Western Europe

TotalEnergies announced on Monday that it had cleared a number of?commercial and contractual hurdles in its Papua LNG Project, bringing the project closer to a decision. The French energy giant said that it had completed the tendering process for the engineering, procurement, and construction work of liquefied gas facilities. Contracts are now awaiting approval from its joint-venture partners. TotalEnergies reported that by rebidding?contracts and optimising project design, they have been able to save close to $4 billion in costs since 2024. This has brought down the capital spending?to?around $14 billion. ExxonMobil already operates the nearby PNG LNG plant. The company...

The deputy prime minister of Italy suggested that banks and energy companies be prepared to accelerate tax payments in order to boost the public finances, without an official tax increase. Antonio Tajani, a?also?Italy’s Foreign Minister, said that the additional support could help fund next year’s budget, as well as any other measures to shield consumers from high energy costs. Tajani told reporters at the annual TEHA business forum that any policy should be modeled after the agreement Italy reached with banks and insurance companies last year to advance taxes to the state. He said, "It's only fair to tax the...

Owner?Aliko?Dangote announced on Thursday that the initial public offering (IPO) of Nigeria's Dangote refinery, the largest in Africa, would open within the next 10 to 12 days. "Our dream is to double the capacity of our refinery, which would take us up to 1.4 millions barrels per day." Dangote, who was visiting Botswana in Southern Africa, told investors and analysts that the IPO would open within 10-12 days. The African richest man's refinery is expected to try to raise $5 billion, which could be the largest IPO on the continent. Dangote does not reveal refinery margins. However, the industry has...

Maria Corina Machado, Nobel Peace Prize winner and opposition leader, said in a video on Thursday that only a "serious democratic government" could provide investors with the stability they need. In a signing event overseen by Delcy Rodrguez, interim president of the United States and Chris Wright, U.S. Secretary of Energy, international energy firms committed to expanding their projects in the country on 'Wednesday. Eni, GE Vernova, and Chevron are among the companies that have signed agreements to revive Venezuela's oil industry. The country produces only about 1.25 million barrels of crude oil per day, a far cry from its...

British government bond yields reached new 18-year-highs on Wednesday, following a global sell-off in response to the latest escalation of Iran's war. This added to the challenge faced by finance minister John Healey as he prepares his first budget. The yield on the 10-year gilts reached its highest level since June 2008. It hit 5,268% shortly after 7am GMT, an increase of about 4 basis point on?the day. This is on top of a 15-bps rise on Tuesday. Investors are worried about the inflationary effect of the rising oil prices due to the return of the Gulf conflict. The increase...

People familiar with the plant's operations reported that Valero Energy Corporation's Port Arthur refinery, which produces 385,000 barrels per day (bpd), suffered a partial blackout on Tuesday night due to Tropical Storm Edouard. Sources said that the refinery's smaller AVU 147 crude distillation units were shut down due to the power outage at the south end of the plant. The larger AVU 146 CDUs were operating on minimum crude processing levels. CDUs start the fuel production process by breaking crude oil down into feedstocks that are used in the units which make gasoline, diesel, lubricating oil, and feedstocks to make...

The music publishing divisions of Sony Music 'and 'Warner Music sued Anthropic at the federal court in California for allegedly using their copyrighted compositions as a basis to train Claude AI models. Sony and Warner stated in their complaint filed on Friday that Anthropic had pirated hundreds song lyrics and sheet songs from The Beatles to Taylor Swift to Michael Jackson to train Claude to respond to human prompts. This lawsuit is part of a series of similar cases filed by copyright holders, including publishers, authors, music labels, and news outlets, against tech companies for using their work in AI...

Niger's military regained the control of an important military airbase after a day-long mutiny by soldiers. This is the latest challenge for military ruler Abdourahamane Tiani, as his government struggles to contain insurgent jihadists. The attack highlighted tensions in Niger's armed services, who have repeatedly suffered battlefield losses fighting West Africa's al Qaeda affiliates and Islamic State. Early Saturday morning, gunfire and explosions echoed throughout Niamey. This included the area around the military base and the presidential palace. On Sunday, three security sources said that the government forces had retaken Niamey's airbase following hours of fighting. Residents reported that the...

