North America

Honeywell has been contracted by Nigerian oil refinery Dangote to help double the capacity of its refinery to 1.4million barrels per day in 2028. This is the clearest sign yet that the company's plans to become the largest refinery in the world are taking shape. Honeywell's equipment and catalysts will help Dangote process a wider range of crude grades, which is needed to support their planned expansion of output. Dangote also plans to license Honeywell's Oleflex Technology to increase its polypropylene production - a material used in plastic containers and auto parts. The financial terms of the agreement were not...

The author of the report that plunged BBC into crisis claimed the broadcaster wasn't "institutionally bias" but had editorial flaws. He hoped his criticisms could help to fix these. Michael Prescott, former external editorial advisor, has compiled a dossier of issues at BBC News. This includes allegations of bias regarding its coverage of the Israel/Hamas conflict and trans issues. The leaked report led to the resignations by Director General Tim Davie, and Deborah Turness as head of news, as well as a threat from Trump to sue up to $5 billion. This plunged the public broadcaster in its worst crisis...

The author of the report that plunged BBC into crisis claimed the broadcaster wasn't "institutionally bias" and had hoped to improve things with his criticisms. Michael Prescott, former editorial advisor, has compiled a dossier of issues at BBC News. This includes allegations of bias regarding its coverage of the Israel/Hamas conflict and trans issues. Leaked reports led to the resignations by Tim Davie, Director General, and Deborah Turness as head of news, and Trump threatened to sue the broadcaster for up to five billion dollars. This was the biggest crisis the public broadcaster has faced in decades. Prescott said to...

The United States officially designated Cartel de los Soles as a terrorist group on Monday, adding additional sanctions related to terrorism against the group that includes Venezuelan president Nicolas Maduro and high-ranking officials. Venezuela's government has rejected what it calls a "ridiculous plan" by the United States to designate a "nonexistent" group. Secretary of State Marco Rubio announced this month that his country will announce its designation as a Foreign Terrorist Organization (FTO) due to its alleged role in the importation of illegal drugs to the U.S. Maduro is under increasing pressure because President Donald Trump has increased the U.S.'s...

Investors said that BHP should focus on its own growth strategy and move away from Anglo American, following the Australian firm's last minute appeal to the London listed company, which is close to a $60 billion deal with Canada's Teck Resources. In recent days, the world's biggest miner contacted Anglo's board to determine if there was any interest in a merger. This was reported by Sunday. BHP announced on Monday that it would not pursue the bid, but instead focus its efforts on growth. The decision to leave comes before the votes of Teck and Anglo shares - scheduled for...

BHP Group, the mining company, has renewed its takeover bid for rival Anglo American, according to a source with knowledge of the situation. This comes just months after BHP and Teck Resources, the Canadian miner, agreed to merge to form a global heavyweight in the copper industry. Anglo American refused to comment. BHP didn't immediately respond to an outside normal business hours request for a comment. Bloomberg News, citing sources familiar with the situation, reported that BHP made overtures to Anglo American recently. The report added that discussions are still ongoing and a deal is not certain. Anglo American has...

Shumeet Baniaerji, an independent director of the BBC board, resigned on Friday after the broadcaster claimed that a speech given by Donald Trump was incorrectly edited. The BBC has threatened to sue for $5 billion over the matter. Banerji resigned a couple of weeks before the end of his four-year tenure. He is also a member of the board of Indian conglomerate Reliance Industries, and a former CEO of management consulting firm Booz & Company. Banerji, according to the broadcaster's news department, had written in his resignation letter that he felt upset by governance issues at top management. BBC News...

Eli Lilly's market value surpassed $1 trillion on Friday. It is the first pharmaceutical company to join the exclusive club of tech giants, and it highlights its growth as a weight loss powerhouse. The explosive growth in the weight loss drug market has been a major factor behind the more than 35% increase in the stock price of the company this year. As new and highly effective treatments for obesity have hit the market in the past two years, this category has become one of the most profitable segments in healthcare. The world's top-selling drug is now Lilly's Tirzepatide. It's...

