Europe

On the first full day of the Milano Cortina Winter Olympics, thousands of people protested in the streets of Milan on Saturday over rising housing costs and concerns about the environment. The march is being organised by housing rights groups, grassroots unions and community centre activists. It aims to bring attention to what activists describe as an unsustainable city model, marked by rising rents and increasing inequality. The Olympics bring to an end a decade of property boom in Milan following the 2015 World Expo. Locals are squeezed by rising living costs, as an Italian tax plan for wealthy new...

On the first day of the Winter Olympics in Milano Cortina, thousands of people are expected to march on Saturday through Milan as a protest against housing costs and urban affordability. The march is being organised by housing rights groups, grassroots unions and community activists from the social centre. It will highlight what activists are calling an unsustainable city model characterized by rising rents and increasing inequality. After the 2015 World Expo in Milan, the city has experienced a boom in the property market. Locals have been squeezed by rising living costs, as Italy's tax system for new wealthy residents...

In a statement issued on Saturday, the UILM (Italian Metalworkers' Union) said that Stellantis-backed Automotive Cells Company told unions they had dropped?plans for building gigafactories both in Italy and Germany. ACC, a joint venture for battery manufacturing in which Stellantis was the largest shareholder, planned to build three gigafactories across Europe - in France, Germany, and Italy. UILM, however, said that ACC management informed them of the "definitely shelved" projects planned for Termoli in Italy and Kaiserslautern in Germany. In a statement released on?Saturday, ACC stated that projects in Germany and Italy have been in standby status since May '2024....

The Stellantis-backed Automotive Cells Company told unions that it had shelved its plans to build Gigafactories in 'both Italy and Germany', according to a statement released by the Italian Metalworkers Union UILM on Saturday. ACC, a?battery-joint venture? in which Stellantis was the largest investor, planned to build three gigafactories across Europe – in France, Germany, and Italy. UILM, however, said that ACC management informed them of the "definitely shelved" projects planned for?Termoli in Italy and Kaiserslautern in Germany. ACC stated in a statement released on Saturday that projects in Germany and 'Italy have been on hold since May 2024. They...

United Steelworkers of the United States adopted a national agreement regarding pay and benefits on Friday, averting an nationwide strike which could have affected up to 30,000 workers at?26 companies that operate crude oil refineries or petrochemical facilities. The union and the leading U.S. refining company Marathon Petroleum negotiated the agreement on behalf of refiners, chemical producers and other interested parties. Jamal Kheiry, a spokesperson for Marathon, said: "We are happy that Marathon and USW have successfully concluded a model agreement for new collective-bargaining contracts in the U.S. refinery industry." "We are looking forward to the local sites moving ahead...

At a Friday rally, hundreds of protesters chanted slogans, blew whistles, and lit flares to protest the presence of U.S. Immigration agents in Italy and the closing of streets before the 'Milano Winter Games' Opening Ceremony. Immigration and Customs Enforcement officials are reportedly present to protect Americans at the Olympics. This has sparked protests, given their role as frontline agents in President Donald Trump's aggressive immigration policy. Some of the banners displayed by the students-led protesters read "Ice out" and "Ice should not be in my drink, but my city". The demonstrators in Milan blew plastic whistles that have become...

JSW, a state-controlled coal miner in Poland, announced on Friday that it had reached a draft agreement to suspend some benefits for workers, including a bonus referred to as the "14th salary" in Poland, until 2026. JSW, Europe's largest coking coal producer, has struggled with a weak demand, increased import competition, and high operational costs. The company is now forecasting a loss of 7.24 billion zlotys by 2024. Following the announcement, trading in the company's stock was volatile. Gains of up to 10.9% were made before the shares?fell by up to 3.0%. They then traded flat at 1422 GMT. It...

Shell has chosen PricewaterhouseCoopers (PwC) ?as its next auditor after a ?tender process, with PwC set ?to replace ?EY from 2027, the oil major said on Friday. The Financial Reporting Council of Britain announced in December that it had launched an investigation into EY’s audit of Shell's financial statements for 2024 due to possible breaches regarding audit partner rotation rules. Shell stated in a regulatory filing from July that EY violated the rules that require accounting firms to change their lead audit partners 'every five or seven years. Shell announced that it would amend the 2023 and 2024 reports, but...

