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Donald Trump, the U.S. president, concluded his Gulf tour Friday after securing what the White House claims is more than $2 trillion in combined deals for the U.S. It is not clear how that number was arrived at. A total of $700 billion is calculated by adding up all the deals that were announced. Deal inflation is common on major visits, even for a president who prides himself in being an expert at making deals. The trip included large orders for Boeing planes, contracts to purchase U.S. defense equipment, agreements on data and technology, and other contracts. Experts in finance...

ADNOC, the state-owned oil company of Abu Dhabi, requested approval from the EU on Thursday under the rules on foreign subsidies for its $16.4 billion acquisition of German chemicals firm Covestro. The request was made on the website of the European Commission. ADNOC's largest acquisition ever, for which it received the green light last week under EU merger regulations, demonstrates the Middle East countries diversification of investments in order to reduce their dependence upon oil. The EU's Foreign Subsidies Regulations (FSR) target unfair foreign aid to companies in order to reduce the competition from non EU companies that are subsidised...

What are the possible contours of a peace agreement between Russia and Ukraine? SECURITY GUARANTEE Ukraine, which has been subjected to a full scale invasion in 2022, and witnessed Russia annex Crimea, needs security guarantees from major powers, primarily the United States. The Budapest Memorandum of 1994, in which the U.S., Russia and Britain agreed to refrain from using force against Ukraine and respect Ukrainian sovereignty was not enough for the Ukrainian government. The powers agreed to take the matter to the United Nations Security Council in the event of an attack on Ukraine. Sources involved in the talks say...

A senior executive from Germany's Uniper utility said that gas prices of around 25 euros ($28.13), compared with 34 euros at present, may be required to stimulate future investment in the European Economy. Gas prices reached a peak of nearly 350 euros per Megawatt Hour (MWh) in 2022. Since then, dozens of companies across Europe have shut down factories and reduced activity and job opportunities as high gas costs undermined their ability to compete. Carsten Poppinga said, "I am optimistic that gas prices of around 25 (euros/MWH), might stimulate some investments in the European Economy going forward if you can...

In the face of U.S. competitors, two of Europe's largest stock exchange operators have stepped up their efforts to keep local initial public offering companies. Marketing and research are challenging the perception that New York listed companies command higher valuations. The stock exchanges of Europe and the UK were hit by a lack of IPOs during the last two years. A number of local companies have chosen to float in the U.S. because of its larger pools of capital, and higher valuations. Deutsche Boerse (which operates the Frankfurt Stock Exchange) warns of sluggish post IPO performance, increased costs, and the...

In the face of U.S. competitors, two of Europe's largest stock exchange operators have stepped up their efforts to keep local IPOs. Marketing and research are challenging the perception that New York listed companies command higher valuations. The stock exchanges of Europe and the UK were hit by a lack of IPOs during the last two years. A number of local companies have chosen to float in the U.S. because of its larger pools of capital, and higher valuations. Deutsche Boerse (which operates the Frankfurt Stock Exchange) warns of sluggish post IPO performance, increased costs, and the threat litigation for...

Two people with direct knowledge said that the Abu Dhabi state oil company ADNOC will receive unconditional EU antitrust approval in its $16.6 billion acquisition of German chemicals firm Covestro for 14.7 billion euros. The largest deal ever signed by ADNOC demonstrates the Middle East's plans to diversify investments and reduce their dependence on oil as global energy transitions move towards cleaner sources of energy. According to the source, the European Commission is not concerned about competition because the companies are not overlapping. The EU Competition watchdog declined to comment. ADNOC could not be reached immediately for comment. The company...

Uniper said Tuesday that it had recovered more claims from former Gazprom main supplier during the first quarter. This is the latest update in the ongoing legal dispute between the two groups. According to EU officials, the news comes at a time when the European Union will publish plans to phase out the remaining gas supply agreements with Russia in the bloc by the end 2027. Uniper is locked in a legal battle with Russia's Gazprom. The two have been at odds since the delivery of its natural gas stopped in 2022. This forced Berlin to bail out the German...

