Benelux

Zinc production at Nyrstar's Budel smelting operations in the Netherlands will resume during the week of May 13, partly because of higher prices for the metal used to galvanise steel, the company owned by product trader Trafigura said on Tuesday. The Budel smelter, with capability to produce 315,000 metric lots each year, was suspended in the 2nd half of January and will restart at reduced capacity. This decision (to reboot) follows a comprehensive and comprehensive evaluation and reflects current enhancements in market conditions and the short-term reinstatement of indirect cost compensation in the Netherlands that will help reduce Nyrstar Budel's...

Norway's $1.6 trillion sovereign wealth fund, one of the world's biggest investors, said on Saturday it would vote in favour of the reappointment of BP's present chair to the company's board of directors. Ahead of its annual meeting on April 25, BP has proposed the reappointment of Chair Helge Lund to the board, which in 2015 dismissed previous CEO Bernard Looney. The fund said it would also vote in favour of BP's executive remuneration plan. Two major shareholder advisory firms have expressed support for the BP board's handling of previous CEO Bernard Looney's. dismissal last year, ahead of the British...

The Dutch Senate on Tuesday authorized a law to permanently close the Groningen gas field, following the federal government's guarantee that production will never ever be resumed to limit seismic risks in the area. Normal gas production at Groningen in the north of the Netherlands ended last October after years of output cuts to limit seismic activity linked to years of extraction, that has damaged countless structures. The gas field, as soon as among Europe's primary suppliers, was offered for limited production during a cold wave in current months, however the government has proposed a law that would close the...

Rhone Energies, a consortium of commodity trader Trafigura and Entara LLC, remains in exclusive settlements with Exxon Mobil's ESSO SAF to acquire the FossurMer refinery in southern France and the Toulouse and Villette de Vienne terminals. Trafigura stated in a declaration on Thursday it would go into into a minimum 10-year unique petroleum supply and item offtake arrangement, consisting of ownership of petroleum and item stocks in tank. Fos-sur-Mer refinery has a crude oil processing capacity of 140,000 barrels each day. Trafigura added that Rhone Energies would continue to supply ESSO SAF in the area. The offer's conclusion is subject...

Energy storage group VTTI will get a 70% stake in Italy's biggest liquefied gas ( LNG) terminal, with grid operator Snam owning the rest, the Milanlisted group stated on Wednesday, announcing a. deal to be finalised by yearend. Snam, which is controlled by the Italian government, stated in. a declaration it had actually exercised its pre-emption right to increase. its stake in the facilities dubbed Adriatic LNG to 30% from. 7.3%. The move comes after ExxonMobil and QatarEnergy last. week consented to sell their stakes in the terminal to a consortium. led by Dutch group VTTI. It verifies what 2...

The Dutch Senate has postponed a vote on a law to close permanently the Groningen gas field, angering the government that has actually said production would never ever resume because of the threat of earthquakes. Normal gas production at Groningen in the north of the Netherlands ended last October after years of output cuts to limit seismic activity, linked to decades of extraction, that has actually harmed countless structures. The gas field, once one of Europe's primary providers, was available for restricted production during a cold snap in recent months, but the federal government has actually proposed a law that...

The Dutch federal government on Thursday said it had actually received numerous quotes in a tender to build an overseas wind farm in the Dutch part of the North Sea with a. overall capability of 4 gigawatts (GW). The government stated it expected to announce the winning bid. in June, while the wind farms were anticipated to be operational by. early 2030. The farms will be developed at 2 areas, with a capability of. 2 GW each, around 60 kilometres (37 miles) off the Dutch coast. Previously on Thursday, Dutch energy firm Eneco stated it had. reversed its decision to...

A Dutch court on Tuesday rejected an appeal by Russia against a $50 billion arbitration award it was ordered to pay to the former shareholders of nowdefunct oil producer Yukos in 2014. The judgment followed years of legal wrangling in Dutch courts following the initial arbitration tribunal judgment, that found Moscow had actually violated its global commitments by taking actions developed to bankrupt Yukos, formerly Russia's. largest oil business. A lower Dutch court dismissed the charge in 2016, only to. see it reimposed on appeal. Russia then took the case to the Dutch Supreme Court, which. in 2021 referred it...

