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Sources say that commodities trader IXM is considering restarting aluminium trading.
Two sources with knowledge of the matter said that commodities trader IXM has begun initial talks with aluminium suppliers and is looking to restart its aluminum trading business in 2019. One source said that Geneva-based IXM owned by China's CMOC Group, and one of world's biggest traders of non-ferrous physical metals has been discussing internally the rebuilding of a team to trade aluminium since?December. A CMOC spokesperson said: "As a trader, IXM will adjust the trading product to match market conditions." IXM and Lygend didn't immediately respond to comments. This move coincides with some forecasts that?light metals used in 'transport, construction and packing?will be in short supply as demand is driven by electrification and carbonisation. The benchmark three-month aluminum on the London Metal Exchange is up 38% since 2025. This week, it reached a four-year high of $3,544 per ton. The U.S. and Israel war against Iran could worsen this deficit, as it has frozen?shipments out of the Gulf region, which account for around 9% %of the 'global supply. IXM lists cobalt and copper in its trading portfolio, along with gold, nickel and?lead&zinc, but no aluminium. One source said that the trading house closed its aluminium business in 2024. The sources added that IXM was in talks with major producers of aluminium for possible cooperation. One source said that the company had held discussions with China's Lygend Resources, on Wednesday. Reporting by Amy Lv and Lewis Jackson.
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South Korean Parliament approves $350 billion US investment bill
South Korea's Parliament passed a special law on Thursday that will pave the way for Seoul to fulfill its $350 billion commitments in strategic U.S. industry under a trade agreement?agreed?last year. The law implements the trade agreement signed by South Korea in November, under which it agreed to invest $150 billion into shipbuilding and $200 billion in strategic industries in the United States in exchange for more favorable tariff terms. In a Thursday plenary meeting, the National Assembly approved it with bipartisan backing. The legislation is expected to be in force within three months. It will form the basis for a state-backed investment company with a capital of 2 trillion won ($1.4billion) and a strategic fund. The bill names shipbuilding as a priority investment sector, along with semiconductors, pharmaceuticals and critical minerals. Energy, artificial intelligence, quantum computing, and energy are also included. The U.S. government requires that all investments meet the "commercial feasibility" principle, which means they must be able to generate enough cash flow over their lifetime to pay principal and interest. If national security or the stability of supply chains are in question, exceptions can be made if approved by relevant South Korean parliament committees. A joint U.S. and South Korea committee led by the Industry Minister of South Korea will assess any proposed projects. Meanwhile, a committee headed by the Finance Minister will decide if they should be forwarded to a U.S. panel, headed up by Secretary of Commerce. Uncertainties about the FX and Tariff Donald Trump, the U.S. president, threatened in late January to increase tariffs on South Korean products to 25%. He said that Seoul had not yet enacted the trade framework which had set U.S. levies to 15%. South Korean officials said that the deal is still valid despite a U.S. Supreme Court 'decision? in February which struck down a majority of Trump's tariffs. Seoul officials have expressed concerns over the impact that U.S. investment will have on a weakening won. They also said that projects would be evaluated based on both commercial feasibility and foreign exchange market conditions. South Korea has been?included? in a larger?U.S. The U.S. Trade Representative has warned that the "Section 301", a probe into excess industrial capacities, could lead to new tariffs against major trading partners. Kim Jung-kwan, the Industry Minister of South Korea, told a parliamentary committee that South Korea was expecting the U.S. investigation. The Foreign Ministry stated that Washington had indicated its intention to reinstate tariffs which were struck down by U.S. Supreme Court based on the investigation. South Korea would consult with the U.S. in order to 'ensure existing tariff balance remains preserved 'and the country does not suffer any disadvantage. Yeo Han Koo, a trade envoy, told media that Washington was aiming to reduce its investigation to between four and five months. This would allow Washington to revise tariffs back to levels before the U.S. Supreme Court ruling sometime after mid-July. (Reporting and editing by Ed Davies; Additional reporting by Heejin KIM)
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Official: Gulf trio reviews sovereign investments to offset Iran War Impact
