2025-12-04 12:52
GENEVA, Dec 4 (Reuters) - The Middle East and North Africa recorded their hottest year on record in 2024, with temperatures rising at twice the global average of recent decades, the U.N. weather agency said in a report. Heatwaves in the region are becoming longer and more intense, according to the World Meteorological Organization’s first report focused on the area. Sign up here. "Temperatures are rising at twice the global average, with intense heatwaves that are pushing society to the limits," said WMO Secretary-General Celeste Saulo. The average temperature in 2024 was 1.08 degrees Celsius above the 1991-2020 average, the report found, with the highest in Algeria at 1.64 C above the average of the last 30 years. Saulo warned that extended periods of more than 50 C in a number of Arab countries were "too hot to handle" for human health, ecosystems and economies. Droughts in the region, home to 15 of the world's most water-scarce countries, have become more frequent and severe, with a trend of more and longer heatwaves recorded in North Africa since 1981, the report said. Consecutive failed rainy seasons caused drought in Morocco, Algeria and Tunisia, while intense rainfall sparked flash floods in Saudi Arabia, Bahrain and the United Arab Emirates, the report found. More than 300 people in the region died last year from extreme weather events, mainly heatwaves and floods, while nearly 3.8 million were affected in total, the WMO said. The report said investment was urgently needed in water security, such as desalination and reusing wastewater, as well as warning systems to reduce risks from extreme weather events. Currently, about 60% of the region has such systems in place. Average temperatures are expected to rise up to 5 C in the region by the end of the century under current emission levels, the report said, citing regional projections from the Intergovernmental Panel on Climate Change. https://www.reuters.com/sustainability/cop/middle-east-north-africa-temperatures-rising-twice-fast-global-average-says-un-2025-12-04/
2025-12-04 12:51
JAKARTA, Dec 4 (Reuters) - Indonesian authorities on Thursday named a director of a scrap metal company as a suspect in a probe into radioactive contamination at a big industrial zone, accusing the firm of violating environmental laws on storage and disposal. The caesium 137 contamination was first detected in a batch of shrimp shipped to the United States in August by a local company also based in the Modern Cikande Industrial Estate, about 68 km (42 miles) from the capital Jakarta, after which Indonesia began sweeping scans there. Sign up here. Indonesia's government has repeatedly said PT Peter Metal Technology (PT PMT), a factory owned by foreign investors that ceased operations in July, was the epicentre of the radioactive contamination. On Thursday, police said PT PMT's director Lin Jingzhang, a Chinese national, was a suspect in the spread of the contamination. Lin has not been charged and is assisting with the investigation, but is barred from leaving Indonesia, police said. "He was not detained because, as we have seen, he is cooperative," said Sardo Sibarani, an official with the National Police's Criminal Investigation Agency. Reuters was not able to reach Lin for comment and PT PMT did not immediately respond to messages sent to a cellphone number listed in the company registry of Indonesia's law ministry. Caesium-137 enters the environment as a result of past nuclear tests or accidents like Chernobyl and Fukushima, but it is also used in some industrial applications like oil well logging. Indonesia has no nuclear weapons or nuclear power plants. The task force investigating the contamination said that PT PMT's scrap metal was sourced domestically, while all stainless steel produced by PT PMT was exported to China. Investigators suspect hazardous and toxic waste found at a scrapyard on the estate came from PT PMT, which set up at the estate two years ago and operated a facility for non-ferrous base metal manufacturing and grinding. "The purchase of scrap materials mixed with used industrial equipment contained Caesium 137, which was processed legally or illegally without proper storage and supervision and disposal of materials in accordance with applicable regulations," said Bara Hasibuan, spokesperson for the task force. ($1 = 16,640.0000 rupiah) https://www.reuters.com/sustainability/boards-policy-regulation/indonesia-names-chinese-metal-firm-executive-suspect-radioactive-contamination-2025-12-04/
2025-12-04 12:42
