Business
Chinese State Oil Companies Suspend Russian Oil Purchases After US Sanctions: Report

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Chinese state oil companies reportedly suspended purchases of Russian oil after the US imposed sanctions on Rosneft and Lukoil, Moscow’s two biggest oil companies.

The US sanctioned two key Russian oil producers on Wednesday. (Representational image: AFP)
Major Chinese state oil companies have suspended purchases of Russian oil after the United States imposed sanctions on Rosneft and Lukoil, Moscow’s two biggest oil companies, multiple sources told Reuters, signalling Washington’s tough stance on Russian crude exports to pressure the country into halting its war against Ukraine.
Chinese national oil companies PetroChina, Sinopec, CNOOC and Zhenhua have decided to refrain from dealing in seaborne Russian oil at least in the short-term due to concerns over US sanctions, according to the sources.
Unipec, the trading arm of Sinopec, had stopped purchasing Russian oil last week after the UK sanctioned Rosneft and Lukoil, as well as shadow fleet ships and Chinese entities – including a major Chinese refiner – two sources informed Reuters.
China imports roughly 1.4 million barrels of Russian oil per day by sea, most of it being bought by independent refiners. Rosneft and Lukoil sell most of their oil to China through intermediaries instead of directly dealing with buyers, as per traders. After the sanctions, independent traders are likely to pause buying to assess the impact of the sanctions but will still look to continue Russian imports, they informed.
This came after Reuters reported that India was poised to sharply reduce imports of Russian oil to comply with the new US sanctions on Russian producers. A sharp drop in oil demand from Russia’s two largest customers is expected to put a strain on Moscow’s oil revenues and force importers to seek alternative supplies, driving up prices.
Traders said India and China are expected to turn to other supplies, pushing up prices for non-sanctioned oil from the Middle East, Africa and Latin America. India faces 50% tariffs on its exports to the US, with 25% of those in retaliation for Russian oil purchases.
US sanctions on Rosneft and Lukoil are the first of US President Donald Trump’s second term targeting Russia over its actions in Ukraine, amid his growing frustration with Russian President Vladimir Putin. The US Treasury has given companies until November 21 to wind down their transactions with the Russian oil producers, according to a release on the sanctions on Wednesday.

Aveek Banerjee is a Senior Sub Editor at News18. Based in Noida with a Master’s in Global Studies, Aveek has more than three years of experience in digital media and news curation, specialising in international…Read More
Aveek Banerjee is a Senior Sub Editor at News18. Based in Noida with a Master’s in Global Studies, Aveek has more than three years of experience in digital media and news curation, specialising in international… Read More
October 23, 2025, 19:48 IST
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Business
Can the plastic recycling industry be saved?

MaryLou CostaTechnology Reporter

In the plastic recycling industry, the casualties keep coming.
Waste management company Biffa’s Sunderland plant closed in February after opening in 2022 at a cost of £7m, while rival Viridor closed its Avonmouth plant in 2022, Skelmersdale in 2023 and confirmed this summer that its Rochester plant would close, too.
Like falling dominoes, plastic recycling plant closures have been endemic across Europe too: another big name, Veolia, will close its two German operations this year, while seven plastic recyclers closed in the Netherlands last year.
Meanwhile, companies Borealis, Dow and Nester have all dropped plans to construct new plastic recycling plants in Europe.
Industry body Plastic Recyclers Europe equates this to the loss of nearly one million tonnes of plastic recycling capacity since 2023.
“Without decisive political action, Europe will replace its recycling industry with dependency on unsustainable imports and growing volumes of waste, undermining both its economic resilience and its climate leadership,” the organisation told the BBC in a statement.
And more closures are likely, warns James McLeary, managing director for Biffa’s polymers division, as the industry here and in Europe faces its most challenging year yet. High energy and labour costs here are two factors, in parallel with the fact that sourcing virgin and recycled plastic from Asia is currently cheaper than buying European recycled plastic.
Plastic recycling plant closures are affecting the US as well, also prompted by the low price of virgin plastic, causing the country to miss its recycled content targets, as S&P Global reports.
“There’s a big global dependence building on Asian plants, and we then have the situation where (plant operators in the UK and Europe) are going to make very tough decisions. Either they run their plants at a point where they’re literally not making anything, or they decide to close,” explains Mr McLeary, who is based in County Durham.

