Western Europe

Anglo American chose a preferred bidder for its De Beers stake, and Botswana is weighing up whether to exercise its first refusal right on its own or with Anglo American's selected bidder. Anglo sold De Beers in May 2024, as part of an overall restructuring that was prompted by the 'falling diamond prices' and the growing popularity for synthetic diamonds. Private buyers and the government of Botswana (which already owns 15%) have shown interest in this business. Moeti Mohwasa, Botswana’s Minister of State President, Defence and Security, told lawmakers that Anglo American had conducted a competitive bid process with three...

ConocoPhillips announced on Friday that it had acquired a 42% share in BP Energy Company?Kirkuk Ltd. This will allow ConocoPhillips to join BP in redeveloping 'four' oilfields located in northern Iraq. The agreement will be signed by Iraqi Prime Minister Ali al-Zaidi during his official visit to Washington. He is looking for greater U.S. investments in Iraq's power, oil and gas sectors after the disruptions caused due to the conflict with Iran. The contract covers more than 3 billion barrels equivalent of initial gross recoverable resource, with additional exploration potential across the Baba, Avanah and Jambur domes in the Kirkuk...

The Mediterranean Sea's high temperatures, which have limited the availability of cooling water for gas plants in southern France, could lead to a gas plant going offline on Thursday evening. This would add further pressure to an energy system that is already under stress due to reduced nuclear output. Early summer heatwaves have caused temperatures to rise to unheard of levels in Europe, leading water shortages, fires and even deaths. The French utility EDF has issued a?restriction? notice for its 930 megawatt Martigues power plant. This is the first time in this summer that an electricity plant powered by gas...

Seven & i shares rose 3% on Friday in Tokyo after the Japanese retailer announced that it is in talks to buy a stake from Polish convenience store operator Zabka Group. Nikkei reports that the '7-Eleven owner may consider acquiring Zabka share held by funds. The investment is likely to be several hundred billion dollars (several billion yen). The deal would expand Seven & i’s reach beyond its strongholds of Japan and North America to Eastern Europe. This is part of the retailer’s efforts to grow under the leadership Stephen Dacus. Naoshi Matsumoto is an analyst with Yamawa Securities. He...

According to LSEG's forecasts, published Thursday to coincide with the start of reporting season, a surge in energy sector profits will help European blue-chip companies to post their highest earnings growth in more than three years. LSEG IBES data predicts that companies in Europe's benchmark STOXX 600 index will report earnings growth of 16.7% during the second quarter. This is based on?results from 28 companies, and market estimates for those whose results are not yet in. The rate of growth excluding energy companies is a modest 6.4%. The European energy'majors' are reportedly?posting profits that are more than 125% greater year-on-year....

The operator of Kazakhstan's Kashagan Oilfield announced?on Thursday? that an international arbitral tribunal has issued a restraining order prohibiting Kazakhstan from enforcing an environmental fine. The Kazakh Justice Ministry announced on Tuesday that Kashagan's operator must pay a fine of $4.90 billion ($2.3 trillion tenge) by July 20, 2012. The country is involved in arbitration with oil companies that work on its oilfields. It accuses them of environmental violations and corrupt practices. The North Caspian Operating Company, Kashagan’s operator, stated in a statement: "The Arbitral Tribunal has issued a Restraining Order which prohibits the Republic to take any measures to...

BP said on Tuesday that it expects to see a slight increase in its oil trading results compared to the first quarter. This is because the oil price surge caused by the Iran War will allow the company to profit again. BP said that it expects its upstream production will fall?into the second quarter between 2.17 and?2.22 million barrels equivalents per day. This is compared to around 2.34 mln boed during the first quarter. It reported that its gas trading results were essentially flat when compared to the first quarter. Net debt is expected to fall between $22 and $23...

Oil prices rose by?nearly 3 percent on Tuesday, reaching their highest level in four weeks. The U.S. reimposed its 'naval blockade of Iran, while both countries intensified attacks in the Strait of Hormuz. This increased uncertainty over energy flows. Brent crude futures rose last $1.50 or 1.8% to $84.80 a barrel at 0330 GMT. U.S. West Texas Intermediate Crude rose $1.70 or 2.2% to $79.84 per barrel. Brent gained?9.6% the day before, which was its largest daily gain since may 2020. The oil prices have reached their highest level since June 17, when the two countries signed a Memorandum of...

