Europe

The Russian government announced on Thursday that it has extended the six-month ban on gasoline exports, but with exemptions for producers. The government released a statement saying that the Deputy Prime Minister, "Alexander Novak" supported the decision to prohibit gasoline exports to non-producing companies from March 1, to August 31, this year. This was to help balance the market in the period of high demand. The refineries and the oil companies who own them will now be allowed to export gasoline. A measure that was implemented nearly a year back prohibits traders and resellers from exporting gasoline. The first ban...

On Thursday, a top Swiss court found that a former Gunvor employee had corrupted officials in the Republic of Congo for oil contracts. This is the first time that a corruption case in Switzerland's commodities trading industry, worth $80 billion, has been brought to court. This follows the conviction of Trafigura, a rival trading firm, and a former executive in a corruption case involving Angolan Oil Deals last month. The Swiss Federal Criminal Court released a statement on Thursday that the ruling concerned bribes worth over $35 million, intended at least in part for Congolese officials, over an 18-month period...

In a letter to the United Steelworkers union on Monday, Lyondell Basll Industries announced that layoffs would begin at the refinery in Houston which was closed. Estalee Russi wrote in a letter to USW International president David McCall that "Employment Separations - including (USW) local 13-227 represented employees - will begin at or around April 17, 2025." Tuesday, the letter was examined. A spokesperson for Lyondell did not respond to a comment request. There are around 400 Lyondell employees working at the 263,776 barrel-per-day-capacity Houston refinery, with about 70% of them being hourly workers represented by the Steelworkers. On Tuesday,...

These are the most popular stories in the British business pages. These stories have not been verified and we cannot vouch for the accuracy of these reports. The Times Southern Water is in a financial crisis, joining Thames Water. It has asked its investors to provide a further 900,000,000 pounds ($1.13 billion), in order to save the company. The British regulator of water, Ofwat, announced on Tuesday that six water utilities had appealed the pricing regime. This highlights the tensions in a sector trying to strike the right balance between the consumer's bills and the environment. The Guardian In the...

On Monday morning the benchmark Dutch gas contract traded in a narrow range, as higher wind speeds reduced gas demand for electricity generation. Meanwhile the market was monitoring updates on the U.S. and Russian talks to end war in Ukraine. LSEG data shows that the benchmark front-month contract for the Dutch TTF hub was nearly flat at 50.75 Euros per megawatt hour, or $15.59/mmBtu by 1004 GMT. Last week, the contract dropped to 49.25 Euros/MWh - its lowest level since 29 January. The British day-ahead contracts fell 1.25 pence to 124.55 pence/therm, while the Dutch contract lost 0.32 euros at...

Oil prices were little altered on Monday, as investors awaited developments in a possible Russia-Ukraine deal that may ease sanctions disrupting the global supply flow. Brent crude futures were up 7 cents to $74.81 per barrel at 0430 GMT. U.S. West Texas intermediate crude was unchanged at $70.75 per barrel. After U.S. president Donald Trump and officials of his administration announced that they had begun talks with Russia to end war in Ukraine, the market kept a close eye on the progress of peace negotiations. If negotiations result in a resolution, then more Russian barrels will enter the global supply,...

These are the most popular stories in the British business pages. These stories have not been verified and we cannot vouch their accuracy. The Times – The UK could face 21% tariffs for exports to the US following President Trump's order that imposed reciprocal levies against countries with VAT. Experts have warned of significant economic consequences. Unilever chose Amsterdam over London to spin off its ice-cream division for 13 billion pounds (16,33 billion dollars). This is a blow to UK capital markets in spite of government efforts to ensure the listing. The Guardian – Steve Madden acquired UK footwear brand...

Bankers and lawyers that have dealt with Elliott Investment Management say that executives should expect to receive a thorough analysis of their weaknesses, backed up by rigorous research and financial power. Elliott is now focusing on the legendary oil giant BP. The $70 billion investment firm has not revealed the size of their stake in BP, or what they want to see changed. The mere hint that Elliott was playing the corporate agitator in this week's BP share price spiked to its highest level since August on the expectation the fund would force improvements and unlock shareholder value. The day...

