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Pandora Platinum-Plated to Reduce Reliance on Expensive Silver
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 popular charm bracelets are getting a new look that ditches sterling silver in favor of an alloy base with a platinum-plated trademark. Pandora will use less platinum, which is more expensive than silver but cheaper to produce. After the announcement, Pandora's stock rose more than 5%. A?TRANSITION YEAR Pandora, the biggest jewellery brand in terms of items sold, offers silver charm bracelets starting at $80. It has little room to increase prices, as its customers are cutting back on non essentials. It reported a 4% organic growth in revenue for the fourth quarter, which was in line with expectations. However, it warned that revenue could only rise by 2% this year and even fall 1%. De Pablos-Barbier, who warned last month about a weak holiday season in its largest market, said that store traffic, consumer sentiment and credit card spending are still slow in the U.S. De Pablos Barbier, who took over the company on January 1, appointed Philippa Newman as Chief Product Officer. Philippa was previously with Michael Kors. She said Pandora "needs new designs to attract different customers." De Pablos Barbier, an analyst on a conference call, said that 2026 would be a transitional year. We expect to reap the benefits of these changes in 2027. Pandora plans to switch at least half of its silver collection to platinum plating by 2027 and reduce the silver jewellery share to 25% in its offering, de Pablos Barbier said. Silver prices have been erratic over the last week, as investors piled into and then fled from the market. Silver spot lost over a quarter of value after hitting a record high last week. On Thursday, it was selling at $74.94 per ounce.
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ArcelorMittal is the leader in core profit, and EU steel measures will boost profitability
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 in the past year, European Steelmakers welcomed an increased number of EU measures to protect the bloc's domestic industries, from recently implemented Carbon Border Adjustment Mechanisms (CBAMs) to a proposal by the European Commission to reduce import quotas. Aditya Mittal, CEO of ArcelorMittal, said in its earnings report that while the geopolitical instability posed significant challenges for the company going forward, it also laid important foundations. CBAM is the European Union tool that has been in place since 1 January to tax carbon-intensive products entering the EU to level the playing field for domestic producers who must adhere to stricter environmental standards than their rivals. ArcelorMittal estimates that these measures will reduce the number of steel flat and long products imported to the 27-country block by approximately 40% compared with 2024 levels. Genuino?Christino, Chief Financial Officer, said that this would help to increase the capacity utilization of the industry. This should also improve profitability. Christino stated that the full effects of these measures would be felt in 2027. The updated import quotas are expected to come into effect on July 1, this year. ArcelorMittal, on the other hand, expects to gain from a growing global demand. It expects that it will rise by 2% excluding China. It aims to gradually regain market shares for its mills in Europe throughout the year.
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The first concrete pouring at Hungary's Russian built Paks 2 nuclear power plant
Hungarian Foreign Ministry Peter 'Szijjarto' said that the first concrete pour at Hungary’s Russian-built nuclear plant Paks 2 was on Thursday. This officially made it a.nuclear facility under construction. Rosatom, the Russian state-owned nuclear energy company, will build two new reactors under an agreement signed in 2014 between Budapest and Moscow. Hungary wants to expand Paks by adding two Russian VVER reactors. Each VVER has a capacity of 1.2 gigawatts. The 12.5 billion Euro project, which was awarded to Rosatom without a tender, is often cited as proof of the warm relationship between Russian President Vladimir Putin and?Hungarian Premier Viktor Orban. Szijjarto, at Paks during the ceremony pouring concrete, said: "With the construction of Paks 2, we will be able?to cover 70% of Hungary?s electricity?needs