2025-08-08 11:27

Aug 8 (Reuters) - India’s Reliance Infrastructure (RLIN.NS) , opens new tab said on Friday its New Delhi power distribution units will recover 284.83 billion rupees ($3.25 billion) in unpaid dues after the Supreme Court upheld their claims in a ruling earlier this week. The dues stem from historical tariff shortfalls, where electricity prices approved by regulators did not fully cover the cost of supply. Sign up here. Under a court-approved mechanism, the amount will be recovered from consumers over four years starting April 2024, likely through higher electricity tariffs. On Wednesday, the Supreme Court ordered electricity regulators across India to clear deferred costs and unpaid dues owed to power distribution companies. The court also instructed state regulators to conduct audits and submit recovery roadmaps. Reliance Infra is part of the Anil Ambani-run Reliance Group. He is the younger brother of billionaire Mukesh Ambani. In New Delhi alone, three distribution companies — including a unit of Tata Power (TTPW.NS) , opens new tab — had accumulated 272 billion rupees in unpaid dues as of the fiscal year ended 2021 and had to be paid within four year starting April 2024, according to the court document. The Delhi Electricity Regulatory Commission will oversee the recovery process, which is expected to result in increased electricity bills for consumers in the national capital. ($1 = 87.6300 Indian rupees) https://www.reuters.com/sustainability/boards-policy-regulation/indias-reliance-infra-recover-325-billion-unpaid-power-dues-new-delhi-consumers-2025-08-08/

2025-08-08 11:11

China's Guangdong province hit by record rainfall Residents in hard-hit village complain about aid response China announces multimillion-dollar disaster relief package GUANGZHOU, China, Aug 8 (Reuters) - The several hundred residents of Pingtou, a village in China's sub-tropical south, have seen plenty of typhoons and rainstorms over the years. But nothing prepared them for this week's flooding - the worst there in generations. Knee-deep brown water still covered the main road into the village, in Guangdong province, on Friday as residents dragged damaged furniture and home appliances out of their homes, at least four of which collapsed in the downpour earlier this week. Sign up here. "The older folks here say that in the 100 years we've been here, they've never experienced such flooding," said one villager aged in his 50s who asked to use only his surname Zhong. Floodwaters have never before entered his two-storey house, but this time they surged in, wrecking many of his belongings. Water marks on the walls of nearby houses were more than a metre (3.3 feet) high. It was not immediately clear if anyone had been killed in the village. A record 622.6 mm (24.5 inches) of rain fell on Guangzhou, the provincial capital from August 2-6 - almost three times average monthly rainfall for the city in August. At least seven people were killed due to flooding there, state media said. China has been battling with record rainfall in its north and south as well as prolonged heatwaves in its interior. The government announced on Thursday 430 million yuan ($59.9 million) in fresh funding for disaster relief, taking the total allocated since April to at least 5.8 billion yuan. But in Pingtou, villagers said they were not getting enough support from local authorities to deal with the aftermath. Zhong said he was told by officials that there was no relief aid available to deal with the floods. "There was not even a bottle of mineral water provided to us," he said. 'NO ALERTS' Across Guangdong, 75,000 people were evacuated as a precaution, but several residents of Pingtou told Reuters there had been no alerts about flooding in the area - leaving them ill-prepared. On the night of the heaviest downpour on Tuesday in Pingtou, 73-year-old Zhang was woken up by her worried daughter-in-law in the middle of the night and rushed over to the relative safety of her son's two-storey home. When the family woke the next day, the roof of Zhang's house had caved in. "I'd been living in that house for more than 50 years," said Zhang, as she stared at her household items coated in the debris left by the receding waters. Just outside Pingtou, fish and duck farmer Hu Songlin said the deluge had swept away the fish in his ponds, estimating the immediate losses at about 120,000 yuan. "Now we won't be able to earn a single cent," his wife Hua said. Experts have linked China's erratic weather - including floods and droughts - to climate change. "We say that global warming can lead to heavier rainfall, but there's only so much water," said Johnny Chan, a professor at the City University of Hong Kong's School of Energy and Environment. "So if one area has more rain, another area will have less rain. So what we're seeing is that there will be places which are becoming wetter and there will be places which will become much drier." ($1 = 7.1827 Chinese yuan renminbi) https://www.reuters.com/sustainability/climate-energy/chinese-villagers-hit-by-worst-floods-generations-say-they-had-no-warning-2025-08-08/

