2025-09-08 11:30
Voting ends at 1900 GMT on Monday Labour and the left seen holding onto power But right-wing opposition still in contention Cost of living, geopolitics dominate Narrow victory could make it harder to govern OSLO, Sept 8 (Reuters) - Norway voted on Monday on the final day of a parliamentary election dominated by concerns over the cost of living and turmoil in international politics, with the ruling Labour Party narrowly favoured to remain in office. A left-wing bloc of Labour and four smaller parties is seen winning 88 seats in parliament, three more than the minimum needed to secure a majority and down from a combined 100 seats in 2021, according to an average of recent opinion polls. Sign up here. Casting his ballot in Oslo, Prime Minister Jonas Gahr Stoere said rising prices had been, in his opinion, top of voters' minds, but added that inflation and interest rates were now on their way down. "This issue of your daily coping with expenses has been key ... And then of course also what is around Norway with the war in Ukraine, the Middle East and how we secure our foreign policy in a predictable way," Stoere told reporters. On the right, the populist Progress Party, the centre-right Conservatives and two smaller groups look set to win the remaining 81 seats, but opinion poll forecasts were within the margin of error and the outcome could depend on how some of the smallest parties fare. Voting in the two-day election concludes at 1900 GMT, followed by immediate exit polls, with final results expected by early Tuesday morning. Among other key issues were taxes and the quality of public services. The result could have an impact on the oil and gas industry and power supplies to Europe, as well as the management of Norway's $2 trillion sovereign wealth fund. U.S. President Donald Trump's foreign and trade policies also loomed large, and analysts said this could benefit Stoere, a former foreign minister who presents himself as a safe pair of hands. Labour was lagging in the polls at the start of the year but received a major boost in February from the surprise return to politics of former NATO chief Jens Stoltenberg as finance minister - a move dubbed "Stoltenback" in Norwegian media. POTENTIAL 'TUTTI FRUTTI' COALITION While the election remains close, the left-wing bloc appeared to have momentum in the most recent opinion polls, said Johannes Bergh, head of the national election studies programme at the Oslo-based Institute for Social Research. "So if you were betting, you would probably guess that the centre-left would win," Bergh said. Benjamin Tegelaar-Breiby, a 29-year-old software developer, said he hoped for a centre-left win. "I feel like the world is kind of crumbling around us and so I would like stability in Norway. That's kind of what I'm voting for," he told Reuters in Oslo. At least nine political parties are expected to secure seats in the election but only the leaders of Labour, Progress and the Conservatives are candidates for prime minister. Stoere has ruled since 2021 with the backing of the agrarian Centre Party and the Socialist Left, but opinion polls show he may also need to rely on the far-left Red party and the Greens in a mix some analysts have dubbed a "tutti frutti" coalition. Demands from the Greens and Reds could include tougher restrictions on oil and gas exploration, more taxes on the wealthy and high earners, and more overall spending from the country's sovereign wealth fund. Labour is seen winning some 27% of the vote, this month's pollofpolls.no average showed. On the right, former Prime Minister Erna Solberg of the Conservative Party hopes to return to power with promises of broad tax cuts, including to the wealth tax that is deeply unpopular with businesses. But as in other Western countries, voters are increasingly turning to more populist right-wing options. Before the election, Sylvi Listhaug's anti-immigration Progress Party was polling at around 21% of the vote, comfortably ahead of the Conservatives on 14%. https://www.reuters.com/world/europe/norwegians-vote-with-labour-party-narrowly-favoured-win-re-election-2025-09-08/
2025-09-08 11:18
Sept 8 (Reuters) - Singapore's central bank said on Monday it has secured $510 million in committed capital for a fund that would deploy the money to support green and sustainable infrastructure opportunities in Southeast and South Asia. The Monetary Authority of Singapore said it secured funding from a number of regional players, including Asia-focused lender HSBC (HSBA.L) , opens new tab, (0005.HK) , opens new tab, the Australian government and Singapore's state-owned investor Temasek (TEM.UL), among other parties. Sign up here. The fund, named Green Investments Partnership, is part of Singapore's Financing Asia's Transition Partnership initiative launched by the central bank in 2023 , opens new tab, and will look to support investments in sustainable transport, renewable energy and storage. Pentagreen Capital, a sustainable infrastructure debt financing platform established by HSBC and Temasek, is serving as the fund manager. "Pentagreen has brought together a diverse group of partners, which are participating across the different commercial and concessional tranches of the capital structure to de-risk and finance marginally bankable green infrastructure projects in the region," said Gillian Tan, Assistant Managing Director (Development & International) and Chief Sustainability Officer at the central bank. The initiative was launched in 2023 with commitments to deliver on multiple environmental and social targets, including meeting the region's carbon reduction targets and creating jobs, among others. https://www.reuters.com/sustainability/climate-energy/singapore-central-bank-secures-510-million-back-green-infrastructure-asia-2025-09-08/
