Western Europe

On Thursday, a top Swiss court found that a former Gunvor employee had corrupted officials in the Republic of Congo for oil contracts. This is the first time that a corruption case in Switzerland's commodities trading industry, worth $80 billion, has been brought to court. This follows the conviction of Trafigura, a rival trading firm, and a former executive in a corruption case involving Angolan Oil Deals last month. The Swiss Federal Criminal Court released a statement on Thursday that the ruling concerned bribes worth over $35 million, intended at least in part for Congolese officials, over an 18-month period...

In a letter to the United Steelworkers union on Monday, Lyondell Basll Industries announced that layoffs would begin at the refinery in Houston which was closed. Estalee Russi wrote in a letter to USW International president David McCall that "Employment Separations - including (USW) local 13-227 represented employees - will begin at or around April 17, 2025." Tuesday, the letter was examined. A spokesperson for Lyondell did not respond to a comment request. There are around 400 Lyondell employees working at the 263,776 barrel-per-day-capacity Houston refinery, with about 70% of them being hourly workers represented by the Steelworkers. On Tuesday,...

These are the most popular stories in the British business pages. These stories have not been verified and we cannot vouch for the accuracy of these reports. The Times Southern Water is in a financial crisis, joining Thames Water. It has asked its investors to provide a further 900,000,000 pounds ($1.13 billion), in order to save the company. The British regulator of water, Ofwat, announced on Tuesday that six water utilities had appealed the pricing regime. This highlights the tensions in a sector trying to strike the right balance between the consumer's bills and the environment. The Guardian In the...

Bloomberg News, citing sources familiar with the situation, reported Tuesday that oil major BP was considering a possible sale of its lubricants division, Castrol. The deal could be worth $10 billion. The report stated that BP was considering a sale of its business. It also said that Elliott Management had identified the unit as a potential asset for disposal. Elliott declined to make a comment, and BP didn't immediately respond to a comment request. The report last week stated that Elliott was pushing the oil company, after acquiring a 5% stake in it, to take radical actions to transform its...

The Czech energy group EPH is controlled by billionaire Daniel Kretinsky. As part of its efforts to diversify access to funding, the company announced that it raised its first Japanese lending facility worth 80 billion Japanese yen (527 million dollars). EPH announced in a Monday statement that the so-called Samurai Loan matures in Febuary 2030, and will pay an interest margin 160 basis points above the Tokyo overnight average (TONAR) rate. The loan was coordinated by SMBC Group. In a press release, Vice-Chairman Pavel Horsky stated that "we are pleased to have raised our first Samurai loan. This is an...

Anglo American announced on Tuesday that it would sell its nickel mining business to an MMG Ltd unit listed in Hong Kong for up to $500m. A broader restructuring is underway to focus its operations on iron ore and copper. Nickel business in Brazil includes two ferronickel projects and two greenfields. Anglo will receive $350 million upon completion, up $100 million as a price-linked gainout, and an additional $50 million for potential project development, according to a company statement. Together, the assets produce around 38,000 metric tonnes of nickel each year. In January, the metal's price fell to a record...

Germany will hold an immediate national election on February 23 after the collapse of the three-way coalition led by Chancellor Olaf Scholz. The main political parties, their polling positions, and key policy issues are listed below: Parties Germany has two "big-tent" centrist parties: Scholz’s centre-left Social Democrats and the opposition Conservatives, an alliance between the Christian Democrats (CDU), and their Bavarian counterpart party, the Christian Social Union CSU. In recent years, smaller parties like the Greens or Alternative for Germany (AfD), a far-right party, have gained ground. All four parties, the SPD, Greens, Conservatives and AfD, have candidates running for...

Anglo American Platinum announced on Monday that it would pay an additional cash dividend of $856 million ahead of the planned spin-off into a separate unit. This is despite a 40% drop in profit to 8.4 billion Rands as the lower prices of platinum group metals continue to hurt earnings. Amplats, a Johannesburg-based company, said that the cash payment of 15.7 billion rands is an addition to its final dividend of 3 Rand per share in anticipation of its demerger from parent Anglo American. Amplats CEO Craig Miller told a media conference that the company will pay an additional dividend...

