2025-08-14 09:32
LONDON, Aug 14 (Reuters) - British goods exports to the United States fell to their lowest level in more than three years in June, according to official data published on Thursday that showed the hit from U.S. President Donald Trump's initial import tariff blitz. Sales of British goods to the United States fell to 3.9 billion pounds ($5.3 billion) during the month, down by 0.7 billion pounds from May and about 20% lower than a monthly average of 4.9 billion pounds in 2024. Sign up here. The last time Britain exported fewer goods to the United States - including sales of precious metals which can be volatile - was in February 2022, the Office for National Statistics said. British Prime Minister Keir Starmer and Trump agreed a trade deal which came into force on June 30 to cut high tariffs on cars and aerospace parts but leaves a 10% tariff on most exports with steel not yet covered. The ONS reported decreases in exports of all commodities to the United States in June with machinery and transport equipment - including cars which were hit by higher initial U.S. duties - down by 0.2 billion pounds. The ONS last week said a third of exporting businesses with 10 or more employees reported an impact from the U.S. tariffs. British imports of U.S. goods increased by 0.2 billion pounds in June, driven by higher aircraft sales, Thursday's data showed. In the April-to-June period, British exports to the United States fell by more than a quarter, reflecting how many manufacturers rushed to send their products across the Atlantic before Trump's first tariffs blitz in April. ($1 = 0.7364 pounds) https://www.reuters.com/business/autos-transportation/uk-goods-exports-us-fell-3-year-low-june-before-trade-deal-2025-08-14/
2025-08-14 07:42
MUMBAI, Aug 14 (Reuters) - Indian rupee options markets suggest traders aren't too anxious about Friday's meeting between the presidents of the U.S. and Russia, with near-term implied volatility at its lowest this month and option pricing showing no bias toward rupee weakness. One-month implied volatility on the dollar/rupee stood at 4.35% on Friday, the lowest this month, while the spot/week implied hovered near monthly lows. Sign up here. Further, the cost of buying options that benefit from a rupee decline was roughly the same for those that profit from its rise, pointing to a lack of clear directional conviction. "Options markets are in no rush to price in a big move on the rupee, which is understandable considering the recently subdued realised volatility," said a rupee volatility trader at a mid-sized private sector bank. "Being long volatility doesn't pay off often, especially when the Reserve Bank of India (RBI) appears to be defending a level." The rupee was quoting at 87.55 to the U.S. dollar, down 0.% from Wednesday. It had touched 87.8850 last week after U.S. President Donald Trump imposed additional tariffs on Indian goods over New Delhi's Russian oil purchases. The RBI had stepped in to prevent the currency from breaching the all-time low of 87.95, a level bankers believe the central bank will continue to defend. The Trump-Putin meeting on Friday in Alaska carries more weight for the rupee than for most of its Asian peers, amid escalating trade tensions with the U.S., which have culminated in potential 50% tariffs on Indian goods. A 25% levy is already in place, with the additional 25% scheduled to take effect on August 27. "If tariffs of 50% were to be sustained, we see USD/INR rising to 89.50 levels by June 2026, implying outright INR underperformance against major currency pairs including Asian FX," MUFG Bank said. Indian financial markets will be shut on Friday, leaving any immediate reaction to be reflected only in Monday's trading. https://www.reuters.com/world/india/are-rupee-traders-jittery-about-trump-putin-meet-options-suggest-not-really-2025-08-14/
2025-08-14 07:42
Half-year core earnings surge to $2.23 billion Interim dividend of 16.6 cents per share, vs 7.9 cents year-ago Company to boost copper output, key for green energy transition 2025 capex seen at $3.9 billion, focus on Centinela concentrator LONDON, Aug 14 (Reuters) - Chilean miner Antofagasta (ANTO.L) , opens new tab posted a nearly 60% jump in half-year core earnings on Thursday, on higher production and prices its customers paid for energy transition material copper. Earnings before interest, tax, depreciation and amortisation (EBITDA) for the first six months rose to $2.23 billion from $1.39 billion last year, slightly above analysts' consensus expectations. Sign up here. Antofagasta, majority owned by Chile's Luksic family, announced a dividend of 16.6 cents per share, up from an interim dividend of 7.9 cents last year. The company is expanding output of copper, key for the power and construction industries and for green energy transition applications. Some analysts predict copper prices will hit records above $12,000 a metric ton before the end of the decade, up around 20% from current levels, as the EV sector grows and on emerging applications such as AI-powered data centres. Antofagasta bucked the trend of other FTSE100 mining companies which reported lower results, with global trade concerns weighing on prices of most industrial metals this year. CEO Ivan Arriagada said the company expects more than 30% growth in output in the medium term. Shares were flat in early London trading, in line with the wider resources sector. "Antofagasta has produced a remarkably clean set of results," said RBC Capital Markets analysts, noting the company expects capital expenditure to speed up in the second half. The producer estimates 2025 capex at $3.9 billion, up from $2.7 billion in 2024, on works on its Centinela concentrator. Antofagasta operates four copper mines in Chile, and seeks to develop the Twin Metals project in Minnesota, which was stalled after President Joe Biden's administration blocked permits over environmental concerns. Arriagada on July 10 said he saw "an opportunity" to advance Twin Metals, following President Donald Trump's move to impose a 50% import tariff on copper. https://www.reuters.com/world/americas/antofagasta-half-year-earnings-surge-60-higher-copper-demand-prices-2025-08-14/
