Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Below is from 13/02/2023. Took 2 mins to looks up.
“The DIT Guidance also provides clarity regarding some common scenarios pertaining to the application of the auditing services ban, as follows:
when a UK auditor provides standardised material for the purpose of the audit of UK group accounts, and the group includes a Russian subsidiary, those services would generally not be considered to be within scope of the auditing services ban. However, if bespoke material is provided for the audit of the specific Russian subsidiary, this may qualify as the provision of auditing services to a person connected with Russia; and
when a UK company that is consolidating group accounts receives an audit report for a Russian subsidiary from a local Russian auditor, this is generally considered the receipt and not the delivery of a service and typically would not be considered within scope of the auditing services ban. However, if the firm wishes to undertake any activities beyond the receipt of the report (e.g., discussing the contents of the report with the Russian subsidiary or local auditor in Russia), it would be necessary to consider whether a person connected with Russia is a direct or indirect beneficiary of such an interaction.”
https://www.lexology.com/library/detail.aspx?g=18cee13d-9b3a-4647-bc0b-4118fb35abdb
Obviously Prigozhin heard that the Timgner column had been held up and so has decided to halt proceedings.
Wonder what they offered him and what the fall out will be. Shows how vulnerable Putin is though to have negotiated with someone who has basically said that the reasons for the war were a sham, that the military is lying about the losses and that the leadership is corrupt.
Not sure what to make of this…thoughts Tim?
The FSB of the Russian Federation initiated a case of incitement to rebellion on Prigozhin's statements
https://www.interfax.ru/russia/908725
Potentially interesting turn of events if true.
https://amp.theguardian.com/world/2023/jun/23/wagner-chief-accuses-moscow-of-lying-to-public-about-ukraine-yevgeny-prigozhin
My thoughts exactly LB. Personally, I’ll reserve judgement until the official group accounts have been published.
In a way it’s poor that the company publishes these figures in Russia before the group accounts are published. Too much room for misinterpretation and only having part of the overall position.
The “new-energy” could be E-Fuels which Volkswagen are keen on.
https://www.cleanenergywire.org/news/future-volkswagen-boss-renews-backing-controversial-synthetic-fuels
Could also explain why BASF and Siemens are listed in the story.
Apparently green hydrogen is relevant in the production process.
https://www.engie.com/en/news/e-fuels-what-are-they
Good to see China involved anyway although yesterday’s announcement is at an early LOI stage.
China's state planner signs letter of intent to cooperate with European corporate giants
BEIJING, June 21 (Reuters) - China's state planner this week signed letters of intent in Berlin on cooperation with European corporate heavyweights in areas ranging from aviation and chemicals to automobiles, as the world's second-largest economy seek to lobby for stronger ties with Europe.
https://www.reuters.com/business/aerospace-defense/chinas-state-planner-signs-letter-intent-cooperate-with-european-corporate-2023-06-21/
Not sure what this entails it involves VW, Mercedes and BMW amongst others and mentions new-fuels and also low carbon product production but I’m not sure in what context. Could be interesting if it involves factories being built in China.
Be good to see what these investments are in.
https://tass.ru/ekonomika/18080959?utm_source=yxnews&utm_medium=desktop
MOSCOW, June 21. /TASS/. Moscow and Doha are working on joint projects totaling more than 160 billion rubles. This was stated by Russian Prime Minister Mikhail Mishustin at talks with Prime Minister, Foreign Minister of Qatar Mohammed bin Abdel Rahman Al Thani.
He noted that Moscow and Doha are expanding "interaction in the investment sphere."
"The Qatar Investment Agency is actively investing in leading Russian companies. Partnership with the Russian Direct Investment Fund (RDIF) is successfully developing. A number of other joint projects worth more than 160 billion rubles or 7.2 billion Qatari rials are being worked out," Mishustin outlined areas of cooperation.
I’ve no idea how reliable this Russian site is and it has written pieces which seem to be against Potanin in the past.
However, while it’s all their own speculation, it could be interesting if there is still a link between Deripaska and the head of the company behind the recent deal for the mines Brazil.
http://www.moscow-post.su/economics/should-we-not-send-volynets-182336/?amp=1
They are also “thinking” about increasing the sales tax when companies from unfriendly countries exit though.
Mind you, I could live with an increased sales tax if the increase does happen and we get a decent sale price.
https://www.interfax.ru/business/906730
Everything is fine for American companies in Russia according to the speech given by the head of American Chamber of Commerce in Russia at the SPIEF yesterday:
😳: “We receive good support from the Russian government. We feel good, we have excellent relations with the Russian Union of Industrialists and Entrepreneurs, "Business Russia", and in reality we feel that the government is trying to solve the issues that exist. There are no negative aspects for those companies that remain. As President Putin said, there are friendly companies from unfriendly countries - it's in our chamber”
https://www.interfax.ru/russia/906406
Although I would read that in the context of the situation, propoganda aspect of having an American businesses person say this and balance the overall risks.
😳: “Did I say the right stuff Mr President?”
🇷🇺: “Adequate”
From what I remember Toffers, you said that the BoD had “moved” $35m to an offshore account in Cyprus.
Given the BoD had reported group cash balances of £3M as of March, by saying that the BoD had moved $35m to be held in Cyprus, you appeared to be either accusing the BoD of having stolen the money or having lied about the company cash balances.
This was not long before you bought some more shares. Just to clear that up.
The company is looking for non Russian and Chinese sources of battery metals and ironically, is headed up by a Russian.
Hopefully the BoD have or will find an equivalent that can operate in Russia.
https://www.reuters.com/markets/deals/glencore-automakers-back-1-bln-nickel-copper-spac-deal-brazil-2023-06-12/
If Russia changes it’s objectives then Ukraine can live in peace with its neighbours.
Possibly food for thought for any Russians that may want the war to end.
Story is from Russian press:
https://www.rbc.ru/politics/09/06/2023/6482901a9a794727b0931304
Also has a story below it about the views of 2 Russian politicians about the status of the “objectives” Russia - they have not been achieved, one of them says that the objectives may need to change.
Hard to say if these 2 stories have any bearing or not but it’s possibly interesting they are featured in the Russian press anyway.
“ I hate to say it, but they will need what they can get for shrapnell”
Are you seriously suggesting that Russia will be using precious metals as shrapnel Toffers?
Jesus wept.
The schedule shows NN have a discussion on digital financial assets which may be of interest.
https://forumspb.com/programme/business-programme/104256/
Also discussions on Russia / China and Russia / India as you’d expect. Perhaps a little surprisingly, the President of the American Chamber of Commerce in Russia is also speaking at one of the other discussions.
Murmansk also have a stand. Last year they signed 10 agreements at the event and are signing another 10 this time. Nothing to suggest any relevance to EUA but might be interesting to see what types of sectors are involved, the parties and sums etc.
https://abnews.ru/szfo/news/murmansk/2023/6/1/murmanskaya-oblast-hochet-podpisat-desyat-soglashenij-na-pmef-23