United States

Naturals, an Indian salon chain, is still 'in talks' with Reliance about a possible?stake-sale, but the discussions have slowed down as both sides are yet to converge on a deal structure. In an interview, Kumaravel stated. Naturals will go public in 2028, if the negotiations with Reliance do not bear fruit. Kumaravel said this on the sidelines of an event organized by Retailers Association of India (RAI) in Mumbai. He said that the talks, which were first announced in 2022, "stalled" after Reliance demanded a 51% share, while Naturals only wanted to sell 49%. This was to maintain control for...

This week, top executives from global AI giants are expected to join world leaders at New Delhi for an 'artificial intelligence summit. India is attempting to attract more investment into the industry. Alphabet, Microsoft, and Amazon have already committed $68 billion to AI and cloud infrastructure investments in India by 2030. India's officials have positioned the India AI Impact Summit that began on Monday as a forum to amplify the voices of developing countries in global AI governance. Delhi is the first city to host the global event. India's PM Narendra Modi wrote on X that the theme of this...

President Donald 'Trump said on Friday that the United States' relationship with Venezuela is "very good". He also stated his intention to visit Venezuela. Trump's praise of Venezuela's interim leader Delcy Rodrguez follows the U.S. arrest of Venezuelan president Nicolas Maduro, in January. The Trump administration also wants to increase oil deals with Venezuela. Trump said to reporters at the White House that he would be visiting Venezuela, but he didn't give any further details. Trump noted that the United States "work very closely" with Rodriguez to ensure?access? to oil. Trump said, "I would rate the relationship we currently have...

People familiar with the operations of the refinery reported that three contractors were injured when a'release' of steam condensate occurred while reworking the CDU at Exxon Mobil Beaumont, Texas, which produces 612,000 barrels per day. In a Friday statement, Exxon confirmed that there were?injuries? at its Beaumont complex. This includes a?chemical plant, lubricant plant, and refinery. Exxon spokesperson Kelly Davita stated in an email that "Safety has always been a top priority and we are thinking of the individuals and their families." "A comprehensive inquiry has been launched to determine the cause." Sources said that the three contractors were working...

Chris Wright, the U.S. secretary of energy, told NBC News that oil sales from Venezuela under U.S. control have reached a total of?over $1billion since President Nicolas Maduro was captured in January. In the coming months he expects to bring?in 'another $5billion. He added that the U.S. government under President Donald Trump had given Venezuela's interim administration the proceeds of sales from U.S. oil refineries. Wright, on the second day of his visit to Venezuela, said, "Sales are now over one billion dollars and we have some sort of short-term deals over the next couple of months that will bring...

Saudi-backed Midad Energy signed a termsheet?to purchase Russia's sanctioned Lukoil?assets?in a high stakes competition against rivals, including?private equity giant Carlyle Group. The deal is contingent upon U.S. regulator approval, according three people with knowledge of the matter. The Russian energy giant is continuing to try to sell off overseas assets that are restricted by Western sanctions. It also highlights the growing interest of Middle Eastern countries in purchasing discounted global oil and refinery assets. Sources said that the agreement was signed late in January and covered all the assets. Midad agreed that it would place its?all-cash offer? in escrow, while...

Refiner PBF Energy posted a surprise profit Thursday, as lower crude oil prices boosted refining margins. PBF earned 49 'cents 'per share on a adjusted basis during the fourth quarter. Analysts had estimated a loss per share of 10 cents, according to LSEG data. Refiners in the U.S. saw their profits rebound from multi-year lows in 2024. This turnaround was fueled?by tighter fuel supplies globally and an increase in seasonal demand that boosted profits. The recovery follows a slump in 2024, when margins fell from their post-pandemic peaks as supply disruptions related to Russia's invasion of Ukraine in?2022 eased. Matthew...

PBF Energy, a refiner in the United States, reported a surprising profit on Thursday. Supply disruptions due to the Russia-Ukraine conflict and higher crude prices differentials helped boost refining margins. LSEG data shows that PBF 'gained 49c per share on a?adjusted -basis? in the fourth quarter. This compares to estimates of a 10c loss per share. The U.S. refinery industry experienced a strong recovery in the fourth-quarter, with?the benchmark 3-2-1 crack spread Rebounding from multi-year lowers in?2024. The turnaround was attributed to tighter global fuel supply and seasonal demand that boosted profits. The recovery comes after a slump in 2024,...