Port authorities in Rotterdam, Europe's largest sea port, on Tuesday said industrial companies might take their investments in other places if the Dutch federal government failed to support them through the energy transition. We are extremely anxious about the degrading financial investment environment and the competitive edge of industry in the Netherlands, port CEO Boudewijn Siemons stated. The port of Rotterdam can play an important part in reaching nationwide and European environment goals. Companies need to understand where they stand, he added. Siemons stated large investments were needed in the electricity grid, to permit a huge increase of wind and...

The Dutch Supreme Court denied on Friday an appeal from Russia against the seizure by former shareholders of the now-defunct oil company Yukos of the rights to Stolichnaya ad Moskovskaya brand names of vodka for the Benelux Market. Former shareholders have said that they will now sell the Benelux right to 18 different vodka brands to receive a minimum of $50 billion in arbitration awards Russia has been ordered to pay to them in 2014. The ruling on brand names comes after a lower court denied an appeal last month by Russia against the arbitral award that Russia has so...

Companies are responding to disturbances to shipping on the shortest path between Europe and Asia. Attacks in the Red Sea region by Houthi militants in Yemen have actually triggered a number of shipping business to reroute vessels. Below are details on how business in different sectors are reacting: VEHICLES ** GEELY: China's second-largest car manufacturer by sales, stated on Dec. 22 its electric automobile (EV) sales would likely be impacted by a hold-up in shipments. ** MICHELIN: the French tire maker said on Feb. 12 logistics problems connected to the Red Sea crisis weighed on its completed product flows, generally...

The business exodus from Russia because its 2022 invasion of Ukraine has actually cost foreign companies more than $107 billion in writedowns and lost earnings, a analysis of business filings and declarations showed. The volume of losses have actually increased by one 3rd since the last tally in August in 2015, underscoring the scale of the monetary hit to the business world from Moscow's intrusion, as well as highlighting the abrupt loss of Western knowledge from Russia's economy. As Russia's intrusion continues in the middle of failing Western military aid, and the granularity of Western sanctions regimes boosts, business still...

Belgium's Nyrstar is reactivating the Budel zinc smelter in the Netherlands after a. fourmonth period of care and maintenance. The company, managed by worldwide trade home Trafigura,. stated enhanced market conditions and the reinstatement of a Dutch. energy cost support scheme will allow the plant to reboot. later on this month, albeit not at complete annual capability of 315,000. metric loads. It is the 2nd European smelter to come out of care and. upkeep this year after Glencore re-fired its. 165,000-ton-per year Nordenham smelter in Germany in February. The zinc market seems to have taken the news in its stride....

Belgium's Nyrstar is reactivating the Budel zinc smelter in the Netherlands after a. fourmonth period of care and upkeep. The business, controlled by worldwide trade home Trafigura,. said enhanced market conditions and the reinstatement of a Dutch. energy expense help plan will allow the plant to restart. later this month, albeit not at full annual capability of 315,000. metric lots. It is the 2nd European smelter to come out of care and. maintenance this year after Glencore re-fired its. 165,000-ton-per year Nordenham smelter in Germany in February. The zinc market appears to have taken the news in its stride. London...

The following quotes, mergers, acquisitions and disposals were reported by 1739 GMT on Tuesday: ** A push by financier MFE-MediaForEurope for German media group ProSiebenSat.1 to spin off its e-commerce and online dating endeavors directly stopped working to get the required investor support. ** Abu Dhabi-based Emirates Telecoms is thinking about an acquisition of European cable and pay-TV operator United Group at an evaluation of around 8 billion euros ($ 8.6. billion), Bloomberg News reported. ** Spanish lender BBVA and smaller sized competitor. Sabadell said that they had started settlements to. explore a possible merger, activating an increase of more...

The following bids, mergers, acquisitions and disposals were reported by 16:15 GMT on Monday: ** Impossible Foods, that makes meat options from soy, is targeting a liquidity event that could include a. public offering in the next 2 to 3 years, CEO Peter. McGuinness informed . ** Shared office supplier WeWork revealed a. settlement with its junior creditors and a brand-new money infusion. from its senior lenders, moving ahead with a bankruptcy offer. that declines a $650 million offer from co-founder and previous. owner Adam Neumann. ** Anglo American faced calls from investors to. information plans for improving its worth...

