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Braskem, a Brazilian company, seeks protection from the court in its debt negotiations; shares fall
Braskem, a Brazilian petrochemical company, has begun mediation and is seeking court protection for debt talks. The company announced this in a filing on Thursday. This sent its shares down more than 7 percent. Braskem stated that the'measures', which only involve financial creditors, aim to rework its capital structure, and don’t affect its operations. It also added that its board had approved potential protection measures abroad. It said that obligations to customers, suppliers and other stakeholders are still in place and will be met as per existing contracts. Braskem revealed previously confidential documents shared with certain bondholders, lenders and other stakeholders, which outline terms discussed during a possible restructuring. After exchanging proposals, it said that no agreement had been reached with creditors. Braskem's proposal included an out-of court restructuring in Brazil, and envisaged a new committed credit line up to $1.5billion to support liquidity. This would include about $1.3billion of eligible existing exposures as well as an additional $200m commitment. The document shows Braskem’s debt service profile of $3.7 billion between July 2026 and December 2027. This is followed by a bond maturation in 2028. A further $1.3 billion is due in January 2020. Braskem's business plan estimates a net revenue of $15,5 billion in 2026, and earnings before taxes, depreciation, and amortization at about $2.2 billion. The company stated that the projections were hypothetical and solely intended for restructuring discussions. It added that the company remains committed to finding a solution with its creditors and maintaining normal business operations. UBS BB analysts stated that Braskem's road to a solution for liquidity is uncertain and could involve dilution of minority shareholders. Shares of Braskem listed in Sao Paulo were down by more than 7% on Thursday. This stock was the worst performing on Brazil's benchmark index of stocks, which rose?0.7%. Shareholder Changes Earlier in the month, the private equity firm IG4 through its Shine Fund became Braskem’s co-controlling shareholders with a voting stake of 50.1%, previously held by Novonor. Petrobras, the state-owned oil company, holds 47%. Braskem has had difficulty negotiating a restructuring out of court with creditors. The gross corporate debt of Braskem was $9.4 billion at the end March. This included a drawdown from a standby line credit in October 2025. Its adjusted?net debt stood $8.5 billion. Shareholders approved changes to Braskem’s bylaws in early March. The board can now decide whether to file for an out of court restructuring or, in emergency cases, request bankruptcy protection. Reporting by Paula Arend Laier, Isabel Teles and Louise Heavens; Editing and proofreading by Chizu Nomiyama, Paul Simao and Louise Heavens
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French court orders TotalEnergies to address climate risks associated with its products
A Paris court on Thursday ruled that French oil giant TotalEnergies had to disclose climate risks associated with emissions from its oil products and present plans to mitigate them. The decision is a partial win for climate change NGOs who are trying to apply France's duty of vigilance corporate law from 2017 to climate change. The?court did not order any specific measures, such as limiting exploration and production overseas or setting binding emission?reduction targets. In recent years, climate litigation against oil giants has had mixed results. The Netherlands Supreme Court is currently reviewing a landmark Dutch ruling that ordered Shell to reduce emissions. Plan Updated "Climate risk?to which companies can contribute through their activity is within the scope of duty?of surveillance... "Climate risks to which companies can contribute by their activity are within the scope of the duty?of vigilance... TotalEnergies is required to submit an updated vigilance program for court review within?six month. The company didn't immediately respond to a question about whether it will appeal. It said earlier on Thursday that it didn't 'believe the law should be applied to climate risks, and argued that it shouldn’t be held responsible for so-called Scope 3 emission -- those generated by customers using its fuel products. A coalition of Association SHERPA and Notre Affaire a Tous along with France Nature Environnement - and the City of Paris - filed the case 2020. They argued that TotalEnergies’?oil & gas business is in conflict with climate goals, and it breaches the duty to identify and prevent environmental harm. SHERPA didn't immediately respond to a comment request. In?2023, the?suit was declared inadmissible. However, this decision was reversed on appeal. As an interested party, French prosecutors argued that the duty of vigilance was not meant to cover climate changes. (Reporting by America Hernandez in Paris. (Editing by Inti and Mark Potter.
