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France invests 50 million euros in Imerys Lithium project
Imerys announced that France would 'invest 50 million euro ($59.61 million) in a'minority stake' in Imerys lithium mine project. Other investors could join France in this country's flagship battery metal project. The first time the minerals group announced the Emili Project was in 2022. It aimed to produce 34,000 tonnes of lithium hydroxide annually, which could meet the lithium needs of 700,000 electric cars annually. Imerys announced on Wednesday that the French government's investment would help to?cover feasibility before a final decision is made on investment in the mine. It is currently expected to begin production?in 2020. Alessandro Dazza, CEO of the company, told reporters that they expect to bring in more investors to finance the lithium project. He said that it would not necessarily hold a majority share, but would consider itself the logical option to run the future site. THE TOTAL COST OF PROJECTS RAISED TO 1,8 BILLION EUROS Imerys has increased its initial estimate of the cost of the project from 1 billion to 1.8 billion, but Dazza stated that he expects the final figure to be "significantly lower" than the current estimate. The Emili project involves developing a mine underground beneath an existing Kaolin mine in Central France along with a?processing facility. Imerys said late in October that it was in exclusive discussions with a potential buyer to sell a minor stake in the project. Last year, the timeline for?starting production? was?pushed back to 2030 instead of 2028. This is partly because public debate about the project's impact on the environment.
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Iron ore consumption in China is down after the top consumer releases weak data
Iron ore futures struggled to find direction on Wednesday, before erasing their?early gains. This was despite China, the world's largest consumer, offering financial support. The most-traded May iron ore contract at China's Dalian Commodity Exchange was down by 0.07% to 762.5 Yuan ($110.31). As of 0700 GMT, the benchmark March iron ore was trading at $99.9 per ton on the Singapore Exchange. China's central banks?said on Tuesday that it would increase financial support for domestic demand as a result of?industrial excess and lacklustre consumer confidence, which dampened the growth outlook. Data released on Wednesday showed that China's consumer price inflation decreased in January while the producer price deflation continued. This prompted market participants to call for additional policy measures. The consumer price index (CPI), which measures prices for consumers, increased by 0.2% on a year-over-year basis. This is below the 0.4% rise predicted in a poll. The producer price index (PPI), which measures the cost of goods produced, fell by 1.4% on an annual basis, continuing a trend of deflation that has lasted for years. This continues to affect the profits of industrial firms, and indicates the need for additional policy measures in order to increase the effective demand as well as address the deep-rooted imbalances within the economy. China relies on exports to absorb production capacity. However, a growing list anti-dumping measures in destination countries and trade rules could derail the export-driven growth of demand, especially for Chinese steel exports. According to a ANZ report, as anti-dumping'resistance' grows globally and China signals tighter production, the export momentum will fade in 2026. Total volumes could fall by up to 30%. Coking coal and coke both fell by?0.31%, and 0.86% respectively. The Shanghai Futures Exchange steel benchmarks were mixed. Rebar and wire rod fell by 0.07% and 0.15 % respectively, while stainless steel and hot-rolled coils remained stable at 0.06% and 2.22 % respectively.
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Portugal's interior minister resigns due to storm response
Maria Lucia Amaral, the Portuguese Interior Minister, resigned amid criticism by opposition parties and communities over what they call a slow and ineffective response from authorities to the devastating 'Storm Kristin' two weeks ago. The office of President Marcelo Rebelo de Sousa announced late on Tuesday that it had accepted the resignation of the Minister at the request from Prime Minister Luis Montenegro. Amaral claimed she no longer met the "personal and political requirements" to fulfill the role. The President's Office said Montenegro would temporarily take over interior until a successor was appointed. Storm Kristin hit central Portugal on the morning of January 31. Its winds reached 200 kph and its heavy rains caused widespread damage, including to homes, factories, and critical infrastructure. At least six people were killed. Direct reconstruction costs are estimated to be more than 4 billion euros. Amaral is the first to resign since the centre-right minor government came into power about eight months ago. Andre Ventura of the far-right Chega Party wrote on X, that the resignation showed the government's inability to deal with adversities. Montenegro, he added, was losing control over the government. How long will it be before the government corrects its other "casting mistakes"? ?he asked. Jose Luis Carneiro, leader of the Socialist Party, told reporters late Monday that Montenegro is "the first one responsible" for the failure of the government to respond to storms. In recent weeks, Portugal and Spain were hit by a series of storms. After the devastation caused by Storm Kristin's?wind, rain and flooding, subsequent tempests Leonardo, and Marta, also brought heavy rainfall, strong winds and further damage. According to the Portuguese Institute of the Sea and the Atmosphere, Portugal is currently feeling the 'indirect effects' of Storm Nils. The storm is not expected directly to hit the country.
