Europe

Pirelli, a tiremaker, said that on Thursday the majority of holders of the 500 million euro bond due to expire this month have chosen to convert the bond into new shares in the company. This has diluted the stakes owned by existing investors. Pirelli announced that bond holders had chosen to convert their bonds into shares at a price of 5.8493 euros per share, which was announced in June. Pirelli said that to meet the conversion, it would issue around 84.88 millions new shares, which will dilution its shareholder's?holdings. Sinochem, the largest shareholder in Pirelli, is expected to reduce its...

Eni announced on Thursday that it had sold a 49.99% share of its carbon storage and capture unit to BlackRock’s infrastructure fund Global Infrastructure Partners. This gives the two groups joint control over the business. This deal is part Eni's plan to spin-off specific businesses, and to bring in partners who can help fund investment for these units. The deal is a larger share than previous deals with its low-carbon units Plenitude and Enilive, where it restricted the'share of partners' to 30%. Eni's CCUS Holding is responsible for the Liverpool Bay?and Bacton project in Britain in addition to the L10...

The Russian Foreign Ministry said Thursday that they hoped the U.S. President Donald Trump administration didn't make a fatal mistake over Venezuela. They also said that Moscow was concerned about U.S. actions that threaten international navigation. Trump ordered on Tuesday a "blockade", of all oil tankers sanctioned by Washington, that enter and leave Venezuela. Washington was trying to increase pressure against Nicolas Maduro’s government. After the U.S. seize a sanctioned oil tanker off the coasts of Venezuela, last week. Loaded vessels with?millions barrels of crude oil chose to stay in Venezuelan waters than risk being seized. In a press release,...

Australian shares recovered early losses and closed little?changed? on Thursday. Gains in heavily-weighted miners offset?a??drop? in top oil & gas producer Woodside Energy, after its CEO announced a surprising move to lead BP. After a three-day decline, the S&P/ASX 200 Index fell up to 0.4% and closed unchanged at 8,588.20. The main index, however, was on track to end its last full trading week in 2025, with a 1.3% drop, as sticky inflation and strong economic growth shattered expectations of future interest rate reductions. The markets now expect the central bank to make its next move upwards in the second...

The European Parliament approved Wednesday the plan to phase out Russian imports of gas by the end of 2027. This is the last legal hurdle that needs to be cleared before the ban can become law. The EU has agreed to legislation that will cut ties with Russia, Europe's former largest gas supplier. They had vowed to do this after Moscow's full-scale invasion in Ukraine 2022. The vote was 500 for, 120 against, and 32 abstained. The EU Ministers will still need to formally?approve the ban, which is expected in early?2019. Officials expect that countries will?approve the deal without any...

Three people with knowledge of the matter claim that Saudi Arabia's?Midad Energy?is one of the top contenders for the international assets of Russian?oil giant?Lukoil, taking advantage deep political ties between Moscow and Washington. Sources have confirmed that the assets, which are valued at around $22 billion, include oilfields, refineries, and thousands of fuel station worldwide. About a dozen investors have made bids for these assets, including U.S. major oil companies Exxon Mobil, Chevron, and private equity firm Carlyle. Lukoil wants to sell off its foreign operations, which were crippled by the U.S. sanctions that were imposed on October to pressure...

Shell, the oil major, has made a final investment decision for a 'waterflooding project' at its Kaikias Field in the U.S. Gulf of Mexico. The project aims to increase oil recovery and prolong the life of Ursa Platform. The project will add an additional 60 million barrels of oil to the recoverable resources. Shell, the top deep-water operator in the U.S. Gulf, is making a new investment to maintain liquids production of?nearly 1.4 million barrels per day?until the year 2030. The first injection is scheduled for 2028, and will extend Ursa’s production cycle by several years. Waterflooding is a secondary...

The central bank reported that Azerbaijan, a country heavily dependent on oil, saw its current-account surplus drop to $3.0 Billion, or 5.4% of gross domestic product (GDP), from $4.0 Billion in the same period last year. The bank stated that the fall in oil prices was the main reason for the decline in current account surplus. The oil and gas sector surplus decreased by 3.7% on an annual basis to $10.7 billion. Meanwhile, the non-oil & gas sector deficit increased by 7.5% to $7.7 Billion. The southern Caucasus' exports are largely based on oil and gas, which accounts for around...

