2025-12-14 20:18

RABAT, Dec 14 (Reuters) - At least 21 people were killed in flash floods triggered by torrential rains on Sunday in Morocco's Atlantic coastal province of Safi, 330 kilometres (205 miles) south of Rabat, Moroccan authorities said. The floods also injured 32 people, and most of them have left the hospital, authorities said in a statement. Sign up here. One hour of heavy rain was enough to flood homes and shops in the old town of Safi, and sweep away cars and cut many roads in Safi and its surroundings, as rescue efforts continue, they said. Morocco is experiencing heavy rain and snowfall on the Atlas mountains, following seven years of drought that emptied some of its main reservoirs. https://www.reuters.com/business/environment/flash-floods-kill-seven-people-moroccos-safi-2025-12-14/

2025-12-14 17:03

TOKYO, Dec 15 (Reuters) - Tokyo Gas (9531.T) , opens new tab, Japan's top city gas provider, plans to direct more than half of the 350 billion yen ($2.3 billion) it has earmarked for overseas investments over the next three years to the U.S. to drive growth, CEO Shinichi Sasayama said. In October, Tokyo Gas unveiled a plan to invest up to 1.3 trillion yen in the years to March 2029, including 350 billion yen for overseas projects such as U.S. shale gas development. Sign up here. "North America is our top priority in our overseas strategy," Sasayama told Reuters in an interview last week, citing both rising U.S. domestic gas demand - driven by surging power needs for data centres and semiconductor plants - and growing demand for liquefied natural gas exports. "In recent years, we have concentrated upstream investment in East Texas shale, enhancing our cost competitiveness. Going forward we'll invest in developing these assets to boost profitability," he said. Tokyo Gas is also open to further investments in liquefaction plants or gas purchase agreements, depending on terms, Sasayama added. The Japanese utility has been expanding its U.S. shale footprint, acquiring Rockcliff Energy in Texas and Louisiana in late 2023, and in April this year buying a 70% stake in east Texas gas assets from Chevron (CVX.N) , opens new tab. Tokyo Gas, Japan's second-biggest LNG buyer, has a long-term contract to procure 1.1 million metric tons of LNG annually from Russia's Sakhalin-2 project. Japan has continued imports under a U.S. sanctions exemption that expires on December 19. Tokyo has requested an extension. "I don't think the likelihood of it really ending there (on 19th) is particularly high at this point," Sasayama said, adding the risk of an immediate supply disruption is "quite low." But he added: "I do feel that the tone of criticism (from Western allies) has grown harsher, but since this is a project contributing to stable supply, including for Japan, we will proceed in consultation with the government." Tokyo Gas bought 11.56 million tons of LNG in the fiscal year ended March 31, 2025, with nearly half sourced from Australia, which is set to issue a gas market review that could curb exports of LNG from its east coast. Sasayama said the Australian projects Tokyo Gas buys from are diversified beyond the east coast, limiting potential risks. ($1 = 155.6700 yen) https://www.reuters.com/business/energy/tokyo-gas-steer-more-than-half-overseas-investments-us-next-3-years-ceo-says-2025-12-14/

2025-12-14 16:02

CAIRO, Dec 14 (Reuters) - Egypt signed a contract with Qatar's Al Mana Holding for a first-phase investment of $200 million to produce sustainable aviation fuel from used cooking oil in the Suez Canal Economic Zone at Ain Sokhna, Egypt's cabinet said on Sunday. The project will be developed in three phases and will span 100,000 square metres in the Integrated Sokhna Zone on Egypt's Red Sea coast. The first phase will have an estimated annual production capacity of 200,000 tonnes, the cabinet said in a statement. Sign up here. The deal marks the first Qatari industrial investment in the Suez Canal Economic Zone, Egypt said. Egypt has for years been pushing to secure foreign investments, especially from wealthy Gulf states, as it seeks to tackle heavy foreign debts and a gaping budget deficit. Prime Minister Mostafa Madbouly said the project "reflects the positive momentum in relations between Cairo and Doha, driven by the shared political will to advance bilateral cooperation through joint investments and increased trade." Last month, the real estate arm of Qatar's sovereign wealth fund said it would invest $29.7 billion to develop a luxury real estate and tourism project on Egypt's Mediterranean coast. That deal marked the largest Qatari investment in the country since diplomatic relations were restored following a 2017–2021 economic rift when Egypt, Saudi Arabia, the UAE and Bahrain cut ties with Qatar, accusing it of supporting terrorism and aligning too closely with Iran, charges Doha denied. https://www.reuters.com/business/energy/egypt-qatars-al-mana-holding-sign-200-million-sustainable-aviation-fuel-deal-2025-12-14/