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TotalEnergies reports a 13% decline in profit for the fourth quarter due to lower oil and gas prices
TotalEnergies, a French oil major, reported a 13% decline in its fourth-quarter earnings on Wednesday. This was slightly below expectations, as the company's soaring margins from refining fuels, and cash generated by selling stakes in renewables assets, failed to compensate for lower oil and natural gas prices. Total reported a fourth-quarter net profit of $3.8 billion (3,2 billion euros), down from $4.4 billion the year before. According to a LSEG consensus, analysts had predicted $3.9 billion. Total, in an 'year marked by a near doubling of its debt as a result of a series of acquisitions has reduced its share buybacks while increasing oil and gas production during the fourth quarter. This was to compensate for a drop of 15% in Brent crude and 18% on liquefied gas prices. The company reported that it increased production by 5% in the third quarter, but the income from the "exploration" segment fell 21.6% and reached $1.8 billion. Meanwhile e Arnings from the chemical and refining business increased by 215% to $1 billion. TotalEnergies previously stated that margins at European refineries during the period increased by 231% in comparison to the prior year. CEO Patrick Pouyanne attributed?the increase to U.S. Sanctions on Russia's Rosneft, and Lukoil as well as an import ban by the European Union on fuels made from?Russian Oil. The French oil giant?also announced that it would 'buy back $750 millions worth of shares during the first quarter 2026.
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Voestalpine profits narrowly miss forecasts due to European industrial downturn
Voestalpine missed its core 'profit expectations for nine months' on Wednesday. This was due to the continuing industrial downturn across Europe, and the persistent weakness of Europe's automotive industry. The company reported earnings before taxes, depreciation, and amortization (EBITDA), of $1.25 billion ($1.2 billion), for the nine-month period ending in December. This was about $50 million below a Vara consensus forecast. In the same time period of?2024 the figure was 968 million euro. Voestalpine continues to face pressure on its results due to its exposure to both the German industrial sector and the global auto industry. Both have seen a drop in demand as a result of customer destockings and production cuts. The company's strength in niche businesses like aerospace and rail, as well in high-performing areas such as India, were not enough to counteract the wider cyclical problems. Voestalpine announced that its flagship project to reduce emissions from steel production through new technologies is on track. It is investing 1.5 billion euro in the first phase to replace coal-based?blast furnaces with electric arc?furnaces at its 'Austrian sites of Linz and Donawitz. Investors want to know if Voestalpine can protect earnings through its noncyclical green and high-tech divisions. Voestalpine has confirmed its outlook for the full year.
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Siemens Energy profits nearly tripled on AI-driven demand of gas turbines and grids
Siemens Energy announced on Wednesday that its net profit had nearly tripled during the first quarter of its fiscal year. This was boosted by AI driven demand for grid equipment and gas turbines, as well as a smaller loss in its struggling wind division. The results show a robust demand for large gas turbines, grid technology and wind turbines, which are both essential to the global construction of data centres that will power AI technology. The AI boom helped Siemens Energy's stock increase more than tenfold in the last two years. It now has a market worth of 130 billion euro ($155 billion). Christian Bruch, Chief Executive Officer of the company, said that "the high demand for our grid technologies and gas turbines businesses has a significant impact on overall performance." "There are also early signs of modest improvement in the wind business." In pre-market trading, it was indicated that the shares of the company - now Germany's 6th most valuable listed firm? - would open 4.3% higher. The net?profit for the quarter ended December was 746 million euros (889 million dollars), up from 252 millions a year earlier. This beats out the 732 million predicted in a LSEG poll. Siemens Gamesa, a company plagued with quality problems, has reduced its operating losses to 46 million euros compared to 374 million during the same period last year. This was due to improved productivity.
