2025-07-25 00:52
HONG KONG/SHANGHAI, July 25 (Reuters) - Hong Kong-based digital asset platform OSL Group (0863.HK) , opens new tab said on Friday it had completed $300 million of equity financing, the latest sign of feverish investor interest in cryptocurrencies. The deal, which the company said was the biggest publicly disclosed equity raise in Asia's digital asset space, comes days before Hong Kong's stablecoin bill takes effect on August 1, and could add fuel to a rally in shares related to virtual assets. OSL shares have surged 120% so far this year. Sign up here. Hong Kong's defacto central bank on Wednesday cautioned against growing frothiness of the market around stablecoins, saying the hype had led to "excessive exuberance". Proceeds from the share sale would be used to support global initiatives including stablecoin development, licensing efforts, and the build-out of a digital payment network, OSL said in a statement. "The funding will accelerate our global build-out — particularly in regulated stablecoin infrastructure and compliant payment rails," said Ivan Wong, chief financial officer of OSL Group. Since transforming last year into a company fully dedicated to digital assets, OSL has secured an exchange licence in Australia and completed acquisitions in Japan and Europe. OSL has also said it would step up investment in the so-called Real-World-Assets business, converting traditional assets into digital tokens. Stablecoins are cryptocurrencies pegged to assets such as fiat currencies. Hong Kong is racing against the U.S. in setting up a licensing framework for stablecoin issuers. https://www.reuters.com/business/finance/hong-kong-based-digital-asset-platform-osl-group-completes-300-million-equity-2025-07-25/
2025-07-25 00:28
WASHINGTON, July 24 (Reuters) - The United States on Thursday lifted sanctions designations on several allies of Myanmar's ruling generals, two weeks after the head of the ruling junta praised President Donald Trump and called for an easing of sanctions in a letter responding to a tariff warning. A notice from the U.S. Treasury Department said KT Services & Logistics and its founder, Jonathan Myo Kyaw Thaung; the MCM Group and its owner Aung Hlaing Oo; and Suntac Technologies and its owner Sit Taing Aung; and another individual, Tin Latt Min, were being removed from the U.S. sanctions list. Sign up here. KT Services & Logistics and Jonathan Myo Kyaw Thaung were added to the sanctions list in January 2022 under the Biden administration in a step timed to mark the first anniversary of the military seizure of power in Myanmar that plunged the country into chaos. Sit Taing Aung and Aung Hlaing Oo were placed on the sanctions list the same year for operating in Myanmar's defense sector. Tin Latt Min, identified as another close associate of the military rulers, was placed on the list in 2024 to mark the third anniversary of the coup. Treasury did not explain the reason for the move, and the White House did not immediately respond to a request for comment. On July 11, Myanmar's ruling military general, Min Aung Hlaing, asked Trump in a letter for a reduction in the 40% tariff rate on his country's exports to the U.S. and said he was ready to send a negotiation team to Washington if needed. "The senior general acknowledged the president's strong leadership in guiding his country towards national prosperity with the spirit of a true patriot," state media said at the time. In his response to a letter from Trump notifying Myanmar of the tariff to take effect on August 1, Min Aung Hlaing proposed a reduced rate of 10% to 20%, with Myanmar slashing its levy on U.S. imports to a range of zero to 10%. Min Aung Hlaing also asked Trump "to reconsider easing and lifting the economic sanctions imposed on Myanmar, as they hinder the shared interests and prosperity of both countries and their peoples." Myanmar is one of the world's main sources of sought-after rare earth minerals used in high-tech defense and consumer applications. Securing supplies of the minerals is a major focus for the Trump administration in its strategic competition with China, which is responsible for 90% of rare earth processing capacity. Most of Myanmar's rare earth mines are in areas controlled by the Kachin Independence Army (KIA), an ethnic group fighting the junta, and are processed in China. https://www.reuters.com/world/asia-pacific/us-lifts-sanctions-myanmar-junta-allies-after-general-praises-trump-2025-07-25/
2025-07-24 23:29
SINGAPORE, July 24 (Reuters) - Increasing adoption of renewable energy in the Philippines could push average annual spot power prices as much as 24% lower by 2029, its power market operator said on Thursday. Spot power prices in the Philippines have fallen to a post-pandemic low of 4.14 Philippine pesos ($0.0731) per kilowatt-hour (kWh) in the first half of 2025, data from the Independent Electricity Market Operator of the Philippines (IEMOP) showed. Sign up here. Increased output from cheaper renewable generators have helped displace higher-priced plants this year, the IEMOP said, estimating planned green energy capacity additions to slash prices by 0.90–1.32 pesos per kWh by 2029. Spot electricity prices averaged 5.58 pesos/kWh last year. Natural gas-fired power plants - which can quickly adjust generation to offset renewable supply volatility - also output this year, IEMOP said, helping bring spot prices down. The Philippines, which has the most coal-dependent grid in the region, is on track for an annual decline in coal-fired electricity output for the first time since 2008 due to rising liquefied natural gas-fired power generation. Lower prices on the spot power market don't necessarily translate into reduced electricity tariffs for Philippine residents, who pay the second highest electricity tariffs in southeast Asia behind Singapore. The country's top power retailer Manila Electric Co (MERALCO) (MER.PS) , opens new tab increased tariffs this month despite lower spot prices, citing higher charges from power generators with whom it has expensive supply deals. However, most retailers have increased buying on the spot market, as they seek to cut costs by reducing dependence on pricey long-term supplies. The share of spot market purchases rose to 21% of overall supply in the 24 months ended June, compared with 12% in the preceding two years, an analysis of IEMOP data showed. ($1 = 56.6450 Philippine pesos) https://www.reuters.com/sustainability/climate-energy/philippines-rising-renewables-use-could-push-power-prices-24-lower-by-2029-2025-07-24/