Niger has regained control over a major military airbase located in Niamey, following an attack on Saturday by mutinous troops. This is the latest challenge for military ruler Abdourahamane Tiani in his struggle to contain the jihadist insurgency. The attack revealed tensions in Niger's armed services, who have repeatedly suffered battlefield losses fighting West Africa's al Qaeda affiliates and Islamic State. Early Saturday morning, gunfire and explosions erupted in Niamey. This included the military airbase as well as the area around the presidential palace. The airbase, located in the same complex of Niamey’s civilian airport, is home to military aircraft,...

Canada's Alimentation "Couche-Tard" announced on Wednesday that it was launching a voluntary offer for all the shares of Polish convenience-store chain Zabka, at 32 zlotys per share. This is in line with their earlier plans. The offer is expected to run until September 25 and is 2.3% above Zabka's last closing price on the Warsaw stock exchange of 31.28 Zlotys. It values the company at approximately 32.6 billion Zlotys (approximately $8.8 bn). Couche-Tard announced in 'July' that it would buy Zabka, the Canadian convenience store operator’s largest deal to date. Last year, they had rejected a $46 Billion offer for...

The Elysee Palace announced on Monday that Saudi Crown Prince Mohammed bin Salman had visited Paris and agreed to build a manga-themed amusement?park near Paris?. The Elysee said that the project, which is based on the popular Japanese manga and anime series Dragon Ball Z, would be built in Cergy-Pontoise to the northwest of Paris, and was expected to create 22,000 jobs. Macron advisers claim that the idea came about after French President Emmanuel Macron discovered a common interest in Dragon Ball Z with Saudi Crown Prince during Macron's trip to Saudi Arabia 2025. The project will be funded by...

The Financial Times reported that Shell has attracted interest from bidders such as ExxonMobil, LyondellBasell and others for its U.S. chemical assets, which could fetch up to $8 billion. The report cited people who were familiar with the matter as saying that the private equity firm Apollo Global Management, and the chemicals division of the state-owned Kuwait Petroleum Corporation, had also expressed an interest in the?assets. Shell is looking to sell off underperforming chemical?plants. Shell, ExxonMobil and Kuwait Petroleum have not responded to requests for comment outside of regular business hours. Shell, ExxonMobil, LyondellBasell Apollo and Kuwait Petroleum did not...

The dollar was weaker on Monday and the prospects of shortages outside the U.S. boosted the price of copper. The traders said that the U.S. holiday meant volumes would be muted and that they were focusing on copper and zinc. The benchmark copper price on the London Metal Exchange was 0.2% higher, at $14.443 per metric ton. It reached $14,467 earlier in trade, its highest level since January's all-time high of $14,527.50. Since President Donald Trump proposed import tariffs last February, traders and producers have shipped large amounts of copper to the U.S. Comex copper stock levels are at a...

Volkswagen announced on Monday a preliminary agreement that will see one of its German plants switch over to defense production. This is a major step in the automaker’s effort to restructure factories struggling to compete against lower-cost Chinese competitors. The deal could be a blueprint for other Volkswagen plants facing an uncertain future, as Europe's biggest carmaker embarks upon its largest ever restructuring in order to revive margins while combating chronic overcapacity on its stagnant European markets. Volkswagen, under the initial terms of this deal, will sell its Osnabrueck factory to Israel's Aurelius Capital, and Volkswagen's own state of Lower...

Volkswagen shares reached a?11-week peak after the supervisory board of Europe's biggest automaker late Thursday struck?an ambitious turn around agreement that focused on sweeping cuts in jobs and avoided a conflict between major stakeholders. The agreement on the largest restructuring in the group’s 89-year-old history includes another 50,000 job reductions, bringing the agreed total to 100,000. It also leaves the future of four German plants open. Volkswagen is also under pressure, along with most of its European counterparts, from the 'painful tariffs' in the United States and the falling sales in China, a former cash cow, as well as aggressive...

African Rainbow Minerals posted a %19% increase in its annual profit on Friday, as higher platinum group metals prices helped offset lower incomes from its coal and iron ore divisions. The South African mining company's earnings for the year ended 30 June were 3.201 billion rand, compared to 2.695 billion. ARM announced that it would pay a final share dividend of 7 Rand, compared to 6 Rand per share in the previous year. After metal prices increased by more than 50%, the company's PGM operation returned to a?profit. The headline earnings were 1.345 billion Rands, compared with last year's loss...