Gulf officials said that three Gulf states were reviewing the way they invest trillions of dollars from their sovereign wealth funds to offset the losses caused by the U.S. and Israeli war against Iran. The official who spoke on condition of anonymity said that the review could include divestments, reversals of investment pledges, and a reevaluation of global sponsoring deals. This is because the oil and gas-rich states are assessing how to deal with the financial shock. The top four economies of the Gulf Cooperation Council are Saudi Arabia, Qatar and Kuwait. Three of the four largest economies in the GCC will be assessing current and future investments and sponsorships to see if the situation lasts. The official said that "a review of their investment strategies for sovereign wealth funds has already begun." The official said that the talks were between representatives from the government and not the funds, and that the assessments are not coordinated. In only 12 days, this conflict has dealt a serious economic blow to some of the largest economies in the Gulf, crippling the aviation, tourism, port and logistics networks. It also cut off 'key commercial arteries. 5 TRILLION DOLLARS IN WEALTH The UAE has said that it will stick to its investment plan. In a recent statement, the UAE Ministry of Foreign Affairs said that it had adopted "forward-looking economic strategies" which would enhance its ability to absorb geopolitical or economic pressures. In this regard, the UAE has not changed its investment plans or economic priorities for the long term. A Saudi source said that the Public Investment Fund of the Kingdom is crucial to its economic transformation agenda. It is not expected to change long-term investments plans because of the current geopolitical environment. The Saudi Arabian finance ministry did not respond to a request for comment. Qatar's Finance Ministry has not responded to our request for comment. Kuwait's Ministry for Economic Affairs and Investment was unable comment. Analysts say a fiscal shock could lead to a review of the way the $5 trillion in sovereign wealth funds accumulated by the region is used. But the official's remarks show that this process is already underway. The official stated that "once the war is finished, we'll see the balance sheet and figure out how to cover our losses." Analysts at JPMorgan cut their growth predictions for non-oil industries by 1.2 percentage point for GCC countries and 2.3 points for the UAE. This was the most drastic revision in the group. JPMorgan analysts warn that, while the hydrocarbon industry could recover depending on the length of the conflict in the coming year, there will be some lasting damage to the non-hydrocarbon activities and this could affect the diversification plans for the region. WIDE REACH and BIG COMMITMENT Gulf States have tried to diversify their economies but oil and Gas revenues still anchor the public finances which are very different in strength throughout the region. Kuwait's KIA, the UAE's ADIA, Saudi Arabia's PIF and Qatar's QIA are among the largest sovereign funds in the world, with assets accumulated over decades of investment at home and abroad. Officials said that the reassessment includes global assets, not just U.S. assets. The United States is already one of most popular destinations for Gulf sovereign funds, with governments having pledged trillions in future investments since President Donald Trump's return to the White House. US. Gulf sovereign investors weigh the impact of the conflict on global sponsorship and investment deals. The size of the overseas pledges and sponsorship is huge. The UAE, for instance, agreed to invest $50 billion in Canada last year. QIA, which is backed by Qatari Diar, signed a landmark coastal development worth $30 billion on an undeveloped stretch of Egypt's Mediterranean coast. Qatar Airways is sponsoring Formula 1 motorsports until 2027. Mubadala has a title sponsorship in a number of ATP and WTA events. PIF became an official partner for the FIFA World Cup this year. SLOWING NEW COMMITMENTS Analysts predict that these positions will not be unwinded immediately. However, they said the pace and direction for new capital deployments may change. The first reaction should not be to sell off global assets. "Before unwinding any overseas assets, they will evaluate the potential impact, and whether there is a value-add in redirecting this capital locally," said Jahangir Aka founder of London's Aka & Associates. Aka said, "For the time being, the 'Gulf Investments' global investments provide resilience as a diverter, and it is unlikely that you will see a'significant trimming, as these assets continue to produce income for governments in their home countries." Aka explained that "you may instead see a slower pace in new commitments, and defer money to overseas countries until there is more clarity about any structural impact the current conflict." Reporting by Andrew Mills, Rachna uppal, Federico Maccioni, and Hadeel al Sayegh, in Doha; Additional reporting by Ahmed Hagagy. Writing by Federico Maccioni, Andrew Mills, and Andrew Mills. Editing by Mahal Dahan, ElisaMartinuzzi, Anousha Sakowi, and Alexander Smith.