2025-08-08 11:07

Argentina has not produced copper since 2018, despite rich deposits San Juan's compensation program could boost infrastructure development Planned copper projects could boost mining exports to $15.4 billion by 2030 SAN JUAN, Aug 8 (Reuters) - Argentina holds rich copper deposits in the mountainous north along the Chilean border, but, unlike its mining powerhouse neighbor, has not built power lines and roads needed for new projects backed by miners such as BHP and Rio Tinto. President Javier Milei's austerity campaign to clamp down on inflation and debt means the South American country is up against bigger challenges than most countries to build the infrastructure needed by mines worldwide. Sign up here. Unconventional ideas, such as sharing infrastructure between miners or paying for it with royalties, will likely be part of the solution. "The government said it won't provide any funding, but that doesn't mean it isn't responsible for getting things done," said Roberto Cacciola, president of Argentina's mining chamber, who is urging authorities to step up efforts to ensure infrastructure gets built. Argentina exports gold, silver, and lithium but has not produced copper since 2018. Milei's administration, as well as governors who control local development, are banking on copper to help stabilize the country's volatile economy, just as mining companies worldwide seek to boost output to cover a looming supply gap for the metal widely used in construction and electric vehicles. A federal official said the government is assessing infrastructure needs nationwide and identifying ways the private sector could play a role. Eight copper projects in Argentina could bring total mining export value to $15.4 billion by 2030, according to a government forecast. That would more than triple last year's figure and make the sector one of the country's largest net foreign exchange earners. Copper projects alone could reel in $5.2 billion by 2030, if they reach the government's projection of producing 521,000 metric tons a year. The copper projects are concentrated in the northern province of San Juan, which some call the "Vaca Muerta of copper," an allusion to Argentina's shale oil and gas field the size of Belgium. San Juan enacted a compensation program in 2022 that could help get infrastructure built. It allows mining companies that develop road or energy infrastructure to be repaid with mining royalties if provincial legislators deem the project a "public utility." Miners normally pay royalties to governments. The Vicuna project, from global miner BHP (BHP.AX) , opens new tab and Canada's Lundin (LUN.TO) , opens new tab, hopes to use the provision, said Vicuna's Argentina director Jose Morea. "That speeds up investments that the private sector is currently in a position to make ... which the provincial government would probably have to defer otherwise," he said in an interview. Vicuna consists of two mines, Filo del Sol and the more advanced Josemaria, which could become one of the region's first projects to start production. The $5-billion mine will need a 220-kilometer (137-mile) road - a distance of about two or three hours by car - to reach operations at an altitude of 4,200 meters (13,780 feet) in the Andes Mountains. It will also require a high-voltage power transmission line at a scale that could support a large city. SHARING INFRASTRUCTURE Some miners are exploring other ways to reduce costs. McEwen Mining's (MUX.TO) , opens new tab Los Azules is looking at sharing infrastructure with nearby projects and has consulted the Inter-American Development Bank about infrastructure loans. Some business leaders want the government to turn over more projects, such as railways and road maintenance, to the private sector through public tenders or public-private partnerships, said Nicolas Munoz, a copper supply analyst at consultancy CRU. "It's feasible to think that private companies will assume these costs and see a business opportunity," Munoz said. There are already signs of interest from the mining sector, such as global miner Rio Tinto (RIO.L) , opens new tab, which recently took over U.S.-based Arcadium's lithium mines in Argentina and is developing another of its own in the country. According to a public register of lobbyist meetings, Rio held a meeting with Argentina's mining secretary in June after expressing interest in bidding for the state's Belgrano Cargas railway, which the government said in February it would privatize. Rio Tinto did not have an immediate comment. Rio Tinto is also backing McEwen's Los Azules and Aldebaran's Altar copper projects through shares owned by its leaching technology arm, Nuton. Some governors are still looking to the federal government to take part of the burden. Governor Gustavo Saenz of Salta, where Canada's First Quantum Minerals (FM.TO) , opens new tab wants to develop the Taca Taca copper mine, said aqueducts, roads, and gas pipelines will pay off. "We need them to give us ... everything necessary so that those who want to come and invest can do so," he said this week at the Argentina Copper 2025 conference in San Juan. https://www.reuters.com/business/energy/argentinas-copper-dreams-need-infrastructure-who-will-build-it-2025-08-08/

