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New Automotive data indicates that Europe's investments in EVs are near 200 billion Euros.
The research group New 'Automotive reported on Tuesday that countries in the European Economic Area (EEA) and Switzerland had?committed nearly 200 billion euros ($235billion) to their electric vehicle ecosystem. The?investments highlight?the region's drive to reduce its dependence on China. According to the International Energy Agency, China will produce more than 80% all batteries in 2025. This includes those that are used outside of EVs. The commitments include between 109 and 60 billion euro in the supply chain of batteries, 23 to 46 billion euro in public charging networks with over 1 million public charging points deployed. New Automotive reported that "Europe produces batteries for about one third of the EVs sold in the United States, and capacity announced could meet future demand if fully utilised." According to New Automotive, Germany is the largest national hub for EVs in Europe, accounting for nearly a quarter of all investment. It said that "the country anchors domestic production as well as wider European value chains, with leading OEMs transforming at scale along with major international battery makers." E-Mobility Europe, a campaign group, said that the investments have already supported more than?150,000 in jobs. Another 300,000 could be created if all projects announced are implemented. Analysts and economists say that Europe will still need subsidies, protection?and more stable prices for energy to compete in the global market. "Europe's automobile production has?always? been mainly concentrated?in a handful of large countries," said Rico Luman. Senior economist at ING Research. Researchers say that despite the softer regulations, investment has held up. This is due to rising oil prices as well as a growing number of electric vehicles. After pressure from the auto industry in the region, the European Commission announced a plan to end the European Union's "effective ban" on new combustion engine?cars in 2035. This is the biggest retreat in recent years from the green policies of the bloc.
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Britain delays on debt relief for energy, with consumer debts expected to reach $9.5 billion in the next year
The government has not yet launched a scheme to pay off 500 million pounds of energy debt owed by some of Britain's most vulnerable households. However, the industry says that total arrears may reach 9 billion dollars ($7 billion) before year-end. Ministers are under pressure to increase the cost of living as energy bills are expected to rise in July. The energy watchdog Ofgem announced its Debt Relief Scheme in October last year and hoped that it would be launched as early as 2026. Before it can go into effect, the parliament must pass a law allowing energy suppliers and government departments to exchange data on which households are eligible for assistance. This could take months. The government has not yet decided whether or not to expand the data sharing powers. We are carefully evaluating responses to our consultation regarding expanding data-sharing powers that would allow the delivery of a debt relief program for energy. We will be setting out our next steps as soon as possible," said a government spokeswoman via email. She added that ministers are determined to combat the energy 'debt crisis' and help households. Ofgem has said that it will launch the scheme once approvals have been granted. "We are working to make sure that this is 'right' with the government, but ultimately it goes beyond Ofgem." Ofgem's spokesperson told a reporter via email that ministers must weigh the benefits and costs. Energy UK, a consumer group, estimates that consumer debts are around 5.5 billion pounds and will likely reach 7 billion pounds at the end of this year if no action is taken. In an email, Ned Hammond said, "Without the proper regulatory measures to help those who are already in debt and prevent others from falling into this, this crisis will grow even further." ($1 = 0.7357 pound) (Reporting and editing by Susanna Twiddale)
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In April, the share of Russian aluminium in LME stock fell to 72%.
Data showed that the share of Russian-origin aluminum stocks in London Metal Exchange (LME) warehouses dropped to 72% in April, from 92% in march, as Indian aluminium was put back on warrant. Aluminium inventories available or on warrant at the LME After a steep drop in March, the number of metric tonnes rose 23% to 332,600 in April. Last month, almost 90,000 metric tons were put back on 0#MALSTXLOC> warrant, which eased the tightness caused by the Middle Eastern conflict. LME data revealed that the share of Indian aluminum in available stocks rose from 7% to 27% by April. The amount of 'Russian metal' fell by 6,350 tons, to 241,125 tonnes in April, while the Indian aluminium stock grew by 69 325 tons, to 89 200 tons. Many traders avoid Russian steel, even though it can still be traded if made before April 13, 2020. The LME has banned metal produced in Russia since that date from its warehousing systems to comply with Western sanctions. The LME stock of?Indonesian?aluminium at the end of April was 2,275 tons. The share of Chinese copper in the LME's copper stock fell from 56% to?51%, last month. This is despite the fact that the total amount increased by?12675 tons, to 177450?tons. At the end of March, nickel from China represented 71% of LME stock. This is a decrease of one percentage point. (Reporting and editing by David Goodman, Polina Devlin)