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Korea Zinc talks to US tech companies about removing rare earths from waste data centres
Chairman of firm says that it has made acquisitions related to the company's business. The US plans a $7.4 billion smelter. The US will reduce its reliance on Chinese rare earths through a number of projects By Heejin Kim SEOUL, 12 March - Korea Zinc has been in discussions with major U.S. tech firms about recycling data centre wastes and extracting rare earths. This is part of a U.S. effort to reduce its reliance on Chinese minerals. In an interview, Yun B. Choi, the Chairman of the firm, said that it is one of 'the world's largest smelters. It also hopes to secure solar and battery panel wastes containing rare earths and metals, which are needed in areas such as electronic, electric vehicles, defence and energy. The initiative will provide the U.S. with another source of rare Earths beyond the U.S.'s single mine, and its main supplier China. China produces 90% of all rare earths produced in the world and has restricted?exports as part of a tariff-war sparked by the U.S. Choi stated that the U.S. Government has continuously advocated for recycling of critical minerals because it is 'aware' that a large amount of these minerals were exported via multiple countries to China. He said that for the past two-years, "we have quietly researched technologies to 'extract rare Earths. Choi refused to reveal the amount or technology firms involved, but said Korea Zinc had invested in recycling. This included?buying a scrap metal trader and electronic waste recycler. He said: "If we could?provide a process or solution?to extract and refine new rare earths, as well as provide them in the United States I believe the business value will be significant." NEW U.S. SMELTER The South Korean company announced in December that it would build a critical minerals smelter worth $7,4 billion in Tennessee. This is the first U.S. smelter to be built since the 1970s, and the first one funded by the U.S. Government. Korea Zinc said that the smelter would produce 540,000 tons of non-ferrous minerals, including 11 critical metals such as gallium, antimony and germanium. Choi, citing the U.S. national security as a primary factor, said that the U.S. attitude towards critical minerals had changed dramatically after China implemented its export control on rare Earths in April 2025. Korea Zinc posted a record operating profit of 1.2 trillion won (813 million dollars) in 2013, driven by the sale of antimony. The U.S. lists this metal as "critical" for nuclear weapons and military applications. Choi said, "Last was the year of antimony." According to data from the U.S. Geological Survey, the average price of anthracite in 2025 will be $25 per pound. This is more than twice as much as it was in 2024. Choi stated that Korea Zinc aims to achieve profit margins between 17% and 19% at the new smelter. Data from Seoul-based DB Securities showed that this would be higher than its 51-year old Korean refinery. Choi stated that the U.S., as a joint investor, is providing support. He cited fast-tracked permit approvals and expectations for?guaranteed minimal prices? for U.S. vital minerals projects. Choi said that the firm plans to begin construction early in 2027, and that the smelter will break even in a year after it begins operations in 2030.
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Australia temporarily relaxes fuel standards to boost the supply
Australian Energy Minister Chris Bowen announced on Thursday that the country will temporarily relax fuel quality standards during the next 60-day period, as the Iran war is choking 'oil supplies and sending prices soaring. The move would allow fuels to contain up to 50 parts-per-million of sulphur, instead of the normal 10 parts-per million. He said that under the new relaxation, 100 million additional litres of gasoline per month will be allowed to enter the country. This will ease price pressures and fuel will be directed towards regions with a shortage. Ampol, a fuel refiner and retailer, is the company that will be supplying fuel with?higher sulfur content. Bowen stated that "the redirected supply would be given priority for areas of shortage as well as the wholesale spot market, which supports independent distributors and growers." Bowen stated that "the government has been unambiguous - the additional supply must help those who need it – including farmers, fishermen and regional communities." The Minister said that Canberra is continuing its discussions with the International Energy Agency about the release of 400 million additional barrels of oil on the market. However, any oil released will remain in Australia's domestic markets. He told ABC that he spoke to IEA Executive Director Fatih Birol on the night before. Bowen stated that "this is voluntary action. What contribution Australia makes will depend on our national interests." The last time Australia made a contribution to a?international IEA publication was in 2022, when it sold 'the oil held in the U.S. Strategic Petroleum Reserve for a profit. Bowen, a Bowen, told reporters that Australia had 36 days of petrol in reserve, 34 days of diesel and 32 days jet fuel, the highest levels in over ten years. Helen Clark, reporting from Perth; Alasdair pal and Kate Mayberry, editing.