Eli Lilly's market value surpassed $1 trillion on Friday. It is the first pharmaceutical company to join the exclusive club of tech giants, and it highlights its growth as a weight loss powerhouse. The explosive growth in the weight loss drug market has been a major factor behind the more than 35% increase in the stock price of the company this year. Obesity treatments, once considered a niche, are now among the most lucrative segments of healthcare. Demand is steadily increasing. Novo Nordisk was the first to market, but Lilly’s drugs Mounjaro & Zepbound have grown in popularity & helped...

On Thursday, UN Secretary-General Antonio Guterres called for an agreement from the Climate summit COP30 Some have called for clarification on the controversial subject of weaning off the world. fossil fuels The Belem summit, in Brazil's Amazonian city, missed the self-imposed deadline of Wednesday to reach agreement between the 200+ countries that were present. This included issues such as how to increase climate financing and move away from fossil fuels. Guterres said at a summit press conference: "I welcome the calls for a just and fair transition mechanism, as well as the growing coalition that is calling for clarity in...

Reliance Industries, India's largest refiner of crude oil, has ceased importing Russian crude into its Jamnagar complex in western Gujarat from November 20, a spokesperson for the company said. The Indian conglomerate has said that it will abide by the sanctions against Moscow, while maintaining its ties with existing oil suppliers. The United States, Britain and the European Union have all imposed sanctions against Russia for its involvement in the war in Ukraine. New sanctions by the U.S. target its two largest oil producers, Rosneft, and Lukoil. Reliance's spokesperson stated in a press release that all products exported from the...

Saudi Arabian crude oil exports reached a record high of seven months in September, according to data released by the Joint Organizations Data Initiative on Wednesday. The world's biggest oil exporter has increased its crude exports to 6,460 million barrels of oil per day (bpd), a slight increase over August's 6.407 millions bpd and the highest level since February. Saudi Arabian crude production, on the other hand, reached a peak of nearly 2.5 years, 9.966 millions bpd, in September. This was its highest level since April 2023. In August, the output was 9.722 millions bpd. JODI publishes the monthly export...

Barrick Mining, a Canadian mining company, has signed an agreement with the Mali government to settle all disputes relating to the Loulo-Gounkoto Gold Mining Complex until 2023. The dispute centered on the implementation of the new Mali mining codes that increases taxes and gives a larger share of gold mines to the government. The miner - formerly known as Barrick Gold - said that it would drop its arbitration case with Mali before the World Bank dispute tribunal. Mali, in return, will drop all charges and release employees against Barrick, its affiliates and the Canadian miner. The following is a...

Gold prices increased by more than 1% Monday. This was due to the growing expectation of a Federal Reserve rate cut in December and fresh U.S. data that could provide further insight into monetary policy. By 01:43 pm EST (1843 GMT), spot gold was up 1.2% to $4,111.86 an ounce. U.S. Gold Futures for December Delivery settled 0.4% higher, at $4094.2 per ounce. Bart Melek is the head of commodity strategy at TD Securities. John Williams, the New York Fed president, said that U.S. rates could drop "in the short term" without jeopardizing the Fed's goal of inflation and while...

Barrick Mining announced on Monday that it had reached a settlement with the Mali government regarding all their disputes regarding the Loulo-Gounkoto Gold Mining Complex. Shares of the Toronto-listed firm rose by nearly 3%. The Friday report stated that Barrick had agreed in principle to settle the dispute with Mali. In a press release, the Canadian miner announced that it would drop its arbitration case against Mali before the World Bank dispute tribunal. Mali, in turn, will drop all charges and free four employees who are currently in jail and will return operational control to Barrick. Mali's miner ministry didn't...

Gold prices increased on Monday due to a falling dollar and growing expectations that the Federal Reserve will cut interest rates next month. As of 09:12 am, spot gold was up by 0.4% to $4,081.52 an ounce. ET (1412 GMT). U.S. Gold Futures for December Delivery were unchanged at $4,079.30 an ounce. Dollar index fell, making dollar priced bullion more accessible to holders of other currencies. Bart Melek is the head of commodity strategy at TD Securities. Melek continued, "A combination (of lower expectations) and a stronger U.S. Dollar has helped gold in the current environment." John Williams, the New...

