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Energy Markets

Fossil Fuels

Electric Utilities

Centrica's profit for the first half of 2012 is down due to mild weather and lower energy prices

British Gas' owner Centrica announced on Thursday that its adjusted operating profits in the first six months of this year had been halved due to milder weather, lower wholesale energy prices, and weaker returns for gas storage. The company reported that its operating profit for six months ending June 30 dropped to 0.5 billion pounds, from just under 1 billion during the same period in last year. The core profit, or EBITDA, also dropped to 0.9 billion pounds compared to 1.4 billion. The company stated that the first half of 2025 was more challenging for British Gas Energy Residential and...

Fossil Fuels

Merz: Berlin is still interested in TenneT German business

The German Chancellor Friedrich Merz stated on Monday that the government has not yet decided if it will take a stake of the German division owned by the Dutch state-owned power grid operator TenneT. He also said the Netherlands and Germany were still in discussions. The Netherlands announced last month that it would decide in September if it wanted to sell a minority stake in TenneT Germany, or pursue a partially IPO. This could be Europe's largest deal in 2025. After a failed partial sale of TenneT Germany to the German state lender KfW in June last year, the Dutch...

Fossil Fuels

Reliance acquires Kelvinator, a home appliance maker from Sweden's Electrolux

Reliance Industries announced on Friday that its retail arm had purchased the Kelvinator Brand in India from Sweden’s Electrolux. The Mukesh Ambani led group is now a stronger player in the rapidly growing consumer durables market. Reliance Retail is expanding its private-label product portfolio, as well as its footprint, in the home appliances and electronics segment, which has seen a boom due to urbanisation and rising incomes. Reliance Digital operates stores that sell everything from washing machines to refrigerators and washing machines, as well as smartphones and laptops. Since 2019, the company has sold Kelvinator refrigerators, air conditioning units and...

Fossil Fuels

London's unloved shares are attracting foreign investors

The UK stock market is finally reversing its years-long underperformance compared to the rest of Europe. This comes as a result of a UK/U.S. A trade agreement, a softer regulatory environment and cheap stocks are delivering juicy returns which are beginning to attract foreign investors. The FTSE 100 is up nearly 10% in the last year, and has reached record highs, surpassing the STOXX 600 which is up 7.5%. London's blue chip index performed better on a year to date basis than its European counterpart in the last six week, the longest stretch of its kind since the end of...

Oil & Gas Equipment

Kongsberg orders increase by 5% as the company expands its defence capacity to meet demand

The Norwegian defence manufacturer Kongsberg Gruppen announced on Wednesday that it had received more orders for the second quarter 2025, which reflects an increase in military spending by European nations. Kongsberg has customers from the defence, aerospace and maritime industries. It also serves energy, fishing, and the energy industry. Geir Haiy, CEO of the company, said in a press release that "there is a need to enhance defence capabilities and we are expanding capacity to meet growing demand." In response to Russia's invasion in Ukraine, and the threat by President Donald Trump to reduce military support to the region, many...

Oil & Gas

Austrian OMV gains $141 million in profits from Borouge and Borealis merger during Q2

The Austrian energy company OMV said that the Borouge-Borealis merge will have a positive impact of 120 million euro ($140.8) on its operating result for the second quarter before special effects. This was part of an update to trading on Tuesday. After almost two years of negotiation, Abu Dhabi National Oil Company and OMV decided in March to combine their polyolefin business to create Borouge Group, a chemicals powerhouse with a $60 Billion enterprise value. OMV said that it also expected to take a 400-million-euro hit on its operating cash flow adjusted from Romania and Norway, compared with the first...

Oil & Gas

Engie buys DNO's Norwegian gas production for four years

The Norwegian company DNO announced on Wednesday that it had sold all of its gas production from the Norwegian continental shelf over a period of four years to French utility Engie at an undisclosed price. The deal was facilitated by an American bank loan, as U.S. banks are increasing funding for the fossil fuel sector. It also said it is in talks over a similar agreement and financing facility related to its North Sea oil production. The agreement will take effect on October 1, and it covers DNO’s increased gas production following its March acquisition of assets from Sval Energi....

