Latest News
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TotalEnergies and Bahrain's Bapco Energies form Middle East Trading Venture
TotalEnergies, the French oil giant, announced on Wednesday that it had?formed BxT Trading a joint venture with Bahrain's Bapco Energies. The Middle East-focused venture is expected to trade products from Bapco’s Sitra refinery, which produces 267,000 barrels per day. The partnership builds upon a 2024 agreement?underwhich Total agreed to expand and modernise the?Sitra refinery to reach a throughput capacity 380,000 barrels per d?ay and to share its trading expertise. It also explored options to partner with Bahrain in projects involving renewable energy and liquefied gas. Bapco announced in December a new increase of capacity to 405,000 bpd. In a recent statement, Bapco Energies chairman Shaikh Nasser bin Hamad Al Khalifa said, "Through our partnership with TotalEnergies, we are strengthening our downstream value chain, and reinforcing Bahrain’s position as a trusted and competitive player on the international energy market." Patrick Pouyanne, CEO of TotalEnergies, said that the joint venture would strengthen Total's Middle East position Two executives signed a contract in Abu Dhabi on Tuesday. (Reporting by America Hernandez in Paris. Mark Potter (Editing)
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TotalEnergies sells its SPDC assets in Nigeria to a new buyer
By America Hernandez PARIS, January '14 - French giant TotalEnergies signed an agreement to sell its 10% non-operated stake in the Nigerian oil asset SPDC (renamed Renaissance JV) to Vaaris. This follows a failed sale to Mauritius based Chappal Energies last year. Total retains a 'full economic interest in the?deal, which includes stakes of three other licenses that produce mainly?gases for Nigeria LNG. The company did not provide any further information on the buyer. The inability of the buyer to pay the $860 million price tag was the reason why Nigerian regulators rejected Total's first deal with Chappal Energies for the SPDC stakes. This dealt a serious blow to Total's attempts to liquidate its mature and polluting assets, as well as to reduce debt. The SPDC was plagued by hundreds of oil spills due to theft, sabotage, and operational problems that resulted in costly repairs?and high profile lawsuits. Shell sold its 30% share in SPDC to a consortium made up of mostly local?companies last year for up $2.4 billion. Nigerian National Petroleum Corporation, or NNPC, holds a?55% stake in the joint venture while Eni of Italy has 5%. The Nigerian regulators must approve the deal. Reporting by America Hernandez, Editing by Jan Harvey & Tomasz Janowski
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Copper prices rise as concerns over supply outweigh dollar strength
The price of copper peaked on Wednesday as global supply concerns, mounting geopolitical risk and a stronger dollar outweighed the pressure. The Shanghai Futures Exchange's most-traded contract for copper closed the daytime trading session 0.85% higher, at 104120 yuan per metric ton, after reaching an all-time record of 105650 yuan. The benchmark three-month copper contract on the London Metal Exchange rose 0.58% at $13,240 per metric ton as of 0743 GMT after hitting a record high earlier. The price of copper has been supported by "disruptions" at mines, concerns about deficits in this year and an influx of red metal into the United States. Supply elsewhere is being squeezed by potential tariffs. Donald Trump, the U.S. president, said on Tuesday that help was on its way for Iranians. Analysts say that this fueled concerns about geopolitical risk, which led some investors to rush into commodities with "healthy fundamentals" such as copper or tin. A stronger dollar has capped the price increases. The tin price in Shanghai and London has also reached record levels, with gains so far this month of 23,6% and 30,4% respectively. Analysts say that more funds have been invested in the tin industry, as investors bet on the rapid growth of demand for this metal which is used to manufacture semiconductors and will?benefit the artificial intelligence boom'. SHFE tin increased 8%, reaching the upper limit of 413,170 Yuan. LME tin rose?more than 5 % to $52,495. Jing Xiao is an analyst with broker SDIC Futures. She said that she does not believe there has been a dramatic shift in tin fundamentals. The round of 'price rally' was driven by speculative trade. Xiao stated that the demand for tin in 'the AI sector was overestimated, while the consumption of traditional 'users were underestimated. The high prices of the products have dampened consumer demand, while this year's supply growth will probably exceed expectations. This points to potential downside risks." SHFE aluminium slipped 0.06%. Nickel slipped 0.11%. Lead dipped by 0.17%. Zinc grew by 0.51%. Aluminium, nickel, and lead are among the other metals traded on the LME.
