Latest News
-
US oil prices increase as investors evaluate Middle East deescalation
U.S. Oil Prices rose in the early trade on Thursday. They recovered a portion of their previous day's loss as investors assessed prospects for de-escalation?in the Middle East. Iran also reviewed the U.S. proposal that would end the Gulf War, which has caused energy supplies to be disrupted. U.S. West Texas Intermediate Crude Futures?climbed over $1 to $91.42 per barrel at the opening?and were 93 cents or 1% higher at $91.25 per barrel as of 2225 GMT. WTI fell 2.2% on Tuesday. A senior Iranian official said on Wednesday that Iran was still reviewing a U.S. plan to end the war in the Gulf despite a negative initial response. He indicated that Tehran has not yet rejected it outright. White House Press Secretary Karoline Leavitt stated that U.S. President Donald Trump would hit Iran harder if Tehran refused to accept the fact that?the nation had been "defeated militaryly". Iranian officials have publicly dismissed the idea of any negotiation with 'the Trump administration. The 'apparent delay' in responding to Pakistan after it submitted a '15-point proposal for Washington on behalf of Tehran, seemed to indicate that some in Tehran were considering the idea. (Reporting and editing by Edmund Klamann; Yuka Obayashi)
-
Boliden, Sweden's mining company, expects a hit in Q1 earnings due to seismic activity.
Boliden announced on Wednesday that it expected earnings for the first quarter of 2026 - before interest, taxes and depreciation - to be impacted by about 400 million Swedish crowns ($42.77m) due to production being impacted in its Garpenberg Mine because of abnormally high earthquake activity earlier this month. Swedish miner reported its first-quarter production was slightly less than 0.8 million tonnes, down from an initial?expectation that slightly more than 0.9 million tonnes. The company said that production in the worst affected part of the mine will not resume until 2026. Garpenberg said that until further notice, its production will be approximately 30% of its earlier guided capacity, which was 3.7 million tonnes per year. A copper and zinc miner stated that a "large part" of the mine's infrastructure, such as crushers, hoisting systems, and workshop, were not affected by the earthquake activity. The company stated that a large amount of electrical infrastructure, pressure air systems and ventilation have been damaged. This will require renovations, which are estimated to take a few weeks. The company that operates seven mines, five smelters, and five smelters throughout the Nordic region, Ireland, and Portugal, has said that seismic activity at Garpenberg is now decreasing, and mining production will start in the second quarter. Boliden reported last month that its fourth quarter adjusted earnings were below analyst expectations. However, it proposed a dividend higher than expected for 2025. Recent performance of the company has been improved by higher gold prices. This has increased realised revenue from precious materials collected as a byproduct during mining and smelting. The company also benefits from higher prices for zinc.
-
Chilean antitrust watchdog approves Codelco - Anglo American mining plan
The antitrust regulator of the South American country has given the green light to a joint mining plan between Codelco and Anglo American for the Andina Los Bronces project. Chile is the top copper producer in the world. Anglo American is one of the major operators in this Andean nation. Codelco said that the project is progressing with the regulatory approval process. The project has already been approved by competition watchdogs from China, Brazil and South Korea. The remaining steps are the acquisition of environmental permits, creation of the joint entity and consultations within the local community. Codelco and Anglo American signed an agreement last September to operate their adjacent?copper mining operations together. The deal aims at generating a minimum of $5 billion in cost savings and increased production. The plan is to?combine certain operations?at Codelco’s Andina Mine and Anglo American’s Los Bronces Mine in the Andes Mountains of central Chile. This will increase production by?120,000 metric tons per year. (Reporting and editing by Inigo Alexandra, Will Dunham, and Natalia Siniawski).
-
Trump to hit Iran harder if Tehran does not accept defeat, White House says
White House Press Secretary Karoline L. Leavitt stated that the United States issued a stern warning on Wednesday to Iran, saying President Donald Trump would strike 'harder' if Tehran refused to accept they had been "defeated militaryly". "President Trump is not a bluff, and he's prepared to unleash hell." Leavitt, in a briefing to reporters, said that Iran shouldn't?miscalculate" again. She said that if Iran does not accept the present reality, or if it fails to understand they are militarily defeated and will remain so, President Trump will make sure they get hit harder than they ever have before. The joint U.S. and Israeli war against Iran is now in its fourth week. Pakistan, Turkey, and Egypt have all made efforts to mediate a potential?negotiation? to end the conflict, but there was still uncertainty about where and when such talks would take place. A senior Iranian official said on Wednesday that Iran was still reviewing the U.S. proposal to end the war despite a negative initial response. He indicated that Tehran had not yet rejected it outright. Leavitt said that talks with Iran were still ongoing. "Talks continue. "They are productive," she said, "as President Obama stated on Monday. They continue to be so."
