Europe

Giorgia meloni, the Italian Prime Minister, announced on Wednesday that Italy will 'abolish road tax' for 14,5 million cars and motorbikes. This move is estimated to cost more than EUR2billion ($2.31billion) in state funds. The government is looking for ways to increase support in advance of the national elections next year. Meloni’s?conservative alliance is trailing in the polls the centre-left and is under pressure from National Future - a new far-right political party led by Roberto Vannacci that is steadily gaining supporters. Meloni stated in a press release released by her office that "today the government eliminates one of the...

Here are some company news stories and updates from France and Benelux that could impact the markets in these regions or specific stocks. KERING: The French luxury group Kering has appointed Sophie Maddaloni secretary general with immediate effect. She?joined?the executive committee. IMPLANET: Implanet, a French medical technology company, reported a first-half revenue figure of EUR7.1million ($8.20million), an operating loss EUR1.87million and a loss net of EUR2.14million. TFF GROUP Tonnellerie Francois Freres, a French barrel manufacturer, reported a first-quarter revenue below expectations of EUR56.9m. This was due to a massive destocking of customers and alterations in its production capacity. It expects...

The UK cannot meet its climate goals and expand Heathrow Airport in London unless the airlines take full responsibility for all their emissions, said Wednesday's climate advisors. Last year, the British Labour government backed the construction of a third runway in?Heathrow Airport, one the busiest airports in the world, claiming that the project would boost economic growth. The Climate Change Committee (CCC) published an advisory on Wednesday at the request of the government, concluding that there is no plausible path under current policies to allow Heathrow expansion while Britain meets its goal of "achieving net zero emissions by 2020". Nigel...

The Canadian Transport Minister said that he expected a'strong interest' from Canadian pension funds and possibly Australians as well, when the country opened its four biggest airports for private investment. In an interview, Transport Minister Steven MacKinnon said: "We expect a very strong Canadian participation in these concession agreements." The Canadian investors have proven over time that they are very adept at investing in other jurisdictions. Mark Carney, the Canadian Prime Minister, said earlier that his government is seeking private investment via long-term concessions for airports to be operated in Toronto, Montreal?Vancouver?and Calgary as part a campaign to stimulate the...

Three sources reported that the Russian Urals crude premiums have risen to $8 per barrel against Brent for delivery in Indian ports. This is the highest level since May as a result of a 'lower crude supply' from Gulf producers because of 'the Iran War. The oil prices rose on Tuesday, after an attack on Saudi Arabia's energy infrastructure knocked out the East-West Pipeline. This sparked fears that repairs to damaged energy infrastructure and transport routes may take longer. Sources claim that cargoes from Russia's Urals are trading at an $8 premium per barrel delivered to India, compared to the...

On Monday, Europe's truckmakers urged the EU to delay compliance with 2030 CO2 reduction targets by three year - due to insufficient charging networks and high energy costs. Manufacturers in the European Union must reduce CO2 emissions from new heavy-duty cars by 43% in 2030, compared with 2025 levels. They will also have to cut them by 64% in 2035, and 90% in 2040. There are fines for non-compliance, but there is the option to earn emission credits between 2025 and 2029. The European Automobile Manufacturers' Association (ACEA) said that only 2.4% new 'heavy duty' vehicles are currently zero-emission. This...

The French railway operator and French authorities confirmed that a train derailed in Normandy in northern France between Rouen-Caen on Friday night at around 7:30 pm local time. The head of the local authority Jean-Benoit Albertini told reporters that one of the injured was in a critical condition and had to be evacuated via helicopter. A spokesperson for the French police said that the train 'derailed after hitting an unknown object. The French railway operator SNCF said an investigation was underway to determine the cause of this accident. In a post on X, French Transport Minister Philippe Tabarot revealed that...

This week, the cost of'shipping' oil in the largest tankers reached record levels following the most intense wave of attacks against shipping since the U.S. - Iran war began late in February. According to Baltic Exchange, the shipping rate for supertankers, also known as very large crude carriers (VLCCs), loading oil in the Gulf of Oman to be shipped to China, reached around 450 on Worldscale, which is?roughly?$11.50 per barrel. The rate is at its highest level since it was introduced earlier this year after the U.S. and Israel war against Iran. The increase in rates is a sign of...

