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Oil prices remain stable ahead of Sino-US Trade Meeting
The oil prices were not much changed on Friday morning after a rise of more than 3% the previous day. Trade tensions between the top oil consumers, the United States and China, showed signs that they are easing. Britain also announced a "breakthrough deal" with the United States. Brent crude increased 7 cents or 0.1% to $62,91 a barrel, while U.S. West Texas intermediate crude was up by 7 cents or 0.1% at $59.98 a barrel as of 0121 GMT. Brent crude settled at $1.72, up 2.8% on Thursday. WTI was up 3.2% at $1.84. U.S. Treasury Sec. Scott Bessent and Vice Premier He Lifeng of China will meet in Switzerland on 10 May to resolve trade disputes which have threatened the growth in crude oil consumption. Separately U.S. president Donald Trump and British prime minister Keir starmer announced Britain agreed to lower tariffs for U.S. imported goods to 1.8%, from 5.1%. The U.S. reduced duties on British cars, but kept a 10% duty on other goods. OPEC+, the Organization of the Petroleum Exporting Countries (or OPEC+), plans to increase production in other countries. This could maintain pressure on the oil price. A survey revealed that OPEC's oil production fell in April, as declines in Libyan, Venezuelan and Iraqi production outweighed a planned increase in output. A tightening of U.S. sanctions against Iran could limit supply and drive prices up. Sources told Reuters that sanctions on two Chinese refiners who bought Iranian oil had made it hard for them to get crude, and forced them to use alternative names to sell the product. (Reporting and editing by Christopher Cushing; Sudarshan Varadahan)
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Metals on the edge ahead of China-US Trade Talks
As traders awaited the U.S. - China trade talks at this weekend, metal prices in London were in tight ranges. As of 135 GMT, the benchmark copper price on London Metal Exchange (LME), fell by 0.3% to $9.405 per metric ton. U.S. president Donald Trump and British prime minister Keir starmer announced on Thursday a limited trade agreement. The agreement leaves the 10% tariffs Trump imposed on British exports in place, but expands access to agriculture for both countries. It also lowers U.S. duty on British auto exports. After months of rising tensions, which pushed tariffs well above 100% between the two world's largest economies, traders have adopted a cautious approach ahead of this weekend's U.S. China meeting scheduled in Switzerland. Both countries will likely discuss the possibility of lowering tariffs on specific products and broader tariffs. The discussions between the U.S.A. and China are critical. We are cautious because of Trump's unpredictable stance. Other London metals include aluminium, which fell 0.2%, to $2408 per ton. Zinc rose 0.1%, to $2620; lead increased by 0.5%, to $1954; tin dropped 0.2%, to $31,800, and nickel remained flat, at $15,540. The Shanghai Futures Exchange's (SHFE) most traded copper contract rose by 0.1%, to 77.670 yuan per ton, with the help of rapidly declining stocks, monitored by SHFE, driven by robust demand in China. Yangshan Copper Premium On Thursday, the price of a ton of copper in China reached its highest level since December 2023, at $102 per ton. SHFE aluminium increased 0.6%, to 19,600 Yuan per ton. Zinc was flat, at 22,285 Yuan. Lead was unchanged, at 16,790 Yuan. Nickel was flat, at 123660 Yuan. Tin rose by 0.1%, to 260980 Yan.
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Hellman & Friedman begins sale process of US software company Enverus.
By Milana Vinn Hellman & Friedman, a private equity firm, has begun a process to sell Texas-based software company Enverus. The deal could be worth around $6 billion according to sources familiar with the situation. According to the person who requested anonymity because the discussion is private, the private equity firm and investment bankers of Citi are working together on the possible sale. This has drawn interest from private equity firms as well as other companies. People said that the sale process was in its infancy and there were multiple options on the table. One of them included selling a stake within Enverus. They cautioned, however, that no deal would be guaranteed. Genstar Capital still holds a small stake in Enverus, the technology company that was sold to Hellman & Friedman for $4.25billion in 2021. Citi and Genstar refused to comment. Hellman & Friedman, Enverus and Citi did not reply to requests for comment. Enverus, based in Austin, Texas, provides oil and gas companies with data, analytics and software solutions. Sources said that Enverus generated around $400 million of annual earnings before interest taxes, depreciation and amortization. It is likely to be worth close to 15 times EBITDA or $6 billion. Bloomberg reported that in 2024, private equity owners were exploring the possibility of selling or IPOing Enverus. Investors are increasing the pressure on private equity firms to sell portfolio companies or list them in an IPO to return capital following a year with little activity. Blackstone has been reported to be exploring the sale of Sphera - a software and consultancy services provider that specializes in sustainability. (Reporting from Milana Vinn, New York; additional reporting from Amy-Jo Crowley, London; editing by Dawn Kopecki & Cynthia Osterman).
