Western Europe

Patrick Pouyanne, Chairman and CEO of TotalEnergies, said at the annual general meeting held on Friday that French citizens prefer to have energy companies 'cap fuel prices' at the pump rather than pay a tax on superprofits. He was answering a climate NGO's representative who asked if?the company could do more to help ease the price shocks for consumers. TotalEnergies has been criticized for its massive profits from oil price spikes caused by the war in Iran. French politicians are pushing for a tax on the company to help lower prices. Pouyanne claimed that a survey had revealed that French...

EU foreign ministers warned on Thursday that Russia would not be able to choose who represented Europe in any future talks with Moscow about Ukraine. The bloc's chief of foreign policy also said that Moscow showed no real interest for peace. The?ministers? met informally on Cyprus to discuss their strategy towards Russia, as Kyiv calls for greater European involvement in order to end the conflict while the U.S. is focused on the Iran crisis. The Kremlin told the RIA News Agency on Wednesday that Russian President Vladimir Putin was open to talks with Europe. Meanwhile, Ukrainian President Volodymyr Zelenskiy has...

LONDON/DUBAI - U.S. secretary of state Marco Rubio warned on Tuesday that negotiations with Iran could "take several days." This was after the U.S. launched what they called 'defensive strikes' in southern Iran. Iran's Foreign Ministry spokesperson stated earlier that many of the topics covered in a possible 14-point memorandum were concluded, but this does not mean an agreement to end the war will be reached anytime soon. What is the current stage of the discussions? After a "ceasefire" in early April, both sides remain at odds over difficult issues, including Iran's nuke ambitions, Israel’s war with the Hezbollah militia,...

Treasury Secretary Scott Bessent called on allies on Tuesday to disrupt Iran's.financing network and said that the Treasury would clear its outdated sanctions list to.make it easier for the financial institutions to.root out the most sophisticated terrorist funding schemes. Bessent said that after the G7 finance leaders met at Paris, participants in an anti-terrorism funding conference should "stand in full measure with us" against Iran. Bessent stated that "this will require our European partners, for example to join the United States by taking action against Iran, including by designating its financiers and unmasking their shell and front company, closing its...

Valdis Dombrovskis, EU Economy Commissioner, said that the extension of a waiver for Russian sanctions showed that 'G7 members are not always in agreement. Dombrovskis stated that the G7 was a forum to discuss and cooperate with like-minded allies. He said, "But, well... we're not always 100% in agreement on everything. This is unfortunately one of those topics." He praised, however, the joint statement after the G7 meeting. It was said to be a positive outcome of the meeting between the central bank governors and finance ministers. Dombrovskis stated that he was reassured by the United States, who said that...

A top government minister announced on Tuesday that Italy would extend a 'cut in fuel excise duty due to expire May 22 as part of efforts to curb the soaring energy prices caused by the Middle East conflict. Matteo Salvini, Deputy Prime minister and Transport & Infrastructure Minister, said during an interview with RTL 102.5 that "we will definitely have to extend the excise reduction." It has spent about?1 billion Euros ($1.16 billion), so far, to reduce?excise duty on?petrol or diesel pump prices. The measure was first introduced in March, and then extended for the first time in late April....

Santos, Australia’s No.2 oil &?gas producer said on Monday that it had?reached first oil in its Pikka project, located in Alaska, U.S.A. Shares of the Adelaide-headquartered company rose as much as 3.1% to A$8.12, their highest ?since April 13, while the broader S&P/ASX 200 benchmark index ?was down 1.4% by 0450 GMT. Stocks of the Adelaide-based company rose as much as 3.1% to A$8.12, their highest level?since April 13, while the broader S&P/ASX 200 benchmark index?was down 1.4% by 0450 GMT. Craig Sidney is a senior investment advisor at Shaw and Partners. He said, "This announcement is positive in light...

