LONDON: Shell will write down up to$ 5 billion following its decision to exit Russia, higher than previously disclosed, while soaring oil and gas prices boosted trading activities in the first quarter, the company said on Thursday. The post-tax impairments of between$ 4 billion and$ 5 billion in the first quarter will not impact the company's earnings, Shell said in an update ahead of its earnings announcement on May 5.It had previously said the Russia write-downs would reach around$ 3.4 billion

abandoning stakes in Russia, including its 19.75% stake in Rosneft. The non-cash writedown of its stakes

“ global private infrastructure investor ”, it said in a statement. The move follows writedowns by

for shareholders.“ Disclosure of asset writedowns cannot be voluntary.... Companies and their

The UK accounting regulator has extended its investigations into PwC’s audits of defence giant Babcock The Financial Reporting Council( FRC) had already started a probe into audits which took place between March 2017 and March 2018 but said it will now investigate the accounts for the 2019 and 2020 financial years.It said the decision to broaden the investigation was made the FRC’s conduct committee last month. The move comes after Babcock announced a review into contract profitability and its b

NEW YORK: Five of the so-called Magnificent Seven tech megacaps will report earnings this week, with artificial-intelligence( AI) investment, regulatory challenges and waning China demand among the shared themes in focus. Along with Microsoft Corp, which just hit a historic US$ 3 trillion market valuation, Alphabet Inc, Meta Platforms Inc and Amazon. com Inc are set to post record revenues for the quarter, underscoring the strength of the US economy. Even so, they are likely to be asked about fu

NEW YORK: Goldman Sachs’ board supports chief executive officer David Solomon’s focus on its core Wall Street businesses and asset management, according to two sources close to Solomon. The executive is tasked with reviving the bank’s stock, even as scepticism from some investors and employees grows. The 12-member board of directors is intensely focused on Solomon’s refreshed strategy, one of the two sources told Reuters, after the firm’s foray into the consumer banking business saddled Goldman

AUSTRALIAN nickel producers, hit by a sharp jump in supply from rival Indonesia, are starting to buckle under low prices that analysts expect will force a rethink by top global miner BHP Group on its nickel strategy this year. The metal has long been feted as a key battery material for electric vehicles( EVs) because it improves energy density so cars can run further on a single charge. BHP has promoted nickel as core to its green strategy.It signed a deal to supply Australian nickel to Tesla in

By Liam Proud4 Min ReadLONDON( Reuters Breakingviews)-António Horta-Osório is expelling ghosts at Credit Suisse.... The Swiss bank’s new chair has settled a Mozambican scandal for$ 475 million, while a spying saga that toppled previous Chief Executive Tidjane Thiam’s job has also been laid to rest.... Swiss regulator FINMA found “ serious breaches of supervisory law ” in Credit Suisse’s surveillance of employees but is largely satisfied with measures to stop it from happening again. The Mozamb

" The political leaders must make up their mind as soon as possible," Hoyer said.... " Nobody will want to say,'I am going to be a holdout," added Ray Jian at Europe's biggest fund manager Amundi, referring to how bondholders were likely to agree to debt relief as they fully understood that Ukraine wouldn't have been in such difficulties without the invasion.... This must be addressed." He said some financial assistance could be sent even before the conflict was over, to, for instance, repair