Western Europe

Elche, a Spanish club, has decided to break tradition and ban the sale and consumption sunflower seeds on their own ground. Cleaning up the shells that fans spit led to higher costs and unhygienic situations. Elche plays its home matches at the 31 388-capacity Estadio Martinez Valero, but the popular Spanish snack known as 'pipas" will no longer available to match-going fans. Elche has described the recent "structural problems" that have resulted from eating sunflower seeds. Elche stated in a press release that "the shells clog pipes and drains, they degrade the seats and damage the paint and finishes on...

Over 50 business groups and companies from across Europe have called for Britain and the EU at a upcoming summit to begin talks on linking their carbon market, which will they claim help reduce costs for consumers. When leaders meet on the 19th of May, Britain will seek enhanced cooperation in security, law enforcement, and removing trade barriers between the EU. As part of a larger effort to reduce emissions and achieve climate targets, the EU and UK Emission Trading Systems charge power plants and industrial entities per ton of CO2 they emit. The letter, signed by Equinor Orsted RWE...

SK Innovation Co Ltd, the owner of South Korea’s largest oil refiner SK Energy swung into an unexpected operating loss during the first quarter due to lower oil prices. However, the company forecasts a recovery in the refining margins for the second quarter. The company reported an operating loss for the third quarter ended March 31 of 45 billion won (32 million dollars), a sharp drop from the 625 billion won profits it recorded a year earlier. According to LSEG SmartEstimate, analysts had estimated a profit of 393 billion won. "Operating Income declined despite improving earnings from the Battery Business,...

Technip Energies, a French energy infrastructure company, posted a first-quarter profit that was below market expectations on Wednesday. This helped to drive its shares down. The company's shares were down 7.6% at 0720 and ranked among the worst performers in France's SBF 120 mid-cap index SBF120. The group, which specializes in energy technology, reported a first-quarter profit of 101 million euros (114.9 million dollars), lower than the 109 million euro consensus estimate from analysts. Bernstein wrote in a client note that the performance of TPS, the company's Technology, Products and Services segment (TPS), was "disappointing". The TPS revenue fell by...

By America Hernandez PARIS, 30 April - TotalEnergies, the French oil giant, reported an 18% decline in adjusted net profit for the first three months to $4.2 billion. This was slightly below expectations as earnings declined across all segments, except LNG. According to a LSEG Refinitiv consensus, analysts had predicted $4.3 billion. The lower oil price has resulted in a 6% drop in upstream profits despite a 4% increase of oil and gas production over a year earlier. TotalEnergies, however, said that it would continue to buy back shares up to $2 billion during the second quarter despite Brent crude...

Business associations and companies started counting the costs as factories, hotels, and stores in Spain and Portugal slowly returned to normal after the massive blackout of the previous day. CEOE, the main Spanish business lobby, estimated that the outage could shave off 1.6 billion euro ($1.82 billion) or 0.1% of gross domestic product. They noted it would take a week or longer for oil refineries to fully resume their operations, and some industrial ovens were damaged. The meat industry estimates losses up to 190 millions of euros due to the loss of power in fridges, among other things. In some...

Fortum, the Finnish utility, has announced that it will not be returning to Russia, but is still interested in purchasing the Nordic assets from its former German subsidiary Uniper. This announcement came after Fortum beat market expectations with its first-quarter profit. Since the Russian authorities seized Fortum and Uniper's Russian assets in response to Western sanctions for Russia's 2022 invasion of Ukraine, they have been managed by executives from Moscow. Markus Rauramo, Fortum's CEO, ruled out any return to Russia if the war were to end. He also said that the arbitration process regarding the Russian seizure was still ongoing....

Neste, a Finnish biofuel producer and oil refiner, expects U.S. Tariffs to have only a small direct impact on their business. However, they warned about the oversupply of renewable fuels and market volatility. Heikki malinen, Neste's Chief Executive Officer said that "we expect European policymakers will safeguard an equal playing field and the competitiveness of European Industrial Companies." The Finnish group warned that it would continue to face challenges in the future due to the excess supply of renewable fuels, the weak global economy and the low demand for these fuels. Neste, a company that has a joint-venture with Marathon...

