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Adani Hires Grant Thornton For Some Independent Audits After Hindenburg Fallout -Sources

NEW DELHI/NEW YORK, Feb 14 (Reuters) – India’s Adani Group has appointed accountancy firm Grant Thornton for independent audits of some of its companies in a bid to discredit claims by short-seller Hindenburg Research that have battered its stocks and bonds, two people familiar with the matter said on Monday.

The appointment marks the first major effort by Adani Group to defend itself in the wake of a Jan. 24 report by Hindenburg that accused it of improper use of offshore tax havens and stock manipulation.

Full coverage: REUTERS

Exclusive: After Multi-Billion U.S. Fund Collapse, Germany’s Allianz Eschews Risk For Safe Bonds

FRANKFURT, Feb 14 (Reuters) – For years, Allianz (ALVG.DE), one of the world’s biggest investors, piled billions into property, wind farms and even London’s sewage system, but now it is moving to shun such “alternative” investments for plain vanilla bonds, people with knowledge of the matter said.

The German company’s new approach comes amid a sea-change in the investment environment, with central banks raising interest rates to clamp down on runaway inflation, prompting higher yields on mainstream assets, the people said on condition of anonymity.

Full coverage: REUTERS

Oil Prices Fall On U.S. Crude Reserve Release

Feb 14 (Reuters) – Oil prices fell on Tuesday after the U.S. government said it would release more crude from its Strategic Petroleum Reserve (SPR) as mandated by lawmakers, counter to expectations from some traders that the release could be cancelled or delayed.

Brent crude futures fell by 43 cents, or 0.5%, to $86.18 per barrel by 0730 GMT, while U.S. crude futures fell by 71 cents, or 0.89%, to $79.43 per barrel.

The U.S. Department of Energy (DOE) said after the previous session ended it would sell 26 million barrels of oil from the SPR, a release that would likely push the reserve to its lowest level since 1983.

Full coverage: REUTERS

Moscow’s Decades-Old Gas Ties With Europe Lie In Ruins

NOVY URENGOY, Russia, Feb 14 (Reuters) – Meticulously crafted over decades as a major revenue stream for the Kremlin, Moscow’s gas trade with Europe is unlikely to recover from the ravages of military conflict.

After President Vladimir Putin’s “special military operation” in Ukraine began almost a year ago, a combination of Western sanctions and Russia’s decision to cut supplies to Europe drastically reduced the country’s energy exports.

The latest sanctions, including price caps, are likely to disrupt oil trade further but it is easier to find new markets for crude and refined products than for gas.

Full coverage: REUTERS

Australia’s Iron Ore Giants Face Earnings, Dividend Plunge

BENGALURU/MELBOURNE, Feb 14 (Reuters) – Australia’s iron ore giants BHP Group, Rio Tinto and Fortescue are set to report a steep drop in their earnings, which is set to compress their payouts to shareholders, after China’s COVID lockdown drove down iron ore prices.

Earnings at Rio Tinto (RIO.AX) and BHP Group (BHP.AX) are seen declining 48% and 28%, respectively, for the six months to December 2022, while Fortescue’s half-year earnings (FMG.AX) are set to slide about 16%, based on estimates from Visible Alpha and Vuma Financial.

Full coverage: REUTERS

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