Two sources familiar with the investigation said that the Brazilian federal police had targeted the former governor of Rio de Janeiro, Claudio Castro, and the owner Refit Refinery Ricardo Magro as part of an investigation into alleged tax evasion. Castro and Magro did not immediately respond to a request for comment from. The police, without naming any suspects, said that they had launched an investigation into a conglomerate in the fuel industry suspected of concealing assets, faking assets and transferring money abroad. According to a statement, the Supreme Court ordered that assets worth approximately 52 billion Reis ($10.4 Billion) be...

It may not be sufficient to wait out the oil crisis. Federal Reserve officials may have to show that they will take action to achieve their inflation targets, just as European counterparts seem to be determined to do. If that happens, it could be a big deal given what Wall Street forecasters are currently thinking. The crude oil futures for the end of year are at their highest levels since the Iran 'war began, with little evidence of a lasting peace agreement. The latest U.S. April inflation data showed that the damage to?already high prices was escalating. The Fed's target...

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,...

Kevin Warsh, the new Federal Reserve chairman, is on his way to the Federal Reserve to "clip the wings" of a bank that he believes has strayed into politics. Many countries are afraid that this will only give the 'U.S. Politicians have more freedom to use financial instruments as a weapon. Warsh, who was nominated by U.S. president Donald Trump in January to succeed Jerome Powell at the helm of the board, is expected to be confirmed by the Senate before Powell's?term ends on May 15th. His confirmation hearing delved into his views on?Fed independence? and a controversial preference to...

Rio Tinto announced on Friday that it had commissioned its $1.5 billion low carbon aluminium smelter?in Canada's?province?of?Quebec. The?Anglo Australian mining giant expects to complete the start-up by the end this year with all 96 pots in Complexe Arvida operating. The plant will be able to produce 220,000 metric tons of primary aluminum annually using the low-carbon smelting technology AP60. The AP60 expansion is a step towards the carbon-free aluminum electrolysis technology that ELYSIS has developed in partnership with Alcoa. Separately, on Friday, Melanie Joly, Canada’s Minister of Industry?and Minister responsible for Canada Economic Development for Quebec Regions announced a C$100...

Gold prices fell for the third consecutive month as fears about rising energy costs fueled expectations of higher rates. As of 1151 GMT, spot gold was up by 0.9% to $4,532.03 an ounce. On Thursday, gold fell to its lowest level in two months, $4,365.76, but it closed higher. Metal has dropped?around 2 percent so far in this month. U.S. Gold Futures for August Delivery rose by 0.7% to $4.562.60. Gold remains negatively correlated to oil which impacts inflation and monetary policy. "Gold is positively correlated to lower oil prices, which reduces the likelihood of rate increases," said UBS analyst...

Gold prices rose?on Friday, fueled by hopes of a possible U.S. Iran ceasefire. However, they were on course for their third consecutive monthly decline due to concerns over energy-driven inflation. As of 1005 GMT, spot gold was up by 0.8% to $4,528.19 an ounce. On Thursday, gold fell to its lowest level in two months, $4,365.76, but ended higher. Metal prices have fallen by 2% so far this month. U.S. Gold Futures for August Delivery rose 0.6% to $4,59.10. Gold remains negatively correlated to oil, which impacts on inflation and monetary policy. "Gold is positively correlated with lower oil prices,...

Two sources who are familiar with the matter confirmed that SAIC Motor would sell a 10% additional stake in JSW MG Motor in India. This will make JSW, the local partner, the largest shareholder in the unit. SAIC Motors' decision comes after the Chinese company struggled to expand operations and raise equity due to New Delhi investment restrictions, even though it had trimmed its ownership to 100% and brought in domestic partners including Sajjan Jindal’s JSW Group. SAIC owns a 49 percent stake in JSW MG Motor. Sources?said that SAIC will sell a stake of 10% to JSW. JSW's stake...

Gold prices?edged up on Friday as investors assessed reports about a?U.S. -Iran ceasefire agreement amid concerns over inflation and U.S. rate hikes. By 0422 GMT spot gold had risen 0.3% to $4505.57 an ounce, but it was down 0.1% so far this week. U.S. Gold Futures rose 0.1% to $4,535.90. Bullion dropped to a 'two-month-low' on Thursday, before closing higher after reports of a U.S. - Iran ceasefire extension. "We saw gold drop to $4,360 yesterday and it was likely that it would go lower until the announcement of the (ceasefire)." The market is still in this position?this morning", said...

