Switzerland

Glencore is no longer stockpiling electric car battery material cobalt, its CEO Gary Nagle stated on Wednesday, adding though that the marketplace was likely to stay in surplus for another 1820 months. In August in 2015, Glencore said it had actually stockpiled cobalt in the first half of 2023, cutting supplies to the market to assistance costs of the metal. Large surpluses of cobalt created by speeding up production of the metal over the in 2015 in leading producer Democratic Republic of Congo have actually pressed cobalt costs to around $12 a pound, the lowest considering that 2016. Our finest...

Glencore's former head of oil Alex Beard has actually been charged with bribery offenses relating to the Swiss commodity trader's operations in Africa, Britain's Serious Scams Office (SFO) stated on Thursday. Beard, 56, is charged with 2 conspiracies to make corrupt payments to government officials and authorities of state-owned oil business in Nigeria in between 2010 and 2014 and in Cameroon between 2007 and 2014, the SFO stated. He is among five ex-Glencore staff members charged with conspiracy to make corrupt payments and is the most high-profile commodity trader to have been charged in Britain for declared corruption. Beard joined...

Glencore on Tuesday left its 2024 production assistance unchanged for most metals and lifted coal to show the acquisition of Teck's steelmaking coal system, saying it will announce whether it will separate its coal possessions at its halfyear financial outcomes next week. The miner and trader this month finished a deal to buy the bulk of Teck's coal organization. We are now in the process of consulting with investors to examine their views concerning the potential demerger of our coal and carbon steel products organization, CEO Gary Nagle stated in a release. We expect to be able to reveal the...

The following are the top stories in the Financial Times. has not validated these stories and does not guarantee their accuracy. Headings - WPP lines up former BT boss Philip Jansen as its new chair - Vitol's senior staff members paid a record $6.4 billion last year - NHS guard dog blocks AstraZeneca breast cancer drug - UK regulator considers rolling back insurance coverage rules for big business Introduction - WPP is set to pick former BT chief Philip Jansen as its brand-new chair, ending a lengthy search for a conference room heavyweight to help the UK-based marketing group through...

Plenitude, the retail and eco-friendly organization of Italian energy company Eni, is all set to list on the Milan bourse as soon as market conditions allow it, its Chief Executive Stefano Goberti said on Wednesday. Eni needed to freeze Plenitude's initial public offering ( IPO) in 2022 due to the energy crisis set off by Russia's. intrusion of Ukraine. After that, Eni participated in talks with investors and signed a. offer last December with Energy Infrastructure Partners (EIP). under which the Swiss fund got 7.6% of the company through a. reserved capital increase. The offer does not imply that Plenitude....

International commodities trader Glencore has won a tender to provide petroleum to Prax's. 113,000 barrel per day Lindsey oil refinery in Britain,. replacing rival trader Trafigura, 3 sources with knowledge. of the deal informed . The deal boosts Glencore's oil trading operation, and. follows the current joint acquisition of Shell's Singapore. refinery and petrochemical assets with Chandra Asri. UK-based independent oil business Prax selected one of the most. commercially advantageous offer in a tender procedure that. begun in the 4th quarter of in 2015, according to a. declaration released to . The business decreased to reveal. information of the contract,...

European gas costs jumped to a sixmonth high on Monday after Norway's gas exports to Europe fell sharply as a shutdown of the offshore Sleipner hub halted operations at the Nyhamna onshore processing plant. The benchmark front-month contract at the Dutch TTF hub rose by 2.57 euros to 37.17 euros per megawatt hour ( MWh) by 1443 GMT, its highest intraday level given that early December, while the August agreement included 2.35 euros to 37.15 euros/MWh, according to LSEG information. In the British market, the day-ahead agreement was up 8.25 pence at 91.75 cent per therm and the July agreement...

Australia's Queensland state will prohibit carbon capture and storage in a giant aquifer that spans much of its area, the state federal government said on Friday, after an outcry from farmers who said such projects could poison their supply of water. The decision closes one path to decarbonisation in Queensland, which intends to minimize its greenhouse gas emissions by 75% from 2005 levels by 2035 and achieve net no by 2050. The state had currently this month obstructed a plan by mining giant Glencore to bury melted carbon dioxide caught from a coal-fired power plant in part of the aquifer....

