drones made by General Atomics under a special, accelerated procedure, and is eyeing further procurements later, Lieutenant Colonel Krzysztof Platek, a spokesperson for the Polish Defence Ministry’s Armament Agency, said in an interview on Wednesday.

“This order is an answer to (the) … security situation, particularly in central and eastern Europe,” Platek said.

Typically, U.S. defence deals take years of negotiations, approvals and vetting after countries have spent up to several years deciding on their needs.

Check: Russia-Ukraine war updates

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

IEA says 3 million bpd of Russian oil, products could be shut in next month

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Three million barrels per day (bpd) of Russian oil and products may not find their way to market beginning in April in the wake of its invasion of Ukraine, the International Energy Agency (IEA) said on Wednesday, as sanctions bite and buyers hold off.

“We see a reduction in total exports of 2.5 million bpd, of which crude accounts for 1.5 million bpd and products 1 million bpd,” the IEA said in its monthly oil report.

Additionally, it projected lower Russian domestic demand for oil products.

“These losses could deepen should bans or public censure accelerate,” the Paris-based agency said.

The IEA lowered its forecast for world oil demand for the second to fourth quarters of 2022 by 1.3 million bpd noting rising commodity prices and sanctions on Russia “are expected to appreciably depress global economic growth” and impact inflation.

For the full year it cut its growth forecast by 950,000 bpd to 2.1 million bpd for an average of 99.7 million bpd.

That would mean a third year of demand below pre-pandemic levels.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

BMW cuts car unit profit forecast due to Russia-Ukraine war

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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BMW lowered its profit margin expectations for its automotive segment for 2022 due to the war in Ukraine, the German carmaker said on Wednesday.

BMW Group now predicts its earnings before interest and taxation (EBIT) margin in its car segment in a range of 7-9% due to the war’s effects on production. Without the impact of war, the company would have targeted a range of 8-10%, it said.

The premium carmaker, which sold a record 2.52 million vehicles last year despite semiconductor shortages, reported a 10.3% earnings margin for 2021, its highest since 2017.

BMW said production interruptions should continue to be expected due to the war, adding it was able to continue to source parts from western Ukraine and was maintaining a high level of flexibility in its production network to minimize disruption.

The company said the war in Ukraine made it difficult to give accurate guidance for 2022 and that it could not factor any potential long-term implications of the war into its forecast.

Supply bottlenecks for semiconductor components are also likely to remain an issue, said BMW, which does not expect the situation to improve until the second half of 2022.

BMW, which more than doubled pre-pandemic earnings in 2021 to 16 billion euros ($17.67 billion), said it expects a significant increase in pre-tax profit for the current year as a result of the full consolidation of BMW Brilliance in China.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Daniil Medvedev Wimbledon hopes could hinge on political assurance, UK minister

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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U.S. Open champion Daniil Medvedev may have to provide assurances that he does not support Russian President Vladimir Putin if he is to compete at this year’s Wimbledon, British Sports Minister Nigel Huddleston said on Tuesday.

Huddleston said he would not be comfortable with a “Russian athlete flying the Russian flag” and winning the grasscourt Grand Slam in London.

“Many countries have agreed that they will not allow representatives from Russia to compete. There are also visa issues as well. When it comes to individuals, that is more complex,” Huddleston said at a select committee in parliament when asked about Medvedev competing at Wimbledon.

“Absolutely nobody flying the flag for Russia should be allowed or enabled.”

Huddleston said many athletes have multiple or dual citizenships and would be willing to compete as “non-aligned, non-flag bearing entities” but that the situation demanded further action.

“We need some potential assurance that they are not supporters of Putin and we are considering what requirements we may need to try and get some assurances along those lines,” he added.

Huddleston said he was discussing the issue with Wimbledon organisers, the All England Lawn Tennis Club (AELTC).

Medvedev rose to number one in the men’s world rankings last month, although he is set to lose top spot to Novak Djokovic following a third-round loss at Indian Wells on Monday.

Russian and Belarusian players are allowed to play on the elite ATP and WTA Tours but not under the name or flag of their countries.

Russia was also banned from defending its Davis Cup and Billie Jean King Cup team titles, a decision that followed the country’s invasion of Ukraine last month.

Belarus was a key staging area for the invasion, which Russia says is a “special operation”.

Wimbledon runs from June 27-July 10.

Also Read: Chelsea will continue to fight hard for success says Tuchel

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow