Italy

Rhino Resources, a South African oil and gas firm, plans to drill a well for appraisal on a Namibian prospect in 2019 and conduct a flow-test on another to beat TotalEnergies as the first oil producer in this southern African nation. The appraisal well is scheduled for Capricornus, where a flow rate up to 11,000 barrels per day was tested. Meanwhile, the drill stem is scheduled for Volans, which is its latest find of high-yield liquid gas condensate. The new data can help the company to accelerate its discoveries off Namibia where TotalEnergies is expected to make a final investment...

Two Milan prosecutors were sentenced to eight months in prison by an Italian appeals court for not filing documents that would have backed up the position of energy group Eni in an international case of corruption. Eni, Shell and all defendants were acquitted by a jury in March 2021, in what was dubbed the biggest corruption case in the oil industry, which involved the $1.3 billion purchase of an oilfield in Nigeria a decade earlier. The judges in Brescia, a northern city in Italy, confirmed the verdict of last year that Fabio De Pasquale & Sergio Spadaro had failed to...

Sinochem, a Chinese company, is willing to sell its Pirelli shares - but only if they are offered at a premium. This comes after the Italian government announced this week that Sinochem had not violated the rules protecting the autonomy of the tyre manufacturer. Rome is trying to resolve a dispute over governance that has affected Pirelli for years. Sinochem, Pirelli’s largest shareholder, is at odds with Camfin, another investor. Pirelli and Camfin complained that the fact that a Chinese company was its largest shareholder was preventing the tyre manufacturer from expanding in the U.S., because Washington is tightening restrictions...

The tyre maker said that the Italian government determined Sinochem, which is the largest shareholder of Pirelli, had not violated "golden powers" measures in 2023. The historic Italian company is now a Chinese-owned business. Recent months have seen a sensitive issue. Camfin, the second largest shareholder of Pirelli, claimed that this would threaten its plans to expand into the United States. Washington tightens restrictions on Chinese automotive technology, banning software and hardware produced by Chinese-controlled firms in vehicles connected to U.S. roads. A statement from the Italian government said that it had concluded that actions taken by directors who were...

The Italian antitrust regulator fined Eni, a major energy company in Italy, and five other oil firms operating in Italy for unfair competition practices in the sale fuel for trucks. The regulator announced that more than $9 billion in fines had been imposed on Eni, Esso owned by ExxonMobil, Ip, Q8, Saras, and Tamoil. In a press release, the watchdog revealed that the companies had operated as a cartel to fix the price of biofuel components contributing to the cost of fuel between January 2020 to June 2023. It said that the value of this price component increased from 20...

Stellantis revealed a prototype electric vehicle on Friday, featuring a lighter, faster charging and more affordable battery. This eliminates the requirement for an inverter or charger. IBIS, the Intelligent Battery Integrated System (Intelligent Battery Integrated System), was developed by TotalEnergies subsidiary Saft in partnership. Stellantis stated that it is the first system of its kind, and offers weight and space saving and is easier for service. The new system has a 10% higher efficiency than an electric vehicle with the same size battery, and it reduces charging times by one hour. The public has been unable to accept EVs because...

Egypt's Petroleum Ministry announced on Monday that the Egyptian Natural Gas Holding Company, or EGAS, has signed a preliminarily agreement with BP for drilling five new gaswells in Mediterranean Sea. The Ministry's efforts to increase exploration and production are reflected in the memorandum signed by EGAS, a state-owned company. Egypt, once the largest gas exporter in the region, is increasingly importing to meet its domestic demand, as production from old fields declines and new investments are slow. According to the Joint Organisations Data Initiative, gas production in May decreased by more than 40% compared to March 2021. The statement said...

Pirelli, the Italian tire manufacturer, lowered its revenue forecast for 2025 on Thursday as a result of expected adverse currency movements. The company has lowered its target to an estimated range of 6.7-6.8 million euros ($7.66-7.78 million) compared to its previous target of 6.8-7.0 millions euros. Pirelli reported that currency fluctuations caused a 2.9% loss in revenue compared to the first half of last year due to the weakening of the U.S. Dollar and the volatility of currencies of emerging countries against the euro. The firm has confirmed that it aims to achieve a margin of adjusted EBIT around 16...