Climate Change

Bezos' methane satellite lost in space

The group operating the satellite said that an $88 million satellite that was backed by billionaire Jeff Bezos and that detected emissions from the oil and gas industries of the powerful greenhouse gas, methane, has been lost in orbit. Environmental Defense Fund, who led the initiative, stated that MethaneSAT was collecting emission data and images at drilling sites, pipelines and processing facilities in the world since March. However, it went off track around 10 days ago. EDF stated that it does not expect the satellite to be recovered, as it has lost power. Amy Middleton is the senior vice president...

Oil & Gas Refining

Petrobras wins major lots at Brazil's oil auction, beating revenue forecast

Petrobras, the state-run oil company in Brazil, was the biggest winner of the auction on Thursday. The sale is expected to generate revenues in excess of $5.08 billion. The amount exceeds initial Government forecasts The 25 billion reais should boost the public coffers, as the Luiz Inacio Lula Da Silva administration tries to reach its fiscal targets. The state-run company PPSA held the auction, and is responsible for selling that portion of oil which companies producing under share contracts in pre-salt fields must give to the Brazilian government according to Brazilian law. Petrobras purchased three of the seven lots that...

Fossil Fuels

After Israel-Iran truce, UK midcaps are lifted by travel stocks

Travel stocks led the UK's midcaps on Tuesday as investors were encouraged by signs of eased tensions in Middle East, and a positive forecast from Carnival Cruise Lines. The domestically oriented FTSE 250 rose 1%, reaching a record high of more than a week. Carnival's UK listed shares rose 11.8%, outpacing gains in the midcap index. raised Its annual profit forecast was higher than expected and it beat the second-quarter earnings estimate. The FTSE 350 Travel & Leisure index rose 3.6% after U.S. president Donald Trump announced Israel and Iran reached a 12-day-old ceasefire. Both sides accuse each other Violations...

Oil & Gas

Moscow promises to closely supervise foreign businesses returning to Russia

Igor Krasnov is the Russian Prosecutor-General, who led the government's effort to seize property valued at 2.4 trillion rubles ($31 billion). He said that foreign companies returning to Russia would be closely monitored to ensure Russia benefits. In the three years since Russia began its war in Ukraine, Moscow has taken over a dozen assets owned by foreigners under its management. This year, prosecutors have increased the seizure and confiscation of assets in Ukraine. As the economy slows down after two years of high growth, fueled by military spending, Russian officials try to strike a balance between protecting the economy...

Fossil Fuels

European truckmakers address rare-earths shortage with stockpiling and supply chain changes

Daimler Trucks is building up inventory to address supply problems linked to Chinese export restrictions. Daimler Trucks says it has learned lessons from the chip crisis. Recent export regulations in China are causing concern for the automotive industry. They fear that this will affect supply of rare Earths which is needed to make magnets. Exporters are required to apply for new licenses since April. These licences are being granted slowly. China is the dominant market for raw materials used in various components, from electric motors to the window mechanisms of cars and trucks. Karin Radstrom, CEO of Daimler Truck, told...

Crude Oil

Crude Oil

MORNING BID EUROPE - "Tariffs, please use this version"

Stella Qiu gives us a look at what the future holds for European and global markets. The deadline for tariffs has passed and Donald Trump has imposed new levies on imports, including from countries that have not yet signed a trade agreement. Canada was set at 35%, India at 25%, Taiwan at 20%, and Thailand, 19%. Switzerland received a staggering 39%, one of the highest rates. This raises the question: What does Trump have against the Swiss people? You're not buying enough American watches or chocolate? After months of posturing and meetings, delays, and truces that prompted investors to wonder...

Crude Oil

Morning Bid Europe-Remembering tariffs' downsides

Wayne Cole gives us a look at what the future holds for European and global markets. The Asian markets are quietly picking up after the U.S./EU Tariff Party turned out to be a failure. You felt relieved that only half of your house was destroyed. At least they didn't burn down the whole house. The euro has a slight firmer future and the dollar is steady at just below $1.1600. It was not surprising that the euro fell so quickly, given the crowded long euro/short-dollar trade. And it is suspected that speculators are soon going to sell the dollar. In...

