2025-12-02 07:40
Dec 2 (Reuters) - China has issued the first batch of new rare earth export licenses that should accelerate shipments to certain customers, a source said on Tuesday, fulfilling a key outcome of the summit between Presidents Donald Trump and Xi Jinping. China began designing a new streamlined rare earth licensing regime centered on so-called "general licenses" following the late October meeting between Trump and Xi that eased trade tensions between the two countries, Reuters exclusively reported in early November. Sign up here. Chinese magnet maker JL Mag Rare Earth (300748.SZ) , opens new tab has received licenses for nearly all of its clients, while Ningbo Yunsheng (600366.SS) , opens new tab and Beijing Zhong Ke San Huan High-Tech (000970.SZ) , opens new tab have secured licenses for some of their clients, the source said, declining to be identified due to the sensitivity of the matter. The three firms and China's Ministry of Commerce did not immediately respond to questions. All three companies sell to the automotive industry, according to their websites. JL Mag has a subsidiary in Europe and Yunsheng says it has clients in Europe and the Americas. The introduction of the licensing regime is the latest evidence that Beijing is following through on the commitments that Washington says were agreed at the leaders' summit. The White House has previously likened general licenses to the effective end of China's rare earth export controls. While China has said little publicly about the new licenses, Reuters reported last month that they would supplement the existing licensing regime, not replace it, be valid for a year and allow much larger volumes of exports. Under the regime first introduced in April, companies must get a license from Beijing for each shipment, a process that has caused major bottlenecks for customers around the world. Currently only large rare earth companies are eligible to apply for general licenses, however, eligibility will widen if the regime is a success, the source said. https://www.reuters.com/world/china/china-issues-first-batch-streamlined-rare-earth-export-licenses-source-says-2025-12-02/
2025-12-02 07:40
ISTANBUL, Dec 2 (Reuters) - A Russian-flagged tanker sailing from Russia to Georgia loaded with sunflower oil reported that it was attacked off the Turkish coast but its 13 crew members were unharmed, Turkey's maritime authority said on Tuesday. The vessel, MIDVOLGA-2, reported coming under attack 80 miles (130 km) off the Turkish coast but did not make a request for assistance and was proceeding towards Turkey's Sinop port, the Maritime Affairs Directorate said on X. Sign up here. It did not provide additional details, but broadcaster NTV said the attack involved a kamikaze drone. Asked about the latest attack, a Turkish official said "the necessary messages were conveyed to the relevant parties, including Ukrainian authorities," but he did not elaborate further. On Friday, Ukrainian naval drones hit two tankers sanctioned by Ukraine and some of its Western allies in the Black Sea as they headed to a Russian port to load up with oil destined for foreign markets, as Kyiv tried to pile pressure on Russia's vast oil industry. Turkish President Tayyip Erdogan said on Monday that attacks on commercial ships in the Black Sea were unacceptable, issuing a warning to "all related sides." Turkey, a NATO member, has maintained cordial ties with both Kyiv and Moscow throughout the war. It has provided military support to Ukraine but refused to join the Western sanctions regime on Moscow. It has previously hosted three rounds of peace talks between the warring sides in Istanbul and repeatedly offered to host a leaders' meeting, saying an end to the war must be achieved now. Ankara has also demanded that navigational safety in the Black Sea, where it shares maritime borders with Russia and Ukraine, is ensured. https://www.reuters.com/business/aerospace-defense/russian-flagged-tanker-reports-attack-off-turkey-coast-maritime-body-says-2025-12-02/
2025-12-02 07:39