A record low smelter treatment term, a year of underperformance by mines and a scramble to get metal at the London Metal Exchange. If you think this is the description of the copper markets, then think again. Zinc is under pressure now, even though copper may face a structural shortage in the future. LME zinc for three months hit a four-year-high of $3,990 per ton on Monday. LME stocks have remained low throughout the year. The registered inventory is 100,525?tons but nearly a third are in the form?cancelled warrants? awaiting physical loading-out. The time-spreads will be emphasized in a similar...

The Serious Fraud Office of Britain has settled with a Kazakh mining company ENRC that accused the agency and law firm Dechert for causing them huge losses during an important criminal investigation. The settlement announced on Wednesday by ENRC and Dechert appears to bring to an end the more than 10 year legal saga that began when the SFO began investigating allegations of bribery committed by ENRC between 2009-2012 to secure mining contracts for the Democratic Republic of Congo, which the company denies. The London High Court previously ruled that the SFO wouldn't have opened an investigation into the alleged...

Four sources said that the top?global aluminum producers offered Japanese buyers a premium of $310-$325 per metric tonne for primary metal shipments in October and December, down by 18%-22% on the current quarter. Japan is the largest importer of light metals, and the premiums it agrees to each quarter for primary metal shipments over the London Metal Exchange cash price are the benchmarks in the region. Japanese buyers had agreed to pay a premium of $395 per ton for the period July-September The increase was between 12% and 13% compared to the previous quarter. A source from a Japanese trading...

BHP's commercial officer Rag Udd will step down by the end of January in order to pursue a career outside the company. This was revealed in a memo sent out on Tuesday. The miner is now left with a difficult role -- negotiating iron-ore deals with China. Some analysts and investors had considered Udd as a candidate for the "top job" at BHP. Brandon Craig, who started in July, was given the position. According to the memo, Udd will have been working at BHP in Singapore for 30 years by the time he leaves. Udd?was responsible for BHP's negotiation with...

Sibanye-Stillwater announced on Tuesday that its Australian copper project has been?approved'. This comes after the company reported a rise in profit for the first half of this year due to higher prices for gold and platinum group (PGM). Johannesburg-based miner, Johannesburg-based miner, said that the Mt Lyell Copper-Gold Project execution will commence in the first six months of 2027 with the first production expected to begin in early 2029. Mt.?Lyell is Sibanye's first experience in copper mining. It is estimated that the annual output of copper will be?26,000 tons by 2032. Sibanye said that the total cost of this project...

IG Metall - Germany's largest union - warned on Monday that it would resist any attempts by Volkswagen to undo a restructuring package previously agreed. However, the union did not threaten strikes in advance of a critical board meeting scheduled for the end of this week. Since July, Volkswagen's management has been at odds with its unions over what could be the biggest overhaul of the automaker to date. This includes?plant closings, the carving-out and 50,000 more layoffs. It would be less than two-years after the most recent package, which was reached following months of intense talks and warning strikes,...

Gold prices fell on Friday as investors awaited Federal Reserve Chair Kevin Warsh's remarks later that day at the Jackson Hole symposium to gauge the direction of the central bank's money policy. By 1203 GMT, spot gold had fallen 0.1% to $4,594.61 an ounce. The price of gold reached a three-month-high of $4,696.18 after the U.S. Treasury announced support measures for bonds with long-term maturities. U.S. Gold Futures fell?0.4% to $4,647.20. Kyle Rodda is a senior financial market analyst at Capital.com. He said, "I believe price action has been fairly constructive in recent months, and we are not seeing much...

The gold price rose on Friday, as investors awaited the remarks of Federal Reserve Chair Kevin Warsh at the 'Jackson Hole Symposium' later that day. This will help gauge the direction the central bank is taking with its monetary policy. By 1032 GMT, spot gold had risen 0.1% to $4,606.73 an ounce. The price of gold reached a three-month-high of $4,696.18 after the U.S. Treasury announced support measures for bonds with long-term maturities. U.S. Gold Futures?were barely changed at $4.660.10. Kyle Rodda is a senior financial market analyst with Capital.com. He said, "I believe price action has been fairly constructive...