2025-12-01 23:38
SEOUL, Dec 2 (Reuters) - South Korea's consumer prices rose 2.4% in November from a year earlier, driven by higher food and services costs, bolstering the case for the Bank of Korea to maintain interest rates at the current level for longer. The consumer price index was roughly in line with median forecasts for a 2.35% figure, but stayed above the BOK's inflation target level of 2% for a third straight month. Sign up here. An index on prices of agricultural and fishery products increased 5.6% from a year earlier, mainly because prices of fresh produce, including rice and mandarins, soared 18.6% and 26.5%, respectively. The BOK kept interest rates unchanged for a fourth straight meeting at 2.50% last week as a tumbling won currency reduced the scope for further easing and signaled the bank could be nearing the end of its current rate cut cycle. "Processed food prices remain high, having risen sharply in the first half of the year. This is due to the impact of adverse weather conditions, including frequent rain, and the won's declines, which has led to a sharp increase in the price of agricultural, fishery, and petroleum products," Finance Minister Koo Yun-cheol said at a policy meeting. The median analyst expectation is now for one more cut in the first quarter of next year and then a prolonged pause. The consumer price index declined 0.2% on a monthly basis, compared with a 0.25% decline expected by economists. Core inflation, which excludes volatile food and energy components, was up 2.0% from a year ago. https://www.reuters.com/world/asia-pacific/south-korea-nov-headline-inflation-24-yy-expected-2025-12-01/
2025-12-01 23:00
HOUSTON, Dec 1 (Reuters) - Lawyers representing Venezuela, refiner Citgo Petroleum, its parent companies and miner Gold Reserve (GRZ.V) , opens new tab on Monday appealed against an order last week from a Delaware judge that approved the sale of PDV Holding's shares. Delaware Judge Leonard Stark last week authorized the sale of Citgo parent PDV Holding to an affiliate of hedge fund Elliott Investment Management, following the confirmation of the company's $5.9 billion bid in a court-organized auction. Sign up here. The transaction is pending approval from the U.S. Treasury Department, but Elliott's affiliate Amber Energy has said it expects it to close next year. "The forced sale process has been marked by deficiencies and irregularities, including a conflict of interest involving advisers to the court," the Venezuelan parties said in a release last week. Amber and a court officer overseeing the auction have denied any wrongdoing. Gold Reserve's appeal, filed before the U.S. Court of Appeals for the Third Circuit, challenges the sale order and all prior orders and decisions supporting it, including Judge Stark's opinion on the best bid submitted. Venezuela and rival bidder Gold Reserve had previously filed objections to Amber's bid and motions to disqualify the judge and advisors the court selected to evaluate the offers, which were denied by Judge Stark. The sale process aims to compensate up to 15 creditors for debt defaults and asset expropriations in Venezuela. If the transaction is completed, companies including miners Crystallex and Rusoro (RMV.L) , opens new tab and oil producer ConocoPhillips (COP.N) , opens new tab are set to recover billions from auction proceeds. https://www.reuters.com/legal/litigation/venezuela-challenges-us-judges-sale-order-citgo-parent-before-appeals-court-2025-12-01/
2025-12-01 22:05
ORLANDO, Florida, Dec 1 (Reuters) - Global bond yields rose and stocks fell on Monday after Bank of Japan Governor Kazuo Ueda hinted that interest rates may rise later this month, cooling investor optimism around an expected U.S. rate cut and getting December trading off to a rocky start. If you have more time to read, here are a few articles I recommend to help you make sense of what happened in markets today. Sign up here. Today's Key Market Moves Today's Talking Points * Japan's Ueda scares the horses A heavy wave of equity and bond selling in Japan rippled through global markets on Monday, as investors braced for a Bank of Japan rate hike on December 19. Interestingly though, for once the spike in JGB yields lifted the yen. Has the Japanese currency bottomed? The prospect of an imminent rate hike intensifies the spotlight on JGBs, how much longer Japan's consumers and businesses can tolerate surging yields, and the fiscal-monetary policy nexus. Prime Minister Sanae Takaichi's planned fiscal stimulus may not be accompanied by her preferred monetary accommodation after all. * High-ho, silver lining The latest run-up in silver means the metal has now doubled in price so far this year. Silver hit a record high of $58.83 an ounce on Monday, up 104% from the $28.87 close on December 31. It is up as much as 20% in the last week alone. Tight supply, the prospect of more Fed easing, investor diversification, and bullish momentum have all fueled the surge. Silver has shown remarkable resilience in recent weeks, consolidating and even strengthening when gold, stocks, crypto and other assets have retreated to varying degrees. * Global manufacturing down in the dumps Global growth may be holding up ok, but tariffs and trade tensions are taking their toll on manufacturing - the latest purchasing managers' index (PMI) figures show activity in the United States, euro zone, China and Japan contracted last month. Factory activity in the U.S. has now shrunk nine months in a row, suggesting that President Donald Trump's plans to onshore and ultimately revive U.S. industry have yet to bear fruit. There are some bright spots - notably Britain and Italy - but overall it's a fairly gloomy picture. What could move markets tomorrow? Want to receive Trading Day in your inbox every weekday morning? Sign up for my newsletter here. Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles , opens new tab, is committed to integrity, independence, and freedom from bias. https://www.reuters.com/world/china/global-markets-trading-day-graphic-2025-12-01/
