Western Europe

German Foreign Minister Johann Wadephul on Monday urged Serbia to align its foreign policy and security towards Russia with that of the European Union, if it wanted to join the bloc. Serbia's populist President Aleksandar Vucic tries to balance his country's European Union candidacy with its traditional ties to Russia and China. Serbia depends on Russian gas and its only oil refiner NIS (Russian-owned) is subject to U.S. sanctions because of the conflict in Ukraine. Wadephul told his Serbian counterpart Marko Dridic that Ukraine is fighting for freedom not only for itself but also for the whole of Europe. "We...

TotalEnergies was accused by a European human rights organization of complicity with war crimes, torture, and enforced disappearances in Mozambique. The complaint was filed to the French prosecutor's office on Tuesday. Four years after an Islamist militant attack that halted construction, the French oil giant, together with its project partners lifted force majeure for their $20 billion Mozambique gas project. The complaint seeks a link between Total and alleged mozambican torture on its evacuated site of the gas project from July to September 2020, after the oil firm exfiltrated their employees and gave the land to government on the basis...

The oil prices fell on Tuesday, as traders assessed the impact of Western sanctions against Russian flows, and supply concerns eased after the loading of cargo at a Russian hub was resumed following a drone strike in Ukraine. Brent crude futures fell 46 cents or 0.72% to $63.74 per barrel as of 0420 GMT. U.S. West Texas Intermediate crude futures fell 45 cents or 0.75% to $59.46 per barrel. According to two industry sources, and LSEG data, the Russian port of Novorossiysk resumed oil loadings Sunday after a two-day interruption caused by a Ukrainian drone and missile attack. In a...

The Information reported Monday that Databricks, a data analytics company, is in discussions to raise money at a valuation exceeding $130 billion. This is about 30% more than the last round of financing two months ago. The company refused to comment on the article. The report stated that Databricks had not signed any term sheets with investment firms. Could not confirm immediately the report. In September, the San Francisco company closed a $1 billion funding round, which valued it at 100 billion dollars, making it the most valuable private company in the world. Databricks announced at the time that it...

The oil prices fell on Tuesday, as traders assessed the impact of Western sanctions against Russian flows, and supply concerns waned after the loading of cargo at a Russian hub was resumed following a drone strike in Ukraine. Brent crude futures fell 28 cents or 0.4% to $63.92 per barrel as of 1100 GMT. U.S. West Texas Intermediate crude futures (WTI) were down 26 cents or 0.4% at $59.65 per barrel. According to two industry sources, and LSEG data, the Russian port of Novorossiysk resumed oil loadings Sunday following a two-day suspension triggered a Ukrainian drone and missile attack. In...

Tyson Foods agreed to cease claiming it would reach zero greenhouse gas emissions by the year 2050, and to stop marketing beef as climate-friendly in order to settle a suit that accused the U.S. Meat Company of misleading consumers. The nonprofit Environmental Working Group announced this on Monday. The Environmental Working Group reported on Monday that companies have been accused of "greenwashing," where they present an image of environmental responsibility to the public. In the lawsuit filed by Environmental Working Group, Tyson's Brazen Beef brand was cited as an example of misleading advertising. The company claimed that this was the...

The French antitrust authority fined TotalEnergies and Rubis a total of 187 million euro ($217.3) for an anticompetitive agreement that increased fuel prices in Corsica. The island's population is just over 350,000 and it relies heavily on automobiles for transport. All fuels are imported through DPLC depots, which are jointly owned by Rubis TotalEnergies, EG Retail, and TotalEnergies. The watchdog stated that between 2016 and 2023, no other company is allowed to use these depots. The watchdog stated that the agreement reserving the use of Corsican depots for DPLC shareholders only is anticompetitive, and will likely shut out competitors at...

TotalEnergies, the French oil giant, announced on Monday that it had agreed to purchase 50% of EPH's flexible energy generation platform in Western Europe. The deal is a stock-only transaction worth 5.1 billion euros ($5.92 billion). EPH, which is majority owned by Czech billionaire Daniel Kretinsky will receive 5.92 billion euros in TotalEnergies stock under the agreement. This makes EPH one of TotalEnergies' largest shareholders, with 4.1% of their capital. TotalEnergies is pursuing a strategy to become the leading integrated electricity provider in Europe by combining renewables and flexible generation in order to meet growing demand in sectors like data...