LONDON, May 28 - Dutch and British wholesale gas rates mostly decreased on Tuesday early morning on higher Norwegian exports and above-normal wind power output. The benchmark front-month contract at the Dutch TTF center was down 1.43 euros at 33.80 euros per megawatt hour (MWh) at 0755 GMT, according to LSEG information. The July agreement was down 1.00 euro at 34.10 euros/MWh, while the British month-ahead agreement inched down by 0.45 pence to 81.60 cent per therm. Circulations from Norway are rebounding following outages and the existing upkeep schedule from the start of June will have a. negligible impact from...

The following quotes, mergers, acquisitions and disposals were reported by 1930 GMT on Friday: ** Spanish bank BBVA asked stock exchange manager CNMV to authorise its 12.23-billion-euro hostile takeover offer for smaller rival Sabadell, a potential tie-up of lenders that Madrid opposes. ** Swiss personal bank Julius Baer held talks with EFG International about a possible takeover in current months however the discussions have stopped, individuals with knowledge of the matter told . ** British IT services group Redcentric is in the early stages of talks over a sale of the company to Milan-listed Wiit medspa, it stated. ** Private...

A wave of civil unrest in New Caledonia, a French abroad territory in the southern Pacific that is a leading nickel manufacturer, has stopped mining operations and supported a rally in rates for the metal. Here's why New Caledonia's nickel industry matters politically and on international markets. HOW BIG IS NEW CALEDONIA'S NICKEL SECTOR AND WHO RUNS IT? New Caledonia holds the world's 5th biggest reserves of nickel, a metal mainly utilized in stainless-steel and increasingly for electrical automobile batteries, and in 2023 ranked No. 3 worldwide in terms of mined nickel. The archipelago's nickel mining market dates back to...

Vivo Energy, owned by global commodities trader Vitol, will invest an initial 10 billion rand ($ 550.79 million) in its South African operations following its merger with Engen, South Africa's trade minister Ebrahim Patel said on Wednesday. The financial investment belongs to a range of public interest and competition dedications, created to prevent task losses and continue supply agreements with local refineries, that domestic regulators looked for when the merger was considered. The business (Vivo) has devoted to a minimum of about 10 billion rand over the next 5 years to be bought areas like green energy, facilities and the...

Battery startup Morrow on Friday opened Norway's first battery cell production site on the nation's south coast, with plans to provide the initially units by the end of the year and adding more production step by action. Battery cell production is one new market Norway is keen to get in, hoping to gain from access to green power and proximity to European consumers keen to source batteries away from China. Established in 2020, Morrow Batteries will at first utilize existing lithium iron phosphate (LFP) technology and its plant in Arendal, southern Norway, is Europe's first gigawatt LFP factory. The crucial...

All Brazilian gold imports by Germany and 71% by Italy originate from locations of the Amazon where unlawful mining is widespread, a think thank said on Tuesday, requiring increased European scrutiny. All 1.3 tonnes (2,866 pound) of gold that Germany imported from Brazil in 2023 originated from the state of Amazonas, a study by Sao Paulo-based Instituto Escolhas utilizing federal government data revealed. Italy imported 356 kg (784.85 lb) of Brazilian gold last year, including 254 kg from the states of Pará and Sao Paulo, stated the report called Europe's Risky Gold. Wildcat gold mining, referred to as garimpo in...

Petrochemical producers in Europe and Asia are in survival mode as years of capability accumulation in leading market China and high energy costs in Europe have depressed margins for three successive years, forcing firms to combine. Here's a take a look at consolidation moves by major producers sumitacross the globe. EXXON MOBIL ExxonMobil Chemical France revealed in April it would shut down the steam cracker and close chemical production at Gravenchon this year, adding that the website has lost more than 500 million euros because 2018 and remains uncompetitive. FORMOSA PETROCHEMICAL The Taiwanese petrochemical giant has actually been operating only...

Glencore has developed 25,000 metric lots of unsold zinc due to the fact that of the growth and rampup of its Zhairem operation, part of its Kazzinc company in Kazakhstan, the business stated on Wednesday throughout a briefing call. We've had an accumulation in some stock, particularly in Kazakhstan in our zinc organization, so we've produced about 25,000 tonnes more than we offered ... Stocks will remain around the 25,000 level, said Glencore's primary monetary officer, Steven Kalmin. ( Zhairem) remains in quite a remote location and it's quite a. range from the processing centers, he said. A few of...