Covestro, a German chemical company, cut its core profit forecast for 2025 on Tuesday and announced that it would continue to produce in the same area as it sells. This is because higher U.S. import tariffs are threatening the earnings of the chemical manufacturer. The company has narrowed its range of expected earnings before interest tax, depreciation, and amortization for 2025 to 1 billion to 14 billion euros ($1.13b to $1.59b). The company had forecasted EBITDA to be in the range of 1.0-1.6billion euros. Covestro and LyondellBasell announced that they had both permanently closed their Propylene Oxide Styrene Monomer production...

Ankur Banerjee gives us a look at what the future holds for European and global markets The possibility of a de-escalation in trade tensions between Beijing, Washington and other countries provided a boost to the markets on Friday. It boosted risk sentiment and lifted stocks worldwide just as Apple's earnings reminded investors of the true cost of a trade war. China's Commerce Ministry stated that Beijing is "evaluating" Washington's offer to hold discussions over President Donald Trump's tariffs of 145% and that Beijing's doors are open for discussion. China also said that Washington should show "sincerity in negotiations" and be...

Over 50 business groups and companies from across Europe have called for Britain and the EU at a upcoming summit to begin talks on linking their carbon market, which will they claim help reduce costs for consumers. When leaders meet on the 19th of May, Britain will seek enhanced cooperation in security, law enforcement, and removing trade barriers between the EU. As part of a larger effort to reduce emissions and achieve climate targets, the EU and UK Emission Trading Systems charge power plants and industrial entities per ton of CO2 they emit. The letter, signed by Equinor Orsted RWE...

SK Innovation Co Ltd, the owner of South Korea’s largest oil refiner SK Energy swung into an unexpected operating loss during the first quarter due to lower oil prices. However, the company forecasts a recovery in the refining margins for the second quarter. The company reported an operating loss for the third quarter ended March 31 of 45 billion won (32 million dollars), a sharp drop from the 625 billion won profits it recorded a year earlier. According to LSEG SmartEstimate, analysts had estimated a profit of 393 billion won. "Operating Income declined despite improving earnings from the Battery Business,...

The latest earnings estimates showed that the outlook for European corporate health is improving. According to data from LSEG, European companies will report an average increase of 1.9% for their first quarter earnings. This is better than the 0.4% analysts had predicted a week earlier. This improvement comes after 59.6% STOXX600 companies have already exceeded analyst expectations in the first quarter. LSEG data shows that at the time of Donald Trump's inauguration, in January, forecasts called for a 3.5% rise in earnings for the first quarter. However, this was reversed following Trump's announcements on tariffs in April, with expectations of...

Heidelberg Materials, the second largest cement manufacturer in the world, reported sales and profits that exceeded expectations for its first quarter. The company also confirmed its outlook citing strong growth across Africa. The first-quarter results from current operations of the company rose 1.3%, to 235 millions euros ($266million), exceeding the average polled forecast by the group. Dominik Von Achten, CEO of the company, said that despite the political and economic uncertainty as well as the difficult weather conditions in certain regions, the 2025 financial period started off very positively. Holcim, a larger competitor, cited a strong North African business as...

The court in Sweden granted permission to Heidelberg Materials Cement on Wednesday for it to continue mining the limestone at its quarry located on the island Gotland. This secures the future of this plant, which supplies 75% of all the cement produced in the country. A court in 2021 rejected an extension of the quarrying on the Slite site. This led to warnings about cement rationing, and the loss of jobs across the construction industry. Slite's future was still in doubt, but the government reversed the court decision. The company received a four-year concession for 2022. The firm has been...

BMW, the premium German carmaker, confirmed Wednesday its outlook for 2025. It said it expects some of the current tariffs on vehicle imports will decline starting in July. This is one of the most optimistic assessments of the prospects of the industry. The majority of BMW's competitors, including Mercedes-Benz and Ford, have pulled their forecasts for 2025, claiming that it is too difficult to provide a proper guide in light of the extensive import tariffs in America, the second-largest auto market in the world. BMW said that its March 2025 forecast, which included all tariffs announced to date, was still...

