Category Archives: Commodities

Easter egg prices soar as cocoa crops are hit by climate crisis and exploitation

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Experts say the global shortage of the main ingredient of chocolate is linked to poor conditions for farmers supplying large companies

Every Easter, UK consumers collectively spend more than £1bn on food, drink, gifts, entertainment and about 80m chocolate eggs, racking up an average bill exceeding £50 each. But shoppers this year are paying more than usual: since last Easter, chocolate prices have increased by more than 12.6%, more than double the rise in supermarket food and drink prices.

The cost of cocoa, chocolate’s main ingredient, has been increasing all year, hitting a record high just before Valentine’s Day and again this week, when it was priced at more than $10,000 a tonne – meaning it is currently more valuable than several precious metals, and growing in value more quickly than bitcoin.

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UK Libor trader Tom Hayes loses appeal against rate-rigging conviction – as it happened

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The former star UBS and Citigroup trader was convicted of conspiracy to defraud by manipulating financial benchmark and served 5 1/2 years in prison

Britain’s financial regulator has identified shortcomings in how some motor insurance firms are valuing written-off or stolen vehicles.

A review by the Financial Conduct Authority (FCA) has found evidence that suggests some firms are offering their customers less than their written-off or stolen vehicle is worth and, in some cases, are only increasing that offer when a customer complains.

Having your vehicle written off or stolen can be intensely stressful and we expect firms to offer the right support to help their customers.

We expect all motor insurers to take note of our findings and we are engaging directly with those that have issues that need to be addressed.

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Libya to investigate claims oil smuggling is fuelling Sudan civil war

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Authorities to launch inquiry into allegations of mismanagement at country’s national oil corporation

Libyan authorities have said they will investigate allegations of wholesale mismanagement in the country’s National Oil Corporation, with officials telling the Guardian rampant smuggling is helping to fuel the civil war in Sudan.

Mohamed al-Menfi, the chair of the presidential council, will launch an inquiry this week, t he scope of which is likely to also cover the widespread practice of fuel smuggling and its key beneficiaries.

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Shell must clean up pollution before it leaves Niger delta, report says

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Firm told it must take responsibility for toxic legacy of pollution and safe decommissioning of abandoned oil infrastructure

The oil firm Shell cannot be allowed to withdraw from the Niger delta before it takes responsibility for its toxic legacy of pollution and the safe decommissioning of abandoned oil infrastructure, a report says.

Shell plc is preparing to divest from the delta but a report warns that it must remain until it has cleaned up its legacy of pollution.

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Anglo American’s platinum arm to cut 3,700 jobs as metal’s price dives

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Johannesburg-based Amplats says one in five jobs will be lost in South Africa amid plunge in profits

The platinum arm of Anglo American is to cut 3,700 jobs in South Africa as the British mining company attempts to improve performance in the troubled division.

Anglo American Platinum (Amplats) said on Monday it aimed to cut jobs after a sharp drop in platinum metal prices, which had led to a collapse in profits last year.

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Sweden to drop inquiry into Nord Stream pipeline explosions

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Investigators previously found blasts that damaged undersea pipelines in 2022 were an act of sabotage

Swedish prosecutors have said they will end their investigation into the sabotage of the Nord Stream 1 and 2 gas pipelines in 2022, dodging the question of who destroyed the then new energy link between Russia and Europe shortly after Moscow launched its full-scale invasion of Ukraine.

After a near 18-month inquiry, the investigators concluded they did not have jurisdiction in the case because Sweden’s citizens and interests had not been harmed.

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Legal action launched against ‘rip-off’ secret commissions on UK firms’ energy bills

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Thousands of small businesses sue for return of brokers’ fees that often go undisclosed in billing

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Businesses across the UK have been forced to pay an extra 10% on average for their gas and electricity because suppliers routinely add third-party broker commissions to their bills, according to a leading litigation law firm.

Thousands of small businesses have joined a group legal action, led by the law firm Harcus Parker, to claw back up to £2bn in undisclosed broker fees added to their energy bills.

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Saudi Arabia surprises oil markets by ditching plan to increase production

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Blow to Joe Biden, who had hoped to benefit from lower pump prices in an election year

Saudi Arabia has cast doubt on the future of the global oil market after abandoning plans to grow its crude production capacity by 1m barrels a day.

The world’s biggest exporter signalled a big change in policy by ordering the state oil company, Saudi Aramco, to drop plans to expand its maximum production capacity to 13m barrels a day by 2027.

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Oil prices hit $80 a barrel as fears grow over Red Sea disruption to trade

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Experts warn of economic impact of sustained shipping attacks and Middle East tensions

Oil prices have hit $80 (£62.83) as fears grew about the economic impact of disruption to international trade through the Red Sea and escalating tensions in the Middle East.

Raising concerns about a possible inflation shock for the world economy, Brent crude prices jumped by about 4% to a high of $80.75 a barrel on Friday, while US West Texas Intermediate crude also increased after US and UK airstrikes against Houthi rebel sites in Yemen.

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Oil prices rise after Iran rejects calls to end support for Houthi Red Sea attacks

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Brent crude is up 2% to $78.77 a barrel as hopes of strong demand in China also push up prices

Oil prices have risen sharply after Iran rejected calls to end support for attacks by Houthi rebels on vessels in the Red Sea and sent a warship to the key trading route.

