Western Europe

Shell's notice of the meeting states that it will allow its shareholders to vote on a resolution presented by climate activist investor groups Follow This and recommend a negative vote. This'stands in stark contrast to BP whose board decided 'not to include the Follow This Resolution on its agenda. This prompted some of its shareholders, and influential proxy advisor groups, to recommend a vote against the board. Follow This Resolution calls on Shell to reveal how its strategy will perform in scenarios of declining oil and gas demand. BP said that the resolution is invalid and will be 'ineffective' if...

The British government announced that British Finance Minister Rachel Reeves would tell her international counterparts traveling to Washington this week about the "securonomics", or approach, she uses in dealing with an uncertain world. Reeves will, while in the United States to attend an International Monetary Fund summit, once again promote Britain as "a rare safe haven for Investors" that provides stability amid rising energy prices. After weekend talks to end the war failed, Tehran has threatened to attack the ports of its Gulf neighbours. Britain's dependence on imported gas and stubbornly high inflation has led to a sharper selloff of...

After a review by the Australian corporate regulator, Viva Energy has revised its testing of the value of its retail fuel and convenience sites for impairment. This will result in an additional A$25m ($17.55m) in impairment charges on 2025 accounts. The Australian Securities and Investments Commission questioned the fuel retailer’s previous approach to?grouping certain sites into a larger Shell Card cash-generating units, arguing that?individual outlets? should be assessed individually so their recoverable value could?be determined. The regulator said that Viva had adopted the revised method in its financial statements for its year-end?December 2025 and increased the total impairment charges on...

Italy has placed new restrictions on Sinochem in an effort to stop a slap on Pirelli's governance, according to people familiar with the matter. Pirelli's largest shareholders Sinochem, a Chinese state-owned company, with 34% of the shares, and Camfin (the investment vehicle of Marco Tronchetti Provera as Executive Vice President), with 26% of the shares, have been involved in a long-running dispute. Tensions grew ahead of the new U.S. regulations that would restrict the use of "Chinese" technologies in the automobile sector. Both Pirelli & Camfin called for "curbs" on Sinochem's ownership, stating that this would complicate Pirelli expansion plans...

Holders of bonds issued by Ukraine's Naftogaz, the state energy giant, have hired lawyers to prepare for what appears to be a second debt restructuring since Russia's invasion in 2022. Source familiar with the matter confirmed that the funds hired Cleary Gottlieb Steen & Hamilton - the same firm which represented VR Capital and bondholders when Naftogaz wrote off its debt in?2023. In the face of ongoing Russian attacks, the Ukrainian state energy company, which has recently hired Rothschild to be its debt advisor, is struggling with how to pay a repayment of nearly 700 million euros ($821million) due in...

Oil prices rose again on Friday, causing a loss for long-term British government bonds. This wiped out the gains made earlier in this week by the gilt market following a ceasefire agreement between Iran and 'the United States. The performance of gilts was below that of similar U.S. debt, German debt and French bonds. This reflects Britain's vulnerability due to the fallout caused by rising energy costs. Britain is heavily reliant on natural gas, and its public finances are stretched, making it difficult to provide state support. Long-dated gilts have been increasingly affected by fiscal worries. The yield on 20-year...

The Italian Treasury confirmed an earlier report that Lorenzo Mariani would be the new Chief Executive Officer of Leonardo Defence Group, replacing Roberto Cingolani. Rome, as expected, also proposed the reappointment of Claudio Descalzi at Eni's helm and Flavio Cataneo, Enel's, to their respective energy groups. Cingolani did not win a second term, despite a rise in sales and orders at the state-controlled group since he became its leader in 2023. He also secured a number partnerships with European competitors. Leonardo's shares, which had more than quadrupled in value under Cingolani, dropped this week amid reports of his possible removal,...

Investors are putting together a "Trump trade' playbook to?navigate market uncertainty. This includes determining whether a U.S. - Iran ceasefire will last and whether oil prices will remain high for longer. As geopolitics continue to dominate the economy, it is difficult to move money based on long-term perspectives. During the Iran War, many?investors have placed shorter-term bets instead on assets which may have been?mispriced?. Here is a list of some new Trump trades. 1/OIL PRICE WILL STAY HIGHER FOR A LONGER TIME Oil prices fell almost 15% to $100 per barrel in the wake of the ceasefire on Wednesday, but...