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Hormuz flow increases and oil curve indicates a near-term glut
Analysts said that price data shows that a short-term glut pushed oil futures to levels seen before the war, as Middle East exports increased. But returning demand and slow normalisation of the market could tighten it next year. Brent futures for August traded at around $73 per barrel on Thursday. This was their lowest price since February 27. They were also 41 cents lower than September futures. Contango, or the price of a contract that is lower than another contract, indicates a large supply on the market. The reopening of Strait of Hormuz caused a'mini tsunami' that has changed the market. Instead of missing barrels, the market is now choking on barrels. In the short term, the focus will be on the wall of barrels in front of us and how long it will take to absorb them," said Ole Hansen of Saxo Bank. SHORT TERM PRICE GLU The front-month structure entered contango for the first since the end of the war on Wednesday, after a temporary?U.S.Iran agreement to end the?conflict between the two countries and reopening the Strait of Hormuz. This route carries a fifth of the daily global oil supply. Bjarne Shieldrop, SEB analyst, said that a drop in Chinese imports and weak demand have also affected prompt prices. The reopening Hormuz has released supply more abruptly than in the past. Chris Wright, U.S. Energy secretary, said that 20 million barrels have left the strait over the last 24 hours. Long Road to Recovery The current curve is a dramatic change from the'very steep backwardation' seen during the height of crisis in April when Brent front-month?hits $126.41 per barrel. Backwardation -- where?prompt contracts trade above futures -- usually signals a tightening market. The curve indicating that the glut could be temporary is still in reverse. Schieldrop stated that more?tankers leave Hormuz to load new cargoes than enter to do so, as shippers remain wary of geopolitical risk, which will take some time to normalise. Rebuilding depleted inventory could also help to rebalance the markets?into next years. Soni Kumari, an ANZ analyst, said: "Replenishing inventories is a major part of the demand in the future, and we see it continuing into 2027."
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US Supreme Court scales back Roundup cancer lawsuits
The U.S. Supreme Court has ruled that Bayer did not fail to warn its users about the cancer-causing active ingredient in Roundup weedkiller. This is a significant legal victory for the German 'company. In a 7-2 ruling, the justices overturned a Missouri jury verdict awarding $1.25m to John Durnell who claimed he had been diagnosed with non-Hodgkin lymphoma following years of exposure. The Supreme Court agreed that Bayer's argument that the U.S. pesticide law prohibits state-law claims of failure to warn from being heard in court was correct. Bayer was backed by the administration of President Donald Trump in this case. Bayer purchased Roundup in 2018 as part of the $63 billion acquisition of Monsanto, an agrochemicals company. Bayer acquired Roundup as part of its $63 billion purchase of agrochemical company Monsanto in 2018. Bayer was already forced to remove glyphosate in its consumer version Roundup due to the?torrent litigation. Bayer claimed before the Supreme Court's ruling that a favorable decision could end the Roundup litigation. In April, the?Supreme Court heard argument in this case. The U.S. Supreme Court's decision is good news for scientists, farmers and industries who depend on clear regulations to innovate. After nearly a decade of legal fights, it should be able to significantly reduce the Roundup litigation. The ruling will result in the dismissal and future barring of failure-to warn claims, said Tino Andresen, a spokesperson for the company. The company stressed throughout the lawsuit that the U.S. Environmental Protection Agency found repeatedly?that cancer is not caused by glyphosate and approved their product labels without warning. Bayer, facing billions in potential liabilities, announced in February that it would propose a $7.25 billion agreement to settle tens of thousands of existing and future lawsuits. According to the company, the settlement will not affect claims arising from appeals pending or outside of the deal. It said that the settlement would not affect claims arising from pending appeals or outside of the deal. "A DISASTER for Public Health" Environmental activists and other critics criticized Thursday's court ruling. "The Supreme Court has once again sided with the big business against the people and environment. "Today's ruling is disastrous for public health," Tarah Heinzen said, the legal director of advocacy group Food and Water Watch. Kelly Ryerson, coexecutive director at advocacy group American Regeneration, and Make America Healthy Again activist, who uses the social media handle "The Glyphosate Girl" to post on Facebook, said: "The harm caused by this decision will perpetuate cancer, infertility, and chronic diseases for generations to follow." The dispute is centered on the Federal Insecticide, Fungicide and Rodenticide Act (or FIFRA) of the United States, which governs the labeling and sale of pesticides and prohibits states from imposing different or additional requirements. To protect the environment and health, this measure bans pesticides with "misbranded labels" that do not contain adequate warnings. Bayer argues that Durnell’s claims are preempted under this law. The EPA approved labels repeatedly without a cancer warning demonstrating 'that these products aren't misbranded,' the?company stated. Labels cannot be changed substantially without approval from the agency. Durnell's attorneys said that despite Roundup's registration by the EPA, the label could still be challenged for being misbranded. Durnell's lawyers also claimed that Durnell's claims were not preempted by Missouri state law, which requires products to adequately alert consumers of potential dangers. Durnell filed a lawsuit against Monsanto at the Missouri state court level in 2019. He claimed that?it did not warn users about the dangers of Roundup and Glyphosate. He was diagnosed with non-Hodgkin's lymphoma (a cancer that begins in white blood cells), a rare, aggressive form. The disease, which began in 1996, was attributed to his exposure to Roundup. According to court documents, he was the "spray man" for about 20 years, spraying Roundup in local parks without wearing protective gear. In 2023, a jury found in Durnell's favor. A state court of appeals upheld this verdict in 2025. Activists with the "Make America Healthy Again", a movement that supports Trump's Health Sec. Robert F. Kennedy Jr., have criticised the Trump administration's backing of Bayer. A number of groups from the agricultural and crop farming industries also supported Bayer. Durnell was supported by several environmental, farm worker, and public health organizations.