After a series of antisemitic attacks on British streets, the British government used powers similar to proscriptions in order to combat state-backed threats. This power would effectively ban support for these groups, and give police and intelligence agencies?new powers to combat any threats related to them. Keir starmer, the Prime Minister of Britain, said that "these 'new powers' will make it easier for anyone to be prosecuted and jailed in Britain who is doing their dirty work." Since its establishment in 1979, the IRGC has been an elite military force loyal the Supreme Leader of the Islamic Republic. The Islamic...

De 'Beers announced on Monday that it will pause production at its Venetia Mine in South Africa for a period of two years. This is part of an overall effort to streamline operations and reduce costs in order to cope with the continued weakness in rough diamond trading. Anglo American is the majority owner of the diamond producer. The company said that the move would delay and reduce some expenditures on an underground mine project, but maintain investment in infrastructure for a higher level of production when the market conditions improve. Venetia is South Africa's biggest diamond mine in terms...

China said on Friday that it would increase cooperation with Namibia, particularly in the energy, agriculture, infrastructure and minerals sectors. This was during talks between Chinese President Xi Jinping and Namibian president Netumbo Nandi Ndaitwah, which took place?in Beijing. Nandi-Ndaitwah is on a 7-day trip to China, since Sunday. He's seeking investment from China, the second-largest country in the world and the top lender. The goal of the trip is to implement the election promises to create jobs and diversify Namibia's economy. "In Namibia we affirm an unwavering commitment (to) this longstanding friendship" between Namibia and China, said Nandi Ndaitwah....

The oil price fell on 'Friday, but remained on course for a weekly gain as renewed U.S. - Iran fighting disrupted shipping through the Strait of Hormuz. This stoked concerns about supply disruptions. Brent futures fell 68 cents or 0.9% to $75.62 per barrel at 0817 GMT. U.S. West Texas Intermediate crude (WTI), which is a blend of U.S. and Canadian crudes, fell 64 cents or 0.9% to $71.44. Brent was expected to gain about 5% this week and WTI would increase by about 4%. Vandana Hari, an analyst at Vanda Insights who provides oil market analyses, said that although...

Gold prices climbed on Friday but were set to fall?weekly? as tensions between the U.S. and Iran pushed up oil prices, raising inflation fears and supporting an expectation of higher U.S. rates. Gold spot rose 0.7%, to $3.996.29 an ounce, by 1010 GMT. It had fallen as low as it has been since July 1, earlier in the day. Prices are down by over 3% for the entire week. U.S. Gold Futures for August Delivery gained 0.2% to $4,000. Fawad Razaqzada is a Forex.com market analyst. He said that when the price drops, some short sellers will profit. If oil...

Gold is on track to suffer its largest weekly loss in six weeks on Friday as the escalating U.S. - Iran conflict has pushed up oil prices. This will increase inflationary pressures, and strengthen the case for higher U.S. rates. Gold spot was up 0.6% to $3,993.22 an ounce at 0758 GMT. It had been as low as it has been since July 1, earlier in the day. U.S. Gold Futures for August Delivery gained 0.1% to $ 3,996.90. The metal is down 3% this week, the biggest drop since June 1. This week's softer U.S. inflation data has not...

Gold prices fell on Thursday, as tensions in the Middle East increased inflation fears and uncertainty about U.S. interest rate trends. Gold futures in the U.S. fell 0.4% to $4.037.20 per ounce at 0834 GMT. Spot gold dropped 0.7% to $4.032.19 an ounce. Gold is still influenced by geopolitics and inflation. The continued U.S. attacks against Iran, and the disruptions of the Strait of Hormuz are supporting oil prices and maintaining inflationary risks," says?Niko tzabouras a senior analyst at Jefferies owned Tradu.com. After reimposing its naval blockade, the U.S. launched a second wave of attacks against Iran's missile and coastal...

In an attempt to protect the future of steel production, the UK government announced in a statement on Thursday that it had 'nationalised' British Steel, which was previously owned by Chinese investors. British Steel's public ownership is necessary for the UK to safeguard its national interests, according to the government. "British Steel" is a part of the fabric and strength of Britain. The decision today secures the future for steelmaking in Britain, protects "skilled" jobs and safeguards an important national capability," said Keir starmer, the outgoing prime minister. In April 2025, the 'government' took over the operational control of British...

Gold prices fell?on Friday as a Middle?East conflict escalated, fueling fears that the U.S. Federal Reserve might raise interest rates in this year. This tempered recent optimism about easing inflation. By 0518 GMT, spot gold had fallen 0.8% to $4,029.29 an ounce. U.S. gold for August delivery fell 0.4% to $4034.40. The latest escalation of the?U.S.Iran conflict has not been reflected in June's inflation numbers, according to Jigar Trivedi. He is a senior research analyst with IndusInd Securities. After reimposing its naval blockade, the U.S. launched a series of two-wave attacks against Iran's missile and coastal defence sites. Iran responded...

