New York Times Business News - February 26, 2019
These are the most popular?stories from the New York Times business pages. The New York Times has not verified the accuracy of these stories. Aston Martin, a British luxury automaker, will reduce 20 percent of the global workforce as tariffs are 'eating into its profits. The carmaker…
Russell: Copper is the driving force behind BHP and Rio but getting more of it is the key.
Copper's role as a major profit driver is highlighted in the latest results of BHP Group and Rio Tinto. However, they also highlight how difficult it will likely be to gain more exposure for this industrial metal. BHP, the world's largest ?listed miner, reported last week a stronger-than-expected half-year underlying attributable profit of $6.2 billion…
Woodside posts smaller-than-expected annual profit; CEO update imminent
Australian oil and gas ?producer Woodside Energy posted a ?smaller-than-expected fall in annual profit on ?Tuesday, ?as robust production offset weaker realised prices, and said it expects to name a new CEO in the first quarter of 2026. The company stated at its results presentation that…
Russell: Copper is the driving force behind BHP and Rio but if you want more, it's up to you.
Copper's role as a major profit driver is highlighted in the latest results of BHP Group and Rio Tinto. However, they also highlight how difficult it will likely be to gain more exposure for this industrial metal. BHP, the world's largest ?listed miner, reported last week a stronger-than-expected half-year underlying attributable profit of $6.2 billion…
Watch these stocks as Trump's tariffs create more uncertainty
After a Supreme Court decision last week that ruled against his larger levies, tariff uncertainty has returned. Wall Street analysts expect emerging market exchange-traded fund and retailers to benefit in the end. Here are some stocks, ETFs, and sectors that could be affected by the latest twists in the?U.S.
Chevron and Iraq agree on exclusive talks about West Qurna 2.
Chevron is in exclusive talks with Iraq about the West Qurna 2 giant oilfield. This brings them closer to purchasing the field from the sanctioned Russian oil company Lukoil. Chevron has said that the talks will include an exchange of confidential information. This could allow the U.S.
Saudi Aramco has sold its first Jafurah condensate cargos to US firms and India, according to sources
Four 'trade sources' said that Saudi Aramco, the state energy giant, has sold several cargoes - of ultra-light crude oil from its $100 billion Jafurah plant - to U.S. refiners and majors in India as it prepares to ship its first cargo this month. Aramco is aiming to increase its natural…
Exxon will determine the size of the natural gas reserves in Guyana's Stabroek Block.
Guyana’s energy minister stated that Exxon Mobil continues to work on determining the size of natural resources in Guyana’s?prolific Stabroek Block as the company pursues wider development of the resource. Previous statements by the U.S. oil giant, who leads the consortium operating the Stabroek Oilfield…
Turkey declares Greece-Chevron activities off Crete illegal
Turkey has said that it opposes Greece's unilateral activities in hydrocarbon fields south of Crete, with a consortium led by U.S. oil giant Chevron. This is a violation of international law and good neighbourly relations. Chevron, a consortium led by Chevron, signed exclusive lease agreements to search for natural gas in southern Greece on Monday.
Glencore returns $2 billion to its shareholders despite earnings decline
Glencore, the commodity trader and miner, announced its results for '2025 on Wednesday. This was just weeks after Rio Tinto, a larger rival, failed to make a takeover offer. The talks to create a global mining giant worth $240 billion were halted earlier this month due to valuation and ownership disagreements.
Iraq approves an 'amicable agreement' with Russia's Lukoil regarding the transfer of operations for giant fields
According to a press release, the 'Iraqi Cabinet approved a "friendly settlement" with Russia's Lukoil on Tuesday regarding the transfer of the West Qurna 2, a giant oil field in the west of Iraq to the state-run Basra Oil Company. Last month, Iraqi nationalised the oilfields after the U.S.
Chevron and a consortium of companies sign contracts for gas exploration offshore Greece
On Monday, a consortium led by U.S. oil giant Chevron signed exclusive lease agreements to search for natural gas in southern Greece. This agreement expands the United States presence in the Eastern Mediterranean. The deal will double the amount of Greek marine acreage that is available for exploration.
TotalEnergies CEO: TotalEnergies did not pay French taxes last year because of a loss in the refining business
TotalEnergies, the French oil giant, did not pay corporate tax in France in 2017 because its operations there generated a loss in excess of 300 million euros (about 356.07 million dollars), said CEO Patrick Pouyanne on Friday. Pouyanne, in an interview, was asked how Total, who on Wednesday…
Data shows that Yamal LNG has resumed transhipments in the vicinity of Murmansk.
LSEG data showed on 'Thursday that Yamal LNG has resumed ship to ship?liquefied gas operations near a port in the Arctic called Murmansk. This could mean a possible resumption for the first time of this winter of fuel exports into Asia. Ship-to-ship allows the company to optimize the…
Gulf stock markets fall due to US-Iran tensions and earnings.
Stock markets in the Gulf slowed in early trading on Thursday, pressured both by a lacklustre earnings report and investor unease over tensions between the United States and Iran. U.S. president Donald Trump met with Israeli prime minister Benjamin Netanyahu on a Wednesday. He later stated…
TotalEnergies CEO seeks clarification on EU ban on Russian gas
Patrick Pouyanne, the CEO of TotalEnergies, said on Wednesday that the company is asking both France's?government and EU Commission for clarification on an EU ban against importing liquefied gas from Russia. Pouyanne said in an analyst briefing that it appears that a European company is unable to market Russian LNG.
Low oil and gas prices affect TotalEnergies' profits, so the company has cut back on buybacks but maintained its growth plans.
TotalEnergies said on Wednesday that it would halve its share buybacks in the first quarter, but was committed to increasing its oil and gas reserve. Low oil and 'gas prices have negated the soaring profit of the fourth-quarter from refining fuels and proceeds from stake sales for renewable assets.
Saudi and US firms partner on northeast Syria Energy Project
Two people with direct knowledge of the plan say that Saudi Arabian and U.S. firms will form a consortium to explore and produce oil and gas in the northeastern part of Syria. Sources said that Baker Hughes, Hunt Energy, and Argent LNG plan to partner with TAQA on the project. The project…
MVM purchases 10% of BP's Shafag Solar Project
The oil giant announced Wednesday that it had sold a 10% share in its Shafag Solar?project? in 'Azerbaijan? to MVM Energetika Zrt of Hungary. BP?said that BP owns 40.01 % of the project. SOCAR owns 39.99% and MVM and Azerbaijan?Development?Fund each own 10 %. BP announced the news a day before…
MORNING BID EUROPE-Yen roars back as US consumer engine sputters
Tom Westbrook gives us a look at what the European and global markets will be like today. The earnings season and data drove markets on Wednesday, while a rebound of the yen was gaining steam. TotalEnergies, ?Siemens Energy, Deutsche Boerse, Heineken, ?Schindler and EssilorLuxottica are among ?the ?companies reporting in Europe. The delayed U.S.