2025-08-23 03:33

Syria to issue new banknotes in December, sources say Two zeros will be removed from denominations - sources Change aims to restore confidence in devalued pound Also marks symbolic move away from Assad's rule Russia's Goznak to print new notes - sources DAMASCUS, Aug 22 (Reuters) - Syria will issue new banknotes, removing two zeros from its currency in an attempt to restore public confidence in the severely devalued pound, according to seven sources familiar with the matter and documents reviewed by Reuters. The step is intended to strengthen the Syrian pound after its purchasing power collapsed to record lows following a 14-year conflict that ended with President Bashar al-Assad's ouster in December. Sign up here. Confirming the move, Syria's Central Bank Governor Abdelkader Husrieh said on Friday the revaluation was a strategic pillar of fiscal and monetary reforms. "We have formed committees with public and private banks and experts from the central bank to determine the requirements for changes" in the currency, he told Saudi state-owned broadcaster Al Arabiya, describing the new currency as a "necessity". He said a time frame to introduce the new currency was still "under review". The Syrian pound has lost more than 99% of its value since war erupted in 2011, with the exchange rate now at around 10,000 pounds to the U.S. dollar, compared to 50 before the war. The sharp depreciation has made daily transactions and money transfers increasingly difficult. Families usually pay for weekly grocery runs from black plastic bags holding at least half a kilogram of 5,000-pound notes, currently the highest denomination. In an attempt to ease transactions and improve monetary stability, Syria's central bank informed private banks in mid-August that it intended to issue new currency by "removing zeros", according to a document seen by Reuters. Reuters spoke to five commercial bankers, one central bank source and one Syrian economic official who said the central bank had informed them that two zeros would be removed. They spoke on condition of anonymity to discuss a decision that had not yet been made public. Meetings on the currency overhaul have been chaired by Central Bank Deputy Governor Mukhlis al-Nazer, according to the commercial bankers who attended the meetings. Nazer did not reply to a request for comment. Amal al-Masri, the head of the central bank's Banking Supervision Department, declined fo comment. The finance ministry did not respond to a request for comment. It was not immediately clear whether the revaluation of the pound would need legislative approval. Syria is set to hold its first elections to set up a new legislative assembly in September. Two of the bankers and another Syrian source familiar with the matter told Reuters that Syria had agreed with Russian state-owned money printing firm Goznak to produce the new notes. They said the deal was finalised when a senior Syrian delegation visited Moscow in late July. Goznak, which also printed Syria's currency during the Assad era, did not respond to requests for comment. POLITICAL SHIFT Under Assad, the use of foreign currencies was outlawed, but Syria's new leaders pledged to create a free-market economy and lifted restrictions to ease cash flow. While the economy has swiftly dollarised, with U.S. dollar prices everywhere from store fronts to fuel pumps, there are concerns about a Syrian pound liquidity crunch in a country with limited infrastructure for digital payments. Three of the Syrian bankers said one driving force behind the planned currency overhaul was concern over an estimated 40 trillion pounds circulating outside Syria's formal financial system. Issuing new notes would grant the government better oversight over the cash in circulation. It also carries symbolic weight, signalling a clear break from more than five decades of Assad rule. Bashar al-Assad's face appears on the 2,000-pound purple note, while his father, Hafez, features on the green 1,000-pound one. Officials plan an information campaign in the coming weeks before the formal launch of the new notes on December 8, the one-year anniversary of Assad's ouster. Two commercial bank directors told Reuters that Syria's central bank has instructed lenders to be ready for the roll out by mid-October. Central bank circulars seen by Reuters asked banks to produce detailed reports on their infrastructure, including the number of cameras, cash counters, and storage capacity, and run tests to ensure automated systems could handle the new currency. All five commercial bankers said they were told that a 12-month "coexistence period" will allow both old and new notes to circulate until December 8. Karam Shaar, a leading Syrian economist and consultant to the United Nations, said replacing banknotes featuring Assad's image was a necessary political shift. But he warned that the revaluation could confuse consumers, especially the elderly, and there was a lack of a clear regulatory framework or plan for full national implementation, given the gaps in the state's territorial control. "Alternatively, Syria could issue higher denominations of the same currency, say 20,000- or 50,000-pound notes, which would achieve similar goals in terms of easing cash handling and storage, while avoiding the substantial cost of a full currency overhaul, which could run into hundreds of millions of dollars," Shaar told Reuters. https://www.reuters.com/business/finance/syria-revalue-currency-dropping-two-zeros-bid-stability-2025-08-22/

