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In a letter to the United Steelworkers union on Monday, Lyondell Basll Industries announced that layoffs would begin at the refinery in Houston which was closed. Estalee Russi wrote in a letter to USW International president David McCall that "Employment Separations - including (USW) local 13-227 represented employees - will begin at or around April 17, 2025." Tuesday, the letter was examined. A spokesperson for Lyondell did not respond to a comment request. There are around 400 Lyondell employees working at the 263,776 barrel-per-day-capacity Houston refinery, with about 70% of them being hourly workers represented by the Steelworkers. On Tuesday,...

These are the most popular stories in the British business pages. These stories have not been verified and we cannot vouch for the accuracy of these reports. The Times Southern Water is in a financial crisis, joining Thames Water. It has asked its investors to provide a further 900,000,000 pounds ($1.13 billion), in order to save the company. The British regulator of water, Ofwat, announced on Tuesday that six water utilities had appealed the pricing regime. This highlights the tensions in a sector trying to strike the right balance between the consumer's bills and the environment. The Guardian In the...

Bloomberg News, citing sources familiar with the situation, reported Tuesday that oil major BP was considering a possible sale of its lubricants division, Castrol. The deal could be worth $10 billion. The report stated that BP was considering a sale of its business. It also said that Elliott Management had identified the unit as a potential asset for disposal. Elliott declined to make a comment, and BP didn't immediately respond to a comment request. The report last week stated that Elliott was pushing the oil company, after acquiring a 5% stake in it, to take radical actions to transform its...

Anglo American announced on Tuesday that it would sell its nickel mining business to an MMG Ltd unit listed in Hong Kong for up to $500m. A broader restructuring is underway to focus its operations on iron ore and copper. Nickel business in Brazil includes two ferronickel projects and two greenfields. Anglo will receive $350 million upon completion, up $100 million as a price-linked gainout, and an additional $50 million for potential project development, according to a company statement. Together, the assets produce around 38,000 metric tonnes of nickel each year. In January, the metal's price fell to a record...

Anglo American Platinum announced on Monday that it would pay an additional cash dividend of $856 million ahead of the planned spin-off into a separate unit. This is despite a 40% drop in profit to 8.4 billion Rands as the lower prices of platinum group metals continue to hurt earnings. Amplats, a Johannesburg-based company, said that the cash payment of 15.7 billion rands is an addition to its final dividend of 3 Rand per share in anticipation of its demerger from parent Anglo American. Amplats CEO Craig Miller told a media conference that the company will pay an additional dividend...

Brazilian sugarcane processing company Raizen posted a net loss of 2.57 billion reals ($450.5million) in the third quarter 2024/25, compared to a profit 793 million reais a year ago. Why it's important Raizen is the largest sugarcane processing company in the world. Its main shareholders include Brazilian conglomerate Cosan, and Shell. The company produces sugar and ethanol while also acting as a distributor of fuel. ADDITIONAL CONTEXT Raizen releases its quarterly report Operational Preview In January, the sugarcane crushing dropped by nearly 27% compared to last year. The company also stopped its financial guidance for 2024/25. Driving its Shares to...

Early Friday morning, oil prices were up, ending a three-week loss streak. This was due to rising fuel demand, and the expectation that Trump's plan for global reciprocal tariffs will not be implemented until April. Brent futures rose 19 cents, to $75.25 a barrel by 0300 GMT. Meanwhile, U.S. West Texas Intermediate crude (WTI), gained 12 cents and reached $71.41. Brent and WTI both rose 0.7% this week. Analysts at JPMorgan reported that the global oil demand surged to 103,4 million barrels per a day. This is a 1.4-million-bpd rise year-over-year. JPMorgan reported that "after initially being sluggish the demand...

These are the most popular stories in the British business pages. These stories have not been verified and we cannot vouch their accuracy. The Times – The UK could face 21% tariffs for exports to the US following President Trump's order that imposed reciprocal levies against countries with VAT. Experts have warned of significant economic consequences. Unilever chose Amsterdam over London to spin off its ice-cream division for 13 billion pounds (16,33 billion dollars). This is a blow to UK capital markets in spite of government efforts to ensure the listing. The Guardian – Steve Madden acquired UK footwear brand...