2025-08-08 11:05

MUMBAI/NEW DELHI Aug 8 (Reuters) - India has approved 300 billion rupees ($3.4 billion) compensation to oil marketing companies for losses incurred in selling subsidised cooking gas, Information and Broadcasting Minister Ashwini Vaishnaw said on Friday. The compensation, approved by Prime Minister Narendra Modi's cabinet, would be paid to state-run Indian Oil Corp (IOC.NS) , opens new tab, Bharat Petroleum Corp (BPCL.NS) , opens new tab and Hindustan Petroleum Corp (HPCL.NS) , opens new tab in 12 tranches, according to a government statement. Sign up here. It will allow state-run oil companies to continue crude procurement, debt servicing, and sustaining capital expenditure, the statement said. "As gas prices are impacted by geopolitics, the subsidy will insulate the country's middle-class families from any negative impact," Vaishnaw said at a briefing. The government also allocated 120.6 billion rupees towards a scheme to provide subsidised cooking gas connections to women from nearly 100 million poor households. ($1 = 87.6880 Indian rupees) https://www.reuters.com/world/india/india-approves-34-billion-payout-state-run-refiners-cooking-gas-losses-2025-08-08/

2025-08-08 10:55

Dollar firms slightly versus peers Weighed on this week by rate cut bets, Trump's Fed pick Traders pricing two U.S. rate cuts this year Pound boosted by narrow BoE vote to cut rates SINGAPORE/LONDON, Aug 8 (Reuters) - The dollar firmed slightly on Friday but was heading for a weekly fall as U.S. President Donald Trump's temporary choice for a fill-in Federal Reserve governor stoked expectations for a dovish pick to replace chair Jerome Powell when his term ends. The yen was a touch weaker on the day against the dollar, which fell 0.31% to 147.560 yen. The dollar also rose 0.25% against the euro to $1.163775 and strengthened 0.29% against the Swiss franc to 0.80840 francs. Sign up here. As concerns over softening U.S. economic momentum, especially in the labour market, boost hopes of Fed rate cuts, the dollar was down 0.6% on the week so far, against a basket of peers. On the day the dollar index was up 0.1% at $98.15. Markets are focused on Trump's nomination of Council of Economic Advisers Chairman Stephen Miran to fill a newly vacant seat at the Fed, while the White House seeks a permanent occupant. Miran replaces Governor Adriana Kugler following her surprise resignation last week. "In many ways it reinforces what we already knew, which is that we're now looking at a much more political Fed and a much less independent Fed," said Michael Brown, senior research strategist at Pepperstone. Brown said that the news would contribute to his longer-term dollar bear case, but also argued Miran's credibility in the market's mind is relatively low. "We're all expecting at the September FOMC and any meeting he joins after that that he'll be very doveish and will be pushing for large rate cuts and that that will come effectively because the President has asked him to," said Brown. While investors remain worried about the U.S. central bank's independence and credibility after repeated criticism from Trump for not cutting interest rates, some analysts feel Miran's appointment is unlikely to have a material impact. "We still maintain that central bank independence is going to be very much intact," said Raisah Rasid, global market strategist at J.P. Morgan Asset Management in Singapore. She expects the central bank to focus on incoming data and the overall health of the U.S. economy. Trump's scathing attacks on Powell and the likelihood of a dovish pick as the next Fed Chair have weighed on the dollar this week, although he recently backed off threats to oust Powell before his term ends on May 15. Fed Governor Christopher Waller, who voted for a rate cut in the Fed's last meeting, is emerging