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Cairn Energy
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28 ноября, 20:45

Cairn group to drill two appraisal wells offshore Senegal

The Cairn Energy PLC group containing Melbourne-based FAR Ltd. has announced that two firm appraisal wells will be drilled on the SNE oil discovery offshore Senegal beginning in first-quarter 2017.

03 ноября, 09:36

Бывший портфельный управляющий BlackRock признался в инсайдерской торговле

Бывший портфельный управляющий BlackRock Марк Литтлтон признал себя виновным по двум пунктам обвинения в инсайдерской торговле, приговор ему будет вынесен 21 декабря. Он заявил в суде, что торговал акциями на основе внутренней информации эмитентов.

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03 октября, 15:45

Should Cairn Energy (CRNCY) Be On Your Radar Now?

Cairn Energy (CRNCY) sees solid estimate revisions, but seems to be overlooked by the investors.

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16 августа, 19:29

Компания Cairn Energy зафиксировала значительное снижение убытка в первом полугодии

Британский нефтяник Cairn Energy опубликовал финансовые результаты за первое полугодие 2016 года. Так, чистый убыток компании сократился с $230,3 млн годом ранее до $37,8 млн преимущественно благодаря отсутствию крупных расходов, связанных с продажей активов, и снижению издержек на разведывательные работы.

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Выбор редакции
16 августа, 12:14

Компания Cairn Energy зафиксировала значительное снижение убытка в первом полугодии

Британский нефтяник Cairn Energy опубликовал финансовые результаты за первое полугодие 2016 года. Так, чистый убыток компании сократился с $230,3 млн годом ранее до $37,8 млн преимущественно благодаря отсутствию крупных расходов, связанных с продажей активов, и снижению издержек на разведывательные работы.

21 июля, 16:29

Arrested HSBC FX Trader Had Been Cleared In Bank's Own Internal Probe

While Wall Street was shocked yesterday after the announcement that HSBC's global head of cash FX trading, Mark Johnson, was arrested at JFK on charges of frontrunning a Cairn Energy trade of $3.5 billion pounds, perhaps nobody was more surprised than his employer, HSBC. According to Bloomberg, the Johnson was about to move to the U.S. to take up a broader position in the firm’s trading division. His arrest therefore, came as a shock to HSBC which wanted to promote the arrested trader to head of the bank’s foreign exchange and commodities business for the Americas. The reason for HSBC's surprised was revealed by the FT earlier, which reported that according to HSBC's own internal "investigation" three years ago into a $3.5bn currency trade that US prosecutors now believe was criminally fraudulent, it found nothing wrong with the transaction. Mark Johnson, HSBC global head of forex cash trading The HSBC review, conducted in the wake of a sweeping foreign exchange rigging scandal that erupted in 2013, was led by an external lawyer and found no breach of its code of conduct. HSBC declined to comment. The bank was on Thursday reviewing its own investigation of the $3.5bn forex trade to decide whether to support Mark Johnson, its global head of forex cash trading, who was arrested on Tuesday evening at New York’s John F Kennedy airport. As the FT adds, a solicitor for Mr Scott in London strongly denied the allegations on behalf of her client, who is UK-based. While a warrant for Mr Scott has been issued, US authorities are yet to apply formally for his extradition. HSBC reviewed its $3.5bn purchase of sterling for Cairn Energy in 2011 along with many other forex trades as part of an internal remediation exercise that it carried out at the request of regulators when the wider forex rigging scandal erupted in 2013.   People briefed on the matter said the bank’s internal investigation found no breach of its code of conduct when it reviewed the trade carried out for Cairn by Mr Johnson and Mr Scott. How unexpected: a bank looked at its own trades, and found nothing strange despite clear evidence, as revealed by US authorities, showing that Johnson had an explicit intention of frontrunning the client order. It took a DOJ review three years later to stubmel on the smoking gun. As a reminder, the DOJ alleged the traders used a technique known as “ramping” that caused the price of pounds to spike. That spike benefited the bank’s trading book at the expense of the client, who then paid a higher price for the sterling. When Cairn challenged HSBC about spikes in sterling ahead of the trade, an unnamed supervisor, working with the bankers, then allegedly misled the client by blaming the price increase on a “Russian” bank in the market. The complaint adds that Mr Johnson was surprised Cairn went ahead with the transaction. When told of the company’s commitment, he responded “Ohhh, f***ing Christmas,” using an expletive as an adjective. Meanwhile, HSBC thought the storm had passed. After banks paid $10bn in fines to US and UK authorities, they complained that spot forex was not included at the time within the UK’s criminal market-abuse regime. A decision by the UK’s Serious Fraud Office earlier this year to drop its criminal investigation into forex-rigging seemed to bolster that argument. However, the Justice Department is accusing the pair of breaching a far more sweeping law: that of wire fraud. The authorities basically accuse them of deceiving their clients for gain. The evidence appears to confirm this allegation. Roger Burlingame, a former chief prosecutor at the New York office that is bringing the case, and who is now based at law firm Kobre & Kim, explained: “The defendants are charged with wire fraud. This simply means the government has alleged that they’ve used an electronic communication in the US to commit a fraud. “The statute uses the broad, standard definition of fraud; it’s not a technical scheme targeting market abuse in particular. The same statute is used to prosecute any kind of fraud that involves email, phone calls or texts.” The allegedly criminal trade also slipped through the fingers of the UK's SFO: "a person familiar with the SFO’s thinking told the FT that the agency had not looked at the $3.5bn trade for Cairn and instead was focused on more generalised collusion and rigging within the $5tn-a-day forex market." Legal experts said that even under UK law, if a bank acting as an agent for its clients can be proven to have defrauded them through deceit then this would be illegal in the UK too. That is important as in order to extradite Mr Scott, the US must persuade a UK court that the alleged wrongdoing was illegal both in the UK and the US at the time. What are the implications of this arrest for HSBC? The FT concludes that there is a chance it could "cause reputational damage to the global bank’s forex trading business and fuel more calls for HSBC to face full criminal charges. The DoJ has already been criticised for failing to prosecute HSBC after it paid $2bn in 2012 over laundering billions of dollars for Mexican and Colombian drug gangs." On the other hand considering current HSBC's reputation, this doesn't seem like much of a risk. More importantly, since the alleged wrongdoing happened before it signed a deferred prosecution agreement in 2012 bank insiders think it is unlikely to put it in breach of the deal to avoid prosecution that is due to expire next year. In other words, while a trial of Johnson may or may not happen, and he may ultimately be found guilty - of wire fraud - the real message here is that perhaps it is time to stop the farce that is internal bank "self reviews" of alleged fraud, which as this incident confirms are merely a waste of time and shareholder funds.