Bankers and lawyers that have dealt with Elliott Investment Management say that executives should expect to receive a thorough analysis of their weaknesses, backed up by rigorous research and financial power. Elliott is now focusing on the legendary oil giant BP. The $70 billion investment firm has not revealed the size of their stake in BP, or what they want to see changed. The mere hint that Elliott was playing the corporate agitator in this week's BP share price spiked to its highest level since August on the expectation the fund would force improvements and unlock shareholder value. The day...

The head of a trade group for Nigerian oil producers said that Shell is in talks with Nigerian oil companies to secure up to 25 percent of the service contract for the Bonga North Deepwater Project. Shell announced its investment in the project in December. The project is expected to maintain oil and gas production in Bonga. The project will be connected to Shell's Floating Production Storage and Offloading facility (FPSO), in which it holds a majority stake. Later, the Nigerian government said that the total project value is $5.5 billion. Wole Ogunsanya is the chairman of the Petroleum Technology...

UniCredit won Tuesday a bid at a London court in order to overturn the injunction that the Italian bank had obtained against a Gazprom subsidiary in Russia, in light of the potential fine of 250 million euros. This highly unusual move highlights the problems UniCredit faces in Russia where it is still the second largest Western bank after Russia's invasion of Ukraine in 2022. In response to a question about the ruling on Tuesday, a spokesperson for UniCredit referred to its 2024 results, which stated that the case was "fully covered". Gazprom's RusKhimAlyans, also known as RusChemAlliance in court documents,...

Compass announced a 9.2% organic revenue increase in the first quarter, beating market expectations. The British catering group was able to benefit from strong demand for its canteens across North America and Europe. The largest food catering company in the world, which provides services to offices, hospitals, and universities on about 30 markets, has maintained its outlook for this year. The London-listed company has benefited from global companies requiring their employees to return to the office, which in turn boosts canteen spending. Employees who are cost-conscious often prefer to eat at home to more expensive external options. Karl Green, an...

Zambia has suspended the 15% export tax for precious metals and stones in an effort to increase its competitiveness on global markets and attract investment, said the Finance Ministry on Wednesday. After being suspended in 2019, the southern African country, which is the second largest producer of emeralds in the world after Colombia, will reintroduce the tax in 2025. The ministry released a statement saying that "Zambian precious metals and stones will now be more competitively priced on the global markets, thereby increasing interest from international customers and leading to increased sales volumes." Gemfields (which operates Kagem, the largest emerald...

London copper prices eased on Tuesday, after U.S. president Donald Trump threatened to impose 25% duties on automobiles and semi-conductors, which could impact the metal's supply. The price of three-month copper at the London Metal Exchange slipped 0.3%, to $9.446 per metric ton as of 0156 GMT. Trump announced on Tuesday that he plans to impose auto import tariffs of "around 25%" as well as similar duties on pharmaceuticals and semiconductors. This is the latest of a series measures that threaten to disrupt international trade. Trump also said that tariffs for pharmaceuticals and semiconductors would start at "25% and higher"...

Gold prices rose Tuesday, as investors sought safe havens in gold amid concerns about economic growth caused by uncertainty over President Donald Trump's tariff plan. As of 09:32 am, spot gold rose 0.9% to $2.923.89 per ounce. After hitting a record-high of $2,942.70 in the previous week, ET (1432 GMT), gold prices rose 0.9% to $2923.89 an ounce. U.S. Gold Futures increased 1.4% to $2.940.30. Jim Wyckoff is a Kitco Metals senior analyst. He said: "We're seeing an increase in safe-haven demands due to the disruption of the Trump Administration and we also have a bullish chart position." Since taking...