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China's copper stocks are set to drop again, raising supply concerns
Four traders predict that copper inventories at the Shanghai Futures Exchange SHFE will continue to decline this week. The rapid drawdown is likely to boost prices and encourage traders to send back copper to China. The SHFE copper inventories have declined by 60% in just one month, with the final tally of 89,307 tons being the highest ever. The traders said they expect to see an even greater decline in stocks when the stock reports are released on Friday afternoon. This could increase prices and cause a backwardation of SHFE copper, one of China's most important metals for its vast manufacturing sector. Backwardation is when the cost of securing a commodity to be delivered in a contract for a long term is less than that of a contract for a short-term. This is usually due to a strong current demand or a tight supply. On Thursday, the closing price of the SHFE front month June copper contract was 2,1% higher than that of the October contract. This compares to 0.75% at the end-of-March. There are still buyers who have taken delivery of the copper they ordered when prices plummeted after Trump announced reciprocal tariffs. One trader predicted that the copper stock will drop even further. A second trader stated that while most of the refined copper traded in China is domestically produced, it is expected that more copper from overseas will flow into China, as prices could rise compared to overseas markets. On Wednesday, the Yangshan copper price premium, which reflects the demand for imported copper into China, hit $100 per ton, its highest level since December 2023. The price has increased by 43% since March. Chinese consumers are struggling to find copper on a market that is already very tight. This has been exacerbated by the U.S.-China Trade tensions which have impacted China's top scrap metal source. Instead, traders from all over the world rushed to import copper into the United States before President Donald Trump imposed tariffs on imported goods. This has led to a rise in U.S. COMEX Stocks reached 156,623 tonnes on Wednesday, an increase of 61% from the end March, and their highest level since November 2018. Reporting by Violet Li, Lewis Jackson and Varun H K
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Copec's Q1 profits in Chile fell 8.5% due to a weaker forest unit
Empresas Copec, a Chilean conglomerate of industrial companies, announced Thursday a 8.5% decline in its first-quarter profits. This was partly offset by the stronger performance of the energy sector. The first-quarter profit was $208 million, compared with $228 million for the same period last year. Revenues increased by 1.8% to $7.25 Billion. Analysts polled by LSEG had expected a net loss of $220 millions and revenues of $6 billion. Arauco's core earnings fell by 22.4% due to lower pulp prices, lower volumes and higher wood prices. Copec reported that while the sector had positive pricing trends, and sales improved towards the end of the third quarter, the overall market conditions deteriorated in the month of March due to escalating tensions with trade partners and newly announced tariffs. The energy operating income increased on the back of higher sales at Copec Chile and Terpel’s lubricants division, as well as improved results from Abastible due to its new Gasib Unit in Europe, and stronger performances across Latin America. Copec confirmed that construction on its "Sucuriu Project", a $4.6 billion pulp mill in Brazil, began in April. The plant will produce 3.5 millions metric tons dry cellulose per year, and operations are expected to start in late 2027.