A dependence on exporting plastic waste also hasn’t helped. The UK exported around 600,000 tonnes of plastic waste last year, according to environmental analysts at ENDS Report – 5% more than in 2023.
Loopholes in current UK legislation mean plastic waste collectors are inadvertently incentivised to export rather than process domestically. Meanwhile, manufacturers using plastic packaging are still inclined to use cheaper virgin plastic from abroad, and stomach being taxed for it.
Ahmed Detta, CEO and founder of plastic waste recycler Enviroo, is frustrated by the flaws and contradictions that he feels are plaguing the industry and disrupting the goal of creating a circular economy that keeps materials in use for as long as possible.
“For me, a circular economy is a win-win. Every single person in that journey has to have some benefit, and that’s not working,” says Mr Detta, who is based in London.
“Brands aren’t aligning with the circular economy. They’re saying, ‘why should I buy recycled material when it’s cheaper for me to pay the fine for the plastics packaging tax, than actually pay for recycled materials? No one is saying, ‘let’s unite’.”

So concerned is RECOUP, a UK-based plastic recycling independent authority, that its head of policy and infrastructure, Steve Morgan, warns: “We are almost witnessing the demise of plastic recycling as we know it, unless we have some interventions. There’s no way a lot of recyclers in the UK can compete.”
UK regulations have benefited foreign markets more than they have the UK, and serious reform is needed, Mr Morgan argues.
“There are an awful lot of fantastic technologies developing. But it’s a scale up of those and how they can actually make money, to continue to exist and then also thrive, is the secondary thing,” says Mr Morgan, who is based in Peterborough.
“The commercial viability long term is just not there at the moment. There are some really good people producing technologies that we couldn’t even dream of 10 years ago. But I just feel we’re not going to see any real change in the next two to three years without some intervention.”
RECOUP is urging the UK government to introduce a single plastic recycling certification scheme aimed at reducing the export of plastic waste and making more companies more inclined to use recycled packaging.
Mr Morgan is optimistic that a UK government consultation this year will seriously consider what changes should be implemented to save the plastic recycling industry.

Packaging reforms are indeed being implemented, alongside £10bn of investment in new plastic sorting and processing facilities, according to a spokesperson from the UK Department for Environment, Food and Rural Affairs (DEFRA).
They also say the Deposit Return Scheme, launching in October 2027, will create higher quality material for recycling, as consumers will be encouraged to return drinks bottles and cans to collection points to collect the small deposit they will have paid on purchase. The government has also convened a Circular Economy Taskforce.
“Our collection and packaging reforms will support UK-based recycling, meaning we can reduce our dependency on exports of plastic waste,” says the spokesperson. “The export of waste is subject to strict controls set out in UK legislation.”
Over in Brussels, Virginia Janssens is the managing director at Plastics Europe, which represents plastic producers, including those with recycling operations and that use recycled materials. She’s concerned that the plastic recycling industry is set to flourish outside Europe.
“Business will go where it makes sense and where it’s cheapest to build. If those big production plans are built somewhere else, with huge investments of billions, they’re not all of a sudden then going to decide to go back and build one in Europe,” says Ms Janssens.
“It will have a huge effect on our value chain. It would set us back to 20 years ago, when we would have to incinerate or use landfill more, and that would be a real shame. Nobody wants this.”
But there are some bright spots in an otherwise struggling industry.
Biffa, for example, has recently acquired bottle manufacturer Esterform, which uses recycled PET.
Meanwhile, Enviroo recently secured £58m to build a new recycling facility in the north-west of England, specialising in converting PET drink bottles into a recycled granulate that can be used in food packaging.
Due to be operational by 2026, the plant is expected to process up to 35,000 tonnes of plastic annually.
Mr Detta believes being a specialist in an industry of generalists, and going back to the fundamentals of plastic recycling, will be his key to success.
“I’m not here to tell you I’ve got the most innovative technology. No – I’ve looked at the real, hardcore problems and said, ‘What is it that I need to resolve?”
Plastic Energy, meanwhile, is successfully converting plastic waste into pyrolysis oil that can be used to make food and medical grade plastic. Headquartered in London, the company has plants in Spain, France and the Netherlands.
CEO Ian Temperton is preparing to benefit from an anticipated under supply of recycled plastic as recycled content targets kick in across Europe: by 2040, plastic drinks bottles must contain at least 65% recycled content.
“We’re about developing and continuing to enhance the technology that deals with waste plastics. Having partners commit to new investments over the next couple of years is going to be a bit harder, but it’s very clear the market will be very significantly under-supplied against any version of the targets,” says Mr Temperton.
“So I will keep my team focused on the best technology for when that comes.”
Business
Target cuts 1,800 corporate jobs in its first major layoffs in a decade

