Latest News
-
OMV denies violating Austrian rules on lowering fuel prices
Austria ordered an official review to determine if the 'partially-state-owned oil and natural gas company OMV' is complying with new rules on lowering fuel prices. The company, however, denied that it had broken them on Tuesday. The 'U.S. and Israeli?war on Iran has caused the biggest oil supply disruptions in history, sending oil prices soaring. European governments are scrambling to protect their consumers. Austrian government introduced the so-called "petrol-price brake", under which the value-added tax increase?from increased petrol prices are passed on to the consumers in the form a reduction?in tax, initially set at 6 U.S.-cents per litre. The national broadcaster ORF reported that OMV had told wholesale customers it would only be reducing the diesel price by 2.8 cents per litre. Austria's Economy Ministry said that it and E-Control, the national energy regulator responsible for enforcing rules, were informed "at short notice" of OMV’s planned price adjustments. The burden of proof is now with OMV. In any event, we will assign E-Control to carry out a?special verification," the statement added. E-Control responded to a query by saying that it would request relevant?information soon from OMV. OMV, when asked for comment, did not deny the reported price change, but said that it was following the rules. It argued that the calculation differed if you took into consideration 'fuel imported from abroad rather than refined here in Austria. It said that OMV?was fully transferring the 5 cent discount on Schwechat products, its main refinery?Austria?, to all of its customers. The company explained that the price of OMV's wholesale products is determined by a combination calculation, based on the production and import volume in Schwechat. Reporting by Alexandra Schwarz Goerlich, Writing and Editing by Francois Murphy.
-
Gold prices rise on the back of a weaker dollar and hopes for US-Iran talks to resume
Prices of gold rose more than 1% Tuesday as the U.S. Dollar weakened. Meanwhile, hopes for a resumption of U.S.-Iran negotiations also helped to support prices by easing inflation fears. By 11:31 am, spot gold had risen 1.5% to $4,808.69 an ounce. ET (1531 GMT). U.S. Gold futures increased 1.4% to $4833.10. Sources say that the U.S., Iran and their respective negotiating teams could return to Islamabad to resume the talks this week in order to end the 'war.' After the weekend negotiations collapsed, Washington imposed a?blockade? on Iranian ports. The direction of the gold price will be determined by the outcome of the Pakistani talks and the progress made in the lead-up to the weekend. Bob Haberkorn is a senior market analyst at RJO Futures. He said that if we get positive news metals are likely to?continue rising'. He added that "lower dollar and lower oil prices are helping gold out right now, because when the war began, there was an influx of cash, as well as a concern over being able assemble energy supplies." Oil prices also fell as the dollar weakened. The weaker U.S. dollar makes the greenback-priced gold more affordable to holders of other currencies. The data showed that U.S. producer prices increased less than anticipated in March, as services costs were unchanged. However, the rising energy prices due to the war against?Iran exacerbated inflation pressures. Gold, despite its role as a hedge against inflation, is less appealing in an environment with higher rates because it has no yield. The traders now expect a U.S. interest rate cut of 28% this year. This is compared to expectations for two reductions before the war. Analysts at Commerzbank stated that the gold price was unlikely to drop much more as long as the market did not seriously consider an increase in interest rates by the U.S. Federal Reserve. Silver spot rose 4.7%, to $79.12 an ounce. Platinum gained 0.9%, to $2,088.13, and palladium fell 0.2%, to $1,571.02. (Reporting and editing by Keith Weir in Bengaluru)
-
First time, rival Libyan forces participate in US-led joint military exercises
The 'first joint military event involving a former civil war rival, the forces from Libya's east and west administrations took part in U.S. Special Forces exercises on Tuesday. Libya is divided, and has been since 2014, when the war began in response to the uprising which overthrew Muammar Gaddafi. In 2019-2020, the fighting culminated when Khalifa Haftar, the commander of the Libyan National Army (LNA), based in Benghazi in eastern Libya, attempted to seize Tripoli, the capital. The tensions have decreased since then, and last week the two sides agreed on the first unified budget for a decade. This will determine how the 'billions' of dollars in oil revenue that the country receives every year are spent. The United States Africa Command (AFRICOM) held the "Flintlock", a special operations exercise, in Sirte, Libya, on Tuesday. This included forces from the LNA as well as the U.N. recognized Government of National Unity based in Tripoli. Haftar's eldest son Saddam, the LNA's vice commander, stated in a speech that the exercise "reaffirms Libya as a partner who is reliable?in promoting regional and international peace and stability." AFRICOM announced in a press release that more than '30 countries will take part in these exercises. They will also take place in Ivory Coast at the end of the month. The statement stated that Italy played a significant role in the planning and execution of Flintlock, which marked an "historic milestone". It also supported "the development of a united Libyan military." (Reporting by Ayman al-Warfali; Writing by Alexander Dziadosz; Editing by Alexandra Hudson)
-
In a call, Trump and Modi emphasize the need to keep Strait of Hormuz opened.
