2025-07-15 07:00
TOKYO, July 15 (Reuters) - Nissan Motor Co (7201.T) , opens new tab said on Tuesday it will stop producing vehicles at its Oppama plant in Japan by March 2028 and transfer operations to its factory in the southern prefecture of Fukuoka as part of a global restructuring plan to reduce capacity. CEO Ivan Espinosa has announced sweeping plans aimed at turning around the embattled automaker - Japan's third-largest - including slashing production capacity to 2.5 million vehicles from 3.5 million and manufacturing sites to 10 from 17. Sign up here. Reuters reported last week that Nissan was in talks to allow Taiwan's Foxconn (2317.TW) , opens new tab to use the Oppama factory, in the port city of Yokosuka, south of Tokyo, to produce EVs and avert a closure. "Today, Nissan made a tough but necessary decision," Espinosa said in a statement. "It wasn't easy - for me or for the company - but I believe it's a vital step toward overcoming our current challenges and building a sustainable future." Nissan said it would explore "a wide range of options" for the future use of the Oppama plant. Costs related to the transfer of production to Nissan Motor Kyushu will be disclosed along with first-quarter financial results, it said. When the Oppama factory first opened in 1961, it was one of Japan's first large-scale auto factories and a symbol of Nissan's - and Japan's - global ambitions. Long referred to as Nissan's "mother factory", it employs 3,900 workers and has produced more than 17.8 million vehicles to date. Other facilities and functions in the district such as the Nissan Research Center and a crash-test facility, will be unaffected, Nissan said. Battered by declining sales in the United States and China, Nissan faces a mountain of debt repayment and mounting losses. https://www.reuters.com/business/autos-transportation/nissan-says-oppama-plant-will-stop-production-by-end-fy202728-2025-07-15/
2025-07-15 06:47
MELBOURNE/LONDON, July 15 (Reuters) - Rio Tinto (RIO.AX) , opens new tab, (RIO.L) , opens new tab on Tuesday named Simon Trott, the head of its iron ore division, as its new chief executive officer, replacing Jakob Stausholm, who announced his intention to step down in May. Trott, a more than 20-year veteran at the world's biggest iron ore miner, has led the engine of the company's profit for the past four years. He will take over the duties of group CEO effective August 25. Sign up here. Trott's appointment has come swiftly on the heels of the surprise news of Stausholm's departure and his appointment will raise hopes in Australia for a locally domiciled CEO. "It's a relatively safe appointment," said Kaan Peker at RBC in Sydney. "He knows the iron ore business very well and that's the main driver of free cashflow and earnings. Obviously he has proven himself in the eyes of the chair." Trott brought to market Rio Tinto's biggest iron ore mine in more than a decade in Western Australia and is building out a huge programme of replacement tons. "Simon and the Board are aligned that Rio Tinto's next phase is about unlocking significant value for shareholders from our portfolio, driven by operational performance, and cost and financial discipline," chair Dominic Barton said in a statement. Trott, who also served as the miner's chief commercial officer from 2018 to 2021, has faced pushback from investors because the quality of ore in Rio's exports has dropped during his tenure and the miner has struggled to reach the top end of its production forecast. Stausholm, who oversaw a big bet on lithium and expansions in iron ore and copper, was named CEO in 2020 as the miner grappled with legal, public and investor angst over the destruction of Australia's ancient Juukan Gorge rock shelters, which led to the ousting of its former CEO. https://www.reuters.com/sustainability/boards-policy-regulation/rio-tinto-names-simon-trott-new-ceo-2025-07-15/
2025-07-15 06:45
US CPI data due at 1230 GMT EU threatens countermeasures over US tariffs Trump urges Ukraine to consider striking Moscow Silver hovers near 14-year peak July 15 (Reuters) - Gold prices firmed on Tuesday as concerns over the global trade war fuelled demand for safe-haven assets, while investors awaited a key U.S. inflation reading. Spot gold rose 0.4% to $3,354.84 per ounce, by 1153 GMT. U.S. gold futures were up 0.1% at $3,363.40. Sign up here. The U.S. dollar (.DXY) , opens new tab was down 0.1%, making gold cheaper for buyers holding other currencies. "Gold is edging higher as bulls look to take advantage of the dollar that's a touch lighter today," said Han Tan, chief market analyst at Nemo.Money. "Gold enjoys plenty of supportive factors, from expectations for Fed rate cuts, U.S. President Donald Trump's tariff threats, as well as persistent geopolitical and economic risks." Trump escalated his trade war on Saturday, announcing a 30% tariff on most European Union and Mexican imports, after issuing similar warnings to other trading partners. The EU responded on Monday by accusing the U.S. of resisting efforts to strike a trade deal and threatened countermeasures if no agreement is reached. On the geopolitical front, Trump has privately urged Ukraine to ramp up strikes deep inside Russia, even asking Ukrainian President Volodymyr Zelenskiy if Moscow could be targeted with U.S.