2025-08-14 07:38
Centrica and ECP to jointly buy UK's largest LNG terminal LNG crucial for Europe post-Russia-Ukraine conflict Deal expected to close in fourth quarter, pending approvals Aug 14 (Reuters) - British Gas owner Centrica (CNA.L) , opens new tab will jointly buy National Grid's (NG.L) , opens new tab Grain LNG terminal with U.S.-based infrastructure investor Energy Capital Partners (ECP), it said on Thursday, for an enterprise value of about 1.5 billion pounds ($2.04 billion). The LNG terminal, owned and operated by a National Grid subsidiary, is located on the Isle of Grain in Kent, in southeast England. It is the largest LNG import terminal in Europe by tank capacity and one of the largest in the world. Sign up here. "The Isle of Grain terminal is a strategic asset that will support the UK’s energy security for many decades to come, keeping energy flowing reliably and affordably to households and businesses across the country as we transition to net zero," Centrica CEO Chris O'Shea said in a statement. LNG has become a vital source of gas for Europe, especially after the Russia-Ukraine conflict and as the subsequent Western sanctions on Russia disrupted energy markets. The resulting price surge continues to weigh on British consumers. Centrica said its 50% share of the equity investment in the terminal was about 200 million pounds, with roughly 1.1 billion pounds of the total deal value being debt related to the project. The agreement, first reported by the Financial Times on Wednesday, follows Centrica's bid in July to hold a 15% stake in the planned Sizewell C nuclear project. ECP is one of the largest private owners of natural gas generation and infrastructure assets in the U.S., which has become a major export hub for LNG. Subject to regulatory and national security approvals, the LNG transaction is expected to close in the fourth quarter of this year, Centrica said. ($1 = 0.7365 pounds) https://www.reuters.com/business/energy/centrica-energy-capital-partners-buy-national-grids-lng-terminal-2-bln-2025-08-14/
2025-08-14 07:28
More builders plan to increase timber home construction Companies cite speed of assembly and environmental benefits Robotics key to faster construction, says DTS UK construction sector lags Europe in robotics use, says ING LONDON, Aug 14 (Reuters) - Gigantic robot arms controlled by artificial intelligence glide around a vast factory in Oxfordshire, England, making building frames from timber, one of the world's oldest construction materials. With the British government committed to building 300,000 new homes a year, some housebuilders say that the combination of technology and green materials could help them to overcome challenges from skills shortages to environmental targets. Sign up here. England lags many similar economies in terms of the share of housing accounted for by timber-framed homes. Britain as a whole, meanwhile, is among the slowest adopters of robotics, especially in construction, according to the National Robotarium research institute at Heriot-Watt University. "We're seeing more major housebuilders and small and medium-sized builders embracing timber as a way to ... overcome the skills and carbon challenge," said Alex Goodfellow, CEO of Donaldson Timber Systems (DTS). His business makes timber-frame structures for homes and commercial buildings, including walls, floors and roofs, then sends them to housebuilders for assembly. Its automated production makes for less labour-intensive housebuilding and provides a faster, cheaper and more sustainable alternative to bricks, stone or concrete blocks, the company says. A study by construction surveyors and consultancy Rider Levett Bucknall showed that building with timber is 2.8% cheaper than with masonry. FASTER CONSTRUCTION The DTS factory in Witney, near Oxford in southeast England, makes timber panelling for about 100 homes a week with designs entered digitally using artificial intelligence, reducing the need for paper drawings. DTS says its robotics and lasers enable it to produce pre-assembled sections builders can put together quickly on site. The technology reduces the time needed to build a home by about 10 weeks compared with traditional materials, Goodfellow says. Yet barriers remain to any significant increase in timber homes in England. Amit Patel at the Royal Institution of Chartered Surveyors said the material is not commonly used in England because of difficulties in securing warranties for timber buildings owing to durability concerns. Barratt Homes (BTRW.L) , opens new tab tried to revive timber usage in the 1980s, but sales were undermined by potential rot and fire vulnerabilities. Andrew Orriss of the Structural Timber Association says that such concerns have been addressed by current building regulation and the STA's fire safety guide. He says that the off-site timber construction sector could help to deliver about a third of the government's target of 300,000 new homes per year - a level not achieved in England since the 1970s. Official government figures show that almost 200,000 new homes were built in England in 2023/24 and the Structural Timber Association said that approximately 