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Document shows that the Paris prosecutor has dropped his case against Apple regarding Congo minerals.
According to a document seen on Thursday, French prosecutors closed the case brought by Democratic Republic of Congo against Apple subsidiaries for using conflict minerals in their supply chain. In December, Apple's lawyers confirmed that the Congo had filed criminal complaints in France and Belgium against Apple subsidiaries. Apple strongly denied the allegations at the time and told its suppliers not to use minerals sourced from Congo or Rwanda. The Paris prosecutor's Office, in a document dated February 18 and seen by us, said that allegations of money laundering and deceptive practices were "not well-founded". It closed the case and will not pursue the complaint. The office asked Congo to contact another office "with jurisdiction on war crimes". Apple and the prosecutor's offices did not respond immediately to an email request for comments on Thursday. The Congo is the largest source of 3T minerals, such as tin tantalum, and tungsten. These are used in mobile phones and computers. According to U.N. and human rights groups, some artisanal mining operations are run by groups that have been involved in mass killings, rapes and looting, as well as other crimes. Since the 1990s the mining heartlands of the Congo in the east were devastated by fighting between armed group, some of which are backed by the neighbouring Rwanda and the Congolese army. The complaints in France and Belgium prepared by Congo's Justice Minister. A lawyer for Congo stated in January that Belgium appointed an investigative magistrate as a response. (Reporting and writing by Sonia Rolley, Writing by Robbie Corey Boulet, Editing by Christina Fincher & Andrew Heavens).
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Ontario to hold election as Canada and US argue over proposed tariffs
Ontario's voters will head to the polls this Thursday to vote in an election in which the incumbent premier is trying to increase his majority by using U.S. tariffs. Doug Ford, the leader of the Progressive Conservative Party, called for an early election in order to gain a larger mandate against President Donald Trump's tariffs. Ford, 60, had already secured a majority in the provincial legislature. After sweeping victories both in 2018 and 2022, he is now seeking his third consecutive majority mandate. Trump has threatened to impose 25% tariffs on Canadian and Mexican goods. Ontario, which is home to 35% of Canada’s 40 million residents, is Canada’s manufacturing hub and would be severely affected if Trump imposes tariffs. It is also one of the largest sub-sovereign lenders in the world. Trump said that he would use economic power to make Canada into the 51st State. Canadian politicians have voiced their opposition to tariffs as well as the annexation of Canada. This includes Ford and his opponents. Trump dominates Canadian politics, both at the provincial and national level. This year, a federal election is expected. Ontario struggles to provide adequate healthcare for its residents. Around 2.5 million Ontarians do not have a primary healthcare provider. This is up from 1.8 millions in 2020. Ford was criticized for suggesting that people go to emergency departments with sore throats or scraped knees. His opponents claim that people might not be able get medical care elsewhere. Ontario, along with other parts of Canada is experiencing a housing affordability crunch and has fallen behind in its housing goals. Ford wore a hat that read "Canada is not For Sale" and made two trips from Washington, D.C., to Washington, D.C., to argue against U.S. Tariffs. Ford was criticized for his trip to Washington, D.C. during the election campaign. During this time, governments are generally in caretaker mode. Laura Stephenson, Western University's professor of politics, explained that Ford was betting on a majority government. She added that it could pay off. CTV News/Nanos' poll of 900 Ontarians, released on the 26th of February, found that the Progressive Conservatives were in the lead with 45.7%. This was a 14 point advantage over the Liberals. Ontario is not used to holding elections in the winter, and many parts of the province are still recovering from recent storms. (Reporting and editing by Rod Nickel; Anna Mehler Paperny)
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Petrobras shares fall after unexpected capital expenditure surge
Petrobras, Brazil's state oil company, saw its shares fall 4% at the opening of Sao Paulo B3's exchange on Thursday after analysts were surprised by capital expenditures spending 15% over guidance for 2024. The Brazilian oil giant announced on Wednesday that it spent $16.6 billion in capex last year, $2.1 billion more than the company's original guidance. This was reduced from $18.5 billion to $16.6 billion. Petrobras has always spent less in previous quarters than it had planned. However, the company revised its forecast for the year downwards to better reflect reality. Magda Chabriard, the CEO of Petrobras, has stated in recent speeches that her company is "stepping up the gas." Petrobras has been under pressure from Brazil's president Luiz Inacio Lula Da Silva to invest more in order to boost the economy and create local jobs. Higher investment is a sign of a higher return. Lower than expected results Analysts expected higher dividends, but the company is set to pay out 9.1 billion reais (1.57 billion dollars) to shareholders for the fourth quarter. The firm stated that the investments were based on anticipated expenditures. It also said it would maintain its 2025 guidance, with a 10% variation possible. Petrobras has not updated its spending plan for 2025-2029. $111 billion . (Reporting and editing by Christina Fincher, David Alire Garcia and Fabio Teixeira)
