Europe Business

Russia’s Alrosa sells stake in Botswana diamond joint venture

15/11 Botswana Diamonds said it had bought joint venture partner Alrosa out of Sunland Minerals and was in talks about selling a stake in the project to another partner.  Full story

Oil rebounds on lower U.S. stockpiles, possible drop in OPEC supply

15/11 Oil futures rose for the second consecutive session on Thursday after this week's steep losses as U.S. fuel stockpiles declined and a possible cut in OPEC output helped support prices.. . .  Full story

Addepar CEO says investors want better returns, fear volatility

15/11 High net worth investors are increasingly eager to move piles of cash into higher-yielding assets, but recent volatility in stock and bond markets has made that task more complicated, the chief executive of data. . .  Full story

Erich Hampel to step down as chair of UniCredit Bank Austria

15/11 Italian lender UniCredit on Thursday said that its Austrian business's Chairman Erich Hampel has resigned from the Board and will also step down from all other functions within the group.. . .  Full story

Silicon eyed as way to boost electric car battery potential

15/11 The race to build a better electric car battery is turning to silicon, with several companies working to engineer types of the material that can boost driving range and cut production costs.. . .  Full story

Climate change, steel, migration bedevil G20 communique

15/11 Climate change, steel and migration have emerged as sticking points in the final communique that world leaders will issue at the end of the Group of 20 summit in Argentina later this month, an. . .  Full story

U.S. shale surge boosts industry finances, puts deals in spotlight

15/11 If OPEC thought the 26 percent drop in oil prices since October might rein in U.S. shale production like the last sharp drop did four years ago, it might have to think again.. . .  Full story

Gold nears one-week high on Brexit deal logjam

15/11 Gold hit a near one-week peak on Thursday as investors sought cover from market turmoil after Britain's long-awaited draft agreement to leave the European Union was thrown into chaos, helping the metal hold its. . .  Full story

Ukraine PM upbeat on IMF loan in December after budget passes

15/11 Ukrainian Prime Minister Volodymyr Groysman expects to get new loans from the International Monetary Fund as early as December once parliament passes a budget of stability that refrains from making pre-election populist moves, he said. . .  Full story

Business bosses alarmed as resignations imperil Brexit deal

15/11 Business leaders expressed growing alarm on Thursday as a draft Brexit agreement seen as the only chance of preserving some stability in UK-EU trading threatened to unravel, sending stock prices and the pound plunging.. . .  Full story

Zinc rallies as stocks slide, China-U.S. trade tensions ease

15/11 Zinc rallied on Thursday, supported by sliding stockpiles and signs China may be taking steps to de-escalate its trade dispute with the United States.. . .  Full story

French court to rule on $6 bln UBS trial on Feb. 20

15/11 A French court said on Thursday it would hand down a verdict in the money laundering trial of UBS on Feb. 20, at the end of weeks of hearings during which the Swiss bank. . .  Full story

British stocks battered on Brexit deal backlash, exporters gain

15/11 British shares suffered and sterling tumbled on Thursday as the growing risk of a disorderly divorce from the European Union spooked investors, with leading index the FTSE 100 moving for most of the day. . .  Full story

European bourses sink as Brexit crisis unfolds

15/11 European shares reversed early morning gains and fell to two-week lows on Thursday in a broad-based selloff as British Prime Minister Theresa May's government was plunged into crisis over Brexit.. . .  Full story

UK bond yields nosedive as PM May's fate hangs in balance

15/11 British gilt yields plunged on Thursday, posting their biggest fall since just after 2016's Brexit vote as Prime Minister Theresa May's premiership hung in the balance. The turmoil forced Britain's debt. . .  Full story

Credit Suisse denies plans for a new wave of job cuts

15/11 Credit Suisse denied on Thursday a news report saying it was planning a new wave of job cuts.. . .  Full story

Brexit turmoil boosts demand for safe-haven German bonds

15/11 Top-rated German government bond yields tumbled to over two-week lows on Thursday after British Brexit Secretary Dominic Raab resigned, thrusting Prime Minister Theresa May's government into turmoil after she clinched a Brexit deal.. . .  Full story

Cabin crew at Lufthansa's Eurowings threaten industrial action

15/11 Cabin crew at Lufthansa's budget carrier Eurowings are preparing industrial action after rejecting an offer from management on a labour deal, German union Verdi said on Thursday.. . .  Full story

