Switzerland

The Colombian president Gustavo Petro threatened on Tuesday to unilaterally change Glencore's contract with the government if it continued to export coal to Israel. However, the company claimed that the shipments had already stopped in accordance with a presidential order. Petro, who spoke at an event organized by the Community of Latin American and Caribbean States for CELAC on energy, said: "I'm willing to unilaterally alter the concession contract." The president warned that, if Glencore refused to comply with his order to suspend the shipment of coal from the mine, he would call on the local communities to blockade the...

The UK energy ministry announced on Friday that the insolvent Lindsey refinery had secured crude supplies from Glencore to prevent its immediate closure. However, a source with knowledge of the situation claimed the agreement was only limited. The refinery near the north-east coast of Britain will cease to operate if crude oil is not supplied. The energy ministry didn't respond to questions regarding how long the agreement could keep the 113,000 barrels per day refinery running. The agreement to resume oil deliveries into and out of Prax Lindsey Oil Refinery has been reached. "The Official Receiver ensures continued safe operations...

Gold Reserve's $7.38bn bid was selected by a U.S. court as the winning bid. Preliminary winner After intense competition, Citgo Petroleum (owned by Venezuela) held an auction for its parent company. Robert Pincus is the court officer who oversees this auction. He made his recommendation Wednesday, after evaluating five bids submitted during the "topping period" of the bidding rounds, which was completed at the end of June. The auction is a result of a case Crystallex, a Canadian miner, filed in Delaware eight years ago against Venezuela. Citgo Holding's parent company, PDV Holding was found liable by the federal court...

Two sources familiar with the bid told us on Wednesday that a group led by commodities trading company Vitol had submitted a bid in excess of $10 billion during the final hours of an auction organized by a court for shares of Citgo Petroleum's parent company, which is owned and operated in Venezuela. Delaware court officer who oversees the auction will recommend a winner by Wednesday, unless he asks for more time to review bids made at the last minute. The proceeds from the auction of PDV Holding - parent company of the seventh biggest U.S. refiner - are intended...

The Swiss Attorney General's Office handed a former wealth management at Pictet Bank an eight-month prison term with a suspended sentence, and fined the bank for money laundering during a Petrobras investigation. Pictet has been ordered to pay $2,5 million for failing to take reasonable and necessary steps to prevent transfers made from a Brazilian official's account to conceal their criminal origin. The Swiss government announced this in a press release. Since years, Swiss prosecutors are working to identify assets in a massive international corruption case involving the Brazilian state-run Petrobras and bringing forward prosecutions. Pictet issued a statement saying,...

Italiana Petroli is in negotiations with three parties interested in purchasing the oil refinery and is expected to make a decision around the end this month on the possible 3 billion euro deal ($3.5 billion). Two sources familiar with the matter confirmed that. Sources previously stated that Gunvor, the global commodity trader, State Oil Company of Azerbaijan, (SOCAR), and the Abu Dhabi-based Bin Butti Group had all made binding offers to purchase 100% of the privately held group. Two sources said that industrial groups from the Middle East had contacted the Italian company in order to express their interest, should...

Clariant was one of four companies that received a claim for damages of approximately 1 billion euros ($1.14billion) from Austrian Energy Company OMV, the company said on Tuesday. The claim is related to alleged violations of competition law on the market of ethylene purchases. The Swiss chemicals company clariant said: "Clariant rejects this allegation firmly and will vigorously defend its case in any proceedings." OMV confirmed that it filed a lawsuit against Clariant, but stated it couldn't comment on the ongoing legal proceedings. Clariant didn't name any of the other companies. OMV also did not name them. Clariant stated that...

The head of metals research at Mercuria said that the trading house expects a 700,000-metric-ton copper concentrate deficit and a 300,000-metric ton deficit for refined metal this year, which could drive prices up to new records. Nicholas Snowdon, the high-profile bull of Mercuria in Geneva, expects copper prices to reach record levels sooner rather than later. Snowdon said at the LME Asia Week Conference in Hong Kong that the copper market is in a vulnerable state. It's not a matter of if but when this market will move into a scarcity state. This could happen as early as the second...

