2025-08-27 06:38
NEW DELHI, Aug 27 (Reuters) - Heavy rain has caused flooding and landslides in northern parts of India, cutting off amenities and killing around 34 people, officials and local media reported, with more rain forecast for Wednesday. A landslide on Tuesday near the shrine of Vaishno Devi on the famous pilgrims' route has killed at least 30 people, ANI, in which Reuters holds a minority stake, reported on Wednesday. Sign up here. It was the latest catastrophe caused by downpours in the Himalayan region that killed 60 people and left 200 missing in Kishtwar in Indian Kashmir last week. In nearby Jammu, the India Meteorological Department (IMD) said rain reached 368 mm (14.5 inches) on Tuesday. IMD forecast more rain and thunderstorms with gusty winds for the mountainous region of Ladakh, and heavy rain for Himachal Pradesh and the federal territory of Jammu and Kashmir. Schools were ordered shut in many parts of Jammu, Himachal Pradesh and Punjab in India's north. Authorities were battling to restore "almost nonexistent" telecommunications services, said Omar Abdullah, chief minister for Jammu and Kashmir. Overflowing water in the Tawi, Chenab, Jhelum and Basantar rivers caused floods in low-lying areas, officials said, with three people killed as a result in Doda district in Jammu. "The immediate priority is restoration of electricity, water supply and mobile services, for which the authorities have been working continuously overnight," Jitendra Singh, India's science and technology minister, said in a post on X. Singh also said the Madhopur bridge suffered significant damage on Wednesday morning. Television images showed vehicles falling from the bridge as it collapsed. Some highways linking Jammu to the rest of India were also damaged. Neighbouring Pakistan has also grappled with monsoon rain in recent weeks. On Tuesday, Pakistan said its eastern province of Punjab faced "very high to exceptionally high" danger of flooding from heavy rain and India's decision to release water from two dams. The number of displaced people in the province has exceeded 150,000 including nearly 35,000 who left their homes voluntarily since August 14 after flood warnings, officials said. https://www.reuters.com/sustainability/climate-energy/over-30-people-killed-heavy-rain-causes-flooding-landslides-northern-india-2025-08-27/
2025-08-27 06:34
Masan has flagged interest in selling tungsten complex, sources say Its Nui Phao complex is a top supplier of the critical mineral outside China Two Chinese firms interested in taking a stake in the business, source says Western diplomats have visited the complex multiple times in recent months, sources say HANOI, Aug 27 (Reuters) - American and other Western officials are worried a Vietnamese tungsten mine and refinery may come under Chinese control, potentially hampering access to a major source of the critical mineral outside China, people with knowledge of the matter said. Heightened U.S.-Sino trade tensions have seen China, by far the world's dominant supplier of tungsten, restrict exports of the hard metal as well as other critical minerals in retaliation for U.S. tariff policies. Sign up here. The Nui Phao complex in northern Vietnam is owned by Masan High-Tech Materials (MSR.HNO) , opens new tab, a subsidiary of the Masan (MSN.HM) , opens new tab conglomerate which has flagged its interest in selling the asset, five sources said. Two Chinese companies have approached two foreign firms, asking them to act as their proxies in bidding for a stake in the business, according to one person briefed on those discussions. That would allow them to exert their influence without publicly declaring their interest, the person said, declining to name the parties involved. Stake sales could meet resistance from Hanoi which has hampered Chinese involvement in sensitive sectors in the past. That said, Hanoi has allowed large-scale Chinese investment in Vietnam's manufacturing sector and the two neighbours have embarked on joint rail link projects that were once seen as dangerous from a defence perspective by many Vietnamese. Nine people were interviewed by Reuters for this article, most of whom spoke on condition of anonymity given the sensitivity of the subject. Reuters was unable to establish whether any bids - whether for the entire complex or the mine or the refinery separately - have been made. Masan and the U.S. embassy in Hanoi declined to comment. Vietnam's environment ministry, which