Europe

Treasury Secretary Scott Bessent called on allies on Tuesday to'more forcefully disrupt Iran’s financing networks. He also said that the Treasury would scrubbing its outdated sanctions list to make it easier to root out sophisticated terrorist financing schemes. Bessent, in remarks prepared for a conference on anti-terrorism finance after the G7 finance leaders had met in Paris said that participants should "stand with us fully" against Iran. Bessent stated that "that will require our European partners, for example to join the United States by taking action against Iran, by designating its financials, unmasking their shell and front companies and?shuttering their...

According to LSEG data and other market sources, Russia's seaborne exports of oil products rose 10% a month on average in the first fifteen days of May as key ports re-established fuel loadings. The release of fuel inventories accumulated during previous disruptions due to drone attacks was the main driver for fuel export growth, traders reported. However, May shipments were still limited by unplanned and seasonally-related refinery maintenance as well as rising domestic demand. Primorsk is the largest port in Russia for the export of ultra-low sulphur (ULSD) diesel. In the first half, it loaded 710,000 tons of ULSD, which...

A source familiar with this decision confirmed on Monday that the U.S. Treasury would extend its waiver of sanctions on Russian'seaborne oil', which expired 'on Saturday. Several countries had asked for a longer period to purchase it. Source: The waiver, which will last for another 30 days, was requested by several poor countries that were cut off from Gulf Oil supplies due to the Iran War and the closing of the "Strait of Hormuz". Source declined to identify the countries that requested the extension. This is the second time that the Treasury has let the sanctions waiver lapse, and then...

London's High Court ruled Friday that South Sudan cannot enter into new?oil?prepayment contracts until it clears outstanding debts with commodity??trading???house BB Energy. A second hearing will be held on June 5th. BB Energy began a legal challenge last year through the London courts against South Sudan for allegedly failing to deliver oil purchased under prepayment agreements in 2024 or 2025. The court document read by states that a second hearing will be held on June 5 to discuss?the decision, since the first hearing was conducted?without the presence of defence lawyers. The penal notice states that South Sudan must not accept...

On a visit to 'China' this week, Russian President Vladimir Putin is expected to discuss all aspects of bilateral ties with Chinese President Xi Jinping, including the proposed Power of Siberia 2 pipeline. Yuri Ushakov told reporters that Putin would arrive in China Tuesday evening, and will meet Xi on Wednesday morning. The Russian delegation includes senior officials, as well as the heads of major companies such as Rosneft, Novatek, and Gazprom. The Power of Siberia 2 project, which has been long discussed, could deliver 50 billion cubic meters (bcms) more of gas annually from Russia's Arctic Gas Fields via...

After nearly four months of deliberations at London's Southwark Crown Court, the jury in the bribery case against?Diezani?Alison-Madueke began its work on Monday. Alison-Madueke pleaded guilty to not guilty on five counts of receiving bribes, and one count of conspiring to commit bribery, while serving as Nigeria's Minister for Petroleum Resources between 2010 and 2015. Prosecutors claim that?Alison-Madueke 65 led a "life in luxury" in London. She was given high-end properties and luxury shopping sprees by industry figures who were interested in lucrative oil contracts. Lawyers for the former?minister who was briefly president of the?Organization of the?Petroleum Exporting Countries argued...

Anglo American announced on Monday that it would sell its steelmaking mines in Australia for up to?to $3.88billion to UK-based Dhilmar. The move will exit the sector and reduce debt, as well as streamline assets ahead of an upcoming merger with Canada's Teck Resources. London-listed Anglo is selling mines in Queensland’s Bowen Basin - the world’s leading steelmaking coal region - as part of the company's plan to 'divest or spin-off' non-core assets before completing its merger with Teck Resources, which will create a heavyweight copper focused firm. The company stated that the deal includes $2.3 billion in cash upfront...

Santos, Australia’s No.2 oil &?gas producer said on Monday that it had?reached first oil in its Pikka project, located in Alaska, U.S.A. Shares of the Adelaide-headquartered company rose as much as 3.1% to A$8.12, their highest ?since April 13, while the broader S&P/ASX 200 benchmark index ?was down 1.4% by 0450 GMT. Stocks of the Adelaide-based company rose as much as 3.1% to A$8.12, their highest level?since April 13, while the broader S&P/ASX 200 benchmark index?was down 1.4% by 0450 GMT. Craig Sidney is a senior investment advisor at Shaw and Partners. He said, "This announcement is positive in light...