Four people familiar with the matter said that the U.S. Treasury rejected an 'offer' from a group headed by U.S. Bank Xtellus Partners to buy foreign assets of Russian Oil Company Lukoil. Xtellus was in a race with Exxon Mobil, Chevron and Abu Dhabi Group International Holding Company. MOL from Hungary and the U.S. Private Equity firm Carlyle are also still involved. The U.S. Treasury declined comment. Lukoil was willing to sell its assets in October after the U.S. sanctioned it and Kremlin controlled rival Rosneft to encourage Russia to reach a peace deal with Ukraine. Over a dozen companies...

Three people familiar with the matter said that the U.S. Treasury 'has rejected the offer of a group led U.S. -based Xtellus Partners to purchase the foreign assets owned by Russian oil.company Lukoil. Xtellus was competing with U.S. oil giants Exxon Mobil, Chevron and Abu Dhabi Group International Holding Company. Hungary's MOL, and U.S. Private Equity firm Carlyle are also still in the race. The U.S. Treasury declined comment. Lukoil was willing to sell its assets after the U.S. sanctioned it in October, along with the Kremlin controlled rival Rosneft to try to?push Russia towards a peaceful deal with Ukraine....

The Italian Competition Authority (AGCM), in its weekly bulletin, announced that it had closed the investigation into alleged unfair commercial practices involving Eni's Plenitude unit. Eni's retail and renewable business was investigated in the investigation launched in March. The authority stated that between May and September 2024, customers complained about their contracts for electricity and gas being renewed without any prior notice and with new terms and conditions. The Italian competition watchdog also enforces consumer rights. The AGCM bulletin stated that Eni would intensify its efforts to alert customers to changes in terms and conditions and compensate those who have...

The state assets minister said on Monday that the Polish coking coal company JSW needed 3 billion zlotys (US$834 million) in liquidity to continue operating next year. JSW, Europe's largest coking coal producer, is impacted by falling prices and rising wages. It has developed a restructuring strategy. Jakub Skopek, an analyst at Erste, estimates that the plan will save millions of zlotys in wages. The state-controlled firm?has already reduced investments?and used almost all of its Rainy Day Fund, which has shrunk in size from 5 billion zlotys by the end of 2022 down to 100 million zlotys around October. JSW...

A report released by the U.N. Human Rights Office Thursday revealed that over 1,000 civilians died when a paramilitary group from Sudan took control of a famine stricken displacement camp in Sudan's Darfur. About a third were executed summarily. According to a U.N. Report, for months before the April 11-13 attack, the Rapid Support Forces had blocked the entry of food and other supplies into the Zamzam Camp in Sudan's western Darfur region, which houses nearly half a milllion people who have been displaced by the civil war. The U.N. reported that the RSF had attacked civilians during the takeover....

Gold prices held firm on 'Thursday', reversing earlier losses, as U.S. inflation figures were softer than expected, confirming expectations for Federal Reserve rate reductions in 2026. As of 1424 GMT, spot gold was down by 0.1% to $4,333.57 per ounce. U.S. Gold Futures were also down 0.2% at $4,366.80. Data showed that U.S. consumer price index rose 2.7% on an annual basis in November. This was below the 3.1% rise forecast by economists?surveyed. After the data, futures on the federal fund rate increased the probability that the Federal Reserve would lower interest rates during its meeting in January. David Meger...

Silver hovered at record highs, despite a weaker dollar. Investors remained cautious ahead of U.S. inflation figures that could influence the Federal Reserve’s policy. As of 1023 GMT, spot gold was down 0.4% at $4,324.47 per ounce. U.S. Gold Futures were also down 0.4% at $4,355.70. Dollar index rose after reaching a high of?nearly a week on Wednesday. This made greenback-priced gold more expensive for foreign buyers. Spot silver dropped?0.4%, to $66.02 per ounce. It had previously reached a record-high of $66.88. The slightly stronger 'dollar is a headwind to both gold and silver )... Some cautious investors prefer to...

Silver prices reached a new record of $66 per ounce on Wednesday. Meanwhile, gold prices firmed up as the U.S. Federal Reserve raised expectations of rate cuts after signs of an unsteady labor market. Spot silver increased by about 4%, to $66.3 per ounce. It had previously reached a session high of $66.51. Edward Meir, a Marex analyst, said that "silver is pulling up gold with it... There is some money moving out of gold into silver and platinum and palladium." "$70/oz" (for silver) seems to be the next logical goal in the short term. After rising by over 1%...