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Monster Beverage reports surprise drop in net quarterly sales due to choppy demand
Monster Beverage announced a surprising fall in revenue for the first quarter on Thursday. This indicates that consumers in America have cut back on spending on expensive energy drinks due to economic uncertainty. Consumer spending was affected by the cold weather in January, and high inflation in March. The company also attributed a decline in net sales due to changes in order patterns by bottlers and distributers in Europe and the U.S., as well as foreign currency headwinds. Monster Beverage hedges its aluminum price increases, but will recognize the tariffs placed on the imports due to the higher U.S. Midwest duty paid aluminum premium. This premium grew by more than 70% over the past three months. One of the company's flavor and concentrates subsidiaries plans to open a facility in Brazil that is expected to become operational next year to help reduce the impact of aluminum levies. Executives said that the tariffs were not expected have a material effect on the company's results. Coca-Cola, the beverage giant, warned last month about macroeconomic uncertainties due to tariffs that could affect consumer sentiment despite exceeding quarterly results expectations. The net sales of Monster energy drinks, which includes the Reign Total Body Fuel and Monster brand, decreased by 0.8%, to $1.72 billion. According to data compiled and analyzed by LSEG, its total net revenue decreased 2.3% during the quarter ending March 31. Analysts had estimated a rise of 4.3% to $1.98billion. The Corona, California based company reported that the sales were also affected by the continued weakness of its alcohol brands segment. Monster increased its prices in the past year. This helped to increase gross profit, as a percent of net sales from 54.1% one year ago. It earned 45 cents a share, instead of the 46 cents estimated. In extended trading, Monster's shares fell 2.2%. (Reporting and editing by Shilpa Majumdar in Bengaluru, Juveria tabassum from Bengaluru)
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Zelenskiy: A 30-day ceasefire will be a "real indicator" of progress towards peace
Volodymyr Zelenskiy, the Ukrainian president, said that in a phone call with Donald Trump on Thursday he had told him a 30-day truce was a real indicator of progress towards peace between Russia and the United States. Kyiv is ready to implement this ceasefire immediately. Zelenskiy talked to Trump during a three-day truce declared by Russian President Vladimir Putin, coinciding the commemorations of World War Two's 80th Anniversary of victory over Nazi Germany. Zelenskiy dismissed the three-day break as meaningless, and both sides accused each other of violating the rule. Zelenskiy stated in his video nightly address that "Ukraine will be ready for a 30-day complete ceasefire starting today, right now." "But there must be real ...?hirty-days which could lead to years of peace." A reliable and long-lasting ceasefire will be an indicator of progress towards peace. The Ukrainian President said that Russia must demonstrate its willingness to end the conflict, beginning with an unconditional ceasefire. In March, the United States proposed a 30-day ceasefire and Ukraine accepted it. Russia said that such a measure could only be implemented once reliable monitoring and enforcement measures are in place. Zelenskiy also said that he spoke with Trump about the agreement ratified by the Ukrainian parliament on Thursday to exploit Ukraine’s mineral wealth, along with the creation an investment fund to help rebuild Ukraine. He and Trump "noted the importance of our relationship strengthening our countries over decades". (Editing by Alistair Bell).
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Citgo reports $82 million loss for Q1 despite weak margins
Citgo Petroleum, a refiner owned by Venezuela, reported a $82 million loss for the first quarter of this year. This compares to a $410 million profit in the same period the previous year. The company based in Houston said that the result was due to the weak margins in refining. Citgo, which is being pursued for its assets by Venezuelan expropriated firms and bondholders who defaulted through an auction organized by a U.S. Court, has registered red numbers once again in its most recent period. This follows a loss of $146 million in the fourth quarter. In a press release, CEO Carlos Jorda said that despite the low prices, the refinery achieved a quarterly crude processing rate record. The average throughput of the seventh-largest U.S. oil refining company in the first quarter of 2008 was 833,000 barrels of crude oil per day (bpd), with 768,000 bpd of crude running, for a crude utilization of 95%. This is lower than the 98% recorded in the previous quarter. The refinery in Lake Charles, Louisiana saw its utilization rise to 99%. However, the refinery in Corpus Christi (Texas) fell to 83%, down from 96% the previous quarter, as planned maintenance was carried out. Profits plummeted by Last year, $305 Million was spent The auction in Delaware is expected to bring in less than the $2 billion profit that was anticipated for 2023. This has caused some investors and creditors to change their expectations about the amount they can expect. After a failed bid round last year the court has launched a second round of bidding by selecting a $3.7 billion Starting bid Last month. After rival bids have been received, and the winner has been selected in the coming months, a final sale hearing will be held for July. Citgo reported that the volume of marketing sales in the first quarter fell slightly, to 423,000 Bpd. Citgo reported $35 million in equipment and turnaround expenses between January and the end of March. The company's liquidity at quarter-end, an important indicator for the auction, fell to $2.1 billion compared to $3.8 billion by the end of the last quarter. Reporting by Marianna Pararaga, Editing by Chris Reese & Marguerita Choy
The sewage that contaminates Britain's waterways and oceans is a stain.

