US sanctions

Former Cypriot passport-holder Deripaska calls latest US sanctions ‘balderdash’

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Former Cypriot passport-holder Deripaska calls latest US sanctions ‘balderdash’

Oleg Deripaska dismissed the latest U.S. sanctions on companies connected to a scheme as nonsense. The U.S. Treasury sanctioned Russian companies disguising ownership of a .6 billion industrial stake controlled by Deripaska, leading to Austria’s Raiffeisen Bank International dropping a planned purchase. Deripaska, previously sanctioned by Britain and the U.S., has challenged the sanctions, calling them groundless and absurd. He was also stripped of his Cypriot citizenship after Russia’s invasion of Ukraine and added to the E.U.’s sanctions list in April 2022.

Russia-US judicial thriller in Cyprus

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Russia-US judicial thriller in Cyprus

A legal battle over the extradition of businessman Artur Petrov, who is accused by the US of supplying microelectronic components for Russia’s military invasion of Ukraine, has been ongoing in Cyprus since last August. The Court of Appeal recently overturned a decision blocking his extradition, leading to a potential appeal to the Supreme Court. This case has political dimensions and international implications, with Russian news agency TASS closely following the developments.

Malaysia, OCI’s base to beat Chinese polysilicon rivals – KED Global

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Malaysia, OCI’s base to beat Chinese polysilicon rivals - KED Global

OCI Group is expanding its polysilicon facility in Malaysia to compete with Chinese rivals, taking advantage of low utility bills, labor costs, and taxes in the country. The company plans to increase its manufacturing capacity of solar-grade polysilicon to 56,000 tons a year by 2027. Malaysia offers benefits such as lower electricity costs, corporate taxes, and labor costs compared to South Korea. OCIM has also benefited from US sanctions on Chinese polysilicon.

Apple, ’s first quarter smartphone shipments in China tumble 19 per cent

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Apple, ’s first quarter smartphone shipments in China tumble 19 per cent

Apple’s smartphone shipments in China fell by 19% in the first quarter of the year, the worst performance since 2020.

WTI falls on uncertain demand, MidEast tensions

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WTI falls on uncertain demand, MidEast tensions

The West Texas Intermediate (WTI) futures dropped to .00 due to weak demand outlook and expectations of the Federal Reserve keeping interest rates higher. The Fed’s confidence in price pressures declining to 2% has been dented by higher consumer price inflation and strong labor market data. Expectations of higher crude oil inventories and fears of oil supply tightening due to Iran’s attack on Israel have also impacted the oil price. Treasury Secretary Janet Yellen mentioned the possibility of new sanctions on Iran, which could affect their oil exports.