with nuclear energy. This?will reduce our dependency on international markets." Szijjarto said that the Paks 2 nuclear plant will now be regarded as a nuclear reactor under construction, according to standards set by the International Atomic Energy Agency. Szijjarto stated in 2023 that two new reactors will be completed by 2030-2031. The U.S. sanctions on the Russian energy industry do not affect construction, as Washington granted Hungary an exemption in November 2025 to allow transactions related to the nuclear plant project. The existing 'Paks' plant is equipped with four small Russian VVER-440 reactors, which have a combined power of 2,000 megawatts. They were installed between 1982 and 1987. The government wants to extend the life of these machines by 20 years. The United States is also looking to import small modular reactors from Hungary. (Reporting and editing by PhilippaFletcher; Anita Komuves)
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Minister says India will sign a trade agreement with the United States by March
India and the U.S. are expected to sign a "formal" trade agreement in March. After that, New Delhi will lower tariffs on U.S. products, said Trade Minister Piyush Goyal on Thursday. This was the first official timeline of the adoption of the deal. Washington will then reduce the duty on Indian exports from 50% to 18% within a few days. Goyal stated that India will purchase about $500 billion worth of U.S. products over the next five years. This includes $70-80 billion of Boeing aircraft. In the deal announced Monday, U.S. President Donald Trump reduced U.S. Tariffs on Indian Goods in exchange for New Delhi ceasing its Russian oil purchases and buying $500 billion of American goods. Goyal, a reporter in New Delhi, said that he would sign a formal agreement in March after 30-45 days. Goyal stated that India would increase its purchases of energy, aircraft, and chips from the United States. He said that orders for aircraft and engines, as well as other parts, will be worth around $100 billion. Air India, owned by the Tata 'Group, placed an order for nearly 200 Boeing 737 MAX jets with Boeing last month. Akasa Air is a smaller airline that also has orders. Indian stocks rose after the announcement on Monday of a?deal between India and the United States, as it removed any uncertainty regarding the future of their relationship. India's main opposition party has put pressure on the government for a?details of the deal, as they are concerned about the extent to which the agriculture sector was opened. Both sides announced on Tuesday that India would grant some limited access to the United States' agricultural market, but still maintain certain protections. Reporting by Shivangi Acharya, Additional reporting in New Delhi by Abhijith Gaapavaram, Writing by Shilpa jamkhandikar, Editing by YP. Rajesh. Clarence Fernandez. William Maclean.
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India is willing to consider the commercial benefits of Venezuelan crude oil
A spokesperson for the Indian Foreign Ministry said that India would be willing to buy oil from Venezuela and other countries, depending on their commercial viability. "There's a long history of engagement with Venezuela." We have had a longstanding energy partnership, and are open to exploring the availability of crude oil in Venezuela and elsewhere, based on its commercial viability. Last week, U.S. president Donald?Trump agreed to lower tariffs on Indian products to 18% from 50% as part a broader trade deal Narendra Modi, he claimed, 'assured him that South Asia will stop buying Russian oil. Trump said that India would buy more oil, possibly from Venezuela and the U.S. Modi did not mention India's plans to stop Russian oil imports when he welcomed the trade agreement. Jaiswal stated that the "supreme" priority of the Indian government is to ensure the energy security of 1.4 Billion Indians. To achieve this, we are focusing on diversifying our energy sources in accordance with the objective market conditions as well as evolving international dynamics. "All of India's decisions are made and will be made with this in?mind," he replied to a query about whether India planned to stop Russian oil imports. India, which is the third largest oil importer in the world, has stopped imports twice before, in 2019-20, and in 2023-24, under the pressure of sanctions.
