Category: 3. Business

Geneva, 9 July 2025 – Trafigura Group Pte Ltd. (“Trafigura” or the “Company”), a market leader in the global commodities industry, has announced a strategic alliance with maritime technology company ZeroNorth. 

Trafigura is set to roll out ZeroNorth’s platform across its controlled fleet of more than 350 vessels, including its voyage optimisation systems, emissions analytics and vessel reporting tools. Additionally, Trafigura will take an equity stake in ZeroNorth, further deepening the ties between the two companies.  

ZeroNorth’s technology uses advanced artificial intelligence and real-time data, including live weather conditions, vessel specifications, ship performance data and fuel availability to optimise operational performance continuously. The implementation of ZeroNorth’s solutions is expected to deliver reductions in both fuel consumption and carbon emissions across Trafigura’s chartered fleet. 

As part of the agreement, Trafigura will also join ZeroNorth’s group of strategic partners, contribute practical industry insights to product development and play an active role in shaping the company’s long-term direction. 

Andrea Olivi, Global Head of Shipping at Trafigura, commented: “This partnership marks an important step in Trafigura’s commitment to improving efficiency and sustainability across its maritime operations. The ZeroNorth platform will help us optimise fleet performance through enhanced monitoring of fuel and emissions while improving data collection and quality. It will also strengthen our relationships with vessel owners through more effective communication and information sharing.” 

Søren C. Meyer, CEO at ZeroNorth said: “We’re proud to partner with Trafigura – one of the largest players in global commodity trading and shipping. This partnership reflects a shared commitment to advancing the use of technology and high-quality data, sending a clear signal to the industry about the vital roles these play in the energy transition. Trafigura’s insight, scale, and ambition will be invaluable to our strategic direction and will help accelerate the impact of our platform across the industry.” 

Back row (left to right): Christos Kalamaras, Global Product Manager of Shipping and Chartering at Trafigura; George Karagiannis, Global Head of Shipping Operations at Trafigura;  Budhaditya Bose, Regional Customer Success Lead at ZeroNorth; Margaux Moore, Head of the Energy Transition Group and Venture Investments at Trafigura; Anders Schulze, Chief Operations Officer at ZeroNorth
Front row (left to right) Andrea Olivi, Global Head of Shipping at Trafigura and Søren C. Meyer, CEO at ZeroNorth

From managing integration complexities to navigating diverse regulatory environments while addressing fraud and security concerns, businesses across Europe face a variety of challenges. But these challenges also present transformative opportunities. Our Commerce Solutions are designed to help remove obstacles, clearing a path for efficiency and growth. And with $2.6 trillion annual global processing volume ^{and the ability to handle over 7,000 peak transactions per second, J.P. Morgan offers the knowledge and experience needed to help merchants expand their presence.}

A common challenge for merchants is the complexity of integrating multiple payment systems, APIs and services which can be time consuming and resource intensive. This complexity can lead to deployment delays and hinder customization. Additionally, limited access to dedicated support and resources can create disruptions and inefficiencies. Crafted to be intuitive and accessible for developers, our Commerce platform is designed to simplify this process.

Developers can easily access comprehensive documentation, code samples, and integration guides through a self-service portal, empowering them to quickly connect their systems to our platform and reduce time and resource implementation. Meanwhile, our single, global API consolidates multiple payment functionalities into one streamlined interface, helping reduce the complexity of managing multiple APIs. As the largest e-commerce acquirer for 10 years running^{, it is important to allow our clients to quickly integrate various payment methods, currencies and value-added services, enhancing their ability to adapt to changing market conditions and customer preferences. Additionally, rapid deployment capabilities and a range of customizable options enable clients to go live quickly and efficiently, supported by dedicated resources and technical guidance throughout integration.}

We continuously innovate and update our Commerce platform to scale with our clients by incorporating the latest payment technologies and trends. This future-readiness helps ensure our clients are well-equipped to meet the evolving demands of the digital economy from Pay-in all the way through to Pay-out.