The copper price fell on Tuesday due to a stronger dollar and the uncertainty around talks to end Ukraine's war. The London Metal Exchange's (LME) three-month copper contract fell 0.1% at 1100 GMT to $9,389 per metric ton. On Friday, the contract reached its highest level in three months at $9.684.50. Tom Price, Panmure Liberum's head of commodities strategy, said that Trump policy is the dominant theme right now. U.S. officials and Russian officials held their first meeting in Riyadh on Tuesday to discuss ending the conflict in Ukraine. "The end of the war in Ukraine is more about energy...

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...

LONDON, February 18 - Chilean Copper Miner Antofagasta reported an 11% increase in annual core profits on Tuesday, thanks to higher metal prices. EBITDA (earnings before tax, depreciation, and amortization) for the entire year increased to $3.43 from $3.09 billion one year earlier. The proposed final dividend by the copper miner of 23.5 cents per share represents a payout of 50% of the underlying earnings. Antofagasta paid out a record amount of $1.4 billion to shareholders in 2021. This was 142.5 cents per share. Its policy is that at least 35% net profits are returned to shareholders. The company reported...

The price of copper traded within a narrow range on Tuesday, as traders moved forward their positions in anticipation of a contract that expires this week. Meanwhile, the market's attention was shifted to U.S. efforts aimed at ending Russia's almost three-year long war in Ukraine. The London Metal Exchange's (LME) three-month copper traded flat at $9 398 per metric ton as of 0716 GMT. On Friday, the contract reached its highest level in three months at $9.684.50. A trader stated that "if the talks between the U.S.A. and Russia progress favorably, there will be an increase in the likelihood of...

The copper price fell on Tuesday, as traders moved forward positions in anticipation of expiry. Meanwhile, attention was focused on the U.S. effort to end Moscow's almost three-year conflict with Ukraine. The London Metal Exchange's (LME) CMCU3 three-month copper contract eased by 0.1% at $9,382 per metric ton as of 0140 GMT. On Friday, the contract reached its highest level in three months at $9.684.50. A trader stated that "if the discussions between the U.S.A. and Russia progress favorably, there will be an increase in the likelihood of lifting of the ban on metals from Russia, which would lead to...

China's massive investment in mining in the Democratic Republic of Congo is paying off in the form of a surge in physical copper imports. In 2024, the Congo will increase its exports of refined copper by 71% per annum to 1,48 million metric tonnes. The Congo is the largest metal refiner in the world. Chinese operators dominate Congo’s copper belt, and the metal flow between the two nations is emerging as a structural change in the global marketplace. It is a risky one, however, as it could reduce the usefulness in reading China's pulse on copper imports to gauge Chinese...

The British Competition Regulator said that Topps Tiles’ 9 million-pound ($11.3-million) acquisition of CTD Tiles may reduce competition and limit the choices of products and deals for businesses and customers in England and Scotland. The Competition and Markets Authority said that Topps Tiles' purchase of CTD Tiles last year, the largest specialist tile retailer in Britain, raised concerns about competition in four regions of the United Kingdom. After its initial Phase 1 investigation the CMA concluded that a small number of sites located in Dorking and Edinburgh, Inverness, and Aberdeen, raised concerns about competition in the supply and sale of...

The British Steel Industry published an important consultation on Sunday. This was weeks ahead of schedule, due to the announcement by President Donald Trump of new tariffs on steel imports from the United States. In a press release, the Department for Business and Trade stated that the "Plan for Steel", will examine issues facing UK industry such as high energy prices and "unfair trade practices" by other countries. The Labour government had previously stated that it wanted to spend 2.5 billion pounds (3.15 billion dollars) on the steel industry. It would also publish a spring strategy for its plans to...

The Observer reported that Britain would publish a "green paper" for its steel industry on the Sunday following President Donald Trump’s announcement on new tariffs on steel imports to the U.S. The Observer reported that Jonathan Reynolds, the business minister, said, "The context at home and abroad is what drives the urgency we're demonstrating in bringing the publication of the Strategy forward." The department of business did not respond immediately to a comment request. The Labour government had previously stated that it wanted to spend 2.5 billion pounds (3.15 billion dollars) on the steel industry. It would also publish a...