Italiana Petroli is in negotiations with three parties interested in purchasing the oil refinery and is expected to make a decision around the end this month on the possible 3 billion euro deal ($3.5 billion). Two sources familiar with the matter confirmed that. Sources previously stated that Gunvor, the global commodity trader, State Oil Company of Azerbaijan, (SOCAR), and the Abu Dhabi-based Bin Butti Group had all made binding offers to purchase 100% of the privately held group. Two sources said that industrial groups from the Middle East had contacted the Italian company in order to express their interest, should...

The company reported that Pirelli shareholders approved its earnings report for the past year, despite Sinochem's opposition, which is the largest shareholder. The result of the vote indicates that Sinochem's influence over Pirelli, which was restricted by the Italian Government, does not have an effective control over the firm. Sinochem, who owns 37% of Pirelli, and Camfin (the second largest shareholder) have fought over the issue. They claim that the large Chinese presence at Pirelli is a threat to their ambitions to expand in the United States. Sinochem was the sole shareholder who voted against the approval of 2024's annual...

A trade union warned on Wednesday that more than 500 jobs were at risk after Stellantis, an Italian automaker, switched from Malaysia's Petronas brand to France's Total. Stellantis did not respond to a request for comment immediately. Petronas is the owner of the Selenia motor oil brand, an Italian supplier that was previously a part of Fiat and sold products under the name "Olio Fiat". Stellantis, a new company created in 2021 by the merger of Fiat-Chrysler and France's PSA (maker of Peugeot and Citroen vehicles), was formed from the merger between Fiat-Chrysler and France's PSA. Also included in the...

The CEO of the Pirelli group told Corriere della sera that the Italian tyre manufacturer is in a dangerous situation because its Chinese major shareholder Sinochem has rejected the company's proposal to resolve governance issues which could hamper its expansion in the United States. Pirelli, and its second largest shareholder, Italy's Camfin have stated that Sinochem's stake in the company poses a risk to Pirelli's ambitions of expanding into the U.S. where some legislators are against approving projects supported by Chinese companies. Pirelli's Chinese shareholders rejected the company's proposal earlier this month, despite it not being detailed. In an interview...

Exosens announced on Monday that it will nearly double its planned investment in capacity after the French defence tech firm's revenue for nine months jumped by 23%, due to an increase in demand for night-vision equipment from NATO member countries. The manufacturer of night vision equipment and components for scientific instrumentation expects to increase their global capacity by 40% by the year 2027. This is an increase from the 25% it announced in March. An additional investment of £17 million ($20 million) will be made in Europe. In a recent press release, Exosens CEO Jerome Cerisier stated that the company...

An official of the Russian government said that Moscow assumed on Wednesday that the new owner, UGC, the gold producer would be required to buy out minority shareholders. This was after the Central Bank ruled that state had violated the rights of small investors. In January of this year, the state took a majority share in Russia's fourth largest gold producer from Konstantin Strukov. State prosecutors claimed that Strukov had acquired property "through corrupt means". The central bank has taken a rare stance against the government's 50 billion dollar asset grab spree that began shortly after the outbreak of the...

Two people familiar with this matter have confirmed that Germany's Thyssenkrupp is going to start giving India's Jindal Steel International greater access to the financial details of their Thyssenkrupp Steel Europa (TKSE), business, starting next week. Last month, Jindal Steel submitted an indicative offer for TKSE. TKSE is Europe's second largest steelmaker, after ArcelorMittal. Thyssenkrupp CEO Miguel Lopez said on Monday that the talks were intense. People said that the deepening due diligence coincides the visit by a Jindal Steel delegation to TKSE headquarters in Duisburg in advance of the crunch negotiations planned for later this year. Thyssenkrupp declined to...

European shares rose on Monday as concerns about the stability of U.S. banks eased. Meanwhile, fresh comments by U.S. president Donald Trump helped to calm down trade tensions and encouraged investors to move towards riskier assets. As of 0915 GMT, the STOXX 600 index for Europe was up 0.6% to 569.37. The benchmark index closed Friday nearly 1% lower. European banks gained 0.8% on Sunday, placing them among the top gainers of the STOXX 600. This was after U.S. bank stocks recovered in the previous session, following the quarterly results from regional lending institutions that helped ease concerns over credit...