Fewer wells to be drilled as focus shifts to existing fields Oil, gas investments to fall 4% in 2026 amid rising costs Supplier industry under pressure OSLO, Dec 4 (Reuters) - Oil firms in Norway will drill 18% fewer exploration wells next year as the industry focuses on existing fields, a survey showed on Thursday, potentially undermining the government's goal of sustaining output from Europe's largest petroleum producer. The Norwegian government wants the industry to explore more in order to sustain its oil and gas output, but the survey by Offshore Norway of its members showed drilling and investments will fall next year. Sign up here. Oil companies operating on the Norwegian continental shelf, including Equinor (EQNR.OL) , opens new tab, Aker BP (AKRBP.OL) , opens new tab and Vaar Energi (VAR.OL) , opens new tab, plan to drill some 37 exploration wells in 2026, down from 45 drilled so far this year, the survey showed. "This is due to a combination of the fact that some companies will prioritise production drilling next year, but also somewhat fewer good prospects," Offshore Norway said. The government is preparing to launch a new exploration licensing round next year in frontier, less explored areas, such as in the Barents Sea. Overall, oil and gas investments in Norway are projected to fall by 4% to 270 billion crowns ($26.83 billion) in 2026 compared with this year as large, ongoing development projects are nearing completion. The predicted investment decline is smaller than the 8% drop forecast previously, but this is largely due to rising costs, expansion of some ongoing projects and an increased focus on extraction from existing fields, Offshore Norway said. Statistics Norway (SSB) has also estimated that petroleum investments will fall next year. The decline will hit the country's extensive supplier industry, which is already coming under pressure, with companies involved in construction of oil platforms and completion of major developments most exposed, Offshore Norway said. Suppliers providing subsea services, maintenance, and drilling rig providers are expected to be less affected despite the overall slowdown, it added. ($1 = 10.0646 Norwegian crowns) https://www.reuters.com/business/energy/oil-companies-norway-drill-18-fewer-exploration-wells-2026-survey-shows-2025-12-04/
2025-12-04 12:32
LONDON, Dec 4 (Reuters) - By Marc Jones, global markets correspondent What matters in US and global markets today Sign up here. It appears the U.S. economy is experiencing some pain and the dollar (.DXY) , opens new tab, is among the assets that have fallen most as it heads for its 10th straight day of declines and its biggest annual drop since 2007.Talk of who could be the next Federal Reserve chair may be playing a part, but given current Chair Jerome Powell is expected to cut rates again next week, economic data is too. We have exciting news! We've just launched the Morning Bid daily podcast, which will be available in audio and video. Subscribe to hear and see ROI editor-at-large Mike Dolan and other Reuters journalists discuss the biggest news in markets and finance seven days a week. For more from Mike Dolan, check out his column today on the year's biggest market debate? Is artificial intelligence yet another tech bubble? Today's Market Minute Odd jobs and bonds Wall Street looks set for an uneventful restart, but traders will get two more jobs market indicators shortly - U.S. weekly initial jobless claims and the Challenger job cuts report, plus earnings from Kroger (KR.N) , opens new tab, Dollar General (DG.N) , opens new tab and Hewlett Packard Enterprise (HPE.N) , opens new tab. They come hot on the heels of Wednesday's negative 32k ADP employment print for November. It was negative in September, August and June too, whereas there were no negative prints in the whole of 2024.Given non-farm payrolls won't be coming on Friday or even before next Wednesday's Fed decision (blame the shutdown again), the Challenger report could be particularly closely watched. Last month's version showed a big surge in layoffs, albeit negated in the end by low jobless claims right through that month.Stratospheric AI and tech firm valuations are likely to remain a focus too after Wednesday's tumble in Microsoft's shares (MSFT.O) , opens new tab on a report, later denied, that it had cut AI software sales quotas. Over in China, the central bank set its official yuan fixing at 7.0733 per dollar earlier, significantly weaker than estimated.In the bond market, U.S. Treasuries are trading in a tight 4% to 4.1% range.Meanwhile, Japan’s 30-year bonds rallied after an overnight auction attracted the highest demand since 2019 as investors lapped up higher interest rates. That bumper demand also followed a successful sale of 10-year debt