The Russian rouble, and its stocks, surged Thursday following a phone conversation between U.S. president Donald Trump and Russian president Vladimir Putin. In the call the two leaders discussed how to end the Ukraine War. According to data on the over-the counter market, at 0745 GMT the rouble had risen 3% against the dollar and was trading at 90.90, its highest level since September 2024. During the trading session, the rouble briefly reached the highest level since September 11 at 89.90. The rouble has gained 20% against the dollar since the beginning of the year. The Moscow Exchange index (MOEX),...

These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. Elon Musk led a consortium of investors to offer $97,4 billion for the nonprofit OpenAI. This raised the stakes in the battle between him and Sam Altman regarding the company behind ChatGPT. Donald Trump, the President of the United States, announced on Monday 25% tariffs on steel and aluminum imports to the U.S. He also reinstated global duties for allies like Canada, Mexico and South Korea, which were relaxed under the Biden administration. Elliott Investment Management, a...

The regional governor of Saratov, Russia, said that a Ukrainian drone attacked an "industrial facility" within the region. In a Telegram post, Roman Busargin (the governor of Saratov) said that preliminary information indicated there were no casualties. The Shot news telegram telegram channel was one of several unofficial Russian Telegram channels that reported fires and explosions near an oil refinery located in Saratov in Russia's South. Social media posts and videos showed thick smoke clouds in the night sky. We could not independently confirm the reports. Ukraine has not yet responded. Kyiv has said many times that its air strikes...

The oil prices recovered on Monday, after a third consecutive week of declines. Investors remained concerned that U.S. president Donald Trump could start a new trade war. Brent crude futures rose $1.30 or 1.7% to $75.96 per barrel at 11:51 am. ET . U.S. West Texas Intermediate Crude added 1.9% and rose $1.36 to reach $72.36. Gains could be due to bargain-hunting after prices dropped 2.75% in the previous week as a result of global trade concerns. Tariff uncertainty is the main issue. Harry Tchilinguiran, of Onyx Capital, said that this affects risk appetite and spillover effects to oil. Some...

The companies announced that they had signed a Memorandum of Understanding to operate copper mines located in central Chile. Codelco's board of directors, in a letter sent to the local regulators, approved the deal for the operation of its Andina Mine alongside Anglo American’s flagship Los Bronces Mine outside of Santiago. In a Santiago press conference, Codelco chairman Maximo Pacheco said: "This memorandum will allow us jointly to develop a mine plan for both joint deposit that are next to each other." He said that the agreement would allow the production to increase by 120,000 tons per year over a...

Top EU trade officials stated on Wednesday that the bloc is interested in making trade deals with President Donald Trump of the United States. They are also ready to discuss potential reductions or eliminations of tariffs on motor cars and other goods. Maros Sefcovic told an American Enterprise Institute in Washington event that he will tell Trump administration officials about his desire to avoid unilateral U.S. trade tariffs and European reprisals. "I will make this point when I meet my American counterparts later today. Sefcovic stated that the EU was interested in making agreements. These deals should foster fairness, responsibility...

Rio Tinto announced its lowest full-year earnings in five years, which also fell below expectations. Lower prices for iron ore overshadowed growth in the copper and aluminum businesses. Last year, iron ore prices were moderated due to a weak property market in China and high portside stocks. This led to a decline in the earnings of the miner from this raw material that is used in the steel-making process and offset the growth in the copper and aluminum segments. Rio's iron ore average price per tonne dropped 10% in the past year compared to a year ago. Rio's operating profits...

Russia, just like U.S. president Donald Trump, is envious of Ukraine's natural resource - its forces are now closing in on an enormous lithium deposit. Trump told Ukrainian President Volodymr Zelenskiy that he wanted Kyiv's minerals to be handed over in exchange for U.S. support. Vladimir Putin is gaining control over Ukraine's wealth as Washington and Moscow prepare to negotiate an end to the war that has lasted three years. According to data obtained from Ukrainian military blog Deep State, Russian forces have seized more than a fifth (including rare earth reserves) of Ukraine and are now less than four...

