2025-04-25 12:40
HOUSTON, April 25 (Reuters) - A U.S. court officer overseeing an auction of shares in the parent of Venezuela-owned refiner Citgo Petroleum has proposed to open a 30-day competition period on April 28 to receive bids, with a final winner of the sale process to be selected on June 11, according to a court filing late on Thursday. The proposal, which follows the confirmation of the bidding round's starting offer, is pending approval by the Delaware judge in charge of the case. Sign up here. https://www.reuters.com/business/energy/us-court-launch-30-day-competition-citgo-parents-shares-2025-04-25/
2025-04-25 12:34
LONDON, April 25 (Reuters) - Activist investor Elliott Investment Management wants oil major BP (BP.L) , opens new tab to replace its strategy chief and change its structure to separate upstream and downstream units to aid accountability, a source familiar with the situation said on Friday. Elliott holds a stake of a little more than 5% in BP, the strategy, sustainability and ventures arm of which is led by Giulia Chierchia, a key architect of the company's ill-fated focus on renewables under previous CEO Bernard Looney. Sign up here. Chierchia joined BP from consultancy McKinsey & Company in 2020 and quickly rose up to strategy chief. Gordon Birrell is responsible for BP's production and operations arm, which includes hydrocarbon upstream activities such as oil exploration and production as well as refineries, which are typically considered a downstream business. Emma Delaney, meanwhile, is in charge of BP's customers and products division, which includes petrol and convenience store retail sales - businesses often labelled as downstream activities in other groups. A BP spokesperson was unable to provide immediate comment. https://www.reuters.com/business/energy/activist-investor-elliott-pushes-change-bp-strategy-chief-structure-2025-04-25/
2025-04-25 12:33
April 25 (Reuters) - Canadian retail sales fell by 0.4% in February from January at C$69.33 billion ($49.95 billion), on lower sales at motor vehicle and parts dealers, Statistics Canada said on Friday. Sales likely increased 0.7% in March, the agency said in a flash estimate. In February, sales were down in four of nine subsectors, representing 43.1% of retail trade. In volume terms, retail sales decreased by 0.4%. Sign up here. (Percent changes) Feb Feb Jan(rev) Jan(prev) mo/mo yr/yr mo/mo mo/mo Total -0.4 +4.7 -0.6 -0.6 Excluding autos/parts +0.5 +4.9 +0.1 +0.2 NOTE: All figures are seasonally adjusted. ($1=$1.3880 Canadian) Keywords: CANADA ECONOMY/RETAIL https://www.reuters.com/business/autos-transportation/canada-february-retail-sales-fall-04-seen-up-07-march-2025-04-25/
2025-04-25 12:28
Cryptocurrency advocates pushing for SNB to diversify reserves Want central bank to hold bitcoin alongside gold SNB chair says market liquidity, value fluctuations are issues BERN, April 25 (Reuters) - The head of the Swiss National Bank said on Friday that cryptocurrencies failed to meet the institution's currency reserve standards, rebuffing calls by crypto advocates that it hold bitcoin as a hedge against growing global economic risks. Cryptocurrency campaigners are ramping up pressure on the SNB to buy bitcoin, arguing that the economic turmoil triggered by U.S. President Donald Trump's tariffs made it more important for the central bank to diversify its reserves. Sign up here. They have launched a referendum campaign to change the Swiss constitution and require the SNB to hold bitcoin in its reserves alongside gold. SNB Chairman Martin Schlegel, however, rejected the idea at the central bank's shareholder meeting in Bern. "Cryptocurrency cannot currently fulfil the requirements for our currency reserves," he said. Market liquidity was one concern, he said, as the central bank needed at all times to be able to buy and sell foreign exchange. Cryptocurrencies also typically exhibit "very, very high" fluctuations in value, Schlegel said, which raised doubts about their ability to maintain the value of the SNB's currency reserves. Schlegel's comments came after Luzius Meisser - a founder of the Bitcoin Initiative, which is pushing for the referendum - told the meeting that bitcoin was a "special asset" and a valuable alternative to traditional government debt. "I have to admit it might not be worth much in scenarios that most of you consider normal," he said. "However, bitcoin will be worth a lot in the specific scenario of a multipolar world order with fading trust in government debt." https://www.reuters.com/business/finance/swiss-national-bank-chairman-rebuffs-bitcoin-reserve-asset-2025-04-25/