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Stocks pause to catch their breath as the yen surges higher
On Wednesday, bond prices rose and stock market gains slowed after U.S. retail figures that were weaker than expected. Meanwhile, the yen's rally has continued and could be signaling a change in investor sentiment since Japan's election. The dollar has been under pressure due to the upcoming release of U.S. employment figures. There is also the possibility that recent numbers will be revised downward. The holiday in Japan slowed trade in Asia, but the third consecutive session of gains in the yen saw it rise to 153.3 per $1. This prompted traders to wonder if it was riding high due to dollar weakness or if it was getting a boost from Tokyo. Since Prime Minister Sanae Takayichi's sweeping election victory on Sunday, the dollar has risen by about 2.5%. This is contrary to some expectations that her stimulus plan would continue to put pressure on the currency. Brent Donnelly is a currency trader, founder of analytics company Spectra Markets, and he said, "To be long yen you must believe that the Nikkei correlation will break, and it will become an unhedged buy Japan' trade." "That's possible. "I just think that the jury is still out." The yen usually falls when the stock exchange rises. In recent sessions, Japan's stock exchange has reached record highs in anticipation of the government supporting consumers. Nikkei Futures rose on Wednesday, even though the cash market remained closed for a holiday. The gold price rose above $5,000 per ounce, and Treasury futures also rose a bit. Cash market was closed. The benchmark 10-year U.S. Treasury rate fell by nearly six basis points and reached a low of 4.14 percent on Tuesday. This was after data revealed a 0.1% drop in U.S. core retail sales for December, and downward revisions in November and October. When bond prices increase, yields will fall. The S&P 500 ended 0.3% lower as the recovery from heavy software share selling last week begins to lose momentum. S&P futures were 0.3% higher, European futures flattened out and FTSE Futures rose 0.3%. CBA LEAPS AND CSL SINKS IN AUSSIE EARNINGS China's consumer stocks dropped and bonds rose after weaker-than-expected results The inflation rate is estimated to be around Highlighting weaknesses Hong Kong shares rose 1% and Taiwanese chipset maker TSMC helped Taiwan stock prices reach a record. The Australian?market rose by nearly 1.7% as a result of earnings. Shares of Commonwealth Bank of Australia rose 6.8% after the top Australian mortgage lender reported record earnings and loan growth. It also maintained its market share, while increasing its dividend. CSL shares, a biotech firm that makes the majority of its money by selling blood plasma treatments to treat rare diseases, plunged 11%, reaching an eight-year-low after the company reported a drop in its first-half profits and announced late Tuesday the departure its CEO. The Australian dollar reached a record high of $3.50, while the euro hit $1.19. This was after the central bank's deputy governor stated that inflation is too high. This fueled speculation among investors about the need for further policy tightening. China's Yuan was "steady" near its highest level in nearly three years. This was due to the corporate demand for money ahead of Lunar New Year. Brent crude oil futures remained steady at $69.18 per barrel as markets hung on the U.S. diplomacy with Iran. Bitcoin struggled to break through the $70,000 barrier on Wednesday and was stuck at around $67400. (Reporting and editing by Tom Westbrook, Stephen Coates, Kim Coghill and Shri Navaratnam)
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India's demand for oil has improved since tensions between the US and Iran.
The oil prices rose on Wednesday as a result of a heightened risk, despite the fact that U.S. Iran?talks remained tense. In addition, signs of easing surpluses, fueled by improved demand from India, also contributed to this increase. Brent crude oil futures rose 55 cents or 0.80% to $69.35 per barrel at 0356 GMT. U.S. West Texas Intermediate crude oil rose 57 cents or 0.89% to $64.53. LSEG analysts stated in a recent report that "oil maintains a bullish bid for tail risk as US-Iran negotiations continue, but remain fragile. This keeps the Strait of Hormuz premium at a high level amid continued?sanctions, tariff threats related to Iranian trade and a heightened U.S. military posture in the region." Iran's Foreign Ministry spokesperson stated on Tuesday that the nuclear talks between Iran and the U.S. had allowed Tehran to gauge Washington’s seriousness, as well as a consensus for 'continuing on the diplomatic path'. Diplomats from Iran, the U.S., and Oman held talks last week to try to revive diplomacy after Donald Trump positioned a flotilla of naval ships in the region. This raised fears about new military action. ANZ analysts wrote in a note that while oil prices initially?eased when Oman's Foreign Minister said discussions?tied?to the U.S. Iran talks with Iran's chief security official were productive. Hopes of a peaceful solution were then dashed by reports that the U.S. could send a second plane carrier to the Middle East if the talks fail. Trump announced on Tuesday that he is considering sending a 2nd aircraft carrier to the Middle East. This comes as Washington and Tehran are preparing to resume talks aimed at averting another conflict. Signs of an easing surplus also supported oil prices, as the markets were able to absorb some of the surplus barrels that had been seen in 2025's last quarter. "With oil prices likely to remain stable in the near term, as mainstream oil is returning to normal levels on water and India's demand for oil is increasing," said Vortexa analyst Xavier Tang. Indian refiners have avoided Russian oil purchases in order to help New Delhi sign a trade agreement with Washington. They are now increasing their purchases of oil from West Africa and the Middle East. The Energy Information Administration will release its weekly U.S. Oil Inventory data on Wednesday. The analysts polled estimated that on average crude inventories increased?by 800,000 barrels during the week ending February 6. Distillate and gasoline stocks are expected to have fallen by 1.3 million and 400,000 respectively. U.S. crude stocks rose by 13,4 million barrels during the week ending February 6, according to market sources citing American Petroleum Institute data on Tuesday.
