Europe

Siemens Energy announced on Thursday that it has replaced the 11 billion euro (12,6 billion dollars) government-backed financing facility put in place to stabilize the power equipment manufacturer in 2023. This is a crucial step in restoring its ability to pay out dividends. After major quality problems at Siemens Energy's wind turbine business, the government was forced to guarantee billions of Euros worth of projects in late 2023. Maria Ferraro, Chief Financial Officer at Siemens Energy, said that the federal government's "counter-guarantee" was crucial in 2023 to ensure our expected growth. The suspension of dividends at Siemens Energy was one...

The oil prices fell in the early hours of Thursday's trading after an increase in gasoline and diesel stocks in the United States and Saudi Arabia lowering its July crude prices for Asian buyers. Brent crude futures dropped 21 cents or 0.3% to $64.65 per barrel at 0047 GMT. U.S. West Texas Intermediate Crude lost 29 cents or 0.5% to drop to $62.58. The price of oil closed about 1% lower Wednesday, after data revealed that U.S. gasoline stocks and distillate inventories grew more rapidly than expected. This was due to a weaker demand for the top economy in the...

A trade union warned on Wednesday that more than 500 jobs were at risk after Stellantis, an Italian automaker, switched from Malaysia's Petronas brand to France's Total. Stellantis did not respond to a request for comment immediately. Petronas is the owner of the Selenia motor oil brand, an Italian supplier that was previously a part of Fiat and sold products under the name "Olio Fiat". Stellantis, a new company created in 2021 by the merger of Fiat-Chrysler and France's PSA (maker of Peugeot and Citroen vehicles), was formed from the merger between Fiat-Chrysler and France's PSA. Also included in the...

Sources said that the Italian government has refused to heed Marco Tronchetti Provera, Pirelli's vice-chairman and executive vice-chairman's request for tighter restrictions on Pirelli's Chinese investor. Sinochem, a Chinese state-owned company, is Pirelli's biggest investor. Sinochem holds 37% of Pirelli while Tronchetti Provera owns 27.3% through its Camfin vehicle. Tronchetti-Provera, the company's CEO for over three decades, is Tronchetti-Provera. Sinochem and Pirelli are at odds, with Camfin claiming that Sinochem's substantial holding is a threat to Pirelli’s ambitions of expanding its business in the United States. Washington has cracked down on Chinese automotive technology by banning software and hardware that...

As concerns grow about the impact of China's new restrictions on mineral exports, some European auto part plants have suspended production. BMW has also warned that its supply network is affected by a shortage of rare earths. China's April decision to suspend the export of rare earths, magnets, and other related products has disrupted supply chains for automakers, aerospace companies, semiconductor firms, and military contractors all over the world. China is using this move to demonstrate its dominance in the mineral industry that is key to green energy and as leverage against the U.S. president Donald Trump. China produces 90%...

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...

The company reported on Tuesday that an affiliate of Gold Reserve miner submitted a bid in the top period of the U.S. Court-organized auction for shares of the parent company of Venezuelan-owned U.S. refiner Citgo Petroleum. According to the Delaware court calendar, after the court selected a $3.7billion offer from an affiliate of Contrarian Funds this year as the starting bid, competitors may submit better bids in the topping period until June 18. The court officer who was overseeing the sale process last month stated that the resolution of parallel cases pursuing the same assets which are being auctioned off...

The German auto lobby has warned that China's export bans on rare earths - used in everything from anti-lock brake sensors to windshield wiper motors - could cause production delays. This is the latest industry group which has raised the alarm about supply delays. In a recent statement, Hildegard Müller, head of the auto lobby VDA said that delays in export clearance and slow granting of licenses meant that suppliers were unable to produce essential components to keep production of cars running smoothly. This was the first time that the lobby warned of a possible production stoppage. Sources said earlier...

