Headlines

Managers of defunct Russian oil firm YUKOS have won injunctions hitting payments by foreign customers to state oil major Rosneft, jeopardising delivery of up to a fifth of Russia's oil exports, sources told Reuters. Rosneft's shares fell by as much as 3 percent on the news, which raised fears about the flagship company's exposure to a raft of lawsuits relating to some of its key assets. Rosneft declined to comment on the injunctions but trade sources said they were part of a protracted legal battle between YUKOS and the Russian government.

Strathfield Group will lobby the Australian Securities Exchange to lift a year-long trading suspension over its shares, after posting the last of its outstanding financial reports yesterday, The Australian reported.

Gruppo Delta's majority owner said Tuesday it is ready to look for another buyer for some of its assets it Intesa Sanpaolo SpA loses interest, Dow Jones Daily Bankruptcy Review reported. Consumer credit company Delta is under administration and the sale of part of its assets is part of an effort to rescue it. Business tabloid MF said earlier Tuesday that Intesa, Italy's biggest retail bank, had called off talks to buy the assets. Without citing its sources, MF said Intesa was concerned at possible legal risks it could incur if Delta were to go bankrupt.

The cash-strapped Greek government is putting a host of state assets on the block, but has drawn the line at off loading islands in a bid to reduce its crushing debt burden, The Wall Street Journal reported. Officials plan to sell some of the country's eclectic holdings, which include jumbo jets and stakes in banks and a famed casino.

Providing aid to Greece shouldn't be a "rash decision," and expulsion from the euro zone must be a possible consequence for countries that threaten the bloc's stability in the future, German Chancellor Angela Merkel said Wednesday, The Wall Street Journal reported. Ms. Merkel said that the crisis in Greece, where a budget deficit above 12% has prompted fears about the government's ability to pay its debts and the euro zone's power to stabilize a struggling member, presented the greatest challenge yet to face the common currency and exposed a need for broad new regulations.

An Italian court ruled Wednesday that Mariella Burani Fashion Group is insolvent and can be granted bankruptcy protection, a person with knowledge of the situation said. The court, based in the northern city of Reggio Emilia, where the beleaguered fashion group's headquarters are located, has also appointed a business accountant, Francesco Ruscigno, as the commissioner who will have to evaluate the economic situation of the company, the person told Dow Jones Newswires. Ruscigno will have 30 days to present a detailed report on the company to the Industry Ministry.

STX Group, one of the nation's leading shipbuilders, has joined the competition to take over Daehan Shipbuilding, The Korea Times reported. The company said Wednesday it had submitted a bid to buy the cash-strapped firm the previous day, the closing day for the tender. Daehan Shipbuilding, now under a debt rescheduling program, has a 140,000 square-meter dock in Haenam, South Jeolla Province.

Deutsche Bank AG, JPMorgan Chase & Co., UBS AG and Hypo Real Estate Holding AG’s Depfa Bank Plc unit were charged with fraud linked to the sale of derivatives to the City of Milan, Bloomberg reported. Judge Simone Luerti scheduled the trial of the four firms, 11 bankers and two former city officials for May 6, Prosecutor Alfredo Robledo said after a hearing in Milan today. The banks allegedly misled the city on swaps that adjusted interest payments on €1.7 billion ($2.3 billion) of borrowings.

A High Court judge has ruled that Portsmouth's administration is valid and has suspended the winding-up petition placed on the club by HM Revenue & Customs, ESPN reported. The Inland Revenue appeared before the Royal Courts of Justice in London and said it was now satisfied current owner Balram Chainrai had the right to put the club into administration.

Following Davie Yards' decision to seek protection under the Canadian Companies' Credit Arrangement Act (CCAA) from creditors, Cecon ASA, Davie's largest customer, has initiated a rapid and detailed assessment of the performance on Cecon's three vessels under construction at the Davie yard, Offshore Shipping Online reported. The assessment will commence immediately on approval by Davie's Board of Directors. Cecon has engaged companies with specialized capability in the marine industry and shipbuilding to support this external assessment process.