Working with J.P. Morgan means having access to the global reach, financial stability, resiliency and security of the world’s best bank. ^{Our vast network, supported by over 300,000 employees serving over 100 global markets, offers clients a comprehensive range of financial services and expertise, enabling them to confidently manage and grow their business with the resources and support needed for markets around the globe.}

Our deep understanding of the region allows us to tailor solutions for European markets. It also enables us to offer local payment methods, such as Cartes Bancaires in France and iDEAL in the Netherlands. By helping clients comply with regional regulations while catering to local consumer preferences, they are able to effectively engage with their target markets which can enhance their ability to thrive in the diverse and dynamic European landscape.

In today’s interconnected world, expanding operations globally is more than just a strategic advantage—it’s a necessity. Localized support and solutions are also crucial elements for success. Whether it’s navigating complex regulations, interpreting data to pinpoint growth opportunities, or prioritizing merchant development, our regional experts help clients tackle unique challenges and seize opportunities to help unlock new markets and expand their consumer base. With a presence in key markets across Europe, North America, Asia-Pacific, and beyond, and a commerce platform that supports multiple currencies and payment methods, we provide the flexibility businesses require to help meet the diverse needs of international customers, tap into new opportunities and drive success across borders.

bp has reached an agreement to sell its mobility & convenience and bp pulse businesses in the Netherlands to Catom. The sale is part of bp’s previously announced $20bn divestment programme and is expected to complete by the end of 2025, subject to regulatory approvals.

This is the latest example of bp’s strategy in action to reshape and high-grade its downstream businesses, focusing on leading integrated positions.

The transaction includes around 300 bp-owned or branded retail sites – some with on-site EV charging infrastructure – as well as 15 operational bp pulse EV charging hubs, eight under development and the associated Dutch fleet business.

 

Catom, founded in 1998 by experienced entrepreneurs, is a fast-growing player in the trade, distribution, and sale of fuels and lubricants in the Netherlands. With this acquisition, Catom expands its OK retail network to over 400 retail sites in strategic locations across the Netherlands. Catom was ultimately selected as the successful bidder as they presented the best overall offer, including future plans for the business and protection of terms and conditions of employees.

 

 

Emma Delaney, EVP customers & products at bp, said: “We have built a high-quality retail and convenience business in the Netherlands but as we look to focus our downstream as part of a reset bp, we believe a new owner is best placed to take our Dutch business forward. We are working together with Catom to deliver a smooth and swift completion with minimal disruption on our people and customers.”

Jan Willem Westerhuis, CEO Catom & OK, said: “With this acquisition, we’re on our way to becoming the number one brand in our industry in the Netherlands. We’re happy and excited to welcome all our new colleagues.”

In its 1Q25 results, bp updated its divestment guidance to $3-4bn for 2025, with $1.5bn signed or completed to that date. Further progress on divestment proceeds will be provided as part of 2Q25 results.

UCB is committed to understanding and addressing the unmet needs of patients living with thymidine kinase 2 deficiency (TK2d), an ultra-rare, life-threatening mitochondrial disease with a high mortality rate. According to a meta-analysis presented at the 2023 ISPOR conference, TK2d has an estimated prevalence of 1.64 per million people, with a range of 0.5 to 3.1 per million.  People living with TK2d face severe muscle weakness that can worsen over time and impact on activities as essential as walking, eating and breathing. To develop innovative solutions for TK2d, it’s crucial to understand the natural course of the disease, which is why we have focused on disease course research as part of our efforts to understand the landscape of TK2d care.
 

Understanding TK2d: a patient-centric approach
At the European Pediatric Neurology Society (EPNS) 2025 conference, we are proud to be able to share significant findings on the natural disease course of TK2d patients with symptom onset at or before 12 years of age, and qualitative work on patients lived experience, both highlighting UCB’s dedication to understanding patient experiences and outcomes through rigorous research.  The natural disease course study, funded by UCB, one of the first of its kind, is part of the largest international dataset on TK2d, providing crucial insights into the disease progression and disease burden impact on patients.