2025-12-14 14:00

Jobs data due Tuesday, CPI out on Thursday Reports on economy come after Fed rate cut Tech slide drags on stocks at end of week, following S&P 500 record NEW YORK, Dec 12 (Reuters) - A host of delayed employment, inflation and other data in the coming week will give a long-anticipated view of the U.S. economy that could help guide markets into year-end. U.S. stocks pulled back to end the week, after the benchmark S&P 500 (.SPX) , opens new tab had ended on Thursday at a record closing high. Back-to-back disappointing quarterly reports from Oracle (ORCL.N) , opens new tab and Broadcom (AVGO.O) , opens new tab, two signature stocks in the artificial intelligence trade that has propelled markets this year, weighed down the heavyweight technology sector. Sign up here. The upcoming data is especially critical because investors and the Federal Reserve have been navigating with little certainty since a 43-day federal government shutdown postponed key reports. The U.S. jobs report for November is due on Tuesday, while the monthly consumer price index, which is closely watched for inflation trends, is out on Thursday. "There has been a lack of clarity for investors," said Jim Baird, chief investment officer with Plante Moran Financial Advisors. "Strong corporate earnings certainly helped to support the markets. The Fed and anticipated rate cuts helped to provide a little bit of a boost. But now it's time to turn our attention back to the underlying economy and what path we're on." A divided Fed cut interest rates by a quarter percentage point on Wednesday for a third-straight meeting as it seeks to shore up a weakening labor market. But the central bank signaled borrowing costs are unlikely to drop further in the near term as it awaits more economic clarity. "Because of the government shutdown and the catch-up schedule, we have essentially three months of both labor and inflation data coming out between the December and January Fed meetings," said David Seif, chief economist for developed markets at Nomura. U.S. payrolls are expected to have climbed by a tepid 35,000 in November, according to a Reuters poll. Fed Chair Jerome Powell on Wednesday said while payrolls have been averaging an increase of 40,000 per month since April, the Fed thinks those numbers are overstated and could instead be an average loss of 20,000 per month. "If we start getting negative prints around jobs, you can't avoid the recession discussion," said Marvin Loh, senior global macro strategist at State Street. The monthly CPI data comes as inflation has continued to run above the Fed's target, which could complicate any further Fed easing if inflation does not cool. Three policymakers dissented from the decision to lower rates, including two who argued rates should have been left unchanged. "We continue to expect further cuts in January and April, but if the labor market stabilizes, then future cuts may not come until inflation decelerates," Morgan Stanley economists said in a note on Thursday. A report on retail sales is among the other releases next week that will help provide more insight into economic growth. Micron Technology's (MU.O) , opens new tab quarterly report on Wednesday also could draw added scrutiny following the AI turbulence this week. The S&P 500 is up 16% so far in 2025, pushing its gain during the bull market that began in October 2022 to 90%. December is traditionally a positive month for stocks. However, investors could seek to lock in year-to-date profits, bringing selling pressure. The approaching holidays also stand to reduce trading volumes, which can lead to exaggerated asset-price moves. "For the most part, it's been a very, very good year for risk assets," Loh said. "If you get some shaky numbers or you don't get a resounding reason to add risk, it could add volatility in the market just because of the thinner markets." https://www.reuters.com/business/wall-st-week-ahead-investors-eager-delayed-data-shed-light-us-economy-2025-12-12/