The United Arab Emirates' real estate developer Arada will, with the backing of Gulf royals and following its launch in the UK in September, acquire a majority share in London's Thameside West Mixed-Use Development, according to a Monday statement. The statement stated that Arada would take an 80% share in the Riverfront Development in London's East, which is estimated to have a gross development of 3,29 billion pounds (2,5 billion pounds). It also plans to build at least 5,000 houses. Arada stated that the first phase of this project will deliver 1,000 homes. Construction is scheduled to start in 2027....

Phillipe Casale, director of investor relations at Raizen and one of the top sugar producers in the world, said on Friday that the company has already locked in prices for half the volume of sugar it expects to make in the 2026/27 harvest. Casale, a Brazilian company, said that the Brazilian firm had so far achieved prices of 114 cents real ($0.2110) per kilogram. He added that the price of sugar for the crop year 2025/26 is set at 111 cents real per pound. According to Raizen, weather problems will cause his sugarcane crushing to be lower than the 72-75...

Two trade sources familiar with the matter confirmed that Indian state refiners awarded their first long-term joint tenders in 2026 to Chevron Phillips 66, and TotalEnergies Trading SA for the import of U.S. liquefied gas. India is planning to increase energy imports to the U.S. in order to reduce its trade surplus. This is a major irritation for President Donald Trump who imposed a 50% tariff on Indian imports. The three refiners wanted to jointly purchase 48 large gas carriers or 2 million metric tonnes of LPG by 2026. LPG, a mixture of butane and propane, is used to cook....

The European Commission announced on Friday that ADNOC, the state oil company of Abu Dhabi, has received conditional approval from the EU for its bid of 14.7 billion euros ($17 billion) for German chemicals firm Covestro. The approval was conditional on the full compliance of the commitments made by both parties, which included ADNOC's proposal to adapt its articles of Association and the sharing of Covestro patents in sustainability with other market participants. Last week, people with direct knowledge of this matter said that they expect the deal to be approved. According to an update posted on the Commission's website...

ABB, the Swiss engineering group that has been restructured to focus on industrial automation and electrification, raised its profit margin target on Tuesday. The company is targeting an operating profit margin before interest, taxes and amortization of 18-22% in the next few year, up from 16-19%. ABB confirmed that it is on track to meet its sales targets. ABB's products are used in factories, buildings, mines, ports, and cruise ships to power them. ABB shares fell by 2.3% during pre-market trading. Analysts at Zuercher Cantonalbank stated that "there may have been higher expectation". ABB, based in Zurich, said it expects...

Rio Tinto, Australia's largest alumina refinery company, announced on Tuesday that it would cut production at its Yarwun plant in Queensland by 40 percent starting October of next year. This will extend the life of the plant to 2035 while allowing time for modernization. Under current production rates, Yarwun’s tailings storage facility, which is used to store mining waste, will reach full capacity in 2031. The company said it had looked into options for a new tailings facility but that the required investment was "substantial" and "not currently economically viable." Rio Tinto stated that the reduction will affect around 180...

The mines ministry announced that the Democratic Republic of Congo extended for another six months the ban on trading minerals from dozens of sites of artisanal gold mining in the conflict-hit provinces of North and South Kivu. The extension increases compliance pressure on global supply chain for tin tantalum and titanium, which are key inputs to the electronic, automotive, and aerospace industries. According to an order signed by Mines Minister Louis Watum Kabamba on November 3, the ban introduced in February is still in effect because there is evidence that the illegal supply of mines funds armed groups in eastern...

According to the Swiss government, a new trade framework agreement will allow the United States to reduce its tariffs from 39% on Swiss goods down from 15%. U.S. trade representative Jamieson Greer had said that the U.S. "basically reached a deal" with Switzerland and would reveal details later on Friday. The Swiss government announced that it would soon announce details. Greer told CNBC that the deal will see Switzerland moving "a lot" of manufacturing to the United States, including pharmaceuticals, gold-smelting and railway equipment. We're excited about the deal, and what it means for American manufacturing. Greer stated that the...