HSBC, CIC in talks on 1 bln stg fund to invest in Britain

15/11 HSBC and China Investment Corp are in talks to create a fund for the Chinese sovereign wealth fund to invest in companies in Britain that have business links with China, HSBC said on Thursday.. . .  Full story

German regional govt expects to appeal Essen, Gelsenkirchen driving bans

15/11 The environment minister of the German state of North Rhine-Westphalia (NRW) said she expected the regional government to appeal a court ruling that NRW must ban older diesel vehicles from parts of the nation's. . .  Full story

UK must halt back-up power scheme after EU court ruling

15/11 Britain must halt a back-up power scheme aimed at avoiding electricity shortages pending a further investigation by European Union regulators, an EU court ruled on Thursday, which sent shares in UK energy companies tumbling.. . .  Full story

German court imposes diesel ban on western cities and motorway

15/11 A German administrative court on Thursday ruled that the western state of North Rhine-Westphalia must ban older diesel vehicles from parts of the nation's industrial heartland, including a busy motorway, in the latest extension of. . .  Full story

Tanzanian cashew price hike could lead to global shortage, traders say

15/11 Tanzania's plan to buy the country's entire 2018 cashew nut crop could lead to a global shortage, with processors in Vietnam and India likely to be hit first, traders said.. . .  Full story

Cineworld shares slide after it fails to lift outlook despite revenue rise

15/11 Cineworld Group Plc reported an 11.6 percent rise in revenue year to date on Thursday but its failure to raise its outlook disappointed some analysts and shares in the cinema operator fell 7 percent.. . .  Full story

Asda's sales growth outpaces potential buyer Sainsbury's

15/11 British supermarket chain Asda, owned by Walmart, reported a sixth straight quarter of underlying sales growth on Thursday, outpacing Sainsbury's , its potential buyer.. . .  Full story

Aker BP to control Norwegian oil platform from onshore next year

15/11 Aker BP said it will become the first oil company in Norway to control operations of a permanently manned offshore platform from land from next year.. . .  Full story

The rolling bear market

15/11 The stock market bull has been running more or less since early-2009, with almost 200 percent in gains on world stocks at the start of 2018.. . .  Full story

China-designed UK nuclear reactor plan clears second assessment stage

15/11 The first Chinese-designed atomic reactor for use in Britain moved a step closer to fruition on Thursday as the UK nuclear regulator said it had completed the second stage of its assessment of the. . .  Full story

Glencore's Katanga warns of earnings hit if Congo row not resolved

15/11 Katanga Mining expects its earnings to be hit if a row with Democratic Republic of Congo that has prevented it from importing and exporting copper is not resolved soon.. . .  Full story

EU says banks could have more time to build buffers after Brexit

15/11 Euro zone banks which issued large amounts of loss-absorbing debt under English law could have more time to meet requirements after Britain leaves the European Union, the bloc's agency responsible to winding down failing lenders. . .  Full story

UK government bond auction rocked by Brexit turmoil

15/11 Nerves among Britain government bond investors forced the country's debt agency to accept low-ball bids for a 20-year bond at auction on Thursday to an extent not seen since March 2009, as a wave. . .  Full story

Former UBS trader jailed for Britain's biggest fraud deported

15/11 Kweku Adoboli, a former UBS trader jailed for Britain's biggest fraud over unauthorised trades that cost the Swiss bank $2.3 billion, has been deported to Ghana, his spokesman said.. . .  Full story

Profits of Serbian utility EPS nearly double in Jan-Sept

15/11 Serbian power utility Elektroprivreda Srbije (EPS) said on Thursday its net profit nearly doubled in the first nine months of 2018 to 4 billion Serbian dinars ($38 million).. . .  Full story

German prompt tumbles on forecast rise in wind output

15/11 German spot electricity contracts for day-ahead delivery fell on Thursday on a forecast rise in wind power generation and lower demand, while the year-ahead position slipped, tracking the fall in carbon emissions permit prices.. . .  Full story

Jiangxi Copper, Antofagasta agree lower treatment charges for 2019

15/11 Chinese copper smelter Jiangxi Copper and miner Antofagasta have agreed 2019 copper treatment and refining charges (TC/RCs) at $80.80 a tonne and 8.08 cents a pound, three sources familiar with the matter said.. . .  Full story

