Western Europe

A key ally of the?Italian Prime Minister Giorgia?Meloni stated that Italy's state-controlled firms have performed "very well" over recent years, hinting at their chief executives being poised to receive new mandates when a new appointment round looms. In the coming weeks, the CEOs of companies such as energy giants Enel, Eni, and defence group Leonardo will be nominated. This is traditionally seen as an opportunity for politicians to demonstrate their power over certain sectors of the economy. Meloni’s coalition made their first round of appointments just a few?months after taking office in 2023. They reappointed Claudio Descalzi to the top...

South Africa's Valterra Platinum said that the Zimbabwean government owes it $100 million for 2025 export proceeds. The Zimbabwean government has begun making payments to settle these arrears. Zimbabwe only allows exporters to keep 70% of their foreign currency proceeds, and convert the rest into local currency. According to the Zimbabwean mining chamber, Valterra and other companies in the platinum industry have been delayed payments by the government due to the retention rule. The government has cited cash-flow constraints as the reason for the delays. Zimbabwe's Ministry of Finance and Reserve Bank didn't immediately respond to an inquiry for comment....

The race for artificial intelligence dominance by Big Tech may soon hit a bump in the road as U.S. power grids struggle with keeping up with hyperscalers who spend big. Microsoft, Amazon and Alphabet, among other technology giants in the US, announced in recent months that they plan to spend $600 billion in AI by 2026. Some investors are already concerned about the profitability of this strategy due to the investment wave. The ambitious U.S. AI plans will be hindered by severe power-infrastructure bottlenecks including turbine shortages and slow grid expansion. The processing and cooling of data centers that are...

Cawthorne crude is similar to Bonny Light and valued for its gasoline and diesel yields Cawthorne export via vessel with a capacity of 2.2 million barrels, increasing production Kpler claims that Nigeria's crude oil and condensate production could reach 1.7 million barrels per day. Seher Dareen and Isaac Anyaogu LONDON, FEB 24 - Nigerian state oil firm NNPC plans to export a new sweet, light crude grade named Cawthorne in March. This will add to the recent increase in production from Africa's largest exporter. This launch is part a broader effort by Nigeria to increase production. It has been hampered...

Oil prices were below a seven-month high as traders weighed the uncertainty surrounding U.S. Trade Policy and the prospects for U.S. Iran nuclear talks in light of heightened Middle East tensions. Brent crude futures fell 9 cents or 0.1 percent to $71.40 per barrel at?0120 GMT. This follows a volatile session on Monday, when it reached its highest level since the 31st of July, $72.50, while alternating between gains and losses exceeding 1%. U.S. crude oil futures fell 11 cents or 0.2% to $66.20 per barrel. This is after the previous session saw a rise to $67.28 - the highest...

The protest was against the housing costs, and the environmental concerns associated with the Winter Games. The "Olympics?" rally was organized by university groups and associations that oppose hosting an event they say disrupts forests, pours concrete onto fragile land and deepens social inequality. The rally, "Olympics? "We're here to protect our territory against speculation...and from the impossible cost of attending events," Giannina, a 76 year old activist said. Tickets were priced between 950 euros and 2,900 euros. The ceremony began at 8:30 pm (1930 GMT), inside Verona’s ancient Roman Arena. The banner said: "Fewer Games, more homes." Francesca (34),...

The Winter Games were accompanied by protests against housing costs, environmental concerns and the cost of the Winter Games. The ceremony will be held in the ancient Roman arena of Verona at 8:30 pm (1930 GMT). The rally was called "Olympics?" The rally, "Olympics? No thanks", was organized by university groups and association that oppose the hosting of a?event they say disrupts forests, pours concrete on fragile land?and deepens societal inequality. "We're here to defend our land from speculators... and the absurd cost of attending events," Giannina, a 76-year old activist, said, noting that tickets costing 400 euros for a...

The European Commission approved a new trusteeship on Friday that will give Berlin long-term control of the German assets owned by the Russian oil group Rosneft. This is part of the efforts to find a structural solution for the company. After the Russian invasion of Ukraine, Germany's long-standing energy relationship with Russia was shaken. It is necessary to renew the trusteeship every six months in order to?preserve energy security'. This creates uncertainty, mainly regarding the PCK Schwedt Refinery which supplies the majority of fuel to Berlin. The current trusteeship ends on March 10, 2019. The transaction that was examined by...