On Friday, the U.N. Human Rights Council held a special session to discuss the situation in al-Fashir in Sudan. States will be considering a request for an investigation into the reported mass murders that occurred as the city of Darfur fell under paramilitary control. A draft resolution would include a fact-finding investigation to identify those responsible for alleged violations committed in al-Fashir by the Rapid Support Forces (RSF) and their allies. In his opening remarks to delegates, U.N. Human Rights Chief urged the international Community to Act. "There's been too much show and pretense, but too little action." "It must...

Ibram, a Brazilian mining lobby group, said on Thursday that the law firm Pogust Goodhead would have to refund 811,000 pounds (about $1 million) after it dropped a London lawsuit filed against Ibram over a dam disaster in 2015. This amount is due to Ibram for the costs incurred as part of a lawsuit filed by 25 Brazilian municipalities represented by PG regarding the collapse of a Samarco dam, a joint-venture between Vale, BHP and Vale, that killed 19 people and contaminated a major river. A London court will announce its decision regarding BHP's responsibility in this case on Friday....

Pensions industry said that proposals from the London Stock Exchange Group, and over 100 British business executives, to encourage pension funds to invest more in UK stocks ignores the interests of savers. Last week, more than 100 senior executives, including the chairs of Anglo American, Barclays and Compass Group's CEO wrote to Britain’s finance minister urging him to take action to reverse the decline of buying domestic shares. The executives said that it was a loss of cash for companies, a way to export wealth and a threat to economic growth. They proposed, in response, that defined contribution pension plans...

T.V. Narendran, the chief executive of Tata Steel India, hopes that the government will extend the import tariffs for some steel products in order to protect against imports from China and other countries. Narendran said on Thursday. Narendran, in an interview, said that although the import volumes in India are small, they still affect the market. Narendran stated that "China exports a lot" of steel globally, and added that Indian steel producers had no choice but to export due to the "over-saturation" of most markets by Chinese competitors. In April, India, the second largest crude steel producer in the world,...

Solvay, a French chemical company, announced on Wednesday that it has signed two agreements to supply rare-earths to U.S. magnetic makers in order to expand its processing facility. Solvay is one of only a handful of companies outside China that can perform the difficult rare earths separation. In April, it began processing minerals for permanent magnets in its French facility. However, commercial production will depend on government and customer support. Separate statements stated that Solvay has concluded agreements to supply rare-earth oxides with U.S. firms Noveon Magnetics & Permag. In order to reduce dependence on China, the United States, Europe,...

China's official Xinhua News Agency reported that Vice Premier Liu Guozhong visited the Simandou Iron Ore Mine Project in Guinea this past week. The project, which is 75% owned by China, will be the largest iron ore mine in the world, with a production capacity of 120 million tons per year. It will also be key to the green transformation in the global steel industry. Xinhua reported that the Chinese vice-premier called the project a result of the friendship and cooperation of China with Guinea and Africa for nearly 70 years. He added that the project would contribute to Guinea’s...

Voestalpine, an Austrian steel manufacturer, reported lower half-year revenues on Wednesday. The market had expected this and the company said that it did not expect any improvement in the economic climate in the months to come. The revenue fell from 8 billion to 7,59 billion euros (8,85 billion dollars) in the first six months of the financial year 2025/26. This was in line with the median forecast of LSEG's analysts. The company that makes specialty steels for the automotive industry said they did not expect economic conditions to improve over the next few months. They would continue with reorganizational measures,...

Liontown Resources announced on Wednesday that it has partnered with German digital commodity platform Metalshub for online auctions of spodumene from its Kathleen Valley Lithium project in Western Australia. After the announcement, shares of the Australian lithium mining company soared up to 5.7% to A$1.31, their highest level since the middle of 2024. This outperformed a 0.2% increase in the benchmark S&P/ASX 200. This tie-up aims to digitalise and streamline spot sales while promoting market pricing, as lithium buyers and producers adopt auction formats. The project will see the first 10,000 metric ton digital sale on November 19. Liontown plans...