Western Europe

Petrobras, the state-run oil company in Brazil, was the biggest winner of the auction on Thursday. The sale is expected to generate revenues in excess of $5.08 billion. The amount exceeds initial Government forecasts The 25 billion reais should boost the public coffers, as the Luiz Inacio Lula Da Silva administration tries to reach its fiscal targets. The state-run company PPSA held the auction, and is responsible for selling that portion of oil which companies producing under share contracts in pre-salt fields must give to the Brazilian government according to Brazilian law. Petrobras purchased three of the seven lots that...

These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. Blue Origin founder Jeff Bezos has spoken to U.S. president Donald Trump at least two times this month, as he attempts to take advantage of a rivalry between SpaceX founder Elon Mush and Trump to bag more government contracts. Shell denied that it had approached BP and was involved in negotiations for the largest oil deal of a generation. Conagra Brands is removing certified colors for food, drugs and cosmetics from its U.S. frozen products portfolio by...

Constellation Energy executives said that the former Three Mile Island nuclear plant in Pennsylvania could restart in 2027. This is about one year earlier than originally planned. The plant was put on a rapid track to connect with the regional grid. Constellation signed a contract in September last year to power Microsoft's data centers. This will pave the way for the reopening of Three Mile Island. Three Mile Island is widely known as the location of a partial nuclear meltdown that occurred there in 1979, which froze the industry. Constellation’s 20-year agreement to purchase power from Microsoft is indicative of...

In a Wednesday progress report, Britain's climate advisors stated that the country must lower its electricity prices in order to accelerate the adoption of technology to reduce emissions, such as heat pumps and electric vehicles. Britain is aiming to achieve net zero emissions in 2050. This will require electrification for sectors like heat and transport that are currently dominated by fossil fuels. It also faces high electricity prices. Piers Forster said in an annual report briefing that the "most important recommendation" we have for government is to lower the cost of electric for both households and businesses. He said that...

Travel stocks led the UK's midcaps on Tuesday as investors were encouraged by signs of eased tensions in Middle East, and a positive forecast from Carnival Cruise Lines. The domestically oriented FTSE 250 rose 1%, reaching a record high of more than a week. Carnival's UK listed shares rose 11.8%, outpacing gains in the midcap index. raised Its annual profit forecast was higher than expected and it beat the second-quarter earnings estimate. The FTSE 350 Travel & Leisure index rose 3.6% after U.S. president Donald Trump announced Israel and Iran reached a 12-day-old ceasefire. Both sides accuse each other Violations...

Goldman Sachs data shows that hedge fund leverage reached a five-year peak last week. Speculators bought banks, trading firms and insurance companies, just after U.S. rates remained unchanged and before the U.S. attack on Iran's nucleus sites. On Wednesday last week, the U.S. Federal Reserve kept interest rates unchanged and said they are not in a hurry to reduce interest rates. On Saturday, the U.S. launched an attack on Iranian nuclear sites, sending oil prices to a record high on Monday. Further price increases are expected on concerns that a retaliatory Iranian action could include a closing of the Strait...

The UK's industrial strategy, published on Monday, outlines a key reform that will reduce the electricity bills for thousands of businesses by 2027. Below are the main components of its plan. ADVANCED MACHINING Up to 3.76 billion pounds (2.8 billion pounds) will be invested in R&D programs over the next 5 years to stimulate innovation, automation and digitisation. CLEAN ENERGY INDUSTRIES By 2035, Britain aims to double the current levels of investment in clean energy industries. CREATIVE INDUSTRIES Create a 150-million-pound fund for growth and provide financial support to screen, music and video games. LIFE SCIENCES Making Britain the third...

Foreign ministers of Europe's three largest powers met their Iranian counterparts in Geneva on Friday to try to diffuse the tensions over Iran's nuclear program. These hopes were dashed Saturday, when U.S. president Donald Trump ordered airstrikes against Iran's main nuclear sites in support of Israel’s military campaign. Abbas Araqchi - Iran's Foreign Minister - told reporters in Istanbul, Sunday, that it was "inappropriate" to ask Iran to resume diplomacy. He promised a "response", to the U.S. strike. It's not the time for diplomacy. Trump warned that the U.S. would attack other Iranian targets if a peace agreement was not...