The Supreme Court is currently hearing the following cases:
In the current term of the U.S. Supreme Court, there are cases that involve guns, gender affirming medical care for minors who identify as transgender, online pornography and religious rights, TikTok and preventive healthcare. There are also cases involving funding Planned Parenthood, job discrimination and federal regulatory powers over nuclear waste storage, vape products and voting rights.
Take a look at the recent and upcoming cases that the justices will be deciding.
TRANSGENDER RIGHTS During arguments on 4 December, the court's conservative judges indicated that they were willing to uphold Tennessee's Republican-backed ban on gender affirming medical care for minors who are transgender. This case could have a significant impact on other state laws affecting transgender individuals. Biden's Administration appealed the decision of a lower court upholding Tennessee’s ban on medical treatment, including hormones and surgery for minors suffering from gender dysphoria. This refers to the distress caused by the incongruity of a person’s gender identity with the sex assigned at birth. The ruling is expected to be made by the end June.
'GHOST GUN' On October 8, the court heard arguments over the legality a federal regulation enacted by former president Joe Biden to crackdown on "ghost gun" - largely untraceable guns whose use in crimes has increased. The lower court found the U.S. Bureau of Alcohol, Tobacco, Firearms and Explosives had exceeded its authority by issuing a rule that targeted parts and kits of ghost guns, which could be assembled in minutes at home. The justices indicated during the argument that they were willing to support the regulation. The ruling is expected to be made by the end June.
MEXICO GUN LAWSUIT On March 4, the justices showed sympathy for a request by two American firearms companies to dismiss the Mexican government’s lawsuit accusing the companies of assisting illegal gun trafficking to the drug cartels, and fueling violence in Mexico's southern neighbor. The justices heard arguments from Smith & Wesson, a firearms manufacturer and distributor of Interstate Arms in their appeal against a lower-court ruling allowing the lawsuit on the basis that Mexico had plausibly alleged the companies aided illegal gun sales and harmed its government. The ruling is expected to be made by the end June.
U.S. TIKTOK BAN On January 17, the justices upheld a federal law that would ban TikTok from the United States if the Chinese parent company ByteDance failed to sell the short video app within a time limit set by Congress. The Justices ruled, 9-0, that the law passed by Congress and signed by Biden last year did not violate First Amendment protections against government abridgment. The justices upheld a lower court decision that had supported the measure. Biden's replacement, Republican President Donald Trump chose not to enforce it and instead gave both parties time to work out a compromise.
Online Pornography The Justices heard arguments about whether the First Amendment protects against government interference in speech when a Texas law requires that pornographic sites verify users' ages to limit access by minors. The justices voiced concerns over the availability and accessibility of online pornography, but also expressed concern about burdens placed on adults who wish to view constitutionally-protected material. A trade group representing the adult entertainment industry has appealed the decision of a lower court that upheld the Republican-led State's age verification mandate. The ruling is expected to be made by the end June.
WORKPLACE DISCRIMINATION On February 26, the court heard arguments in a case where a woman claimed that she was denied a job promotion and demoted because of her heterosexuality by an Ohio government agency. The justices seemed to favor making it easier for those from "majority backgrounds" to bring workplace discrimination cases, such as straight or white people. Marlean Amees, the plaintiff, said that she worked with a homosexual supervisor when, in 2019, she was demoted and passed over for promotion to a woman gay. The ruling is expected to be made by the end June.
RELIGIOUS SCHOOL The court will hear a case that tests the separation between church and state. Two Catholic dioceses are attempting to establish the first taxpayer-funded charter school in Oklahoma. St. Isidore Catholic Virtual School was shut down by a lower court, which ruled that the funding arrangement for the school violated First Amendment restrictions on government endorsements of religion. Arguments will be held on April 30.
RELIGIOUS TASKS EXEMPTION In a case that could have constitutional implications, a Wisconsin Catholic diocese's arm is seeking a religious exemption to the state unemployment insurance tax. The Catholic Charities Bureau of the Catholic Diocese of Superior appealed the lower court's rejection of its exemption request. If the Supreme Court rules in favor of the bureau, it could force Wisconsin and other states that have similar tax programs in place to expand their exemptions to conform to the First Amendment protections of the U.S. Constitution. The arguments are scheduled for 31 March.