-supplied long-range weapons, the Financial Times reported on Tuesday. The Kremlin meanwhile said on Tuesday that Trump's recent statements, including a threat of sanctions on buyers of Russian exports, are serious and require analysis. Elsewhere, the U.S. consumer price index (CPI) report, due at 1230 GMT, could give investors more guidance on the Federal Reserve's policy path. U.S. consumer prices likely picked up in June, potentially marking the start of a long-anticipated, tariff-induced increase in inflation that has left the Fed cautious about resuming rate cuts. Elsewhere, spot silver gained 0.2% to $38.22 per ounce, after hitting its highest level since September 2011 on Monday. "If the current gold to silver price ratio is maintained, at gold prices above $3,440/oz, we will see silver above $40/oz," said WisdomTree commodities strategist Nitesh Shah. Platinum rose 1.6% to $1,385.60, while palladium rose 1.8% to $1,215.30. https://www.reuters.com/world/china/gold-ticks-higher-with-focus-us-inflation-data-2025-07-15/
2025-07-15 06:42
BoE delays trading rule to 2028, sticks with 2027 for rest of Basel Central bank also eases capital rules for mid-sized banks Deadline shift comes as other jurisdictions delay Basel rules UK finance minister to address City of London later LONDON, July 15 (Reuters) - Britain's central bank on Tuesday delayed implementing a key part of new, global rules governing banks' trading activities by a year to 2028, as it waits for clarity on what other jurisdictions including the United States will do. As part of a series of changes unveiled to help British lenders, the Bank of England also announced an easing of capital requirements for mid-sized banks, a change that had been expected. Sign up here. The announcements follow calls from the Labour government for regulators to replace a risk-averse stance with one that supports financial sector growth. UK Finance Minister Rachel Reeves on Tuesday also announced a plan to rein in regulators and get more savers investing in shares to boost the financial services industry and the economy. The BoE said it would stick with a January 2027 implementation date for most of the Basel 3.1 rules but that it would postpone part of the rules known as Fundamental Review of the Trading Book (FRTB) to 2028. The FRTB governs capital and reporting requirements relating to banks' trading assets, crucially including how risk should be measured using a standard method or banks' own calculations. The BoE said it had proposed delaying implementation of the internal models approach to give firms more time to prepare and given "continued uncertainty" over implementation elsewhere. "Today's announcements will give certainty to firms of all sizes about the future capital framework ... and allow an extra year for part of the implementation of new investment banking rules," Bank of England Deputy Governor Sam Woods said. Supervisors globally have been delaying the full implementation of banking reforms known as Basel 3.1 to avoid burdening their own companies with extra rules before other countries have introduced them and to get a better understanding of what the United States would do under Donald Trump after the president pledged to deregulate. The BoE said in January it was delaying the broader Basel rules by a year to January 2027, which prompted the European Union to say it would consider its options. A few months later the EU delayed implementation of its FRTB rules until 2027. The initial batch of Basel III rules from the Basel Committee of banking regulators from the world's main financial centres were rolled out in the aftermath of the global financial crisis, and the final batch, which the BoE calls Basel 3.1, were set be implemented from January 2025. MID-SIZED BANKS Separately, the BoE raised the minimum asset threshold at which banks must issue loss-absorbing debt known as MREL — designed to ensure banks can be "bailed in" rather than bailed out — to a range of 25 billion to 40 billion pounds ($53.73 billion), up from 15 billion to 25 billion pounds. The new range is slightly more generous than the 20 billion to 30 billion pounds range proposed during a consultation last year. Banks that have above 40 billion pounds in assets will be expected to prepare full bail-in plans, while those within the new band will be assessed on a case-by-case basis. Mid-sized lenders such as OneSavings Bank (OSBO.L) , opens new tab and Metro Bank (MTRO.L) , opens new tab, long critical of the post-crisis rules as disproportionately punitive, are among those expected to benefit. Shares in Metro rose 0.5% while OneSavings Bank stock gained 0.62%, slightly ahead of the broader market. Paragon Banking Group (PAGPA.L) , opens new tab Chief Executive Nigel Terrington welcomed the BoE's increase to the MREL capital requirement threshold, describing it as a "strong step in harnessing the full potential of this sector." ($1 = 0.7444 pounds) https://www.reuters.com/sustainability/boards-policy-regulation/bank-england-delays-basel-rule-banks-trading-2028-2025-07-15/
2025-07-15 06:37