The Venezuelan government owes Repsol 4,55 billion euros ($5,37 billion), the Spanish energy group said in its report for the first-time on Thursday. Repsol is active in Venezuela since over 30 years, employs staff and is a major partner of the state energy company PDVSA. It is one of a few companies that have been granted a license to run oil and natural gas operations in Venezuela by the U.S. Treasury Department’s Office of Foreign Assets Control. Repsol received a permit in March of last year from the U.S. authorities allowing it to receive PDVSA oil as "payment for debt"....

The cartel office of Germany said that changes in Germany's energy market have increased RWE's, LEAG's and EnBW's clout, which has led to a greater reliance on imports, as well as an increase in supply risks. According to the Bundeskartellamt annual report, which is based on data between May 2024 and April 2025, Germany's move away from flexible energy sources, such as coal, nuclear, and hydroelectric, has made remaining plants more important for meeting demand. The country temporarily activated reserve?stations to meet the energy needs of the crisis caused by Russia's conflict in Ukraine. However, from early 2024 onwards it...

Italy?approved a 2-percentage point hike in the IRAP -corporate tax for energy firms on Wednesday. This will help fund a set of measures aimed to reduce bills for families and businesses that use a lot of energy. A decree viewed by revealed that the move will bring in an extra 1 billion euros (1,18 billion dollars) to the government through 2028. This money will be used to finance the energy bill reductions planned. Meloni, in a social media video, said that the package would have a "significant impact" and guarantee benefits to households and businesses of over 5 billion Euros....

Three trading sources said that global oil firms and traders, including Vitol Trafigura, and TotalEnergies, won the tenders for supplying gasoline and diesel to Libya. The country is allowing large Western players greater access, and reducing imports of Russian petrol. Libya has been overhauling its oil industry for 15 years, following the fall of Muammar Gadhafi. The country produces 1.4 million barrels of crude oil a day, but does not have the refinery infrastructure necessary to process it. It is therefore dependent on fuel imports. Africa's second largest oil producer has changed the way it buys fuel and sells oil...

The copper price rose to a two-week high on Wednesday, as growth and demand optimism dominated. This was after the U.S. Supreme Court ruled that President Donald Trump could not impose sweeping'reciprocal tariffs. At 1706 GMT, benchmark copper on the London Metal Exchange was?up 1.1% to $13,318 per metric ton after reaching $13,335 in the previous session. This is the highest level since February 11. The U.S. Supreme Court struck down last week tariffs that Trump imposed under a law intended for use during?national emergency'. David Wilson, BNP Paribas commodities analyst, said that the Asian markets benefitted from the Supreme...

China's dominance in critical mineral supply chain is not as absolute it might appear. Cobalt is a good example. According to the International Energy Agency, China will account for 78% global refined production of battery metal by 2024. It lacks significant mining capacity and is therefore highly dependent on imported raw materials. The export controls of the Democratic Republic of Congo have exposed this vulnerability. This is the biggest source of cobalt products for Chinese processors. Congo suspended exports of cobalt in February and implemented a quota-based system in October. The fourth quarter of the year saw a near-standstill in...

Glencore agreed to buy nearly 2,000 tons of cobalt from Rami Weisfisch, an industry veteran. The deal is a historic one. Two sources confirmed that the material, which is essential for defense and military gear, will be shipped to the United States to be included in its planned stockpile. The U.S. administration of President Donald Trump is actively seeking out critical materials, including cobalt, to reduce its dependence on China. China is the world's dominant supplier and processor for metals and minerals required by strategic industries. China has used its power to impose quotas, new regulations and ban the export...

Prices of copper fell on Monday as inventories continued to rise. Investors were also unsure about the future of U.S. Tariffs and Chinese Trading ahead of reopening following a holiday. Benchmark three-month Copper on the London Metal Exchange fell 0.9% to $12,843 per metric tonne by 1700 GMT. It had earlier reached a session high of more than $13,050. LME copper is up about 3% in the last four sessions but still far below its record high of $14,57.50 on January 29, which was reached. The fact that there is more inventory outside the U.S. may be a little dampener...