-
Sources say that the Thyssenkrupp and Jindal Steel sale talks have failed due to pensions and energy costs.
Four people with knowledge of the matter said that discussions of a potential sale of Thyssenkrupp Steel Europe (TKSE) to Jindal Steel International may be cancelled due?to disagreements over pension liabilities and investments, as well as energy costs. The people say that while discussions over a possible sale of Thyssenkrupp Steel Europe are ongoing and could still lead to an agreement, a?deal is less likely now after nearly six months' worth of due diligence. One person said that the companies may decide to stop official negotiations as early as next month. Thyssenkrupp tried to sell TKSE a number of times in the past decade, pursuing everything including spinoffs, joint ventures and outright sales. If TKSE is not sold, it would be a blow to the plan of Thyssenkrupp's CEO Miguel Lopez. He wants to?turn Thyssenkrupp into a holding company by selling stakes in its various business units from car parts to clean-tech. The people who spoke to us said that a number of factors are complicating the talks, including a pension liability of 2.4 billion euro ($2.8 billion), which was a 'hurdle for past sales efforts. Also, there were differing opinions on the amount of future investment needed. The second source also said that Jindal Steel International has become increasingly uneasy over the rising cost of energy in Europe. The energy costs in Europe are already higher than those in the United States or Asia. They have now risen even more as a result the Iran War. Thyssenkrupp announced on Wednesday that confidential talks continued with Jindal Steel International, labour representatives, and other parties. The parties will need to agree on valuation, obligations, and future investments. Jindal Steel International (the?international arm?of Naveen Jindal Group) had no comment immediately. Earlier in the month, Lopez stated that the group would continue TKSE's restructure "with or without Jindal",?while Thyssenkrupp’s deputy supervisory Board chairman, Juergen Kerner said last week that talks had stalled. Lopez also stated that EU plans to protect the underperforming steel industry in the EU had increased investor confidence and strengthened Thyssenkrupp’s position in negotiations. Jindal Steel International made an indicative offer to TKSE in September. This included the completion of a new green steel production facility in Duisburg, and a commitment for more than $2.31 billion ($2.39 billion) in order to increase electric arc furnace capacities.
-
US suspends antismog fuel regulations in an effort to lower pump prices
The Trump administration announced Wednesday that it will suspend anti-smog federal regulations for seasonal gasoline blends to combat the higher prices at the pump since the start of 'the war against Iran. Environmental Protection Agency allows retailers to sell cheaper formulations of gas, including mixtures containing 15% ethanol (known as E15) that are not normally allowed during the warmer months. The waiver is valid for 20 days, starting on May 1. It can be extended as needed by the agency. "We anticipate a possible disruption in the American fuel supply," EPA administrator?Lee Zeldin stated at a news conference held on the sidelines CERAWeek, an energy conference in Houston. At the press conference, he announced the waiver. A press release from the EPA stated that the?move would allow nationwide sales of ethanol-blend gasoline (E15) and "remove federal barriers to the sale of E10, which is gasoline blended with 10% ethanol across the nation." E10 is widely available all year round. Analysts believe the change will reduce retail prices by several cents a gallon. According to AAA, the average U.S. price of a gallon?of regular gasoline has risen by more than $1 in a single month. The global oil price has risen since the U.S. and Israeli war against Iran, as this conflict has blocked shipments through Strait of Hormuz. This is the main conduit for the world's crude oil and liquefied gas. The White House is trying its best to limit the political and economic fallout of the war. The 'White House has already announced the release of crude oil from U.S. Emergency Stockpiles and the easing sanctions against both Russia and Iran in order to increase the amount of their oil on the market. Richard Valdmanis, Chizu Nomiyama, Nia Williams and Costas Pitas edited the article.
-
US issues waiver to expand E15 gasoline sales to ease pump price
The administration of President Donald Trump announced on Wednesday that it will issue a waiver to expand sales of gasoline blended with 15 percent ethanol (E15) in order to combat higher pump prices since the beginning of the war against Iran. The Environmental Protection Agency's move will allow retailers to continue selling E15, which is a blend that is not typically allowed during the summer months due to smog concerns. Analysts believe the change will reduce retail prices by'several cents a gallon. AAA data shows that the average U.S. price of a gallon is now?just under $3.98. This is up more than a dollar compared to a month earlier. The global oil price has risen since the U.S. and Israeli war on Iran. This is because the conflict has blocked shipments through Strait of Hormuz which is the conduit of a 'fifth of the world's crude and liquefied gas supply. The 'White House' is attempting to limit the political and economic fallout of?the war. The 'White House has already announced a release from U.S. stockpiles of crude oil and the easing of sanctions against Russia and Iran to make more oil available on the market. (Written by Richard Valdmanis, edited by Costas Pittas and Chizu nomiyama).
