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Fossil Fuels

Fossil Fuels

Dutch car-sharing firm adds Renault electric vehicles capable of powering the local grid

This week, MyWheels, a Dutch car-sharing company will add the first 500 Renault EVs that are grid-connected to its fleet. The technology is gaining traction in Europe and the number of cars capable of strengthening power grids has increased. The Vehicle-to Grid technology (V2G) allows electric cars to store energy and deliver it to the grid during times of high demand. It has been around for several years, but it was only recently that the technology became commercially viable. This was due to smart charging and batteries capable of sustaining intensive use. MyWheels' roll-out will be the biggest V2G car...

Fossil Fuels

Britain sells off last NatWest shares after crisis-era bailout

After a 60.59 billion pound ($45 billion) state-funded investment at the height the financial crisis in 2008, NatWest is now fully private. This ends a costly taxpayer-funded investment which reshaped both the lender and the industry. The British government has sold the remaining 1% of its bank shares, according to an announcement by the Treasury on Friday. It had previously sold small blocks over recent years. It held up to 38% as recently as December 20,23. In a press release, Finance Minister Rachel Reeves stated that "nearly 20 years ago, the government intervened to protect millions and businesses from the...

Fossil Fuels

Source: Norway will reject the call for a blanket ban on companies operating in Israeli-occupied territories by wealth funds.

A person familiar with the proceedings said that the Norwegian parliament is set to reject the campaigners' call to instruct its $1.8 trillion fund to boycott companies selling products or services in the occupied Palestinian Territories. The person stated that a majority of the finance committee in the Norwegian Parliament decided to exclude from the fund only those companies which can be connected with the violation international law, and not simply any company that has a presence in such areas. The International Court of Justice ruled last year that Israel's occupation of Palestinian territory was illegal, and that it should...

Fossil Fuels

World Court supports Equatorial Guinea on islands dispute with Gabon

The International Court of Justice (ICJ), which has been resolving a dispute between Gabon and Equatorial Guinea for decades, ruled Monday that Equatorial Guinea had a claim on a group of small islands located in waters potentially rich in oil in the Gulf of Guinea. The ICJ (also known as the World Court) sided with Equatorial Guinea in its final and binding decision. It said that its claim to the islands based upon a 1900 agreement dividing French and Spanish colonial properties in West Africa, should be respected. The court ruled that a 1974 accord on which Gabon had based...

Fossil Fuels

Asian petrochemical producers chase ethane gains as margins dwindle

As they struggle with thin margins and a global oversupply of petrochemicals, executives from several Asian companies said that they plan to reconfigure crackers in order to process more Ethane. This will reduce costs and allow them to take advantage of the rising U.S. supply. SP Chemicals, a Chinese company, and YNCC in South Korea are two of the largest cracker operators. Mitsui Chemicals in Japan is researching the use of ethanol to fuel existing crackers. This change will enable operators to maintain flexibility in their feedstocks, with U.S. exports of ethane expected to increase by about 7% by 2025....

Fossil Fuels

Why Trump's Gulf trillions aren't as big as the headlines

Donald Trump, the U.S. president, concluded his Gulf tour Friday after securing what the White House claims is more than $2 trillion in combined deals for the U.S. It is not clear how that number was arrived at. A total of $700 billion is calculated by adding up all the deals that were announced. Deal inflation is common on major visits, even for a president who prides himself in being an expert at making deals. The trip included large orders for Boeing planes, contracts to purchase U.S. defense equipment, agreements on data and technology, and other contracts. Experts in finance...

Fossil Fuels

RPT-Deutsche Boerse, Euronext step up battle against IPO flight to US

In the face of U.S. competitors, two of Europe's largest stock exchange operators have stepped up their efforts to keep local initial public offering companies. Marketing and research are challenging the perception that New York listed companies command higher valuations. The stock exchanges of Europe and the UK were hit by a lack of IPOs during the last two years. A number of local companies have chosen to float in the U.S. because of its larger pools of capital, and higher valuations. Deutsche Boerse (which operates the Frankfurt Stock Exchange) warns of sluggish post IPO performance, increased costs, and the...