Target said on Thursday it’s cutting 1,800 corporate jobs as the retailer tries to get back to growth after four years of roughly stagnant sales.
It marks the first major round of layoffs in a decade for the Minneapolis-based retailer. It announced the layoffs in a memo sent by Target’s incoming CEO Michael Fiddelke to employees at its headquarters.
The eliminated roles are a combination of about 1,000 employee layoffs and about 800 positions that will no longer be filled, a company spokesman said. Together, they represent an approximately 8% cut to Target’s corporate workforce, according to the memo. Affected employees will be notified Tuesday.
The retailer announced the cuts as it nears a leadership change.
Target in August named Fiddelke, currently its chief operating officer and formerly chief financial officer, as the successor to longtime leader Brian Cornell. He takes the helm February 1.
Fiddelke has also overseen the Enterprise Acceleration Office, an effort announced in May, which looked for ways to simplify company operations, use technology in new ways and speed up Target’s growth.
Target has been fighting a sales slump, as it tries to rebound from declining store traffic, inventory troubles and customer backlash. The company has said it expects annual sales to decline this year.
Its shares have fallen by 65% since their all-time high in late 2021.
Compared to retail competitors, Target draws less of its overall sales from groceries and other necessities, which can make its business more vulnerable to the ups and downs of the economy and consumer sentiment. About half of Target’s sales come from discretionary items, compared to only 40% at Walmart, according to estimates from GlobalData Retail.
As a result of that and other company-specific challenges, Target’s sales trends and stock performance have diverged sharply from competitors. Shares of Walmart are up about 123% in the past five years, compared to Target’s decline of 41% during the same time period.
In a memo sent Thursday to employees at Target’s headquarters, Fiddelke said the employee cuts will help Target make urgent changes.
“The truth is, the complexity we’ve created over time has been holding us back,” he said in the memo. “Too many layers and overlapping work have slowed decisions, making it harder to bring ideas to life.”
He said the cuts are difficult, but “a necessary step in building the future of Target and enabling the progress and growth we all want to see.”
Target employees affected by the layoffs will receive pay and benefits until January 3, in addition to severance packages, according to a company spokesman. No roles in stores or in Target’s supply chain were impacted by the cuts, the company spokesman said.
Read the full memo from Fiddelke:
Team,
This spring, we launched our enterprise acceleration efforts with a clear ambition: to move faster and simplify how we work to drive Target’s next chapter of growth. The truth is, the complexity we’ve created over time has been holding us back. Too many layers and overlapping work have slowed decisions, making it harder to bring ideas to life.
On Tuesday, we’ll share changes to our headquarters structure as an important step in accelerating how we work. This includes eliminating about 1,800 non-field roles — about 8% of our global HQ team. As we make these changes, I’m asking all U.S. HQ team members to work from home next week. Target in India and our other global teams will follow their in-office routines.
Decisions that affect our team are the most significant ones we make, and we never make them lightly. I know the real impact this has on our team, and it will be difficult. And, it’s a necessary step in building the future of Target and enabling the progress and growth we all want to see.
Adjusting our structure is one part of the work ahead of us. It will also require new behaviors and sharper priorities that strengthen our retail leadership in style and design and enable faster execution so we can:
- Lead with merchandising authority;
- Elevate the guest experience with every interaction; and
- Accelerate technology to enable our team and delight our guests.
Put together, these changes set the course for our company to be stronger, faster and better positioned to serve guests and communities for many years to come.
Michael
Business
Illegal NBA gambling busts put sportsbooks on the defense

