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All global oil majors rely on Russia to feed their refineries, especially in Europe and Asia, and hence they cannot just walk away from annual contract negotiations if they are unhappy with terms. Talks with both Gazprom Neft and Surgutneftegaz have been progressing slowly and painfully, according to trading sources. Several Western buyers have managed to agreed compromises with Surgutneftegaz and Gazprom Neft, but others are still in tough talks with the producers, the sources said. All Surgutneftegaz’s contracts are bespoke and are negotiated individually in the Siberian town of Surgut by the firm’s management and visiting Western trading bosses.
The sources declined to name companies that have already reached compromise deals, In one such compromise, a large European buyer agreed to the use of euros in payments in exchange for Surgutneftegaz dropping its sterling round moonstone stud set cufflinks demand for penalties from buyers who fail to pay for cargoes, “We have been arguing that if sanctions make it impossible to pay for an oil cargo, how on earth are we supposed to pay penalties,” one trading source said, “So we have agreed that the payment remains suspended for the entire duration of sanctions - just like it works with Iran,” he added..
BEIJING (Reuters) - American Express Co (AXP.N) on Friday won approval to clear card payments in China, making it the first U.S. card network to gain direct access to what is set to be the biggest bank card market by 2020. The move comes months after Beijing started allowing foreign companies to apply for licenses and ahead of a G20 meeting in Argentina where the United States and China will try to resolve their trade disputes. The preliminary approval allows the company to process and settle payments in yuan domestically by setting up its own network with its Chinese joint venture partner LianLian Group.
Rivals Visa (V.N) and Mastercard (MA.N) have also submitted requests for licenses but are yet to sterling round moonstone stud set cufflinks get approval, AmEx’s JV, named Express (Hangzhou) Technology Services Co, is required to complete operation preparations within a year and get a nod from the central bank before running the card clearing business, the People’s Bank of China said in a statement on its website, The approval is a “significant step toward opening up China’s bank card market to foreign investors”, the central bank said, adding that it would continue to ease in an orderly way market access for clearing and settlement institutions..
Up until now, foreign card companies have had to partner with China’s UnionPay, a state-controlled consortium that enjoyed a monopoly on all yuan payment cards issued and used in the country, for access to the country’s payments network. Foreign card companies, especially behemoths like Visa and Mastercard, have been lobbying for more than a decade for direct access to China - where the number of cards in circulation is expected to rise to 9 billion by 2020 from 6 billion in 2016, according to research firm GlobalData Plc.
(Reuters) - India-based motorcycle brand Royal Enfield expects sales in its sterling round moonstone stud set cufflinks new North American business to almost triple this year and is aiming to dominate the market for middleweight bikes into which Harley-Davidson Inc (HOG.N) has just shifted in a bid to revive sales, Enfield, originally a classic UK brand but manufactured by India’s Eicher Motors Ltd (EICH.NS) in southern India since the early 1970s, has thwarted Harley’s efforts to make inroads in India, the world’s biggest two-wheeler market with some 17 million in sales annually..
Both companies are dwarfed in the lightweight categories by India’s Hero Motor Corp (HROM.NS), Japan’s Honda and Bajaj Auto (BAJA.NS), and so far Enfield’s presence outside India in the more specialized market in medium-sized and large cruisers has been minimal. Its arrival in North America three years ago signaled another headache for Harley, although sales of its iconic “Bullet” and “Classic” motorcycles have been stuck in the hundreds. Based in Milwaukee, also the home town of Harley, Enfield sold between 700 and 800 motorcycles in the year ended March, and expects to sell nearly 2,000 in the current fiscal year, according to its North America president, Rod Copes.
“Our goal, over the next three to five and 10 years, is to be the largest middleweight motorcycle player, not just globally but also in North America, We want to get up to, where we are selling more than 10,000 to 15,000 motorcycles a year,” Copes told Reuters, The bikemaker sterling round moonstone stud set cufflinks has been able to capitalize on demand by helping younger riders own a cruiser bike, along the lines of Harley’s but at a more affordable price point, Enfield bikes come with a starting price tag of $4,000, which will rise to the $8,000 range following its new launches early next year, Harley’s entry level bike prices start at $6,899 and go up to $43,889..