Switzerland

Indian Oil Corp., the nation's largest refiner, has been in discussions with European trader Vitol about establishing a joint venture in order to increase its exposure on global oil markets. Three IOC sources confirmed this. Two sources confirmed that talks about a possible partnership started last year. IOC and its subsidiary Chennai Petroleum Corp control 80.8 million tons of refining per year (1.62 millions barrels per day), which is about 31% of India’s total 5.2million bpd. The state-run firm is increasing the capacity of three refineries in order to increase crude processing by 346, 000 bpd within the next two...

The Austrian Oil, Gas and Chemicals Group OMV fired a senior executive after allegations that he was spying for Russia. A Russian diplomat was summoned by the Foreign Ministry to Vienna in response to this affair, according the news magazine Profil. The OMV employee, according to Profil magazine, allegedly attracted the attention of Western intelligence services through his meetings with a Russian diplomatic suspect of being a Russian domestic intelligence service FSB agent. The magazine reported that Austria's Directorate of State Security and Intelligence (DSSI) had monitored the OMV executive who was not named for several months. OMV informed the...

Bloomberg News reported Monday that Anglo American was close to a deal for the acquisition of Canadian miner Teck Resources. The report cited people who were familiar with the matter. Separately, The Financial Times reported Monday that the potential acquisition could be valued at around $20 billion. Reports said that the London-listed global mining company is considering paying a majority in stock and an announcement could be made as soon as this week. The report said that the terms and timing of the agreement are still uncertain and the talks could collapse without an accord. According to LSEG, Teck Resources...

Two sources revealed that India will cut the consumption tax on 175 different products, from hybrid cars and shampoos to consumer electronics. Modi has repeatedly called for increased usage of Indian products. This is the biggest reform to the goods and service tax system in almost a decade. Modi announced his first reform plan on Independence Day last month when he promised to make everyday products cheaper in the fifth largest economy of the world. His proposal reduces the goods and services (GST), which includes toothpaste, talcum, and shampoo, from 18% down to 5%. This is expected to increase sales...

Two sources revealed new details about Prime Minister Narendra Modi’s major tax reform. India will cut consumption tax on 175 products, including shampoos, hybrid cars, and consumer electronics. Two sources revealed that India plans to reduce goods and services taxes (GST) from 18% down to 5% on products like talcum, toothpaste, and shampoo. This is expected to boost sales at companies such as Hindustan Unilever, and Godrej Industries. Before the Diwali shopping period, which begins in October, brands such as Samsung, LG Electronics and Sony will dominate sales, consumer electronics, like air conditioners, televisions and other electronic devices, could see...

The U.S. court is about to announce the winner of an auction of shares in Citgo Petroleum, the parent company of the U.S. refiner. Affiliates of the hedge fund Elliott Investment Management as well as miner Gold Reserve are leading the competition. Robert Pincus, a U.S. court official, has until Monday to decide whether the $7.4 billion offer from Gold Reserve subsidiary Dalinar Energy that he had previously recommended remains in front or if a rival bid is superior. In the final round of bidding, Elliott's affiliate Amber Energy and a unit from commodities firm Vitol as well as a...

Two people familiar with the matter have confirmed that India's Bharat Oil Corp, a state-run company, has awarded a 5-month tender to European trader Glencore for 10 million barrels U.S. crude oil. This is helping India to strengthen its energy relations with Washington. India, which is the third largest oil importer in the world, has increased its imports of US crude oil as the negotiations for a bilateral agreement continue. Sources said that Glencore would deliver 2,000,000 barrels of WTI Midland Crude per month to the Indian refiner from November through March. This is double the volume BPCL had imported...

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,...

The United Nations chief said that tariffs were a major problem for the global trade system, and the developing countries were the worst affected. The rules-based system of trading is in danger of being derailed, U.N. Secretary General Antonio Guterres warned delegates on Wednesday at the U.N. Trade and Development Conference in Geneva. He cited concerns over trade wars and increasing trade barriers. The tariffs imposed by Donald Trump since his inauguration in January shocked the financial markets, and created a ripple of uncertainty throughout the global economy. Trump increased tariffs on imports of dozens countries starting August 7. This...

Investors digested corporate earnings, assessed sectoral momentum, and assessed macro signals as they digested the strong performance of banks and defense stocks. As of 0750 GMT, the continent-wide STOXX 600 Index was up 0.9% to 571.05 point. Other major regional indices were also trading higher. European banks rose by 1.6%. They were among the biggest gains in the STOXX 600. This was a rebound from Friday's 2.5% decline when investors became nervous about signs of credit pressure at regional U.S. lenders. The STOXX Aerospace & Defence index rose 2.1%. This was a rebound from Friday's sharp drop when the news...

