Switzerland

Investors are increasingly interested in whether this temporary boost can offset weak demand and the mounting competition of Asian producers. The Middle East conflict has tightened supply conditions, which have helped to support pricing. This has given breathing space to Europe's chemical sector. However, weak demand, overcapacity globally and increasing competition from Asia are still weighing on the long-term outlook of the industry. Investors are also interested in whether the companies have reported sustained volume gains or only temporary price increases, as well their outlooks for second half of the calendar year. Brenntag, BASF, and Evonik are among the chemical...

Clariant announced on Friday that it is rejecting the damages claim of 1.1 billion euros ($1.26 billion) filed by Dow 'Europe against four companies. The claim was made for an alleged violation of competition law in the ethylene buying market. In the past, Swiss specialty chemical manufacturers have received similar claims from OMV BASF and TotalEnergies. Dow announced in a letter to? that it filed a claim for "significant losses" sustained by its European operations, claiming the defendants' anticompetitive conduct lowered ethylene prices. The European Commission fined Clariant in 2020, Orbia of Mexico, and Celanese of the United States 260...

Venezuela is receiving cash, emergency aid and rescuers after two powerful earthquakes that shook the area around Caracas left thousands of people missing. Details of foreign aid are listed below: UNITED NATIONS U.N. humanitarian?body reported that 25 international teams with 1,000 personnel total had been mobilized. Tom Fletcher, the chief of aid at the United Nations, said that a collective effort would be needed in order to support a government-led response. UNITED STATES The U.S. State Department announced that it is?mobilizing? $150 million in assistance. The U.S. State Department said it is mobilizing $150 million in aid. Washington will also...

Venezuela is receiving cash, emergency aid and rescuers after two powerful quakes shook areas around the capital Caracas. Thousands of people are still missing. Here is the list of foreign aid: UNITED NATIONS According to U.N.'s humanitarian affairs agency, 25 international?teams with a total of 1,000 personnel have been mobilized. Tom Fletcher, the chief of aid at the United Nations, said that a collective effort will be needed in order to support government-led efforts and assist communities. UNITED STATES The U.S. State Department announced it would mobilize $150 million of aid. The U.S. State Department said it is mobilizing $150...

After two powerful earthquakes in Venezuela on Wednesday, governments and humanitarian groups around the world have started sending cash, teams of rescuers, and other types of aid. The number is expected to rise. At least 250 buildings were damaged by the two quakes that struck Caracas in a distance of?160km (100miles). The latest count shows 200 people still trapped under debris. U.N. HUMANITARIAN AFFAIRS OFFICE Tom Fletcher, the U.N.'s chief of aid, said that the office for humanitarian affairs was responsible for coordinating the deployment international search and rescue teams. He said that "the coming days will need a massive...

Mediators said that U.S. officials and Iranian officials had made "encouraging progress" during a first round of discussions in Switzerland, which ended early Monday morning, despite the tensions over Lebanon and Strait of Hormuz. Mediators Pakistan and Qatar said the parties agreed on a roadmap to a final deal to end their war within 60 days. This was despite the initial tension as 'Tehran' again closed the Strait of Hormuz and U.S. president Donald Trump threatened to restart attacks against Iran. The two sides said they had agreed on a mechanism that would end the fighting between U.S.-ally Israel and...

On Sunday, the United States and Iran will begin 'peace talks' in Switzerland. U.S. officials have disputed Iranian claims that the Strait of Hormuz is closed. Iranian state media reported that high-level Iranian officials arrived in Switzerland to hold peace talks with the U.S. The U.S. and Iran had agreed on a 60-day truce while negotiations are taking place. However, the Islamic Revolutionary Guard Corps of Iran declared the Strait of Hormuz closed, despite the U.S. Military stating that commercial vessels have continued to operate in the waterway. These developments could complicate negotiations between the two sides to implement an...

Israel and Hezbollah reached a ceasefire agreement in Lebanon on Friday, after an escalation of fighting in Lebanon threatened the chance that an interim deal to end the war in Iran would become a lasting Middle East Peace Deal. U.S. - Iran talks?in Switzerland scheduled for Friday have been cancelled due to the fighting in?Lebanon. This has created new uncertainty regarding the timing of the negotiations crucial to ensure that the Strait of Hormuz is reopened to global shipping. Just before 4 pm, Lebanon time (1300 GMT), a senior U.S. government official announced that a ceasefire was to be implemented...