LONDON, Dec 2 (Reuters) - The Bank of England said risks to Britain's financial system had risen this year due to stretched valuations of companies investing in artificial intelligence, risky lending to big companies and some trading in government bonds. "Risks to financial stability have increased during 2025," the BoE said in its half-yearly Financial Stability Report. Sign up here. "Global risks remain elevated and material uncertainty in the global macroeconomic outlook persists. Key sources of risk include geopolitical tensions, fragmentation of trade and financial markets, and pressures on sovereign debt markets," it added. However, the BoE lowered capital requirements for major banks operating in Britain and judged that the British banking sector was well capitalised and said aggregate indebtedness in the domestic corporate and household sector remained low. Many of the risks identified by the BoE in the report had been highlighted by members of the central bank's Financial Policy Committee in previous months. Investor enthusiasm for artificial intelligence had pushed share valuations in the United States to their most stretched since the dotcom bubble, and in Britain to their highest since the global financial crisis. "Deeper links between AI firms and credit markets, and increasing interconnections between those firms, mean that, should an asset price correction occur, losses on lending could increase financial stability risks," the BoE said. The central bank also noted the collapse of U.S. car parts maker First Brands and auto dealership and lender Tricolor which Governor Andrew Bailey said in October might be a warning of bigger problems to come. The BoE intends to conduct a stress test focused on the resilience of the private market ecosystem. The central bank also highlighted that leveraged borrowing by hedge funds in the gilt repo market had reached close to 100 billion pounds ($132 billion) last month, dominated by a small number of hedge funds. "This reinforces the need for market participants to ensure the risk management of their positions takes account of potential shocks, including correlation shifts outside historical norms," the BoE said. ($1 = 0.7568 pounds) https://www.reuters.com/sustainability/boards-policy-regulation/bank-england-sees-risks-ai-private-credit-gilt-repo-half-yearly-update-2025-12-02/
2025-12-02 07:34
Death toll rises to 604 in Indonesia, 176 in Thailand Recovery underway as weather conditions improve Homes flattened in Indonesia after landslides and floods Thai PM sets target of 7 days for residents to return 28,000 homes damaged in Indonesia, 1.5 million people hit PALEMBAYAN, Indonesia, Dec 1 (Reuters) - The death toll from cyclone-induced floods and landslides in Indonesia passed 600 on Monday as rescuers battled to clear roads and improved weather conditions revealed the scale of a disaster that has killed nearly 800 people in Southeast Asia. Indonesia, Malaysia and Thailand have suffered devastation after a rare tropical storm formed in the Malacca Strait unleashed torrential rains and wind gusts for a week that hampered efforts to reach people stranded by mudslides and high floodwaters. Sign up here. At least 176 have been killed in Thailand and three in Malaysia, while the death toll climbed to 604 in Indonesia on Monday with 464 missing, according to official figures. Under sunshine and clear blue skies in the town of Palembayan in Indonesia's West Sumatra, hundreds of people were clearing mud, trees and wreckage from roads as some residents tried to salvage valuable items like documents and motorcycles from their damaged homes. Men in camouflage outfits sifted through piles of mangled poles, concrete and sheet metal roofing as pickup trucks packed with people drove around looking for missing family members and handing out water to people, some trudging through knee-deep mud. 'RESILIENCE AND SOLIDARITY' The government's recovery efforts include restoring roads, bridges and telecommunications services. More than 28,000 homes have been damaged in Indonesia and 1.5 million people affected, according to the disaster agency. Indonesian President Prabowo Subianto visited the three affected provinces on Monday and praised residents for their spirit in the face of what he called a catastrophe. "There are roads that are still cut off, but we're doing everything we can to overcome difficulties," he said in North Sumatra. "We face this disaster with resilience and solidarity. Our nation is strong right now, able to overcome this." The devastation in the three countries follows months of adverse and deadly weather in Southeast Asia, including typhoons that have lashed the Philippines and Vietnam and caused frequent and prolonged flooding elsewhere. Scientists have warned that extreme weather events will become more frequent as a result of global warming. In Indonesia's Palembayan, row after row of houses had collapsed, with crushed vehicles dotted along mud-laden streets and piles of motorcycles tangled up in heaps after being carried away by