European shares recovered from an early drop to close higher Thursday. Industrial stocks got the biggest boost while corporate earnings were in the spotlight. The STOXX 600 index for the continent was up by 0.6%. The majority of major regional indexes rose, with Germany up 0.7%. Russian President Vladimir Putin snubbed challenge To meet face-toface with Ukrainian president Volodymyr Zelenskiy in Turkey is to deal a serious blow to the prospects of a breakthrough for peace. Hensoldt, Rheinmetall and Leonardo all saw gains of 4% or more. The European aerospace and defence index rose 2.3%. Chris Beauchamp is the chief...

The main British indexes rose along with global markets on Monday after the United States agreed to temporarily lower tariffs. This eased investor concerns over the trade war between two of the world's largest economies. By 1021 GMT the blue-chip FTSE 100 index was up 0.35% while the domestically focused Midcap Index advanced 1%. After talks in Geneva, both countries announced that the U.S. would reduce its extra tariffs on Chinese imports from 145% to 30% and Chinese duties will drop to 10%. The new measures will be in effect for 90 days. The Geneva meetings marked the first face...

British stocks rose Wednesday, as investors considered mixed corporate results. The main indexes are poised to end a volatile, but largely positive, month. They have almost recovered from the losses caused by U.S. Trade policies. The blue-chip FTSE 100 index was up 0.1% as of 1009 GMT and is on course for its 13th consecutive session with a positive result. The midcap index, which is primarily focused on domestic companies, advanced by 0.7% to reach its sixth consecutive session of gains. Despite recovering from the steep tariffs announced in early this month, FTSE 100 is still poised to report a...

Trafigura’s top executive for Mongolia has been suspended pending an investigation into a fraud scheme worth billions of dollars at the Swiss trading firm. The executive, however, lent more than $500 million from Trafigura to a company owned by his aunt. Lex Oil is Trafigura’s main counterparty in Mongolia. According to three sources and a document, it belonged to Erdenetuul who is the aunt of Trafigura’s suspended local boss Jononbayar Erdenesuren. Trafigura announced last October it had suffered a loss of $1.1 billion after an internal investigation found that employees within its Mongolian petroleum product supply business engaged "serious misconduct"....

U.S. president Donald Trump said on Monday that he will not impose any tariffs on gold. This was a welcome move by the global bullion market and ended speculation for days that the yellow metal would be affected by the current global trade dispute. "Gold won't be tariffed!" Trump posted a statement on his social media accounts. He gave no details. U.S. Customs and Border Protection posted a decision on its website Friday, stating that Washington could place the gold bullion bar most commonly traded in the United States within country-specific tariffs. This would have shook the global supply chains...

Holcim announced better than expected recurring operating profits during its second-quarter results on Thursday. This was the first time the building materials manufacturer has reported its North American operations separately. The Swiss manufacturer of cement and roofing products posted an operating profit of 955 millions Swiss Francs ($1.17billion) in the three-month period ending June. The 944 million francs figure from a year ago was up 1.2%, beating consensus expectations of 929 million. Sales dropped 3.8%, to 4,18 billion Swiss francs. This was slightly lower than forecasts of 4,19 billion Swiss francs. The decrease was due to the strength of the...

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 fluid 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 brighter times to come. Alphabet and SK Hynix have both announced...

The trade war between the United States and Japan, which has impacted businesses from chip makers to steel producers, caused a downturn in results. However, Japan's agreement lifted stocks as well as hopes that Europe could reach a similar deal. Investors cheered the news of a new trade agreement between Japan and the United States, which will lower tariffs on auto imports while sparing Tokyo from new taxes on other goods. This news sparked hopes of a deal being reached with the European Union before the Trump administration's August 1 deadline. Results from Texas Instruments, SSAB, and other steelmakers showed...