Analysts at A95 Consulting Group reported late Monday that Ukraine's imports of diesel jumped 27% in March over February to a five-year-high of 577,000 tons, despite the difficulties associated with the war? in the Persian Gulf. After Russian missile attacks virtually destroyed Ukraine's refining capability, the country became?entirely reliant on imported fuel. It sourced supplies elsewhere in Europe. The consultancy stated in a report that "Importers operations in March were hindered by the effects of the war in the Middle East which made it extremely difficult to secure supplies." The report also stated that ORLEN, Poland's largest supplier, had suspended...

Senegal has banned all travel abroad by top officials and ministers that is not essential. The government warned of "extremely challenging" times as a result of the U.S./Israeli conflict with Iran, which will increase global oil prices, straining Senegal's budget. The price of Brent crude has soared and governments have been urged to act to reduce the negative effects. Senegal Prime Minister Ousmane sonko, speaking at a youth event on Friday night in Mbour, pointed out that oil is trading for about $115 per barrel, almost twice what was assumed to be the price in Senegal’s budget projections. He announced...

Trafigura has not ceased its contracts with Bolivia's oil and gas state company YPFB, a spokesperson for the company said on Thursday. The company was rejecting a claim made by Bolivian Energy Minister Mauricio Medinaceli. Medinaceli announced on Tuesday that Bolivia will suspend its gasoline contracts Trafigura, and with rival trading house Vitol, until the investigation into the alleged smuggling of poor-quality fuel from Chile is completed. Later, on Thursday, YPFB confirmed its main supply contracts are still in effect, ensuring a?continuity of supply. The state-owned company has announced that it has signed an addition to its existing contract with...

When the world was faced with a sudden surge in inflationary forces in 2021-22 due to a severe shock in supply and spikes in energy prices, all major central banks reacted?together. This is unlikely to happen again. Five years ago, supply disruptions caused by pandemics led to a united - but belated cycle of interest rate hikes among the world's largest central banks. This cycle accelerated in response to the skyrocketing prices of energy triggered by Russia’s invasion of Ukraine. By the time the European Central Bank raised rates in July 2022 (and the Bank of Japan did not), every...

The World Steel Association cut its forecast on global 'crude steel demand' for this year. This was partly because of the Iran War, which has slashed Middle East consumption. The industry group reduced its forecast of growth in 2026 steel demand to 0.3%, or 1.72 billion tons. This is down from an earlier forecast in October that was 1.3%. "We expect that the conflict in the Middle East will result in a sharp decline in the region's demand for steel in 2026. This was a strong area for growth," said Alfonso Hidalgo Calcerrada. "We're now transitioning to a modest growth...

Sika, a Swiss chemical group that manufactures products for construction in China, reported a decline?in sales?for its first quarter on Tuesday. The drop was attributed to a?stronger Swiss Franc and weakness?in the construction industry. The sales for the quarter fell by 7%, to 2,49 billion Swiss Francs ($3,18 billion). The company reiterated the forecast it made in February. It projected a 1% to 4% increase in annual sales in local currency and an EBITDA margin between 19.5% and 20% by 2026. The 'company' said that a?long-term slump in China’s construction sector continued weighing on the results even as Europe showed...

Ivan Arriagada, the Chief Executive of Antofagasta Minerals, said that rising fuel costs and sulfuric acids are their biggest concerns in the near future, despite the fact that its 'operations' and project pipeline continues to progress steadily. Arriagada, in an interview with Reuters on Monday, said that the company is most concerned about the rising cost of fuel and oil. He said that "we have seen an increase in the price of certain inputs, such as sulfuric acid, explosives and, to a certain extent, energy." "That's happening in a context where, while the copper price has fallen, it has remained...

Benchmark Mineral Intelligence revealed on Tuesday that high petrol prices in Europe drove car buyers to EVs, leading to the first global EV growth month this year. Fuel prices have been capped by governments around the world to protect motorists from rising costs. The war in Iran that erupted Feb. 28 disrupted an important shipping route which carried about 20% of the global oil supply. BMI reported that registrations of new battery-electric cars and plug-in hybrids rose by 3% on an annual basis globally, to more than 1.7 million vehicles. In Europe, the number of EVs sold reached a record...