At least 'four' people were killed by a major Ukrainian drone strike on Russian -regions including Moscow. This was the largest attack Moscow has faced in over a year. Authorities announced on Sunday that three people were killed in the Moscow Region and one in Belgorod. The regional governor of Moscow, Andrei?Vorobyov, said that a woman died when a house was hit in Khimki to the north of the capital. He added that rescuers were searching for a second person among the debris. Two men died?in the village Pogorelki, in the Mytishchi District. He said that a number of?residential buildings...

Two sources familiar with the investigation said that the Brazilian federal police had targeted the former governor of Rio de Janeiro, Claudio Castro, and the owner Refit Refinery Ricardo Magro as part of an investigation into alleged tax evasion. Castro and Magro did not immediately respond to a request for comment from. The police, without naming any suspects, said that they had launched an investigation into a conglomerate in the fuel industry suspected of concealing assets, faking assets and transferring money abroad. According to a statement, the Supreme Court ordered that assets worth approximately 52 billion Reis ($10.4 Billion) be...

Energy Minister said that Serbia will present its final offer to MOL, the Hungarian oil company, on Friday, in response to the Hungarian bid for NIS, the operator of the Balkan nation’s only refinery. Gazprom and Gazprom, two Russian companies, agreed in January to sell their 56% stake in NIS majority to MOL after the U.S. demanded that Russian shares be divested due to sanctions imposed by the U.S. over Moscow's involvement in the war in Ukraine. We had intensive discussions yesterday and the previous day with representatives of MOL. "We agreed on certain topics," Energy Minister Dubravka Handanovic, was...

Serbia's energy minister said that it will present its final proposal to MOL on Friday regarding the Hungarian company's bid for NIS to be acquired by MOL, the operator of the Balkan nation’s only refinery. Gazprom and?Neft, two Russian companies, agreed in January to sell their 56% stake in NIS majority to MOL after the U.S. demanded that Russian shares be divested due to sanctions imposed by the U.S. over Moscow's involvement in the war in Ukraine. Washington has given MOL and the Russian companies until May 22 for the sale to be completed. This will require the Serbian government's...

Anglo American announced on Monday that it would sell its steelmaking mines in Australia for up to 3,88 billion pounds to UK-based Dhilmar. The move is part of Anglo American's strategy to exit the sector and reduce debt, as well as streamline assets, ahead of a planned merger between Teck Resources, Canada, and Anglo American. Anglo, listed in London, is selling the mines located in Queensland's Bowen Basin - the world's leading steel-making coal region - as part of its plan of divesting -or spinning off - non-core assets before completing the merger between Teck Resources and Anglo that will...

India has curbed the imports of silver in nearly all forms, with immediate effect. The government order was issued on Saturday. India, the world's largest consumer of this metal, is trying to reduce shipments to ease the pressure on the rupee. The restrictions are expected to result in a reduction of silver imports, and a tightening of domestic supplies. This could potentially increase premiums on the local market. India's lower demand, which imports more than 80% its total consumption, could have an impact on global prices. The order stated that India had placed imports of 99.9% pure silver bars and...

Thoma Bravo may sell its stake in construction software maker Command Alkon as it tries to maximize returns on software that is seen to be more resistant to broader AI disruption risk, according to four sources familiar with the matter. Thoma Bravo is working with Evercore's investment bankers to sell its 55 percent stake in Command Alkon. Other private equity firms have expressed interest in the last few weeks. Sources who spoke on condition of anonymity about the private discussions said that Command Alkon could be valued at over $1.5 billion. Thoma Bravo refused to comment while Heidelberg Materials Evercore...

Rwanda's Trinity Metals plans to list on an international exchange in order to raise between $100 and $200 million as it expands its tin and tungsten mines, and moves forward with what could be one of the top lithium deposits in the world, according to its CEO. The soaring demand for metals known as 3T, which are used in electronic, defence, and energy supply chain, is driving a move toward traceable non-Chinese suppliers, bringing Rwanda's 3T mine belt near the Democratic Republic of Congo into sharper focus. Trinity has consolidated three undercapitalised properties in 2022, the Nyakabingo mine for tungsten,...