earlier in the week. However, the rally at the long end seems to have been funded from elsewhere in the curve with the 10-year yield rising nearly 4 basis points.Meanwhile in Europe, the debate over using frozen Russian central bank reserves to fund Ukraine continues to throw up plot twists. EU leaders will make a final decision on their "reparations loan" plan by December 18. If no deal can be struck, Ursula von der Leyen has said the bloc will resort to joint debt issuance, as it did during the COVID-19 pandemic.There's also the Fed's favored PCE inflation data coming on Friday. Once that's out, the Fed, and investors, will have all the key data they are going to get before next week's meeting.Fed policymakers are in their traditional quiet period ahead of the meeting, so no more public guidance is expected before then although the Fed’s Bowman will speak on regulatory issues later, which might be worth listening out for too. Chart of the day The dollar's struggles mean it is currently heading for its biggest calendar year drop since Great Financial Crisis began to tear through world markets and prompted cuts in U.S. interest rates in 2007. That has all kinds of implications, most bluntly geopolitics, U.S. inflation and the spending power of citizens and firms abroad, as well as where investors put their money. Despite all the strife about tariffs this year, Europe, Latin America and emerging markets more generally have all benefited. Investors have poured in money into assets like local currency emerging market sovereign bonds at a rapid rate meaning those from Brazil, South Africa and Mexico have provided stellar returns of between 34% and 40% . Today's events to watch * U.S. November Challenger Job Cuts report* U.S. weekly initial jobless claims* U.S. Weekly Natural Gas Storage* Earnings: Kroger, Dollar General and HPE Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles , opens new tab, is committed to integrity, independence, and freedom from bias. [email protected] , opens new tab; +44 (0)20 7513 4042; Reuters Messaging: X/Twitter @marcjonesrtrsWant to receive the Morning Bid in your inbox every weekday morning? Sign up for the newsletter here. https://www.reuters.com/business/finance/global-markets-view-usa-2025-12-04/
2025-12-04 12:15
Putin challenges US tariffs on Indian goods over Russian oil purchases Highlights US nuclear fuel purchases from Russia Putin says minor decline in trade with India India and Russia aim to diversify trade beyond energy and defence Modi greets Putin at airport, two leaders embrace NEW DELHI, Dec 4 (Reuters) - Russian President Vladimir Putin challenged heavy U.S. pressure on India not to buy Russian fuel if the U.S. could do so as he began a two-day state visit, where he was embraced on arrival by Indian Prime Minister Narendra Modi. Putin spoke in comments to Indian broadcaster India Today, aired hours after landing in New Delhi for a visit during which both countries are seeking to boost mutual trade and expand the variety of items in transactions. Sign up here. 'U.S. BUYS NUCLEAR FUEL FROM RUSSIA' New Delhi and Moscow have strong ties going back to the days of the former Soviet Union, and Russia has been the main source of arms for India for decades. India has also emerged as the top buyer of seaborne Russian oil despite Western sanctions imposed after Moscow launched its invasion of Ukraine in February 2022. India's crude imports, however, are set to hit a three-year low this month following a punitive U.S. tariff on Indian goods and a tightening of sanctions on Russia, as U.S. President Donald Trump's administration says India's purchases of cheap Russian oil help finance Moscow's war in Ukraine. "The United States itself still buys nuclear fuel from us for its own nuclear power plants. That is also fuel," Putin told India Today. "If the U.S. has the right to buy our fuel, why shouldn't India have the same privilege? This question deserves thorough examination, and we stand ready to discuss it, including with President Trump," he said. India has said Trump's tariffs are unjustified and unreasonable and pointed at ongoing U.S. trade with Moscow. The U.S. and European Union continue to import billions of dollars worth of Russian energy and commodities, ranging from liquefied natural gas to enriched uranium. 