Africa could transform itself as global competition increases for essential minerals. Although the continent has a large amount of energy transition metals like copper, manganese and cobalt but it is still far from its full potential. According to the Brookings Institution, Africa's share of global mineral revenue is only 10%, even though it holds 30% of world reserves. It's possible that there are still more hidden treasures underground. According to CSIS, the U.S. think tank, only 10% of the global mineral exploration was focused on the continent in 2024. As Africa moves to the forefront of the global battle for...

Here are some of the key factors that could affect Swiss stocks on Friday: EUROPEAN MARKETS European?shares? close at a two-month low after ECB hike fuels further tightening of bets. COMPANY STATEMENTS ZURICH INSURANCE AGENCY Financial Times reports that Allianz and Zurich Insurance?insured transactions related to the embattled Iron Ore Trader Radiant World. NESTLE Nestle CEO: Middle East conflict is driving inflation and higher supplier costs. FLUGHAFEN ZUERICH Zurich Airport handled?3,326,119 passengers in August, according to the?Swiss firm. ECONOMY Swiss August consumer sentiment due at 7am GMT (Reporting by Zurich newsroom ?and Gdansk newsroom) |1|For Top News in a multimedia...

Africa could transform itself as global competition increases for essential minerals. Although the continent has a large amount of energy transition metals like copper, manganese and cobalt but it is still far from its full potential. According to the Brookings Institution, Africa's share in global mineral revenue is only 10%, even though it has 30% of the world’s reserves. It's possible that there are still more hidden riches underground. According to the Center for Strategic and International Studies, the U.S. think tank, only 10% of global exploration will be focused on the continent by 2024. As Africa moves to the...

Michael O'Leary, the Chief Executive of Ryanair, accused the head of Britain's Air Traffic Control Operator of lying about an outage that led to thousands of canceled flights earlier this week. O'Leary stated that NATS had informed Ryanair that the outage is caused by an errant flight plan. This was the same problem which caused a major disruption to the airline in 2023. NATS CEO Martin Rolfe told BBC Radio that he believes the latest outage was caused by "something else" than previous incidents. O'Leary has called on Rolfe repeatedly to resign. He rejected this explanation. "NATS has?told me it...

Ukrzaliznytsia, the Ukrainian state railway operator, said 'on Thursday that Russia had damaged a bridge in Odesa, affecting Ukraine's ability to transport grain into its Danube river ports. The company didn't say how badly damaged the bridge was or when it happened. Russia has been attacking it almost weekly since the beginning of the war. After Russian attacks, 90% of Ukraine's exports were handled by Black Sea?ports. Ukraine operates three river port?on the Danube. Cargo can be delivered either via the damaged bridge or through Moldova, which has limited transit capacity. Ukrzaliznytsia reports that around 3,000 grain wagons currently heading...

Ghana Gas, a state-owned company, plans to announce its final investment decision by the beginning of next year on a $500 million pipeline that will transport gas from the plant located in the west to the industries in the south. This project has been long discussed. Blay said, "On the sidelines the Gastech Conference" that the proposed 278-kilometre onshore West-East pipeline would allow the company to meet the growing industrial sector's demand and reduce its dependence on the West African Pipeline shared with neighbouring countries. She said that the company was trying to secure financing for the project. Ghana has...

The trial began on September 13 and lasted two days In 209 trucks, 38,000 barrels of oil were transported. Iran War disrupts Iraqi exports to the south By Aref Mohamed and Ahmed Rasheed BASRA (Iraq), Sept. 16: Iraq has launched a pilot project to transport crude oil from its southern oilfields by road to a Kirkuk oil storage facility. The goal is to increase supplies for the northern export system, and possibly to increase shipments via Turkey's Ceyhan Port. The initiative is part of Iraqi efforts to increase exports through the northern route, after the U.S. and Israeli war against...

Giorgia meloni, the Italian prime minister, announced on Wednesday that the government would abolish road tax for 14.5 million cars and motorbikes. The government is looking for ways to increase support in advance of the national elections next year. Meloni stated in a press release issued by her office that "today the government will eliminate one of 'the taxes most disliked by Italians. The benefit will apply to all motorbikes, and to more than 70% small-sized cars. However, citizens are only allowed to use it on one vehicle. The election next year is shaping up to be a close race...