Crude Oil

The yen is satisfied with the morning bid for Europe.

Wayne Cole gives us a look at what the future holds for European and global markets. Investors have sold on rumours and bought (a little bit) on facts in Japan's upper-house election. The Japanese markets were closed on Marine Day, so there was no liquidity. However, the yen has gained a little against the dollar and the euro. Nikkei Futures in Chicago have been trading in line with the Friday cash close. Wall Street futures have risen a little bit, while European futures are down a little. Shigeru Shiba, the Prime Minister, seems to be in a safe position for...

Mining

Mineral Resources

LNG

Europe's reaction to the US trade agreement is a mix of relief, concern and reassurance

European governments and businesses reacted on Monday with relief and concern to the framework deal reached with U.S. president Donald Trump. They acknowledged that it was an unbalanced agreement, but one which avoided a more serious trade war. The U.S. will impose an import tariff of 15% on the majority of EU goods, which is half the rate threatened, but more than the Europeans had hoped. The deal was not entirely clear at the time. As we wait for the full details of the EU-U.S. trade agreement, one thing is clear: this is a moment of relief but not celebration,"...

Mineral Resources

US and China to start new talks on tariff truce, easing the path for Trump-Xi Meeting

The top U.S. economic officials and Chinese representatives will resume their talks on Monday in Stockholm to address long-standing economic disputes that are at the heart of a trade conflict between the two largest economies. They hope to extend the truce for three months while preventing tariff increases. China faces an August 12 deadline for a lasting tariff agreement with the Trump administration. Beijing and Washington had reached preliminary agreements in May and early June to end weeks' worth of escalating tariffs, and to stop the cutoff of rare-earth minerals. If there is no agreement, the global supply chain could...

Mineral Resources

US and China to start new talks on tariff truce, easing the path for Trump-Xi Meeting

The top U.S. economic officials and Chinese economic officials are scheduled to resume their talks on Monday in Stockholm to address long-standing economic disputes that have been at the heart of the trade war between two of the world's largest economies. They hope to extend the truce for three months while preventing tariffs from rising sharply. China faces a deadline of August 12 to reach a lasting tariff agreement with the administration of President Donald Trump. Beijing and Washington had reached preliminary agreements in May and early June to put an end to weeks of escalating tariffs, including a ban...

Mineral Resources

Outgunned Europe accepts the least-worst US Trade Deal

The European Union found that it did not have the leverage it needed to force Donald Trump's America to agree to a trade agreement on their terms. So, it signed a deal which it could just about stomach. The agreement reached on Sunday on a 15% tariff blanket after months of standoff is a reality-check on the aspirations for the European Union, a 27-country bloc of countries, to become a power economic able to compete with the United States and China. The cold shower feels all the more refreshing, given that for years the EU has portrayed itself to be...

Mineral Resources

As tariff uncertainty persists, there are some bright spots in the corporate earnings

In their most recent earnings reports, some of the top technology firms in the world, such as U.S.-based Alphabet and South Korean chipmaker SK Hynix, as well Indian IT services provider Infosys have given upbeat guidance, despite an uncertain U.S. Trade Policy. The erratic U.S. Trade Action has overshadowed corporate operations, upending supply chains and leaving firms to navigate fluctuating tariffs. This is on top of other economic uncertainties like regulatory changes and currency fluctuations. Alphabet, SK Hynix, and Infosys, all of which reported earnings above market expectations, predicted a brighter future. Alphabet and SK Hynix have both announced plans...