Fossil Fuels

Deutsche Boerse, Euronext step up battle against IPO flight to US

In the face of U.S. competitors, two of Europe's largest stock exchange operators have stepped up their efforts to keep local IPOs. Marketing and research are challenging the perception that New York listed companies command higher valuations. The stock exchanges of Europe and the UK were hit by a lack of IPOs during the last two years. A number of local companies have chosen to float in the U.S. because of its larger pools of capital, and higher valuations. Deutsche Boerse (which operates the Frankfurt Stock Exchange) warns of sluggish post IPO performance, increased costs, and the threat litigation for...

Oil & Gas

US House Republicans try to kill EV loan and tax credit program

As part of a broader tax reform bill, Republicans in the U.S. House of Representatives proposed Monday to kill the electric vehicle credit and repeal fuel efficiency regulations designed to encourage automakers to build more zero-emission cars. The proposal is scheduled for a House Ways and Means Committee Hearing on Tuesday. It would repeal the $7,500 tax credit for new vehicles and the $4,000 credit for used vehicles on December 31, but it would keep the credit for new cars for an extra year for automakers who haven't sold 200,000 electric cars. Genevieve Cullen - the president of the Electric...

Oil & Gas Exploration

Citigroup faces $1 billion lawsuit for alleged fraud by Mexican oil companies

A U.S. court of appeals ruled Thursday that Citigroup will have to face a lawsuit alleging it caused over $1 billion in losses by orchestrating a fraud at the Mexican oil and gas service company Oceanografia. Three judges of the 11th U.S. Circuit Court of Appeals in Miami said that 30 Oceanografia vendors, creditors and bondholders adequately alleged that Citigroup substantially aided the fraud. A lower court judge erred by dismissing this nine-year-old case. Circuit Court of Appeals, Miami, said that 30 Oceanografia vendors and creditors, as well as bondholders, adequately alleged Citigroup's involvement in the fraud. A lower court...

Oil & Gas

Chemical manufacturer Covestro reduces its profit forecast for 2025 and plans to increase local production

Covestro, a German chemical company, cut its core profit forecast for 2025 on Tuesday and announced that it would continue to produce in the same area as it sells. This is because higher U.S. import tariffs are threatening the earnings of the chemical manufacturer. The company has narrowed its range of expected earnings before interest tax, depreciation, and amortization for 2025 to 1 billion to 14 billion euros ($1.13b to $1.59b). The company had forecasted EBITDA to be in the range of 1.0-1.6billion euros. Covestro and LyondellBasell announced that they had both permanently closed their Propylene Oxide Styrene Monomer production...

Oil & Gas

World court dismisses Sudan's genocide case against UAE over alleged Darfur interference

The International Court of Justice dismissed Sudan's claim that the United Arab Emirates were fueling genocide by supplying arms to paramilitary groups in Darfur, saying they lacked jurisdiction. Sudan complained to the U.N.'s highest court that the UAE violated the Genocide Convention in Darfur by supporting paramilitary groups, but the UAE said it should be dismissed. The court agreed with the UAE arguments on Monday, rejected Sudan's demand for emergency measures, and ordered that the case be removed. A summary of the ruling stated that due to the lack jurisdiction, "the court's statute prohibits it from taking any positions on...

Environment

Environment

Eni, a company based in Italy, has launched a demonstration plant for the recycling of mixed plastics

Versalis is the chemical division of the Italian energy company Eni. On Thursday, Versalis unveiled a demonstration facility based on a new technology it has developed for the chemical recycling mixed plastic waste. The "Hoop" technology allows for the conversion of mixed plastic waste to a feedstock which can then be used to create new plastic materials that are suitable for any application, including packaging intended to come into contact with food and pharmaceutical packaging. Eni is reorganizing its chemical division, which has been losing money. The European petrochemical industry is struggling with an oversupply. Eni will build a new...