On Monday, European Union ministers were to encourage top U.S. officials to implement more of the EU-U.S. July trade agreement by reducing U.S. duties on EU steel as well as removing them on EU goods like wine and spirits. In their first trip to Brussels after taking office, U.S. commerce secretary Howard Lutnick and U.S. trade representative Jamieson Greer would meet EU ministers for trade in a 90-minute lunch meeting. Before that meeting, European ministers met to discuss urgent trade issues including Chinese restrictions on rare earth and chips exports. No IMMEDIATE Breakthroughs Expected Maros SEFCIOVIC, European Trade Commissioner, said...

Gold prices were stable on Monday as the growing expectation of a Federal Reserve interest rate cut in December helped to offset pressures from a strong dollar. As of 1153 GMT, spot gold rose 0.1% to $4,069.10 an ounce. U.S. Gold Futures for December Delivery fell 0.3%, to $4.065.40 an ounce. Gold priced in greenbacks is now more expensive than it was on Friday when the dollar hit a six-month high. "Gold stabilized as investors assessed the prospect of a further Fed rate cut, after New York Fed president John Williams indicated there may be space to lower borrowing rates...

On Monday, European Union Ministers will urge U.S. top trade officials to implement more of the EU-US July trade agreement. For example, by reducing U.S. steel tariffs and removing them from EU goods like wine and spirits. On their first trip to Brussels after taking office, U.S. Commerce Secretaries Howard Lutnick & Jamieson Greer will be meeting EU Ministers for Trade. Lutnick and Greer will be hosted for 90 minutes at lunch by the EU Ministers to discuss important trade issues including Chinese restrictions on rare earths and chips. The United States imposed a 15% tariff on the majority of...

Gold prices fell for the third consecutive session Monday as the dollar strengthened near six-months highs and investors awaited further clarity about the U.S. rate trajectory. As of 0536 GMT, spot gold was down by 0.4%, at $4,045.58 an ounce. U.S. Gold Futures for December Delivery fell by 0.9% to $4.042.50 an ounce. The dollar index has reached near six-month highs and is above 100. If it continues to trade over 100, there will be more pressure on the gold price, said Jigar Trivedi. Senior research analyst at brokerage Reliance Securities. Gold priced in greenbacks is more expensive to holders...

Gold prices fell for the third consecutive session on Monday, as the dollar climbed to six-month highs. Market participants are awaiting more clarity about the U.S. rate path. As of 0353 GMT, spot gold fell 0.4% to $4,051.31 an ounce. U.S. Gold Futures for December Delivery edged up 0.8% to $4,047.70 an ounce. The dollar index has reached a six-month high, is above 100, and if the index continues to rise above 100 then it will put further pressure on gold's price, said Jigar Trivedi. Senior research analyst at brokerage Reliance Securities. Gold priced in greenbacks is more expensive to...

BHP Group announced on Monday that it has decided to abandon its pursuit of a possible merger with Anglo American following preliminary discussions with Anglo American's board. The company stated that it believes a tie up would have created value for its stakeholders and offered "strong strategic benefits". However, it added that the strength of their own organic growth strategy remains strong. BHP tried to take over Anglo for $49 billion last year. However, the target refused multiple offers and BHP withdrew. BHP should assess the possibility of selling such assets. It does seem a bit messy on the BHP's...

Ford Motor Company on Friday reiterated its guidance for the annual EBIT of $6 billion to $6 billion for this coming year, following a second fire at Novelis' New York aluminum plant this week. Ford's shares rose by about 4% on Friday, continuing gains made after the automaker confirmed the outlook that it had already revised due to production disruptions caused by a devastating fire at the supplier's factory in September. In October, Ford cut its profit projection, citing an incident that could have cost up to $2 billion. Ford said it would offset approximately $1 billion by increasing production...

The gold price held steady Friday after it fell over 1% in the previous session. Traders increased their bets that interest rates will drop by December following Fed comments. As of 11:45 am, spot gold was unchanged at $4,077.19 an ounce. ET (1645 GMT), following a fall of more than 1% in the earlier session. Bullion has lost 0.1% in the last week. U.S. Gold Futures for December Delivery rose by 0.4%, to $4.076.90 an ounce. John Williams, the New York Fed president, said on Friday that the U.S. Central Bank could still reduce interest rates in near-term without compromising...