In a phone call that took place on Tuesday, Modi revealed in a blog post. Indian media reported that the conversation between the two leaders lasted for nearly 40 minutes. "Received an?a call from my friend President Donald Trump. We analyzed the significant progress made?in various sectors of our bilateral cooperation," Modi said on X. We are committed to strengthening our Comprehensive Global Strategic Partnership across all fields. We also discussed West Asia, and stressed the importance of keeping the Strait of Hormuz secure and open. The conflict in 'Middle East' has affected a wide range of sectors, from air travel to shipping and gas supplies. This includes the near-closure if the Strait of Hormuz which is a conduit?for 40% of India’s crude oil imports. A White House official confirmed that the call had taken place, but declined to comment further. Reporting by Shilpa jamkhandikar, Kanjyik ghosh and Alison Williams; editing by Joe Bavier
-
Brazil will pursue rare earths policies this year but not through state-owned firms
The head of Brazil's mining regulator said that he expected a national policy on critical minerals to be announced within two to three months. He also added that the proposal to create a state-owned firm for rare earths is not a government initiative. Mauro Sousa (Director-General of Brazil's National Mining Agency, ANM) told a news conference that the 13 bills before Congress address rare earths and essential minerals. Recently, lawmakers have introduced new bills that propose the creation of an entity supported by the state, dubbed Terrabras. The mining industry association Ibram has reacted against this idea. LIMITED RIFFINING CAPACITY The group stated on Monday that Brazil’s weakness in rare-earths mining was not due to a lack state involvement but rather a limited industrial scale separation and refining capability, as well as other factors like?insufficient financing and legal uncertainties that discourage investment. Sousa said, "We haven't yet studied these Terrabras proposals in depth to evaluate their content." He said that the government is in discussions with Congressman Arnaldojardim to create a "national policy" for strategic and critical minerals, which does not include any provision for state-run companies. The government has requested that uranium should be included. Carlos Leonardo Durans, Director of the Department of Development of intermediate Inputs at the Ministry of Development, Industry, Trade and Services, said that the bill, sponsored by Jardim, was expected to pass later this year, since discussions are already advanced. He said that at the same conference, "We are looking to facilitate capital flows with value-added needs. However, there has not been any discussion about creating a critical minerals company owned by the state." Luiz Inacio Lula da Silva, President of Brazil's largest economy, has said that the country should not be a mere exporter in the rare-earths sector. He stressed the importance of developing domestic processing capabilities. Brazil has vast reserves despite its small production of these minerals which are vital for the manufacture of high-tech equipment. Julio Nery of Ibram's mining affairs director said that more than 10 "highly promising exploration projects" were underway in Brazil, focusing on ionic clays. However, he noted that geological studies are still needed. Nery stated that it takes 10 years to bring a new mine online, starting with the first drill. (Reporting and editing by Alex Richardson; Marcela Ayres)
-
Vitol invests $130 Million to increase South African storage capacity at Durban
Vivo Energy adds 125,000 cubic meters of storage to Durban Additional capacity will cushion South Africa from future supply shocks * Vivo eyes East Africa for more ?storage investment opportunities CAPE TOWN - A senior executive of Vivo Energy, the subsidiary of global trader Vitol said that it would invest around $130m to increase its fuel storage capability in Durban, South Africa's largest port city, along the east coastline. George Roberts is the chief executive officer of Engen, the local unit of Vivo Energy. Analysts said that Southern and East African nations, including South Africa (which is a net importer of refined and crude petroleum products), are vulnerable to Middle East disruptions in supply. This problem was exacerbated by inadequate infrastructure and storage capacities. Roberts said the company would add approximately 125,000 cubic meters of storage capacity to Durban, increasing?its total storage capacity in the region to 500,000 cubic metre. It is expected to be operational from Q3 2027 through the third quarter 2026. This will act as a buffer against unexpected supply shocks like those from the Middle East. He said: "This will enable you to increase your stock levels within the country and, if this occurs again, we have more time to find products elsewhere to bring into?South Africa. It takes an average of 20, 25 days for product to be shipped to South Africa, depending on where they come from." The extra capacity is derived from the conversion of old refinery tanks at Durban and an upgrade of another receiving facility on Island View, as part of Vivo Energy's ongoing efforts to convert fire-damaged Engen into a storage terminal that can store a variety of products including diesel, petrol and jet fuel. Vivo Energy is the leading African fuel retailer, with over 4,000 service stations on the continent. It markets Shell, except for South Africa, and Engen. Roberts said that the company is currently investing in LPG storage and refined petroleum facilities in Ivory Coast, Senegal, and Morocco. Roberts stated that "besides Uganda, we have invested our depot assets in Tanzania in the last few years. If the right opportunity arises in these countries, we can invest more." (Reporting and editing by Alexandra Hudson, Wendell Roelf)