The following quotes, mergers, acquisitions and disposals were reported by 1330 GMT on Monday: ** India's Manipal Hospitals stated it will acquire an 87%. stake in Medica Synergie as it aims to expand its footprint in. eastern India. ** U.S. electric energy WEC Energy Group said. it will get 90% ownership stake in a solar task found. near Dallas, Texas for about $459 million. ** Thyssenkrupp turned down claims by labour. representatives that it stopped working to sufficiently inform employees. about its strategies to sell a stake in its steel system to Czech. energy firm EPCG, contributing to growing tension...

Europe's benchmark stock index had its biggest oneday gain in more than three months on Friday, propelled by banking and commercial stocks, while the technology sector got an increase from positive results from U.S. megacaps. The pan-European STOXX 600 index closed 1.2%. greater, notching up a weekly gain of 1.8%, its biggest since. late January. The basket of STOXX 600 banks touched a nine-month. high, helped by a 6.1% jump in NatWest after the British. bank's first-quarter outcomes. Industrials climbed 1.8%, led by a 11.4% leap in. Finnish engineering group Wartsila after. first-quarter order intake and core profit beat price...

South Africa's federal government is scrutinising BHP Group's proposed offer to purchase Anglo American, a spokesperson said, with the offer likely to issue authorities the coming weeks before a general election where the governing celebration's bulk is at danger. The deal worth about $39 billion would involve Anglo leaving its platinum and iron ore assets in South Africa. It might set off big capital outflows and more damage the nation's track record as a location for mining financial investment. Anglo's potential exit would mark the end of a period for a. company established in Johannesburg over a century earlier. South...

Philippine conglomerate DMCI Holdings will acquire cement maker Cemex Holdings Philippines for $305.6 million after months of negotiations, the business said on Thursday. The deal is part of Cemex Asia's broader divestment of its Philippine operations, including full equity in Cemex Asian South East Corporation and subsidiaries APO Cement and Solid Cement, to DACON, DMCI and Semirara Mining & & Power for $ 660 million, minus debt. DMCI said it will acquire all of Cemex Asia B.V.'s shares in Cemex Asian South East Corp, which owns nearly 90% of Cemex Philippines, the nation's fourth-largest cement producer. Cement production will be...

Steelmaker Ternium on Wednesday published a. first-quarter net earnings that edged up 2%, moved by bigger. shipments of steel even as it forecasted that margins could. shrink in the coming months. Ternium, which produces flat steel products for. industrial use, published a net earnings of $491 million while its. net sales increased by about a third to reach $4.8 billion throughout the. quarter. The company's steel shipments during the. January-to-March period, meanwhile, leapt 27% year-on-year to. struck 3.9 million metric loads. Both metrics landed above projections of analysts polled. by LSEG, who had actually estimated profits of $325 million and...

Kazakh miner Eurasian Resources Group (ERG) has rejected accusations it attempted to bypass Democratic Republic of Congo's subcontracting laws designed to increase local ownership in the mining sector, job creation, and benefits to the nation's economy. In a declaration released last week, Congo's federal government accused ERG of passing off 9 subcontracting companies as majority partners with fictitious shares in order to circumvent legislation requiring that Congolese investors own 50% of subcontracting shares. The Regulatory Authority for Farming Out in the Personal Sector, a government body, stated that more than $535 million in sales had actually incorrectly gone to foreign-owned...

Brazil's. government on Tuesday decided to establish import quotas for 11. steel items and to impose higher taxes on them when those. volumes are exceeded, after steelmakers complained about inexpensive. foreign steel flooding the regional market. The relocate to hike import tariffs to 25% will be requested. 12 months on products such as types of rolled steel and pipes,. which currently have import costs of 9% to 12.6%, according to. the decision from state foreign trade body Gecex/Camex. Vice President Geraldo Alckmin informed press reporters the 25% tax. will be imposed when imports of each of these 11 steel products....

Canada has given Jet a waiver to permit it to use Russian titanium in its manufacturing after ending up being the first Western government to ban materials of the tactical metal in the current plan of procedures activated by the war in Ukraine. The move gives Airplane versatility in its Canadian plants and is expected to ease concerns that its core operations could be struck by efficiently banning the import to Canada of European-built long-range jets that rely most greatly on titanium. Russian state-backed VSMPO-AVISMA has actually for years been the industry's biggest titanium supplier. Airbus understands the Canadian government...