In the first trading session of the new year, Brent crude rose $1.73, or more than 2%, to $78.77 a barrel on Tuesday, while US West Texas Intermediate crude was at $73.36 a barrel, up $1.71, or 2.4%.

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Ikea warns Red Sea attacks could disrupt supplies and deliveries

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Firm says it is weighing up options to secure product availability amid Yemeni rebel attacks on shipping

Ikea has warned that the disruption to global trade caused by Yemeni rebel attacks in the Red Sea could delay its deliveries and affect availability of some products.

The world’s largest furniture company said it was “evaluating other supply options to secure the availability of our products” after many big shipping companies stopped sending vessels through the Suez canal in response to the attacks by Houthi militants’ protests against the Israel-Gaza war.

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EU agrees plan to enable member states to end all gas imports from Russia

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New power to allow importers to sever ties would help to end Europe’s reliance on Russian supplies

EU countries may soon be able to halt their last remaining Russian gas imports under plans to ban Russian energy companies from their pipelines and terminals.

The European Council and parliament have agreed new rules that could empower the EU’s member states to crack down on companies from Russia and Belarus that have continued to import Russian gas into Europe since Moscow’s full-scale invasion of Ukraine by buying import capacity at key EU import terminals and pipelines.

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Ukraine war has marked a turning point in Europe’s gas consumption, says IEA

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Global energy watchdog says Russia cutting supplies has prompted efficiency upgrades and move to heat pumps

The Ukraine crisis has marked a turning point for Europe’s gas consumption, which is expected to fall again this year as homes and firms embrace efficiency upgrades and heat pumps, according to the global energy watchdog.

A report from the International Energy Agency found that the continent’s developed economies reduced their gas use by 15% in 2022 after Russia cut off flows after its invasion.

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Revealed: Saudi Arabia’s grand plan to ‘hook’ poor countries on oil

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Climate scientists say fossil fuel use needs to fall rapidly – but oil-rich kingdom is working to drive up demand

Saudi Arabia is driving a huge global investment plan to create demand for its oil and gas in developing countries, an undercover investigation has revealed. Critics said the plan was designed to get countries “hooked on its harmful products”.

Little was known about the oil demand sustainability programme (ODSP) but the investigation obtained detailed information on plans to drive up the use of fossil fuel-powered cars, buses and planes in Africa and elsewhere, as rich countries increasingly switch to clean energy.

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Shell to face human rights claims in UK over chronic oil pollution in Niger delta

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More than 13,000 Nigerian villagers can bring legal claims against oil firm, rules high court

Thousands of Nigerian villagers can bring human rights claims against the fossil fuel company Shell over the chronic oil pollution of their water sources and destruction of their way of life, the high court in London has ruled.

Mrs Justice May ruled this week that more than 13,000 farmers and fishers from the Ogale and Bille communities in the Niger delta were entitled to bring legal claims against Shell for alleged breaches to their right to a clean environment.

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‘Breakthrough battery’ from Sweden may cut dependency on China

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Northvolt says new lithium-free sodium-ion battery is cheaper, more sustainable and doesn’t rely on scarce raw materials

Europe’s energy and electric vehicle industries could reduce their dependency on scarce raw materials from China after the launch of a “breakthrough” sodium-ion battery, according to its Swedish developer.

Northvolt, Europe’s only large homegrown electric battery maker, has said it has made a lower cost, more sustainable battery designed to store electricity which does not use lithium, nickel, graphite and cobalt.

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North Sea oil and gas: what is the new licensing scheme, and will it cut bills?

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Rishi Sunak signalled changes in the king’s speech that create a policy divide with Labour

The government has confirmed its plans to grant new North Sea oil and gas licences every year at the opening of parliament, deepening a political fault line between the Conservatives and Labour, and angering environmental campaigners who argue it undermines efforts to reach net zero. Here, we examine the move.

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Beef, soy and palm oil products linked to deforestation still imported into UK

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Campaigners accuse government of failing to stick to promises made at Cop26 climate summit in 2021

Beef, soy and palm oil products driving deforestation are still being imported into the UK, despite government promises this practice would end, data has revealed.

Campaigners have criticised the Department for Environment, Food and Rural Affairs (Defra) for failing to put practices in place to stop the import of goods from areas with high deforestation rates. This is despite the government having promised at the Cop26 climate conference in 2021 to implement the rules.

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Chevron to buy oil and gas producer Hess in $53bn all-stock deal

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Takeover puts Chevron head-to-head with ExxonMobil in oil-rich Guyana and US shale industry

Chevron has announced plans to buy the oil producer Hess Corporation in a $53bn (£44bn) deal, becoming the second American energy giant to place a vast bet on fossil fuel production this month.

The all-stock takeover, which will increase Chevron’s presence in oil-rich Guyana, was unveiled less than two weeks after another of the world’s largest oil companies, Exxon Mobil, said it would acquire the shale group Pioneer Natural Resources for $59.5bn.

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Petrol prices spiked 7% in September quarter and there’s more pain to come, Australian treasurer suggests

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Costs could rise as conflict between Israel and Hamas in the Middle East worsens, Jim Chalmers warns

Australians are feeling the impact of inflation at the petrol pump with the latest data expected to show fuel prices rose by more than 7% in the three months to the end of September.

Treasury estimates the latest consumer price index data for the September quarter, to be released on Wednesday, will reveal the soaring cost of petrol brought on by global factors including the war in Ukraine, supply constraints and the weaker Australian dollar.

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