Environment

Eni unveils plant to recycle plastic waste chemically

Versalis is the chemical division of the Italian energy company Eni. On Thursday, Versalis unveiled a new demonstration plant for the chemical recycling mixed plastic waste based on its proprietary technology. The technology, called 'Hoop,' allows for the conversion of mixed plastic waste to a material which can be used in order to create new plastic materials that are suitable for any application, including packaging intended to come into contact with food and pharmaceutical packaging. The move is part a larger strategy by the state-controlled company to revamp its losing chemical business. The high cost of energy and raw materials,...

Environment

White House official: Trump will sign resolutions that nix California's EV regulations

A White House official confirmed that President Donald Trump would sign three congressional resolutions Thursday, which will bar California's electric car sales mandates as well as diesel engine regulations. This confirms an earlier report, citing auto industry and House aides. Trump signs resolutions of disapproval, under the Congressional Review Act, to block California's landmark proposal to end gasoline-only vehicle sales by 2035. This plan has been adopted and endorsed by 11 states representing a quarter of the U.S. automobile market. Trump will sign a resolution repealing a waiver granted in December by the U.S. Environmental Protection Agency, under former Democratic...

Mining

Mineral Resources

Mineral Resources

Ternium, a steelmaker, wants a stronger USMCA in the face of tariffs

Ternium, an American steelmaker with a large business in Mexico, demanded on Wednesday that the terms of a trade agreement for the region be strengthened ahead of a review. This was despite the current challenges posed by steel tariffs levied by President Donald Trump's government. Why it's important Steel products are subject to a 50% tariff on all shipments from Mexico into the U.S., but shipments from Mexico under the U.S. Mexico-Canada (USMCA), trade agreement, are exempted from tariffs. Last week, it was reported that the U.S. is negotiating with Mexico to reduce or remove steel tariffs for imports of...

Mineral Resources

Argentex, a UK-based company, rejects Lavide’s investment proposal

Argentex announced on Monday that it had rejected a proposal by Lavide Holding NV, based in the Netherlands, to acquire a 50% stake of the British currency risk management company for 2.5 million pounds (3.39 million dollars) and a possible provision of a credit line up to 15 million pounds. The British company refused the proposal because it did not cover the entire share capital or provide sufficient funding compared with an agreement made with IFX Payments. According to LSEG, Lavide has a current market capitalisation worth 3 million euros. Argentex experienced a near-total collapse of value after it halted...

Mineral Resources

US auto suppliers call for immediate action on China's rare earths restrictions

A group of auto suppliers from the United States has called for immediate action in response to China's restrictions on rare earths and minerals, as well as magnets. They warn that the issue can quickly disrupt auto part production. China, which controls 90% of the global processing capacity for rare Earths, used in everything from cars and fighter jets, to home appliances and household appliances, implemented restrictions in April, requiring exporters obtain licenses from Beijing. The new restrictions were imposed after the U.S. and China began a trade dispute following President Donald Trump's tariffs against Chinese imports. The Vehicle Suppliers...

Mineral Resources

How Trump's Trade War is Upending the Global Economy

The tariffs imposed by Donald Trump since his inauguration on January 20, 2017 have sent shockwaves through financial markets, and uncertainty has spread throughout the global economy. This timeline shows the major events: Trump imposes tariffs of 25% on Mexican imports, 10% on Chinese goods and most Canadian imports from February 1. He demands that they reduce the flow of illegal immigrants and fentanyl into the United States. Trump agrees to a 30-day suspension of his tariff threat against Mexico and Canada in exchange for concessions made on border security and criminal enforcement. The U.S. doesn't reach a similar deal...

Mineral Resources

NATO's Rutte assumes that the alliance will agree to a 5% spending target

NATO Secretary General Mark Rutte stated on Monday that, he believes the alliance will agree to an overall defence spending target at 5% of their gross domestic product when they meet in The Hague for a summit next month. Rutte, speaking at the NATO Parliamentary Assembly meeting in Dayton, said: "I expect that we will reach an agreement in The Hague on a target for a high defense spending of 5%." He added: "Let's assume that 5% of the total hard spending is a target. I won't say how it breaks down, but the amount will be north of 3%....

