Europe

Three sources with knowledge of the matter have confirmed that MOL, a Hungarian oil company, has informed U.S. officials of its interest in purchasing international assets from sanctioned Russian oil giant Lukoil. This adds to a growing number of potential buyers. In October, the United States imposed sanctions against Russia's largest private oil producer as part of its efforts to press Moscow to end their war in Ukraine. This forced Lukoil into announcing the sale of foreign assets. Sources have confirmed that Lukoil has been in talks with oil majors Exxon Mobil, Chevron, and Middle Eastern investors before the December...

India and Russia announced on Thursday they wished to expand their trade, and the items that they deal in. This was just hours before Russian President Vladimir Putin arrived in New Delhi for a state visit. On Thursday, Putin begins a two-day trip to India, his first visit in four years. He hopes to increase sales of Russian oil and missile systems, as well as fighter jets, and to expand business relations between India and Russia beyond energy and defence. India and Russia are aiming to increase their two-way trade from $13 billion to $69 billion by 2030. This is...

The companies announced on Wednesday that Glencore, a Swiss miner and trader, and Chilean state-owned copper producer Codelco have signed a preliminary agreement to work together on a smelter in Chile. Codelco will provide the copper concentrate, and Glencore will build the smelter, which has a processing capacity of about 1.5 million tons per year, in Antofagasta in the northern part of Chile. Experts in the industry say that a project this large would require an investment of $1.5 billion - $2 billion. Glencore will carry out a feasibility study and the companies aim to finalize the agreement by the...

The Italian energy group Eni's low-carbon division has agreed to purchase some businesses from regional utility ACEA for 587 million euro ($685 millions), both companies announced on Wednesday. The companies stated that the price would be subject to the standard adjustment mechanisms applicable to this type of transaction. Eni's Plenitude, for example, could pay an extra 100 million euros to ACEA if specific performance targets were met by mid-2027. Plenitude will have over 11 million customers in Europe, an amount it had hoped to reach in 2028. The deal is expected to be completed by June of next year. Rothschild...

Two sources with knowledge of the matter claim that Bernd Bergmair (former majority owner of adult entertainment group Pornhub) has approached the U.S. Treasury to buy international assets from sanctioned Russian oil giant Lukoil. As part of its efforts to press Moscow to end the war in Ukraine, the U.S. imposed Sanctions on Lukoil - Russia's largest private oil producer. Exxon Mobil, Chevron, and other oil giants have approached U.S. authorities to get permission to speak to Lukoil. Bergmair, through his lawyer, declined to say which assets he is interested in. He also refused to confirm whether he has already...

Gary Pedersen said that Gunvor's CEO Gary Pedersen had no immediate plans to rebrand. He took over the company in a management buyout a day earlier, less than a week after the U.S. Treasury referred to Gunvor as the "Kremlin’s puppet." Gunvor is the largest oil trading house in the world, with daily transactions that amount to 3% of global oil supplies. The company was founded by Swedish billionaire Torbjorn Tornqvist, and Russian oligarch Gennady Tichenko 25 years ago. They grew it into the biggest trader of Russian Oil in the 2000s. Gunvor's 25 years of leadership ended with Monday's...

Gary Pedersen stressed that business was as usual at Gunvor, the Swiss commodities trader, during an interview on Tuesday. A day earlier, Pedersen had taken over following a sudden management buyout from co-founder Torbjorn Tornqvist. The management buyout announcement on Monday was a surprise to many and marked the end for Tornqvist after 25 years of leading Gunvor. Pedersen became the first American leader of a major Swiss commodities firm since Marc Rich who was indicted over tax evasion charges and other offenses. Gunvor has been scrambling to repair its relationship with the U.S. since the Treasury labeled it as...

TAE Technologies is a private company that has been backed by Alphabet, Google, and Chevron. On Tuesday, it announced a joint venture to develop neutral beams in nuclear fusion with the United Kingdom’s nuclear agency. The UK Atomic Energy Authority has agreed to invest 5.6 million Euros ($6.50 Million) as equity in a new venture, TAE Beam UK. Nuclear fusion, a new technology, aims to harness the same process that powers our sun in order to produce electricity. It promises a vision of unlimited energy, free from pollution, radioactive waste and greenhouse gases. Nuclear technology is a growing industry, and...

