2025-07-26 05:34

BRUSSELS, July 26 (Reuters) - Qatar has threatened to cut gas supplies to the European Union in response to the bloc's due diligence law on forced labour and environmental damage, a letter from Qatar to the Belgian government, seen by Reuters, showed. Qatar is the world's third-largest exporter of liquefied natural gas (LNG), after the United States and Australia. It has provided between 12% and 14% of Europe's LNG since Russia's 2022 invasion of Ukraine. Sign up here. In a letter to the Belgian government dated May 21, Qatari Energy Minister Saad al-Kaabi said the country was reacting to the EU's corporate sustainability due diligence directive (CSDDD), which requires larger companies operating in the EU to find and fix human rights and environmental issues in their supply chains. "Put simply, if further changes are not made to CSDDD, the State of Qatar and QatarEnergy will have no choice but to seriously consider alternative markets outside of the EU for our LNG and other products, which offer a more stable and welcoming business environment," said the letter. A spokesperson for Belgium's representation to the EU declined to comment on the letter, which was first reported by German newspaper Welt am Sonntag. The European Commission also received a letter from Qatar, dated May 13, a Commission spokesperson told Reuters, noting that EU lawmakers and countries are currently negotiating changes to the CSDDDD. "It is now for them to negotiate and adopt the substantive simplification changes proposed by the Commission," the spokesperson said. Brussels proposed changes to the CSDDD earlier this year to reduce its requirements - including by delaying its launch by a year, to mid-2028, and limiting the checks companies will have to make down their supply chains. Companies that fail to comply could face fines of up to 5% of global turnover. Qatar said the EU's changes had not gone far enough. In the letter, Kaabi said Qatar was particularly concerned about the CSDDD's requirement for companies have a climate change transition plan aligned with preventing global warming exceeding 1.5 celsius - the goal of the Paris Agreement. "Neither the State of Qatar nor QatarEnergy have any plans to achieve net zero in the near future," said the letter, which said the CSDDD undermined countries' right to set their own national contributions towards the Paris Agreement goals. In an annex to the letter, also seen by Reuters, Qatar proposed removing the section of CSDDD which includes the requirement for climate transition plans. Kaabi is also chief executive of QatarEnergy (QATPE.UL). Qatar Energy gas has long-term supply contracts with major European companies, including Shell (SHEL.L) , opens new tab, TotalEnergies (TTEF.PA) , opens new tab and ENI (ENI.MI) , opens new tab. https://www.reuters.com/sustainability/climate-energy/qatar-threatened-cut-eu-lng-supplies-over-sustainability-law-letter-shows-2025-07-26/

2025-07-26 03:57

BEIJING, July 26 (Reuters) - Beijing has issued a warning for potential geological disasters, including landslides and mudslides, across 10 of the city's 16 districts, the capital's meteorological agency said on Saturday. The alert comes after intense rainfall on Friday, with city authorities also warning of flash floods in mountainous areas on Saturday. Sign up here. https://www.reuters.com/business/environment/beijing-issues-warning-geological-disasters-after-intense-rainfall-2025-07-26/

2025-07-26 02:27

Deadline looms for exclusive talks to sell 43 CK Hutchison ports Ports deal talks include two along Panama Canal Sunday deadline likely to be extended, sources say Deal has become increasingly politicised amid US-China trade war HONG KONG, July 25 (Reuters) - CK Hutchison's (0001.HK) , opens new tab plan to sell most of its $22.8 billion ports business is unlikely to be finalised anytime soon, with political brinkmanship set to continue, and sources saying that a Sunday deadline for exclusive talks was likely to be extended. The Hong Kong conglomerate's plan to sell the business, which would include two ports along the strategically important Panama Canal, to a consortium led by BlackRock (BLK.N) , opens new tab and Italian billionaire Gianluigi Aponte's family-run shipping company MSC, has become politicised amid an escalating China-U.S. trade war. Sign up here. Negotiations for the deal, which covers 43 ports in 23 countries, are on an exclusive basis between CK Hutchison, controlled by Hong Kong tycoon Li Ka-shing, and the consortium for 145 days until Sunday, according to the terms announced in March. The deal talks, however, are unlikely to collapse if the two parties do not ink a pact by Sunday, with three people close to the ports-to-telecoms conglomerate saying the parties could extend the deadline to continue exclusive negotiations. The first part of the deal - definitive documentation to sell two port operations near the Panama Canal - was also not signed by an April 2 deadline set in the sales announcement. The people declined to be named due to the sensitivity of the matter. BlackRock declined to comment. CK Hutchison and MSC Mediterranean Shipping Company, which CK Hutchison said in May was the main investor in the consortium, did not respond to requests for comment. U.S. President Donald Trump hailed the deal as "reclaiming" the Panama Canal, after his administration previously called for the removal of what it said was Chinese ownership of the ports near the canal. But in April, China's top market regulator said that it was paying close attention to CK Hutchison's planned sale and that parties to the deal should not try to avoid an antitrust review. Beijing's stance on the planned deal was made public after pro-China media launched a stinging criticism, saying China had significant national interests in the transaction and it would be a betrayal of the country. "I think at this moment it's not very optimistic that they can directly sell the ports to the consortium," said Jackson Chan, global fixed income senior manager at FSMOne Hong Kong, which has clients holding CK Hutchison bonds. "The market has already digested the news, even if it announces next week that it won't sell anymore, I don't think it'll be a shock because the market understands it wouldn't have a large impact on its operations." DEAL RISKS CK Hutchison shares, which jumped 33% the following two days after the deal was announced in early March, erased all of the gains by mid-April. But since then it regained lost ground along with the rise in the broader Hong Kong market index (.HSI) , opens new tab. The outlook for the deal has been clouded further in recent days, with a separate source telling Reuters that Chinese ports operator China Cosco Shipping Corp (COSCO) was also looking to join the consortium to buy the ports business. COSCO is requesting veto rights or equivalent power in the entity that will take over 43 ports from CK Hutchison, Bloomberg News reported this week, citing people familiar with the matter. COSCO did not respond to a request for comment. Responding to Reuters' emailed queries on the deal prospects and possible involvement of COSCO in the consortium, a White House official said: "As the president said, we didn't give it to China. We gave it to Panama, and we're taking it back." The official did not elaborate. The existing consortium would likely allow COSCO into the deal, said Cathy Seifert, an analyst at CFRA Research. "The bigger risk to the deal being consummated, in my opinion, is likely the Trump administration, which is likely to block a deal that would include China," said the New Jersey-based analyst who tracks BlackRock. Ballingal Investment Advisors strategist David Blennerhassett, who publishes on the independent online research platform Smartkarma, said the addition of COSCO in the consortium was likely to enrage Trump. "Trump, who has a handful of issues already on his plate, would be incandescent," he said. https://www.reuters.com/world/china/ck-hutchison-ports-deal-deadline-likely-be-extended-geopolitics-weigh-sources-2025-07-25/