An Italian newspaper reported that Pirelli's board would likely approve an agreement between shareholders on Monday to ensure that Sinochem, the largest shareholder in the group, did not have control over the tyre manufacturer. Sinochem, a Chinese shareholder in Pirelli, has been a hindrance to Pirelli's U.S. growth plans. According to an agreement reported in the Il Messaggero, Sinochem will keep its 37% stake, but it will not be considered as controlling Pirelli for regulatory purposes. Il Messaggero reported that the agreement would declare Sinochem has no dominant influence on the company's governance as decisions are made by the management....

The U.S. Interior Department announced on Thursday that it had implemented new guidelines regarding pressure differentials allowed in certain types of oil drilling, in a part of the Gulf of Mexico. The department expects these changes to boost U.S. output of oil. The Energy Dominance Council, led by Doug Burgum, Interior Secretary to President Donald Trump, is seeking ways to reduce costs for oil and natural gas producers, lower regulations, and increase oil production, which was at record levels during the tenure of former President Joe Biden. Operators working in the Wilcox formation, which is part of the waters Trump...

The German wind turbine manufacturer Nordex announced on Friday that its quarterly sales were below market expectations. It installed 20% fewer turbines onshore than it did a year ago, but it said there was no financial risk from the United States. A company spokesperson said that the maker of onshore turbines will continue to plan to resume U.S. manufacturing at its Iowa facility, following Germany's RWE, which announced it would stop U.S. offshore activities in light of regulatory uncertainties under Trump. Nordex, despite the uncertainties caused by President Donald Trump’s energy and trade policies, spoke positively in February about U.S....

Anglo American, a global miner, reported on Thursday a 15% drop in its production of copper for the first three months of the year. However, the company left the yearly forecast unchanged. The London-listed company said that copper production dropped to 169,000 tons in the first quarter of this year. It attributed the drop in production in Chile. The copper production in 2025 is expected to range between 690,000 - 750,000 tonnes. As the world shifts to cleaner energy sources, it is expected that metals will be used more for electric vehicles and renewable facilities. Prices for industrial metals have...

Copper prices in London rose on Thursday, as optimism about progress in U.S. trade talks with China, the world's largest consumer of copper and other trading partners boosted metals. By 1027 GMT the benchmark three-month copper price on the London Metal Exchange was up by 0.8% to $9,199 per kilogram, surpassing the resistance of its 21-day moving median at $9195. The metal used in construction and power, dropped 3.3% on Tuesday under pressure due to a steeper drop in the U.S. Comex contract, weak Chinese manufacturing activity, and trade uncertainty in light of U.S. tariffs. On Wednesday, U.S. president Donald...

Dmitry Medvedev, a senior Russian security official, said that President Donald Trump forced Kyiv on Thursday to pay for any future U.S. Military aid. The agreement, which was signed on Wednesday in Washington, gives the United States access to new Ukrainian mineral deals and funds investment in Ukraine's rebuilding. According to The Kyiv Post citing diplomatic sources the Trump administration informed Congress of its intent to approve the export of defense-related products into Ukraine via direct commercial sales exceeding $50 million, marking the first such step since Trump returned to the White House. Could not confirm immediately. "Trump has broken...

Rio Tinto announced on Thursday that 19,35% of shareholders voted in favor of a review of their dual-listed company structure. According to UK regulations, the company would have been required to consult with more shareholders if a vote was cast of more than 20%. Palliser Capital, an activist investor, has been campaigning for Rio Tinto to merge the London-listed and Sydney-listed companies into one holding company in Australia. Palliser claims that removing the current structure would unlock value of $28 billion for Rio Tinto London shareholders. The AGM in London on April 3 was a vote by British shareholders of...

Sumitomo Corp, a Japanese trading company, forecasted a record-breaking net profit of $4 billion for the current fiscal period and set aside financial buffers to protect against any negative effects of U.S. Tariffs. Sumitomo reported a net profit of 562 billion yen for the fiscal year ending in March. This was up 45.4% compared to a year ago and beat analysts' expectations, which were 554.2 billion. The strong performance in non-mineral resource segments, including real estate, is credited with this. Berkshire Hathaway, Warren Buffett’s company, is a major minority shareholder of Sumitomo, as well as other Japanese trading companies, such...