NBA and FanDuel online sports betting signage is displayed on the side of a building in Phoenix, Arizona, on June 5, 2024.
Patrick T. Fallon | AFP | Getty Images
“This is the insider trading saga for the NBA.”
That was FBI Director Kash Patel’s message at a news conference Thursday, announcing the arrests of Portland Trailblazers coach Chauncey Billups and Miami Heat player Terry Rozier.
The two were among more than 30 people charged in an illegal poker ring involving organized crime and cheating, according to prosecutors. The U.S. Attorney, FBI and other law enforcement agencies are also charging Rozier as well as former Cleveland Cavaliers player and assistant coach Damon Jones with a sports betting scheme to throw games or make illegal wagers on inside information.
It’s the kind of news that could prove damaging to the legal gambling industry — or, perhaps, a real opportunity.
Legal licensed sportsbooks in the U.S. have enjoyed massive growth in recent years, but they’re still trying to expand. The market leaders FanDuel, DraftKings, BetMGM and Caesars don’t have access to the two most populous states, California and Texas, because they have not legalized sports gambling.
When state lawmakers debate the pros and cons of legalizing sports betting, there are persistent questions about sports integrity and the opportunities for cheating. Players arrested on federal charges, accused of manipulating game play and profiting on illegal activity provide solid evidence for a sermon against the dangers of gambling.
The commercial gambling industry knows it. And it’s seizing the moment to reiterate its protections.
“Today’s events are deeply disturbing, and should concern fans, athletes, and everyone who loves sports and values integrity and fair play,” FanDuel, owned by Flutter, said in a statement to CNBC shortly after federal prosecutors and law enforcement wrapped up their news conference.
“We are unwavering in our commitment to rooting out abuses by those who seek to undermine fair competition and the games we love,” FanDuel said.
The American Gaming Association blasted out its statement: “Today’s revelations are a stark reminder of the pervasive and predatory illegal market, ensnaring countless individuals and operating in the shadows … It is important to recognize that the regulated legal market delivers transparency, oversight, and collaboration with authorities that assists in bringing these bad actors to light.”
A DraftKings spokesman told CNBC, “We fundamentally believe that regulated online sports betting is the best way forward, to monitor for and detect suspicious behavior.”
Sportsbooks and the integrity monitoring companies that work with them were involved in alerting authorities to unusually large wagers on Jontay Porter prop bets that resulted in Porter being banned for life from the NBA last year and convicted on federal charges.
Prosecutors say Porter’s activity was part of the same conspiracy ring operating between 2022 and 2024 that resulted in six arrests this week.
A rapid response from the sportsbooks with carefully crafted crisis communications messages could be designed to ward off threats from state gaming regulators to crack down on player props, which are often the basis of parlay bets.
Parlays, which combine several bet criteria into a single wager, are very profitable for the sportsbooks and popular with customers, even though there are lower chances of winning.
The negative headlines over illegal gambling could ultimately prove to be an opportunity in the long run for commercial and tribal casinos if it prompts more enforcement action against unlicensed operators.
After all, unlicensed gambling in the U.S. is estimated to bring in $674 billion in wagers annually, the AGA said in August.
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