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Vistra reports quarterly profit as AI boom fuels power demand
Vistra Corp, a power producer, reported a fourth-quarter profit, reversing the loss of a previous year, after strong electricity demand for AI-server infrastructure drove its shares up 7.3% in premarket trading to $159 Utilities are experiencing a surge in demand for electricity as Big Tech invests billions of dollars in AI technologies and infrastructure required to develop them. This surge in demand has benefited nuclear power utilities the most. Vistra shares rose nearly 258% between 2024 and 2026, compared with a 19.6% increase in the S&P500 utilities sector during the same period. The company's core adjusted profit for continuing operations in the fourth quarter increased to $1.99 billion from $965 million, thanks to higher income in most segments. The company stated that it continues to see robust growth in load across all markets, with energy consumption increasing faster than peak loads. Vistra's core operating profit for the current year is expected to range between $5.50 and $6.10 billion. The midpoint of this range is higher than its $5.66 billion in 2024. Irving, Texas based company, Irving's, net income for three months ended on December 31 was $490 million. This compares to a loss of just $184 million in the same period last year. Vistra, one of the largest battery storage facilities in the world, was responsible for the fire that broke out last month. The facility is located at Moss Landing south of San Francisco. Vistra, the company and the authorities have not reported any injuries or financial losses as a result of the fire. Reporting by Vallari Shrivastava, Bengaluru. Editing by Pooja Deai.
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Russell: Asia's declining crude oil imports will challenge demand estimates for 2025
Asia's crude imports have a weak start for 2025 as the continent's largest supplier, Russia, is slowed by new sanctions and China's continued decline in purchasing. According to LSEG Oil Research, Asia's imports are expected to reach 26.17 millions barrels per day in the first two month of this year. This is down by 780,000 bpd compared to the 26.96million bpd imported during the same period last. The Organization of Petroleum Exporting Countries' (OPEC) forecasts of a solid growth in demand this year are thrown into doubt by the drop of roughly 3% in crude imported by Asia during the first two month of the year compared to the same period of 2024. China was the main driver of the decline in Asia's crude oil imports during the period January-February. The world's largest oil importer saw arrivals of 10,42 million bpd in this period, down from 11,26 million bpd in the first two months in 2024. In the first two months 2025, the decline in China's crude oil imports has accelerated from the rate of decline in 2024. According to official data from customs, China's oil imports in 2024 will be 11.04 million barrels per day (bpd), a decrease of 210,000 bpd or 2.1% compared to the previous year. Property construction is a major weak sector in the world's second largest economy. The rapid adoption of trucks that run on liquefied gas has led to a decrease in diesel demand. OPEC's February monthly report predicted that China's demand for crude oil would rise by 310,000 bpd from last year in 2025, but the slow start of imports during the first two months makes this seem optimistic. INDIA STRENGTH India, Asia's largest oil importer, has had a strong start to 2025. Arrivals of 4,98 million barrels per day (bpd) in the first two month were up by 280,000 bpd compared to the 4.70million bpd during the same period in 2017. It's important to note that India's January imports were 5,08 million bpd and that these fell to 4,87 million bpd by February. This shows that India was struggling to secure the same amount of discounted Russian oil that it had over 2024. In January, the outgoing administration under former U.S. president Joe Biden introduced new restrictions on Russia's oil imports. These sanctions primarily targeted the shadow fleet of crude tankers that transport crude to India or China, which are the two remaining major buyers of Russian oil. According to commodity analysts Kpler, Asia's imports seaborne Russian crude will fall to their lowest level in February since 2022. In February, a total of 67.2 millions barrels of Russian oil, or 2.40 million bpd is expected to arrive. This is down from 2.75million bpd imported in January, and only half the 3.97million bpd peak imports in May 2023. Asia's imports will have fallen for the fourth consecutive month in January, showing that Western sanctions imposed after Moscow's invasion of Ukraine in February 2022 are working. It is possible that Asia's imports will increase in the coming months. This could be because traders are able to find ways around sanctions, as they have in the past. Or, if the new U.S. president Donald Trump eases sanctions in an effort to end the conflict with Ukraine. The question remains, however, whether Asia's crude imports are strong enough to meet forecasts of rising demand in this year. These are the views of a columnist who writes for.