On Friday, hundreds of protesters rallied in Milan to voice their opposition to the presence of "U.S. Immigration and Customs Enforcement agents and the 'closure of streets and schools in the 'city' ahead of the opening ceremony for the Milano Cortina Winter Games. Last week, the U.S. State Department announced that ICE and other federal agencies would assist in protecting visiting Americans. This decision sparked protests immediately in Milan. Italian authorities blocked some areas of the city and ordered that schools in central Milan remain closed on Friday to ensure security and reduce traffic disruptions. Students with signs saying "ICE...

The Olympic flame arrived at Milan's gothic giant cathedral on Thursday, amid cheers and protests on the eve before the opening ceremony of the Milano Cortina Winter Games. Nicoletta Mani, a 'leading 'ballet dancer from the nearby La Scala Theatre, carried the torch to a platform under the cathedral, where it was lit a brazier. The majority of people who packed the Piazza del Duomo, or Cathedral Square in the light rain cheered and took photos on their smartphones as the torch passed. The torch was brought to the square through the Galleria Vittorio Emanuele. In solidarity with Gazans, a...

The Italian tyremaker Pirelli has said that it opposes any spin-off of its 'cyber tyre' activities. This was in response to a proposal put forward by Sinochem, a Chinese shareholder, to settle a governance issue. Directors are against "any project or initiative that might lead to any form of compartmentalization, separation and/or segregation, even only partially, and of any nature," ?Pirelli said in a statement. It added that the board supported the position by a vote of 9-5, with five directors appointed in China voting against. Sinochem, a Beijing-controlled company, is the largest shareholder in Pirelli with a stake of...

By America Hernandez PARIS, February 5, 2019 - French oil giant?TotalEnergies signed two agreements to supply Airbus with 3.3 terawatt hours of electricity. The companies stated that this amount would cover half the sites’ power needs in the next decade. Germany and Britain are key growth markets for Total. Total is focusing on markets that have deregulated electricity markets, where it can own and build renewable assets and sell directly to clients. The company has a'strategy' that includes owning gas-fired plants and signing supply deals to provide continuous power sourced both from renewables and gas assets. These contracts, which are...

Eramet shares fell on Monday after news broke that the French mining group's finance chief was temporarily suspended. This exacerbated a management crisis triggered by the removal of the former CEO a few days earlier. Eramet?said earlier in a press release that the suspension of Abel MartinsAlexandre pending an investigation of his management methods was not connected to the firing Paulo Castellari from the CEO position on February 1. Maxime Kogge, an analyst at Oddo BHF, said that the timing of this announcement was not ideal. "Eramet faces the risk of being downgraded by rating agencies because of its stressed...

The dollar fell on Monday, and copper prices rose. However, weak demand prospects in China, the top industrial metal consumer, along with rising inventories, are expected to challenge the bullish sentiment. The benchmark copper price on the London Metal Exchange was 0.4% higher, at $13,043 per metric ton. Prices have fallen 10% since January 29, when they reached a record high of $14527.50. Funds use numerical models that generate buy and sale signals to determine the effect of a softer U.S. dollar on metals priced in dollars. The market is still dominated, according to traders, by funds and other speculators...

Phoenix Copper Limited, a UK-based company, announced on Monday that it has suspended its executive chairman and finance director with immediate effect as a result of an investigation into allegations regarding their conduct and payments made to a former Corporate Finance Advisor. This sent shares down by as much as 50 percent to a new record low price of 1 pence. The U.S.-based copper miner said on Monday that it was reviewing its funding options, and warned that current cash would only cover obligations until the early'second quarter' of 2026 if additional financing is not provided. Executive Chairman Marcus Edwards-Jones,...

The price of copper rose above $13,000 per ton, ending two days of declines. Investor sentiment also improved as prices became more affordable. Benchmark three-month Copper on the London Metal Exchange was trading 0.8% higher at $13,001 a ton by 1700 GMT. It had earlier fallen as much as 2.9%, to $12,528. Red metal reached a session high of $13,037.50, and was on track to end the week with a loss of 1.2%. It had fallen 10.5% since a record-high price of $14,527.50 set on January 29, 2010. Broker Marex stated in a report that a merchant bid on copper...