2025-07-24 23:20
BRASILIA, July 24 (Reuters) - Brazilian Vice President Geraldo Alckmin said on Thursday that he had reiterated his country's willingness to negotiate proposed U.S. tariffs on imports from Latin America's No. 1 economy during a conversation on Saturday with U.S. Commerce Secretary Howard Lutnick. Alckmin said he and Lutnick had a "good" conversation last week that lasted about an hour. Sign up here. The U.S. has announced 50% tariffs on Brazilian imports starting August 1, a measure U.S. President Donald Trump has tied to judicial measures against former president and ideological ally Jair Bolsonaro, who has been accused of plotting a coup. Brazilian officials have been holding discussions with local companies to evaluate the potential impacts of the tariffs, while also preparing measures to mitigate those effects and studying potential countermeasures. But Brazilian authorities have said they have been struggling to contact high officials of the U.S. government for direct negotiation. "The conversation (with Lutnick) was fruitful," Alckmin said, noting the specifics of the discussions should be kept confidential. "We didn't create this problem, but we want to resolve it," the Brazilian VP added. The White House did not immediately reply to a request for comment. https://www.reuters.com/world/americas/brazil-vp-hails-good-fruitful-conversation-with-lutnick-tariffs-2025-07-24/
2025-07-24 23:04
LONDON, July 25 (Reuters) - British consumers remained in a cautious mood this month ahead of possible tax increases later this year and added to their savings, according to a survey published on Friday. The consumer confidence index from market research firm GfK dipped to -19 in July from a six-month high of -18 in June. Sign up here. Economists polled by Reuters had mostly expected a reading of -20. "The data suggests that some people may be sensing stormy conditions ahead," Neil Bellamy, consumer insights director at GfK, said. "With speculation growing over possible tax rises in the Autumn budget, and price pressure contributing not just to higher inflation already but also to the likelihood of worse inflation to come, the news is worrying." Finance minister Rachel Reeves is expected to raise taxes for a second year in a row in her next annual budget plan after Prime Minister Keir Starmer was forced into u-turns on plans to save billions of pounds on welfare spending. GfK's savings index, which is not part of its headline confidence gauge, jumped seven points to +34, its highest level since November 2007, shortly before the global financial crisis deepened. Official retail sales data for June, due at 0600 GMT, are expected to show a rise in sales volumes after a sharp fall in May, according to the economists polled by Reuters. https://www.reuters.com/world/uk/uk-consumers-save-more-they-brace-tougher-times-gfk-says-2025-07-24/
2025-07-24 23:00
Steel, coal rise on expectations of Beijing's overcapacity crackdown Solar sector sees 11% rise in photovoltaic industry index Supply-side reforms will be harder than previous attempts BEIJING/HONG KONG, July 24 (Reuters) - Commodity prices from steel to polysilicon have surged this month as Chinese investors bet Beijing is finally serious about addressing overcapacity across the world's second-largest economy. Prices for nine industrial commodities including coal, steel, polysilicon, a building block for solar panels, alumina and lithium carbonate have climbed by 10% to 68% this month while share prices in steelmakers, solar panel manufacturers and clean energy companies have outpaced the benchmark CSI 300 Index. Sign up here. The moves coincide with Beijing's call on July 1 to tackle "disorderly price competition," or overcapacity, and an acknowledgement it intends to deal with a persistent problem fuelling deflation at home and trade barriers abroad. Since then, state media has amplified that message with warnings against involution, a now-popular reference to competition so fierce it becomes self-destructive. "I think that addressed a big concern for investors, which is the profit margin squeeze on some of the very promising sectors," said Tai Hui, Asia Pacific chief market strategist at JPMorgan Asset Management. Champions of the old economy including steel and coal and newer industries such as solar panels and electric vehicles are grappling with overcapacity and falling prices, which had previously prompted many warnings but little action. This month, some of the reactions from ministries, regulators and local governments suggest Beijing's signal is being received. Two days after a top-level policy meeting on July 1 called for action, the industry ministry pledged to curb price wars in the solar sector. China's photovoltaic industry index is up about 11% this month. (.CSI931151) , opens new tab Polysilicon prices are up 68% after local media reported that the two biggest producers were preparing to buy up smaller rivals and consolidate the sector. Last week, a lithium miner in northwest China was temporarily shut for non-compliant mining, leading speculators to bet that more closures could follow. This week, prices for coking coal used to make steel rose to their daily limit for three consecutive sessions after the National Energy Administration ordered inspections at mines to check for excess production. To be sure, Beijing has pushed supply-side reforms before, most recently about a decade ago to cut production in the cement, steel, glass and coal industries. However, the task is more difficult this time due to higher levels of private ownership in many of these industries, misaligned incentives at the local and national levels, and limited options for other sectors to absorb lost jobs. It's unclear how far authorities are determined to go in curbing production and which other sectors they may target. China's leadership is sending a clear and positive signal about their commitment to address overcapacity, but progress is likely to be much slower this time around and it could take a year or two to see improvement in company profits, said Laura Wang, Chief China Equity Strategist for Morgan Stanley based in Hong Kong. "In the next three to six months, we are relatively conservative in terms of how much actual capacity shutdown you would be able to see," Wang said. https://www.reuters.com/world/china/markets-bet-beijing-is-getting-serious-about-chinas-overcapacity-2025-07-24/