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India increases LPG supply to industries, says government
India has increased the supply of liquefied?gas to non-household consumers and lifted caps on various 'commercial sectors' after increased availability. The government stated that the restoration of LPG supplies follows recent improvements in supply. India has restored 50% of LPG?supplies for commercial and industrial customers who had their allocation?suspended. The government announced that the South Asian nation had also decided to increase its supply of propane, butane and other molecules used in petrochemical manufacturing. India used to import 90% of its LPG from Middle Eastern producers before the conflict. The closure of the Strait of Hormuz impacted those supplies, forcing India diversify their purchases, increasing imports from U.S. India’s LPG exports to the U.S. will reach a new record in June. The?government? stated that the nation decided to?produce at least 40,000 tons of LPG daily. India has curtailed LPG supply to certain industries and commercial consumers due to disruptions. It prioritised the sale of LPG to households. LPG is used as a cooking fuel in India. It's a mixture of propane and butane. The government also instructed petrochemical manufacturers to divert feedstock from them to refiners in order to maximize local LPG production.
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Ashura is a time when Iranian pilgrims pay tribute to their fallen soldiers
Photos of loved ones who died in the war against the U.S. Iranian pilgrims and Israelis travelled to the Iraqi holy city of Karbala in order to commemorate Ashura - the 'holiest day' on the Shiite Muslim calendar. Ashura is celebrated on the 10th of Muharram (the first month in the Islamic calendar) and commemorates the death of Imam Hussein in battle, 680, in Karbala. This year, the annual mourning ritual has taken on a special significance. At least 3,000 people were 'killed' in Iran prior to the fragile ceasefire that took place in April. The U.S. signed a framework agreement with Iran this month in order to end the conflict. The faces of mourners could be seen amongst the black banners and flags of Ashura as crowds moved through the streets in preparation for Thursday's commemorations. A woman in the crowd clutched the?portrait Ayatollah Ayatollah Khamenei who was killed the first day of?war on February 28. An Iranian flag with his?portrait fluttering through the crowd. In addition, dozens of Iranians were killed in attacks against Israel,?U.S. The Gulf States and U.S. bases were also targeted by the Iranians. Ashura is celebrated by Shi'ite Muslims around the world every year in Karbala. The Imam Abbas shrine was filled with worshippers who participated in mourning processions. They beat drums, and even performed ritual self-flagellation to show their grief. Reporting by Ahmed Saeed, Writing by Yomna ehab; Editing and proofreading by Milla Nissi - Prussak and Alison Williams
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Sources: Russian refinery NORSI shut down after drone attack
NORSI, Russia’s fourth largest oil refinery, and the second largest gasoline producer, suspended operations after an?Ukrainian?drone attack on Wednesday. This move is likely to worsen fuel shortages across the country, according to?two sources in industry? on Thursday. Ukraine has said that its campaign of drone strikes against Russian energy installations is aimed at reducing a major source of funding for war and bringing the conflict closer to Russians. The President of Russia, Vladimir Putin, has stated that such attacks on civil infrastructure are meant to create a rift among the populace. Sources said that the attack at NORSI damaged CDU-5, a primary?refining?unit. The unit's capacity is 12,000 metric tonnes per day, or about a quarter of NORSI's production capability. The refinery may use other units in the near future to restart operations. Lukoil did not respond to a comment request. SPIMEX (the St. Petersburg International Mercantile Exchange) has halted the sale of gasoline and diesel from NORSI - starting on Wednesday. Gleb Nikitin, the Governor of Nizhny Novgorod Region, said in a Telegram message on Wednesday that a 'industrial facility was damaged by falling debris from drones and two people were killed. He did not identify the facility. The refinery is located near Kstovo, in the Nizhny Novgorod Region about 450 km east of Moscow. The plant has the capacity to process 15 million tonnes of crude oil per year, and can produce 500,000 tons bitumen, 5 million tons gasoline, and more than 5 million gallons of diesel. Reporting by Mark Potter Mark Potter (Editing by Mark Potter).
