Western Europe

Neste, the Finnish oil refiner and biofuel producer, reported stronger-than-expected core earnings for its second quarter. The company cited a surge in sales of sustainable aircraft fuel (SAF), aided by an increase in production capacity. Neste's comparable quarter earnings before interest taxes, depreciation, and amortization (EBITDA), rose by 42% compared to a year ago, reaching 341 million euro ($401 million). According to a consensus provided by the company, analysts had forecasted 302,5 million euros in average. Heikki malinen, CEO of the company's renewables refinery Rotterdam, said that "our sustainable aviation fuel (SAF) sales increased by close to 80% from quarter...

Anglo American, a global miner, reported on Thursday a 13% drop in copper production for the first half of this year, to 342,200 tons. It also reported a 26% decline in rough diamonds as the demand remains weak. The London-listed company still expects 690,000-750,000 tonnes of copper to be mined this year. This is down from 773,00 tons in 2024. Metal is used for electrical wiring, and demand will increase as electric vehicles and renewable infrastructure are developed. After BHP failed to acquire the miner last year, it is now restructuring its business, focusing mainly on iron ore and copper....

TotalEnergies announced a 23% drop in earnings for the second quarter on Thursday. This was the worst performance of four years by this French oil major. Higher upstream production could not offset lower earnings in oil, gas and refined fuels. The adjusted net income for the three-month period ending June 30 fell from $4.7 billion a few months earlier to $3.6 billion, which is in line with analyst expectations as reflected in LSEG consensus. It was $4.2 billion lower than the first quarter. Brent crude prices are down 20% from a few months ago. This is because OPEC+ producers, including...

Bloomberg News reported Wednesday that One Rock Capital Partners is one of a few bidders left for BP's Castrol lubricants division. The report was based on people familiar with this matter. One Rock refused to comment while BP didn't immediately respond to a?request for comment outside of regular business hours. The report stated that the private equity firm was bidding on the entire asset. Canada Pension Plan Investment Board is another interested party but is only interested in a minority stake. Deliberations continue. According to the report, One Rock and CPPIB may decide not to proceed with their offers. In...

Saipem, an Italian energy contractor, reported on Wednesday a 39% increase in its core earnings for the second quarter and confirmed its outlook for this year. The adjusted earnings before interest taxes, depreciation, and amortization (EBITDA), between April and the end of June, were 413 million euro ($485 millions), beating an analyst consensus compiled by LSEG, which was 395 million euro. Saipem’s offshore, engineering and construction and business were the main drivers of growth during the second quarter. The group was able to finish orders from the first quarter. The amount of new contracts signed in this period was 2.2...

Iberdrola, Spain's largest power utility, said that it does not expect to be affected financially by any potential compensation claims relating to the blackout which hit Spain and Portugal in April 28. The grid operator REE, owned by Redeia, has acknowledged that the blackout was caused by an increase in voltage. However it has blamed the power utilities and the grid for the chaos in the cities. The company stated that both internal and external experts had analysed the event. They concluded that the companies in the Iberdrola Group were not responsible for the blackout. "Nor did they play any...

Documents show that during an intergovernmental gathering in Rome, Italy and Algeria signed agreements on energy, telecommunications, and fighting terrorism. After a visit to Algiers in March by Antonio Tajani, the Italian Foreign Minister Giorgia Melons met with Algerian President Abdelmadjid Tebboune. Italy reported that Algeria was Rome's top trading partner in Africa with trade valued at almost 14 billion euro ($16,4 billion), while Rome's investment there amounts to 8.5 billion. A document that was seen by us states that a memorandum on combating terrorism and financing will be signed between Italy, Algeria and Tunisia. The document didn't specify which...

Around the globe, green hydrogen developers are cancelling their projects and reducing investments. This could lead to a longer-than-targeted reliance on fossil energy. The sector's initial goals have been exposed as being unrealistic due to the challenges it faces. Green hydrogen is prohibitively expensive for industries that are hard to electrify, like steelmaking and long distance transportation. Jun Sasamura is the hydrogen manager for Westwood Global Energy. He said that the gap between European ambitions and actuality shows the magnitude of the industry's reset. He said that only a fifth (or less) of all planned hydrogen projects in the European...