UCB presents qualitative narratives collected from a worldwide sample of patients and caregivers in a study that further illustrates the impact of TK2d on all aspects of an affected person’s life.
 

The value of disease course studies
Disease course studies are important for ultra-rare conditions like TK2d because these conditions often lack sufficient research, understanding, and data due to their rarity. The study looked at those patients with early-onset TK2d (symptom onset 12 years and younger) and found the disease was associated with high mortality and rapid progression of the disease, with many experiencing critical motor skill loss and requiring ventilatory support within a short timeframe. Our survival analysis research also found that the median time from symptom onset to death was just 2.6 years for patients with an age of symptom onset of less than 12 years, highlighting the urgent need for improved management and care strategies.

The disease course study utilized a comprehensive disease course dataset involving two literature reviews of published case series, case reports and a retrospective chart review study of untreated patients, and another set of pre-treatment data from three UCB-sponsored clinical trials and data from UCB-supported expanded access programs (EAPs).

This approach ensured robust data collection and analysis to provide accurate depictions of the disease burden. By deepening the understanding of TK2d’s progression, UCB aims to inform better supportive care strategies for people living with the disease.
 

A holistic approach to patient care
These research efforts reflect UCB’s patient-first approach, which goes beyond treatment to holistically understanding the patient journey, ensuring that the voices and experiences of those living with TK2d are at the forefront of scientific advancement. By prioritizing patient needs and experiences, UCB strives to help address the unique challenges faced by TK2d patients and their families.

As we continue to explore new frontiers in TK2d research, UCB remains focused on delivering impactful solutions that empower patients and improve their quality of life. For more information on UCB’s initiatives and research in TK2d, visit UCB Stories.

Milan, 9 July 2025 – Pirelli has launched the first standard production tyre for the global market made with over 70% bio-based and recycled materials, including FSC™ (Forest Stewardship Council™)[1]-certified natural rubber. This certification attests to the responsible management of the natural rubber supply chain, from plantation to factory. By 2026, all natural rubber used in Pirelli’s European factories will be FSC™-certified. Developed in a specific version for JLR, the new tyre is a Pirelli P Zero and will initially be available on selected 22-inch wheel options for Range Rover, forming part of JLR’s aim to roll out more sustainable tyres across its luxury vehicles.

The tyre will feature the FSC™ marking along with the distinctive logo identifying Pirelli tyres made with more than 50% bio-based and recycled materials, as verified by the third-party certification body Bureau Veritas.

MATERIALS INNOVATION

The development of the new P Zero put a significant challenge for Pirelli’s Research & Development department: combining Ultra-High Performance (UHP) with a high content of bio-based and recycled materials, which include:

·         Recycled steel, partially sourced from the melting of scrap metal instead of virgin raw materials, while maintaining the mechanical properties of virgin steel.

·         Rice husk-derived silica, obtained from rice processing waste, used in tread compounds to ensure high performance in the wet.

·         Circular carbon black, produced through pyrolysis oil obtained from end-of-life tyres.

·         Bio-circular polymers, manufactured from monomers derived from used cooking oil or pyrolysis oil, replacing fossil-based polymers.

·         Bio-resins, plant-based plasticisers that help optimise the balance between dry and wet performance.

P ZERO AND INNOVATION

P Zero is the product line where Pirelli debuts its latest technologies: this renowned accent on innovation makes Pirelli the preferred choice of premium and prestige car manufacturers worldwide.

Back in 2021, Pirelli produced the very first tyre made with FSC™-certified natural rubber. The collaboration with JLR represents a new initiative to increase the share of recycled and bio-based materials in tyres, marking another step forward in the journey toward sustainability. Moreover, this product will also serve as a testing lab for materials innovation, as the percentage of components with low environmental impact is set to increase over time.

In 2024, JLR became the first car manufacturer ever to equip its vehicles with Pirelli tyres containing 100% FSC™-certified natural rubber.

