Switzerland

Aramco, the Saudi oil giant, announced on Monday that it had signed a joint-development agreement with BYD, a Chinese manufacturer of electric vehicles (EVs), to explore collaborations in the development and production of new energy vehicle technology. The agreement signed by Aramco's Saudi Aramco Technologies Company aims to improve vehicle efficiency and environmental performance as the Kingdom intensifies its efforts to transition to cleaner mobility. The deal was announced after the U.S. electric vehicle maker Tesla officially launched its presence in Saudi Arabia on April 10 with an event held in Riyadh. The company wants to boost global sales which...

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....

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...

The UK's FTSE 100 ended flat on Wednesday as investors remained cautious ahead of the U.S. Federal Reserve interest rate decision that would be made later in the day. Energy stocks also helped to keep declines at bay. The blue-chip FTSE 100 index was barely changed while the domestically focused FTSE 250 Index edged up 0.1%. The energy sector led the gains in all sectors, boosted by rising oil prices and hopes for a rise in U.S. demand and a limited ceasefire between Ukraine & Russia. . The Fed's decision to change its policy will be the highlight of a...

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...

The United Nations Environment Programme announced on Monday that a new round will be held in Geneva from 5-14 August to negotiate a global treaty on plastics. This follows the failure of countries to reach an agreement on parameters for a final deal in December last year in Busan, South Korea. The final meeting of the U.N. Intergovernmental Negotiating Committee, INC-5 in Busan, was supposed to be the last one. However the countries remained divided on the scope of a global treaty. They could only agree to defer key decisions until the next session which will be called INC 5.2....

Here are the key factors that could affect Swiss stocks Thursday: CLARIANT AG TotalEnergie has been accused of violating the 2020 Competition Law. The company says it denies these allegations. MEYER BURGER TECHNOLOGY AGR The bondholders have approved the changes to the convertible bonds that mature in 2027 or 2029, to inject new capital into business. FEINTOOL HOLDINGS AG The company did not provide any guidance for the year 2025. It cited continued low visibility in Europe. KUDELSKI - The company plans to eliminate 160 jobs as part of its restructuring in 2025. BUSINESS STATEMENTS SULZER AG: The company reported...

On Thursday, a top Swiss court found that a former Gunvor employee had corrupted officials in the Republic of Congo for oil contracts. This is the first time that a corruption case in Switzerland's commodities trading industry, worth $80 billion, has been brought to court. This follows the conviction of Trafigura, a rival trading firm, and a former executive in a corruption case involving Angolan Oil Deals last month. The Swiss Federal Criminal Court released a statement on Thursday that the ruling concerned bribes worth over $35 million, intended at least in part for Congolese officials, over an 18-month period...

The European price of liquefied gas (LNG), currently trading at a premium compared to Asia, is reaching levels which will begin to hurt demand, said the CEO of global energy and commodities firm Vitol on Wednesday. "Europe is attracting more LNG, and the European price now exceeds the Asian price." Russell Hardy, speaking at the India Energy Week in New Delhi, said that it is usually the other way around. The higher European prices and lower temperatures have led to a greater demand for LNG in the region. Hardy stated that Europe will have sufficient gas to replenish its gas...

The oil prices were little altered on Wednesday, after volatile trading the previous session. Investors shrugged off China's tariffs against U.S. imports of energy. President Donald Trump's renewed efforts to eliminate Iranian crude exported provided some support. Brent crude futures fell 18 cents or 0.24% to $76.02 per barrel at 0210 GMT. U.S. West Texas Intermediate (WTI), a crude oil produced in the United States, lost 9 cents or 0.12% to $72.61 Oil traded across a range on Tuesday, with WTI dropping at one point to its lowest level since December 31, after China announced tariffs against U.S. imports for...

These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch for the accuracy of these reports. Headlines – Starmer urges EU leaders to re-engage the UK at their meeting. – Thames Water faces new opposition to its emergency fundraising plan. – Anglo American Chief warns Trump tariffs to push up mining costs for years. Activist Elliott bought stakes in Smiths Group before announcement of breakup. – UK plans possible retaliation should Trump impose tariffs on British products. ­– Swiss watchdog begins enforcement action against Julius Baer. Overview - British PM...

The Financial Times reported that the global oil demand will remain stable until at least 2040. The report cited the long-term outlook of the company, which was seen by the newspaper. Vitol didn't immediately respond to an inquiry for comment. In the report, the company stated that despite efforts made to reduce carbon emissions through the transition to cleaner fuels by switching to cleaner fuels and growing populations, oil demand would continue to grow. The report stated that Vitol, which is the largest independent oil trader in the world, expects the global oil demand to drop by 4.5 millions bpd...

Official data show that the gold, which traders had been shipping to New York as a precautionary measure against possible U.S. import tariffs on bullion, is now being sent back to Switzerland. Swiss customs data released on Thursday revealed that gold imports to Switzerland from the U.S. reached a 13-month high in March of 25.5 tons, up from 12.1 tonnes in February. The Swiss gold exports to the U.S. dropped 32% on a month-to-month basis to 103.2 tonnes. U.S. gold warehouses, approved by Comex and part of CME Group, have experienced eight days of gold outflows. Daily Comex data revealed...

Three people familiar with the matter said that TK Elevator owners are considering the United States for a possible initial public offering (IPO) next year, despite the market turmoil caused by U.S. Tariffs, which has slowed the pace of dealmaking. The people, who spoke on condition of anonymity as the matter was private, said that the discussions are still at an early stage, and the preparations will be formalised by the end of 2025 with a view of conducting a company sale or listing next year. People said that the business would likely be valued at over 20 billion euros...

