Europe

MILAN, 20 April - Italy's government-controlled power grid operator Terna is planning to hold an extraordinary board meeting within the next few days, according to a source close to the company. The meeting will discuss the severance pay of the outgoing CEO. Giuseppina di Foggia was nominated by the Italian Government as Eni's new chair, but she is not willing to give up an $8.6 million ($7.3 million) severance package offered by Terna. The source claimed that Terna's board did not discuss Terna’s case when they met on Monday. The Italian economy ministry said on Sunday that it opposed state-backed...

The Dutch government announced temporary tax breaks on Monday to compensate for the rising cost of fuel. It also said it was preparing a broader package of measures in case energy prices worsen. The government allocated around 1 billion euro ($1.2 billion) to temporary tax relief measures for commuters and truck drivers, but did not lower fuel taxes as many of them requested. These measures include targeted support to lower-income people with energy bills and a?support for homeowners to reduce their consumption. The government stated that there are no immediate fuel shortages as European oil, jet fuel and diesel supplies...

When asked about the waiver of U.S. sanctions on some Russia oil exports on Monday, the Kremlin said that Russia is a responsible player on global markets for energy and it's hard to ignore its export volumes. Donald Trump's administration renewed on Friday a waiver that allows countries to purchase sanctioned Russian crude oil at sea for about a week, despite lawmakers accusing the government of being too lenient with Moscow while?its war against Ukraine continues. Russia is the world’s?third largest oil producer and?the second biggest crude exporter. "Russia is a very responsible and important player on the global energy...

In a Monday interview with the Financial Times, the chief executive of Germany's Gazprom unit said that the country would begin the privatization process after Russia invaded Ukraine in 2022. The FT reported that the division, Securing Energy For Europe (SEFE), intends to raise 1,5 billion euros to 2 billion euros ($1.76 billion to $2.35 billion) via a capital rise to finance its expansion of infrastructure assets. SEFE (formerly Gazprom Germany) was nationalized in Berlin by 2022, after the former Russian parent of the group abandoned the division. This is an important part of Germany’s gas supply. The company operates...

The World Bank announced a new strategy on Friday that focuses on jobs to help small island states, and other small countries address challenges like remoteness, shock exposure and a limited economic base. World Bank President Ajay Banga spoke about the initiative in a closed door meeting of 50 ministers and governors of central banks from small countries, held during the spring meetings for the International Monetary Fund (IMF) and World Bank. He explained that the idea was to use different tools to help smaller states attract more investment, implement policy and regulatory changes to make it easier to run...

The finance?chiefs of Group of Seven nations agreed on Thursday that it was urgent to reduce the cost of the Middle East 'war' to the global economy and "reaffirmed the pressing need to move towards a lasting peace," said a?statement?from France, which is holding the G7 Presidency this year. The war was one of three major topics that the finance ministers and governors of central banks of the richest democracies in the world discussed on the fringes of the spring meeting of the International Monetary Fund (IMF) and World Bank (WB), which took place in Washington. The two also discussed...

Peter Magyar, Hungary's election-winning candidate, said he will meet Zsolt Henadi (executive chair of MOL) later on Thursday to discuss the "security" of fuel supply and dividend payments to an institution that was linked to his predecessor. The centre-right Tisza party (Respect and Freedom), led by Magyars, won the election in a landslide. This ended Viktor Orban’s 16-year nationalist rule. Orban released a portion of the state's fuel reserves in response to a January halt in Russian oil deliveries through a pipeline that Kyiv claims was damaged by a Russian air strike. Magyar stated on Wednesday that the actions of...

The Kremlin announced on Thursday that President Vladimir Putin had scolded the top Russian economic officials for a decline in the economy during the first two month of the year. Since 2023 the Russian war economy has been outperforming the G7 average, even though it slowed last year. Putin announced on Wednesday that Russia's economy contracted between January and February. Putin said the economic trajectory was below expectations at the beginning of a Kremlin meeting with Russia's top economic officials on Wednesday. He asked the officials to provide him with detailed options for how to rectify the situation. Dmitry Peskov,...