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France urges World Bank to keep climate targets
The French development minister made an 11th-hour appeal to the World Bank on Thursday. He urged it to "resist the pressure of its largest shareholder, the United States, and stick to a climate financing target that is due to expire at the end this month. The U.S. administration of President Donald Trump has asked the World Bank to abandon its target to dedicate 45% to climate-related lending and instead focus on core development, including a resurgence in fossil fuel projects. CCAP (Climate Change Action Plan) has been extended for a year, but many Europeans and other World Bank investors are concerned that it will expire without a clear replacement. Eleonore Caoit, France's Development Minister, said that as shareholders of these institutions it was our responsibility to make sure their operations were sufficiently ambitious in terms of climate finance. "And, of course, this is the case when other shareholders have a different?view on climate as it 'is now," Eleonore Caroit said, referring the U.S. government of Donald Trump. The directors of the United States, Japan, India and Saudi Arabia declined to sign the statement. FRANCE WILL CONTINUE TO PROMOTE Caroit. The train from Paris to London was delayed due to track problems caused by the record European temperatures. Shareholders who are supportive will "remain very attentive" as to what happens next. She said that she would continue to advocate for the correct direction of the World Bank Climate Change Action Plan. This is something that we have been doing in Washington and will be doing in Bangkok, in a few month's time, when referring to mid-October's annual meetings of the World Bank and IMF. She emphasized how U.S. resistance had stalled other global environmental 'initiatives', including the Plastics Pollution Treaty since Trump returned to office. "We shouldn't abandon. Caroit stated that we should keep focusing on the countries who want to continue, and make sure this produces results. She added that climate-related catastrophes are expected to increase in frequency due to global warming. "We must send a clear message to all countries, and to all economic players, especially in this time of backlash in certain countries." (Reporting and editing by Barbara Lewis; Marc Jones)
EU climate chief: 'Spectacular electric car sales' weaken the pressure to drop combustion engine ban
The European Union's planned combustion engine car ban is being weakened by a "spectacular" rise in sales of electric cars, said the EU's climate commissioner on Thursday as governments revealed their differences over the policy.
After pressure from Germany, Italy and the auto industry, the European Commission proposed last year a rollback on the EU's effective prohibition of new combustion engine cars starting in 2035. Instead, the target was changed to a reduction of 90% in emissions.
Some have said, both member states and the European Parliament: "Isn’t this a signal that the status-quo was already sufficient? "Isn't this a sign that the status quo was already good enough?" Some have indeed said, both member states and the European Parliament.
Hoekstra stated that "the numbers are truly impressive... The electric vehicle sales in particular, especially the three biggest?markets but also secondhand, (are) really very?impressive."
In recent months, electric vehicle sales have soared in certain countries as the U.S./Israeli war against Iran has pushed up fuel and oil prices.
Data from the non-profit International Council on Clean Transportation shows that EV sales in Germany, Europe's largest market, increased by 39% last year compared to May 2025. France (93%), Italy (85%), and Poland (26%), all experienced large sales increases year-on-year.
The EU is now in the process of negotiating a proposed rollback. It could still be amended.
Diplomats said that countries were divided -- some wanted to make a'smaller change to the CO2 car rules, while others wished to make it weaker than what Brussels proposed. It was unclear which side would win.
Germany and Italy called on the EU to soften its ban on combustion engines, in Italy's case, to allow more vehicles to be powered by biofuels rather than relying solely?on electric cars that emit no CO2.
The meeting heard from Italy's Environment Minister,?Vannia GAVA.
France and Sweden were among the countries that defended the combustion engine?ban. They warned that a weakening of it would delay urgently required investments to help European electric vehicle manufacturers remain competitive.
Monique Barbut, French Climate Minister, said that a weakened policy in the wake of the energy consequences of the Iran War would send a "terrible message". (Reporting and writing by Kate Abnett; editing by Aidan Lewis).
(source: Reuters)