Western Europe

Eneos Holdings announced on Thursday that it would purchase U.S. giant Chevron's 50 percent stake in Singapore?Refining Company and other assets throughout Southeast Asia, Australia and Australia. This will be its first venture into refining outside of Japan. Eneos stated that the deal, which includes Chevron’s assets in Vietnam, Australia Philippines and Malaysia, is expected to be closed by 2027. Chevron is looking to sell its refining assets and storage facilities in Asia, to reduce costs and streamline operations. This investment is a major step towards strengthening the business platforms that connect Japan to Southeast Asia and Oceania. It also...

G.O.I., a Cypriot private equity fund, has agreed to purchase the Sicilian oil refiner ISAB. The Italian group Energy said Wednesday that the Iran War has revealed Europe's dependence on the Gulf to supply jet fuel and refined products. Ludoil is the jet fuel supplier to Rome's Fiumicino airport. The Morattis family of Italy and the Brachetti Perettis family in Azerbaijan sold their oil refineries recently to Vitol, a commodity trader. Ludoil had already begun discussions with G.O.I. When the United States and Israel struck Iran on February 28, they used ISAB to generate energy. Ludoil was founded in 1954...

Brenntag, a German chemical distributor, posted a better-than-expected quarterly profit on Wednesday. Price increases and cost reductions helped, but the company warned of higher crude costs due to Middle East conflict in the months ahead. The U.S. and Israeli war against Iran has affected the global fuel and feedstock markets and driven up prices in the energy-intensive chemicals industry. Thomas Reisten, CFO of the company, said on a conference call with analysts and reporters that the higher costs for fuel and transportation due to the tensions in the Middle East were being passed onto customers via surcharges and increased prices....

Bola Tinubu, the President of Nigeria, said that Nigeria will spend $11.6 billion in 2026 servicing its debt, which is nearly half of the projected revenue for government. He called for a reform to a global financial structure he claimed penalized African borrowers. He said that debt-servicing costs were crowding out expenditures on infrastructure, health care and education despite the government's tax reform aimed at increasing revenues in Africa’s most populous nation. Data from the Debt Management Office shows that Nigeria will spend $5.15 billion servicing debt by?2025. Tinubu, speaking at the Africa Forward Summit, held in Nairobi on Tuesday,...

The central bank of Sweden can wait until it has a better picture to adjust policy. Erik Thedeen, Governor of the Riksbank, said that "the focus is on inflation risks and we will be monitoring closely any signs that 'inflationary trends are spreading more widely in the economy." It is too early to tell if a "change of direction" is required, but we are "ready to change our stance". Oil prices have risen dramatically due to the war in the Middle East. There is a growing consensus on the impact this will have on the global economy. Currently, conditions in...

Prices of oil rose by nearly 1% on Tuesday as the talks to end U.S. - Israel's?war on Iran? appeared fragile. Tehran's response?to a Washington proposal highlighted stark differences which have kept supply concerns alive. Brent crude futures rose 86 cents or 0.8% to $105.07 per barrel. U.S. West Texas Intermediate was up 99 cents or 1% at $99.06 as of 0411 GMT. Both benchmarks rose by nearly 2.8% Monday. U.S. president Donald Trump said on Monday that the ceasefire agreement with Iran is "on life support." He cited disagreements on several demands such as the cessation?of?hostilities across all fronts,...

The oil prices increased in the early Asian trading on Tuesday as negotiations to end the "war" between the United States of America and Iran appeared 'fragile.' Tehran’s response to the U.S. proposal highlighted stark differences which kept supply concerns alive. Brent crude futures rose 30 cents or 0.29% to $104.51 a barrel. U.S. West Texas Intermediate was up 31 cents or 0.32% to $98.38 at 00:02 GMT. Both benchmarks rose by nearly 2.8% Monday. U.S. president Donald Trump stated on Monday that the Iranian ceasefire was "on life support." He cited disagreements on several demands such as the cessation...

The government has not yet launched a scheme to pay off 500 million pounds of energy debt owed by some of Britain's most vulnerable households. However, the industry says that total arrears may reach 9 billion dollars ($7 billion) before year-end. Ministers are under pressure to increase the cost of living as energy bills are expected to rise in July. The energy watchdog Ofgem announced its Debt Relief Scheme in October last year and hoped that it would be launched as early as 2026. Before it can go into effect, the parliament must pass a law allowing energy suppliers and...

