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French cement company Lafarge found guilty for financing jihadists on Syria
A Paris court found Holcim Lafarge guilty on Monday of charges that its Syrian subsidiary had financed terrorism, and violated European sanctions in order to keep a plant operating in northern Syria during the civil war. Eight former Lafarge employees, including executives, were found guilty of funding terrorism. The judges determined that Lafarge paid a total of 5.59 million Euros ($6.53million) between 2013 and September 2014 to jihadists groups, including the Islamic State (IS), and the al Qaeda affiliated Nusra Front. Both were designated terrorists by EU. Isabelle Prevost Desprez, the presiding Judge, stated that payments made by?Lafarge strengthened jihadist groups who carried out deadly attacks across Syria and beyond. "It's clear to the court that the only purpose of funding a terrorist organization was to keep the Syrian factory running for economic reasons." Prevost-Desprez stated that payments to terrorist entities allowed Lafarge's operations to continue. She added that "these payments took the shape of a real commercial partnership? with the Islamic State". Lafarge and Holcim did not immediately respond. This was the first case in which a French company was charged with financing terrorism. The Jalabiya factory, which is located in northern Syria was purchased by Lafarge for $680m in 2008. It began operating in 2010, several months before the Syrian uprising started in 2011. The court heard that the payments were made from 2013 to September 2014. The employees, they said, were living in Manbij near the plant and had to cross the Euphrates to get to the facility. The court found that more than 800 000 euros was paid for'safe passage'. The court also said that another 1.6 million euro was used to buy source materials at quarries 'under IS control. Lafarge was acquired by Holcim, a Swiss-listed company in 2015 The maximum penalty that can be imposed on a company is a fine of 1.13 million euros and the confiscation of assets worth?30 millions. The court has yet to pass a sentence against Lafarge. Lafarge, in a separate US case, admitted in 2022 that its Syrian subsidiary had paid $6 million to IS and Nusra Front in order to allow employees, customers, and suppliers to cross checkpoints following the civil war in Syria. As part of the plea agreement, the group agreed to forfeit and pay $778 million as fines and forfeitures.
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Keiko Fujimori leads Peruvian election after 50% of votes are counted
On Monday, the second day of voting in Peru was marked by delays at polling stations as well as a persistent uncertainty about if a runoff will be held. Keiko Fujimori, a conservative candidate for president is still in a tight race. Officials extended voting on Monday to tens of thousands of voters who could not cast their ballots 'on Sunday due to delays in the opening of some polling stations. OnPE's official vote count showed that in the early morning hours, former congresswoman Fujimori was leading with approximately 17%, followed by former Lima Mayor Rafael Lopez Aliaga, who is a right-winger, in second place with roughly 15% and center-left candidate Jorge Nieto, in third with a little over 13%. The official count of the exit polls showed that Lopez Aliaga had briefly moved ahead in the early part of the Sunday's count. This shows how close and fluid the race is. (Reporting by Aida Pelaez-Fernandez; editing by Cassandra Garrison)
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As the Hormuz Crisis worsens, physical oil in Europe reaches a record high of near $150 per barrel
Physical Forties crude reaches record price of $148.87 * Supply disruptions persist despite ceasefire * Repsol CEO: Physical transactions are under pressure (Includes context, and Repsol CEO's comment from paragraph?2) LONDON,?13 April - European crude prices reached a new record near $150 per barrel on Monday after the U.S. announced plans to blockade Strait of Hormuz. This added to concerns?about tight supply. Brent crude futures prices for June delivery LCOc1 rose 6%, to more than $100 per barrel. The U.S. Navy is preparing to block ships going to and coming from Iran through the Strait o'Hormuz. This could limit Iranian oil exports after Washington and Tehran failed to agree on a peace deal. Brent's 2008 all-time record high price of $147 per barrel is still far away. The price of crude oil for immediate delivery has increased significantly as buyers from Europe and Asia are scrambling to secure supplies. Outright price of 'North Sea Forties crude LSEG data shows that the price of a barrel reached $148.87 on Monday. This is higher than its 2008 peak. Josu Imaz, CEO of Repsol, commented on the difference between the price paid for physical cargoes and the prices fetched by financial markets at an event held on Monday. He said that physical transactions were under pressure.