Izvestia, a Russian newspaper, reported on Thursday that Russia was preparing to ship crude oil and fuel to Cuba within the next few months. Cuba has been hit by fuel shortages since the U.S. cut off its oil supply. The communist-run Island has informed international airlines that there will be no jet fuel available. This is the latest sign of rapidly worsening conditions. Venezuela has been a major supplier of jet fuel to the United States for many years. However, since Washington's 'blocking of Venezuelan exports in mid-December, it hasn’t received any crude or refined products. A Russian diplomat said...

Two people who have direct knowledge of the plan say that Saudi Arabian and U.S. firms will form a consortium to explore and produce oil and gas in northeastern Syria. Sources said that Baker Hughes, Hunt Energy, and Argent LNG plan to partner with TAQA on the project. The project would cover four to five exploration blocks in the northeastern area. The project is the latest in an array of large-scale business deals that have spanned Syria's entire economy, since the former autocrat Bashar Al-Assad was overthrown by Islamist rebels who became rulers a year earlier and after the U.S....

Solstice Advanced Materials announced on Tuesday that it would?increase production of uranium-hexafluoride?by about 20% at its Metropolis Works facility?in Illinois by 2026.?As increasing nuclear demand?strains?the U.S. fuel?supply?chain?. The producer of specialty chemicals that Honeywell spun off in October said that the expansion will increase its output from 2024 to over 10 kilotonnes. Metropolis is currently the only US facility capable of converting uranium to uranium hexafluoride (UF6), a critical input for enriching nuclear fuel. Global nuclear fuel supply chains are becoming tighter due to renewed interest in nuclear energy, driven by concerns about energy security and the rising demand for...

This week, the administration of Donald Trump will overturn a scientific finding from Obama's time that "carbon dioxide is harmful to human health". The legal basis for federal regulations on greenhouse gas emissions will be removed. The move would be the most significant climate change policy rollback by the Republican administration to date. It follows a series of regulatory reductions and other measures intended to unfetter the development of fossil fuels and stymie clean energy's rollout. Trump has said that he believes climate changes are a hoax and has pulled the United States out of global efforts to fight it....

The price of copper fell on Tuesday due to a'stronger dollar' and a rise in inventories at London Metal Exchange-registered storage facilities, as well as low trading volumes because of the Chinese Lunar New Year holiday. Benchmark three-month "copper" on the London Metal Exchange fell 1.8% to $12,619 per metric ton at 1702 GMT, after reaching its lowest level since February 6 (12,586). Metal, which is used for power and construction, has fallen 13% since a record high was reached on January 29,?on the back of a wave speculative purchases, encouraged by expectations that demand would be strong. The high...

Vulcan Materials, a manufacturer of construction supplies, reported?fourth-quarter results below Wall Street expectations on Tuesday, as weak residential building activity reduced demand for its concrete, asphalt, and aggregates. In premarket trading, shares of?the?company were down by more than 7%. The high mortgage rates have slowed homebuying, and the pace of new projects, while inflation is still driving up material and labor prices. This combination has put pressure on construction supply companies like Vulcan. The?company anticipates that total shipments will increase 1%-3% in 2026 compared to levels of?2025. The company also predicted a full-year adjusted earnings before interest, tax, depreciation, and...

BHP Group reported a stronger-than-expected ?half-year underlying profit driven by copper, which for ?the first time surpassed iron ore in the top global miner's earnings, ?as ?prices for the red metal surged on AI-fuelled demand. BHP's shares jumped 7% to an all-time high, with investors applauding a much stronger-than-expected dividend and the prospect of sizeable payouts ahead, despite falling iron ore prices. The result is impressive as the demand for copper continues to grow, driven by the rapid increase in power consumption for artificial intelligence data centers and the move towards cleaner energy. This is driving competition between mining giants...

Prices of copper fell on Monday, due to the?firmer dollar as well as a focus on increasing inventories and weak demand prospects during holiday trading. The London Metal Exchange's Wednesday settlement or rollover for maturing contracts and the Chinese Lunar New Year holiday this week, as well as the U.S. public holiday on Monday, will likely result in low volumes and volatile movements due to the expiring contracts and the holiday. As of 1700 GMT, the benchmark copper price on the LME was 0.2% lower. It stood at $12.845 per metric ton. It has fallen more than 11% from a...