On Saturday, a senior Iranian official claimed that the proposals made by European powers during talks in Geneva on his country's nucleo programme were "unrealistic", and that it would be hard to reach an agreement if they stuck with them. On Friday, there were few signs that progress had been made after the E3 (Britain, France, Germany and the EU) and their Iranian counterpart met to try and prevent the conflict between Israel, Iran and the EU from escalating. The Europeans' discussions and proposals in Geneva were unrealistic. "Insisting on this position will not bring Iran or Europe closer to...

Vladimir Putin, the Russian president, said that the conflict between Iran & Israel had not caused oil prices to rise significantly. He also stated that the OPEC+ oil producers did not need to intervene on the oil market. Brent crude futures reached their highest level since late January as investors were on edge due to the escalation of a recent air war between Israel, Iran and Syria. Putin stated that the price of crude oil is now around $75 per barrel. Before the conflict escalated, it was $65. "We see, of course, that the current Middle East situation, as well...

Igor Krasnov is the Russian Prosecutor-General, who led the government's effort to seize property valued at 2.4 trillion rubles ($31 billion). He said that foreign companies returning to Russia would be closely monitored to ensure Russia benefits. In the three years since Russia began its war in Ukraine, Moscow has taken over a dozen assets owned by foreigners under its management. This year, prosecutors have increased the seizure and confiscation of assets in Ukraine. As the economy slows down after two years of high growth, fueled by military spending, Russian officials try to strike a balance between protecting the economy...

Two unions have said that Eni plans to create a new company in Italy focused on a number of assets, including oil refineries and fuel storage facilities. This was revealed after a meeting earlier this week with the state-controlled group. Unions claim that the new unit will probably be called Eni Industrial Evolution. It could include nearly 2,000 workers who are employed on the sites included. The FEMCA CISL trade union published a statement on its website Thursday stating that "EIE would take over management of traditional refinery, primary logistics, and the conversion of Livorno's and part of Sannazzaro's plants...

The High Court of London ruled that BHP will be held in contempt for its funding of litigation to try and prevent certain Brazilian municipalities from suing BHP over one of Brazil’s worst environmental disasters. The ruling on Thursday is the latest in a long-running lawsuit over the failure of the Mariana Dam in Southeastern Brazil, which was owned and operated jointly by BHP's Samarco joint enterprise and Vale. Judge Adam Constable stated that it is arguable BHP, world's largest miner in terms of market value, has funded Brazilian litigation for the municipalities to stop them suing London "with the...

According to a filing with the Brazilian Securities Commission, Vale announced on Wednesday that Mark Cutifani would step down as Chairman of its copper-nickel spinoff Vale Base Metals in order to "pursue professional projects." The company announced that Vale CEO Gustavo Pimenta would replace him in July. This will "ensure strong leadership and alignment with Vale’s broader strategic goals" within the business. Vale, the iron ore giant, spun off its base metals division as a separate company with headquarters in Toronto by 2023. The goal is to eventually list it. Cutifani, who was chief executive of London-listed Anglo American for...

London Metal Exchange (LME) has tightened the regulatory screws against holders of long positions at a time when both copper and aluminium contracts are in turmoil. The unique date structure of the LME exchange has been under severe stress as traders have increased their bets despite the inventory in LME's warehouses being depleted. It's not a coincidence that these two contracts have been the most affected. Tariffs and sanctions have caused massive distortions in the physical markets for copper and aluminum. The LME, having just recovered from the 2022 nickel crisis, is keen to avoid another one. Since it cannot...

The copper price rose on Wednesday, supported by the tentative ceasefire agreement between Iran and Israel that improved market sentiment and the stronger yuan in China, a major metals consumer. The price of three-month copper at the London Metal Exchange rose 0.3% to $9,696.50 per metric tonne by 1034 GMT. On Wednesday, the ceasefire brokered on behalf of U.S. president Donald Trump seemed to hold. This was a day after each country had signaled that their air conflict had ended. The yuan of China has been steadily rising against the dollar. It is now nearing its highest level in over...