-
Gunvor's net profit fell dramatically in the year of management buyout
According to financial results released on Tuesday, global commodity trading house Gunvor saw its net profit drop by 85% in 2025 from $108 million to $104 millions. The sharp drop occurred during the year that Gunvor employees organized a management buyout in order to replace former CEO Torbjorn Tornqvist. The firm stated that the net profit figure included writedowns and other impairments totaling $462 million, incurred by a 'new management team. Gunvor was valued at?around $5 billion and Tornqvist provided a loan to employees of more than $400 million in order to complete the deal. In February, it was reported that Gunvor had been valued at?around $5 billion. Tornqvist provided a loan of more than $4 billion?to employees to make the deal happen. Gunvor, among other commodity?trading firms, struggled to adjust to the lower profit margins following the COVID-19 recovery in demand and Russia-Ukraine War-related market dislocations which drove record earnings in 2022-2023. Gary Pedersen, CEO of Gunvor, said that the energy markets would remain structurally tight but politically volatile throughout most of 2025. Trading margins will be driven by fragmentation, sanctions and regional dislocations, rather than fundamental supply and demand imbalances. Pedersen said the company made $1.63 billion in the first quarter, the equivalent to its 2025 'gross profits,' after what he called an increase in "constructive volatilty" late last.year. (Reporting and editing by Joe Bavier, Jan Harvey, and Robert Harvey in London)
-
US extends waiver to Lukoil fuel stations in Russia
The Trump administration has extended the waiver that allows Lukoil service stations to operate outside of Russia until late October. This is a small exception to sanctions imposed by the U.S. last year in order to reduce revenues supporting Moscow’s war in Ukraine. Treasury Department announced on its website on Tuesday that the waiver for 2,000 stations in Europe, Central Asia and the Middle East, as well as the Americas, has been extended to October 29. In October, President Donald Trump imposed sanctions on Lukoil and Rosneft - Russia's largest oil companies - causing interest among potential buyers for the estimated $22 billion worth of Lukoil international assets. Lukoil operates about 200 branded gas stations across New Jersey, Pennsylvania and New York. It is one of the largest motor fuel retailers in Bulgaria and Moldova and operates more than 600 stations in Turkey and more than 300 in Romania. The Treasury issued a license that allowed certain transactions with Lukoil refinery entities in Bulgaria, such as?Lukoil neftohim Burgas jsc.
Grocer Albertsons predicts a soft sales forecast for the year as demand remains high
Albertsons' annual sales were below Wall Street estimates on Tuesday. They attributed this to the intense competition between Walmart and Amazon.com, two of its biggest rivals.
The shares of the Boise-based grocery store were down by 2% during premarket trading. In 2025, they had fallen by nearly 13%.
Albertsons is under pressure to lower prices as larger rivals such as Walmart, Target, and Kroger have slashed the price of essentials in order to attract 'increasingly cost-conscious shoppers.
The grocery store, which also operates hundreds of gasoline stations, is at risk as the Iran conflict fuels higher gas prices and weighs on consumer spending, already conservative.
Albertsons reported a net loss in the fourth quarter of $480.8M, compared to a profit of $171.8M a year ago. This was due to charges from opioid claims.
Albertsons announced on Tuesday that it would pay $774 million in nine years as a settlement to thousands of lawsuits filed by U.S. state governments, local governments, and Native American tribes who claimed the supermarket chain’s?pharmacies fuelled the nation’s opioid epidemic.
LSEG data shows that the company's adjusted profit for the fourth quarter of 48 cents a share beat analysts' average estimates of 43 cents.
It is expected that fiscal 2026 will see a flat or 1% increase in sales, as opposed to the estimated 1.58% rise.
Albertsons expects an adjusted annual profit of between $2.22 and $2.32 per share. The midpoint is slightly below the $2.28 estimate.
Rival Kroger has forecast muted sales and profit for March, as it plans to invest cost savings in lower prices and better delivery services. (Reporting by Sanskriti Shekhar in Bengaluru; Editing by Shilpi Majumdar)
(source: Reuters)