Vodacom Group, a South African mobile telecoms company, announced on Monday that it had upgraded its long-term customer growth target following the addition of millions of?customers in the last year. The group focused on Africa, owned by Britain's Vodafone in majority, has cited its rapidly growing financial services business as well as its mobile core business. Vodacom has announced that it will increase its total number of customers to 275 millions by 2030, up from the previous goal of more than 260 million. Its customer base had reached 237.3million in the financial year ending March 31. Vodacom is 'enforcing its...

Reliance Jio Platforms, owned by Indian billionaire Mukesh Ambani, is preparing to apply for regulatory approvals to list in Mumbai. This is expected to be the largest-ever stock offering in India. Jio Platforms is the second largest telecom company in the world by number of users, after China Mobile. TELECOM BUSINESS Reliance Jio Platforms is part of Ambani’s oil-to retail conglomerate,?Reliance Industries. Reliance Jio Infocomm is its most well-known business. It has more than 500,000,000 subscribers and is the largest telecom company in the country. In 2016, when Jio was launched, it offered free voice and data to rivals like...

The Russian Victory Day Parade will be the smallest in recent years due to the threat of an attack by Ukraine. Moscow's forces have been unable to win the war, which has been the deadliest European conflict for more than four years. The parade on Red Square, which takes place May 9, is Russia's most revered national holiday. It's an opportunity to commemorate the Soviet Union's triumph over Nazi Germany, and pay tribute to the 27,000,000 Soviet citizens who died, many of whom were Ukrainians. The parade, which was once used to display Russia's military might, including its intercontinental missiles...

Marco Rubio, Secretary of State on Friday, said that the United States could have a productive relationship with the Catholic Church despite tensions over President Donald Trump's repeated criticisms of Pope Leo. Rubio visited the Vatican Thursday and told reporters that the meeting had been "very positive" before departing Rome. Rubio, when asked about Trump's criticism of Leo for his comments about the Iran War and other issues, said that Trump acts to the benefit of the U.S. Rubio said that Trump acts in the best interest?of the U.S. and "will always speak clearly about how he feels about the?U.S....

The zinc price surged on Thursday to its highest level in nearly four years after another incident at a metal smelter increased supply concerns. Copper was poised to break an eight-day streak of gains, but held above $14,000. As of 0930 GMT, the benchmark three-month zinc at London Metal Exchange had risen 2.3% to $3,610 per metric tonne. The metal used for galvanizing steel reached $3,616.50, its highest level since August 2022. Nexa Resources announced on Wednesday that operations at the 344,400-ton Cajamarquilla Zinc Smelter, which is the largest zinc smelter of Latin America and has the highest production rate...

The second largest investor in Banca Monte Dei Paschi di Siena warned that the bank could be "absorbed" into Banco BPM if a merger were to occur. He also urged Generali not to sell their stake in Generali. Francesco Gaetano Caltagirone is an 83-year old billionaire who owns 10,2% of MPS. He made these comments in an interview to Corriere della Sera, after voting against Luigi Lovaglio's return as CEO last month. Caltagirone, a financial powerhouse in Italy, is close to Prime Minister Giorgia Melons. Its holdings include a stake in Generali. Caltagirone’s intervention highlights the growing tension over the...

Francesco Gaetano Caltagirone, an Italian businessman, said that the merger of Banca Monte Dei Paschi d'Isena (MPS), and Banco BPM would weaken?the historic Tuscan bank?and could pose a risk to?Italian saving. In recent weeks, speculation on the market has increased over the long-promised merger between Banco BPM (the world's oldest banking institution) and Caltagirone, the second largest investor in the bank. BPM CEO Giuseppe Castagna stated last week that the bank is well-positioned to take advantage of?Italian M&A and is examining all options. Credit Agricole CAGR.PA, a French bank, is the largest shareholder in BPM. It also owns 3.7% in...

The fire that broke out at the Cajamarquilla Zinc Smelter of Nexa Resources in Peru on Wednesday has been brought under control. However, several workers were injured. Nexa sent a message to its workers in which it said that three Hitachi workers and one of their own employees were affected. The company reported that three of the injured people were transported for treatment and evaluation, and were in stable condition. A fourth person was treated on-site. Nexa has evacuated its workers as a precaution from the affected area and activated safety and emergency protocols, with local firefighters' support. The company...