Two sources with knowledge of the matter said that France's EDF has cut its headcount abroad and canceled bids for some nuclear projects overseas in order to focus on a major building programme at home, under new CEO Bernard Fontana. France, once the world's leading nuclear power producer and Europe's biggest nuclear energy provider, is now pulling back, at a moment when global nuclear expansion calls are being made. This opens up new opportunities for other players, as high costs and design problems hurt its ability compete internationally. Fontana took over EDF in April after the government became frustrated by...

The top appeals court of Italy has ruled that a climate change case brought against Italian energy company Eni may continue. This was in response to a jurisdictional case raised by Greenpeace Italia, and ReCommon. The two organisations' judgement published on Tuesday affirms that Italian courts are competent to hear climate litigation, including cases involving emissions of Eni's subsidiaries abroad. In a joint press release, Greenpeace Italia said: "This historic decision confirms that climate Justice is possible in Italy." The organizations originally filed the suit in May 2023. They claimed that Eni’s decades-long fossil energy operations had contributed significantly to...

Investor sentiment was weighed down by concerns that a brewing trade conflict between the U.S., the European Union and other major oil consumers would reduce fuel demand growth through a reduction in economic activity. Brent crude futures dropped 24 cents or 0.35% to $68.97 per barrel at 0055 GMT, after closing 0.1% lower Monday. U.S. West Texas Intermediate Crude was trading at $69.99 a barrel. This is down 21 cents or 0.31% from the previous session, which saw a loss of 0.2%. The WTI August contract expires Tuesday, and the September contract, which is more active, was down 23 cents...

The German Chancellor Friedrich Merz stated on Monday that the government has not yet decided if it will take a stake of the German division owned by the Dutch state-owned power grid operator TenneT. He also said the Netherlands and Germany were still in discussions. The Netherlands announced last month that it would decide in September if it wanted to sell a minority stake in TenneT Germany, or pursue a partially IPO. This could be Europe's largest deal in 2025. After a failed partial sale of TenneT Germany to the German state lender KfW in June last year, the Dutch...

In their most recent earnings reports, some of the top technology firms in the world, such as U.S.-based Alphabet and South Korean chipmaker SK Hynix, as well Indian IT services provider Infosys have given upbeat guidance, despite an uncertain U.S. Trade Policy. The erratic U.S. Trade Action has overshadowed corporate operations, upending supply chains and leaving firms to navigate fluid Tariffs. This is on top of other economic uncertainties like regulatory changes and currency fluctuations. Alphabet, SK Hynix, and Infosys, all of which reported earnings above market expectations, predicted brighter times to come. Alphabet and SK Hynix have both announced...

In their most recent earnings reports, some of the top technology firms in the world, such as U.S.-based Alphabet and South Korean chipmaker SK Hynix, as well Indian IT services provider Infosys have given upbeat guidance, despite an uncertain U.S. Trade Policy. The erratic U.S. Trade Action has overshadowed corporate operations, upending supply chains and leaving firms to navigate fluctuating tariffs. This is on top of other economic uncertainties like regulatory changes and currency fluctuations. Alphabet, SK Hynix, and Infosys, all of which reported earnings above market expectations, predicted a brighter future. Alphabet and SK Hynix have both announced plans...

The Argentine government approved the $217 million project by Australian miner Galan Lithium in Catamarca for a new incentive program called RIGI. However, it rejected a bid from China's Ganfeng to build its Mariana lithium project. Why it's important Last year, the Incentive Regime for Large Investments (RIGI) was implemented as part of President Javier Milei’s efforts to encourage investments in the troubled economy. The RIGI offers benefits such as tax breaks and access international dispute courts for eligible projects. Global mining companies have been watching closely to see if the scheme will encourage investment in the copper industry that...

The Colombian president Gustavo Petro threatened on Tuesday to unilaterally change Glencore's contract with the government if it continued to export coal to Israel. However, the company claimed that the shipments had already stopped in accordance with a presidential order. Petro, who spoke at an event organized by the Community of Latin American and Caribbean States for CELAC on energy, said: "I'm willing to unilaterally alter the concession contract." The president warned that, if Glencore refused to comply with his order to suspend the shipment of coal from the mine, he would call on the local communities to blockade the...