ABB, a Swiss engineering company, said that the uncertainty caused by U.S. Tariffs has had little effect on the demand of its customers. ABB, a manufacturer of motors and drives for factory production lines said that operating earnings before tax, interest and amortization (EBITA), rose by 12% in the three-month period ending September. Analysts' consensus for the company had predicted $1.70 billion. The actual figure was a little higher. Orders rose 12%, and revenue rose 11% at the company that also manufactures electrification systems for data centres. Tariffs have not yet had a material impact on the economy. Morten Wierod,...

Swiss industry expressed concern on Wednesday over the European Union plans to reduce tariff-free import quotas of steel by almost half, and to impose a 50% tax for excess shipments. They urged the bloc to make an exception for Switzerland. Swissmem, an industry association, said that curbs on the free trade would harm Swiss manufacturers. They are already subject to much higher U.S. tariffs as part of the Trump administration’s effort to reorder global trade. EU steel is protected at the moment by safeguards which cap imports for 26 steel grades. Any steel imported above these limits will be subject...

Lithium Argentina’s Cauchari-Olaroz Project in northern Argentina aims to produce 85,000 tons of battery metal per year by 2029. This is more than triple the output last year, according to Executive Vice President Ignacio Celorrio. This is one of six projects in Argentina that produce lithium, which is used to make batteries for electric cars. Lithium Argentina (listed in Canada and the U.S.) and Ganfeng Lithium, a Chinese company, are developing Cauchari-Olaroz in the Lithium Triangle, which spans Argentina and Chile, as well as Bolivia. Celorrio, speaking on the sidelines a lithium-related conference in Buenos Aires on Tuesday, said that...

Three sources familiar with the matter said that Mercuria is the first major commodity company to start physical trading of uranium. It joins banks Natixis, Citibank and others as the expected nuclear energy boom fuels the interest in this niche market. Sources said that Mercuria started trading uranium earlier this year. Two sources confirmed that Citibank and Natixis both launched uranium trades this year. The information provided by the three sources is confidential, so they asked that their names not be disclosed. Citi and Natixis (part of French financial group BPCE) declined to comment. Three new banks will be competing...

Two sources familiar with the matter have confirmed that Open Mineral, a Swiss metal trader, is under investigation by both the State Secretariat for Economic Affairs in Switzerland (SECO) as well as Zug Police for alleged dealings involving sanctioned Russian Gold. After the Russian invasion of Ukraine in 2022, Switzerland imposed sanctions on Russian gold in August 2022. These sanctions included gold. "We fully cooperate with the authorities, and we welcome this new development in the hope that it will accelerate the resolution." Open Mineral responded to a comment request by saying that business is continuing as usual. A spokesperson...

According to the U.N. Human Rights Office, M23, a rebel group backed by Rwanda, Congolese forces, and other armed organizations have committed grave rights violations, including some that may be considered war crimes in eastern Democratic Republic of Congo. A new report from the U.N. Human Rights Office Fact-Finding Mission stated that M23, Congolese forces, and other groups were responsible for gross violations to international humanitarian law ever since fighting broke out in North and South Kivu late last year. In a press release, U.N. Human Rights High Commissioner Volker Turk called for accountability for the victims. There was no...

Investors worried about the health of the British economic system prompted a rebound in UK shares on Wednesday, after the session before had seen the worst day for nearly five months. Both the blue-chip FTSE 100 index and the domestically focused midcap index closed at 0.7%. Investors' anxiety over the UK's ability get its finances in order led to a lower closing of the stock market on Tuesday. In Tuesday's session, the yield on 30-year gilts rose to its highest level since 1998. Andrew Bailey, Governor of the Bank of England, told a hearing of a committee that it is...

SMG Swiss Marketplace Group, an online platform for real estate and auto sales, announced on Tuesday its intention to float. This is a sign that the European IPO market has been reviving after a long period of stagnation. TX Group owns 30.7% of SMG. TX Group stated that the timing of its planned IPO is dependent on market conditions. Further information will be provided in due time. The company did not specify how many shares will be offered in the floatation, but stated that it has no intention of selling any of its stock. TX Group said that it was...

The average CEO salary at Swiss blue-chip firms will rise 7.4% annually to $8.3 million Swiss Francs ($10m) by 2024, according to proxy advisory firm Ethos. This is still below the U.S., UK and continental Europe levels, but remains among the highest in Europe. In a study on CEO compensation, the median CEO earnings in the United States were $24 million and in Britain they were 7.3 million. The Swiss CEOs earned 7.1 million. Ethos reported that the increase in the average CEO salary at the 20 largest Swiss companies was largely driven by the Partners Group. Growth at Partners...

Chile's copper state commission has lowered its estimate of growth for 2025, saying that it expects a 1.5% increase from last year. This is half the growth estimated by the commission in May, which was 3%. Cochilco announced on Wednesday that the production of the world's largest copper exporter will reach 5.58 millions metric tons in this year. The commission also maintained its forecast for copper prices to average $4.30 per pound in 2025-2026. The Commission said that the decline in growth forecast was due to the June decrease in production of BHP's Escondida Mine, the world's largest copper deposit,...