Sojitz plans to 'expand the imports of Australian Rare?Earth Elements from Lynas?Rare?Earths, a spokesperson said Monday. Tokyo is looking to reduce its dependency on China. Sojitz began importing rare earths, such as dysprosium (used in magnets) and terbium (used in magnets), from the Australian miner last October. Japan will benefit from the expansion of imports of samarium (a raw material for permanent magnetic materials), which is used in medical and high-tech equipment. Japan, the United States and their allies are working to build supply chains outside China as Beijing tightens its?export control on critical minerals. JD Vance, the U.S. vice...

BlueScope Steel, the Australian target for a takeover bid, forecasted on Monday higher second-half earnings. It also reported a first-half profit that was above expectations. Spreads, increased volumes in key markets and cost-effectiveness are the main factors that helped BlueScope Steel, a target for takeover, to forecast higher second-half earnings on Monday. The steelmaker anticipates that the second-half earnings before interest and tax (EBIT) will be between A$620 and A$700 ($437.72 and $494.20 millions). BlueScope's six-month period ended December 31 saw underlying EBIT at A$557.5m and underlying Net Profit after Tax (NPAT) at A$382m, which is more than double the...

Trump administration officials stated on Friday that there will be no changes to President Donald Trump's tariffs on steel and aluminum, as well as thousands of products made with the metals. In response to a Financial Times article that said the administration planned to reduce tariffs on certain steel and aluminium goods, with possible exceptions, a White House official stated that Trump would "never compromise on reinvigorating domestic manufacturing, which is crucial to our national security and economic stability, especially steel production." Officials said the administration is implementing a "nimble and nuanced tariff program" to boost U.S. steel, aluminum, and...

Aluminum prices fell to their lowest level in a week on Friday after reports that the U.S. may slash some import tariffs. However, they have since pared back losses as investors determined any impact will be minimal. The other industrial metals have lost ground due to profit-taking and risk-off attitudes. The benchmark three-month aluminum on the London Metal Exchange lost as much as 2,7%, but reduced its losses to just 0.9% by 1700 GMT, at $3,074 per metric ton. This is its lowest since February 6. It reached a peak of nearly two weeks on Thursday due to supply concerns....

Codelco, a state-owned copper miner in Chile, removed on Friday three executives from its El Teniente division after an internal audit found inconsistencies related to a previous accident at the same mine. Codelco stated that an internal audit resulting from the El Teniente accident in July revealed "serious breach of duty" on the part of executives following a rock blast within the mine in the year 2023. This included in the company’s reports to the mining regulator Sernageomin. Codelco announced that Chief Operations Officer Mauricio Baraza, who was responsible for all Codelco mine divisions as well as El Teniente's Claudio...

The U.S. Department of Commerce has given preliminary support to Sibanye Stillwater's request for a U.S. Tariff on Russian Palladium Imports, but a final decision will not be made until the middle of 2026. Sibanye Stillwater, which has?production?assets? in South Africa and America, requested Washington to impose a tax on Russian imports of palladium to ensure the viability of U.S. supplies. Trade data shows that global flows are already rerouting since the company filed its petition. South African producers have gained in the U.S. but lost share in China to Russian palladium. The U.S. Department of Commerce announced on Tuesday...

Norsk Hydro, an aluminium producer, highlighted the continued weakness in downstream markets when it announced fourth-quarter core earnings that exceeded market expectations. This sent its shares down by 6% on Friday. Hydro?faces a changing outlook?as EU prepares?carbon?costs for aluminium imports. This could favor its lower-emissions metal, even though rising global supply, and falling production cost, point to a more balanced market. In the period October-December, adjusted earnings before interest taxes, depreciation, and amortization came to 5.59 billion Norwegian crowns (585.23 millions)?down from 7.7 a year ago. According to a consensus compiled by the company, analysts had on average expected to...

The Financial Times reported that Donald Trump intends to?reduce some tariffs on?goods made of steel and aluminum, citing a number of people who are familiar with the issue. The?Commerce Department officials and the?U.S. The FT reported that the trade representative's office believes the tariffs hurt consumers by increasing prices of goods such as pie tins, food-and drink cans, and beverage bottles. Cost-of-living and consumer prices are major concerns for voters nationwide as they head into the midterm elections in November. Recent /Ipsos survey showed that 30% of Americans approved of Trump’s handling of rising costs of living. 59% disapproved, including...