By America Hernandez PARIS, December 2 - French oil giant TotalEnergies, along with its other partners in the $20 billion Mozambique Gas Project, have agreed to provide more equity to replace previous contributions from British and Dutch Export Credit Agencies, the company announced on Tuesday. Total reported that the UK and Dutch agencies accounted for about 10% of the initial $15.4 billion external funding obtained by the project. Total's 13 million tons per year liquefied gas project will turn Mozambique into a major exporter of gas when it starts production in 2029, but the project has been bogged down in...

Serbian President Aleksandar Vucic announced on Tuesday that the country will continue to allow payments and transactions with the U.S. sanctioned Russian oil company NIS, until the end the week. This is despite the threat of secondary sanctions. Gazprom and Gazprom of Russia, who own the majority of NIS, are required to sell their shares in the company. The U.S. has imposed sanctions on NIS because it is owned by Russians. Vucic, the president of Serbia, said that payments made with NIS by its banks, which includes the central bank will continue through Monday. After meeting with government officials responsible...

The Russian President Vladimir Putin is scheduled to visit India for a summit this week with Indian Prime Minister Narendra modi. The meeting will focus on boosting energy, defense and economic ties as Moscow tries to secure oil sales despite tighter Western sanctions. Energy exports from Moscow are a major source of revenue, but sanctions that were imposed following its invasion of Ukraine in 2022 have started to impact its oil sales. India and Russia are likely to discuss the following issues: OIL PURCHASES Moscow wants India to continue buying more oil after Indian refineries stopped importing due to sanctions....

Dmitry Peskov, Kremlin spokesperson on Tuesday, told Indian journalists that the decline in India's imports of Russian oil may only last for a "brief period", as Moscow intends to increase supplies to New Delhi. India, which is the largest buyer of Russian oil by sea, has reduced its crude imports to Moscow due to Western sanctions. India is the third largest oil consumer and importer in the world. Russia is its top oil supplier. This month, India is expected to reduce its Russian oil imports to a minimum of a three-year high after Washington sanctions Moscow's largest oil producers Rosneft...

The Astana International Trade website reported that Kazakhstan's steelmaker Qarmet had placed bonds for seven years worth $500 million at a coupon of 10.2%. The company has issued 5 million bonds at a par of $100. This is the second issue of this kind since it placed $500 million in bonds priced at 11% annually back in September. Trading will start on December 5. Qarmet will use $150 million for refinancing existing loans, and $350 millions to finance investment projects. This includes reimbursement of capital expenditures and refinancing debts. Qarmet, owned by ArcelorMittal until 2023, was sold to Qazaqstan Investment...

Gold prices fell on Thursday, as investors focused on the Federal Reserve meeting next week and U.S. economic data that could influence interest rate outlooks. As of 1252 GMT, spot gold was down 0.4% at $4,191.26 an ounce. U.S. Gold Futures for February Delivery were down 0.3% to $4,221 an ounce. Gold bulls are on the sidelines awaiting tomorrow's PCE figures. "This, along with a rise in risk appetite on equity markets, limits the upside of gold prices," ActivTrades Analyst Ricardo Evangelista stated. Global shares rose on Thursday as investors hoped that the U.S. will cut rates next week to...

The UK's FTSE 100 rose on Thursday as investors assessed corporate updates and data that suggested potential weakness. Burberry also gained following an HSBC increase in price target on the luxury goods manufacturer. The blue-chip FTSE 100 rose 0.1% at 11:15 GMT Thursday, and the midcap FTSE 250 gained 0.3%. The S&P Global monthly purchasing managers' Index showed that British construction activity has contracted at the fastest rate since May 2020. The employment index fell to its lowest level since August 2020, as the pace of job losses accelerated. The survey's measure of optimism fell to a three-year low. Cost...

Aurubis, Europe's biggest copper producer, reported earnings that were below expectations on Thursday. This was due to lower concentrate output at reduced treatment and refinement charges. Operating earnings before taxes fell by 14% in 2024/25 to 355 millions euros ($414million), which was slightly less than the 359 million euro expected by analysts in a poll conducted by the company. Aurubis stated that the result was a result of high contributions from precious Metals, sulfuric Acid and high demand for Copper products. It added that this was partly offset by a decline in recycling revenue and higher ramp up costs and...