Brazilian sugarcane processing company Raizen posted a net loss of 2.57 billion reals ($450.5million) in the third quarter 2024/25, compared to a profit 793 million reais a year ago. Why it's important Raizen is the largest sugarcane processing company in the world. Its main shareholders include Brazilian conglomerate Cosan, and Shell. The company produces sugar and ethanol while also acting as a distributor of fuel. ADDITIONAL CONTEXT Raizen releases its quarterly report Operational Preview In January, the sugarcane crushing dropped by nearly 27% compared to last year. The company also stopped its financial guidance for 2024/25. Driving its Shares to...

Early Friday morning, oil prices were up, ending a three-week loss streak. This was due to rising fuel demand, and the expectation that Trump's plan for global reciprocal tariffs will not be implemented until April. Brent futures rose 19 cents, to $75.25 a barrel by 0300 GMT. Meanwhile, U.S. West Texas Intermediate crude (WTI), gained 12 cents and reached $71.41. Brent and WTI both rose 0.7% this week. Analysts at JPMorgan reported that the global oil demand surged to 103,4 million barrels per a day. This is a 1.4-million-bpd rise year-over-year. JPMorgan reported that "after initially being sluggish the demand...

These are the most popular stories in the British business pages. These stories have not been verified and we cannot vouch their accuracy. The Times – The UK could face 21% tariffs for exports to the US following President Trump's order that imposed reciprocal levies against countries with VAT. Experts have warned of significant economic consequences. Unilever chose Amsterdam over London to spin off its ice-cream division for 13 billion pounds (16,33 billion dollars). This is a blow to UK capital markets in spite of government efforts to ensure the listing. The Guardian – Steve Madden acquired UK footwear brand...

The German economy ministry announced on Thursday that it will extend its trusteeship of the local subsidiaries of Rosneft, a Russian oil company, for a 5th time over a period six months. Rosneft is trying to sell off its German assets, including a 54.17 percent stake in PCK Schwedt. Rosneft, while still the legal owner of the entity, was stripped of its control when Berlin took over the entities after Russia's invasion in Ukraine in 2022. In a press release, a spokesperson from the Economy Ministry said that the federal government had decided to extend the trust administration beyond March...

The companies announced that they had signed a Memorandum of Understanding to operate copper mines located in central Chile. Codelco's board of directors, in a letter sent to the local regulators, approved the deal for the operation of its Andina Mine alongside Anglo American’s flagship Los Bronces Mine outside of Santiago. In a Santiago press conference, Codelco chairman Maximo Pacheco said: "This memorandum will allow us jointly to develop a mine plan for both joint deposit that are next to each other." He said that the agreement would allow the production to increase by 120,000 tons per year over a...

Top EU trade officials stated on Wednesday that the bloc is interested in making trade deals with President Donald Trump of the United States. They are also ready to discuss potential reductions or eliminations of tariffs on motor cars and other goods. Maros Sefcovic told an American Enterprise Institute in Washington event that he will tell Trump administration officials about his desire to avoid unilateral U.S. trade tariffs and European reprisals. "I will make this point when I meet my American counterparts later today. Sefcovic stated that the EU was interested in making agreements. These deals should foster fairness, responsibility...

Rio Tinto announced its lowest full-year earnings in five years, which also fell below expectations. Lower prices for iron ore overshadowed growth in the copper and aluminum businesses. Last year, iron ore prices were moderated due to a weak property market in China and high portside stocks. This led to a decline in the earnings of the miner from this raw material that is used in the steel-making process and offset the growth in the copper and aluminum segments. Rio's iron ore average price per tonne dropped 10% in the past year compared to a year ago. Rio's operating profits...

AngloGold Ashanti will increase payouts to its investors, the company announced on Wednesday. The profit was $954 million, up from $46 million the year before, thanks to the record-breaking rise of the precious metal. In New York, shares of the company fell by as much as 7.4% at first trading. Arnold Van Graan, analyst at Nedbank Group, said that a sharp increase in the planned expenditure at projects such as the Sukari Mine in Egypt, which the company purchased from Centamin recently, has unnerved some investors. Van Graan wrote in a letter that "this appears to cast a negative light"...