2025-08-23 01:09

BRASILIA, Aug 22 (Reuters) - Brazil's government plans to solicit two rounds of bidding next year for hydroelectric and fossil-fuel thermal power plants to supply generating capacity, according to the country's official gazette published on Friday evening. The plan aims to make the grid more reliable as intermittent power sources like wind and solar become a bigger part of the country's generating capacity. Eligible thermal plants run on coal, oil and natural gas. Sign up here. The government wants to hold bidding by March, according to two sources at the Ministry of Mines and Energy who spoke on condition of anonymity. Public consultation has begun. A similar prior initiative scheduled for June was postponed due to legal challenges raised by interested companies. Major energy producers are expected to show interest, including state-run oil producer Petrobras (PETR3.SA) , opens new tab, Ambar Energia, and Eneva (ENEV3.SA) , opens new tab. Despite Brazil's commitment to a green transition, government officials have argued that fossil-fueled power plants will play a key role in providing power stability. The COP30 climate summit will be held in Brazil in November. https://www.reuters.com/business/energy/brazil-plans-ask-power-plants-bid-supplying-capacity-2025-08-23/

2025-08-23 00:25

Company says it is evaluating options to resolve the matter Revolution Wind was scheduled for completion next year Bureau cites national security, interference with use of seas Aug 22 (Reuters) - The Trump administration on Friday ordered Denmark's Orsted (ORSTED.CO) , opens new tab to stop far-advanced construction on an offshore wind project near Rhode Island, in a move that threatens to exacerbate the company's financial troubles. With construction now frozen at 80% completion, Orsted has no immediate path to revenue generation, heightening pressure on the company as it seeks to shore up finances through a $9.4 billion emergency rights issue. Sign up here. The stop-work order, issued by the Bureau of Ocean Energy Management (BOEM), is the administration's latest effort to hinder U.S. renewable energy development and is the second time this year the Interior Department, which oversees BOEM, has halted work on a major offshore wind project. "Orsted is evaluating all options to resolve the matter expeditiously," the company said in a statement, adding that it was reviewing the financial implications of the order and was considering legal action. The company said it would "in due course" advise the market on the potential impact on its plans to conduct the rights issue. A spokesperson for the company, owned 50.1% by the Danish state, declined to comment further. On his first day in office in January, President Donald Trump suspended new offshore wind leasing pending an environmental and economic review of projects. He has repeatedly criticized wind energy as ugly, unreliable and expensive. The $1.5 billion project that Orsted was constructing, Revolution Wind, was scheduled to be completed next year and expected to produce enough electricity to power 350,000 homes in Rhode Island and Connecticut. All offshore foundations had been installed and 45 out of 65 wind turbines were already in place, Orsted said. The National Ocean Energy Industries Association, an industry trade group, said halting work on a project that is almost finished would jeopardize jobs and investment. “These projects are not only about energy," NOIA President Erik Milito said. The stop-work order is driven by unspecified national security concerns arising from the administration's review of offshore wind projects in federal waters, according to the letter, signed by BOEM acting Director Matthew Giacona. The bureau is seeking to protect U.S. national security and prevent "interference with reasonable uses of the exclusive economic zone, the high seas, and the territorial seas," Giacona said. Orsted is among the biggest global offshore wind companies, but its U.S. business has suffered setbacks in addition to the broader challenges facing the global offshore wind industry, which is struggling to meet ambitious government targets amid soaring costs and project delays. Earlier this month, Orsted sought the $9.4 billion of financing from shareholders to help fund its Sunrise Wind project off the New York coast after potential partners pulled out due to Trump's hostility to wind power. Potential co-investors for the Sunrise Wind project pulled out after Trump's administration in April ordered Equinor EQNR.OL , opens new tab to halt the development of a fully-permitted wind farm. The order, which sent shockwaves through the industry, was reversed the following month, however. https://www.reuters.com/legal/litigation/us-orders-orsted-halt-offshore-wind-project-deepening-industry-woes-2025-08-22/

2025-08-22 23:16

Aug 22 (Reuters) - The Trump administration on Friday ordered Denmark's Orsted (ORSTED.CO) , opens new tab to halt all activities related to its Revolution Wind project off the coast of Rhode Island, according to a letter posted on the website of the Bureau of Ocean Energy Management. The stop work order is related to unspecified national security concerns arising from the administration's review of offshore wind projects in federal waters, the letter, signed by BOEM acting Director Matthew Giacona, said. Sign up here. "In particular, BOEM is seeking to address concerns related to the protection of national security interests of the United States and prevention of interference with reasonable uses of the exclusive economic zone, the high seas, and the territorial seas," Giacona said. The letter was addressed to Rob Keiser, head of asset management for Orsted's North American business. Orsted was not immediately available for comment. The move is the administration's latest in a string of efforts to hinder offshore wind and clean energy development. On his first day in office earlier this year, President Donald Trump suspended new offshore wind leasing pending an environmental and economic review of projects. He has repeatedly criticized wind energy as ugly, unreliable and expensive. Earlier this month, Orsted asked shareholders for $9.4 billion to help fund another U.S. project because potential partners were put off by Trump's hostility to wind power. https://www.reuters.com/legal/litigation/us-halts-work-orsted-offshore-wind-project-off-rhode-island-2025-08-22/