 

*****

Pirelli Press Office

Tel. +39 02 6442 4270

pressoffice@pirelli.com – www.pirelli.com

 

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^[1]   FSC™ is an international, non-governmental, independent, and non-profit organization, established in 1993 to promote the responsible management of forests. License number: FSC™ N003618.

Natural rubber accounts for approximately 25% of the total weight of the tire (35837, size 285/45R22 XL P-ZERO(LR) ncs).

• Non-performing loan volumes in central, eastern and south-eastern Europe fell by 4.4 per cent to €26 billion in 2024
• Average NPL ratio down to 1.9 per cent – its lowest since global financial crisis – although supervisors warn of early signs of asset quality deterioration
• Market activity picked up in Greece, Poland, Romania and Türkiye, but investor appetite remains uneven

Non-performing loans (NPLs) in European economies within the European Bank for Reconstruction and Development’s (EBRD) area of operation remained broadly stable in 2024, according to the latest edition of the EBRD’s NPL Monitor, published today.

NPL volumes in central, eastern and south-eastern Europe (CESEE) continued their downward trend, declining by 4.4 per cent year on year to €26 billion in what is one of the most significant annual reductions in recent years.

Furthermore, the average NPL ratio in the CESEE region fell to an historic low of 1.9 per cent at the end of 2024, dipping below the 2 per cent threshold for the first time since the global financial crisis.

However, the report warns that early signs of asset quality deterioration are emerging, driven by sector-specific shocks, weakening borrower affordability and refinancing risks.

“While the region has so far avoided a sharp deterioration in credit quality, the risk of an NPL build-up remains,” the report notes. “Continued vigilance, proactive supervision and enhanced transparency will be essential to support the timely identification and resolution of distressed assets.”

NPL market activity accelerated moderately in 2024, with transaction pipelines expanding in Greece, Poland, Romania and Türkiye. Secondary sales and forward-flow deals are gradually re-engaging investors, although legislative barriers, data limitations and regulatory fragmentation continue to weigh on investor appetite in less mature markets.

The report highlights that persistent cost-of-living pressures are fuelling demand for short-term consumer credit, leading to increased supervisory scrutiny of affordability and origination standards.

In the euro area, the European Central Bank has embedded geopolitical risks into its supervisory priorities, including energy disruption and trade fragmentation. Supervisors are also intensifying scrutiny of unsecured lending and asset valuations in commercial real estate.

The EBRD’s NPL Monitor is a semi-annual publication under the Vienna Initiative’s NPL Initiative, covering 17 CESEE countries and selected non-CESEE markets. The NPL Monitor is published on the Vienna Initiative website, alongside partner publications prepared by the International Monetary Fund (the CESEE Deleveraging and Credit Monitor) and the European Investment Bank (the CESEE Bank Lending Survey), which are also being issued today.

The Vienna Initiative was established in 2009 during the global financial crisis with the aim of safeguarding the financial stability of emerging Europe by bringing together banks, governments, regulators and international financial institutions.

The UK Competition and Markets Authority (“CMA”) has recently announced the launch of a new market study into the civil engineering sector, which will focus on the supply of roads and railways (excluding HS2). This fits neatly into the UK Government’s growth agenda which the CMA is under pressure to work in step with and contribute towards. This new market study is highly relevant for all organisations active in the construction and infrastructure space, presenting both risks and opportunities for those involved in the design, planning, construction, enhancement, renewal, and maintenance of public highway and railway infrastructure.

In line with its recent commitments to work at greater pace, the CMA has said that it is committed to moving fast in this market study, with a final report expected around April 2026. During this time, the CMA will be on an intensive fact-finding mission to examine whether there are opportunities to improve interactions between market participants, so that both the public sector and the industry are incentivised to build more cost-effective infrastructure. In its Statement of Scope document, the CMA states that unlike many other studies that have focused on challenges with infrastructure delivery, it proposes to undertake a more forward-looking assessment of how this market could operate to realise its potential to support economic growth, with a view to making recommendations to government. It also indicates that, at the present time, it does not anticipate moving to an in-depth market investigation, in which it would be able to take remedial action to address any adverse effect on competition identified. Nevertheless, it is worth noting that recent comparable market studies have been the precursor to enforcement action. So, the civil engineering sector is very much on warning. Businesses active in this sector including by way of ownership or investments, should take this opportunity consider engaging with the CMA and or ensuring its ways of working comply with competition and procurement law.