Gold prices fell on Wednesday as escalating tensions continued to?stoke inflation concerns, reinforcing the expectation of higher U.S. rates. Spot gold dropped 0.6% at $4,030.50 an ounce as of 1130 GMT. Tuesday, prices had risen more than 2% after weak U.S. inflation figures. U.S. Gold Futures for August?delivery fell 0.8% to $4.036.20. The Islamic Revolutionary Guard Corps of Iran has threatened to shut all export?corridors that benefit Washington after Tehran closed the Strait of Hormuz, and the U.S. reimposed its?naval blocade of Iranian port. After closing Tuesday at an all-time high, oil prices have risen. UBS analyst Giovanni Staunovo stated...

Rio Tinto announced better-than expected second-quarter iron-ore sales on Wednesday, supported by strong system performance, putting it on track to achieve its annual forecast. Visible Alpha's consensus estimate of 83.6 Mt was surpassed by the world's largest producer of iron ore, which sold 85.3 Mt of the steel-making material from its Pilbara operations during the three months ending June 30. This compares to 79.9 Mt sold in the same quarter of last year. The average price in the first half of its Pilbara operations increased to $85.2 per wmt on a free-on-board basis, up from $83.2 last year. Rio's copper...

Gold rose more than 2% Tuesday, after inflation data that was softer than expected boosted expectations of the U.S. Federal Reserve taking a less hawkish position. Gold spot rose 2.1%, to $4.083.99 an ounce at 8:49 am EDT (1249 GMT), having fallen to its lowest price since July 1, earlier in the day. U.S. Gold Futures rose 2.2% to $4091,80. Other currency holders can now afford greenback-priced gold because the U.S. Dollar has fallen by 0.6%. "Gold gallops higher on a subdued CPI that saw headlines dive lower, but more importantly core unchanged?versus 0.2%. "This should reduce expectations for rate...

Gold gained a little?on?Tuesday, reversing its course after?hitting a?two-week low earlier... in?the session. The focus was on the U.S. Consumer Price Index and Federal Reserve chair Kevin Warsh's testimonies for clues about monetary policy outlook. Spot gold increased 0.5% at $4,021.38 an ounce to 1100 GMT after dropping to its lowest level in the session since July 1. U.S. Gold Futures for August Delivery gained 0.6% to $ 4,029.20. Ricardo Evangelista, ActivTrades analyst, said that gold prices were edging up a bit today. This was due to a pause on the recent rally of the U.S. Dollar. Dollar-priced gold is...

Gold prices dropped nearly 3% Monday after U.S. president Donald 'Trump' said he would reinstate a naval blockade against Iran. This would boost oil markets and reignite inflation fears, as well as raise the prospect of longer-term higher U.S. rates. By 10:38 am EDT (1438 GMT), spot gold had fallen 2.8%, to $4.005.59 an ounce. This was the lowest price since July 1. Prices fell for a second consecutive session. U.S. Gold Futures fell 2.4% to $4013.40. The Middle East conflict is causing oil prices to rise, and the Federal Reserve could tighten policy. This is bad for gold and...

Gold prices dropped more than 1% on Sunday as fresh strikes in the Middle East sparked inflation fears, raising the prospect of longer-term interest rates in the United States. By 9:08 am EDT (1304 GMT), spot gold had fallen 1.4%, to $4.064.02 an ounce. Prices fell for a second consecutive session. U.S. Gold Futures fell 1% to $4 071,80. "I'm not bullish on gold for the short term." The Middle East conflict is causing oil prices to rise, and the Federal Reserve could tighten policy. This is bad for assets that yield nothing, like gold", said?Fawad Rasaqzada at Forex.com. He...

Gold prices fell for a second session in a row on Monday, as renewed?hostilities? in the Middle East fueled inflationary fears and raised expectations that the U.S. Federal Reserve would keep interest rates high for longer. By 1100 GMT, spot gold had fallen 1.4%, to $4.061.64, while U.S. Gold Futures for August Delivery were down by 1.1%, to $4.069.60. U.S. forces and Iranian drones have exchanged heavy attacks, including missiles and drones. Tehran has also hinted at the closing of the Strait of Hormuz. On hearing the news, oil prices rose by over 3%. "Renewed hostilities (in the Gulf) rekindle...