UK signals plan to leave EU emissions trading scheme after Brexit

15/11 Britain is likely to leave the European Union's Emissions Trading System (ETS) after Brexit and set up its own equivalent system, UK government documents published late Wednesday show.. . .  Full story

After weak Q3, Germany will not hit 2018 growth forecast - economists

15/11 The German government's forecast for growth of 1.8 percent this year is no longer achievable after the economy contracted in the third quarter for the first time since 2015, leading economic institutes said on. . .  Full story

Royal Mail sharpens costs focus to halt profit slide

15/11 Britain's Royal Mail is conducting a broad review of operations in its struggle to cut costs, it said on Thursday after posting a 25 percent drop in half-year profit.. . .  Full story

Apple supplier AMS cuts forecast, indicating poor iPhone demand

15/11 Austria's AMS, which makes facial recognition technology, became the latest Apple supplier to cut its revenue forecast, adding to growing evidence that the latest iPhones are not selling well.. . .  Full story

Bulgaria jobless rate up to 5.9 percent in October

15/11 Bulgaria's unemployed rate rose to 5.9 percent in October from 5.6 percent in September after declining in the previous eight months, data from the state employment agency showed on Thursday. The. . .  Full story

Equinor takes Scatec stake in solar energy push

15/11 Norway's Equinor has bought a 9.7-percent stake in solar energy producer Scatec Solar , raising its ownership to 10 percent, the state-controlled energy firm said on Thursday.. . .  Full story

Tankers storing LNG in Asian waters double as pre-winter demand disappoints

15/11 Tankers storing liquefied natural gas (LNG) in Asian waters have more than doubled in number since late October as traders have been caught off guard by warmer-than-expected temperatures that have capped demand and pulled down. . .  Full story

Bouygues' drop in profits cushioned by strong showing at telecoms arm

15/11 A strong showing at Bouygues' telecoms arm enabled the French conglomerate to weather problems at its construction business that had led to a drop in group profit for the first nine months of the. . .  Full story

REUTERS SUMMIT-Natixis fund unit eyeing China presence via acquisition -APAC CEO

15/11 French asset manager Natixis Investment Managers plans to set up a presence in China, preferably through an acquisition, as part of its strategy to double its Asia Pacific assets by 2020, a top executive. . .  Full story

-Premier Oil sees output at bottom of range, net debt at $2.4 bln

15/11 Premier Oil said on Thursday it expected full-year production to come in at the low end of a previously announced 80,000 to 85,000 barrels per day range.. . .  Full story

Foreign investment in French industry booming - EY

15/11 The number of foreign investment projects in French industry surged 52 percent last year, pulling further ahead of other European countries as foreign businesses take heart at President Emmanuel Macron's reforms, an annual study said. . .  Full story

PNG lays on a lavish welcome for China's Xi as he arrives for APEC

15/11 Papua New Guinea (PNG) was keen to lay on an "excellent" welcome for Chinese President Xi Jinping when he arrived on Thursday for an Asia-Pacific summit and for talks with leaders of an impoverished. . .  Full story

France has enough power supply for the winter -RTE

15/11 France has enough power supply for the winter but needs to be vigilant if there is a cold spell from mid-January through to the end of February when supply is expected to be tight. . .  Full story

China's stay-at-home shoppers propel luxury sales - Bain

15/11 Luxury brands will increasingly have to court Chinese shoppers on their home turf, as local purchases soar among a clientele who are forecast to generate nearly half the industry's sales by 2025, a study. . .  Full story

French government delays energy bill on changes to power plants

15/11 The French government has postponed a bill on the timetable for the opening and closing of power plants, government spokesman Benjamin Griveaux said on Thursday.. . .  Full story

Novartis 'completely committed' to Sandoz, has no split-off plan

15/11 Swiss drugmaker Novartis is "completely committed" to its $10 billion-per-year Sandoz generics business, a spokesman said on Thursday, after a newspaper reported Chief Executive Vas Narasimhan planned to split the unit off.. . .  Full story

Beyoncé buys out clothing venture from UK's Philip Green

15/11 U.S. singer Beyoncé has bought the Ivy Park fitness clothing brand launched two years ago with British retail tycoon Philip Green, who has faced allegations of sexual harassment.. . .  Full story