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EU weighs options to support the industry in carbon market revamp
EU supports green transition in industries Senior EU official: Various options being reviewed The EU carbon market is undergoing a major overhaul. By Kate Abnett The head of the Commission’s climate department stated late on Wednesday that the European Commission is looking into various ways to help industries as part of a upcoming overhaul of EU carbon markets to prevent them from moving to areas where pollution standards are lower. Brussels is working on a new design for the European Union's carbon market. This is the bloc's main climate change policy. It forces industries and power plants to purchase permits when emitting planet-warming carbon dioxide. After the summer, the Commission's revision proposal will determine whether the EU's current system of granting free CO2 permits to industries to help them compete against foreign firms who don't pay for their pollution continues. Kurt Vandenberghe told reporters at an event in Brussels that the climate department of the Commission is examining all options to prevent carbon leakage. Carbon leakage is the risk of industries moving outside Europe in order to avoid strict climate regulations. Vandenberghe responded to a report published in the German newspaper Handelsblatt this week which stated that the EU was planning to extend free permits to industries for many years. The article cited unnamed EU officials. Vandenberghe stated, "We never said that." "We're looking at every option." The EU carbon market was launched in 2005 and is designed to meet the EU 2030 emission-cutting targets. The EU carbon market will be redesigned to meet the EU's 2030 emissions-cutting target. Vandenberghe, speaking of the carbon markets, said: "It's not ready for 2040. So, we have to revise this." "So we need to reconsider how to get to 2040 in a cost-efficient manner... so that it can drive investment and innovation." (Reporting and editing by PhilippaFletcher; Kate Abnett)
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Nippon Steel's net loss forecast for the full year has increased to $446 Million
Nippon Steel, which had previously forecast a net loss for the 'financial period ending in March' of 70 billion yen (US$446.1 million), increased it on Thursday to 70 billion dollars due to an explosion at a blast-furnace. This was after the company experienced a profit in nine months up to December. Japan's largest steelmaker had previously anticipated a loss in the region of 60 billion yen due to charges related to an $15 billion deal to purchase U.S. Steel, which closed in June. Steel exports from China and sluggish demand in Japan will also affect the company's performance for the full year. Takahiko iwai, chief financial officer of Nippon Steel, said that the Muroran blast-furnace, which was shut down in December, will reopen in March. This is expected to reduce Nippon Steel earnings by about 40 billion yen. The company's net loss for the nine-month period ending in December was 45 billion yen, compared to a profit last year of 362.1 billion. Iwai stated that U.S. Steel is expected to perform better in the next fiscal year, as the U.S. market has recovered. However, he refused to provide a specific profit estimate. Nippon Steel's overseas operations, especially in the U.S.A. and India, continue to be key growth drivers. Iwai stated that the steel business in India saw a decline in margins, but it has recovered since December, when it 'bottomed out.' The company plans to increase capacity there. Sources told?reporters on Thursday that Nippon Steel is considering the sale of up to 500 billion yen in convertible bonds. The company?needs money for its overseas business as well as decarbonisation efforts. Sources said that the?company needs long-term financing to replace a loan taken out last year for its U.S. Steel purchase, which?totaled around 2 trillion yen. Iwai stated that Nippon Steel would proceed with the optimal funding options, as the bridge loan expires in June. He added that the funding has not been decided.
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TotalEnergies signs power contract for German and British Airbus sites totaling 3.3 TWh
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 based on Total's integrated power portfolio, combining renewable and flexible assets will positively contribute to the profitability and growth of its?electricity businesses, Stephane Michel, Total President of Gas, Renewables and Power, stated in a press release. Total announced that a portion of the?power supplied to Airbus would come from new renewable assets with a?capacity of 200 megawatts. Total will start supplying the sites next year. These agreements will help Airbus to secure reliable low-carbon electricity, which supports our goal of increasing renewable?electricity throughout our sites, said Florent Massou Dit Labaquere. Airbus executive vice president, commercial aircraft operations. Total supplies sustainable aviation fuel to Airbus.
QUOTES-What are they stating at the COP29 climate top?
World leaders are speaking at the U.N. climate top in Baku on Tuesday where United Nations Secretary General Antonio Guterres has actually informed them to pay up to prevent climateled humanitarian disasters.
Here are the current comments:
UNITED NATIONS SECRETARY-GENERAL ANTONIO GUTERRES
The noise you hear is the ticking clock. We remain in the last countdown to restrict international temperature increase to 1.5 degrees Celsius (2.7 degrees Fahrenheit) and time is not on our side.