The ethics watchdog of Norway's $1.9 trillion fund is reviewing the practice by Israeli banks to underwrite Israeli settlers' commitments to build houses in the occupied West Bank. This review could lead up $500 million in divestments. The Council on Ethics (a public body established by the Ministry of Finance) has decided to not object to the Fund’s investments in platforms like Airbnb, which offer rentals in Jewish settlements. The Norwegian parliament has set ethical guidelines for the companies in the portfolios of the largest wealth fund in the world. Svein Brandtzaeg, the Council's head in an interview on May...

BP announced on Tuesday that the owners of the Shah Deniz field in the Azeri-Caspian Sea, led by BP, have made a decision to invest $2.9billion on increasing the output from the project. Shah Deniz produced more than 4,000,000 tonnes of condensate last year. This is equivalent to around 35,000,000 barrels of gas, according to BP. Other owners include Russia's LUKOIL and Turkey's TPAO. Azerbaijan SGC, NICO, and Hungary MVM are also involved. Shah Deniz's expansion project aims to increase production by approximately 25 million barrels and 50 billion cubic meters (bcm). BP, after a failed foray in renewables that...

The Agriculture Ministry announced on Tuesday that Vietnamese firms would sign memorandums with U.S. counterparts to purchase $2 billion of American farm products. This is part of the efforts to seal a trade agreement between the two nations. The Trump administration has imposed "reciprocal tariffs" of 46% on Vietnam. The tariffs have been suspended until July but if they are implemented, they could severely undermine a model of growth that relies on the exports to its largest market, the United States. The agriculture ministry announced that the new deals were signed by 50 Vietnamese companies, led by Agriculture Minister Do...

These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch their accuracy. Headlines Defence Review: UK Must Spend 68 Billion Pounds to Modernise Military EU limits Chinese medical devices in a new trade dispute Saudi Aramco sells bonds worth $5 billion to combat lower oil prices Merck has held talks with Swiss biotech MoonLake to purchase it for more than $3bn Uber re-appoints Khosrowshahi as chief operating officer, easing his grip View the full article A long-awaited review of Britain's strategic defence suggests that the country will have to spend...

A member of the executive board of Thyssenkrupp said that the EU already has the tools it needs to mitigate the impact of Trump's tariffs and Chinese steel overcapacity. One of these is stopping Russian imports. After the invasion of Ukraine by Russia, the European Union has banned all steel imports. Shipments will be reduced gradually. Thyssenkrupp's Ilse Henne, a board member of the company, said that the EU can help the steel industry to weather Trump tariffs as well as a Chinese glut in supply by stopping those practices completely. There is still Russian steel entering Europe. How much?...

The gold price remained stable on Thursday, as investors awaited the non-farm payrolls report due Friday in order to determine how the Federal Reserve will set its interest rates. Meanwhile, global trade tensions continued. As of 0843 GMT, spot gold remained unchanged at $3,373.69 per ounce. U.S. Gold Futures fell 0.1% to $3397.20. I would say the path of least resistence is still upwards, despite the flat trading of gold today. This is due more to traders waiting and watching for non-farm payrolls, said Ricardo Evangelista senior analyst at brokerage ActivTrades. The ADP National Employment Report released on Wednesday revealed...

London copper prices rose slightly on Thursday, despite a weakening U.S. Dollar. The market's focus was on the ongoing trade talks between the U.S. As of 0702 GMT the three-month copper contract traded on the London Metal Exchange rose nearly 0.4%, to $9,656.5 a metric ton. The most actively traded copper contract on Shanghai Futures Exchange remained at 781,170 yuan per ton ($10,884.46). The dollar index (which measures the U.S. dollar against six other currencies) was at 98.87, and has fallen about 9% in this year. It is on track to have its worst yearly performance since 2017 Dollar-denominated investments...

Ukraine's Yulia Shvyrydenko said that the United States and Ukraine have discussed ways to make the minerals fund operational before the end of this year. The fund's initial meeting is scheduled for July. Svyrydenko signed the agreement in Washington, after months of hard negotiations, which made the terms more favorable for Kyiv. The agreement was heavily promoted by U.S. president Donald Trump. The Ukrainian parliament ratified this agreement. Svyrydenko met with U.S. Treasury Sec. Scott Bessent on Wednesday and the Development Finance Corporation which will be the partner of the Minerals Fund. "We discussed very concrete steps to make this...