China's JD Group eyes sale of HK insurance arm in up to $2.5bln deal - sources

15/11 Chinese financial firm JD Group has put its Hong Kong insurance business, FTLife Insurance Co Ltd, up for sale and a deal could fetch between $2 billion and $2.5 billion, three people with knowledge. . .  Full story

Private equity group 3i's Action defers store openings

15/11 Private equity group 3i's biggest investment, discount retailer Action, is delaying 20 store openings to early 2019 to manage peak December demand in France.. . .  Full story

-Italian bond yields jump as Rome sticks to deficit target

15/11 Italian bond yields hit three-week highs on Wednesday, widening the gap over top-rated German peers, after Italy re-submitted its 2019 budget to the European Commission with unchanged growth and budget deficit assumptions but falling debt. . .  Full story

Nordzucker in talks to buy Australia's Mackay Sugar

15/11 Germany's second largest sugar refiner Nordzucker is in talks to buy Australian producer Mackay Sugar, a Nordzucker spokeswoman said on Thursday.. . .  Full story

Danakali, other miners says Eritrea sanctions lifting a boost

15/11 Danakali and other miners said a U.N. decision to lift sanctions on Eritrea should enhance international trade opportunities and give an economic boost, although widespread wariness about investing in mining was likely to linger.. . .  Full story

Nigeria raises $2.86 bln in Eurobonds to fund deficit

15/11 Nigeria raised $2.86 billion in Eurobonds on Wednesday across three maturities, to help fund its budget deficit, in a sale that was three times oversubscribed, the government said.. . .  Full story

Property firms Bovis, Great Portland flag Brexit uncertainties

15/11 Property firms Bovis Homes Group Plc and Great Portland Estates flagged uncertainties from Britain's exit from the European Union, but said they were prepared for the change.. . .  Full story

Chemring streamlines Energetics business, not to reopen CCM line

15/11 Defence contractor Chemring Group Plc said on Thursday it would exit some businesses in its Energetics segment that makes components for explosives as part of a restructuring and that it would not reopen a. . .  Full story

Finland eyes imports of piped Norwegian gas via Baltics, Poland

15/11 Finland could in future receive gas from Norway via a network of pipes being planned through the Baltic countries and Poland, as part of an effort to reduce its dependency on gas imports from. . .  Full story

British lender Close Brothers makes "solid" start to financial year

15/11 British lender Close Brothers Group said on Thursday it had made a "solid" start to its financial year amid challenging market conditions, driven by strength in its banking division and increased trading activity at its. . .  Full story

Angola battles to revive oil exploration as output declines

15/11 On Saturday, nearly two decades after securing the initial rights, Total's CEO Patrick Pouyanné was in Luanda to snip the ribbon on a $16 billion oil project. It's not clear when he, or his. . .  Full story

DUP lawmaker says party will 'certainly' vote against May Brexit deal

15/11 The small Northern Irish party propping up Britain's minority government will "certainly" vote against Prime Minister Theresa May's Brexit deal, a member of parliament for the party said on Thursday.. . .  Full story

Georgia's TBC Bank posts 23.7 pct rise in quarterly earnings

15/11 TBC Bank Group Plc, Georgia's largest retail bank, reported a 23.7 percent jump in quarterly profit on Thursday, as it grew its loan book on the back of strong economic growth in the country.. . .  Full story

Italy must behave responsibly over its budget, says French finance minister

15/11 The Italian government must behave responsibly regarding its budget and economic situation, said French finance minister Bruno Le Maire on Thursday.. . .  Full story

K+S cuts outlook after dry weather weighs on production

15/11 German potash miner K+S lowered its full-year earnings guidance on Thursday after a severe drought hampered production at its main mine network in the third quarter.. . .  Full story

Ice Group to raise $354 mln in Norway stock market listing

15/11 Telecom firm Ice Group plans to raise about 3 billion Norwegian crowns ($354 million) in an initial public offering (IPO) on the Oslo Bourse to fund expansion of its mobile phone network, the company. . .  Full story

NN Group's Q3 profit rises on improving Dutch market

15/11 Insurer NN Group on Thursday reported a surprise 7 percent rise in third-quarter core profit at 463 million euros ($524.6 million), as earnings in its Dutch home market improved.. . .  Full story