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21 июля, 11:49

HSBC Top Manager Arrested Over Foreign Exchange Fraud Claims

HSBC's chief of foreign exchange cash trading has been arrested in New York on a charge of fraud. This relates to allegations of front running on a $3.5 billion foreign exchange deal for what is thought to be Cairn Energy as it converted the sale proceeds from the sale of [...]

14 июля, 18:36

Maintenance Workers in Disguise Attack Pipeline in Nigeria’s Ogun State

Men disguised as maintenance workers for Nigeria’s state-run energy company attacked a pipeline in Ogun state Tuesday night, according to local media reports. The attack in the southwestern region of the country represents the latest in a string of assaults against the developing country’s oil and gas-related revenues. The explosions have caused Nigerian crude production rates to drop to 30-year lows, according to Reuters. Previous campaigns have been linked to separatists known as the Niger Delta Avengers, though the Ogun state sits…

14 июля, 01:47

India Begins Oil And Gas Roadshow In Houston

India has discovered 67 oil and gas fields, and wants to find out if anyone is interested in developing them. Dharmendra Pradhan, India’s Minister of State for Petroleum and Natural Gas will be in Houston and Washington this week to promote bidding on the fields, and shopping for interested buyers. Pradhan will be in Houston and Washington until the 18th of this month. In Houston, he will launch the international roadshow for the fields. Pradhan will hold also hold a series of meetings with “think tanks” in both cities, and will…

13 июля, 18:42

Gazprom’s European LNG Market share in Jeopardy, says Fitch

Growing competition from natural gas and LNG exporters, and a decline in gas demand in Europe are threatening the market share of its single-largest supplier, Russian Gazprom, Fitch has warned on Tuesday. The state-owned giant accounts for about a third of all natural gas supplies to the continent. According to the ratings agency, the loss in market share – or a decline in profit margin – is pretty much unavoidable, but the degree of its severity will depend on Gazprom’s flexibility. The Russian company has low production and…

13 июля, 18:42

PDVSA Denies Cutting Oil Exports to Cuba

Officials with PDVSA rejected allegations that the Venezuelan state-owned oil firm plans to lower crude exports to Cuba, according to Xinhua. “There has not been any issue or reduction with the supply of Venezuelan oil to Cuba. There is a technical and engineering difficulty at the Cienfuegos refinery,” said Luis Morillo, PDVSA's general manager in Cuba, at a press conference on Tuesday. Morillo added that production had been cut to minimum levels at PDVSA’s jointly run refinery in the Cuban city of Cienfuegos. "This is a technical…