'RUSSIA-INDIA OIL TRADE RUNNING SMOOTHLY' "There is a certain decline in overall trade turnover during the first nine months of this year," Putin said when asked if Indian oil purchases had fallen under pressure from the West. "This is just a minor adjustment. Overall, our trade turnover stands almost at the same level as before." He added: "Trade in petroleum products and crude oil ... Russian oil, is running smoothly in India." Asked how India and Russia should deal with Trump and his tariffs, Putin said the U.S. President has advisers who believe that implementing such tariff policies ultimately benefits the U.S. economy. "We hope that, in the end, all violations of World Trade Organization regulations will be rectified," he said. MODI GIVES WARM WELCOME TO PUTIN Hours earlier, Modi received Putin at the airport in Delhi, a rare gesture underlining the warm ties between the leaders. They embraced on a red carpet on the tarmac and then drove away in the same vehicle for a private dinner hosted by Modi. Senior Russian ministers and a large Russian business delegation were in New Delhi for Putin's visit and the two leaders will hold summit talks on Friday when they are expected to announce a raft of deals. "Delighted to welcome my friend, President Putin to India. India-Russia friendship is a time-tested one that has greatly benefited our people," Modi posted on X ahead of the dinner. OBJECTIVE TO EXPAND, DIVERSIFY TRADE India and Russia aim to raise two-way trade to $100 billion by 2030. Their commerce rose more than five-fold from about $13 billion in 2021 to near $69 billion in 2024–25, almost entirely driven by Indian energy imports. Bilateral trade eased to $28.25 billion in April–August 2025, reflecting a decline in crude oil imports. At the same time, India is looking for new destinations to increase exports of its goods hit by the punishing 50% tariff imposed by Trump. Russia wants to import more Indian goods to balance bilateral trade, which is currently heavily skewed towards energy, Deputy Kremlin Chief of Staff Maxim Oreshkin told a business conference in New Delhi earlier on Thursday. Indian Trade Minister Piyush Goyal said New Delhi wants to diversify exports to Russia and increase sales of automobiles, electronics goods, data-processing equipment, heavy machinery, industrial components, textiles, and foodstuffs. https://www.reuters.com/world/india/moscow-new-delhi-seek-boost-indian-exports-russia-2025-12-04/
2025-12-04 12:05
Cyclone kills 479, 350 others still missing Residents fear returning home due to damaged infrastructure Officials warn of landslide risks; residents seek aid KOTHMALE, Sri Lanka, Dec 4 (Reuters) - Residents of Kithulbadde village in central Sri Lanka say they have been left in the lurch after last week's deadly cyclone and many are stuck in relief centres as damaged infrastructure has made them wary of returning home. About 479 people were killed in the storm, which brought intense winds and the worst floods in a decade, and affected 1.2 million. Another 350 are missing, government data shows. Sign up here. With the cyclone leaving deep fissures in the earth and cracked walls in homes, many of those in relief facilities are staying put. "People are scared to go home, they don’t feel safe," said Madullegedera Chandralatha, 57, a resident of Kithulbadde, a scenic village nestled in the midst of hills among tea plantations. A total of 1,289 houses across the country have been destroyed by Cyclone Ditwah, while 44,500 more are partially damaged, according to the government, which is collecting data to provide "long-term solutions" to those living in high-risk areas. RELOCATING IMPOSSIBLE WITHOUT AID, RESIDENTS SAY Prasanna Shantha Kumara’s home is among those affected, its living room lined with deep gashes and the walls cracked in several places. The 48-year-old now shuttles daily between the relief centre, to which he has moved with his wife and three children, and his home, attempting to revive his capsicum crop that was flattened by floods and is slowly dying. Many others do a similar commute daily to tend their tea plots and vegetable patches of chillies and cabbage, or to check on their pets, returning to the relief centres at night. "I have lost my house, and my crop...What are we going to do? How can we live like this? We need help," Kumara told Reuters. Dr. Gamini Jayatissa from the government-run National Building Research Organisation urged residents on Thursday to leave areas with fissures in the ground, warning fresh rains could trigger landslides. Residents of Kithulbadde - most of them day labourers plucking tea, growing vegetables and rearing goats - dismissed the possibility of relocation on their own. "Where are we going to go? We are surrounded by hills...We don’t have the financial capacity to leave everything and restart life elsewhere by ourselves,” said Vasanthi Kumari, 54. https://www.reuters.com/business/environment/sri-lanka-cyclone-survivors-afraid-go-home-stuck-relief-centres-2025-12-04/