oversees mining concessions, and China's foreign ministry did not respond to requests for comment. VISITS OF SUPPORT A U.S. diplomat and other Western officials have in recent months visited the Nui Phao complex multiple times, sources said. The visits were meant to "show support," according to one of the officials, who added: "There is Western interest in keeping the supply not China-controlled". The Nui Phao mine is one of the largest outside China. It produces almost all the roughly 3,400 metric tons estimated to be extracted annually from Vietnam, which last year was the world's second-biggest producer after China, according to the U.S. Geological Survey, a government agency. The refinery attached to the mine is also one of the largest outside China, with a capacity of 6,500 tons a year, and produces many tungsten products facing Chinese restrictions, including oxides and ammonium paratungstate (APT). "It would be a concern if such an important refining operation were to be sold to a party not sharing the interests of Western industries," said Andrew Goledzinowski, a former ambassador for Australia to Vietnam and an adviser to EQ Resources (EQR.AX) , opens new tab, which processes the entire output of its Australian tungsten mine at Masan's refinery. Tungsten is an extremely hard metal often classified as critical for its applications in defence and electronics industries, including for ammunition and semiconductors. China, which dominates production with 83% of global output in 2024, restricted exports in February, requiring companies to obtain licences before shipping. Chinese exports of a range of tungsten products fell sharply in February and have only partially recovered since then, according to Chinese customs data. Exports were 17% lower in July versus January. That's sent prices of APT, a raw material for many tungsten products, surging to record highs, up 71% in China and up 52% in Europe compared to the beginning of the year, according to information provider China Tungsten. Tungsten from Vietnam accounted for 22% of U.S. imports last year and 8% of Europe's imports, according to Project Blue, a minerals consultancy. Masan has struggled to make the complex profitable, and the business is not part of its core food-processing and retail operations. The company sold its tungsten subsidiary in Germany last year. Meanwhile, relations between Washington and Hanoi have soured. This month, U.S. President Donald Trump imposed 20% tariffs on Vietnamese goods without a final agreement with Hanoi. He has also threatened more duties and has declined requests for a meeting with Vietnam's top leader, To Lam, according to multiple officials. Complicating matters, the complex's permits are set to expire in the coming years. The mine's license is valid until early 2028. Any delays in arranging the renewal of concessions could force the refinery to scale down operations even before existing concessions expire, one of the people said. https://www.reuters.com/world/china/west-frets-over-chinas-interest-vietnam-tungsten-mine-sources-say-2025-08-27/
2025-08-27 06:33
SEOUL, Aug 27 (Reuters) - South Korea and the United States have agreed to further strengthen a partnership on nuclear energy, Seoul's foreign ministry said on Wednesday. Kim Jina, South Korea's vice foreign minister, met James Danly, U.S. Deputy Secretary of Energy, on Wednesday, the ministry said in a statement. Sign up here. The two countries had "meaningful" discussions on nuclear energy cooperation at the recent summit between South Korea President Lee Jae Myung and U.S. President Donald Trump, the ministry said. https://www.reuters.com/business/energy/south-korea-us-deepen-nuclear-energy-partnership-seoul-says-2025-08-27/
2025-08-27 06:24
Aug 27 (Reuters) - British precious metals firm Hochschild Mining (HOCM.L) , opens new tab slashed full-year production forecast from its Mara Rosa mine by more than half on Wednesday, just months after issuing a temporary suspension of the site due to lacklustre gold output. The company now expects 35,000-45,000 ounces of gold production from the Brazilian mine this year, down from its previous forecast of 94,000-104,000 ounces. Sign up here. https://www.reuters.com/world/uk/uks-hochschild-mining-slashes-gold-production-forecast-brazilian-mine-2025-08-27/
2025-08-27 06:23