Investors weighed?reports about a U.S. - Iran ceasefire agreement amid rising concerns over inflation and U.S. rate hikes. Spot gold was up 0.2% at $4,499.56 an ounce as of 0231 GMT but down 0.2% so far this week. U.S. Gold Futures slipped 0.1% to $4,529.80. Bullion dropped to a two-month-low on Thursday, before closing higher after reports of a U.S. Iran?ceasefire? extension. "Yesterday we saw gold go down to $4360 and it was likely to continue to drop until the (ceasefire announcement) came. Due to this, we suddenly saw a reversal in prices. The market is still?at this level today,"...

Gold prices fell to a 2-month low on Tuesday, "pressured" by expectations of tighter monetary policies to combat rising inflation and the fact that there is no end to the Iran war. As of 10:30 am EDT (1430 GMT), spot gold was down by 1.4% to $4,444.64 an ounce. It had fallen earlier in the day to its lowest price since March 27. U.S. Gold futures for June delivery dropped 1.2% to $4445.20. The Middle East continues to have the biggest impact. "There was a lingering optimism, but that optimism is fading as the conflict continues," said Peter Grant. He...

Gold prices dropped to a 'nearly two-month low' on Wednesday. This was due to expectations that monetary policy would be tightened to combat rising inflation. The war in Iran is still far from over. As of 9 am EDT (1300 GMT), spot gold was down by 1.6% to $4,433.85 an ounce. It had fallen earlier in the day to its lowest price since March 30. U.S. Gold Futures for June Delivery fell 1.6% to $4431.60. The Middle East continues to have the biggest influence. Peter Grant, senior metals analyst at Zaner Metals and vice president, said that there was some...

On Wednesday, copper prices reached their highest level since mid-May, as lower oil prices eased inflation worries for the metal that is vital to growth. Aluminium prices remained 'near 4-year highs' amid concerns about reduced supply in the gulf region. The price of three-month copper at the London Metal Exchange dropped 0.2% in open-outcry official trading to $13,597 per metric ton after reaching $13,746, which was its highest level since May 15. Aluminium fell 0.3% to $3.663, after reaching its four-year peak of $3.707.50, on Tuesday. The Iran War has hampered deliveries in the Middle East. September alumina contracts in...

The dollar and oil prices fell on Monday, as a result of hopes for a possible peace agreement between the United States and Iran. This eased fears about inflation and an economic slowdown. By 0845 GMT, the most traded copper contract at the Shanghai Futures Exchange had gained 1.1%, to 105.650 yuan (15,548.76 dollars) per ton. We are hearing some good news about the conflict. Soni Kumari, an ANZ analyst, said that the positive market sentiment is a result of this. The Middle East conflict has caused supply disruptions, which have a negative impact on the demand for base metals....

Copper prices rose on Monday, as the dollar and oil fell in anticipation of a possible 'peace agreement' between Iran and the United States. This eased fears about inflation and an economic slowdown. The Shanghai Futures Exchange's most traded copper contract rose 1.1%, to 105 590 yuan (15,539.93 dollars) per ton. Oil prices fell below $100 per barrel as oil traders awaited the announcement of a U.S. Iran deal to reopen Strait of Hormuz. The Middle East conflict has caused energy prices to rise sharply, raising inflation fears and changing the outlook for global interest rates. Hopes of a peaceful...

Authorities said that a'strong earthquake' struck Chile’s mining region?Antofagasta?on Monday afternoon, disrupting operations at?some mines, but ultimately saving lives and critical infrastructure. Major miners have reported minimal damage from the magnitude 6.9 quake that struck the heart of the largest copper producing country in the world. The U.S. Geological Survey measured the depth of the earthquake at 109 kilometers (68 miles). A spokesperson for Chilean copper miner Codelco said that some activities were halted due to a?lack of visibility or disruption of electricity in certain?areas. BHP and Antofagasta, both mining companies, said that their operations were not affected by earthquake....