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Silver cracks $90 in Fed rate cut betting
Silver broke the $90 barrier for the first time and gold reached a new record on Wednesday, after softer than expected U.S. inflation data fueled bets that interest rates would be cut amid geopolitical uncertainties. Gold spot rose 1%, to $4,632.03 an ounce, as of 0715 GMT. It had earlier reached a session high of $4.639.42. U.S. Gold Futures for February Delivery rose by 0.9% to $4639.50. Silver spot jumped by 3.6%, to $90.11 per ounce. It has risen nearly 27% this year. Tim Waterer is the chief market analyst at KCM Trade. He said that "U.S. Consumer Price Index numbers showed?that inflation remained largely contained (year-on year)" and that risk assets might be hoping for a similar benign Producer Price Index reading to keep expectations for further monetary easing alive. Core CPI in the U.S. rose 0.2% from month to month in December. This was below analysts' expectations for a 0.3% increase m/m, and 2.7% year-over-year. The U.S. core PPI data will be released later today. U.S. president Donald Trump welcomed inflation figures and reiterated his call for U.S. Federal Reserve chair Jerome Powell, to reduce interest rates "meaningfully." Powell received the support of top Wall Street bankers and global central bankers on Tuesday, following news that the Trump administration had decided to investigate him. Former Fed chiefs also condemned the government's decision. Analysts claim that concerns about the dollar and Fed independence, as well as trust in U.S. assets such as the dollar, have contributed to safe-haven demands. Investors anticipate two rate cuts of 25 basis points this year, the first one in June. Gold is traditionally favored by low-interest rate environments and geopolitical/economic uncertainty. ANZ said in a Wednesday note that it expects gold prices to rise above $5,000/oz by the first half 2026. Silver's next milestone will be $100, and Brian Lan, managing director of GoldSilver Central, believes that this metal is likely to see high gains in percentage terms. After touching a week-high, spot platinum rose 2.7% to $2.386.60 an ounce. It hit a record $2,478.50/oz on December 29. Palladium rose 0.8% to $1,854.70 an ounce. Ishaan arora reported; Mrigank dhaniwala, Harikrishnan Nair and Rashmi aich edited.
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Nestle CEO apologizes for instant formula recall
Nestle CEO Philipp Navratil apologized?over the recall of certain batches of 'the?firms infant nutrition products in dozens of -countries. This was a new blow for the Swiss consumer goods company after a difficult 2025. "Before I go into more detail about the situation, I want to sincerely apologize for any worry or disruption this may have caused our customers, our caregivers, and parents," Navratil stated in a video released by the 'company. Navratil announced that all recalls had been made. According to the CEO, there are no confirmed illnesses linked to products. The recall has increased the 'pressure' on KitKat and Nescafe makers and their new CEO Navratil. Navratil is trying to revive growth by a re-evaluation of its portfolio after management changes. Navratil stated that the 'firm confirmed a concern about quality?at an of its factories located in the Netherlands in December and 'began a preventative recall in several European countries, where the products affected were sold. (Reporting and editing by Ludwig Burger.)
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Greenland has rich mineral resources that are largely untapped.