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Nigeria seeks IMF and World Bank support after Iran shock impacts reforms
Nigeria's finance minister announced on Monday that the country will be seeking stronger international financial support during this week's IMF/World Bank Spring Meetings as a result of the Iran War, which has increased fuel prices at home and complicated reforms. Wale Edun, Africa's leading oil producer, said that the surge in crude prices has benefited him by boosting his foreign exchange earnings. This statement was made ahead of this week's Washington meetings. He added, "But the shock occurs at a critical transition point that intensifies inflationary pressures while raising household living costs." Since the beginning of the conflict, petrol prices have increased by more than 50%, to 1,330 Naira ($0.9788) a litre, and diesel prices have increased by more than 70%, to 1,550?naira per litre, affecting?people? and?businesses?, Edun stated. The abrupt?change could derail the reforms that were launched in 2023 for stabilising the economy and reviving growth. Bola Tinubu, Nigeria's President, has launched the most ambitious economic reform in Nigerian history by ending the costly fuel and electricity subsidies and devaluing its currency. Edun, the G24 chair, has said that he will push for lower borrowing rates, fairer global financial conditions, and more support for reforming countries at this week's meetings. The government reported that Nigeria's benchmark Bonny Light crude grade rose from $70-$73 per barrel to its current level of over $120. The 'World Bank' said that the inflation rate slowed sharply in February to 15.06 percent from 33%?in December 2024. However, it remains high when compared to other countries and is under renewed pressure since the start of the conflict. Edun said the government would concentrate on attracting private investments, creating jobs, and sustaining economic growth while protecting vulnerable households from price increases. $1 = 1,358.8200 Naira (Written by Elisha Gbogbo, edited by Andrew Heavens).
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European chemical companies will report a decline in Q1 earnings due to the Iran War.
European chemical companies are expected to report lower first-quarter earnings, which will shed light on the extent of the war in the Middle East's impact on an industry that is viewed as being one of the most vulnerable to it. The U.S. and Israeli war?with Iran disrupted the fuel and feedstock market, driving up?prices in the energy-intensive chemicals industry. VCI, a German chemicals association, said that the chemical industry is more affected than other industries by the dramatic rise in energy and raw materials costs because it relies primarily on oil and natural gas as feedstocks. The war-induced surge in energy prices has worsened the already weak conditions that were seen at the beginning of 2026. This sector has been struggling for years due to low demand, high energy costs and supply-chain disruptions, as well as a sluggish economy. Companies are raising prices to protect margins. To compensate for higher costs, companies such as Brenntag, Wacker Chemie Lanxess BASF Evonik EMS Chemie Sika and Wacker Chemie have increased their prices, sometimes multiple times, across products. According to a note by the brokerage, the finance chief for Germany's BASF stated at a JPMorgan Chemicals conference in March that the company expected to see pricing?more than offset the cost inflation in second quarter of this year. Brenntag's Chief Financial Officer said, meanwhile, that customers had accepted price increases so far. Higher energy costs and a delayed economic recovery are global issues, but the German Institute for Economic Research's Martin Gornig said that they have hit Germany and other European countries harder. Mwb Research stated in a recent report that Asian competitors retain an edge due to their lower structural cost bases, which help them buffer the effects of weaker demand. Anna Wolf, an industry expert at Germany's Ifo Institute for Economic Research and a specialist in the German automotive industry, said that higher prices would further erode the competitiveness of European producers against Chinese suppliers. VCI reported that feedback received from companies has been mixed. Some segments have seen a rise in purchasing due to price increases, while others have seen a decrease. Analysts warn that gains could be fragile, and do not expect to see a meaningful recovery in earnings in the short term based solely on pricing. Wolf warned that volatile prices and rising uncertainty could further weaken demand. The recent price increases were unexpectedly steep, considering the weak demand and low business confidence. FAILED US - IRAN TALKS MAY RISK 'CEASEFIRE AND PROLONGER ENERGY SHOCK Wolf said that the absence of a deal would likely lead to Iran's continued blockade of Strait of Hormuz, which will drive up oil and gas prices, and hit the chemical industry two times over. She said that the structural crisis is much deeper than just the geopolitical shock. Wolf stated that even if the Strait of Hormuz were to be opened, the situation wouldn't improve from "very bad" into "bad", as long as the issues of high energy costs, insufficient energy transition infrastructure, and heavy bureaucratic obligations remain unresolved. JPMorgan analysts stated in a Monday note that the level of damage to crude, petroleum products, and petrochemical facilities in the Gulf may cause fluctuations in terms and volumes. (Reporting from Anastasiia Kozolova and Amir Orusov, Gdansk; editing by Milla Nissi-Prussak).