landslides and fast-flowing floodwaters. Rescue teams were seen carrying away a body across a swathe of rural land now covered in debris, uprooted trees and household furniture. "These used to be the houses of my parents, my brother, also my rice milling place, now all were gone," said Muhammad Rais, who lives in Palembayan and lost two family members. "We have nothing left." RESTORATION UNDERWAY IN THAILAND In neighbouring Malaysia, 11,600 people were still in evacuation centres, according to the country's disaster agency, which said it was still on alert for a second and third wave of flooding. The death toll rose slightly to 176 in Thailand on Monday from flooding in eight southern provinces that affected about 3 million people and led to a major mobilisation of its military to evacuate critical patients from hospitals and reach people marooned for days by floodwaters. In the hardest-hit province of Songkhla, where 138 people were killed, the government said 85% of water services had been restored and would be fully operational by Wednesday. Much of Thailand's recovery effort is focused on the worst-affected city Hat Yai, a southern trading hub which on November 21 received 335 mm (13 inches) of rain, its highest single-day tally in 300 years, followed by days of unrelenting downpours. Prime Minister Anutin Charnvirakul has set a timeline of seven days for residents to return to their homes. The flood crisis has dented Anutin's popularity after only a few months in office as he prepares to call an election at the end of January, with criticism mounting over the government's slow response to the disaster. Anutin on Monday said he was not concerned about loss of support. "I am only thinking about how to help the people," he told reporters. https://www.reuters.com/business/environment/southeast-asia-storm-deaths-near-700-scale-disaster-revealed-2025-12-01/
2025-12-02 07:34
Dec 2 (Reuters) - Exxon Mobil (XOM.N) , opens new tab has approached the Iraqi oil ministry to express its interest in buying Russian firm Lukoil's majority stake in the giant West Qurna 2 oilfield, five Iraqi official sources with direct knowledge of the matter told Reuters. Exxon declined to comment and Lukoil didn't immediately respond to a Reuters' request for comment on the matter. Sign up here. https://www.reuters.com/business/energy/exxon-mobil-approached-iraq-about-buying-lukoils-west-qurna-oilfield-stake-2025-12-02/
2025-12-02 07:27
MUMBAI, Dec 2 (Reuters) - India's sugar production in the first two months of the 2025/26 season, which began on October 1, rose 43% from a year earlier, driven by better recovery rates and faster crushing across major producing states, leading industry bodies said on Tuesday. The higher output is expected to allow the world's second-largest sugar producer to export surplus supplies without risk of domestic shortages, although it could weigh on global prices. Sign up here. Mills have produced 4.1 million metric tons of sugar by the end of November, up from last year's 2.88 million tons, the Indian Sugar & Bio-Energy Manufacturers Association (ISMA) said in a statement. Production in the western state of Maharashtra, India's biggest sugar-producing state, more than tripled from last year to 1.7 million tons, while it rose by 9% in northern state of Uttar Pradesh to 1.4 million tons, the ISMA said. However, production in the southern state of Karnataka slipped to 774,000 tons from 812,000 tons a year earlier, as farmer protests demanding higher cane prices disrupted crushing operations. The sugar recovery rate in the first two months of the season rose to 8.51% compared to 8.29% a year ago, the National Federation of Cooperative Sugar Factories (NFCSF) said. The sugar recovery rate, a key industry metric, measures the percentage of sugar extracted from the sugarcane stalks. The government should allow an additional 1 million metric tons of sugar exports in the current season as lower sugar diversion for ethanol production is creating a larger exportable surplus, the NFCSF said. India last month allowed exports of 1.5 million metric tons of sugar in the current season, although mills are struggling to secure export deals as global prices remain below domestic rates. The ISMA has urged New Delhi to raise the floor price for sugar sales in the domestic market as it has remained unchanged for more than six years despite steadily rising production costs. https://www.reuters.com/sustainability/climate-energy/indias-october-november-sugar-output-rises-43-higher-recovery-rates-2025-12-02/