Australian Rio Tinto shareholders have welcomed the decision of the mining giant to end merger discussions with Glencore. They said that now it is up to the company's new strategy, which they had placed so much emphasis on. The proposed merger, first announced in January, was intended to create the largest mining company with a value of more than $200 billion. Rio announced on Thursday that the two companies were unable to reach a deal which would have provided shareholders with enough value. Rio's investors feared that the miner could overpay Glencore to make a deal. Sources said that Glencore...

The price of copper fell again on Thursday as rising stocks and a stronger dollar weighed down the prices. As of 1731 GMT, the benchmark three-month copper price on the London Metal Exchange was down 1% to $12,917.50 a metric ton. Copper fell by as much as 2 percent to $12,783 earlier this week. Industrial metals also joined the broader sell-off across all asset classes. Silver, for example, lost around 13% due to a stronger dollar and an easing of U.S. China trade tensions. Dollar-denominated commodities become more expensive to holders of currencies other than the dollar. LME copper stocks...

Pandora has switched to platinum-plated items to reduce its exposure to the wild swings of the silver market. This comes after a speculative frenzy drove the metal's prices to record highs over the last year. Silver's sharp movements have become a major factor in the share price of the Danish company. Last week's drop in the metal sparked a surge in the stock. In an interview, CEO Berta De Pablos Barbier said: "We must decouple the performance of the company from the value of its shares." "We are not a trader of silver, we are a jewellery company." Pandora's most...

ArcelorMittal reported a fourth-quarter core income that was above the?market?forecasts, on Thursday. The company expects lower imports of steel into Europe to help restore profitability for its mills in Europe. In the first hour of trading, its shares rose by more than 3% and reached their highest level since August 2011. Since the beginning of the year, they have gained about 25%. According to LSEG, the multinational group headquartered in Luxembourg posted earnings of $1.59bn for the quarter. This was higher than analysts' estimates of $1.51bn. EU MEASURES ARE A BONUS?FOR DOMESTIC INDUSTRIES Even though global trade volatility hurt visibility...

The prices of commodities such as crude oil, silver, and gold, all fell on Thursday after the leaders of China, the United States, and Iran spoke by phone. Investors reduced their positions due to a stronger dollar in which commodities are priced. Silver fell almost 15%, while gold, crude and copper dropped about 2%. Tony Sycamore is an analyst at broker IG. He said, "We have seen extreme volatility this week in precious metals, other commodities, and we are now experiencing some aftershocks." He added that "talks between Iran and United States seem to be on track again, which has...

Maas Group, an Australian company, announced on Thursday that it would be selling its building materials division up to A$1.70billion ($1.19billion) in order to pivot to artificial intelligence infrastructure. This caused its shares to drop by more than 26%. Maas Group is selling its Construction Materials (CM), a?unit, to Heidelberg Materials' local subsidiary, HMA. It will also invest A$100m in Nvidia AI infrastructure?firm Firmus Group, for a 1.7% share. The conglomerate was founded by former rugby player Wes Maas over 20 years ago. It is now selling an unit that generated approximately half of the A$219 millions in core operating...

The copper price fell on Wednesday as traders downplayed Chinese plans to increase strategic reserves. This was due to a stronger dollar, and a rise in metal availability at the?exchange. Benchmark three-month Copper on the London Metal Exchange fell 3% to $13,065.50 per metric tonne by 1700 GMT. It was just above the 21 day moving average which provides technical support at $13,048. Since speculators began buying gold and silver in greater quantities, copper has dropped 10%. This is despite analysts warnings about weak demand, increasing stockpiles, and the possibility of higher supplies. Anant Jatia, an investment manager who specialises...

Tianqi Lithium Corp announced on Wednesday that it would raise approximately HK$5,86 billion ($750m)?via a convertible bond and share placement, and hoped to sell a?small stake?in Chilean'miner SQM?to bolster liquidity. The Chinese lithium producer listed on the Shenzhen-Hong Kong stock exchange announced that it had struck a deal with the Hong Kong Stock Exchange to issue 65,000,000 new H shares for HK$45.05 per share, or a discount equivalent to 9% of Tuesday's closing HK$49.50. This is worth approximately HK$2.9billion. Tianqi has also entered into a'subscription agreement' for 2.6 billion yuan ($375m) in zero-coupon convertible bonds due February 9, 2027. These...