2025-12-14 06:03

Jose Antonio Kast faced leftist Jeannette Jara Crime concerns defined campaign Kast won about 58% of vote, pledges 'real change' SANTIAGO, Dec 14 (Reuters) - Jose Antonio Kast won Chile's presidential election on Sunday, leveraging voter fears over rising crime and migration to steer the country in its sharpest rightward shift since the end of the military dictatorship in 1990. Kast secured a commanding 58% of the vote in a runoff with the government-backed leftist candidate Jeannette Jara, who won 42% and swiftly conceded. Sign up here. Throughout his decades-long political career, Kast has been a consistent right-wing hardliner. He has proposed building border walls, deploying the military to high-crime areas, and deporting all migrants who are in the country illegally. In a victory speech to a raucous crowd who waved Chilean flags at the headquarters of his Republican Party in the upscale neighborhood of Las Condes in Santiago on Sunday evening, Kast pledged "real change." "Without security, there is no peace. Without peace, there is no democracy, and without democracy there is no freedom, and Chile will return to be free of crime, anxiety and fear," he said. But Kast also pointed to the tricky path ahead, saying that there were "no magical solutions" and that changes would require perseverance and time. His victory marks the latest win for the resurgent right in Latin America, with Ecuador's Daniel Noboa, El Salvador's Nayib Bukele, and Argentina's Javier Milei having risen to power before Kast. In October, the election of centrist Rodrigo Paz ended almost two decades of socialist rule in Bolivia. The campaign was Kast's third run at the presidency and second runoff, after losing to leftist President Gabriel Boric in 2021. Once seen by many Chileans as too extreme, Kast attracted voters increasingly worried about crime and immigration. His definitive win, even in parts of Chile that traditionally vote for leftist candidates, was also likely driven by voter rejection of Jara, who as a member of the Communist Party was seen by many as too extreme, said Claudia Heiss, a political scientist at the University of Chile. Ignacio Segovia, a 23-year-old engineering student, was among the supporters at Kast's party headquarters, wearing a red cap emblazoned "Make Chile Great Again." "I grew up in a peaceful Chile where you could go out in the street, you had no worry, you went out and you never had problems or fear," he said. "Now you can't go out peacefully." KAST MAY FACE OPPOSITION FROM DIVIDED CONGRESS While Chile remains one of the safest countries in Latin America, violent crime has spiked in recent years as organized crime groups have taken root, capitalizing on the country's porous northern desert borders with coca-producing neighbors Peru and Bolivia, major international marine ports, and surge of migrants, many from Venezuela, susceptible to human and sex trafficking. Kast's proposals include creating a police force inspired by U.S. Immigration and Customs Enforcement to rapidly detain and expel migrants in the country illegally. He also has touted massive cuts in public spending. Chile is the world's largest copper producer and a major producer of lithium, and expectations of less regulation and market-friendly policies have already buoyed the local stock market, peso currency and equity benchmark. However, Kast's more radical proposals are likely to face pushback from a divided Congress. The Senate is evenly split between left and right-wing parties, while the swing vote in the lower legislative body belongs to the populist People's Party. He will have to satisfy a wide electoral base, said Guillermo Holzmann, a political analyst and professor at the University of Valparaiso. "It is clear that not everyone who voted for Kast is from his party. That is, much of his vote is borrowed," he said. That fact may stay Kast's hand on policies like abortion. A Catholic with nine children, Kast has previously been outspoken against abortion and the morning-after pill, but rarely mentioned the subject during the recent campaign. Changing the country's abortion laws would require the support of more than half of the Congress - and polls suggest most Chileans support the existing rights. https://www.reuters.com/world/americas/chile-votes-presidential-race-expected-lurch-country-right-2025-12-14/

2025-12-13 17:38

VILNIUS, Dec 13 (Reuters) - U.S. President Donald Trump's envoy John Coale said on Saturday that Belarus President Alexander Lukashenko had promised to stop weather balloons flying from his country into Lithuania. "He agreed recently to do everything he could to stop the balloons," Coale told Reuters in Vilnius, after two days of talks with Lukashenko. Sign up here. The balloons, used by cigarette smugglers, have caused over a dozen closures of Vilnius airport in recent months. Lithuania has accused Belarus of conducting a "hybrid attack" by facilitating the activity, and has declared a state of emergency over the issue, asking parliament to authorise military support for police and border guards to deal with the smugglers. Lukashenko said on Tuesday that Lithuania was exaggerating the problem. "I believe that the president of Belarus is sincerely trying to calm it down. I think it will take some time, but I think it can be resolved. He wants normal relationship with his neighbours - so he assures me", said Coale. "I know Lithuania has done everything they can to stop the receivers of the cigarettes or whatever the hell that is. So I think both sides are working", he added. European Commission President Ursula von der Leyen said on December 1 that the situation at the border was worsening, and called the balloon incursions a "hybrid attack" by Belarus that was "completely unacceptable". https://www.reuters.com/world/europe/us-says-belarus-agreed-stop-balloon-flyovers-into-lithuania-2025-12-13/