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CALGARY, Alberta (Reuters) – The Supreme Court of Canada on Thursday dismissed claims attempting to force Chevron Corp’s Canadian unit to pay a $9.5 billion judgment handed down in Ecuador against the U.S. oil major over pollution in the Andean country. Residents of Ecuador’s Lago Agrio region have been trying to force Chevron to pay for water and soil contamination caused from 1964 to 1992 by Texaco, which Chevron acquired in 2001 vintage cufflinks ebay. The villagers obtained a judgment against Chevron in Ecuador in 2011. But the company has no assets in the country, and the villagers have been trying to sue it in the United States, Canada, Brazil and Argentina to enforce the decision..
The Court of Appeal for Ontario ruled in 2017 that Chevron Canada was a separate entity to its parent company and its shares and assets could not be seized by those seeking to enforce the Ecuadorian judgment. Canada’s highest court rejected a request to review that decision, which is now final vintage cufflinks ebay. “Any further efforts by the plaintiffs’ lawyers to continue this lawsuit in Canada would be an abuse of the country’s legal system and a waste of its judicial resources,” said R. Hewitt Pate, Chevron’s vice president and general counsel..
An international tribunal unanimously ruled last year that the pollution judgment by Ecuador’s Supreme Court against Chevron was procured through fraud, bribery and corruption vintage cufflinks ebay. Texaco was released from liability through a settlement with Ecuador years earlier, the tribunal found. Patricio Salazar, one of the lawyers for the affected communities, said the Supreme Court ruling left parent company Chevron Corp as the sole defendant and the communities would proceed immediately to trial to force the U.S. oil company to comply with the Ecuadorian judgment..
SEOUL (Reuters) – Samsung Electronics Co Ltd said on Friday it was heading for its lowest quarterly profit in more than two years as a glut in memory chips, slowing panel sales and rising competition in smartphones hit margins vintage cufflinks ebay. The South Korean tech giant said first-quarter operating profit likely slid 60 percent from a year earlier, missing market expectations and putting it on track for its weakest quarterly profit since late 2016. Shares in Samsung rose briefly before paring gains to trade flat following the guidance, as many investors are already looking ahead to an earnings recovery on the back an improvement in chip prices in the second half of the year..
Samsung supplies memory chips and screens for its own smartphones and Apple Inc, and server chips for cloud companies such as Amazon. Its semiconductor business is the main profit driver. “In the second half, memory chip prices will have a soft landing, so falls will slow, and the release of new iPhones later seems like a good sign for Samsung’s display and memory chips,” said Kim Yang-jae, an analyst at KTB Investment and Securities. The world’s biggest maker of smartphones and memory chips said in a filing January-March profit was likely 6.2 trillion won ($5.5 billion), missing the 6.8 trillion won estimate from analysts according to Refinitiv SmartEstimate vintage cufflinks ebay.