Andrew Bailey, the Governor of the Bank of England, told BBC News that "the Bank of England will not rush to judgement" regarding interest rate increases, as central banks around he world are dealing with a soaring energy price due to 'the iran war. Bailey, who was in Washington at the spring meetings of the International Monetary Fund, said that higher oil and gasoline prices would undoubtedly feed through into prices. However, other factors make a decision about rates "very difficult", according to?the report. Bailey stated that "there are really difficult judgments to make." We're not going rushing to judgements...

On Wednesday, Russian President Vladimir Putin scolded top officials after the economy shrank by 1.8% during the first two months of the year. He asked them to 'come up with new measures that will boost the economic growth. The tight monetary policies of the central bank and Western sanctions that target the oil revenues of the country are the main reasons for the slowdown in Russian growth. The International Monetary Fund has raised its estimate of Russia's GDP growth in 2026 from 0.8% to 1.1% after the Middle East crisis spiked oil prices in March. The government has forecast growth...

Sinopec, the Chinese state oil company, has purchased Russian crude to replace Middle Eastern crude after the U.S. temporarily lifted sanctions in order to ease supply shortages?globally. Several trade sources confirmed this. Sinopec purchased between 8 and 10 cargos of ESPO blend oil exported from Kozmino in the east, according to one source. Another estimated that it was about 10 cargos. Each ESPO shipment is 740,000 barrels. Sinopec purchased the cargoes for a premium of $8 - $10 per barrel over ICE Brent. Before the Iran conflict, Russian crude was traded at a discount ranging from?about $10 a barrel. Sources...

Russian news agencies reported that Sergei Lavrov, the Foreign Minister of Russia, said on Wednesday in Beijing at a press conference that Russia was'ready to increase its energy supply to China before an expected visit by President Vladimir 'Putin. Vedomosti cited sources who said that it would be during the week of May 18th. President Xi Jinping and Lavrov met on 'Wednesday', assuring Moscow that China is a friend of Russia and saying that China and 'Russia' must work together, trust each other and protect each other's interest. Lavrov said at the press conference that Russia is ready to provide...

Copper prices fell on Monday as the Strait of Hormuz was closed again to marine traffic. A fragile ceasefire between Iran & the United States looked in danger, reigniting fears over the economic growth. In open-outcry official trading, the benchmark three-month 'copper' on the London Metal Exchange fell 0.8% to $13,235 per metric ton. Last week, the metal gained 3.9% on the optimism that the ceasefire would hold and Iran's announcement on Friday that commercial vessels could now enter the Strait. The?U.S. The?U.S. then seized a cargo ship from Iran that was trying to blockade the strait on its own....

MOSCOW, 20 April - Russian aluminum maker Rusal blamed Monday high interest rates and a strong Russian rouble for its unspecified loss in the first quarter, which was recorded despite an astronomical rise?in prices of metal around the world. Last week, prices reached a four-year high as a result of a blockade of Strait of Hormuz. This is the route through which up 9% of global aluminium trade travels. The company stated in a statement released on Monday that "Rusal can't take advantage of current pricing conditions" as all margins go to European and North American companies. Rusal claimed that...

The U.S. is hosting further discussions in the coming weeks for the Group 20 major economies about the impact of war in the Middle East on food and fertiliser, as they 'continue to push for coordinated actions. The U.S. will make this pledge in a statement by the chair of the G20. It will be made during a meeting between G20 finance minsters and central bankers held on April 16 at the Spring Meetings of the International Monetary Fund (IMF) and World Bank. Before its official release on Monday, a copy of the statement was released instead of a communiqué...

The gold price fell Monday due to the stronger dollar. Dollar and inflation fears after another closure of the?Strait of Hormuz drove oil prices higher. As of 1103 GMT spot gold was down 0.8% to $4,790.59 an ounce after reaching its lowest level since April 13 earlier in session. U.S. Gold Futures for June Delivery fell by 1.4% to $4.811. Oil's rise after the weekend chaos surrounding the Strait of Hormuz ensures that inflation risks are palpable and offsets gold's appeal as a safe haven asset. Han Tan, Bybit's chief market analyst, said that the dollar has been the safest...