2025-09-08 11:17
Sept 8 (Reuters) - HashKey Group will launch its inaugural Digital Asset Treasury (DAT) focused fund with an initial target size of $500 million, the Hong Kong-based virtual asset firm said on Monday. The multi-currency fund's DAT strategy refers to public companies accumulating cryptocurrency assets to capitalise on higher token prices and a softening regulatory environment. Sign up here. The strategy has surged in popularity this year as many companies seek to replicate the success of U.S.-based Strategy (MSTR.O) , opens new tab, a software company that began accumulating bitcoin in 2020 and held more than $63 billion in cryptocurrency as of June. Strategy copycats have increased their bitcoin holdings to nearly 100,000 bitcoin collectively, according to Standard Chartered. The trend of DAT adoption is not happening only in the U.S. but in Hong Kong, Japan and many other equity markets, Binance founder Changpeng Zhao told a bitcoin conference in Hong Kong last month. Through investing in and operating top-tier DAT projects globally, HashKey aims to advance crypto asset standardisation and accelerate the development of a sustainable Web3 ecosystem, it said in a statement. Web3 refers to a version of the internet that is decentralised and operates on blockchain technology. "HashKey will build a diversified portfolio by initiating and investing in a range of DAT projects focused on mainstream crypto assets, with an initial emphasis on Ethereum and Bitcoin ecosystem projects," it said. Founded in 2018, HashKey Group offers a wide range of digital asset financial services including asset management, brokerage, tokenization, as well as running Hong Kong's largest licensed crypto exchange. https://www.reuters.com/sustainability/climate-energy/hong-kongs-hashkey-launch-500-million-digital-treasury-fund-2025-09-08/
2025-09-08 11:17
LONDON, Sept 8 (Reuters) - London's underground rail network came to a standstill on Monday as staff began a week of strikes over pay and working conditions, disrupting travel for commuters and tourists. Almost no underground trains are expected to run until Thursday, so that people who take 3.7 million daily journeys on the "Tube" were either working from home or finding other ways to get around. Sign up here. Forest, which operates 15,000 e-bikes in London, said it experienced four times its usual demand at 9 a.m. Other commuters switched to buses, or relied on the few other train lines that were working, with most reporting longer journeys. "The prospect of it being all week, it's a bit of a nightmare," said legal counsel Laura Sutton, 46, who was near London Bridge station. Transport for London, which operates the public transport network, said it had offered staff a 3.4% pay rise, but that the union would only accept a deal that led to a reduction in the working week. The RMT trade union said the dispute centred on pay, fatigue management, shift patterns and a reduction in hours. Prime Minister Keir Starmer's spokesperson told reporters that he wanted a resolution. "Londoners who are trying to get to work, trying to drop their kids off in school, businesses who rely on the Tube for work and footfall will be fed up with these strikes," they said. Outside the Tower of London, Peter Rolf, 58, from Germany, said his family had decided to cut their two-day trip to London to one, spending more time elsewhere in England. Patricia Ware, 75, who was visiting from her home near Chicago in the U.S., said it had taken much longer than it should to reach the historic castle. "We had trouble getting a taxi to get here," she said. But she was still enjoying London: "Traveling at best is a hassle, so we just go with the flow." https://www.reuters.com/business/world-at-work/londons-tube-network-shuts-workers-begin-week-strikes-2025-09-08/
2025-09-08 11:06