2025-04-25 12:21
April 25 (Reuters) - Hindustan Zinc (HZNC.NS) , opens new tab expects strong growth in fiscal 2026 despite global price volatility caused by U.S. tariff uncertainty, a top executive told Reuters on Friday, after the miner reported a jump in quarterly profit. Zinc prices, which averaged at about $2,900 a ton in financial year 2025, have oscillated between $2,500 and $2,700 so far in April, CFO Sandeep Modi said. Sign up here. “It will take some time to create balance in prices due to U.S. tariffs, but fundamentally prices will remain strong.” Modi said prices are expected to average at $2,800-$2,900 a ton in fiscal 2026, which started on April 1. Rising commodity prices typically boost selling prices and margins for miners. U.S. President Donald Trump's on-again-off-again tariffs have sparked trade uncertainty and gutted global markets in recent weeks. On Friday, Hindustan Zinc reported a jump in fourth-quarter profit, supported by higher production and prices. The company, India's biggest producer of the refined metal, forecast production growth of saleable metal at 1,100 kilo tons per annum (KTPA) in fiscal 2026, up from 1,052 KTPA a year ago, CEO Arun Misra told Reuters. It also expects a project capex of $225 million-$250 million this financial year. Modi said an expansion plan for the company is underway and expects approval from the board for its first phase in about a month. He did not elaborate on the plan. Demand for zinc, which is commonly used to coat steel to prevent corrosion, is set to grow by 5% this fiscal in India, while steel demand will rise 4%-5%, Modi said. Domestic zinc prices rose about 17.5% in the fourth quarter, according to analysts, on higher demand from India's construction and manufacturing sectors. The company, which commands 75% of the domestic zinc market, said its revenue from operations rose 21.2% to 88.29 billion rupees, while total expenses grew only 8.5%. The zinc division reported a 20.6% increase in revenue. ($1 = 85.4350 Indian rupees) https://www.reuters.com/world/india/indias-hindustan-zinc-reports-higher-profit-jump-prices-production-2025-04-25/
2025-04-25 12:20
April 25 (Reuters) - LyondellBasell (LYB.N) , opens new tab on Friday missed Wall Street's quarterly profit expectations, due to maintenance activity and lower volumes in its largest segment supplying raw materials to the automotive, construction and electronics industries. Shares of the petrochemicals manufacturer fell 2.5% in premarket trading following the results. Sign up here. The company also announced a cash improvement plan to navigate the current macroeconomic volatility and to boost its earnings by $500 million. Chemical companies have been struggling due to slumping demand and rising raw material costs, especially in Europe. A rigorous regulatory landscape in the region is also compelling businesses to reassess their approach within the region. "We continue to take sensible measures to strengthen our near-term cash generation while remaining committed to delivering on our three-pillar strategy through this prolonged industry downturn," CEO Peter Vanacker said in a statement. On Thursday, peer Eastman Chemical (EMN.N) , opens new tab unveiled plans to curtail expenses due to market volatility from President Trump's tariff plans. Business activity in the euro zone barely grew in February, as a small boost in services barely offset ongoing manufacturing decline. LyondellBasell's largest segment by sales volume, the olefins & polyolefins-Americas unit, reported adjusted core earnings of $251 million, down from $521 million last year, as higher feedstock costs pressured margins. Adjusted core profit in its intermediates & derivatives segment, which makes oxyfuels and intermediate chemicals, fell 69.9% to $94 million from the year-ago period. Revenue for the quarter ended March 31 was $7.7 billion, down from $8.3 billion last year. The company expects seasonal demand improvements across most businesses in the second quarter. On an adjusted basis, the company posted a profit of 33 cents per share in the January-March quarter, compared with analysts' estimate of 43 cents, according to data compiled by LSEG. https://www.reuters.com/business/chemical-maker-lyondellbasell-misses-quarterly-profit-estimate-weak-volumes-2025-04-25/