The London Metal Exchange (LME) and Shanghai Futures Exchange (SFE) saw copper prices rise on Wednesday. This was due to a weaker dollar and an apparent ceasefire between Iran & Israel. As of 0701 GMT the LME's three-month contract for copper increased by 0.6%, to $9,728.5 a metric ton. The SHFE's most-traded contract for copper also rose by 0.47%, to 78,810 Yuan ($10990.56). Israel has said it will take strong action against Iranian missiles that were launched after U.S. president Donald Trump declared an end to hostilities. The U.S. Federal Reserve chair Jerome Powell has said nothing about the interest...

Tesla's European new car sales fell by 27.9% from a year ago in May, even though sales of fully-electric vehicles in the region jumped by 27.2%. The revised Model Y has yet to show any signs of reviving Tesla's fortunes. The European Automobile Manufacturers Association's (ACEA) data showed that overall car sales in Europe increased by 1.9%. Plug-in hybrids grew the most, followed by cars using alternative fuels. Why it's important Tesla's European Sales have fallen for the fifth consecutive month as customers opt for cheaper Chinese EVs, and in some cases protest against Elon Musk. Tesla's European Market Share...

Tesla's European new car sales fell by 27.9% from a year ago in May, even though sales of fully-electric vehicles in the region grew by 27.2%. The revised Model Y has yet to show any signs of reviving Tesla's fortunes. The European Automobile Manufacturers Association's (ACEA) data showed that overall car sales in Europe increased by 1.9%. Plug-in hybrids and alternative fuel cars saw the biggest growth. Why it's important Tesla's European Sales have fallen for the fifth consecutive month as customers opt for cheaper Chinese EVs, and in some cases protest against Elon Musk. Tesla's European Market Share dropped...

The London Metal Exchange and Shanghai Futures Exchange saw copper prices rise on Wednesday. This was due to a weaker dollar and an improved risk outlook, as a result of a tentative ceasefire agreement between Iran and Israel. As of 0101 GMT the three-month copper contract at the London Metal Exchange rose 0.18% to $9,686 a metric ton. The most traded copper contract at the Shanghai Futures Exchange remained unchanged at 78480 yuan (10,945.45) per ton. Israel has said it will take strong action against Iranian missile attacks that followed after U.S. president Donald Trump announced the end of hostilities....

The dollar dropped and the yuan rose after U.S. president Donald Trump announced a ceasefire agreement between Israel and Iran. The price of three-month copper at the London Metal Exchange rose 0.8% to $9,743.50 per metric tonne by 1013 GMT, after reaching its highest level since June 11, when it reached $9,760.50. Market attention focused on the continued outflow of copper from warehouses registered with LME. The combination of large cash copper contracts, warrants (title documents conferring ownership) and other factors has led to an increase in the premiums on near-term contracts. The premium for cash copper contracts over the...

Andy Russick sells cans of fruit and tomatoes to major U.S. supermarkets, such as Kroger, and hospitals and schools. He shares the stated goal behind U.S. president Donald Trump's war on trade - combating cheap Chinese imports. When U.S. tariffs were doubled on steel and aluminum imports to 50%, on June 4, Andy Russick's company, Pacific Coast Producers, was collateral damage. Since 2017, Chinese fruit cocktail, vegetables, and other canned food imports from Southeast Asia and Europe are flooding U.S. grocery shelves, undercutting comparable products made in the United States. Russick stated that this trend will accelerate due to the...

The German Chancellor Friedrich Merz called the European Union’s approach to the trade negotiations with the United States “far too complex”, saying that the bloc should focus instead on reaching agreements for only a few major sectors. Merz stated during an event organized by the BDI Industrial lobby that "the Americans are relatively simple minded and geared toward reaching an agreement with me on four or five main industries." He said that the European Commission (the executive body that negotiates trade agreements for the 27-nation block) should focus on chemicals, pharmaceuticals, and machinery. President Donald Trump announced a wide range...

Aluminum prices rose to a three-month high on Monday, as U.S. strikes on Iran's nuke facilities raised the possibility of higher energy costs and disruptions in shipments from the Middle East. In some areas, energy can account for 40-45% or more of the costs associated with aluminium smelting. Investors' fears about an escalation of conflict in the Middle East and disruption to oil supplies increased after President Donald Trump said that the U.S. would attack other targets without a peace agreement with Israel. Benchmark aluminium rose 0.5% to $2,561 per metric tonne by 0916 GMT, after reaching its highest level...