Antofagasta approves $1.3 bln Los Pelambres copper mine expansion

15/11 The board of directors of Chilean miner Antofagasta has approved a $1.3 billion expansion of the company's flagship Los Pelambres copper mine in Chile, Chief Executive Ivan Arriagada said on Thursday.. . .  Full story

Birla Copper CEO sees Indian copper demand doubling by 2026

15/11 India's refined copper consumption is set to more than double over the next eight years amid rising demand from the power, auto and consumer sectors, the chief executive of one of the country's top. . .  Full story

Aussie shares weaker as financial firms track Wall St losses; NZ falls

15/11 Australian shares edged lower on Thursday as financial stocks tracked their Wall Street counterparts, although stronger oil stocks provided some support for the broader market as crude prices recovered.. . .  Full story

Nigeria Senate committee says NNPC amount probed has doubled to $2.2 bln

15/11 A probe by the Nigerian Senate into whether state oil firm NNPC improperly withdrew money has expanded with the amount under investigation doubling to over $2.2 billion, a committee said on Wednesday.. . .  Full story

What draft Brexit deal says of Irish border and contested 'backstop'

15/11 British Prime Minister Theresa May's cabinet on Wednesday approved a draft Brexit deal with the European Union, more than 500 pages of legal text that was long held up by disagreements between the two. . .  Full story

Paulson & Co keeps stake in gold investments during Q3 -filing

15/11 Paulson & Co, led by longtime gold bull John Paulson, kept its stake in gold investments during the third quarter of 2018 while other heavyweights including Soros Fund Management LLC, Jana Partners LLC and Caxton. . .  Full story

Bourbon Parma jewels fetch record $53.2 mln including Marie Antoinette gems

15/11 One hundred Bourbon Parma family jewels, including 10 pieces that belonged to French Queen Marie Antoinette, fetched 53.5 million Swiss francs ($53.2 million), setting a world record for a royal collection, Sotheby's said on Wednesday.. . .  Full story

EU's Barnier hails "decisive step" toward Brexit

14/11 The European Union's Brexit negotiator Michel Barnier said the British government's agreement on Wednesday to a draft treaty was a "decisive step" toward ensuring Britain's orderly withdrawal from the bloc.. . .  Full story

Draft Brexit deal ends Britain's easy access to EU financial markets

14/11 The United Kingdom and the European Union have agreed a deal that will give London's vast financial centre only a basic level of access to the bloc's markets after Brexit.. . .  Full story

Activist investors head to Europe with more demands -research group

14/11 Activist investors stepped up their engagement in Europe and put $7.6 billion to work there in the first quarter alone while making more calls for corporate sales and takeovers than last year, new data. . .  Full story

EU trade chief says she hopes EU member states will approve Brexit deal

14/11 European Union trade commissioner Cecilia Malmstrom said on Wednesday she hoped that EU member states would approve the Brexit deal, and that she agreed with criticism by the United States on China.. . .  Full story

Pan American Silver offers $1.1 bln to buy out Tahoe

14/11 Pan American Silver Corp said Wednesday it has agreed to buy Tahoe Resources Inc in a $1.07 billion cash and stock deal that would create a top global silver miner but also include some troublesome. . .  Full story

Commodities drag FTSE 100 down, Debenhams suffers worst-ever day

14/11 Britain's top stock index fell on Wednesday as mining shares and oil majors sold off amid growing anxiety that global growth was slowing, though a late rally in gambling stocks offset some of the. . .  Full story

European stocks hit 2-week low as sell-off leaves few sectors unscathed

14/11 European shares hit their lowest in two weeks on Wednesday in a broadbased sell-off across oil, mining, technology and banking stocks amid renewed worries about a global economic slowdown and Italy's budget crisis deepens.. . .  Full story

Global regulators hold off designating 'too big to fail' insurers

14/11 Global insurance regulators will put off singling out insurers deemed so important to the financial system that they are required to hold extra capital, in a victory for companies such as American International Group and. . .  Full story

Czech minimum wage to grow by nine pct in 2019 - minister

14/11 The Czech government plans to raise the minimum wage by nine percent in January 2019, the seventh increase in as many years, as solid economic growth fuels demands for pay increases.. . .  Full story

Base metals tread water on mixed China data

14/11 Base metals held steady on Wednesday as weak retail sales data from top consumer China took the shine off upbeat industrial output and investment figures in the country. Benchmark copper. . .  Full story