Doubling down on fossil fuels is unreasonable. The clean energy revolution is here. No group, no business, and no government can stop it. But you can and need to guarantee it is fair, and quick enough to limit international temperature increase to 1.5 degrees Celsius.
There is no time to lose on climate financing, the world must pay up, or humankind will pay the rate.
AZERBAIJAN PRESIDENT ILHAM ALIYEV
When they call us a petrostate now today, this is not fair, and it only shows the absence of political culture and understanding. Today, Azerbaijan's share in global oil production is 0.7(%), in worldwide gas production (it) is 0.9%.
But phony news media of the nation, which is (the) number one oil and gas manufacturer in the world and produces 30 times more oil than Azerbaijan, call us petrostate. They much better look at themselves.
Azerbaijan's share in global gas emissions is just 0.1%. I. need to bring these figures to the attention of our audience,. because right after Azerbaijan was elected as a host nation of. COP29, we ended up being a target of a coordinated, well-orchestrated. campaign of slander and blackmail.
Western fake news media and so-called independent NGOs and. some politicians, as if (they) were completing in spreading. disinformation and false info about our nation.
BARBADOS PRIME MINISTER MIA MOTTLEY
The truth is that these extreme weather events that the. world is facing daily recommend that humanity and the planet are. hurtling towards catastrophe.
The severe weather condition requires from us a severe commitment. at this COP with regard to new collective, measured goals. that enable us to reverse the present trajectory and to fund. mitigation, adjustment, and, obviously, loss and damage.
Every COP should make progress, irrespective of the. geopolitical dynamics. There's an urgent need to reform this police. procedure, and I hope that we can meet that.
MALDIVES PRESIDENT MOHAMED MUIZZU
It is the absence of financing that prevents our ambitions,. which is why this police, the financing police officer, we require to deliver. The. brand-new environment finance objective must show the true scale of the. environment crisis. The requirement remains in trillions, not billions. It must. think about the special situations of small island establishing. states.
As we take a look around the world, we see funds running easily to. wage war, but scrutinised when it's for environment adjustment. We. need to reprioritise, modify the worldwide monetary system. We need to choose the path that alters lives, not the environment.
CONGO REPUBLIC PRESIDENT DENIS SASSOU NGUESSO (via. translator)
We're especially concerned over the concern of climate. financing.
The new cumulative quantified objective for environment financing. should be based on clinical information that takes into consideration the. effect and needs of establishing nations in tackling environment. change.
We know that these requirements amount to over $1,000 billion. Our. impassioned dream is that the quantity in this brand-new goal will be. established and defined from a perspective of environment justice. and the just shift. This objective must enable our. countries to lower our debt burden rather than worsen it.
BELARUS PRESIDENT ALEXANDER LUKASHENKO (by means of translator)
Today, when there's been so much issue about the. deterioration of climate, all we see is individuals who are. responsible for this are missing ... and we have actually simply had the. governmental election in the United States.
So the concern is, how reliable are our actions at such. conferences? When the president of France, which was the nation. responsible for the Paris Contract, is not even here?
There's absolutely nothing to be happy about at present.
EUROPEAN COUNCIL PRESIDENT CHARLES MICHEL (through translator)
This is how the Paris agreement must be - our peace. treaty with nature: the concept of cooperation ought to govern. our execution of this contract, boldness instead of. procrastination, solidarity rather of selfishness, aspiration. rather of surrender. We need to opt for the survival instinct. instead of burying our heads in the sand.
We hope that this COP will be among self-confidence,. decision, and the COP that will stroll the talk. You can. count on the European Union.
CHINA SPECIAL AGENT DING XUEXIANG (through translator)
We get in touch with developed nations to increase monetary. assistance and innovation transfer for establishing countries, and. anticipate more ambitious funding targets to be set at COP29 so that. self-confidence and assurances can be attended to an international environment. action in the next phase..
(source: Reuters)