El Nino could cause cocoa prices to rise by several thousand pounds per metric tonne, according to the chief executive of Barry Callebaut, one of 'the world's leading cocoa processors. El Nino, an 'climatic pattern that can increase temperatures and increase risk of extreme weather conditions, could reduce the yields of crops, including cocoa. This would limit supply and push up prices. Hein Schumacher, CEO of Hein Schumacher, said in a press conference that the prices shouldn't jump as much as they did over the past couple of years. London cocoa futures are trading at PS2,944 per ton ($3,964), down...

European shares fell on 'Thursday, after a steep rise?in the prior session. Investors analyzed?progress toward a U.S. Iran peace deal which pushed crude oil prices sharply down. STOXX 600, the pan-European index of stocks, ended up 1.1% lower than it was on Wednesday after gaining more than 2%. The majority of regional bourses in France, Germany, and Britain also declined. European energy stocks fell 2.5% when crude oil dropped below $100 per barrel. Shell fell 2.9%, despite exceeding first-quarter profits estimates and increasing its dividend by 5%. Sources and officials reported that oil prices were under pressure when?the U.S. &...

Lanxess predicts that oil prices will remain high for the next few months, and warns that the soaring energy costs are likely to continue to impact the chemical sector after the Middle East conflict disrupted the fuel and feedstock market. CEO Matthias Zachert stated that the company expects oil prices to stay in the $100 to $110 range per barrel for the next few months. He added that Lanxess would pass on the higher costs by increasing the price. He also said that the pressure of Chinese competition in Europe is starting to?ease as higher energy prices?hit Asia more than?Europe....

Three sources with knowledge of the matter said that Mercuria sold aluminum in Europe at a price below what was assessed by the price reporting agency Fastmarkets. This suggests the global benchmark may not always reflect the prices buyers are willing to pay. The price of European aluminium has risen following the Iran War, which disrupted Middle East supplies. Fastmarkets is used widely by both producers and consumers for large-volume trades of aluminium, which is used in construction, packaging, and transport. A source said that Mercuria had failed to get bids when it attempted to sell aluminium earlier this month...

The price of copper rose on Monday as a rise in the number of cancelled warrants and metals marked for delivery at the London Metal Exchange stimulated buying. Meanwhile, the lower U.S. dollar boosted the positive sentiment towards industrial metals priced in dollars. Benchmark 'copper' on the LME was 0.2% higher, at $14240 per metric ton. Last week, prices of metals used in construction and power industries reached $14,396. This is the highest price since January's $14,527.50 high. Industry sources say that the cancellations 0#MCUSTXLOC> are mostly stored in LME warehouses in Asia and the U.S., in free-trade zones. They...

James Hardie, a fibre cement manufacturer, announced that it would sell its European sustainable walling solutions and flooring business, Fermacell to Swiss building material supplier Holcim, for 840 millions euros ($980.78million). The Dublin-based company will also?close its European fibre cement businesses subject to the usual legal and regulatory requirements. The CEO of James Hardie Aaron?Erter said that the planned closure of European fiber cement will allow us to focus our efforts on the highest growth and returns opportunities. Last year, the company faced an unprecedented purge of its Board after investors, angry by its $8.75 Billion takeover of U.S. Building...

Europe's blue chip earnings forecasts rose for the ninth consecutive week as a broadening recovery, beyond the surge in energy profits, pushed them higher. Most reporting companies exceeded analyst expectations during a historically strong season. LSEG data on Wednesday showed that companies?in STOXX 600 are expected to report an aggregate earnings increase of 24.1%. This is up from the 23.4% estimate last week. 59.9% out of 282?firms have already exceeded the estimates. Energy companies are still expected to lead the index, with a profit increase of 138.6%, but as the Iran War continues to disrupt international crude markets, the corporate...

Aluminium prices rose on Monday for the sixth consecutive day, reaching their highest level in nearly seven weeks, as exchange inventories continue to deplete. Open outcry activity on the benchmark?three-month aluminum at the?London Metal Exchange increased by?1.2% to $3,320 per metric tonne. The price of aluminium on the London Metal Exchange had earlier reached $3,336.50 - its highest level since June 23. Ewa Mnthey, ING commodities analyst, said that the recent rally of copper, which reached a six-month peak last week, has reinforced a bullish sentiment in industrial metals. She added that "Aluminium fundamentals are still supportive with low exchange...