The Gastech conference heard from the new chief executive of Thai energy firm PTTEP that every $3 increase in liquefied?gas price could increase Thai electricity rates by 5%. Kanita Sartwattayu said that if the price of gas is not reduced, it would be hard for Thailand to supply and maintain the gas. Thailand depends on LNG for 30 percent of its electricity generation. "In 10 years time, we will probably be relying on LNG 70% of the time if nothing changes. We are trying to "maintain domestic gas production as much as we can." Gas consumption is met by a...

A 'farm lobby group' and a'major farmers union" said that Ukraine was examining the possibility of adding additional insurance coverage to ships transporting food exports in order to help revive seaborne trade, which has been disrupted due to Russian attacks against vessels and port infrastructure. Since the summer of 2016, Russia has intensified its attacks on Ukrainian ports and commercial vessels. This has effectively stopped the seaborne exports from the country. Ukraine used to ship 90% of its cargo via Black Sea ports. The disruption has already reduced agricultural exports by 60 percent, putting the planting campaign in 2027 and...

Ukrainian state forecasters said that the weather conditions for sowing winter wheat in September are still unfavourable, but some farmers have nonetheless begun planting despite the drought. About 95% of Ukraine’s total wheat production is winter wheat. The wheat is sown during the autumn, and harvested the summer following. Forecasters reported late Tuesday that "continued shortages of effective rainfall in the majority of the country have prevented replenishment" (of soil moisture reserves) in the most populated areas. "Soil drought intensified creating unfavourable conditions to prepare land for sowing?winter crop for?the?2027 harvest." Ukraine has experienced droughts in August and September. Farmers...

The oil price?fell Wednesday after a 'two-day rally, following an unexpectedly high build up in the?U.S. Crude inventories remained high, and supply disruptions in Middle East persisted. Brent crude futures dropped 73 cents or 0.67% to $108.02 a bar at 0450 GMT. U.S. West Texas intermediate futures were down by $1.1, or 1.04% at $104.73 a bar. The Yanbu loading suspension raised supply concerns and Saudi Arabia reduced oil shipments to Europe. Both benchmarks closed more than $3 higher on Tuesday and were at their highest level since May 19. Market sources said on Tuesday that the American Petroleum Institute's...

Investors assessed the?risks of supply after Saudi Arabia suspended oil loadings in its Yanbu port after a?attack against its East-West pipeline to the Red Sea. Brent crude 'futures' fell 93 cents or 0.86% to $107.82 a bar at 0028 GMT. U.S. West Texas intermediate futures were also down 97 cents or 0.92% at $104.86 a bar. The Yanbu loading suspension has sparked supply concerns, and Saudi Arabia has cut oil shipments into Europe. Market sources reported on Tuesday that the American Petroleum Institute's data showed that U.S. crude, gasoline, and distillate inventories rose all over last week. API data cited...

Trade sources report that Saudi Arabia has cut off oil shipments from Europe to the Red Sea after drone attacks damaged its main export pipeline. This prompted top customers, such as Poland, to look for alternatives when cargo prices reached $120 per barrel. Saudi Arabia blamed the attacks on Iraqi militias, forcing the kingdom to shut down its East-West Desert Oil Pipeline on Friday. This has saved it from the worst of impact of the Strait of Hormuz closure over the past six months. On Tuesday, oil trading and shipping sources reported that Saudi Arabia informed European customers of the...

Chris Wright, the U.S. Energy Secretary, told CNBC that crude oil would be flowing through Saudi Arabia's East-West pipeline in a few days after it was temporarily closed by Iran-aligned group attacks. Wright told reporters on the sidelines of a G20 meeting in Houston that "it's still detailed, but it will be measured by days." He said Saudi Arabia is taking steps to get more oil out the Strait of Hormuz, with the help of the U.S. Military. Since the U.S. War on Iran, the 1,200-km (745-miles) East-West Pipeline that runs across the Arabian Peninsula has served as the primary...

Shippers reported on Tuesday that the delays caused by congestion and long waiting times for entry into the Danube River, as well as the return to the Black Sea, have increased grain delivery times, from 12 days to over a month. This has impacted profitability. After Russian attacks, 90% of Ukraine's exports were handled by Black Sea ports. Ukraine has three major river port on the Danube. All maritime exports and imported, including priority cargoes are now routed through these ports. The Sulina Canal, however, is not used only by ships heading for Ukrainian ports but also by those destined...