-
French official: EU review of France's nuclear plan is expected to proceed quickly
An official from the French energy ministry said that the EU investigation into France's scheme of state-funded funding for six nuclear reactors is expected to move quickly and won't delay any projects. The new reactors will cost tens or even hundreds of billions of Euros and are a key part of France's plan for renewing its ageing nuclear fleet. The new reactors would add 10 gigawatts of capacity and the first one is expected to operate in 2038. The new plants would replace the old ones, and ensure future energy supplies for the rising demand in the coming decade, which is driven by data centres. An official stated that the European Commission will make a declaration by 'the end of march, which is the first step to 'the investigation into France’s state-aid package. Officials said that the process will be fast because it is based on models previously approved, such as the one used in financing the development of two reactors in Czech Republic. The official stated, "We are confident we?are still on time." EDF will make its final investment decision 'in the second half this year. Brussels fears that the six new power plants will further consolidate EDF, the dominant state-owned energy company. The company currently holds more than 75% France's net production of electricity. A thorough?EU investigation will also allow the Commission to build a solid case in the event that Austria's government, which is opposed to nuclear power, launches a legal action against the Commission for approving the deal. This, according some EU officials, seems likely. (Reporting and editing by Inti, Landauro and Hugh Lawson; Reporting by Forrest Crellin)
Berkshire exposes $6.72 billion Chubb stake, insurance company's shares rise
Warren Buffett's Berkshire Hathaway on Wednesday exposed a brand-new, $6.72 billion stake in the insurance provider Chubb, verifying months of speculation that it had made a big brand-new financial investment.
Berkshire owned 25.92 million Chubb shares as of March 31, according to a regulative filing detailing Berkshire's. U.S.-listed holdings since that date.
The disclosure sent Chubb's share price to a record high. in after-hours trading, rising 6.3% to $268.96.
Shares frequently rise when Berkshire exposes brand-new holdings,. showing what investors think is Buffett's seal of approval.
Chubb is an appealing equity investment for Berkshire. due to the fact that it operates in a company Berkshire knows well:. property-casualty insurance coverage, Cathy Seifert, a CFRA Research study. analyst who covers Berkshire, stated in an e-mail.
Seifert would not speculate whether Berkshire may buy. all of Chubb, but said Chubb's focus on commercial lines. specialty coverage and high-end house owners' defense would be. a good fit in Berkshire's insurance coverage and reinsurance portfolio.
Berkshire ended March with $189 billion of cash and. equivalents.
At Berkshire's annual conference on May 4, Buffett stated the. money stake could reach
$ 200 billion
by June, which money looked rather appealing relative. to expensive stocks and because of what's going on in the. world.
Chubb and Berkshire did not right away react to. requests for comment.
Berkshire began buying Chubb in last year's 3rd. quarter, and had acquired U.S. Securities and Exchange. Commission authorization to briefly keep its purchases. personal.
Buffett periodically requests such permission to keep. financiers from piggybacking on him before he's done buying.
In the last few years, Berkshire got comparable SEC. authorization for its investment in Chevron and previous. financial investments in Exxon Mobil, IBM and Verizon .
The Chubb financial investment was revealed 10 days after. Berkshire all of a sudden divulged it had
offered
about 115 million Apple shares in the very first. quarter.
That minimized its holdings in the iPhone maker to $135.4. billion, or 40% of its $335.9 billion equity portfolio.
Apple accounted for most of the $20 billion in stock. that Berkshire sold in the first quarter.
Berkshire also pared holdings of several other stocks,. including Louisiana Pacific and Sirius XM, and. exited its financial investment in computer maker HP. It bought. simply $2.7 billion of stocks in the quarter.
Wednesday's filing does not determine which investments. were made by Buffett or his portfolio supervisors Todd Combs and. Ted Weschler.
Buffett, 93, has actually run Berkshire considering that 1965.
The corporation also owns dozens of businesses. consisting of the Geico automobile insurance company, BNSF railway, energy and. commercial business, and consumer brand names such as Benjamin. Moore, Dairy Queen, Duracell, Fruit of the Loom and See's. Candies.
(source: Reuters)