Gold prices dropped on Monday due to the stronger U.S. dollar and renewed inflation concerns?after a second closure of the Strait?of?Hormuz?pushed oil prices higher. As of 0930 GMT spot gold was down 0.7% to $4,792.89 an ounce after reaching its lowest level since April 13 earlier in session. U.S. Gold Futures for June Delivery fell by 1.4% to $4.812.60. Oil's rise after the weekend chaos surrounding the Strait?Hormuz ensures that inflation risks remain tangible, offsetting the allure of gold as a safe haven asset. Han Tan, chief analyst at Bybit, said that the precious metal has taken a backseat in...

Sabanci Holding, a Turkish conglomerate, announced that it would sell the remaining shares of cement maker Akcansa Cimento and exit retailer CarrefourSA. Analysts say the conglomerate is looking to streamline operations by selling assets with low margins of profit. According to a Monday filing, Heidelberg Materials purchased Sabanci's 39.72% share in Akcansa. The deal valued the company at $1.1billion on an enterprise-value basis. The transaction value wasn't disclosed. The deal will see Heidelberg Materials double its stake in?Akcansa from 69.44% to 79.44%. Akcansa has three cement plants and 26 ready-mixed?plants. It also operates five aggregate quarries, and five terminals for...

As the dollar strengthened, gold prices fell, and oil prices rose, as news spread that 'the Strait of Hormuz was closed again. This sparked inflation fears. As of 0730 GMT spot gold was down 0.7% to $4,792.89 an ounce after reaching its lowest level since April 13 earlier in session. U.S. Gold Futures for June Delivery fell by 1.4% to $4.812.20. Ilya 'Spivak is the head of global macro at Tastylive. He said that gold prices were lower today after the U.S. - Iran war ceasefire, which markets celebrated last Monday, appeared to have broken down. "This has brought back...

The 'dollar strengthened on Monday, and gold prices fell. Meanwhile, news that the 'Strait of Hormuz was closed again drove oil prices up. Inflation fears were revived by the news that the Strait of Hormuz would be closed once more. As of 0155 GMT spot gold was down 0.4% to $4,809.71 an ounce after reaching its lowest level since the April 13 session earlier in this session. U.S. Gold Futures for June Delivery fell 1% to $ 4,829.40. Ilya 'Spivak is the head of global macro at Tastylive. He said that gold prices were lower today after the U.S. -...

In the first quarter of 2026 sales of electric cars jumped almost a third on the main European auto markets, as consumers sought alternatives to combustion engines after the war in Iran caused the highest spike in petrol prices for years. Data collected by the trade association E-Mobility Europe, and research firm, New Automotive, on Monday showed that new battery-electric vehicle registrations (BEVs), a proxy of sales, increased 29.4% in comparison to a year earlier, reaching almost 560,000 during the first quarter. They were also up 51.3% in March, with over 240,000 vehicles registered in 15 European markets. The ACEA...

Aluminum prices dropped on Friday, after Iran's foreign minister announced that all commercial vessels could pass through the Strait of Hormuz for a period of time remaining in the ceasefire. Benchmark 'three-month' aluminium at the?London Metal Exchange was down by 2.6% to $3,549 per metric ton as of 1601 GMT. The reopening of Strait of Hormuz where navigation was largely suspended after U.S. and Israeli attacks against Iran began on 28 February improves prospects for exports of aluminium from the Gulf -region which account for approximately 9% of the global supply. The Strait is used by producers in the area...

Documents seen by show that Chilean copper producer Codelco, and global miner Anglo American, plan to submit different environmental studies to the regulators in Chile for their planned "shared copper mine". They will use what they call a "unprecedented", twin-track approval process. Documents previously unknown on the Andina Los Bronces project were presented to environmental authorities in January. They show that the companies intend to submit two applications essentially identical in December for a 'pit' where they will jointly extract copper from the top producer of red metal in the world. This model could be used as a template for...

Gold prices held steady on Thursday as the markets watched developments between the U.S. and Iran, including their impact on inflation and interest rate rates. As of 11:00 am, spot gold was unchanged at $4.789.09 an ounce. After hitting a month-high in the previous session, ET (1500 GMT) was little changed. U.S. Gold Futures dropped 0.3% to $4.810.90. If we see an easing in tensions between the U.S. and Iran or a war ending, it will increase the likelihood that the Federal Reserve rate could be cut down the road... This would support precious metals," said David Meger, director of...