On Wednesday, gold prices reached a new record high due to the demand for safe havens following the latest tariff threats by U.S. president Donald Trump. Investors were also awaiting the minutes of the Federal Reserve policy meeting in January later that day. As of 9:39 am, spot gold was unchanged at $2.934.49 per ounce. ET (1439 GMT), after surging earlier to an all time high of $2.946.85/oz. Prices reached a new record for the 9th time this year. U.S. Gold Futures increased 0.1% to $2.952.10. Paul Wong is a market strategist with Sprott Asset Management. He said, "We're in...

Since Donald Trump returned to office in the United States last month, he has imposed numerous tariffs on imported goods and threatened to do so more frequently. These can be broad - such as a tariff on all imported goods from abroad - or targeted at certain sectors, countries, or regions to try and get them to comply with his demands. Trump's threats are constantly changing, and other nations and businessmen are unsure of what to expect next. Here's a summary of Trump’s threats and actions in relation to trade. BROAD TARIFFS Trump's vision is based on a gradual rollout...

Glencore announced on Wednesday a $1 billion buyback of shares and a dividend payout of $1.2 billion to its shareholders, despite lower commodity prices reducing its earnings. Analysts believe the $1 billion plan is designed to boost the undervalued share price of the company. Glencore shares fell in the early trading, falling 4.4% at 0840 GMT, and underperforming its peers. Earnings before interest, taxes, depreciation, and amortization (EBITDA), which were $17.1 billion in 2018, fell by 16% in 2024 to $14.36 Billion, matching analyst consensus of $14.55 Billion. The Swiss miner and commodity dealer saw its profit drop for the...

Zambia has suspended the 15% export tax for precious metals and stones in an effort to increase its competitiveness on global markets and attract investment, said the Finance Ministry on Wednesday. After being suspended in 2019, the southern African country, which is the second largest producer of emeralds in the world after Colombia, will reintroduce the tax in 2025. The ministry released a statement saying that "Zambian precious metals and stones will now be more competitively priced on the global markets, thereby increasing interest from international customers and leading to increased sales volumes." Gemfields (which operates Kagem, the largest emerald...

London copper prices eased on Tuesday, after U.S. president Donald Trump threatened to impose 25% duties on automobiles and semi-conductors, which could impact the metal's supply. The price of three-month copper at the London Metal Exchange slipped 0.3%, to $9.446 per metric ton as of 0156 GMT. Trump announced on Tuesday that he plans to impose auto import tariffs of "around 25%" as well as similar duties on pharmaceuticals and semiconductors. This is the latest of a series measures that threaten to disrupt international trade. Trump also said that tariffs for pharmaceuticals and semiconductors would start at "25% and higher"...

U.S. president Donald Trump announced on Tuesday that he plans to impose tariffs on auto imports "in the vicinity of 25%", as well as similar duties on pharmaceuticals and semiconductors. This is the latest of a series measures that threaten to disrupt international trade. Trump announced on Friday that levies will be imposed as early as April 2. This is the day after his cabinet members are expected to present him with a report outlining a variety of options for import duties, as he attempts to reshape international trade. Trump has been pointing out unfair treatment that he claims is...

James Hardie Industries (the world's largest fibre cement manufacturer) reported on Wednesday a 15% drop in its third quarter profit due to a decline in raw materials at its North American operations. The North American division of the company has been negatively affected by the rising mortgage rates, volatile expectations for interest rates and high home prices. North America's net sales fell from $727 million to $719.3 millions, due to a weaker homebuilders' market. The company stated that it planned to expand its growth and margins across all regions in fiscal year 2026. The Dublin-based company posted a net profit...

Gold prices rose Tuesday, as investors sought safe havens in gold amid concerns about economic growth caused by uncertainty over President Donald Trump's tariff plan. As of 09:32 am, spot gold rose 0.9% to $2.923.89 per ounce. After hitting a record-high of $2,942.70 in the previous week, ET (1432 GMT), gold prices rose 0.9% to $2923.89 an ounce. U.S. Gold Futures increased 1.4% to $2.940.30. Jim Wyckoff is a Kitco Metals senior analyst. He said: "We're seeing an increase in safe-haven demands due to the disruption of the Trump Administration and we also have a bullish chart position." Since taking...