Mineral Resources

Top EU exports most at risk from Trump's new duties

U.S. president Donald Trump threatened again on Friday to intensify his trade war. He recommended a 50% tariff for goods from the European Union starting on June 1, sending European stock prices crashing. Eurostat reports that the United States will be the bloc's largest export partner by 2024, accounting for 20,6% of all exports. According to data, the most important export group of the EU to the U.S. in 2024 was pharmaceuticals, followed by motor cars, aircrafts, and related equipment. Germany was the third largest exporter to the United States of the EU, with 161 billion euro worth of goods....

Mineral Resources

French and Benelux stocks: Factors to watch

Here are some company news and stories that could impact the markets in France and Benelux or even individual stocks. ARCELORMITTAL Bloomberg News, citing an individual familiar with the deal, reported that Aditya Mittal is the CEO of the steelmaker and will invest $1 billion into a group buyout of the Boston Celtics. EURONEXT It announced on Thursday that the stock exchange operator had placed convertible bonds until 2032, totaling 425 million euro ($481.14million), at a fixed coupon of 1.5% annually. The group of real estate investors announced Thursday that it had completed an bond buyback totaling 265 million euro....

Mineral Resources

India's imports of finished steel fell 11.3% in April due to slow China and Japan shipments

India's steel imports in April fell by 11.3% on an annual basis to 0.5 millions metric tons, following a drop in shipments to India from China and Japan. India, which is the second largest crude steel producer in the world, imposed in April a temporary tariff of 12% on certain steel imports. This was locally known as "a safeguard duty" to stop a rush of cheap shipments, primarily from China. The shipments of finished steel from China in April fell by 26.5% to 0.1 metric tons. The data revealed that imports from Japan fell to 85,600 tons, a 60% drop...

Mineral Resources

The European First-Quarter Corporate Profits are expected to rise 1.9% from the last estimate

The latest earnings estimates showed that the outlook for European corporate health is improving. According to data from LSEG, European companies will report an average increase of 1.9% for their first quarter earnings. This is better than the 0.4% analysts had predicted a week earlier. This improvement comes after 59.6% STOXX600 companies have already exceeded analyst expectations in the first quarter. LSEG data shows that at the time of Donald Trump's inauguration, in January, forecasts called for a 3.5% rise in earnings for the first quarter. However, this was reversed following Trump's announcements on tariffs in April, with expectations of...

Mineral Resources

Ford withdraws its guidance and warns that Trump's tariffs will cost it $1.5 billion

Ford Motors suspended its annual guidance Monday due to uncertainty surrounding U.S. president Donald Trump's new tariffs. The company said the levies could cost it about $1.5 billion before taxes and interest in adjusted earnings. The Dearborn, Michigan, automaker forecasted earnings before taxes, interest, and other expenses of between $7.0 billion and $8.5 billion by 2025. This forecast does not include tariffs. Ford's Chief Financial Officer Sherry house said that the company is on track to achieve this guidance, even if tariffs are not a factor. House stated, "We focus on managing what we can control." Ford executives have said...

Mineral Resources

Aperam anticipates a recovery of earnings in the second quarter

Aperam, a Luxembourg-based steel company, said on Wednesday that it expects to see its adjusted profits grow and its debt decline sequentially in its second quarter after a quarter affected by lower shipments from Brazil and price pressures. The group stated that the purchase of Universal Stainless in January should support this. Universal strengthens and stabilises our earnings It also means that generating cash to pay dividends and reduce leverage is now our top financial priority," CEO Timoteo Di Maulo said in a press release. Aperam reported adjusted earnings before taxes, depreciation, and amortization (EBITDA), of 86 millions euros ($97.80)...

Mineral Resources

Tesla sales drop 28.2% in March as European car sales increase

According to the European Automobile Manufacturers Association's (ACEA) data, Tesla new car sales in Europe fell 28.2% from a month earlier. However, overall sales of battery-electric vehicles rose 23.6% during the same period. The data shows that total new car sales in Europe increased 2.8% during the month. This was boosted by double-digit increases in Britain and Spain. Why it's Important Tesla's drop in sales in Europe is a sign that some drivers are turning away from Elon Musk's brand of electric cars as the competition with China increases and others protest his political views. While European carmakers also face...