Switzerland

The companies announced on Friday that Gecamines, Congo's state-owned miner, is working with Swiss commodities group Mercuria in order to increase transparency and revenue for the world's largest cobalt producer. The Democratic Republic of Congo is also a major supplier of copper. It has undertaken reforms to gain more control over the mining output of its country and increase its global influence. In October, it introduced a cobalt export quota to reduce oversupply. Last month, the country launched its first batch traceable artisanal copper. Gecamines, based on the memorandum it signed earlier this summer, will have direct control over its...

The companies announced on Wednesday that Glencore, a Swiss miner and trader, and Chilean state-owned copper producer Codelco have signed a preliminary agreement to work together on a smelter in Chile. Codelco will provide the copper concentrate, and Glencore will build the smelter, which has a processing capacity of about 1.5 million tons per year, in Antofagasta in the northern part of Chile. Experts in the industry say that a project this large would require an investment of $1.5 billion - $2 billion. Glencore will carry out a feasibility study and the companies aim to finalize the agreement by the...

Local media reported that Bulgaria was drafting changes to its laws to allow it to take control of the Russian oil company Lukoil’s Burgas Refinery, which has been sanctioned by the U.S. Burgas, Bulgaria's sole oil refinery, was an important part of Lukoil’s international business empire. This began to crumble in recent days, after the U.S. and Britain imposed sanctions last month on Russia’s two largest oil firms over Moscow’s war in Ukraine. Mediapool, a Bulgarian outlet, reported the draft legislation on Wednesday. It would allow a special manager to supervise the sale of Burgas Oil Refinery. The owner, Lukoil,...

Local media reported that the ruling party of Bulgaria plans to introduce legislation to allow a special manager to supervise the sale, if one is appointed, of the Burgas Oil Refinery owned by the Russian oil company Lukoil sanctioned by the United States. Mediapool in Bulgaria reported the draft document. It would allow a special manager the right to sell an asset. The legal owner of the refinery would not have the right to vote or appeal. Last month, the U.S., Britain, and France imposed sanctions against Russia's biggest oil companies Lukoil, and Rosneft over Moscow's conflict in Ukraine. This...

Sources claim that the Russian oil giant Lukoil struggles to maintain operations at its vast foreign businesses, as Western sanctions disrupt oil loads in Iraq, pumping stations in Finland, and trading in Switzerland. Last month, the United States and United Kingdom imposed sanctions against Russia's second largest oil company. This has complicated its operations. The U.S. Treasury Department has issued a license giving companies until 21 November to end any transactions with Lukoil or Rosneft, the number one oil producer. Sanctions are being felt in all regions where the company is active. Iraq's Somo, the state-owned firm, has cancelled the...

As early quarter results show businesses adapting to President Donald Trump's new tariffs, the outlook for European corporate health is slightly better, according to the latest earnings estimates released on Tuesday. According to data from LSEG, European companies will report an average growth of 0.4% for their third quarter earnings. This is higher than the 0.2% analysts expected just a week earlier. This would still be the lowest quarterly performance since the beginning of 2024. Early Results Beat Analyst Expectations So far, 96 companies in the index have reported their earnings. Of these, 56.3% exceeded analyst expectations. Volvo Cars is...

The dollar was higher against the Japanese yen as traders awaited the delayed release on Friday of U.S. consumer price inflation data and considered the new U.S. sanctions imposed on Russian oil companies that boosted oil prices. The U.S. Dollar Index, which measures the greenback in relation to a basket, was almost flat last week at 98.925. The main focus of the week is on the release of inflation data despite the U.S. government shutdown. This will help the U.S. Social Security Administration calculate its annual cost-of living adjustment for 2026. The Federal Reserve will closely monitor the numbers, even...

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...

In 2025, precious metals outperformed all other "safe haven" investment options. This is remarkable, especially in an year that was marked by turmoil, conflict and artificial intelligence bubble concerns. The market landscape for this year was shaped by a number of factors: a booming economy, politicians pushing for easy money, fading recession fears, an AI frenzy, and rising geopolitical tensions. Precious Metals outperformed almost everything else. Silver and platinum have more than doubled and gold has risen over 60%. This is its biggest jump since 1979's oil crisis. This performance was far superior to the roughly 20% gain in global...

The following are the major factors that could affect Swiss stocks on Monday. HOLCIM The parties to the case reported on Monday that a court in Switzerland had decided to admit a lawsuit against Holcim, the Swiss cement manufacturer, which alleged the company was doing too little to reduce carbon emissions. The CEO of Swiss pharmaceutical giant Roche said on Saturday that the price of new drugs in Switzerland will be affected by the deals between 'pharmaceutical companies' and Washington, which aim to lower the prices of medicines?in the United States. Statements of Company * Novartis announced on Friday that...

Holcim announced on Tuesday that it had paid $550 million to acquire a majority stake in Cementos Pacasmayo in Peru, in order to expand the Swiss cement manufacturer's presence in South America. Holcim will take a 50.01 % stake in Cementos Pacasmayo in the deal, which values the Peruvian firm at $1.5 billion, including debt or $1.1 billion in equity value. According to the Peruvian law on takeovers, Holcim is required to offer more shares of the 'company and will likely increase its stake in the company, Holcim said. Cementos Pacasmayo expects sales of $630 millions for 2025, with a...