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...

Ukraine's Yulia Shvyrydenko said that the United States and Ukraine have discussed ways to make the minerals fund operational before the end of this year. The fund's initial meeting is scheduled for July. Svyrydenko signed the agreement in Washington, after months of hard negotiations, which made the terms more favorable for Kyiv. The agreement was heavily promoted by U.S. president Donald Trump. The Ukrainian parliament then ratified this agreement. Svyrydenko met with U.S. Treasury Sec. Scott Bessent on Wednesday and the Development Finance Corporation which will be the partner of the Minerals Fund. "We discussed very concrete steps to make...

Autoliv, the largest manufacturer of airbags in the world, and seatbelts has set up a taskforce to combat China's You can restrict yourself to certain areas. The CEO of the company said that the group is focused on exporting rare earth magnets and doesn't expect a production halt in the next few weeks. CLEPA, the European association of auto suppliers, warned on Wednesday that more shutdowns could be expected due to the shortage of rare Earths caused by China’s export restrictions. Autoliv's factories are still operating, according to CEO Mikael Bratta in an interview at the group strategy update. When...

Mercedes-Benz has been talking with its top suppliers about stockpiling rare earths, even though it hasn't seen any impact of a shortage which has forced some suppliers to close down production lines and plants. Joerg Bürzer, Mercedes-Benz board member responsible for production, said: "We've learned a lot about the semiconductor situation and we are always... looking to see what risk profile we have left in our supply chain." He told journalists in a roundtable that "we are of course always in dialogue with our suppliers, and we also discuss what the best tools for risk management is. The topic of...

As concerns grow about the impact of China's new restrictions on exports of critical minerals, some European auto part plants have stopped production. BMW has also warned that its supply network is affected by rare earth shortages. China's April decision to suspend the export of rare earths, magnets, and other related materials has disrupted supply chains for automakers, aerospace companies, semiconductor companies, and military contractors. China is using this move to demonstrate its dominance in the mineral industry that is key to green energy and as leverage against the U.S. president Donald Trump. Around 90% of rare earths are produced...

International Resources Holding, based in the UAE, has agreed to purchase a controlling interest in Alphamin Resources, a major tin producer in Africa. The deal is valued at C$503million ($367million), and comes as it expands its presence on the continent. IRH, a division of International Holding Co., has entered into an agreement with Tremont Master Holdings to purchase a 56% share in Alphamin for C$0.70 or approximately $367 million. The companies announced the deal in a joint press release. Alphamin's Bisie mine is located in eastern Democratic Republic of Congo, an area rich in tantalum and tungsten, as well as...

Gold prices rose on Wednesday, as a weaker US dollar and simmering tensions between the United States of America and China boosted demand for the metal. As of 0836 GMT, spot gold was up by 0.1%, at $3,355.46 per ounce. U.S. Gold Futures climbed 0.1% to $3,379.80. Gold is now more appealing to other currency holders due to the dollar index which measures currency in relation to six major currencies. Nitesh Sha, commodities analyst at WisdomTree, said: "I believe we are seeing similar concerns about trade talks. There is not much progress, and this is adding to the uncertainty over...

London copper prices were largely unchanged Wednesday due to uncertainty surrounding U.S. duties on the metal. The London Metal Exchange's three-month copper fell by $2.5 per ton, to $9.631.5 at 0701 GMT. The Shanghai Futures Exchange's most traded copper contract rose 0.5% to $10,879.85 per ton. The U.S. doubled the tariffs on imports of steel and aluminum to 50% starting Wednesday for all trading partners, except Britain. Britain's steel and aluminum exports are taxed at a 25% rate until July 9. Copper found some support amid concerns that the metal could also be subjected to U.S. Tariffs. The Trump administration...