According to public records requests, Codelco, a state-owned copper miner in Chile, was fined after a deadly mine collapse last year at El Teniente. Three contractors, whose employees were killed or hurt, were also sanctioned more severely. Six contract workers were killed and others injured in the aftermath of the underground earthquake that occurred on July 31, triggering a rockburst at El Teniente - the world's biggest underground copper mine. The files were obtained from the Chilean labor ministry by means of open-records request. In Chile, fines of this nature are communicated directly to the employers. They can be challenged...

Two sources familiar with the matter said that HSBC is hiring Mark Augustynak to head its global metals business. Augustynak was a metals 'trader' at iCB Standard Bank. HSBC is a market-maker and clearer, alongside ICBC Standard Bank and JPMorgan, in London. This is the world's biggest over-the counter gold trading hub. Market?players are able to trade directly between each other, rather than through an exchange. One source said that Augustynak is expected to join HSBC by mid-2026. He has 20 years' experience in linear precious metal trading. HSBC didn't immediately respond to a comment request sent outside of normal?business...

A Paris court found Holcim Lafarge guilty on Monday of charges that its Syrian subsidiary had financed terrorism, and violated European sanctions in order to keep a plant operating in northern Syria during the civil war. Eight former Lafarge employees, including executives, were found guilty of funding terrorism. The judges determined that Lafarge paid a total of 5.59 million Euros ($6.53million) between 2013 and September 2014 to jihadists groups, including the Islamic State (IS), and the al Qaeda affiliated Nusra Front. Both were designated terrorists by EU. Isabelle Prevost Desprez, the presiding Judge, stated that payments made by?Lafarge strengthened jihadist...

V enezuela’s efforts to attract foreign investors for the development of its gold, bauxite and?iron seams have enthusiastic support from the Trump administration, but face big challenges. These include armed groups that have deep interests in the chaos and largely illegal prospecting industries which?developed during the last 20 years. Sources in Bolivar, a sprawling state in the southeast of Colombia, said that they are skeptical about international companies' ability to invest meaningfully if there is not a major improvement in security. Local criminals work alongside Colombian rebels. State security forces and the Colombian government have been accused by criminals of...

According to inspection records obtained through public records requests, Codelco, a Chilean state copper mining company, was fined after the deadly collapse of its El Teniente Mine last year. Three contractors, whose employees were killed or seriously injured, were also sanctioned. Six contract workers were killed and others injured in a rock explosion at El Teniente underground copper mine in July. The sanctions, which had not been reported before, were imposed months after the underground seismic event. The files were obtained from the Chilean labor ministry by means of open-records request. These fines in Chile are notified to the employer...

Bloomberg News, citing sources, reported that Rio Tinto’s U.S. assets, which?produce boron, the critical mineral, have attracted interest from more than 12 potential bidders. The assets could be valued as high as $2 billion. According to the report, WE Soda and Magris Resources are interested in purchasing Rio Tinto's boron assets in California. They are expected to make Rio Tinto binding offers by June. The report could not be verified immediately. Rio and the involved companies did not immediately respond to our request for comment. Mineral boron is used as an additive to oil and gas drilling, nuclear energy, windmills,...

On Friday, copper prices reached their highest level in over three weeks as investors weighed up signs of increased demand from China's top metals consumer against the uncertainty surrounding a fragile ceasefire during?the Iran War. In official open-outcry trade, benchmark three-month copper on the London Metal Exchange rose 0.6% to $13,755 per metric ton and reached its highest level since March 17, at $12,845. The week was expected to close with a gain of about 4%. LME copper rose 1.2% after the official rings, when a Federal Reserve official stated that a rate reduction was possible if oil prices fell....

Chile will break from 'precedent' and host a panel on lithium at its annual global gathering of copper next week, in an effort to radically diversify its economy beyond the red metal which has been?powering it for decades. On Monday, the World Lithium Conference, organized by the International Lithium Association and the consultancy 'CRU', will launch what the copper industry calls CESCO Week. After months of stagnation, lithium prices have risen to levels not seen in two years as renewed interest in the metal is sparked by concerns about oil supplies in the Middle East. The lithium supply is tightening...