Mineral Resources

Aluminium producer Norsk Hydro trims 2025 spending despite quarterly profit beat

Norsk Hydro, a Norwegian aluminium manufacturer, cut its capital expenditure guidance for 2025 by 1.5 billion crowns (roughly $147.5 million), and frozen external white-collar employment on Tuesday amid volatile input prices and uncertain demand. Tariffs imposed by the United States on aluminum have disrupted trade and driven physical market premiums up to record levels, increasing cost pressures and changing global supply lines. Hydro Extrusions plans to reduce more than 100 jobs by 2025. Prioritizing operational efficiency and cost reduction, the division will focus on cutting costs. "We have not yet seen major changes in our business operations due to tariffs...

Mineral Resources

Boliden CEO anticipates dividend payment to resume

Mikael Stafas, Chief Executive Officer of Boliden's Swedish subsidiary, said in an exclusive interview with the newspaper on Friday that Boliden will resume dividends. He said that the copper and zinc producer has committed to its dividend distribution policy, and will continue to do so until 1/3 of its profit is distributed to shareholders. This was after Lundin Mining acquired the Somincor mines and Zinkgruvan from Lundin Mining. Staffas stated that "even though we had good cash flow this quarter, I believe most people expected the balance sheet to be much stronger after the acquisition." Boliden has not yet been...

Mineral Resources

Volvo CEO wants EU auto tariffs cut to defuse Trump's threat

In an interview on Thursday, the chief executive of Volvo Cars called on the European Union (EU) to reduce its 10% tariff against American-made vehicles, arguing that European carmakers don't need protection from U.S. rivals. Brussels and the auto industry have spent months trying persuade Washington, with its 27,5% tariff, to lower it on imported European cars. Hakan Samuelsson, after the company announced its second-quarter results, said: "If Europe wants free trade then we should lead the way by lowering tariffs to very low levels first." Donald Trump, the U.S. president, has threatened to increase tariffs on European Union imports...

Mineral Resources

Volvo Cars has delayed the start of production at its new Slovak factory until early 2027

Volvo Cars, according to a spokesperson on Thursday, has delayed the large-scale production of its factory in Slovakia from 2026 until early 2027 to optimize the Swedish automaker’s product launch schedule. The Gothenburg-based firm, owned by China’s Geely Holding, hasn't made it public which model will be manufactured at the Kosice plant, except to say that it will be next-generation Volvo. The spokesperson declined to say when the decision was made, but said that it had not been taken recently. Polestar, which is also owned by Geely and will begin production of its new Polestar 7 SUV in Kosice, Poland,...

Mineral Resources

Polestar will make new SUVs in Europe starting 2028

Polestar announced on Thursday that it will produce its Polestar SUV model in a Volvo Cars plant in Slovakia. The EV maker is shifting more production out of China to reduce its exposure to high European and U.S. Tariffs. Polestar announced that the two Swedish firms, both controlled and owned by China's Geely, and Li Shufu its owner, had signed an agreement and the new model will be launched in 2028. The company stated that it is expanding its footprint in Europe to diversify its contract manufacturing business. Volvo's Kosice plant in Slovakia will begin production in 2026 with a...

Mineral Resources

Volvo Cars sales drop 12% in June; fully electric cars fall 26%

Volvo Cars, based in Sweden, reported Wednesday that sales volume had fallen for the fourth consecutive month due to trade tariffs as well as a weaker demand for electric vehicles. Volvo Cars, owned by China's Geely in majority, announced in a press release that it had sold 62 858 cars in the month of June, down 12% from a year ago. In April, the group, in response to tariffs, retracted its earnings forecasts for the next two-year period. The sales of electric vehicles fell by 26%, accounting for 22% in total sales. The sales of all electrified vehicles, including plug-in...

Mineral Resources

Greenland grants EU-backed critical Metals Project Permit to Mine

Greenland granted a permit for a project backed by the European Union to mine molybdenum. This metal is used in aerospace, defence, and energy, and China has placed export restrictions on it. After U.S. president Donald Trump expressed interest in buying it earlier this summer, the resource-rich Arctic Island has seen increased activity in its mining industry over the last month. The government of Greenland said that the permit was given to Toronto-listed Greenland Resources, a company supported by the European Raw Material Alliance and which holds the license to the Malmbjerg Project in eastern Greenland. According to the company,...