Rio Tinto failed to modernise its agreement with the Aboriginal group on whose land it mines iron ore. The group claimed that Rio Tinto had not fulfilled a five-year-old commitment when it destroyed a significant Aboriginal heritage site. Rio Tinto has pledged to reform their business practices following the destruction of 46,000 year old rock shelters at Juukan Gorge in Western Australia for an iron ore mining in 2020. The destruction led to a public outcry and investor anger, a government investigation and the eventual departure of its CEO and Chair. Deanna McGowan, of the Robe River Kuruma Aboriginal Corporation,...

London copper rose on Thursday, after U.S. president Donald Trump hinted that a possible trade deal could be reached with China. This signaled a deescalation of tensions with the world's largest metals consumer. However, a stronger dollar, and weak U.S. economic data, capped gains. As of 0402 GMT, the benchmark copper price on London Metal Exchange (LME), rose by 0.2%, to $9,142 per metric ton. Trump stated on Wednesday that he had "potential" deals with India and South Korea, and said that it is very likely that the U.S. would make a deal in China. The dollar rose on Thursday,...

Gold prices recovered some of their losses on Wednesday, as the bets that U.S. Federal Reserve would cut rates increased after weaker than expected first quarter U.S. economic growth. At 10:57 am, spot gold fell 0.2% to $3,308.52 per ounce. ET (1457 GMT). Bullion fell over 1% in the morning session but is on track to record its fourth consecutive month of gains, with a 6% increase so far in April. U.S. Gold Futures dropped 0.5% to $3318.50. The data showed that the U.S. Gross Domestic Product contracted by 0.3% on an annualized basis last quarter as businesses imported goods...

A U.S. delegation led by an ex-official of the Trump administration is scheduled to visit Greenland next week to explore potential investment opportunities within the vast natural resources on this Arctic island. Since Donald Trump's inauguration in January, the U.S. has become more interested in Greenland. This self-governing territory is a Danish territory. The increased interest has caused tensions between Washington and Copenhagen. Trump has refused to exclude the possibility of taking Greenland militarily if Denmark refuses to sell it. This is the first visit by a delegation from the private sector to the Arctic Island since Jens-Frederik Nielsen, the...

To navigate the increasingly complex West African landscape, international mining companies should look at joint ventures with partners local and dual listing on regional stock exchanges. In West Africa, military-led governments have shattered the mining industry by rewriting contracts and detaining executives. They also suspended operations in order to gain greater control of natural resources. The threat of jihadist attacks on mining companies has also increased, and some exploration activities have been suspended. Adama Soro is the president of West African Federation of Chambers of Mines. He said that big miners need to adapt and meet governments' increasing demands for...

British stocks rose Wednesday, as investors considered mixed corporate results. The main indexes are poised to end a volatile, but largely positive, month. They have almost recovered from the losses caused by U.S. Trade policies. The blue-chip FTSE 100 index was up 0.1% as of 1009 GMT and is on course for its 13th consecutive session with a positive result. The midcap index, which is primarily focused on domestic companies, advanced by 0.7% to reach its sixth consecutive session of gains. Despite recovering from the steep tariffs announced in early this month, FTSE 100 is still poised to report a...

The gold price fell on Wednesday for the second consecutive session, mainly due to a stronger dollar, and signs that tensions between the U.S. and China have de-escalated. Meanwhile, attention was focused on a number of economic reports from the U.S. scheduled this week. As of 1017 GMT, spot gold was down by 1.3%, at $3,274.10 per ounce. But bullion is on course to record its fourth consecutive month of gains, with a gain of nearly 5% in April. U.S. Gold Futures fell 1.5% to $3283.50. The market is experiencing high volatility due to the competition between two-way flows. Ross...

The copper price fell by over 2% Wednesday and is heading for its worst month since November, due to weak data coming from China's top metals consumer as well as lingering uncertainty in trade. London Metal Exchange benchmark copper fell 2.2% at 1045 GMT to $9,231 per metric ton, its lowest price since April 17. Prices dropped 5% in April. Comex copper contracts fell 4.3% to $4.63 a lb, the lowest since April 17. The data released on Wednesday shows that China's manufacturing activity declined at its fastest rate in 16 months, in April. This is a call for more...