LGBT SCHOOL BIBLES The court accepted a request from religious parents who wanted to prevent their children from attending classes in a Maryland district public school when LGBT stories are read. This is yet another case that involves the intersection of religion and LGBT rights. Parents of children attending Montgomery County Public Schools filed an appeal after lower courts refused a plaintiff's request for a preliminary order ordering the district not to read these books. Arguments will be held on April 22.
OBAMACARE'S PREVENTIVE CARE MANDATES The court will determine the legality of an important component of the Affordable Health Care Act, which gives a taskforce established under the Obamacare healthcare law the power to demand that insurers provide preventive medical services without charge to patients. The court heard an appeal from the Biden administration against a lower-court ruling which sided with a Christian group of businesses that objected to the fact that their employee health plans covered HIV-prevention medication. They also argued that task force structure was in violation of the U.S. Constitution. Arguments will be held on April 21.
PLANNED PARENTHOOD FINANCE The court will examine South Carolina's attempt to cut off funding to Planned Parenthood. This case could support conservative states in the U.S. who want to deny Planned Parenthood government money for reproductive healthcare. A lower court barred the Republican state from cutting off funding to Planned Parenthood South Atlantic under the Medicaid insurance program. Arguments will be held on April 2.
NUCLEAR WASTE STORAGE On March 5, the justices heard arguments over whether the Nuclear Regulatory Commission had the authority to issue licenses for certain nuclear waste facilities, amid objections raised by the state Texas and oil industry interests. The U.S. Government and a company awarded a license to operate an operation in western Texas by the NRC appealed the ruling of a lower court declaring that the storage arrangement was illegal. The NRC regulates nuclear energy in the United States. The NRC is expected to make a decision by the end June.
FLAVORED VAPOR PRODUCTS On December 2, the court heard arguments in defense of the U.S. Food and Drug Administration for its refusal to allow two ecigarette companies to sell flavored products, which regulators believe to be a risk to health. The lower court ruled that the FDA failed to follow the proper legal procedures in federal law when they rejected the applications for the sale of these nicotine-containing products. The end of June is the expected date for a ruling.
EPA AUTHORITY On March 4, the court handed a major blow to the Environmental Protection Agency with a ruling of 5-4. The case involved a wastewater treatment plant owned by San Francisco. This could make it more difficult for regulators and water quality inspectors to monitor pollution. The court ruled that the EPA had exceeded its authority in a law against pollution by including vague restrictions on a permit for the facility which empties into Pacific Ocean. In recent years, the court has limited EPA's power as part of a number of rulings that have curbed the federal regulatory agencies' powers.
TAILPIPE Emissions A major case that tests the power of the Democratic-governed California to combat greenhouse gases is a challenge by fuel producers against California's standards on vehicle emissions and electric vehicles under a federal law on air pollution. Valero Energy, along with fuel industry groups, appealed the lower court's decision to reject their challenge against a Biden administration decision to let California set its own regulation. Arguments will be held on April 23.
The Supreme Court is hearing a dispute regarding the legality and operation of the TELECOMMUNICATIONS SERIES FUND, a fund that Congress authorized to be operated by the Federal Communications Commission in order to increase access to telecommunications. The conservative Consumers' Research group and others accused Congress of illegally delegating authority to an independent federal organization. The FCC, along with a coalition including interest groups and telecoms companies, appealed an earlier court decision which found that Congress had violated the Constitution when it gave the FCC the authority to manage the fund. Arguments will be held on March 26.
LOUISIANA ELECTORAL MAP
Justices will rule on a challenge brought by voters who identified themselves as "non African American" to a Louisiana electoral map which increased the number of Black majority congressional districts. Three federal judges determined that the map of Louisiana's six U.S. House of Representatives district - which now has two Black-majority areas, instead of one - violated the Constitutional promise of equal treatment. Arguments will be held on March 24.
Death Penalty Case On February 25, the court threw away Richard Glossip’s conviction in Oklahoma for a murder-for hire plot that took place in 1997 and gave him a fresh trial. In a 5-3 decision, the justices concluded that prosecutors had violated their constitutional obligation to correct false testimony from their star witness. The justices reversed the lower court decision which had upheld Glossip’s conviction. They also allowed his planned execution move forward, despite Glossip’s claim that prosecutors had wrongly withheld information that could have helped his defense.
(source: Reuters)