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Utility Evergy's profit forecast for the fourth quarter is lower than expected due to higher costs
Evergy Inc missed its fourth-quarter profit estimate on Thursday as the company was affected by higher operating expenses and interest costs. Evergy's borrowing costs are likely to increase as interest rates continue to rise. Utility companies like Evergy need additional capital for maintenance of the grid and other expenses. Total operating expenses for the company in the third quarter increased by 2.8% compared to a year earlier, to $1.04billion. Interest costs also rose from $132.2m to $142.4m. Retail sales in the fourth quarter were up 5.4% compared to a year ago, reaching $1.04 billion. This was largely due to an increase in residential consumption. Overall revenue increased 6%, to $1.26 Billion. Evergy has increased its capital spending plan from 2025-2029 by 8%, to $17.5 billion. This is because power companies are increasing their investments in order to meet the demand for data centers. David Campbell, Evergy's chief executive officer, said that two large customers are currently in advanced discussions as part of Evergy's pipeline of more than 10 gigawatts of projects. Evergy supplies power to over 1.7 million Kansas and Missouri customers through its operating subsidiaries Evergy Kansas Central and Evergy Metro. According to data compiled and released by LSEG, the utility reaffirmed their 2025 adjusted profit prediction of $3.92 to $4.12 per common share. The midpoint is only two cents less than analysts' estimates of $4.04 per common share. According to LSEG, the company's adjusted profits for the three-month period ended December 31 were 35 cents per common share. This was below analysts' expectations which had been 37 cents. (Reporting from Bengaluru by Pooja menon; editing by Sahal Muhammad)
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Idemitsu, a Japanese company, will build a lithium sulphide facility to support Toyota's EV plan
Idemitsu Kosan, Japan's second largest oil refiner, plans to build at its Chiba refinery near Tokyo a large-scale lithium sulphide plant, which is a key component for solid-state batteries. Worldwide, automakers and battery suppliers are racing Solid-state batteries are touted as essential for safer, longer-lasting and more affordable EVs. Slowing growth of EV The project builds upon Idemitsu’s partnership with Toyota Motor in order to commercialise the next-generation batteries. It also supports Toyota Motor’s goal of launching all-solid state batteries for electric vehicles by 2027-2028. Toyota aims at introducing the batteries in order to dramatically improve the driving range for EVs. Solid-state batteries charge faster than lithium-ion packs. Idemitsu intends to finish the new plant in June 2027 at a cost estimated at 21.3 billion yen (143 million dollars). Idemitsu's Executive Officer Tetsuji Mihina, told reporters in Chiba that the facility would have a capacity of 1,000 tons of lithium-sulphide per year. This is enough to provide solid electrolyte needed for 50,000-60 000 EVs. Mishina stated that Idemitsu will make a final decision about the investment in a large-scale factory to produce solid electrolyte - a key component for solid-state battery - in fiscal year 2025. This ends in March 2026. The company is also looking for stable lithium supply from Australia and other sources overseas. Mishina stated that lowering the cost of solid electrolytes is key to global adoption. The goal is to bring costs in line with those of liquid lithium ion batteries. Idemitsu will initially supply solid electrolyte only to Toyota, and then expand to other customers. Mishina stated that the company is developing two types of solid electrodelyte.