After President Donald Trump's recent announcement, the Danish and Greenlandic Foreign Ministers will meet U.S. Secretary of State Marco Rubio and Vice President JDVance on Wednesday. Threats escalated Greenland is a?takeover'. Autonomous territory of Denmark Greenland's strategic location and mineral resources could prove useful to the United States. Greenland is home to 25 out of the 34 minerals that European Commission deem "critical raw materials". Greenland has banned the extraction of natural gas and oil for environmental reasons. The development of its mining industry is encumbered by red tape and resistance from indigenous people. Here are the main Greenland mineral deposits, according to data provided by its Mineral Resources Authority. RARE EARTHS Gardar, located in southern Greenland, is home to three of the largest deposits. Energy Transition Minerals' Kuannersuit Project is currently stalled due to legal disputes. Permanent magnets in wind turbines and electric vehicles (EVs) are made from rare-earth elements. GRAPHITE Many localities in the island have reported finding graphite or graphite schist. GreenRoc has requested an exploitation licence to develop the Amitsoq project. Natural graphite is mainly used in EV Batteries and Steelmaking. COPPER The?Mineral Resources Authority states that most copper deposits have only been the subject of limited exploration. It said that the areas of Greenland in the northeast and centre-east are particularly interesting because they have not been explored. The London-listed company?80 Mile wants to develop the Disko Nuussuaq Deposit, which contains copper, nickel and platinum. NICKEL Mineral Resources Authority reports that nickel deposits are widespread. Anglo American, a major miner, was awarded an exploration license in Western Greenland for 2019 and is looking to find nickel deposits among other things. Zinc is mainly found in the northern part of the country in a formation geological that extends over 2,500 km (1.550 miles). The Citronen Fjord project was touted as the largest undeveloped zinc resource in the world. Around the Sermiligaarsuk Fjord, in the south of the country, are the most promising areas for gold. Amaroq Minerals opened a gold mine in Mt Nalunaq, in the Kujalleq Municipality last year. DIAMONDS Although the majority of the small diamonds and largest stones can be found on the west coast, their presence may also be important in other areas. IRON ORE There are deposits at Isua, Itilliarsuk, and North West Greenland along the Lauge Koch Kyst. TITANIUM-VANADIUM The southwest, east and south are known to have deposits of vanadium and titanium. Vanadium is used primarily to make specialty steel alloys. Titanium, on the other hand, is used in commercial, industrial and medical applications. Vanadium pentoxide is the most important vanadium industrial compound. It's used as a catalyst for the production sulfuric acid. TUNGSTEN The tungsten deposits are located mainly in the northeast and central part of the country. URANIUM The Kuannersuit project, which produces uranium byproduct, was effectively stopped in 2021 when the Inuit Ataqatigiit, the ruling left-wing party, banned uranium.
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Ducks end nine-game losing streak by defeating Stars
Chris Kreider's game-winning goal helped the Anaheim Ducks snap a nine-game loss streak by beating the Dallas Stars 3-1 on Tuesday night. Lukas Dostal, who made 24 saves, also had Beckett Sennecke as well as Jacob Trouba. The Ducks snapped their 0-8-1 streak and won two of the three meetings they had with the Stars in this season. Anaheim's (2-9-2) only win in 13 games was on Tuesday. Roope Hintz scored for?the Stars who have lost their first four games in regulation (2-1-1). Casey DeSmith made 22 saves. Dallas, who defeated the Los Angeles Kings by 3-1 on Monday night, fell to 6-2-0 after the second half of two consecutive games this season. The Stars have won six of their nine previous visits to Anaheim. Hintz brought the Stars to within one goal with 2:12 left in the third period by one-timing Matt Duchene's feed. But that was the closest Dallas could get. Trouba has added a blank-netter to the 19:39 time. Sennecke smashed a backhander into the net at 12:03 in the third period. At 3:35 in the middle frame of the game, Kreider scored by snapping a shot-blocker?side past DeSmith. Anaheim led Dallas in first-period shots 12-7. The Stars have been unable to score with the man-advantage in the last four games. The team said that Stars' defenseman MiroHeiskanen was absent from the game because of a family issue. Leo Carlsson, Ducks' forward (lower-body injury), and Cutter Gathier (illness), missed Tuesday's?contest. Troy Terry (upper-body) missed his third consecutive game. The Ducks will play a two-game series with the Kings starting Friday in Los Angeles. The Stars will conclude their six game road trip on Thursday in Utah. Field Level Media
