2025-09-22 09:27

(Reuters, Sept 22) - Sterling edged up against the dollar on Monday as investors paused following Friday's selloff driven by fiscal concerns. The dollar edged down as investors await speeches from Federal Reserve officials throughout the week that could provide further clues on the U.S. rate outlook. Sign up here. Analysts highlighted several factors weighing on the British currency, including vulnerabilities in the UK labour market, the potential need for further fiscal consolidation in the Autumn budget, and broader global cyclical risks. Britain's borrowing has shot past the official forecasts that underpin the government's tax and spending plans, compounding the already big challenge facing finance minister Rachel Reeves in her November budget. Sterling rose 0.2% to $1.3496 , after hitting $1.3453, its lowest level since September 5. The dollar rose 0.61% versus the British currency last week. Analysts argued they no longer view UK monetary policy developments as a key driver of the pound in the coming weeks and months, while a slower-than-expected pace of Bank of England rate cuts may still offer limited support against the euro. The single currency dropped 0.05% against the British currency at 87.09 pence per euro, after rising 0.78% last week. “While the euro is managing to shrug off a political and budget crisis in France and while the yen has not been too shaken by political uncertainties in Japan, the pound is more vulnerable to poor domestic news due to the UK’s current account deficit,” said Jane Foley, senior forex strategist at Rabobank. Investors also await data from the UK PMI on Tuesday. “With inflation still to peak and budget uncertainty there is scope for downside here and the services PMI looks too strong for us,” said Callum McLaren-Stewart, UK economist at Citi. “The manufacturing PMI is weak on all fronts and unlikely to meaningfully pick up in the coming months.” https://www.reuters.com/world/uk/sterling-rises-versus-dollar-fiscal-concerns-still-focus-2025-09-22/

2025-09-22 07:52

MANILA, Sept 22 (Reuters) - President Ferdinand Marcos Jr ordered the Philippines disaster response agency to go on full alert and mobilise all government agencies as Super Typhoon Ragasa threatened the north of the country and set off storm alerts across East and Southeast Asia. Packing winds of 215 kph (134 mph) and gusts of up to 295 kph (160 mph), Ragasa made landfall in Calayan Island in Cagayan province, raising the risk of storm surges exceeding three metres (nine feet), the state weather agency said. Sign up here. The Babuyan islands remained under a high-level storm warning signal, with residents advised to stay away from coastal areas and riverbanks. Video clips shared by disaster agencies showed the northern Cagayan province being pummelled by fierce winds and heavy rain, triggering strong waves and sending trees swaying violently. The government suspended work and classes across Metro Manila and large parts of Luzon as outer rainbands began lashing the region, prompting warnings of power outages, landslides, floods, and dangerous seas. Airlines have cancelled two dozen domestic flights, mostly serving Luzon's main hubs, while ports have suspended ferry services. Although Ragasa will not directly hit Taiwan, its outer bands are expected to bring heavy rain to the island's sparsely populated east coast. Taiwan has issued land and sea warnings, cancelled 146 domestic flights, and evacuated more than 900 people from mountainous southern and eastern areas. Vietnam's defence ministry has ordered its forces to monitor the storm and prepare for a possible landfall later this week. Chinese authorities have activated flood control measures in several southern provinces, warning of heavy rain beginning Tuesday night. Hong Kong said its airport will remain open, but operations will be scaled down. Yeung Tat-wing, director of service delivery at the Hong Kong Airport Authority, said flight operations would be significantly reduced after 6 p.m. (1000 GMT) on Tuesday, and most flights will be affected on Wednesday. Cathay Pacific said it will cancel about 500 flights. Macau and Zhuhai are also bracing for impact, with school closures and evacuation plans under way. In Hong Kong, residents started stockpiling daily necessities on Monday morning. Long queues formed at supermarkets where products like milk had already sold out, while vegetables were being sold for more than triple their normal price at fresh markets, according to Reuters witnesses. https://www.reuters.com/business/environment/philippines-halts-work-classes-super-typhoon-barrels-toward-luzon-2025-09-22/

2025-09-22 07:34

Sept 22 (Reuters) - Canadian pension fund La Caisse will buy Australian renewables developer Edify Energy for A$1.1 billion ($724.57 million), the companies said in a joint statement on Monday. The deal includes equity for the development of two advanced solar and battery storage projects, which will supply clean energy to major offtake partners including mining giant Rio Tinto (RIO.L) , opens new tab and the Australian federal government. Sign up here. La Caisse, one of the world’s largest institutional investors, reported net assets of C$496 billion ($359.5 billion) as of the end of June. The acquisition of Edify provides the Canadian firm with a substantial foothold in Australia's rapidly growing clean energy sector — a strategic market it has been targeting for several years as part of its global expansion efforts. The Australian government has set its 2035 emissions target at a reduction of 62%-70% from 2005 levels, a lower-than-expected figure that will still need substantial deployment of renewable capacity in its energy mix. ($1 = 1.5181 Australian dollars) ($1 = 1.3799 Canadian dollars) https://www.reuters.com/sustainability/climate-energy/canadas-la-caisse-buy-australias-edify-energy-724-million-renewables-push-2025-09-22/