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Generali announces 500 million euro share buyback, a record profit for 2025
Generali, Italy's largest insurer, posted a record profit on Thursday, driven by the company's entire business. It also announced that it would be preparing a 500-million euro ($577.1-million) share buyback. This highlights Philippe Donnet's focus on shareholder returns. Generali's first full-year result since Donnet critics took over the company saw an operating profit record of 8 billion euro, up 9.7%. The adjusted net profit also rose by 14.5%, reaching a new high of 4.3bn euros. Both figures were in line with the analyst consensus provided by the company. Generali said in a press release that lower natural catastrophe claims helped to?lift non life earnings. Life business held on due to broad-based growth, and fewer surrenders. Banca Monte dei Paschi di Siena - backed by the Italian tycoon Francesco Gaetano Caltagirone, and Delfin - the holding company for the late billionaire Leonardo Del Vecchio – gained control of Mediobanca last year, Generali’s largest investor. Caltagirone, Delfin and other major Generali investors tried to remove Donnet in 2022. He was supported by former Mediobanca CEO Alberto Nagel. They blamed him for not growing the insurer quickly enough. The MPS has not yet revealed its plans for Generali, or the future of Donnet. Generali's Board approved a dividend of 1,64 euros per share. This is above the highest analyst estimate in the consensus of the 'company', for a payout total of up to 2,5 billion euros. In its strategy 2025-2027 Generali pledged to spend at least 500 millions euros per year on?share buybacks, and pay out more than 7 billion euro in cumulative dividends. Generali said it was committed to its 2025-2027 plans, which included an 8%-10% growth in earnings per shares.
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Dsm-firmenich anticipates a slightly higher profit margin for 2026
dsm firmenich, a European chemicals manufacturer, said on Thursday that it 'expects a slightly... higher adjusted core.profit margin % in 2026. It also said it is focusing on accelerating its growth for the next fiscal. The group stated that "macro-economic issues experienced in the second half 2025 continued into the first quarter of 2026. These include cautious consumer demand, and adverse FX effects." The group expects to achieve an adjusted earnings before interest taxes, depreciation, and amortization (EBITDA), margin of 20%. This is slightly higher than the 19.6% reported by the company last year and beats?the same figure?expected in average by analysts according to a company-compiled survey. Dsm-firmenich's products are used to make perfumes by French luxury groups LVMH & Kering. The company also expects organic sales growth between?2% & 4%. This is in line with an average analyst forecast of 3.1%. The group stated that 'its outlook assumes that broader geopolitical developments?in the Middle East will not have a significant or prolonged impact?. U.S. and Israeli war against Iran, and Tehran's attacks on Gulf neighbours has disrupted Middle East oil and?natural-gas exports and forced production to stop. The Strait of Hormuz is the world's most important oil artery. It handles 20 percent of the global supply of oil and LNG. (Reporting and editing by Matt Scuffham in Gdansk)
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The Czech utility CEZ's net profit for the year falls by 9% due to lower electricity prices
CEZ, the Czech electricity producer, reported on Thursday a 9% drop in its annual net profit adjusted to 28.1 billion?crowns (US$1.33 billion) due to lower electricity prices. The company had forecast 26 to 28 billion crowns for 2025. This is a slight increase from the 31 billion crowns of?2024. EBITDA (earnings before tax, depreciation, and amortization) was?roughly flat, at 137.0 billion crowns versus 137.5 in '2024. This is at the upper?end of a company's guidance range. CEZ, 70%-owned by the Czech State and one of Central Europe's biggest listed companies, reported that lower realized electricity prices and a weaker commodity trading profit weighed on EBITDA. Meanwhile, higher depreciation, amortisation and other costs associated with its GasNet acquisition impacted bottom-line profits. The company is expecting a?adjusted?net profit of between 27 billion and 31 billion 'crowns? in 2026. Meanwhile, the 'EBITDA?is expected to fall to between 103 billion to 108 billion crowns?, with lower electricity prices?again?being seen as a major drag.
First Quantum supports Panama's plan for stockpile processing to be allowed at a closed copper mine
First Quantum Minerals, a Canadian mining company, welcomed the plan announced by Panama's President Jose Raul Mulino earlier this month to allow for the processing and removal of ore stockpiled at its closed Cobre Panama coppermine.
The company stated that processing the ore stocks will allow them to mitigate environmental and operational risks associated with acid-rock drainage, and to ensure a supply of feed materials to the leftovers or 'tailings' management facility.
First Quantum awaits formal approvals before implementing these 'activities' in coordination with the government of Panama.
The mine Cobre - Panama, the largest open-pit deposit of copper in the world, closed its doors to local residents after protests over environmental impact and tax contributions.
In a press release, the company stated that the processing of stockpiles does not constitute the reopening of the mine and will not involve any new drilling or blasting.
First Quantum and Panama both suffered a financial impact when the mine closed.
Mulino said earlier on Thursday that the government hopes to reach a decision by June on the future of copper mine. (Reporting from Bengaluru by Pooja menon; Editing by Sahal Muhammad)
(source: Reuters)