2025-12-01 21:21
Dec 1 (Reuters) - Pipeline operator Targa Resources (TRGP.N) , opens new tab said on Monday it would buy Stakeholder Midstream in a $1.25 billion all-cash deal, expanding its processing capacity in the key Permian Basin. Dealmaking in the midstream sector has been picking up pace as companies look to cut costs or add scale and gain access to attractive oil- and gas-producing regions, as well as export facilities on the U.S. Gulf Coast. Sign up here. "This acquisition is a nice bolt-on asset that has meaningful free cash flow supported by a stable to modestly growing volume profile with minimal capital needs and executed at an attractive valuation," Targa CEO Matt Meloy said in a statement. Targa expects Stakeholder to generate adjusted free cash flow of about $200 million annually. U.S. midstream companies are also benefiting from rising natural gas demand driven by LNG exports and soaring power generation tied to AI operations, cryptocurrency mining and data centers. In November 2024, Energy Transfer (ET.N) , opens new tab said it would buy WTG Midstream Holdings for about $3.25 billion, expanding its transportation and processing footprint in the Permian. Targa expects to fund the acquisition, which is expected to close in the first quarter of 2026, with cash and its existing $3.5 billion revolving credit facility. https://www.reuters.com/business/energy/targa-resources-acquire-stakeholder-midstream-125-billion-2025-12-01/
2025-12-01 21:08
Nestlé seeks to divest premium coffee chain Blue Bottle Coffee Investment bank Morgan Stanley is working on the process Nestlé acquired the chain in 2017 Dec 1 (Reuters) - Swiss food giant Nestlé (NESN.S) , opens new tab is working with investment bank Morgan Stanley (MS.N) , opens new tab to review options, including a potential sale, of its Blue Bottle Coffee chain, according to three sources familiar with the matter. The move is part of a broader strategic review under new Chief Executive Philipp Navratil to streamline the company's portfolio and exit the business of operating physical retail locations, reflecting a wider industry trend. Sign up here. Nestlé acquired a majority stake in Blue Bottle Coffee in 2017, valuing the premium roaster known for its drip coffee at roughly $700 million. A sale is expected to value the chain at a discount to that, the sources said, requesting anonymity as the matter is private. Coca-Cola (KO.N) , opens new tab is also exploring a sale of its coffee chain Costa Coffee. Nestlé and Morgan Stanley (MS.N) , opens new tab declined to comment. In July, Nestlé launched a strategic review of certain vitamin brands, including Nature's Bounty, Osteo Bi-Flex, Puritan's Pride and its U.S. private label business. It also plans to divest its water business, which includes the Perrier and S.Pellegrino brands. Nestlé operates around 100 Blue Bottle locations across the U.S. and Asia. It also sells Blue Bottle-branded products like coffee grounds and mugs. One source said Nestlé could decide to sell the cafes but retain the brand's intellectual property to continue selling the products. Founder James Freeman launched Blue Bottle in 2002 in Oakland, California, with the first storefront opening in 2005 in San Francisco. Nestlé's bigger coffee businesses include Nescafé and Nespresso. https://www.reuters.com/business/finance/nestl-explores-sale-blue-bottle-coffee-sources-say-2025-12-01/
2025-12-01 21:01
FRANKFURT, Dec 1 (Reuters) - A group of Swiss and German law enforcement agencies said on Monday they shut down cryptomixer.io, one of the largest platforms to cover up the tracks of bitcoin transfers from illegal activities. Germany's federal investigation agency BKA said in a statement it worked with regional prosecutors in Frankfurt as well as authorities in Zurich to shut down the cryptomixer.io site on Wednesday last week. Sign up here. It added that Cryptomixer.io, started in 2016, had been one of the largest bitcoin mixers with billions of euros in revenues, most of which were gained from criminal activities. Cryptomixing is a service to anonymise crypto transactions by breaking them up and mixing them with other funds. Under the operation, which was led by Zurich law enforcement agencies, authorities seized servers in Switzerland, along with the cryptomixer.io internet domain, and confiscated over 12 terabytes of data and Bitcoins worth more than 25 million euros ($29 million). "The findings will also contribute to the investigation of further cybercrimes," said BKA, adding that Europol, as well as agencies of the European Union and the U.S., were involved in the investigation. Europol said in a separate statement that Cryptomixer.io, suspected of facilitating cybercrime, including ransomware schemes and money laundering, was accessible both on the regular web and the dark web. ($1 = 0.8598 euros) https://www.reuters.com/business/finance/swiss-german-authorities-shut-down-cryptomixerio-money-laundering-crackdown-2025-12-01/