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US copper futures are rising as concerns about tariffs mount
The U.S. Copper prices continued to rise on Thursday, surpassing the London benchmark. Worries about US tariff plans and economic growth concerns for the entire market inflated the regional premium. The most actively traded May copper futures at the U.S. Comex rose by 0.8% to $4.62 per lb. The London Metal Exchange's three-month copper fell 0.3%, to $9.435 per metric ton at 1120 GMT. Nitesh Nitesh, commodity strategist at WisdomTree, said: "Trade talks are adding layers to uncertainty in the base metal markets." China, which is the largest metal consumer in the world, urged the U.S. on Thursday to stop an investigation into possible new tariffs on imports of copper, and threatened to retaliate against any Chinese entities that were caught up with the levies. On Wednesday, U.S. president Donald Trump lowered the prospects for the impending levies against Canada and Mexico as they were to take effect in April instead of March 4, as previously announced. A White House official confirmed that tariffs on Mexican and Canadian products were still in place "as of now", causing further confusion about U.S. Trade Policy. Trump floated a proposal on Wednesday for a "reciprocal tariff" of 25% on European cars and goods. The Comex copper contract premium has increased to $759 per ton, up from $633 on Tuesday. Nickel gained 1.8%, while LME aluminium gained 0.5%, to $2.644.50 per ton. Zinc also rose to $2.840.50, and zinc to $2.840.50. Lead fell 0.3%, to $2.004. LME Tin fell 1%, to $32,030. The April contract at the Shanghai Futures Exchange dropped by 3.7%. Analysts attributed this to the expectation that major Myanmar supplier Wa state could resume production. On Wednesday, a notice purporting to come from the Wa State Industrial Minerals Management Bureau circulated on Chinese social media. It outlined the process for obtaining permits for mining and exploring. (Reporting and editing by David Goodman.)
Exports of Russian naphtha to Asia drop to a 1-year low and margins are supported
The flow of Russian naphtha to Asia fell to an all-time low in February after new drone attacks on Russian refinery infrastructure. This led to higher prices in the East for the raw plastic material.
Naphtha can be used as a feedstock to produce petrochemicals, which are then used in the production of plastic bottles, electric vehicle components and consumer products. Since Washington announced tougher sanctions against entities in the Russian oil business, Asian refiners have seen their profits from making naphtha increase by around 40%.
Industry sources have said that the risk of Russian supplies could complicate a global naphtha market already complex. Since 2022, when Europe banned Moscow’s oil products imports due to the Ukraine conflict, Russia has moved most of its exports from Europe to Asia.
The preliminary data from LSEG/Kpler ship tracking showed that Russian naphtha exported to Asia in February fell to a record low of 480,000-580,000 tonnes. This trend is likely to continue until the end of May or early June, when supplies will improve after Russian refineries return from their seasonal maintenance.
The data shows that the major buyers of Russian naphtha are companies in China, India and Taiwan.
FGE analyst Yew Jiing Seah stated that the decline in exports was likely due to increased drone attacks by Ukraine on Russian refineries late in January and early in February.
The Volgograd refinery, which produces 340,000 barrels per day, was also attacked as were the Ryazan refinery with 378,000 barrels per day and the Ilsky refinery at 134,000.
Traders in Russia said that some cargoes of January loadings were moved to February due to stormy weather at Black Sea ports. This contributed to the reduced exports. The traders said that Trump's new sanctions may cause some delays in March loadings.
The Red Sea and Strait of Hormuz tensions in the past two years have forced many shipments via east of Suez, to reroute through Africa. This has increased costs and reduced the discount on Russian Naphtha.
A Singapore-based trader of naphtha said that Asia's margins for naphtha have also increased due to concerns about disruptions in the supply of Iranian condensate as a result Trump's new sanctions. Condensate, an ultra-light oil, is typically processed in splitters to make naphtha.
Profit margins in the refining industry
A petrochemical dealer in India said that the current strength of naphtha margins was due to Russian supply risks, but Asia's demand remained subdued as a result of maintenance at crackers in India.
The traders refused to name themselves as they weren't authorized to speak with the media.
Analysts said that exporters from Africa and the Middle East will likely increase shipments to the east, taking advantage of the shortfall in naphtha supplies. According to Kpler, the share of Algerian Naphtha that has arrived in Asia this month is already 28% or 282,000 tonnes higher than it was in January.
(source: Reuters)