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Oil tankers avoid Hormuz in advance of US blockade
Shipping data revealed that two Iranian-linked oil tankers left the Gulf of Mexico on Monday, as other vessels avoided the Strait of Hormuz after the U.S. announced it would 'blockade Iranian ports' later in the day. This caused the shipping markets to be uneasy at a crucial energy chokepoint. After the weekend talks between Washington, D.C. and Tehran collapsed, President Donald Trump announced on Sunday that the U.S. Navy will enforce a naval blockade against vessels entering or leaving Iranian ports. Washington, however, stressed that it would not limit transit through the Strait. Trump's announcement slowed down oil tanker movement in the Gulf, with only two Iranian-linked tanks leaving. Normal trading conditions see crude and products from Iranian ports heading to China. India is a recent buyer. Kpler and LSEG showed that the tanker Auroura was loaded with Iranian oil and products, while the New Future vessel was 'carrying diesel from the Hamriyah Port in the United Arab Emirates, and heading to Sohar in Oman. Both tankers are medium-range vessels carrying approximately 330,000 barrels of oil. The U.S. Central Command announced that U.S. Forces would begin blocking all maritime traffic into and out of Iranian ports as early as 10 a.m. ET (1400 GMT), on Monday. In a statement released on X, it stated that the ban would be enforced "impartially" against vessels from all nations who enter or leave Iranian ports and coastal zones. This includes all Iranian ports in the Arabian Gulf and Gulf of Oman. It said that U.S. Forces would not hinder the freedom of navigation of vessels transiting through the Strait of Hormuz between non-Iranian port and Iranian ports. Additional information would be given to commercial mariners via a formal notification prior to the beginning of the blockade. The Iranian Revolutionary Guards announced on Sunday that any military vessel attempting to approach Strait of Hormuz will be considered as a breach of the ceasefire, and dealt with harshly. PAKISTANI TANKERS HEADING INTO GULF Data from LSEG and Kpler shows that before Trump's announcement on Monday, Pakistani flagged tankers Shalamar & Khairpur entered Gulf on Sunday. Data shows that the Aframax tanker Shalamar will be heading to United Arab Emirates to load Das crude on Monday, and the Panamax-sized Khairpur will be heading to Kuwait to fill refined products. Pakistan?National Shipping, which manages Shalamar, did not respond immediately to a comment request outside office hours. According to data, the Liberia flagged very large 'crude carrier' (VLCC), Mombasa B is now sailing empty through the Gulf, heading for Basra in Iraq. The data shows that the VLCC Agios Fanourios I flying the flag of Malta, which tried to enter the Gulf Sunday, "to load Iraqi basra crude oil for Vietnam", has turned around and is now anchored in the Gulf of Oman. The tanker is heading to Iraq. Eastern Mediterranean Maritime which manages Agios Fanourios I did not reply to a comment request. CMB.TECH NV is no longer the'manager' of the Mombasa B, as listed by LSEG. Sinokor, the current manager of Mombasa B, did not immediately respond to a comment request. Shipping data revealed that despite the deadlock, three supertankers, fully loaded with oil, passed through the Strait of Hormuz Saturday. These vessels appeared to be among the first to leave the Gulf after the ceasefire agreement was reached last week.
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Philippines' Marcos suspends taxes on fuel products
On Monday, Philippine President Ferdinand Marcos Jr suspended taxes on kerosene and liquefied petrol gas to help consumers cope with rising fuel prices. Congress had granted Marcos emergency powers for adjusting fuel taxes. This is one of the measures taken by the Philippines to deal with the sharp rise in oil prices caused by the Middle East conflict. Marcos stated that the temporary tax cut reduces LPG prices by almost 37 Philippine 'pesos (0.6154) for each tank, and by 5.60 Philippine pesos (0.0931) for every liter. This will lower costs for households who rely on LPG for cooking and lighting. Marcos didn't?say for how long this suspension would last. However, an interagency panel tasked with leading government response to energy crisis will be meeting on April 14, to decide whether to suspend, reduce, or maintain the excise tax on gasoline and diesel. The 'Philippines' diesel and gasoline prices have doubled in price since the Middle East conflict began on February 28. This is because the country relies heavily on imported fuels, and faces supply problems amid the global price hike. The Philippines central bank warned of "spillover" effects from the Middle East conflict last week after headline inflation in March reached 4.1% on an annually basis.