Scope and Focus of the CMA Study

The CMA’s market study will examine the entire lifecycle of public road and rail infrastructure projects, from initial design and planning through to construction and ongoing maintenance. The study will not cover tram networks, light rail (including underground rail), routine maintenance, privately procured roads or upstream raw materials. It will instead focus on strategic, capital-intensive projects (excluding HS2). In this context the CMA will focus on identifying if there is any feature or combination of features in a market that prevents, restricts, or distorts competition. These might include the behaviour of a specific player or group of players, a particular market structure, or the relevant regulatory framework. The CMA will be especially interested in assessing how these market features may impact on decision-making and result in less choice and higher costs.

The CMA’s stated aims are to:

• Assess how public authorities access and use information to make procurement decisions and how they interact with the market to deliver projects;
• Identify whether procurement, planning, or regulatory processes create unnecessary barriers to entry, expansion, investment, or innovation; and
• Explore what changes could better incentivise and support civil engineering firms to deliver infrastructure that enhances UK productivity and growth.

The CMA will engage with a wide range of stakeholders, including contractors at all supply chain tiers, consultants, public authorities, regulators, planning bodies, and government sponsors. The analysis will focus on strategic and substantial infrastructure projects that involve capital investment which may lead them to concentrate on projects involving substantial earthworks and ground engineering to increase capacity or wholesale replacement and upgrades of existing parts of networks. In this context the CMA is seeking input on a broad range of issues, including:

1. The characteristics of a well-functioning market in this sector.
2. The appropriateness of the proposed scope and themes for the study.
3. Key differences in the supply of roads and railways across the four nations of the UK.
4. Case studies of UK infrastructure projects that illustrate good or poor outcomes.
5. The impact of public procurement and contracting practices on market outcomes, including engagement with suppliers, procurement procedures, tender design, risk allocation, and contract/pricing mechanisms.
6. The effect of industry structure, including company size, specialism, supply chain tiers, and financial arrangements.
7. Significant procurement, planning, or regulatory barriers and opportunities for further innovation.

Notwithstanding the breadth of these questions, the CMA is inviting written representations by 17 July 2025. An interim report is expected in November 2025, and the final report in Spring 2026.

Next steps

Even though the scope and timing of this market study is smaller than many of the CMA’s other recent studies reflecting its commitment to work in a proportionate way, nevertheless, its potential impact both in the short and long term should not be underestimated. Next steps should be planned accordingly:

• While the CMA has indicated that a full market investigation (which could lead to significant interventions) is unlikely, the recommendations arising from this study could have substantial long-term financial and operational consequences for those active in the sector. Early engagement is therefore advisable.
• Information gathered during market studies can, and often does, lead to separate investigations into potential anticompetitive agreements. Recent concerns regarding alleged fraudulent practices in HS2 procurement may prompt the CMA to scrutinise the sector closely for anticompetitive conduct. More generally the CMA has made clear that competition law enforcement in public procurement is a top priority with one case already open and others anticipated. This is an important moment to review your organisation’s competition compliance and procurement practices.
• Even though initial indications are that this market study is unlikely to escalate to a more in-depth market investigation, the current process can involve substantial mandatory requests for information, creating a significant compliance burden. External legal support can help manage these obligations and mitigate associated risks.

This market study is a timely opportunity to engage with the CMA and help shape the future of the civil engineering sector. Mayer Brown’s Antitrust & Competition group in London would be pleased to discuss the implications of the CMA’s study for your business, and how best to engage with the process.

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