2025-08-22 22:59

Investigation is latest in series of national security probes into imports Probe aims to address concerns about imported furniture and could lead to higher tariffs Trade group opposes national security tariffs on furniture imports Trump says new tariffs could revitalize struggling US furniture manufacturing sector WASHINGTON, Aug 22 (Reuters) - President Donald Trump said on Friday his administration will conduct a "major" tariff investigation on furniture entering the United States, a step toward imposing higher duties on a sector already seeing tariff-fueled price increases. "Furniture coming from other Countries into the United States will be Tariffed at a Rate yet to be determined," Trump said in a post on Truth Social. Sign up here. Furniture retailer RH -- previously known as Restoration Hardware -- (RH.N) , opens new tab shares fell 7.5% in after-hours trading on Trump's announcement. Trump said the investigation will be completed within the next 50 days but other national security probes have taken significantly longer than that. A White House official confirmed that it would be conducted under the Section 232 national security statute. The probe could serve as a backstop legal basis for existing tariffs if a federal appeals court strikes down "reciprocal" duties that Trump imposed on a broad range of U.S. trading partners in April, as well as import taxes imposed in February against China, Canada and Mexico. read more "This will bring the Furniture Business back to North Carolina, South Carolina, Michigan, and States all across the Union," Trump said. Furniture and wood products manufacturing -- which employed 1.2 million people in 1979 -- has fallen from 681,000 in 2000 to 340,000 today, according to government statistics. The United States imported about $25.5 billion in furniture in 2024, up 7% over 2023, with about 60% of those imports coming from Vietnam and China, according to Furniture Today, a trade publication. New tariffs on imports from furniture-producing countries helped push up consumer prices for home furnishings by a steep 0.7% in July, according to Commerce Department data, though overall consumer price inflation was restrained by lower gasoline prices. INDUSTRY OPPOSITION The American Home Furnishings Alliance, a trade group representing domestic furniture manufacturers and importers, including many companies that do both, had no immediate comment on Trump's announcement. But the High Point, North Carolina-based AHFA in April led an industry coalition in opposing new tariffs under Trump's ongoing Section 232 investigation into lumber and wood products imports. "As a strictly legal matter, there is no rational relationship between imports of wood products or furniture and the national security of the United States," the group said in written comments to the Commerce Department. "Second, no amount of tariffs will bring back American furniture manufacturing back to its prior levels. Tariffs will harm manufacturing still being done in the United States." Furniture would be the latest imported products targeted for a national security investigation by the Trump administration. On Thursday, it announced a national security probe into imported wind turbines and has previously targeted copper and other metals. The department has opened numerous probes into the national security ramifications of imports of airplanes, semiconductors, pharmaceuticals, heavy trucks, timber and lumber, critical minerals and drones. The European Union won some relief from these potential new Section 232 tariffs as part of a joint statement on Thursday fleshing out their trade deal. The two sides agreed to limit any new U.S. tariffs on EU pharmaceuticals, lumber and semiconductors to the general 15% rate applied to most products from the bloc and will shield EU aircraft and parts, generic pharmaceuticals and drug chemical precursors from all new tariffs. https://www.reuters.com/world/us/trump-says-us-is-conducting-tariff-investigation-into-furniture-imports-2025-08-22/

2025-08-22 21:48

Aug 22 (Reuters) - Starbucks (SBUX.O) , opens new tab is set to reduce weekly production at its five U.S. coffee roasting and packaging facilities by two days starting in January, Bloomberg News reported on Friday, citing people familiar with the matter. The coffee chain, which is undergoing an overhaul under CEO Brian Niccol to cut costs and reinvest in its stores, has been struggling with weak demand in the United States for its pricey beverages. Sign up here. Last week, Starbucks also capped raises for all North America salaried employees at a fixed 2% as part of its cost-cutting measures. The company did not immediately respond to a Reuters request for comment. The five plants will adopt a five-day schedule, and the reduction will help pay for upgrades elsewhere after the company found it no longer needs to operate the facilities seven days a week to meet current demand, Bloomberg reported, citing one of the people. The plants are located in Georgia, South Carolina, Pennsylvania, Nevada and Washington state and produce coffee for Starbucks' stores as well as packaged coffee the company sells at retailers and grocery stores. https://www.reuters.com/business/starbucks-cut-production-five-day-schedule-us-coffee-plants-bloomberg-news-2025-08-22/