A joint report by the government and civil society revealed that Nigeria is losing vast amounts of mineral revenue to illegal trading networks, which are dominated by shell companies, foreign buyers, and armed criminals groups. This highlights the extent of illicit activity. The report was produced by Nigeria's extractive industry watchdog NEITI and Africa Network for Environment and Economic Justice with UK government funding. It found that illicit financial flow in the mining sector occurs through commercial manipulation, corrupt officials, and cross-border smuggling. Nigeria's mining industry contributed only 0.72% of GDP in 2023, 0.28% of revenue, and 0.75% % of...

Gold remained largely unchanged on 'Thursday as investors digested a rise in U.S. Inflation due to increased energy costs associated with the Iran War. As of 0931 GMT, spot gold was up 0.1% to $4,689.79 an ounce. U.S. Gold futures for June delivery dropped 0.2% to $4,696.20. China's Xi Jinping said that the trade talks are?making good progress on Thursday at the beginning of a two day summit. However, he warned that disagreements over Taiwan may?damage relationships and even lead conflict. Gold is still hovering at $4,700 while markets digest the latest U.S. inflation figures. Carlo Alberto De Casa, a...

Gold prices rose on Thursday as a result of a 'weaker' dollar. Investors were also looking for any signs of progress with the Iran War and focused mainly on talks between U.S. president Donald?Trump & Chinese president Xi Jinping. As of 0440 GMT, spot gold was 0.4% higher, at $4,706.70 an ounce. U.S. Gold Futures for June Delivery rose 0.2% to $4,713.40. Dollar eased making greenback bullion prices more affordable for holders other currencies. GoldSilver Central's Managing Director Brian Lan said, "Gold is consolidating at the moment because everyone is watching what happens in the high level talks between the...

The gold?price remained steady on Thursday as investors centered their attention on the?conversations?between a?U.S. The Iranian war was the focus of attention between President Donald Trump and Chinese president Xi Jinping. As of 0212 GMT, spot gold remained unchanged at $4,688.43 an ounce. U.S. Gold Futures for June Delivery fell 0.2% to $4,695. GoldSilver Central's Managing Director Brian Lan said, "Gold is consolidating right now as everyone is watching what happens in the high level talks between the U.S.A. and China." Lan said: "I think (gold) is also a window for those investors who want to get into metal." Trump...

Due to 'bullish technical indicators and the outperforming of prices in the U.S. The benchmark three-month 'copper' on the London Metal Exchange rose 0.8% to $14138 per metric ton, in open-outcry official trading, following a record-breaking close on Tuesday. The LME index of six base-metals contracts closed on a record on Tuesday, with copper moving closer to the intraday record of $14,527.50 that was set on January 29. Prices for the entire complex were also strong. Bets on the future growth of demand for copper are a good way to support the price. Recent strong factory data is also a...

Australian shares fell on Wednesday as investors sold Commonwealth Bank and other lending institutions. The?top?bank's missed profit heightened fears that Canberra's proposed curbs to tax incentives for property-investors could slow down mortgage demand. The S&P/ASX 200 closed 0.5% lower, at 8,630.40. This brings its overall decline to 2.8% in the last four sessions. Australia's biggest mortgage lender Commonwealth Bank plunged 10.4%, posting its weakest ever session. The bank erased a market value of?A$29.93 billion ($21.66billion) after an earnings missed and new Middle East-related provisions bleakened the outlook for the banking industry. The financials index is down 4% at a five-month...

Maxime Vandersmissen, Arctial's chief commercial officer, said on Tuesday that the smelter, owned by Rio Tinto, in Finland could help boost production in Europe and produce hot metal in the second half 2029. The project is still three years from production, but it is already in the spotlight, as the Iran War has made aluminium more scarce in Europe, which is heavily dependent on imports. Vandersmissen, speaking at the CRU World Aluminium Conference in London said that the project aims to produce 610,000 metric tonnes of aluminium per year. Vandersmissen stated that this would increase the European production level by...

Outokumpu, Finland's stainless steel company, reported on Tuesday a core profit for the first quarter that was?below expectations, due to?weak profitability in its European operations, but it also said that the market dynamics in the quarter had improved. In early trading, the shares of steelmakers fell by around 2%. Vara Research's poll showed that its adjusted earnings before taxes, depreciation, and amortization (EBITDA), which are a measure of profit, rose by?32% in the quarter ending January-March, but fell short of analysts' expectations?of 70m euros. European steelmakers have been under pressure for years by low domestic demand, high energy prices and...