as a top candidate to be the next chair, Bloomberg news said on Thursday. Investor focus will now switch to next week's U.S. consumer price inflation data with economists polled by Reuters expecting month-on-month core CPI to have nudged higher to 0.3% in July. The data will offer clues to whether tariff-driven price pressures are materialising and shape the Fed's policy path. Atlanta Fed president Raphael Bostic said on Thursday while risks to the job market have increased, it remained too soon to commit to rate cuts, with more data lined up ahead of the Fed's policy review scheduled for September 16 and 17. Traders are pricing in a 93% chance of a rate cut in September, with at least two rate cuts priced in by the end of the year. The dollar has struggled broadly this year and is down 9.5% against a basket of major peers, as investors sought alternatives, worried over Trump's erratic trade policies. Analysts anticipate the dollar to remain under pressure but see the fall unlikely to be as steep. "We're looking for a bending but not breaking sort of scenario (on the dollar)," Rasid added. Sterling touched a fresh two-week high of $1.34515, clinging to Thursday's sharp gains as the Bank of England cut interest rates but only after a narrow 5-4 vote, showing a lack of conviction in its easing bias. The vote split in the BoE meet "implies one of the most hawkish versions of a 25bp cut that reasonably could have been expected," analysts at Goldman Sachs said. The pound is on course for its best weekly performance since late June. (This story has been corrected to clarify Stephen Miran has been nominated to fill a vacancy at the Fed, not the Council of Economic Advisers, in paragraph 4) https://www.reuters.com/world/middle-east/forex-dollar-firms-stays-track-weekly-loss-after-trumps-fed-governor-pick-2025-08-08/

2025-08-08 10:47

MUMBAI, Aug 8 (Reuters) - The Indian rupee ended lower for a fifth straight week, its biggest consecutive weekly drop in six months, as trade tensions between India and the United States escalated following President Donald Trump's call for new tariffs on Indian goods. The rupee closed marginally higher at 87.6550 against the U.S. dollar, from 87.7025 on Thursday. Sign up here. The currency opened at 87.5600 and reached an intraday high of 87.5350, supported by unwinding of long dollar positions in the NDF market. Dollar bids, primarily from oil importers, pushed the USD/INR higher after initial lows, traders said. For the week, the rupee eased 0.1%, following a 1.2% drop last week, and has depreciated nearly 3% over the past five weeks. Rising pressure on the rupee was driven by India’s position among the hardest-hit countries in Trump's trade offensive, including a new 25% tariff on Indian goods. The move places India alongside Brazil, facing the steepest import duties, unsettling markets concerned about the impact on capital flows and investor sentiment towards Indian assets. Fears of a record low in the currency prompted the Reserve Bank of India to intervene almost daily, preventing a deeper slide, traders said. The RBI resumed intervention in the NDF market to manage rupee volatility, four bankers told Reuters. Market participants expect another drop in foreign exchange reserves that saw a decline of more than $9 billion in week ended August 1, indicating intervention in the spot market. Meanwhile, some remain hopeful that a resolution would be achieved in coming period. Looking at the recent history, there is a high probability that the U.S. lowers tariffs in coming weeks or months and this could lead to a relief rally in Indian markets, as and when it happens, said Nishit Master, portfolio manager at Axis Securities PMS. https://www.reuters.com/world/india/rupee-logs-worst-losing-streak-6-months-us-tariff-woes-rbi-caps-damage-2025-08-08/