Glencore will not spin off its coal organization after securing backing from the majority of its financiers who see profitable profits from the fossil fuel after the products giant's. recent acquisition of Teck Resources' coking coal. possessions, it stated on Wednesday. Lack of financial investment in brand-new coal possessions and a realisation that. the fuel will stay part of the global energy mix for many years to. come is most likely to underpin tight supplies and high costs which. investors anticipate will continue to enhance Glencore's revenues. The London-listed miner had actually been canvassing investors on. whether to keep the...

Worldwide markets have begun the week in full selloff mode, with measures of volatility shooting up by the most on record in a single day, while equity futures and cryptocurrencies plummet, restoring memories of past crises. There is no lone trigger for these moves, however data on Friday that showed the U.S. economy did not produce as lots of jobs as expected in July has actually been a significant catalyst. An increase in Japanese rates of interest on July 31 has made bets on a cheap yen - a number of which financed purchases of possessions with much better returns...

India's gold need in the June quarter fell 5% from a year ago, but intake in the second half of 2024 is set to enhance due to a correction in regional rate following a steep decrease in import taxes, the World Gold Council (WGC) stated on Tuesday. Higher purchases on the planet's second-biggest gold consumer could support worldwide benchmark rates, which are trading near record highs. The current 9 portion point reduction in import duty on gold, carried out before the primary festival season beginning in September, is anticipated to revive gold need, additional supported by excellent monsoon rains, said...

Heidelberg Products on Tuesday published a 5% boost in secondquarter operating earnings, regardless of a slump in sales and what it called a constantly challenging environment. The group said its arise from present operations (RCO). increased to 971 million euros ($ 1.05 billion) in the April-June. duration, although it missed analysts' projection of 981 million. euros based on a company-compiled agreement. This remained in contrast to the business's sales, which fell. 2% to 5.51 billion euros. Experts had forecast sales of 5.50. billion euros. Heidelberg blamed the recession on weak building and construction. activity due to higher rates of interest...

Financiers are ditching some of this year's favourite trades as a retreat in the glitzy megacaps threats growing out of control into a multipronged selloff that has hit everything from cryptocurrency to gold, and made calling the market's next relocation ever more intricate. Shares on Wall Street ended lower on Thursday, adding to losses after the S&P 500 and Nasdaq on Wednesday suffered their worst day considering that late 2022. The 2024 everything rally - stocks, and particularly tech, up; gold and crypto - up; dollar - up; emerging markets, up - might be on hold. A diverse set of...

Investors are dumping some of this year's preferred trades as a retreat in the glitzy megacaps threats growing out of control into a multipronged selloff that has struck everything from cryptocurrency to gold, and made calling the market's next relocation ever more complex. Shares on Wall Street on Wednesday suffered their worst daily selloff since late 2022, with the tech-heavy Nasdaq Composite dropping 3.6% and the S&P 500 down 2.3%. Both determines pared a few of those losses as they rebounded on Thursday afternoon. The 2024 whatever rally - stocks, and especially tech, up; gold and crypto - up; dollar...

Investors are dumping some of this year's favourite trades as a retreat in the glitzy megacaps has actually grown out of control into a multipronged selloff that has hit everything from cryptocurrency to gold, and made calling the market's next relocation ever more complex. Shares on Wall Street on Wednesday suffered their worst daily selloff considering that late 2022, with the tech-heavy Nasdaq Composite dropping 3.6% and the S&P 500 down 2.3%. Both evaluates edged lower again in early cash trades on Thursday. The 2024 whatever rally - stocks, and especially tech, up; gold and crypto - up; dollar -...

India's silver and platinum imports from the UAE, previously benefiting from concessionary responsibilities under a trade arrangement, have ceased as New Delhi's move to lower import taxes eliminated the duty arbitrage that bullion dealers were making use of, trade and government officials informed . The world's second-biggest bullion customer slashed import responsibilities on gold and silver on Tuesday to 6% from 15%. After the reduction, there is no reward to bring silver or platinum into India under the Comprehensive Economic Collaboration Contract (CEPA) signed in between India and the UAE, stated Prithviraj Kothari, president of the India Bullion and Jewellers...