India's gold exports fell by 40% in June compared to the same month last year, to their lowest level for more than two years. The price surge to record levels sapped demand. A government official who refused to be identified because he wasn't authorised to speak to the media said that imports to India fell to 21 tonnes, the lowest level since April 2023. The official stated that the value of gold imports dropped to $1.84 Billion in June, from $2.48 Billion a year earlier. India has imported an average of 52.4 tons per month in the last decade. The...

Andy Russick sells cans of fruit and tomatoes to major U.S. supermarkets, such as Kroger, and hospitals and schools. He shares the stated goal behind U.S. president Donald Trump's war on trade - combating cheap Chinese imports. When U.S. tariffs were doubled on steel and aluminum imports to 50%, on June 4, Andy Russick's company, Pacific Coast Producers, was collateral damage. Since 2017, Chinese fruit cocktail, vegetables, and other canned food imports from Southeast Asia and Europe are flooding U.S. grocery shelves, undercutting comparable products made in the United States. Russick stated that this trend will accelerate due to the...

Holcim completed the spin-off its North American business. Shares in the separate company - Amrize- will begin trading in Zurich on Monday and New York the following day. The Swiss cement manufacturer Holcim said that it would spin off the company to focus on the different dynamics of the North American and global markets. Holcim's future focus will be on Europe, Latin America and North Africa, while Amrize operates in the United States of America and Canada. Holcim CEO Miljan Gutovic said: "This is a momentous occasion for Holcim, as we embark on a new journey as independent companies." Holcim...

The final stages of a U.S.-court-organized auction for shares in Citgo Petroleum, the Venezuelan-owned parent company, have been reached. Bidders are submitting better offers and creditors hope to recover some of the proceeds. The auction is a result of a case Crystallex, a Canadian miner, filed in Delaware eight years ago against Venezuela. Citgo Holding's parent company, PDV Holding was found liable by the court for Venezuela's expropriations and debts. This allowed over a dozen creditors to seek compensation for nearly $19 billion. The auction, despite delays, has moved forward, particularly since last year. This is because there have been...

Investors stayed away from major bets on Friday ahead of the crucial U.S. employment data. Trade tensions also added to the uncertainty. As of 0809 GMT the pan-European STOXX 600 remained at 551.95 and was on course for a second weekly gain if momentum continues. The day will begin with a monthly reading of U.S. Non-Farm Payrolls. This will help investors gauge how President Donald Trump’s trade policies have affected the labor market, and how the Federal Reserve may navigate the uncertain trade environment. Commerzbank analysts stated that "a print above the consensus could reinforce Fed's cautious position and serve...

Holcim, a Swiss supplier of building materials, will not be slowed down by tariff uncertainty. A Manhattan court ruled Wednesday that U.S. president Donald Trump exceeded his authority when he imposed duties across the board on imports coming from trading partners. Markets reacted with jubilation, but there is also uncertainty as to how this will affect companies. Holcim's shareholders approved the spin-off of its North American cement business, Amrize. This will allow Holcim to focus on the increased construction spending in America and reap the benefits. "We sell locally to local customers and produce locally." "The impact of tariffs on...

Gold prices fell more than 2% Friday, and are heading towards their worst six-month period in recent memory. An overall stronger dollar and an interim U.S. China trade agreement have weakened investor demand for this safe-haven. As of 1136 GMT, spot gold was down by 1.9% at $3,178.06 per ounce. Bullion is down more than 4% this week, and it's on track to have its worst performance weekly since November 2024. U.S. Gold Futures dropped 1.4% to $3.180.90. Nitesh Sha, commodities strategist for WisdomTree, said: "We have had a week of positive signals regarding trade negotiations, and we've seen the...

Gold prices fell on Friday, and were set to experience their biggest weekly drop in six months as a stronger US dollar and diminishing trade war fears dampened its appeal. As of 0222 GMT, spot gold was down 0.5% at $3,223.06 per ounce. Bullion is down about 3% this week, and it's on track to have its worst performance weekly since November 2024. U.S. Gold Futures fell 0.1% to $3.224.90. Gold priced in greenbacks is now more expensive to overseas buyers due to the dollar's 0.3% gain for the past week. Ilya Spirak, global macro head at Tastylive, said that...