Euronext, the European exchange operator, announced on Tuesday a number of measures designed to encourage investment in the defence industry. These include helping companies list their shares on stock markets or launch new bonds more quickly. The move comes after a push by the Trump administration to reduce the reliance on U.S. weapons and increase investment in the sector. Stephane Boujnah, CEO and Chairman of Euronext, said that the company was responding to "a new geopolitical system" by renaming ESG, which is an acronym for Environmental, Social and Government-driven investments, as Energy, Security and Geostrategy. Euronext released a statement saying...

Geberit, a building materials supplier, reported on Tuesday a nearly 5-percent increase in sales for its first quarter. It also said that it expected the European construction industry to "stabilise" in 2025 despite an uncertain economic environment. According to a poll conducted by AWP, Geberit is a manufacturer of toilets, bathroom tiles and piping. The company reported sales of 878.5 millions Swiss francs for the third quarter. This was up 4.9% compared to a year ago and higher than analysts' expectations, which were 869 million francs. Geberit first-quarter sales, measured in local currency, rose 5.3% on an annual basis. The...

Fortuna Mining, a Canadian company, is looking to expand into Guinea, after leaving Burkina Faso where it was plagued by regulatory instabilities and high security costs due to jihadist threats. Ganoza stated that Fortuna is currently not established in Guinea but is actively looking for gold-mining opportunities. They are conducting site visits, meeting with the authorities and visiting mining sites. Jorge Ganoza, in a video call, said: "We would consider investing in Guinea today." He said that a portion of the growing exploration budget of the mining firm will be allocated to Guinea, where there is "a lot of space...

The U.S. Department of Defense has transferred control of an artificial intelligence program created by the U.S. Government that predicts the supply and prices of critical minerals to a non profit organization, which is assisting miners and manufacturers in striking supply deals. The Open Price Exploration for National Security AI Metals program, launched by the U.S. Department of Defense in late 2023, is an effort to counter China’s sweeping control of critical minerals, as reported last summer. Rob Strayer is the president of the Critical Minerals Forum, which includes more than 30 mining firms, manufacturers, and investors, including Volkswagen. They...

The erratic tariff policy of U.S. president Donald Trump is making some European smaller companies question whether they should expand into the U.S. Trump wants to encourage foreign companies to invest in the United States by imposing levies on steel, cognac, cars, and sandals. This will lead to new factories being built and thousands of American jobs. The announcements of rollbacks, exemptions, and other changes have made some smaller companies hesitant to commit. EuroGroup Laminations, an Italian company, pays no import duties on the rotors, stators, and other components it provides to U.S. automakers, such as Ford and GM. These...

According to the European Automobile Manufacturers Association's (ACEA) data, Tesla new car sales in Europe fell 28.2% from a month earlier. However, overall sales of battery-electric vehicles rose 23.6% during the same period. The data shows that total new car sales in Europe increased 2.8% during the month. This was boosted by double-digit increases in Britain and Spain. Why it's Important Tesla's drop in sales in Europe is a sign that some drivers are turning away from Elon Musk's brand of electric cars as the competition with China increases and others protest his political views. While European carmakers also face...

Three people familiar with the matter said that TK Elevator owners are considering the United States for a possible initial public offering (IPO) next year, despite the market turmoil caused by U.S. Tariffs, which has slowed the pace of dealmaking. The people, who spoke on condition of anonymity as the matter was private, said that the discussions are still at an early stage, and the preparations will be formalised by the end of 2025 with a view of conducting a company sale or listing next year. People said that the business would likely be valued at over 20 billion euros...

Parks Tau, Minister of Trade, Industry, and Competition, said that South Africa may offer additional incentives to carmakers to cushion the impact on automakers from President Donald Trump’s tariffs. Tau told radio station Power FM that they were currently looking at the possibility of extending the production plan for the automotive industry to be able mitigate the impact on our industry. We're modelling the potential package for the auto industry, but we are also looking at other sectors to see if it is possible within the limits of the country. The Automotive Production and Development Programme (APDP) is a programme...