Gold breaches $3,600 for the first time Speculators raise long positions in bullion - CFTC A 88% chance of 25-bp rate cut in September - CME FedWatch Sept 8 (Reuters) - Gold's rally extended beyond the $3,600 level for the first time on Monday after soft U.S. jobs data cemented expectations of an interest rate cut by the U.S. Federal Reserve next week. Spot gold rose 0.9% to $3,617.79 per ounce at 1209 GMT after hitting a record high of $3,622.07 earlier in the session. Sign up here. Bullion has surged about 37% so far this year, building on a 27% gain in 2024, driven by a weaker dollar, strong central bank buying, a soft monetary policy backdrop, and geopolitical and economic uncertainty. U.S. gold futures for December delivery were unchanged at $3,657.20. U.S. job growth weakened sharply in August, data showed on Friday, and the unemployment rate rose to a nearly four-year high of 4.3%, confirming a softer labour market and sealing the case for a Fed rate cut next week. "(Rate cut bets) are boosting the demand of gold. Moreover, the overall geopolitical scenario is extremely uncertain ... we should consider that a significant part of the demand is also coming from central bank buying," said Carlo Alberto De Casa, an external analyst at banking group Swissquote. Traders have priced in a 88% chance of a 25-bp cut next week, according to the CME FedWatch tool. Lower interest rates decrease the opportunity cost of holding non-yielding bullion and weigh on the dollar, making gold cheaper for investors holding other currencies. "We look for gold to rise to $3,700/oz by mid next year," said UBS analyst Giovanni Staunovo. Benchmark 10-year U.S. Treasury yields, meanwhile, were near their lowest in five months. Focus now shifts to U.S. Producer Price Index data on Wednesday and the Consumer Price Index on Thursday, that could offer more clarity on the size of the Fed's expected rate cut. Meanwhile, China's central bank added gold to its reserves in August, extending purchases of bullion into a 10th straight month, official data showed on Sunday. Elsewhere, spot silver rose 0.6% to $41.22 per ounce. Platinum climbed 0.6% to $1,381.61, and palladium gained 1.4% to $1,125.19. https://www.reuters.com/world/india/gold-hits-record-high-above-3600oz-traders-weigh-fed-rate-cut-bets-2025-09-08/
2025-09-08 10:49
Eight OPEC+ members to lift output by 137,000 bpd from October Russia hits Ukraine with biggest air attack of war Trump says European leaders to visit US over Russia-Ukraine war LONDON, Sept 8 (Reuters) - Oil prices climbed more than $1 on Monday, regaining some of last week's losses, after OPEC+'s output hike was seen as modest and due to concerns over the possibility of more sanctions on Russian crude. OPEC+ flagged plans to further increase production from October but the amount was less than some analysts had anticipated. Reuters reported earlier this month that members were considering another hike. Sign up here. "The market had run ahead of itself in regard to this OPEC+ increase," said Ole Hansen, head of commodity strategy at Saxo Bank. "Today we're seeing a classic sell the rumour, buy the fact reaction." Brent crude climbed $1.45, or 2.2%, to $66.95 a barrel by 1200 GMT, while U.S. West Texas Intermediate crude rose $1.36, or 2.2%, to $63.23 a barrel. Both benchmarks fell more than 2% on Friday as a weak U.S. jobs report dimmed the outlook for energy demand. They lost more than 3% last week. OPEC+, which includes the Organization of the Petroleum Exporting Countries plus Russia and other allies, agreed on Sunday to further raise oil production from October. OPEC+ has been increasing production since April after years of cuts aimed at supporting the oil market. The latest decision comes despite a likely looming oil glut in the Northern Hemisphere winter months. The eight members of OPEC+ will lift production from October by 137,000 barrels per day. That, however, is much lower than increases of about 555,000 bpd for September and August and 411,000 bpd in July and June. The impact of the latest increase is expected to be relatively low, because some members have been overproducing. So the higher output level would likely include barrels that are already in the market, analysts said. "Expectations of tighter supply from potential new U.S. sanctions on Russia are also lending support," said Toshitaka Tazawa, an analyst at Fujitomi Securities. U.S. President Donald Trump said on Sunday he is ready to move to a second phase of sanctioning Russia, the closest he has come to suggesting he is on the verge of ramping up sanctions against Moscow or its oil buyers over the war in Ukraine. New sanctions on buyers of Russian oil could disrupt crude flows, energy trader Gunvor's [RIC:RIC:GGL.UL] global head of research and analysis, Frederic Lasserre, said on Monday. Russia launched its largest air attack of the Ukraine war over the weekend, setting the main government building on fire in central Kyiv and killing at least four people, Ukrainian officials said. Trump said on Sunday that individual European leaders would visit the United States on Monday and Tuesday to discuss how to resolve the conflict. In a note over the weekend, Goldman Sachs said it expects a slightly larger oil surplus in 2026 as supply upgrades in the Americas outweigh a downgrade to Russian supply and stronger global demand. It left its Brent/WTI price forecast unchanged for 2025 and projected the 2026 average at $56/$52 a barrel. https://www.reuters.com/business/energy/oil-gains-after-opec-output-hike-seen-modest-2025-09-07/