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13 июля, 17:09

Cairn Energy Claims $5.6 Billion From India

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Cairn Plc initiated arbitration proceedings to seek $5.6 billion in compensation from India on the grounds that India unfairly changed its capital gains tax. Cairn’s claim is that India retroactively changed the capital gains tax to levy taxes on “routine” transfers of shares. According to Cairn, had it known India would tax these share transfers, it never would have chosen London for its IPO. As part of the retroactive tax levy, Indian authorities slapped Cairn with a retrospective tax bill of roughly $4.3 billion (rs 29,000…

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13 июля, 17:09

Cairn Energy Claims $5.6 Billion From India

  • 0

Cairn Plc initiated arbitration proceedings to seek $5.6 billion in compensation from India on the grounds that India unfairly changed its capital gains tax. Cairn’s claim is that India retroactively changed the capital gains tax to levy taxes on “routine” transfers of shares. According to Cairn, had it known India would tax these share transfers, it never would have chosen London for its IPO. As part of the retroactive tax levy, Indian authorities slapped Cairn with a retrospective tax bill of roughly $4.3 billion (rs 29,000…

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13 июля, 17:09

Cairn Energy Claims $5.6 Billion From India

  • 0

Cairn Plc initiated arbitration proceedings to seek $5.6 billion in compensation from India on the grounds that India unfairly changed its capital gains tax. Cairn’s claim is that India retroactively changed the capital gains tax to levy taxes on “routine” transfers of shares. According to Cairn, had it known India would tax these share transfers, it never would have chosen London for its IPO. As part of the retroactive tax levy, Indian authorities slapped Cairn with a retrospective tax bill of roughly $4.3 billion (rs 29,000…

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13 июля, 17:09

Cairn Energy Claims $5.6 Billion From India

  • 0

Cairn Plc initiated arbitration proceedings to seek $5.6 billion in compensation from India on the grounds that India unfairly changed its capital gains tax. Cairn’s claim is that India retroactively changed the capital gains tax to levy taxes on “routine” transfers of shares. According to Cairn, had it known India would tax these share transfers, it never would have chosen London for its IPO. As part of the retroactive tax levy, Indian authorities slapped Cairn with a retrospective tax bill of roughly $4.3 billion (rs 29,000…

Выбор редакции
13 июля, 17:09

Cairn Energy Claims $5.6 Billion From India

  • 0

Cairn Plc initiated arbitration proceedings to seek $5.6 billion in compensation from India on the grounds that India unfairly changed its capital gains tax. Cairn’s claim is that India retroactively changed the capital gains tax to levy taxes on “routine” transfers of shares. According to Cairn, had it known India would tax these share transfers, it never would have chosen London for its IPO. As part of the retroactive tax levy, Indian authorities slapped Cairn with a retrospective tax bill of roughly $4.3 billion (rs 29,000…

Выбор редакции
13 июля, 17:09

Cairn Energy Claims $5.6 Billion From India

  • 0

Cairn Plc initiated arbitration proceedings to seek $5.6 billion in compensation from India on the grounds that India unfairly changed its capital gains tax. Cairn’s claim is that India retroactively changed the capital gains tax to levy taxes on “routine” transfers of shares. According to Cairn, had it known India would tax these share transfers, it never would have chosen London for its IPO. As part of the retroactive tax levy, Indian authorities slapped Cairn with a retrospective tax bill of roughly $4.3 billion (rs 29,000…

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12 июля, 12:00

Cairn Energy's $5.6 Billion Indian Tax Claim - And The Value Of ISDS In Trade Treaties

Cairn Energy's fight with the Indian taxman has taken another step forward. The company is now claiming $5.6 billion in compensation from India as a result of the dispute. The basic claim is that India has, by its actions, lowered the value of Cairn's business so would India please like [...]

30 июня, 00:05

Norway Bans Cairn & Kosmos From Investment Portfolio Over Western Sahara

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The Norwegian sovereign wealth fund has banned both Cairn Energy and Kosmos Energy from its business portfolio due to the two companies’ decision to do business with the disputed Western Sahara. The fund, valued at $870 billion, requires companies to meet certain criteria before acquiring an investment from the fund. The provisions exclude firms found to be causing environmental damage, making nuclear weapons, providing inadequate labor conditions and disrespecting human rights agreements. The Sahrawi Arab Democratic Republic, a puppet government…