UK banks fail to assess, escalate whistleblower reports consistently -FCA

14/11 Most banks in Britain are not assessing and escalating whistleblower concerns consistently and some need to improve arrangements to protect those who lift the lid on wrongdoing from victimisation, the markets regulator said on Wednesday.. . .  Full story

Italian bond yields jump as Rome sticks to deficit target

14/11 Italian bond yields hit three-week highs on Wednesday, widening the gap over top-rated German peers, after Italy re-submitted its 2019 budget to the European Commission with unchanged growth and budget deficit assumptions but falling debt. . .  Full story

Global accounting body proposes one-year delay to insurance rule

14/11 A global standards body has proposed a one-year delay to implementing its new accounting rule aimed at increasing visibility in how insurers earn money, after the industry said it needed more time to prepare. . .  Full story

No-deal Brexit would cost Britain 6 pct of GDP, IMF warns

14/11 Leaving the European Union without a transitional trade deal would cost Britain about 6 percent of GDP -- roughly four years of economic growth -- compared with staying in the bloc, the International Monetary Fund. . .  Full story

VW to convert three German plants to build electric cars

14/11 Volkswagen will convert three German factories to build electric cars, as Europe's largest automaker by sales starts mass producing zero-emission vehicles in a major strategy shift following its emissions cheating scandal.. . .  Full story

Polish anti-corruption agents search offices of financial regulator

14/11 Anti-corruption investigators said they have searched the offices of Poland's financial regulation authority (KNF) on Wednesday, a day after its boss quit following newspaper reports he had sought a large bribe from the bank.. . .  Full story

EU lawmakers back at least 35 pct CO2 cut from trucks by 2030

14/11 European Union lawmakers on Wednesday backed the region's first ever curbs on carbon dioxide emissions from trucks, calling for a cut of at least 35 percent by 2030, despite protests from manufacturers.. . .  Full story

Germany's Wirecard sees profit jump but volumes knock shares

14/11 German fintech company Wirecard raised its profit target after strong third-quarter earnings on Wednesday, but slower than expected transaction volumes in Europe weighed on its shares.. . .  Full story

UK's Sports Direct to close four more House of Fraser stores

14/11 Sports Direct plans to close four more House of Fraser department stores after Christmas, having failed to agree terms with landlord Intu Properties, the sportswear retailer said on Wednesday.. . .  Full story

Investors GrizzlyRock, Vivaldi oppose Restaurant Group's purchase of Wagamama

14/11 Two shareholders of Frankie & Benny's owner Restaurant Group Plc on Wednesday called on the company to cancel its proposed 357-million-pound ($463 million) deal to buy the Wagamama noodle chain.. . .  Full story

Swiss propose gold transparency to avoid human rights breaches

14/11 Switzerland stopped short of new laws to ensure that gold it imports for refining has not been produced in violation of human rights, proposing greater industry transparency instead.. . .  Full story

Russia appeals UK court ruling on $3 bln Ukrainian eurobond-FinMin

14/11 Moscow has appealed a British ruling on the $3 billion Russia lent to Ukraine in 2013 by purchasing its eurobond, Russia's Finance Ministry said on Wednesday.. . .  Full story

Mexico fines global banks for inflating bond trading volumes

14/11 Mexico's securities regulator has fined top banks, traders and brokers for simulating bond trades to pump up volumes, according to a government document and source, in one of the country's widest probes into the industry. . .  Full story

EU states still divided over money laundering reform - sources

14/11 European Union states are still divided over an overhaul of rules for the supervision of banks against money laundering, two EU sources said on Wednesday.. . .  Full story

Defiant Italy sets stage for budget showdown with EU

14/11 Italy re-submitted its draft 2019 budget to the European Commission with the same growth and deficit assumptions as a draft rejected for breaking European Union rules, stepping up its showdown with the EU over. . .  Full story

China to cut W. African oil imports in November, S Korea imports surge

14/11 China will cut imports of West African oil to the lowest in seven months in November due to the higher cost of shipments, while South Korean imports from West Africa will reach to an. . .  Full story

Rosneft's CEO Sechin says VTB did not finance share sale

14/11 Russian state bank VTB did not finance the recent deal by Qatar to buy a stake in Rosneft and it is verifiable by looking at who has the oil giant's shares as collateral, Rosneft. . .  Full story