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Sigma Lithium fined by Brazilian inspectors for using prohibited waste pile
In a press release, Brazilian labor inspectors fined Sigma Lithium after they found that the company had deposited waste into a pile which was closed because it posed a "grave" and "imminent" risk to workers and local residents. Inspectors discovered that despite three Sigma waste piles being closed last December, trucks continued to deposit waste on one of them. Sigma did not respond immediately to a comment request. The largest lithium producer in Brazil announced that it would resume mining at its flagship Grota do Cirilo Mine despite the piles having been shut down. When the piles closed late last year, an inspector reported a "partial fracture" near a nearby school in Poco Datas. This is the same waste pile Sigma has been found to be using again. The mine is Sigma's sole productive asset and has a capacity of 270,000 metric tonnes of lithium concentrate per year. The mine had been inactive for several months after Sigma fired the contractor who operated it. The Brazilian government is unsure what action it could take if the company continues to use the waste piles despite being ordered to do so. They also said that Sigma was fined for refusing to allow them to enter the worksite to assess conditions. This is something they are legally entitled to do. Inspectors could see the waste being disposed of from outside Sigma's premises. Sigma is suing the Brazilian Government to reverse the shutdown order. In legal filings, the company said that losing access to piles could have "significant economic and operational impacts" as well as jeopardizing mining activities. The?mining regulator ANM in Brazil has said that the waste heaps do not pose an imminent danger, but this does not negate the order of the labor inspectors who are independent and work under the Brazilian Labor Ministry. Reporting by Fabio Téixeira, Editing by Andrea Ricci
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Gold prices rise as markets digest US/Iran updates and await inflation data
Investors awaited the key U.S. Inflation data that is due later this week and assessed developments in 'U.S. diplomacy with Iran. As of 10:20 am EDT (1420 GMT), spot gold had risen 0.3% to $4,730.49 an ounce after having fallen over 1% in the previous session. U.S. Gold Futures increased 0.2% to $4.740.40. Jim Wyckoff of American 'Gold Exchange, a market analyst, said: "There are just some bargain hunters and positions?ahead?of the U.S. Inflation data this week." The U.S. Consumer Price Index is due to be released on Tuesday, and the Producer Price Index (PPI) will be released on Wednesday. The geopolitical situation is also a concern. President Donald Trump’s rejection of Iran’s response to the U.S. peace proposal has fueled fears that the conflict, which began 10 weeks ago, will continue to drag on and paralyze shipping through the Strait of Hormuz. This, in turn, could push oil prices up. Daniel Pavilonis is a senior market strategist with RJO Futures. He said that the markets are focused on the expectations surrounding the strait and whether it will be reopened. They also seem to be digesting a broader scenario which includes higher energy prices. Global brokerages have lowered their expectations for two U.S. rate cuts this year. They now expect a mix of easing or no cut at all by 2026, due to inflation risks and cautious policymakers. Gold is under pressure, despite its appeal as a safe haven. Higher?rates raise the opportunity cost of non-yielding investments. The markets are also closely watching Trump's visit to China, which is scheduled to take place this week. He will meet with Chinese President Xi Jinping and discuss Iran, Taiwan artificial?intelligence, nuclear weapons, and Taiwan. Shares of Indian jewellery retailers fell after Prime Minister Narendra modi asked people to refrain from buying gold for one year in order to protect their foreign exchange reserves. India is the second largest gold consumer. (Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Alexander Smith and Ros Russell) (Reporting and editing by Alexander Smith, Ros Russell and Ashitha Shivaprasad from Bengaluru)
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Sources say that Hengli Petrochemical Singapore's former Singapore branch will cease operations.
Four industry sources said on Monday that Hengli Petrochemical International (the former Singapore trading arm of the?sanctions hit Hengli Petrochemical Refinery in Dalian) plans to cease its operations. Three sources stated that the?operation will likely wind down by late May. Hengli Petrochemical, based in China (Dalian), did not immediately respond to an email?requesting comment. Hengli Petrochemical International was a company that employed 100 people and traded mainly oil and petrochemicals before the parent company came under U.S. sanction, according to two of those interviewed. Sources claim that some staff were told they were going to be?made redundant? while others were to be transferred to other parts within the Hengli Group which were not subject to U.S. sanctions. Hengli Petrochemical Refinery was sanctioned by the U.S. Treasury in late 'October over alleged Iranian oil purchases, which hengli denies. Hengli Group changed the ownership of the Singapore unit shortly after the U.S. decision. The Hengli Petrochemical?Refinery reduced its holding to 5% and Dalian Changxing International Trade, a local Chinese government entity, assumed the 95%.