Due to 'bullish technical indicators and the outperforming of prices in the U.S. The benchmark three-month 'copper' on the London Metal Exchange rose 0.8% to $14138 per metric ton, in open-outcry official trading, following a record-breaking close on Tuesday. The LME index of six base-metals contracts closed on a record on Tuesday, with copper moving closer to the intraday record of $14,527.50 that was set on January 29. Prices for the entire complex were also strong. Bets on the future growth of demand for copper are a good way to support the price. Recent strong factory data is also a...

Australian shares fell on Wednesday as investors sold Commonwealth Bank and other lending institutions. The?top?bank's missed profit heightened fears that Canberra's proposed curbs to tax incentives for property-investors could slow down mortgage demand. The S&P/ASX 200 closed 0.5% lower, at 8,630.40. This brings its overall decline to 2.8% in the last four sessions. Australia's biggest mortgage lender Commonwealth Bank plunged 10.4%, posting its weakest ever session. The bank erased a market value of?A$29.93 billion ($21.66billion) after an earnings missed and new Middle East-related provisions bleakened the outlook for the banking industry. The financials index is down 4% at a five-month...

Maxime Vandersmissen, Arctial's chief commercial officer, said on Tuesday that the smelter, owned by Rio Tinto, in Finland could help boost production in Europe and produce hot metal in the second half 2029. The project is still three years from production, but it is already in the spotlight, as the Iran War has made aluminium more scarce in Europe, which is heavily dependent on imports. Vandersmissen, speaking at the CRU World Aluminium Conference in London said that the project aims to produce 610,000 metric tonnes of aluminium per year. Vandersmissen stated that this would increase the European production level by...

Emirates Global Aluminium is sticking to its investment plans, despite the Iran War. This was revealed by the chief marketing officer of the company on Tuesday. EGA, largest aluminium manufacturer in the Gulf, had to close its Al Taweelah Smelter in United Arab Emirates due to an Iranian attack on late March. It is also planning to build the first primary aluminium smelter built in the United States for almost 50 years, alongside Century Aluminum. Adel Abubakar, during a discussion panel at the CRU World Aluminium Conference on Tuesday, said: "I don't think that anything is really changing from an...

Outokumpu, Finland's stainless steel company, reported on Tuesday a core profit for the first quarter that was?below expectations, due to?weak profitability in its European operations, but it also said that the market dynamics in the quarter had improved. In early trading, the shares of steelmakers fell by around 2%. Vara Research's poll showed that its adjusted earnings before taxes, depreciation, and amortization (EBITDA), which are a measure of profit, rose by?32% in the quarter ending January-March, but fell short of analysts' expectations?of 70m euros. European steelmakers have been under pressure for years by low domestic demand, high energy prices and...

Thyssenkrupp, the German conglomerate, cut its'sales forecast for 2026 on?Tuesday. It cited lower demand in its steel and automobile divisions as a sign that economic activity was muted across Europe. Axel Hamann, finance chief, said: "We remain cautious in our sales forecasts... not least due to heightened geopolitical uncertainty and its impact on?international markets." The company now expects that sales will fall by up to 3%, and at worst remain flat. Previously they had expected a range between -2% and +1%. In an LSEG survey, analysts expected sales to drop by 1%. Thyssenkrupp - which is attempting to turn itself...

Michael Meding is the vice president and general manager of McEwen Copper. Michael Meding is McEwen Copper’s vice president and manager general. He said that the loan was part of the $4 billion total financing package for the McEwen Copper project. He refused to identify the lender, but said that an announcement will be made shortly. In a recent interview, the executive stated that he had already signed a?agreement? with a company that handled the entire debt package with international export agencies. The project is located in the Andean Province of San Juan. Los Azules is located 3,500 meters above...

On 'Monday', copper prices rose to their highest level in over three months as fears of supply shortages outweighed worries about lower demand because of the stalemate during the 'Iran War. In open-outcry official trading, benchmark three-month copper at the?London Metal Exchange rose 1.1% to $13,715 per metric ton. This is its highest since January 29. The stock was on course to post its sixth consecutive session of gains. This is the longest bullish streak since December. It has gained 10% this year but is still well below its peak of $14,527.50 in January. Ole Hansen is the head of...