AngloGold Ashanti will increase payouts to its investors, the company announced on Wednesday. The profit was $954 million, up from $46 million the year before, thanks to the record-breaking rise of the precious metal. In New York, shares of the company fell by as much as 7.4% at first trading. Arnold Van Graan, analyst at Nedbank Group, said that a sharp increase in the planned expenditure at projects such as the Sukari Mine in Egypt, which the company purchased from Centamin recently, has unnerved some investors. Van Graan wrote in a letter that "this appears to cast a negative light"...

Russia, just like U.S. president Donald Trump, is envious of Ukraine's natural resource - its forces are now closing in on an enormous lithium deposit. Trump told Ukrainian President Volodymr Zelenskiy that he wanted Kyiv's minerals to be handed over in exchange for U.S. support. Vladimir Putin is gaining control over Ukraine's wealth as Washington and Moscow prepare to negotiate an end to the war that has lasted three years. According to data obtained from Ukrainian military blog Deep State, Russian forces have already taken over a fifth part of Ukraine, including rare earth reserves. They are now less than...

On Wednesday, gold prices reached a new record high due to the demand for safe havens following the latest tariff threats by U.S. president Donald Trump. Investors were also awaiting the minutes of the Federal Reserve policy meeting in January later that day. As of 9:39 am, spot gold was unchanged at $2.934.49 per ounce. ET (1439 GMT), after surging earlier to an all time high of $2.946.85/oz. Prices reached a new record for the 9th time this year. U.S. Gold Futures increased 0.1% to $2.952.10. Paul Wong is a market strategist with Sprott Asset Management. He said, "We're in...

EU diplomats reported on Monday that EU envoys had agreed to the 16th package against Russia on Wednesday. The sanctions include a ban on imports of primary aluminium, the sale of gaming consoles, and the listing of shadow fleet vessels. On Monday, the EU foreign ministers are expected to adopt the package which, in large part, follows the proposal of the European Commission. This will mark the third anniversary since Russia invaded Ukraine. A year after the official adoption, the aluminium import ban is to be implemented. The package also includes 48 individuals and 36 entities on its list of...

Glencore announced on Wednesday a $1 billion buyback of shares and a dividend payout of $1.2 billion to its shareholders, despite lower commodity prices reducing its earnings. Analysts believe the $1 billion plan is designed to boost the undervalued share price of the company. Glencore shares fell in the early trading, falling 4.4% at 0840 GMT, and underperforming its peers. Earnings before interest, taxes, depreciation, and amortization (EBITDA), which were $17.1 billion in 2018, fell by 16% in 2024 to $14.36 Billion, matching analyst consensus of $14.55 Billion. The Swiss miner and commodity dealer saw its profit drop for the...

Zambia has suspended the 15% export tax for precious metals and stones in an effort to increase its competitiveness on global markets and attract investment, said the Finance Ministry on Wednesday. After being suspended in 2019, the southern African country, which is the second largest producer of emeralds in the world after Colombia, will reintroduce the tax in 2025. The ministry released a statement saying that "Zambian precious metals and stones will now be more competitively priced on the global markets, thereby increasing interest from international customers and leading to increased sales volumes." Gemfields (which operates Kagem, the largest emerald...

London copper prices eased on Tuesday, after U.S. president Donald Trump threatened to impose 25% duties on automobiles and semi-conductors, which could impact the metal's supply. The price of three-month copper at the London Metal Exchange slipped 0.3%, to $9.446 per metric ton as of 0156 GMT. Trump announced on Tuesday that he plans to impose auto import tariffs of "around 25%" as well as similar duties on pharmaceuticals and semiconductors. This is the latest of a series measures that threaten to disrupt international trade. Trump also said that tariffs for pharmaceuticals and semiconductors would start at "25% and higher"...

U.S. president Donald Trump announced on Tuesday that he plans to impose tariffs on auto imports "in the vicinity of 25%", as well as similar duties on pharmaceuticals and semiconductors. This is the latest of a series measures that threaten to disrupt international trade. Trump announced on Friday that levies will be imposed as early as April 2. This is the day after his cabinet members are expected to present him with a report outlining a variety of options for import duties, as he attempts to reshape international trade. Trump has been pointing out unfair treatment that he claims is...