Ghana will shorten the duration of mining licenses and require direct revenue sharing with local communities as part of its most comprehensive mining law reforms since nearly 20 years. Details were announced on Wednesday by a government ministry. The planned overhaul is part of a wider trend in West Africa where governments are rewriting their mining codes to maximize the value from rising commodities prices. Emmanuel Armah Kofi Buah, Minister of Lands and Natural Resources in Ghana, said that the changes - which include scrapping the automatic renewal for some licences – will only apply to future contracts. This is...

The Financial Times reported Wednesday that Botswana was seeking to acquire a controlling interest in De Beers, as Anglo American prepared to divest itself from the diamond company. Citing the country's minister of mining, this report was based on information provided by the Minister. Bogolo Kenewendo, the Mining Minister of Botswana, told the Financial Times President Duma "remains resolute" in his pursuit to increase Botswana’s stake in De Beers in order to guarantee Botswana’s complete control over this national strategic asset and its entire value chain. This includes marketing. The report stated that Kenewendo said any De Beers sale "without...

The trade war between the United States and Japan, which has impacted businesses from chip makers to steel producers, caused a downturn in results. However, Japan's agreement lifted stocks as well as hopes that Europe could reach a similar deal. Investors cheered the news of a new trade agreement between Japan and the United States, which will lower tariffs on auto imports while sparing Tokyo from new taxes on other goods. This news sparked hopes of a deal being reached with the European Union before the Trump administration's August 1 deadline. Results from Texas Instruments, SSAB, and other steelmakers showed...

The prices of the most traded metals at the Shanghai Futures Exchange dipped on Wednesday as traders watched closely developments in China-U.S. Trade Talks. As of 0725 GMT on Thursday, SHFE aluminium fell 0.34% to 20,790 Yuan ($2,902.37) a ton. Lead declined 0.5% to 16,810 Yuan. Nickel slipped 0.1% to 123,220 Yuan. Copper dropped 0.08%, to 79,590 Yuan. Zinc rose 0.5% to 22,975 Yuan, its highest level since April 1. Tin advanced 0.42% at 268,540 Yuan. "Beijing’s comments on stabilizing industrial growth last week have been encouraging. However, the support is based more on sentiment. This has been fully reflected...

Market optimism following Beijing's recent pledge of stabilizing industrial growth and traders monitoring developments in China-U.S. Trade talks led to a rise in the most traded metals at the Shanghai Futures Exchange on Wednesday. SHFE aluminium rose 0.24% to 20,910 Yuan ($2,916.36) a ton at 0102 GMT. This is its highest level since November 12, 2024. SHFE zinc rose 0.37% to 22 945 yuan. This is its highest level since April 1. Tin was the biggest gainer among the SHFE metals. It rose 0.8% to 269,570 Yuan, the highest since July 4. Copper also climbed 0.53%, reaching 80,070 Yuan, the...

After three years of negotiation, Britain and India will sign a formal free trade agreement during the visit by Prime Minister Narendra Modi to the UK on Thursday. After three years of negotiations, the British Parliament and India's Federal Cabinet will need to approve the deal. This is likely to happen within a year. The following are the main points of the Agreement: Tariff Cuts India reduces tariffs on almost 90% of UK products Whisky and Gin levy will fall from 150% down to 75% then to 40% within a decade Tariffs on automobiles to drop from 100% plus to...

Vulcan, a start-up, has received 104 millions euros ($122million) from the German government to produce clean Lithium, the company announced on Tuesday. Berlin is aiming to increase electric vehicle production and reduce its reliance on imported raw materials. Vulcan said that the grants issued by both the Federal Government and the states of Rhineland-Palatinate, and Hesse will be used to support a project "designed for building Germany and Europe's crucial raw materials supply chains resilience". According to the German Raw Materials Agency, Germany's demand for lithium could reach 170,000 tons per year by 2030. The country's automotive industry relies on...

Norsk Hydro, a Norwegian aluminium manufacturer, cut its capital expenditure guidance for 2025 by 1.5 billion crowns (roughly $147.5 million), and frozen external white-collar employment on Tuesday amid volatile input prices and uncertain demand. Tariffs imposed by the United States on aluminum have disrupted trade and driven physical market premiums up to record levels, increasing cost pressures and changing global supply lines. Hydro Extrusions plans to reduce more than 100 jobs by 2025. Prioritizing operational efficiency and cost reduction, the division will focus on cutting costs. "We have not yet seen major changes in our business operations due to tariffs...