LONDON, Aug 27 (Reuters) - Millions of British households will see higher energy bills from October after regulator Ofgem increased its price cap by 2%, in a blow to the government seeking to drive down energy costs. The price hike comes amid strained household budgets after inflation hit its highest level in 18 months in July and as the government faces pressure over the affordability of its net zero plan. Sign up here. Ofgem said the rise was due to an increase in network and policy costs. https://www.reuters.com/sustainability/boards-policy-regulation/millions-britons-face-higher-energy-bills-price-cap-rises-2-2025-08-27/
2025-08-27 05:41
Investors await pivotal Nvidia earnings after Fed drama Fed independence under threat, leads Treasury yields to steepen Dollar under pressure on rate-cut wagers French political crisis back in focus SINGAPORE, Aug 27 (Reuters) - Asian stocks meandered on Wednesday ahead of an earnings report from AI leader Nvidia (NVDA.O) , opens new tab that will shape near-term risk sentiment, while the U.S. dollar wobbled as investors remained nervous about attacks on Federal Reserve autonomy. European futures indicated a higher open but investors are likely to take a dim view of the political drama in France after Prime Minister Francois Bayrou's gamble to win backing for his deeply unpopular debt-reduction plan backfired. Sign up here. The latest political turmoil comes after France lost its last prime minister, Michel Barnier, to a no-confidence vote over the budget in late 2024, after just three months in office. Meanwhile, the U.S. Treasury yield curve has been steepening since President Donald Trump on Monday ordered the firing of Federal Reserve Governor Lisa Cook, an unprecedented move that could lead to a legal tussle after a lawyer for Cook said she will file a lawsuit to prevent it. "The Fed has said it will abide by any decision the court makes on Lisa Cook but the reality is the Fed is in a bind," said Prashant Newnaha, senior Asia-Pacific rates strategist at TD Securities. "If the court ends up ruling in favour of Trump, this potentially puts Chair (Jerome) Powell in line to be fired for permitting a non-Fed employee to make decisions on behalf of the Fed Board" should Cook continue to serve between Trump's firing and the court's decision. The yield on the two-year note , which typically moves in step with interest rate expectations, hit its lowest since May at 3.654% but was last up 1.8 basis points at 3.661%. The yield on the 30-year note was 1.4 bps higher at 4.922%. Trump has repeatedly criticised Powell and policymakers for not cutting interest rates. Market watchers interpreted Powell comments last week as indicating cuts could be on the way. That has led to investors wagering a cut next month, with traders pricing in an 84% chance of the Fed moving in September and expecting more than 100 bps of easing by June. The dollar staged a small recovery in Asian hours after dropping in the previous session. The euro eased 0.2% at $1.161825, while the yen weakened to 147.87 a dollar. "I think investors are focused more on the upcoming payroll print and what that means for a September rate move," said Ben Bennett, APAC investment strategist at Legal and General Investment Management. "The hope is that a rate cut is still on the cards without a sharp deterioration in the labour market. Tonight's Nvidia results will also be important for the near-term direction of markets." Data showed options traders are pricing in about a $260 billion swing in Nvidia's market value after the firm reports earnings, where its business in China will be in focus following an unusual profit-sharing deal with the Trump administration. Caught in the crossfire of a Sino-U.S. trade war, the fate of Nvidia's China business hangs on where the world's two largest economies land on tariff talks and chip trade curbs. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) , opens new tab was little changed. Chinese stocks though remain on the charge with the blue-chip stock index(.CSI300) , opens new tab hitting a three-year high, buoyed by tech sector. In commodities, spot gold was 0.47% lower after hitting a two-week high in the previous session. Oil prices steadied after falling in the previous session, as the market watched for fresh developments in the Ukraine war and investors weighed hefty new U.S. tariffs on India, the world’s third-biggest crude consumer. Brent crude futures rose 5 cents to $67.27 per barrel, while West Texas Intermediate crude futures were up 3 cents at $63.28. https://www.reuters.com/world/china/global-markets-wrapup-2-2025-08-27/