Under the dark seas of southern England, 400 millions mussels are encrusted on ropes that hang from buoys scattered over an area as large as the largest airport in the country.
The Holmyards built Europe's biggest offshore mussel farming in Lyme Bay. They believed that it would be able to handle the millions of gallons sewage that is pumped into UK water each year.
Even if the bacteria are far away, they can still pollute the water and block exports for several weeks to Europe. This could damage the business of a company that produces sustainable food.
Sarah Holmyard, the sales manager at the farm, said: "It is criminal that they are allowed to dump their waste in the oceans and get away without any consequences." It's affecting a lot of businesses including ours.
The Holmyards' problems, while affecting a small industry in Britain, show how the failure of basic services such as water or sewage can have a negative impact on the economy.
Interviews with 20 people, and data analyses show that polluted waters have also affected tourism and construction projects. This is a drag on economic growth at a time the new Labour Government is trying to jump start the economy.
According to a Freedom of Information Request, in the five years leading up to October 2024 the Environment Agency objected to 60 planning applications because of the pressure they would put on local sewerage networks.
Clean water activists have begun to oppose planning applications. They believe that this will more effectively pressure the government to fix the sewage system, than the current efforts which focus on harming biodiversity.
Ash Smith, a campaigner with Windrush Against Sewage Pollution, said that "money talks". Standing knee-deep in gray, untreated sewage in a local stream in Oxfordshire, Ash Smith explained that they were opposing house building in order to demonstrate how the water system has broken down the country's overall infrastructure.
Pumping sewage into rivers, seas and oceans has been a major scandal for Britain. Privatised water companies are accused of prioritising profits over investments and dumping sewage into waterways when their ailing infrastructure can't cope.
The pollution has discouraged wild water swimmers and angered surfer, led to warnings of toxic blue-green algae blooms in lakes, and created an army who are now experts in water quality, after noticing changes in waterways.
In England, water companies will discharge sewage for more than 3.6 million hours by 2023. This will pollute streams, rivers, and coastlines with sanitary items and condoms. It could also damage ecosystems and habitats.
SEWAGE SPILLS
British sewers combine rainwater and wastewater. Water companies can "spill" water into waterways during heavy rains to avoid sewers becoming overloaded. Many have been fined, however, for releasing too much sewage.
Environment Agency data shows that South West Water discharged sewage 530,737 times in 2023, an 83% increase from 2022, making it one the worst performers in England.
South West Water is looking at ways to improve the water quality in Lyme Bay.
We are ensuring that all designated shellfish waters in the region meet the government target of fewer than 10 spills a year, 10 years before the deadline. In addition, we plan to almost double our investment from 2025-30 to 2.5 billion pounds.
John Holmyard, his wife Nicki and their plan for a mussel farm was a complex one.
After years of farming mussels in the colder waters near Scotland, they looked for a location with warmer water and a good amount of nutrients to help them grow faster. The site had to be sufficiently far offshore to prevent runoff but also have some protection from the sea to reduce the swell.
After visiting other similar sites in Britain, Europe and China, they settled on Lyme Bay and spent seven long years getting planning and regulatory approvals - not knowing if their intuition would be right.
The Holmyards expect to reach 10,000-12,000 tonnes when the project is complete.
John Holmyard who runs the farm with Nicki, Sarah, and George said that they never thought sewage would affect their farm. "But, it hasn't worked out that way."
Shellfish producers have been affected by the toxic effects of sewage.
Prior to Britain leaving the European Union, mussels or oysters were able to be shipped directly to the continent without purification. After Brexit, only purified products or those from British waters rated Class A will be accepted by the EU.
This change has almost completely destroyed the mussel industry in north Wales, on Britain's West Coast. This region used to be the main source of Britain's exports into Europe, but it now only sells to Europe rarely due to a lack in bulk purification and poor water quality.
Shellfish Association of Great Britain SAGB says British exports could double if seas are cleaner.
James Green harvests and sells shellfish in Whitstable in southeast England, a town famed for its shellfish dating back to Roman times. He used to sell about half his product to markets in Europe and Hong Kong, but Brexit, and issues with water quality, have forced him to only sell purified oysters within the country.