MUMBAI, July 15 (Reuters) - The Indian rupee's narrow range over the past two weeks, alongside established support and resistance levels, has sparked interest in selling short-term volatility, with large corporates and interbank players looking to monetise the relative calm. The rupee was quiet on Tuesday, inching up about 0.1% to 85.90 against the U.S. dollar, after trading in a narrow 12-paisa intraday range on Monday. Sign up here. Over the past two weeks, the rupee's weekly trading band has narrowed to 50–60 paisa, pushing 10-day realised volatility down to 4.3% from over 6.5% late last month. During this stretch, the currency has established a well-defined range, finding support near 86.00 and resistance around 85.20–85.30. This is prompting interest from corporates and interbank to sell short-dated volatility. Two bankers said a prominent Indian conglomerate has been inquiring about selling 1-week to 1-month volatility - a strategy that pays off if the rupee continues to trade within its current range. "Volatility selling is making a comeback in a small way, and it makes sense considering the recent price action. The rupee's range feels pretty well locked in for now, and its reaction to headlines has been fairly limited," said the head of FX and rates at a mid-sized private sector bank. He added the rupee was finding support around the 86 level without visible intervention from the Reserve Bank of India, suggesting the market positioning by itself is keeping the dollar/rupee boxed in. Bankers noted that despite last week's barrage of U.S. tariff headlines, the rupee held firm in the 85.90–86.00 zone, underscoring the strength of the current range. The absence of a U.S.-India trade deal hasn't rattled the currency either. "The U.S.–India trade deal news flow is one to watch,” said Apurva Swarup, vice president at Shinhan Bank India. "Depending on how it evolves, we could see the current range on the rupee widen slightly — although not drastically. The broader tone still feels anchored." https://www.reuters.com/world/india/boxed-in-indian-rupee-revives-appetite-selling-short-term-volatility-2025-07-15/
2025-07-15 06:27
Operating rates at state refineries surpass 80% in late-June - Oilchem Refining output to rise by about 100,000 bpd in July from June, consultancies say Diesel, gasoline stocks at multi-year lows, partly due to teapot output cuts Q3 demand up seasonally but pressure remains SINGAPORE, July 15 (Reuters) - Chinese state-owned refiners are ramping up output after completing maintenance to meet higher third-quarter fuel demand and to rebuild diesel and gasoline stocks which are at multi-year lows, traders and analysts said. The increase in crude processing rates, expected to last through the third quarter, will drive up imports by the world's largest oil importer, although slowing gasoline and diesel consumption is expected to keep a lid on overall demand. Sign up here. Operating rates at state refineries surpassed 80% in the last week of June, up from about 73% a month earlier, the highest for the period in five years, data from consultancy Oilchem showed, as several Sinopec (600028.SS) , opens new tab refineries returned to operation from maintenance in the second quarter. China's overall refining throughput was 15.15 million barrels per day in June, the highest since September 2023, according to Reuters calculations based on official data released on Tuesday. The sharp ramp-up in state refinery operations was driven by low product stocks after two months of heavy maintenance in April and May that supported product profit margins, said Ye Lin, a vice president at Rystad Energy. "Demand for jet fuel and petrochemical feedstocks is growing healthily in China, driving more supply from the state-owned refineries," she added. Refined products output from state refiners Sinopec, PetroChina (601857.SS) , opens new tab, CNOOC (600938.SS) , opens new tab and Sinochem will exceed 10 million bpd in July, 100,000-110,000 bpd higher than June, according to consultancies FGE and JLC. FGE expects their output to hit 10.4 million bpd in July and August. JPMorgan analysts forecast China's refinery runs to increase year-on-year for the third and fourth quarters, following consecutive annual declines in the previous five quarters. Rising state refinery output pushed up diesel and gasoline stocks in the first two weeks of July, but at 14 million and 11 million metric tons, respectively, inventories are at six-year lows, Oilchem data showed. Official data showed China's January-May diesel and gasoline production fell 7% annually. That is partly because independent refineries, known as teapots, have been operating at just 40% to 50% of their capacity this year due to poor margins, and as U.S. sanctions made it harder for some to buy cheap Iranian oil, industry sources said. DEMAND China's oil demand will rise seasonally into September but will be restrained by the country's prolonged property sector downturn, trade tariffs and rising sales of electric cars and trucks, the sources and analysts said. Barclays estimates that China's oil demand grew about 330,000 bpd year-on-year in the first half this year, while full-year growth will ease to 150,000 bpd. For July, China's gasoline consumption has firmed due to the summer travel season, but diesel demand remains weak as extreme weather, such as heatwaves and floods, has delayed construction projects in some regions, sources and analysts said. Rystad's Ye expects teapots to increase runs in August to meet higher fuel demand in September. Diesel and gasoline make up more than 40% of China's oil demand. https://www.reuters.com/business/energy/china-state-refiners-ramp-up-output-rising-demand-stock-rebuild-2025-07-15/