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Silver cracks $90 in Fed rate cut betting
Silver surpassed the $90 mark for the first time, and gold climbed to a new record on Wednesday, after softer than expected U.S. inflation data fueled bets that interest rates would be cut amid geopolitical uncertainties. As of 0525 GMT spot gold was up 1% at $4,633.40 an ounce, after reaching a session high of $4.639.42. U.S. Gold Futures for February Delivery rose by 0.8% to $4640.90. Spot silver rose 4.2% to $90.59?per ounce, after breaking through $90 for the very first time. It has already risen nearly 27% this year. "U.S. CPI figures showed that inflation was relatively contained at 2,6% (year-on year), and risk assets might be hoping for an equally benign?PPI to keep expectations alive of further monetary policy ease," said Tim Waterer. The U.S. core Consumer Price Index increased 0.2% from month to month and 2.6% annually in December. This was below analysts' expectations for 0.3% and 2.7% increases, respectively. The U.S. core Producer Price Index for December will be released later today. U.S. president Donald Trump welcomed inflation figures and reiterated his call for Jerome Powell, the U.S. Federal Reserve chairperson to "meaningfully" cut interest rates. Powell was backed by the global central bankers and Wall Street bank CEOs on Tuesday, after former Fed officials condemned Trump's decision to probe him. Analysts claim that concerns about Fed independence and trust in U.S. asset added to the demand for yellow metal as a safe-haven. Investors anticipate two rate cuts of 25 basis points this year. The earliest is expected in June. In a low interest rate environment, and when there is geopolitical or economic uncertainty, non-yielding investments tend to perform well. ANZ said that it expects gold prices to rise above $5,000/oz during the first half of 2026. Brian Lan, managing director of GoldSilver Central, believes that silver will likely reach $100 this year and sees a two-digit increase in the price. Other than that, the spot price of platinum rose 4%, to $2,415.95 an ounce. This is a new high for a week. It hit a record $2,478.50/oz on December 29. Palladium rose 3.3% to $1,899.44 an ounce. (Reporting and editing by Rashmi aich, Mrigank dhaniwala and Ishaan rora)
China's trade with Russia in 2025 is the first to decline since 2005
China's trade in 2025 with Russia has dropped from its record high in 2024, according to data released by China on Wednesday.
Trade totaled 1.63 trillion yuan (approximately $234 billion). The decline was due to a fall in demand for?Chinese vehicles? in Russia and a decrease in the value China's imports from Russia crude oil.
China is providing a lifeline for Russia's economy after it was sanctioned following the invasion of Ukraine by Russia in February 2022. It has bought Russian coal, oil and gas, and sold goods from cars and electronics to its northern neighbor.
China's General Administration of Customs data showed that in 2025, two-way trade was down 6.5% on a record of 1.74 billion yuan from 2024.
The decline ended four years of growth. In 2020, COVID-19-related disruptions to trade caused the last drop.
Last year, Chinese exports to Russia dropped 9.9% while imports from Russia declined 3.4%.
In dollar terms the bilateral trade value reached $228.9 billion, down 6.9% on an annual basis.
China's exports to Russia increased by 2.2% in December, ending an eight-month slump, while imports grew sharply at 17.1%.
RUSSIA EARNS LESS FROM CRUDE SUPPLIES as prices fall
The most recent data only provided headline figures for two-way trade. Later, a more detailed breakdown of the two-way trade will be published.
Calculations show that in the first 11 month of 2025, the value of China’s crude oil imports fell by 19.6%, to 328.5 billion Yuan, from the same period of 2024. This was due to falling oil prices.
According to the China Passenger Car Association (CPCA), China's volume of vehicle exports to Russia fell by 46% between January and November, despite Moscow raising its tax on Chinese vehicles that were flooding the Russian market.
Russia is trying to reverse the decline in bilateral trade. In September, when Russian President Vladimir Putin toured?Beijing, the two countries signed more than 20 agreements on energy, agriculture, artificial intelligence, and aerospace.
The two strategic partners have also given their blessing to the Power of Siberia 2 pipe, which will one day be able to deliver 50 billion cubic metres of Russian gas per year through Mongolia. This gas comes from the Arctic gas field of Yamal. Reporting by Beijing Newsroom, Editing by Neil Fullick.
(source: Reuters)