Silver prices briefly surpassed $66 per ounce on Wednesday to reach a new record high, while gold prices firmed as the Federal Reserve of the United States lowered rates after signs of a weaker job market and as tensions between Venezuela and the U.S. escalated. Spot silver increased 2.8%, to $65.55 per ounce. It had previously reached a session high of $66.52. Edward Meir, a Marex analyst, said: "Silver has pulled gold up with it. There is money moving out of gold into silver and platinum. "$70/oz" (for silver) seems to be the logical next target for the short term."...

Silver soared above the $65 mark on Wednesday for the first time, while gold edged up a bit as 'weaker U.S. labor data rekindled expectation of interest rate cuts, pressing the dollar and boosting the demand for precious metals. Spot silver rose 2.8%, reaching a new record of $65.63 per ounce. Gold spot prices rose 0.4%, to $4,321.56 per ounce, by 0230 GMT. U.S. gold futures gained 0.4% to $4350.50. Many of the end-of-year reports have stated that precious metals are the best performing asset class. "I would attribute the silver appreciation of today to speculative flow," GoldSilver Central's MD...

Dealmakers said that Canada's approval of the merger between British miner Anglo American, and Canada's Teck Resources for $53 billion signals an effort to 'attract investment' to offset the impact on U.S. Tariffs. Melanie Joly, Canada’s Innovation, Science, and Economic Development minister, announced late Monday night that Canada had approved the buyout of Teck Resources, in its entirety, by Anglo American, under the Investment Canada Act. This cleared a regulatory obstacle to create a global heavyweight for copper. Joly stated in a press release that the deal is beneficial to Canada. Her office has not responded to any further comments....

The gold price fell on Tuesday, as investors adopted a cautious approach ahead of the U.S. employment data due later in the day. This could provide clues about Federal Reserve's outlook for interest rate cuts. As of 1300 GMT, spot gold fell 0.2%, to $4,294.20 an ounce. Bullion is up 64% this year. U.S. Gold Futures fell 0.3% to $4,323.40. Gold is down this morning, as investors profiteer ahead of important?U.S. Lukman Otunuga is a senior research analyst with FXTM. He said that data will influence Fed rate expectations for next year. While the combined employment reports for October and...

Guinea and EGA talk to avoid legal battles over assets seized EGA loses GAC license due to row over alumina refinery Nimba Mining to increase bauxite production By Maxwell ?Akalaare Adombila DAKAR, 16 December - Guinea and Emirates Global Aluminium are in discussions over a 'possible bauxite agreement, which would see the company sourcing the 'aluminium /feedstock from Guinea’s state-owned Nimba Mining. Guinea's military government, following a dispute that lasted a year over the construction an alumina refining plant, revoked Guinea Alumina Corporation's licence in July. The company then transferred its mining assets to Nimba Mining. Sources, including a government...

Three industry sources have confirmed that gold mining companies in the Ivory Coast are now paying an 8% royalty backdated to January after months of disputing its legality. The world's largest cocoa producer has replaced the previously linked 3%-6% contract rate with a flat 8%?rate. The miners refused to pay at first, claiming that it was illegal because their contracts protected them from fiscal changes. They then entered into negotiations with the government in order to get the new royalties scrapped. The three people who are familiar with the issue, but declined to be identified because they weren't authorised to...

Investors grew cautious on Tuesday ahead of the key U.S. employment data that is due later in the day. This data will shed light on potential Federal Reserve interest rates cuts. As of 1102 GMT, spot gold fell 0.6%, to $4,277.20 an ounce. Bullion is up 64% for the year. U.S. Gold Futures fell 0.7% to $4,305.30. Gold is down today as investors profited ahead of the?key U.S. economic data that will determine Fed rate expectations for next year, said Lukman otunuga senior research analyst at FXTM. He added that the weakness below the psychological mark of $4,300 is keeping...

Holcim announced on Tuesday that it had paid $550 million to acquire a majority stake in Cementos Pacasmayo in Peru, in order to expand the Swiss cement manufacturer's presence in South America. Holcim will take a 50.01 % stake in Cementos Pacasmayo in the deal, which values the Peruvian firm at $1.5 billion, including debt or $1.1 billion in equity value. According to the Peruvian law on takeovers, Holcim is required to offer more shares of the 'company and will likely increase its stake in the company, Holcim said. Cementos Pacasmayo expects sales of $630 millions for 2025, with a...