The price of rare Earths has risen sharply, pushing the market price above the minimum price guaranteed by the U.S. government in its groundbreaking deal with domestic producer MP Materials. The good news is that the U.S. government will not be subsidizing MP Materials' production of neodymium, praseodymium or NdPr as long as the price remains above the critical threshold at $110 per kilogram. Since signing the agreement with the Department of Defense in July last year, the innovative 'floor-price' mechanism has protected the U.S. National champion from low prices. DoD earns 30% on the price increase. The problem is...

Greenland's prime minister Jens-Frederik Nielsen responded "no thanks", on Sunday, to the idea of U.S. President Donald 'Trump' to send a hospital boat to Greenland. Trump has said repeatedly that he wants to takeover this territory. Trump announced on social media on Saturday that he is working with Jeff Landry, the Louisiana Governor and special envoy for Greenland to send a hospital boat to Greenland. "President Trump’s idea to send an American?hospital boat here to Greenland was noted. We do have a free public healthcare system. Nielsen said in a Facebook post that it was a "deliberate choice". Nielsen said...

The Supreme Court of the United States ruled that the White House emergency tariffs were invalid. This was a victory for thousands of businesses. The refund process?has just begun. The court's decision could have a ripple effect on the global economy. It ruled that Donald Trump cannot use the 1977 International Emergency Economic Powers Act in order to levy a broad?tariff on imports. The corporate world spent months adapting to Trump's constantly-evolving policy on trade and his use of tariffs to advance his agenda. Not only to address trade issues, but also to act as a weapon against the policies...

Anglo American reported a $3.7billion loss on Friday, after another writedown of its diamonds business. The miner is pushing ahead with plans to shed its non-core assets as well as complete its merger with?Teck Resources. Anglo has wrapped up an uneven reporting season for London listed mining groups. This highlights the divergent fortunes of the industry as Antofagasta benefitted from rising copper prices, while other diversified peers suffered due to weaker markets in iron ore and diamonds. The company recorded a $2.3bn pre-tax impairment on its De Beers division, reducing carrying value from over $4bn to $2.3bn. Analysts' estimates of...

Imerys, the minerals group, announced on Thursday that it has halted its project to develop lithium production in Britain. Instead, they will focus on a more advanced venture in France. Imerys British Lithium's project in Cornwall (southwest England) aims to produce over 20,000 tons of lithium carbonate annually and potentially meet the lithium demand for 500,000 electric vehicles. Imerys, in its annual report, said that it had placed the project under care and maintenance. It has suspended active development. "We realized that managing two projects in two countries at the same time was a lot," CEO Alessandro Dazza said to...

London's FTSE 100 fell from its record highs on Thursday as Rio Tinto shares dropped after the global mining company's earnings missed expectations. Meanwhile, simmering tensions between the U.S. and Iran kept investors wary. Blue-chip index dropped 0.5%, after two consecutive sessions of closing at record highs. The mid-cap FTSE 250, which is primarily focused on the domestic market, was down by 0.4%. Rio Tinto dropped 3.6% following the miner's?reporting flat annual earnings. Lower prices at its iron ore business, its mainstay, were offset by a strong performance?in its copper division. Other London-listed companies also fell as copper prices were...

Eramet shares plunged by 22% in France on Thursday, after the company announced a huge drop in its annual earnings and that it was planning to sell assets and increase capital. The mining and metalurgical group announced on Wednesday a core adjusted profit of 372 millions euros ($439million), down 54% since 2024. This was due to a variety of unfavourable circumstances, from low prices to production setbacks. The company also announced that it would not pay dividends in the next two-year period, putting the shares on a course to their worst trading day ever since December 2018. Varun Sikka, an...

French mining group Eramet announced on Wednesday that it would?launch an 500 million euro capital increase ($590.40 millions) and consider selling stakes to some activities in 2026, after a decline in earnings and an increase in debt in the past year. The nickel, manganese, and lithium producer announced the measures at a time when it is also facing a'management crisis' following the firing of the former CEO Paulo Castellari as well as the suspension of the?finance director Abel Martins Alexandre in a matter of days earlier this month. Christel Bories has temporarily taken over the CEO role that she handed...