Switzerland

Germany's chemical industry lobby VCI does not expect a sector upswing before 2026, even though the rapid downtrend the chemical-pharmaceutical industry has seen in recent years seems to be over, it said on Thursday. VCI reported that the chemical industry, including pharmaceuticals, recorded sales of 107.6 billion euros ($124.66 billion) during the first half 2025. This was down 0.5% compared to a year ago, due to lower output in industry as companies announced plant closures and layoffs. The situation is still tense. "Our industry has produced about 15 percent less in the first half of the year than it did...

Bunge Global, a global agribusiness, announced that it had officially closed the long-delayed $34 billion mega deal with Glencore-backed Viterra. This announcement was made two years ago. The merger creates a global crop trading and processing giant that is poised to rival agribusiness giants Archer-Daniels-Midland and Cargill, at a time when slumping grain prices, weak crop-processing margins and geopolitical tensions have eroded profitability in the sector. Bunge closed Wednesday's trading 1.4% higher. Bunge, based in Missouri, has experienced a dramatic turn-around since the deal was announced. In April 2019, Greg Heckman took over as CEO of the company after Soren...

On Saturday, a senior Iranian official claimed that the proposals made by European powers during talks in Geneva on his country's nucleo programme were "unrealistic", and that it would be hard to reach an agreement if they stuck with them. On Friday, there were few signs that progress had been made after the E3 (Britain, France, Germany and the EU) and their Iranian counterpart met to try and prevent the conflict between Israel, Iran and the EU from escalating. The Europeans' discussions and proposals in Geneva were unrealistic. "Insisting on this position will not bring Iran or Europe closer to...

The company reported on Tuesday that an affiliate of Gold Reserve miner submitted a bid in the top period of the U.S. Court-organized auction for shares of the parent company of Venezuelan-owned U.S. refiner Citgo Petroleum. According to the Delaware court calendar, after the court selected a $3.7billion offer from an affiliate of Contrarian Funds this year as the starting bid, competitors may submit better bids in the topping period until June 18. The court officer who was overseeing the sale process last month stated that the resolution of parallel cases pursuing the same assets which are being auctioned off...

VCI, the industry lobby, said that the quarterly sales of the German chemical industry increased by 1.8% compared to last year. This was due to higher demand, and the pull-forward effect from U.S. clients stocking up. The industry has been strained by high production costs, increasing bureaucracy, and a stagnant economy in Germany. Tariffs from the United States have made the situation worse. VCI reported that sector-wide sales increased to 54.8 billion euro ($61.73billion) in the first three months, up 4.4% from the previous quarter. The German chemicals association has confirmed its annual forecasts for Germany’s third-largest industry despite the...

According to a late Thursday court filing, a U.S. court official overseeing the auction of shares of Citgo Petroleum's parent company in Venezuela has proposed opening a 30-day period for bids on April 28. The final winner of the process will be chosen on June 11. The Delaware Judge Leonard Stark must approve the proposed calendar. It follows confirmation of a $3.7 Billion starting bid from Contrarian Funds affiliate Red Tree Investments. Red Tree's "stalking horse" bid was selected, and the 16 creditors who remain in this 8-year old case began a fight. Some parties thought the offer was too...

Puma Energy, a Trafigura-owned refinery products company, reported a 5% increase in net profit for 2024 in financial results published on Thursday. This is the third consecutive year that the business, which was once in a state of struggle has made a profit. Trafigura, a global commodity trading company, bought Sonangol’s stake in Puma Energy (then a loss-making company) in 2021. It took full control of the company and integrated it to its company as a way to increase its downstream market share. The company announced that its net profit was $39million. The company will not be paying a dividend....

The lifting of sanctions against Russian energy will likely be gradual and patchy. This means that the return of Russian oil and gas beyond Asia in the near term is unlikely to be significant. The heads of Vitol Mercuria Trafigura Gunvor, who used to dominate the Russian oil trade prior to the 2022 invasion in Ukraine, said at the FT Commodities Global Summit held in Switzerland that they would be very cautious when trading Russian volumes. None of them, however, excluded the possibility of supplying Russian energy. This demonstrates a radical change in approach that is being considered by industry...

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 had engaged in...

Austria's three-party ruling coalition announced on Tuesday that it plans to overhaul the energy market in order to lower costs for consumers, and develop an industrial strategy to boost weak economic growth. Ministers of the newly formed centrist coalition met in their first working retreat to develop plans for tackling the nation's ballooning budget deficit and reviving an economy that had been contracting over the past two year. Austria has also been working to find reliable energy sources since it weaned itself off Russian gas late last year, when the natural gas supply was suddenly shook up. Christian Stocker said...

Austria's three-party ruling coalition announced on Tuesday that it plans to overhaul the energy market in order to lower costs for consumers, and develop an industrial strategy in order to boost weak economic growth. Ministers of the newly formed centrist coalition met in their first working retreat to develop plans aimed at reducing the country's ballooning budget deficit and reviving an economy that had been contracting for the last two years. Austria has also been working to find reliable energy sources since it weaned itself off Russian gas in the wake of a sudden shakeup of natural gas supply late...

Mark Russell will replace Hadi Hallouche as the chief executive officer of Trafigura's downstream energy company Puma Energy. Trafigura, a Swiss company, said that Hallouche would work as co CEO with Russell until June's end. Hallouche, who is the CEO of Puma, has held this position since October 20, 2021. Prior to that, he was Trafigura’s Asia Head of Oil and Global Head of Liquefied Natural Gas. He was previously an LNG trader at Shell. Richard Holtum, who replaced Jeremy Weir in January as Trafigura's group CEO, is the latest Trafigura leader to leave. This was followed by a number...

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...

Ferrexpo, a Ukrainian miner with a focus on Ukraine, said that the Commercial Court of Poltava accepted a request to open bankruptcy proceedings of Ferrexpo Poltava Mining. Ferrexpo shares dropped 6.6% to 65p after the announcement. The company stated that while the application was accepted, formal bankruptcy proceedings have not yet been initiated against the unit. The court has set a preliminary court hearing on May 27 to consider the bankruptcy petition. Ferrexpo has been involved in legal disputes with Ukraine since 2022 when its controlling shareholder Ukrainian billionaire Kostiantyn Zhevago was arrested for embezzlement charges and his involvement in...

Holcim's shareholders approved Wednesday the separation and spin-off of its North American business, a move designed to take advantage of increased construction spending in the United States. Almost all shareholders supported the decision to separate the company into two companies, Amrize and Holcim, which will focus on North America. Holcim will provide building materials for the remainder of the world. The spin-off should be complete by the end June. The listing will be done via a 100% share spin-off for Holcim's shareholders. The new company stock will trade on the New York Stock Exchange, and also on the Six Swiss...