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Gold falls as interest rates rise amid war uncertainty
Gold prices fell Monday as U.S. president Donald Trump's "swift" rejection of Iran's response to a peace proposal raised inflation fears and affected the outlook for interest rate rates. As of 8:45 am EDT (1245 GMT), spot gold was down by 0.5% to $4,692.49 an ounce. U.S. Gold Futures fell 0.6% to $4701.30. After the U.S. made an offer to reopen negotiations in the hope of reopening the talks, Iran released on Sunday a response focusing on ending the conflict on all fronts, particularly Lebanon. The document also demanded compensation for the war damages. In a few hours, Trump had dismissed Iran's offer with a social media post. Jim Wyckoff is a market analyst for American Gold Exchange. He said that inflation concerns are rising after the United States has rejected the 'Iran response. Constraints in the Strait of Hormuz add to these pressures, and work against gold. Gold is under pressure, despite its appeal as a safe haven asset. Higher rates will increase the cost of non-yielding investments. Global brokerages have lowered their expectations for two U.S. rate?cuts in 2019. Their forecasts are now split between a little easing or no cut at all by 2026. The U.S. data on inflation for April is due this week, after the Friday jobs report revealed that U.S. employment increased more than expected in April. The markets are also watching Trump’s two-day trip to China, where he will'meet Chinese president Xi Jinping and discuss Iran, Taiwan artificial?intelligence, and nuclear weapons. Shares of Indian jewellery retailers fell after Prime Minister Narendra modi asked people to refrain from buying gold for one year in order to protect their foreign exchange reserves. India is the world's second largest gold consumer. Silver spot was up by 3.1% to $82.84 an ounce. Platinum was up 0.8% at $2,071.70 and palladium rose 0.2% to $1,494.97. (Reporting and editing by Alexander Smith in Bengaluru, Ashitha Shivaprasad)
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Vodacom increases its long-term target for customers as financial services grows
Vodacom Group, a South African mobile telecoms company, announced on Monday that it had upgraded its long-term customer growth target following the addition of millions of?customers in the last year. The group focused on Africa, owned by Britain's Vodafone in majority, has cited its rapidly growing financial services business as well as its mobile core business. Vodacom has announced that it will increase its total number of customers to 275 millions by 2030, up from the previous goal of more than 260 million. Its customer base had reached 237.3million in the financial year ending March 31. Vodacom is 'enforcing its position in the financial services sector, and recently increased its stake in Safaricom Kenya's largest mobile operator. It already owns 39.9%. In a media conference, Chief Executive Shameel J.oosub stated that the increased stake would give Vodacom a more effective control and help accelerate the expansion of the M-Pesa lending and payments app beyond its mature markets, including Kenya and Tanzania. Joosub said that financial services generate about 41 billion rand (2.50 billion dollars) in revenue and offer better margins and returns on capital compared to traditional mobile services, because they require a significantly lower capital expenditure. Vodacom has also increased its target for 2030 of 130 million financial services customers, up from 120 million. Bulk-buying Diesel Joosub, CFO Raisibe Morathi and other Vodacom executives said that to address energy supply risks and the rising cost of fuel, Vodacom buys diesel in bulk and increases on-site storage when possible. They also arrange for fuel suppliers who will hold stock on Vodacom's behalf. They said that it has hedged diesel prices in South Africa for the next six-months to limit the cost 'volatility. Vodacom spends 4% of revenue on energy. The operator uses diesel generators to power its towers in the event of prolonged 'power cuts. The towers can also be powered by solar and batteries. Vodacom’s earnings before interest tax depreciation amortization (EBITDA), grew by 12.8%, to 62.6?billion Rands, a little lower than a?consensus?forecast?of 63 billion Rand, according to data compiled LSEG. The Group Service Revenue grew 10.6% to 133.6 Billion Rands, mainly due to strong performances in Egypt and Tanzania.
Petroperu seeks $2 billion in loans from the state to maintain operations
According to an emergency decree published Monday, the?government of Peru has authorized Petroperu, the state-owned oil company to seek $2 billion state-insured loan to ensure its 'continuity'.
Petroperu warned that it was in dire need of funds last month to prevent a fuel production halt due to financial problems and high oil prices caused by the Iran War.
The decree stated that the Energy and Mines Ministry will assume "contingent liability" with domestic or international entities related to the transactions, as well as their financial costs. These costs are to be covered by the ministry's budget.
The document signed by interim president?Jose Balcazar stated that the "exceptional measure" was designed to ensure the supply of hydrocarbons across the country.
The Energy and Mines Ministry was also authorized to assume short-term contingent liability of up to $500,000,000 by the oil company.
Petroperu's investment-grade rating was downgraded in 2022 due to a financial crisis. The debt owed by the company to private banks and bondholders stemmed from its modernization of Talara refinery, which cost more than 6?billion dollars, surpassing initial estimates.
Over the last three years, the company has received approximately $5.3 billion in direct or indirect government aid to sustain its operations.
Petroperu has debts of approximately $7.9 billion. Nearly half are short-term. Last year, the company reported losses of $774 millions. It appointed its fourth Chairman since December 2025 earlier this month. (Reporting and editing by Toby Chopra, Sarah Morland, and Marco Aquino)
(source: Reuters)