Albemarle Financial News

Indian Oil Corporation (IOC) has begun a probe into allegations of a US speciality chemicals firm bribing its officials 15 years back to obtain contracts to supply catalysts, according to a company's regulatory filing. Albemarle Corporation, a global speciality chemicals supplier that develops and sells catalysts used in the operation of oil refineries, allegedly «paid approximately USD 1.14 million in commission to India intermediary company relating to Indian Oil Corporation business and obtained approximately USD 11.14 million in profits on that business between approximately 2009 and 2011,» according to a US SEC order dated September 28, 2023. Albemarle was caught for bribery by the US authorities in 2017 and then settled the case in September 2023 by paying a hefty fine of more than USD 198 million to avoid prosecution. In a filing, IOC said it is «neither party to nor is there any allegation against the company in relation to the proceedings» in the US SEC.

Subscribe to enjoy similar stories. Lithium may be called “white gold," but investing in the metal has hardly been a golden ticket lately. Lithium, which is used to make batteries for both gadgets and electric vehicles, has been on a roller-coaster ride in recent years.

lithium miners — facing an unprecedented demand surge and wild price swings — are shaking up the way the commodity is bought and sold.

By Melanie Burton

Stocks that traded heavily or had substantial price changes on Tuesday: Stitch Fix, Albemarle fall; Target AeroVironment rise

After-Hours Stock Movers:

If investing is about pouncing at the point of maximum pessimism, lithium stocks must be worth a fresh look. The metal used to make electric-vehicle batteries has given investors whiplash. Prices rose rapidly in 2021 and 2022 before falling even faster in 2023.

When the world’s most valuable lithium company last year announced plans for a $1.3 billion plant in South Carolina, local officials hailed it as transformative for the Palmetto State. The high-tech project from Charlotte, N.C.-based Albemarle was designed to process different sources of lithium, including from recycled batteries, and serve as a supplier of the critical mineral for South Carolina’s burgeoning electric-vehicle industry. Less than a year later, those plans have been hobbled by a crash in battery metal prices, undercut by a slowdown in electric-vehicle sales growth in the U.S.

Here is your Pro Recap of the top takeaways from Wall Street analysts for the past week: upgrades for Li Auto and Enphase Energy, downgraded for GlobalFoundries, American Express, and Albemarle.

(Reuters) — Albemarle (NYSE:ALB) has laid off more than 300 employees, or 4% of its total workforce, in its U.S. and global operations, The Information said on Monday, citing people familiar with the matter.

SANTIAGO (Reuters) — Chile's SQM, the world's second-largest lithium producer, said it has suspended operations at the Atacama salt flat in Chile due to road blockades.

As we welcome in 2024, one of the most critical questions facing investors is which stocks and sectors will beat the market. Can the Magnificent 7 retain its crown? Or will some subset of the 493 other S&P 500 stocks and their neglected sectors take the throne in 2024?

By Scott Murdoch and Melanie Burton

Here is your Pro Recap of the top takeaways from Wall Street analysts for the past week: upgrades for GM and First Solar and downgrades for Albemarle, PayPal, and Take-Two Interactive.

Investing.com — Here is your Pro Recap of the biggest analyst cuts you may have missed since yesterday: downgrades at Lululemon Athletica, Albemarle , Toro, and STAAR Surgical.

Chris Ellison’s Mineral Resources will pay just $260 million to complete the acquisition of one of Australia’s few operating lithium mines in Western Australia’s exploration heartland.

electric vehicle industry that’s not struggling right now. The carmakers who’ve promised multi-billion-dollar plans to pivot to battery vehicles are being savaged by equity investors, with shares in General Motors Co. down 30% since the start of August and even perennial market darling Tesla Inc. falling 16%.

(Reuters) — Lithium miner Livent (NYSE:LTHM) said on Tuesday its proposed $10.6 billion merger with Australia's Allkem had received all the required pre-closing regulatory approvals.

Senior executives at Allkem and Livent say investors are supportive of the $US10 billion ($16 billion) merger between the two mining groups despite increasing concerns that volatility in the lithium price is making the deal, struck in May, increasingly unattractive to the former’s shareholders.

By Ernest Scheyder

Work safety authorities are investigating the death of a 26-year-old tradesman at Liontown Resources’ flagship lithium project in Western Australia.