Ursula von der Leyen, President of the European Commission, held a conference call on Monday with representatives from the metals sector. She then spoke to the automotive industry to discuss ways to respond to U.S. Tariffs. The calls were to gather data to inform future countermeasures, beyond Brussels' response to Washington's tariffs on steel. This will be voted upon later this week. On Tuesday, a call will be held with the European Pharmaceuticals Industry. On Monday, European and Asian stocks and oil prices plunged on fears that U.S. president Donald Trump's tariffs could increase prices, weaken the demand and even...

Sources and a letter indicated that Ursula von der Leyen, President of the European Commission, spoke with representatives from the metals sector on Monday. She then addressed the automotive industry to discuss ways to respond to U.S. Tariffs. The calls were held to gather more information to strategise future trade countermeasures, beyond Brussels' forthcoming response to Washington's steel duties that have been announced previously and which will be voted upon later this week. Tuesday is set for a third call with representatives of the European pharmaceuticals sector. Investors feared that the tariffs Trump announced last weekend could lead to higher...

According to internal memos and sources, the former head of Mercuria's Beijing office will join China's largest oil refining group Rongsheng Holdings as a senior executive. Li Xinhua will assist Xiang Jingjiong as president of Rongsheng Holdings. Li will be responsible for Rongsheng’s coal, petrochemical and oil trading businesses in Singapore, according to sources who declined to name themselves as the move had not yet been announced. Rongsheng has not yet commented. Li has been with Mercuria in Geneva for 17 years, one of the top four commodities and energy traders on the planet. Li's new role is to grow...

The erratic policies of U.S. president Donald Trump have given Europe a sudden spur to action. However, any "Europhoria," about the chances for a lasting revival in this region is probably premature. Germany's plans for hundreds of billions in defence and infrastructure spending is perhaps the best example of how Germany has responded to Trump's tariff threats and questions about America's future role as a security force in Europe. The growth forecasts for the Eurozone economy have also been revised upwards. Investors are abandoning U.S. stock for the long-neglected European stocks as the euro has increased. While some analyst notes...

Investors remained cautious ahead of the U.S. Federal Reserve's interest rate decision scheduled for later that day. The blue-chip FTSE 100 dropped 0.2% at 7.40 GMT. Compass Group was among the biggest losers in the blue-chip index. Its shares dropped 4%, after Exane BNP Paribas lowered the stock's rating from "outperform" to "underperform." Metal miners are weakening, with Fresnillo down 2%. Glencore dropped 1.5%, while Anglo American fell 1.3%. This was after HSBC lowered price targets for both mining companies. The Federal Reserve's decision to change its policy is the highlight of a week that has been packed with meetings...

Ferrexpo, a miner with a focus on Ukraine, announced a loss of $2 million due to an impairment charge. It also said that it had sent a formal warning to Ukraine regarding its efforts to nationalise Poltava Mining and Processing Plant, the company's biggest mine. Shares of the company fell as much as 14.8 percent. Since the beginning of the Russia-Ukraine War in February 2022, they have dropped by 67%. The company reported a loss of $50 million for 2024, due to an impairment charge of $72 million caused by a decrease in the carrying value and cash flow. Ferrexpo...

Holcim announced better-than expected earnings for its fourth-quarter on Friday, as the building materials firm gave more details about its plan to spin-off its North American operation. Holcim's recurring operating profit rose 4.4%, to 1.17 billion Swiss Francs ($1.30billion), exceeding analyst consensus estimates of 1.14 billion Swiss Francs. Sales of 6.47 billion Swiss francs by the cement manufacturer in the three-month period ending December were down 1.9% compared to a year ago. This was in line with expectations of 6.45 billion francs. Holcim said on Friday that it has filed with the United States Securities and Exchange Commission about its...

The Botswana government signed on Tuesday a long delayed diamonds sales contract with Anglo American's De Beers unit, expressing the hope that it will create jobs in an economy which is struggling. The negotiations began in 2018. The two sides agreed on terms in 2023, under the previous Botswana president. However, they never signed a formal agreement. The new president Duma Boko, who came to power in October last year, made the signing of the De Beers deal a top priority. The deal is crucial to Botswana, as its economy is heavily dependent on diamond exports. "We are confident that...

Former Glencore executives and Lundin executives set up a mining shell company in order to buy gold, silver, and copper assets across the Americas. The aim is to tap into estimated $15 billion of capital available held by private equity firms. Matthew Rowlinson was the head of copper business at Glencore and Kololian is a former chief financial officer for Toronto-listed Lundin Gold. Together, they have set up Moranda Metals. The potential for shortages of minerals, which are seen as essential for the energy transformation, has been exacerbated by years of underinvestment. Kololian said, "We are sat with high commodity...

The European share market reached a new high on Tuesday, as defence stocks rose on the prospect of higher military spending in the area. However, a Capgemini led drop in IT shares capped the gains. The STOXX 600 pan-European index rose by 0.2%, to a new record of 555.42. The aerospace and defense index jumped 1%. After European Commission President Ursula von der Leyen announced that the Commission would propose an exemption for defense spending from EU budget limits, the sector grew by 4.6% Monday. This is its largest one-day increase since Russia invaded Ukraine, in February 2022. Defense stocks...