The United States Development lender announced on Friday plans to take a stake to market Congo minerals, which could give U.S. users of copper and cobalt the right to first refusal. The U.S. and China are in a heated competition to gain access to minerals that are crucial to the manufacture of everything from cars to iPhones. Congo has 72% of the world's cobalt reserves, and supplies 74% of that amount. Many of these mines are artisanal. The plans for investment were revealed a day after U.S. president Donald Trump hosted leaders of Rwanda and the Democratic Republic of Congo...

Melanie Joly, Minister of Industry for Canada, announced on Wednesday that the merger between Anglo American Resources and Teck Resources would be subject to a review by Canada's national security agency. Joly said Ottawa will also make a final decision within the next few months. She told reporters via a teleconference that "the national security review of any transaction is always a part of the procedure... we are following the process." Teck shares were up 1% at midday in Toronto. Anglo American's shares closed Wednesday with a 2.4% gain at the London Stock Exchange. A proposed deal worth $53 billion,...

Residents of Pari Island sue Swiss Cement Maker Holcim Climate change is blamed for higher temperatures and warmer seas Indonesian coastline is being eroded by mangroves. By Leo Galuh The Women's Group of Pari Island is hoping that mangroves will protect its coastline from rising sea levels, tidal flooding, and stronger waves. Mangroves absorb greenhouse gases, which are harmful to the planet. The sea has changed. "It's hotter and rougher. It scares us," Asmania, a mom of three, said as she dug her hands in the sand below the shallow sea. Pari Island, near Jakarta's capital, is home to only...

ABB, the Swiss engineering group that has been restructured to focus on industrial automation and electrification, raised its profit margin target on Tuesday. The company is targeting an operating profit margin before interest, taxes and amortization of 18-22% in the next few year, up from 16-19%. ABB confirmed that it is on track to meet its sales targets. ABB's products are used in factories, buildings, mines, ports, and cruise ships to power them. ABB shares fell by 2.3% during pre-market trading. Analysts at Zuercher Cantonalbank stated that "there may have been higher expectation". ABB, based in Zurich, said it expects...

According to the Swiss government, a new trade framework agreement will allow the United States to reduce its tariffs from 39% on Swiss goods down from 15%. U.S. trade representative Jamieson Greer had said that the U.S. "basically reached a deal" with Switzerland and would reveal details later on Friday. The Swiss government announced that it would soon announce details. Greer told CNBC that the deal will see Switzerland moving "a lot" of manufacturing to the United States, including pharmaceuticals, gold-smelting and railway equipment. We're excited about the deal, and what it means for American manufacturing. Greer stated that the...

On Friday, the U.N. Human Rights Council held a special session to discuss the situation in al-Fashir in Sudan. States will be considering a request for an investigation into the reported mass murders that occurred as the city of Darfur fell under paramilitary control. A draft resolution would include a fact-finding investigation to identify those responsible for alleged violations committed in al-Fashir by the Rapid Support Forces (RSF) and their allies. In his opening remarks to delegates, U.N. Human Rights Chief urged the international Community to Act. "There's been too much show and pretense, but too little action." "It must...

Mercuria Energy Trading and Eurasian Resources Group have agreed to prepay up to $100,000,000 to Eurasian Resources Group as part of a three-year copper supply agreement, they announced on Thursday. Prepayments is an advance paid by buyers to producers. It's often used to ensure future supplies or to provide working capital in the commodity trade. Mercuria will receive copper from ERG, a Luxembourg-based company that produces copper in the Democratic Republic of the Congo. Shukhrat Ibragimov, Chief Executive Officer of ERG, said: "The agreement marks an important step towards deepening our partnership with global partners in our efforts to realize...

The Chinese-led expansion in Indonesia of aluminium production is expected to lead the global market in excess next year. This will result in lower prices for the metal used widely in the transportation industry. Three new smelters backed by China are close to completion, including Xinfa-Tsingshan Juwan in Weda Bay, Taijing at the Indonesia Morowali Industrial Park and the Adaro-Lygend Kaltara Project in North Kalimantan. Indonesia exported 325.293 metric tonnes of aluminium from January to August of this year. This is up 67% compared to the same period last year. Ross Strachan is an analyst with consultancy CRU. He said,...

Holcim reported on Friday a slight increase in its third-quarter profits, thanks to the company's shift towards more profitable products. This helped offset currency headwinds. Holcim is trying to increase its profitability by selling low-carbon concrete and cement, focusing on more complex products such as roofing and flooring and recycling demolition waste into new raw materials. Holcim increased its profit margin from 19.7% to 20.7% over the three-month period ending September 30, reducing the impact of an appreciation in the Swiss Franc, Holcim’s reporting currency. MARGIN EXPANSION DRIVEN DIRECTLY BY A FOCUS OF HIGHER-VALUE MARKETABLE PRODUCTS The CEO of the...