40,500 of those were timber-frame homes. Builders including Vistry (VTYV.L) , opens new tab and Taylor Wimpey (TW.L) , opens new tab have opened or plan to open their own timber-frame manufacturing factory while Bellway (BWY.L) , opens new tab plans to use timber in a third of its housing projects by 2030. Reduced environmental impact is another benefit touted by companies. GREENER AND LEANER? Simon Park, head of sustainability at Bellway, said timber absorbs and stores more carbon than it emits and that Bellway's analysis shows breeze blocks - made from concrete and known as cinder blocks in the U.S. - are the biggest carbon emitters among common building materials. Countering that, however, is the origin of the raw materials. About 80% of timber used in the UK is imported, mainly from European countries, while roughly 20% of its brick supply is imported. Concerns also remain over mortgage availability for timber homes, which is likely to improve if the government signals a move towards timber construction, said Riz Malik, mortgage broker at independent financial adviser R3 Wealth. An ageing workforce, meanwhile, highlights the need for more robotics. About a fifth of construction workers in the UK are over 50, according to the Home Builders Federation, with 25% of those set to retire in the coming decade. The government pledged 40 million pounds ($54 million) in June for robotics adoption hubs across various sectors, but Maurice van Sante, senior economist for construction at bank ING, says Britain's construction industry is far behind other countries in robotics use. ING estimates that there were 1.5 robots for every 10,000 construction workers in Europe in 2023, against 0.6 in the U.S. and 0.5 in the UK. As well as filling labour shortages directly, robotics opens up other employment opportunities, says DTS manufacturing director Frank O'Reilly, adding that the company has attracted more interest from tech-savvy younger workers since the factory's introduction of automation and robotics. "It (the technology) encourages young people to consider this as a career," he said. ($1 = 0.7433 pounds) https://www.reuters.com/business/environment/could-robotics-timber-tackle-britains-housing-challenges-2025-08-14/
2025-08-14 07:16
BOUAKE, Ivory Coast, Aug 14 (Reuters) - Bullet-riddled buildings still line some streets in Ivory Coast's former rebel capital Bouake, but in the run-up to his third re-election bid President Alassane Ouattara is keen to turn the city into a symbol of recovery. "Bouake is a city of past pain, but above all rebirth, unity and renewed brotherhood," the 83-year-old incumbent said in his Independence Day speech last week, ahead of a parade in which he waved to supporters from a black armoured convertible. Sign up here. It was the first time Bouake hosted independence festivities in over 60 years, sending the message that "peace has returned" after the civil war that preceded Ouattara's swearing-in in 2011, said political analyst Geoffroy Julien Kouao. Yet away from the pomp of official ceremonies, ex-combatants and other Bouake residents tell a more complex story of lingering division and economic struggle. "When we go to a company to apply for jobs, we are turned away because they (employers) know we have taken up arms... They (employers) are afraid of us," said Fousseni Toure, member of a civil society group that advocates for former fighters. Ivory Coast, the world's biggest cocoa producer, effectively split in two after a rebellion in 2002 against then-President Laurent Gbagbo, and Bouake became the headquarters of the New Forces rebels, many of them from Ouattara's Dioula ethnic group. The war was largely a result of xenophobic policies against farmers from Burkina Faso and Mali that also targeted northern Ivorians with cultural ties to them. Thousands of U.N. peacekeepers deployed and new elections were held in 2010, but Gbagbo refused to accept defeat to Ouattara, setting off four months of violence that killed around 3,000 people. RECONCILIATION ELUSIVE Ouattara, a former international banker who announced last month he would seek re-election, is widely credited for Ivory Coast's steady economic growth since he took office. Some former combatants say they have benefited. Alissou Ouattara, no relation to the president, supports his wife and five children by running a small restaurant and coffee kiosk. "I earn my living properly," he said. "I don't envy anyone." Other ethnic Dioulas have had a harder time, partly because of conflict with so-called "autochtone", or indigenous, ethnic groups who are more likely to support Ouattara's political opponents, said Soumaila Doumbia, coordinator of the Bouake-based Civil Society Platform for Peace and Democracy. "There are political actors who remain in the shadows to exploit young people so that they can come into conflict," he said. During the last election, in 2020, clashes killed 85 people. The exclusion of Gbagbo and Tidjane Thiam, leader of the opposition PDCI party, from the next ballot means the climate could be tense again when Ivorians vote on October 25. An Ivory Coast court ruled in April that Thiam was ineligible because he was a French national when he registered, while Gbagbo cannot run because of a past criminal conviction. Thousands of supporters of both men took to the streets of Abidjan's Yopougon district to protest over the weekend. Doumbia is nevertheless optimistic that these issues can eventually be resolved for good. "We are certain that in the months and years to come, Bouake will be a reconciled city," he said. https://www.reuters.com/world/africa/revived-ivory-coast-rebel-hub-shows-boom-burdens-ouattara-era-2025-08-14/
