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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)
Venezuela wants to bring back international miners but it is a risky venture
V enezuela’s efforts to attract foreign investors for the development of its gold, bauxite and?iron seams have enthusiastic support from the Trump administration, but face big challenges. These include armed groups that have deep interests in the chaos and largely illegal prospecting industries which?developed during the last 20 years.
Sources in Bolivar, a sprawling state in the southeast of Colombia, said that they are skeptical about international companies' ability to invest meaningfully if there is not a major improvement in security. Local criminals work alongside Colombian rebels. State security forces and the Colombian government have been accused by criminals of working together to support illegal gold operations.
"The (crime syndicates) control the mines." In many mines, they are the ones who enforce the laws and set the rules. Ines Garcia is a 51-year old informal miner from El Callao. "Depending on the situation they can be violent and impose punishments," she said. "You have to look out for yourself because just talking can be a danger." Since Delcy Rodriguez became acting president of Venezuela in January, the administration of U.S.-President Donald Trump has supported her efforts to attract investors. This includes a mining bill passed by the ruling party's national assembly in April, led by Jorge Rodriguez's brother, that allows private and foreign companies to extract strategic minerals and gold. Venezuela's oil-dependent economic system has been crippled for years by hyperinflation and other problems, including international sanctions, deteriorated infrastructure, and corruption. After Washington ousted former President Nicolas Maduro from office in January, Venezuela desperately needs money to pay for Rodriguez's promise to improve public services. Mining investments could provide another source of income, including taxes, royalties and jobs.
U.S. Interior Secretary Doug Burgum stated during a visit to the U.S. in March that the law would create opportunities for businesses and that Rodriguez would ensure their safety. The U.S. already has a license that authorizes certain transactions with Venezuelan gold, such as those with the state-owned Minerven.
"You are guaranteed, you enjoy legal certainty, political stability, and peace of mind, so that your investments will be fully developed -- not just in the hydrocarbons industry, which offers many opportunities, but in the mining sector as well," Rodriguez said to visiting investors during a March event. The Bolivar government has not provided any details on its security plans.
Gold Reserve of Canada, which had said that it intended to resume mining in Venezuela and was a member of the Burgum delegation was granted a U.S. licence allowing them 30 days to negotiate. Gold Reserve has not responded to questions regarding whether or not it is seeking the return of the Brisas Mine, which the government seized in 2009.
Trafigura, a Swiss commodities trader, is already working on a responsible "sourcing" program with Venezuela's Minerven state gold miner. The work was announced last month. Trafigura said that the work is compliant with a U.S. Treasury license. Hartree Energy, Peabody Energy Ivanhoe, and TechMet mining companies, who were listed in the local press as being part of Burgum's delegation, have not responded to questions.
Although many international miners are familiar with the challenges of security, those who live and work within the Orinoco Mining Arc in Bolivar, a grouping of four municipalities designated by Rodriguez’s predecessor as strategically important for mining development, feel that corporate interests come before their own.
For real investment to occur, it is important to resolve supply chain transparency, security - because this is an area with armed groups - and oversight of the social-environmental impacts of operations. This engineer worked for Minerven over a decade. He asked to remain anonymous out of fear of reprisals.
Sources said that former members of Colombia's Revolutionary Armed Forces of Colombia, now demobilized (FARC), as well as Colombia's National Liberation Army rebels (ELN), are active in Bolivar. They are also local criminal groups Tren de Guayana, 3R and unnamed gangs run by gang leader aliases Fabio and Juancho.
Pedro Yepez, who has been mining in El Callao, Sifontes and other municipalities for two decades, says that criminals have provided mining equipment, fuel, and weapons to the area, and also extracted gold. He said that criminals could not do this without the permission and complicity of the government.
Community activist who has been monitoring human rights violations for decades in the area and requested not to be named out of safety concerns said that armed groups are in control of the mines, and they work in conjunction with the government. Residents and community leaders shared his concerns. Several said that criminals extort business while the government turns a blind eye. The Venezuelan Communications Ministry, which is responsible for all government press inquiries, has not responded to any detailed questions regarding the allegations of "complicity" by the military or security plans for this region.
In 2023, the military launched 'Operation Roraima' to combat illegal mining. It has continued to do so in the following years, and top leaders have publicly celebrated the destruction of illegal'mining camps' and equipment by posting pictures of controlled explosions on social media.
The U.S. Department of the Interior has not responded to specific questions regarding security concerns in the area.
UN REPORT DETAILED ALLEGATIONS OF MILITARY INVOLVEMENT
In a report from 2022, the UN Human Rights Council's fact-finding team said that both the military and armed group were implicated in murders and disappearances in the region. They also expressed concern about worker exploitation, child labour, human trafficking and violations of Indigenous rights.
In a 2021 report, the Organization for Economic Co-operation and Development stated that there has been an increase in gold exports from Venezuela ever since Maduro established the Arc. This is primarily due to informal and illegal mining. The report highlighted environmental destruction, human rights violations and military collusion.
In an open letter, 16 local nongovernmental groups expressed concern about the continued military control and said that the new mining law would "provide a veneer of legality" for "severe environment degradation and ongoing human right violations".
The letter stated that "Military presence at mines is historically associated with human right violations, corruption and hybrid governance structures."
Some activists and residents are concerned about the impact of foreign mining companies on the local communities, and the possible effects that a foreign presence could have on the livelihoods and small-scale miners in the area, as well as the Indigenous groups.
Who benefits? "You must put the word 'benefits' in quotation marks. "The same state that seeks out investors and negotiates forgets about all the problems," Italo Pizarro said, a Sifontes activist.
Bolivar geologist who has more than 40-years' experience in this sector says it will be difficult to remove tens and thousands of informal miner who work in the area, as well criminals who make a living from extortion. "This won’t be easy." Reporting by Maria de los Angeles Ramirez. Editing by Julia Symmes Cobb, and Claudia Parsons.
(source: Reuters)