Gold prices fell on Thursday, as investors took profits and became cautious in advance of the U.S. Federal Reserve's meeting next week. They are awaiting data to get a better idea about interest rates. As of 0617 GMT, spot gold was down 0.5% to $4,179.71 an ounce. U.S. Gold Futures for December Delivery were down 0.5% to $4,210.20 an ounce. Soni Kumari, ANZ's commodity strategist, said that "with investors a little cautious ahead of the FOMC meeting (Federal Open Market Committee), the market is pricing in a Fed cut by 25 basis point... The market now needs a new trigger...

Gold prices fell on Thursday, as investors took profits and awaited the Federal Reserve's meeting next week. They also waited for upcoming data to provide more clarity on interest rate policy. As of 0446 GMT, spot gold was down by 0.2%, at $4,196.96 an ounce. U.S. Gold Futures for December Delivery were down 0.2%, at $4225.90 an ounce. Soni Kumari is a commodity strategist with ANZ. She said: "The market has priced in a Fed cut of 25 basis points. What is needed now is a new trigger to push (gold) higher." Kumari said that a decline to $4,000 could...

The gold price remained stable on Wednesday, as traders waited for key U.S. indicators to gauge Federal Reserve policy. Silver prices also declined from their new record high. At 0856 GMT the spot gold price was unchanged at $4,207.60 an ounce, after dropping more than 1% during the previous session. U.S. Gold Futures for December Delivery were up 0.4% to $4,237.90 an ounce. Ole Hansen is the head of commodity strategy for Saxo Bank. He said, "(Gold's) price remains unchanged in early European morning hours as attention turns to key U.S. economic data that may cement expectations of a metal-supportive...

Marie Jaroni is the head of Thyssenkrupp’s steel division. She estimates that a restructuring agreement, which will result in the loss or outsourcing of 11,000 jobs, will cost the company three digit million euro, according to the Frankfurter Allgemeine Zeitung. Thyssenkrupp Steel Europe said this week it had reached an agreement with the IG Metall to reduce or outsource 40 percent of its workforce. It will also reduce production to a level of shipping of 8,7 million to 9,0 million tons from 11.5 millions at present. The restructuring costs us about a million euros. In an interview published Wednesday, Jaroni...

Silver soared to record levels on Wednesday, as investors held onto expectations of a Federal Reserve interest rate cut. This week, a number of U.S. economic data will determine the direction of monetary policy. As of 0506 GMT spot gold was up 0.4% at $4,222.22 an ounce after falling by more than 1% the previous session. U.S. Gold Futures for December Delivery were up 0.8% to $4,252.90 an ounce. GoldSilver Central MD Brian Lan stated that "we've seen some profits-taking in gold and moved into crypto or equity so we should be seeing a return, which is quite normal. Especially...

Silver soared to record levels on Wednesday, as investors held onto expectations of a Federal Reserve interest rate cut. This week, a number of U.S. economic data will determine the direction of monetary policy. As of 0358 GMT spot gold was up 0.4% at $4,222.19 an ounce after falling by nearly 1% the previous session. U.S. Gold Futures for December Delivery were up 0.8% to $4,253.90 an ounce. GoldSilver Central MD Brian Lan stated that "we've seen some profits-taking in gold and moved into crypto or equity so we should be seeing a return, which is quite normal. Especially with...

The gold price fell by 1% on Monday, mainly due to rising U.S. Treasury rates and profit booking after a six-week-high was reached in the previous session. Silver prices also declined from their record high. After falling more than 1% earlier, spot gold fell 0.7%, to $4,204.50 an ounce, by 1215 GMT. U.S. Gold Futures for February Delivery were down 0.9%, at $4,235.50 an ounce. The combination of a strong dollar, higher Treasury rates and profit-taking has conspired to reduce the shine of gold," said Ross Norman, an independent analyst. The U.S. Dollar rebounded from a two-week high in the...

The price of gold eased Tuesday, after reaching a six-week-high in the previous session. Rising U.S. Treasury rates and profit-taking were weighing on the prices. Investors awaited U.S. Economic Data to gauge the Federal Reserve’s policy direction. Spot gold dropped 0.3% to $4.218.71 an ounce at 0621 GMT. U.S. Gold Futures for December Delivery were down 0.6% to $4,250.70 an ounce. Benchmark 10-year U.S. Treasury Yields hovered near a two-week-high touched in the prior session, reducing interest in non-yielding gold. Tim Waterer, Chief Market Analyst at KCM Trade, said that while gold is showing a weak performance today, the fundamental...