The price of copper remained above $14,000 on Friday, as tighter inventories and?supply worries put the metal in a position to have its best week in nearly three months. Traders?awaited the news from the?mining panel convened by the?U.S. Donald Trump, President of the United States. In official open outcry, benchmark three-month copper at the London Metal Exchange fell 0.1% to $14.090 per metric ton. The copper price was set to end the week with a 2.2% gain, its biggest weekly gain since the week of?May 8th. LME copper reached a six-month peak of $14,369.50 after reports that the Democratic Republic...

Gary Nagle, the CEO of Glencore, said that the company had?taken an provision relating to Radiant World. However, he added that Glencore's exposure towards the iron ore trading firm was not significant. We have some existing contracts that still need to be completed. Nagle said on a conference call that they are assessing how to deal with them in a legal manner. However, we have stopped doing any new business. Bloomberg reported that last week, fellow trading houses Vitol and Cargill had stopped doing business Radiant World because they were concerned about the validity of invoices sent to their banks....

Here are a few of the main factors that could affect Swiss stocks on Monday. BUSINESS STATEMENTS HOLCIM - AG Swiss building materials'supplier HOLCIM said?on a Sunday that it planned to sell its Philippines business in a deal worth at least $807 millions to China Huaxin Building Materials. NOVARTIS FDA approves 'pluvicto' for PSMA+ metastatic prostate cancer with hormone-sensitive metastatic (MHSPC). This could be a?new standard in metastatic disease. Analysts' Views COMET HOLDING AG: Berenberg increases target price from CHF 480 to CHF 490- COMET?HOLDINGAG: JP Morgan increases?target to?CHF565 from?CHF500 BUCHER INDUSTRIESAG: Berenberg reduces target to CHF360 from CHF366 ECONOMY...

Holcim Group, a Swiss building materials company, announced on Sunday that it intends to sell its Philippines operations to Huaxin Building Materials of China in a deal worth at least $807,000,000. Holcim is selling an initial 68% stake at $527 million. The remainder will be sold in the following three to five year period for a price minimum of $280million. Holcim stated that this would result in an overall valuation $807 million. However, the figure may rise "based upon incremental value creation over?this time period". This sale is Holcim's largest divestment, since the $1 billion deal it made with Huaxin...

Holcim Group, a Swiss building materials company, announced on Sunday that it intends to sell its Philippines business to China’s Huaxin Building Materials. The deal could generate at least $807 million. Holcim is selling a 68% initial stake at $527 million. The remainder will be sold in the next 3 to 5 years for $290 million. Holcim stated that the total valuation would be $807 million. However, this figure could increase "based on incremental values created during?this time period". The money raised will be used for?large acquisitions as well as further investments in Holcim’s existing business. After spinning off their...

Holcim's?second-quarter sales and earnings were better than expected on Friday, as the building materials manufacturer upgraded its outlook for the full year. The Swiss company reported that it was seeing an increase in demand for its low-carbon cement products and recycled demolition and construction materials. All of these factors boost profits. Holcim also saw a rise in sales in Germany and Switzerland as well as in Spain, Eastern Europe and Mexico. Demand for housing and infrastructure in Mexico, Peru, and Central America was also strong. Holcim's sales grew 6.4% in the second quarter to $4.41 billion Swiss Francs ($5.46 billion),...

Three people familiar with the matter have confirmed that global commodity trader IXM has expanded its portfolio to include iron ore. This is despite the fact that the near-record low price volatility of the steelmaking ingredient reduces profit opportunities and dampens investor interest. IXM in Geneva, one of the largest traders of non-ferrous physical metals like?copper or nickel?, signed last week a prepayment agreement with Brazilian miner Itaminas, to lock-in supply. One of the sources, who asked to remain anonymous because they weren't authorised to talk to the media about the matter, confirmed this. The terms of the agreement were...

The EU's antitrust regulators charged on Monday a group of construction chemical companies and trade associations with participating in a cartel from 2021 to 2022. They could face heavy fines. The European Commission made the accusations via a "statement of oppositions" following dawn raids in several EU member countries against unnamed firms in?2023. The Commission, acting as the EU's competition enforcer, stated that the companies and associations had colluded to raise prices in the supply chain of chemicals for cement, mortar and concrete between 2021-2022, affecting construction costs. Cemex was charged along with Chryso and Mapei. Other companies included Master...