The expected new Chinese restrictions on rare earth metals exports may have a significant effect on the European automotive industry, according to the Italian auto parts maker lobby ANFIA, who said Tuesday that reserves of these materials are low. China, despite an agreement signed in July to expedite shipments into Europe, has tightened its control on rare earth exports. Last week it announced new restrictions. The country refines the majority of rare earths in the world, which are vital for industries such as semiconductors, automotive manufacturing, and defence. ANFIA chairman Roberto Vavassori stated that manufacturers were able to maintain their...

European shares reached record highs Wednesday, boosted by gains in French, Spanish and other stocks. Steelmakers also rallied following the EU's announcement of plans to reduce steel import quotas. The pan-European STOXX 600 closed at its highest level since 2007, with a 0.8% gain, while French stocks rose 1.1%, and Spanish stocks reached their highest mark in 2007. The DAX in Germany closed at a three-month high. The STOXX 600 was boosted by banks, which added over 1%. British lender Lloyds rose after the UK's financial watchdog proposed a smaller-than-expected compensation package over motor finance mis-selling, easing investor concerns. Societe...

Acciaierie d'Italia, the national steelmaker, said that Italy received 10 bids to buy the former Ilva Steel Plant. However, only two bidders were interested in buying the entire company. The two groups who were originally frontrunners in the tender, Azerbaijan’s Baku Steel Company, working with Azerbaijan Investment Company, and India’s Jindal Steel International have now withdrawn. Bedrock Industries is a U.S.-based investment company that has a private ownership, and Steel Business Europe, a Slovak steel trader, are the two bidders who remain interested in buying all of Ilva. Eight other offers, including those from Renexia Group (Toto), Industrie Metalli Cardinale,...

Interfax reported that the Russian finance ministry said on Friday that the state would sell its majority stake in gold producer Uzhuralzoloto to a unit owned by state-owned lender Gazprombank. Since Russia's troops entered Ukraine in February 20, 2022, foreign companies have faced the threat of state seizing their assets. However, Moscow has been increasingly focused on domestic assets, citing domestic security and strategic stability. The Russian general prosecutor’s office won a court case last month to transfer ownership to the state of shares owned by Strukov at UGC, Russia’s fourth largest gold producer. Prosecutors alleged that Strukov acquired property...

Stellantis, a car manufacturer in Morocco, plans to double its production capacity in the next few months at its Kenitra plant to 535,000 cars annually, said its Chief Operating Officer for the Middle East & Africa on Wednesday. Samir Cherfan, at the opening of the expansion of the plant, said that the plant would increase production of supermini-electric cars, including the Citroen AMI, Opel Rocks e and Fiat Topolino, to 70,000 units from 20,000. Aziz Akhannouch, the Moroccan Prime Minister, said that the 1.2 billion euros ($1.4 billion) of expansion will raise the local sourcing to 75% in 2030. This...

Three sources confirmed on Thursday that the mayor of Milan was under investigation. The probe is looking into the deals which have fueled the real estate boom seen in Italy's financial center over the past 10 years. Beppe Sala's investigation comes after the prosecution on Wednesday demanded the arrest of four other people, including the director of Coima real estate and the councillor of Milan for urban planning. Three sources familiar with the case claim that Mayor Sala, the leader of a coalition of centre-left in the city is one of dozens of individuals under investigation. He is accused concealing...

Rae Wee gives us a look at what the European and global markets will be like tomorrow. The price movement of stocks in recent days has shown that investors have become less interested in Donald Trump's tariffs. Asia shares rose on Thursday, riding the wave of Nvidia's quick rise to $4 trillion in valuation. Futures indicated similar gains for Europe in the afternoon. On Wednesday, the U.S. president launched his tariff attack into overdrive. He announced a new tariff of 50% on U.S. imports of copper and a duty 50% on Brazilian goods. Both duties will begin on August 1....

The provisional data from the government, reviewed on Tuesday, showed that India's imports of finished steel fell by 27.6% during the first two-month period of the new financial year, which began in April. This was due to a decline in shipments coming from China and Japan. The data shows that India, which is the second largest crude steel producer in the world, imported 0.9 millions metric tons (MT) of finished steel between April and May. Shipments from China dropped by 47.7%, while those from Japan fell by 65.6% compared to a year earlier. The data revealed that China shipped 0.2...