Southern Water, his water supplier, will be fined 90 millions pounds in 2021 because it dumped sewage for five years, up to 2015. This caused a disruption in harvests and exports. He was not compensated and said it's hard to wait until improvements.
He said, "I have a business." "Can you hold off until the changes kick in in five, six or seven years?"
Green tracks rain and sewer overflows in order to assess the risks of harvesting his oysters. He also monitors E.coli, Salmonella, and Norovirus.
Southern Water announced that it would invest heavily in order to maintain the high quality of its shellfish beds along its coast.
The 2021 court case involving events that occurred between 2010 and 2015. It found no evidence to support the impact of these events on shellfish beds. These beds are affected by a variety of factors.
Driven to despair
Holmyards mussels have been tested almost daily for E.coli contamination in the Netherlands and always come out within the Class A limits.
The British authorities have reported high E. coli numbers in monthly tests of similar nature, and classified parts of the farm as Class B.
Negative readings in the British system can result in different harvests. Holmyards was stopped from exporting their mussels from this part of the farm for a few weeks and the area was also classified as Class B at the same time next year.
The family finds it strange, because bacteria from the beach should have been heavily diluted before they reached the farm. Also, the British results don't match the Dutch tests that are more frequent.
John stated that they have been unable since Brexit to raise new capital due to the threat of export bans.
Food Standards Agency in Britain, which is responsible for classifying areas where shellfish are harvested, has said that it tried to be flexible but had to protect the public's health. It also added that classifications will only improve as water quality improves.
Sarah and George explained that an annual survey had shown the farm to have spawned a variety of species such as lobster and crab.
In Europe, their blue mussels are a premium product, renowned for their sweet, rich flavour. Despite the bans, Holmyards exports about 95% their mussels into the EU. The rest is sold in Britain.
The tourism bosses believe that this type of locally produced, high-quality food is what they should be promoting to potential holidaymakers.
Alistair Handyside is the chairman of South West Tourism Alliance. He said that while weather and costs were the main factors affecting tourism, the talk about sewage has damaged the appeal of some locations.
He said, "It makes you despair."
TOXIC EXPOUT
The sight of litter and sewage on beaches and rivers has also prompted thousands to protest.
Sally Burtt Jones was one of SOS Whitstable's founders. She is part of a group that organizes protests, tests the local water, and campaigns for legislation change.
She expressed her pride in her work as a campaigner. She said, "We care for the community and sea." "When we come together, we can bring about change."
John Reeve is a representative of Surfers Against Sewage in Saltburn, a seaside town located on the coast of the Northeast. He has studied geology and worked with local officials to determine how to manage rainwater when storms are becoming more intense due to climate changes.
He said, "We're making a change over time."
Water industry claims it has made significant investments in infrastructure since privatisation of 1989. However, population growth and climate changes have created new pressures during a period when successive governments and regulator Ofwat were focused on keeping bills low for customers.
Ofwat reported that water companies in England & Wales have paid out 53 billion pounds ($66billion) in dividends since privatisation, and collective net debt of 69.5billion in 2024.
The government has also gained the power to tie dividends to performance. It has proposed that customer bills increase by 36% on average before inflation in the next five year to fund upgrades to infrastructure. The government is reviewing the sector.
Ofwat's spokesperson stated that customers want change: "We must see a transformation of the culture and performance of companies." We will monitor companies and hold them accountable."
The Environment Agency has also been a hindrance to construction due to the failures of sewage systems.
Most objections to housing, retail, office, school, science business park, and leisure centres are overcome by finding ways to reduce the impact.
The objections can add to the time, costs and complexity of building projects. This is a major challenge for the government, which wants to stimulate a boom in infrastructure and housing construction.
The biodiversity of the world has been affected by water pollution.
The stocks of Atlantic Salmon, which spawn in the freshwater breeding grounds of Britain, have reached new lows. The rod catch for 2023, as declared in the provisional declarations, is the lowest since 1988.
Environment Agency blamed the Holmyards for the pollution and sedimentation.
Sarah stated that the potential of the business being duplicated elsewhere is huge. But if the same problems of not being allowed to export due to the water quality are present, it will not work. ($1 = 0.8046 pound) (Reporting and editing by David Clarke; Kate Holton, Dylan Martinez)
(source: Reuters)