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Aluminum reaches a four-year high amid renewed supply concerns from the Iran war
Aluminum prices jumped on Monday to their highest level in four years?after Washington announced it would impose an Iranian maritime blockade, reviving concerns about a weaker supply of the metal from the top producers in?the Gulf. Benchmark -three-month aluminum on the London Metal Exchange rose 1.7% by 0930 GMT to $3,558 per metric ton after reaching $3,578, which was its highest level since March 31, 2020. After the weekend's failed peace talks, the U.S. Military announced that it would begin a blocking of all maritime traffic into and out of Iranian ports and coastal zones?on January 14th at 1400 GMT. Neil Welsh, Britannia Global Markets' head of metals, wrote in a note that "Aluminium is at the centre of the market this week after a sharp rise... as traders digest the implications of the full 'naval blockade of the Strait Of Hormuz." Before the 'U.S. and Israeli attacks on Iran,' around 9% of world aluminium was produced in the Gulf region. Several smelters, including Emirates Global Aluminium, have been affected. EGA announced earlier this month it could take up to one year to fully restore production at its Al Taweelah Smelter. This smelter produced 1.6 millions tons of cast iron in 2025. The premium for the LME cash contract on the three-month forward was a reflection of supply concerns The price of copper on the LME rose by only 0.3% to $12,885 per ton. This is the highest level since February 2007. LME copper prices were mediocre, with a 0.3% increase to $12,885 per ton. Investors weighed the negative impact of higher oil prices on the economy and metals demand. Welsh stated that "Copper struggles to gain ground, as the market weighs a drag on demand due to high energy prices and a deteriorating global backdrop." China, the world's largest consumer of red metal, has seen a rise in demand. Yangshan Copper Premium The price of, which measures China's appetite to import the metal, has risen to $74 per ton. This is the highest since June 2025, and a 76% increase in one week. Other metals include LME zinc, which fell 0.3% to $3323, nickel, which rose 2.2% to $17.615, and lead, up 0.1% at $1.923. Tin was not much changed, remaining unchanged at $48,000. Harikrishnan Nair, Harikrishnan Onstad (Reporting)
Budget for the spring election increases subsidies on energy and fuels
The government of Sweden announced a spring mini-budget that will slash fuel taxes, and increase electricity subsidies. This is to help ease the burden on households who are paying higher energy costs due to the war in Iran. The additional spending will be 7.7 billion crowns (825 million dollars) ahead of the September parliamentary elections. This is on top of an 80 billion crowns in new spending announced last September in the full year budget bill for 2026.
"Sweden's on the right track." The Swedish economy remains strong despite war and uncertainty overseas. We continue to build safety barriers.
Since the United States and Israel attacked Iran, oil prices have risen. In response, Tehran has launched missile attacks across the Gulf and closed the Strait of Hormuz. Sweden's economy is so far largely untouched by any major impacts, but a prolonged conflict could increase inflation, slow growth, and raise interest rates.
The spring budget includes a temporary increase in electricity subsidies to households. This will cost 2.4 billion crowns, and the reduction of fuel taxes is 1.6 billion.
Additional measures include funding for the?Swedish space programme, healthcare, and job creation.
ELECTION BOOST
Sweden's September budget included tax cuts, more money for healthcare, schools and defence to boost the sluggish economy and win back voters who were still feeling the pinch from high inflation.
The political balance in Sweden is complicated ahead of the election. The left has a slight edge over the right but both sides may struggle to form a governing majority.
Sweden Democrats, a populist anti-immigration party, could become part of the government if the right wins.
Sweden's public finances are rock solid, unlike most of Europe.
Eurostat predicts that debt will peak at 38% of GDP by 2028, compared to the current EU average of 88%. (1 dollar = 9.3309 Swedish crowns). (Reporting and editing by Terje Sollsvik, Anna Ringstrom & Simon Johnson)
(source: Reuters)