2025-09-22 07:17

Estonia accuses Russia of violating its air space Four Western nations recognise Palestinian state Iraq increases oil exports after OPEC+ relaxes quota HOUSTON, Sept 22 (Reuters) - Oil prices settled marginally lower on Monday as concerns of an oversupply outweighed geopolitical tensions in Russia and the Middle East. Brent crude oil futures settled 11 cents, or 0.2%, lower at $66.57 a barrel. The global benchmark has traded between $65.50 and $69 since early August. Sign up here. U.S. West Texas Intermediate crude (WTI)contract for October , expiring on Monday, closed down at $62.64 a barrel, down 4 cents, or 0.1%. The more actively traded second-month contract was down 12 cents, or 0.2%, at $62.28. "Traders are back to focusing on a possibly over-supplied global oil market that is soon to come, unless the U.S. and EU can agree on harsher tariffs on countries that purchase Russian crude," said Dennis Kissler, senior vice president of trading at BOK Financial. Iraq, the Organization of the Petroleum Exporting Countries' second-largest producer, has increased oil exports under an OPEC+ agreement, state oil marketer SOMO said. It also expects September's exports to range from 3.4 million to 3.45 million barrels per day (bpd). Kuwait's crude oil production capacity stands at 3.2 million bpd, the highest assessment in more than 10 years, Oil Minister Tariq Al-Roumi told local newspaper Al Qabas. U.S. equities, which often move in tandem with oil, dipped amid a visa crackdown and guesswork about the Federal Reserve's next interest rate moves. Fed officials cast doubt on the need for further rate cuts at a time when inflation remains above the central bank's 2% target and the job market remains near full employment. Lower borrowing costs typically boost oil demand. Tensions rose in the Middle East over several Western nations recognising a Palestinian state, as well as in Eastern Europe after Estonia said Russian fighter jets had entered its airspace without permission on Friday. But none of these developments resulted in an immediate oil supply disruption. Brent and WTI settled down more than 1% on Friday to mark a slight decline last week as worries about large supplies and declining demand weighed on sentiment. "The setup for the oil market is that global oil demand is set to taper off from Q3 to Q4 and again to Q1-26. At the same time production by OPEC+ is on a rising path," said SEB analysts. "The big question is, of course, if China will stockpile the increasing surplus or whether the oil price will be pushed lower into the 50s. We believe the latter." Iraq has also given preliminary approval to a plan to resume pipeline oil exports from its semi-autonomous Kurdistan region through Turkey, sources told Reuters. https://www.reuters.com/business/energy/oil-inches-up-tension-flares-europe-middle-east-2025-09-22/

2025-09-22 07:15

Erdogan set to meet Trump on Thursday Cancelled tariffs had been imposed during Trump's first term Trump says he expects trade, military deals during visit ISTANBUL, Sept 22 (Reuters) - Turkey said on Monday it had terminated retaliatory tariffs imposed in 2018 on U.S. imports ranging from passenger cars to fruit, in a sign of warming bilateral ties as President Tayyip Erdogan travels to the United States. Erdogan is due to attend the United Nations General Assembly in New York this week ahead of a meeting at the White House on Thursday with U.S. President Donald Trump, who said he expected trade and military deals to be sealed during the visit. Sign up here. The cancellation of the tariffs, which, when they were introduced, had covered products including passenger cars, fruit, rice, tobacco, alcoholic beverages, solid fuels and chemical products, was announced in Turkey's Official Gazette. PAST RETALIATORY MEASURES Since returning to the White House earlier this year, Trump has employed sweeping tariffs in a bid to reshape global trade in Washington's favour, targeting not only traditional rivals but also long-standing allies. The United States set the tariff rate on Turkish imports at 15% in August. Ankara has not retaliated against the move. Monday's cancellations apply to levies imposed in 2018 in response to U.S. tariffs on steel and aluminium imports enacted during Trump's first term in office. Erdogan last visited Trump at the White House in 2019, and the pair have had a checkered past. While they shared a close personal bond during Trump's first term, it was also a period of strained bilateral relations due to disputes over Washington's ties with Kurdish fighters in Syria and Ankara's dealings with Moscow. Turkey angered the Trump administration in 2019 by purchasing Russian S-400 missile defence systems. In response, Washington cancelled a planned sale of F-35 fighter jets to Turkey and ousted it from a joint production programme for the planes. $100 BILLION TRADE VOLUME TARGET Turkey's trade ministry said the tariffs imposed in 2018 were subsequently updated based on the actions taken by the parties, but they remained in effect to a certain extent, without providing figures on the current scale of the levies. "The additional financial obligations imposed on imports of certain U.S.-origin products have been terminated," the ministry said, citing progress in negotiations with the United States. It said that Turkey will continue to work towards meeting an existing goal of $100 billion in annual two-way trade with the United States. Trade volumes between the two countries stood at roughly $30 billion last year. "We will continue to develop policies to increase trade relations for the benefit of both parties, diversify them by taking into account competitive conditions, and develop new areas of cooperation," it added. Separately, Turkey said on Monday it had imposed an additional 25% to 30% customs duty on passenger car imports, excluding those from the European Union and countries with which Turkey has free trade agreements. https://www.reuters.com/world/middle-east/turkey-says-it-is-ending-additional-tariffs-some-us-imports-2025-09-22/

2025-09-22 07:02

NEW DELHI, Sept 22 (Reuters) - India's federal renewable energy ministry is in talks with state governments to buy more clean energy as many state-run utilities have been delaying purchases, the country’s renewable energy minister said on Monday. "Trying to convince state governments which are looking for power prices to fall further. Will hold a second round of talks soon," federal minister Pralhad Joshi said at the Confederation of Indian Industry's energy conference. Sign up here. India has over 44 gigawatts of unsold clean energy, government data shows, due to lower demand from state power utilities. https://www.reuters.com/sustainability/boards-policy-regulation/indias-federal-government-pushing-states-buy-clean-energy-minister-says-2025-09-22/