2025-07-25 23:21

Sanctions lifted on some allies of Myanmar generals Myanmar military overthrew democratically elected government Trump administration official says no shift in US Myanmar policy Human Rights Watch calls US move 'extremely worrying' WASHINGTON, July 24 (Reuters) - The United States has lifted sanctions designations on several allies of Myanmar's ruling generals that had been imposed under the former Biden administration. The U.S. Treasury Department announcement on Thursday came two weeks after the head of Myanmar's ruling junta praised President Donald Trump in a letter and called for an easing of sanctions in a letter responding to a tariff warning. Administration officials said there was no link between the letter and the sanctions decision. Sign up here. 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. The Treasury Department declined to say why the individuals had been removed from the list. In a statement to Reuters, Deputy Treasury Secretary Michael Faulkender said: "Individuals, including in this case, are regularly added and removed from the Specially Designated Nationals and Blocked Persons List (SDN List) in the ordinary course of business." LETTER ON TARIFFS Early this month, as part of a slate of import tariffs ordered by Trump, Myanmar was notified of a 40% tariff to take effect on August 1. On July 11, Myanmar's ruling military general, Min Aung Hlaing, responded by proposing a reduced rate of 10% to 20%, with Myanmar slashing its levy on U.S. imports to a range of zero to 10%. He said he was ready to send a negotiating 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," Myanmar state media said at the time. 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." A senior Trump administration official said the decision to lift sanctions was unrelated to the general's letter. "The decision to lift sanctions reflects a lengthy process that began in the prior administration," said the official, speaking on condition of anonymity. "There is no connection between these decisions and the letter." White House spokeswoman Anna Kelly said that sanctions delistings "were collected over the last year in accordance with standard Treasury course of business." John Sifton, Asia advocacy director of Human Rights Watch, called the sanctions move "extremely worrying." "The action suggests a major shift is underway in U.S. policy, which had centered on punitive action against Myanmar's military regime," he said in emailed comments. Myanmar's military overthrew a democratically elected government in 2021 and has been implicated in crimes against humanity and genocide. Kelly rejected the Human Rights Watch comments as "fake news," and a second senior Trump administration official said the sanctions decisions were not indicative of a broader shift in U.S. policy toward Myanmar. ADDED TO SANCTIONS LIST IN 2022 KT Services & Logistics and Jonathan Myo Kyaw Thaung were added to the sanctions list in January 2022 under the administration of U.S. President Joe Biden 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 defence 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. Representative Ami Bera, the top Democrat on the House Foreign Affairs Asia subcommittee, in a statement to Reuters called the decision to lift sanctions against the individuals "a bad idea" that "goes against our values of freedom and democracy." Other U.S. sanctions on Myanmar generals, including on Min Aung Hlaing, remain in place. 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-some-myanmar-sanctions-says-no-link-generals-letter-trump-2025-07-25/

2025-07-25 21:35

July 25 (Reuters) - President Volodymyr Zelenskiy said on Friday that Ukrainian forces were facing fierce fighting around the city of Pokrovsk in the east, a logistics hub near which Russia has been announcing the capture of villages on an almost daily basis. Zelenskiy, speaking in his nightly video address, said Ukraine's top commander, Oleksandr Syrskyi, told a meeting of senior officials that the situation around Pokrovsk was the current focal point of its attention in the war, which began when Russia invaded in February 2022. Sign up here. "All operational directions were covered, with particular focus on Pokrovsk. It receives the most attention," Zelenskiy said. Ukrainian forces, he said, were also "continuing to act" in border areas in the northern Sumy region, where Russian troops have gained a foothold in recent weeks. Syrskyi, in a separate report on the Telegram messaging app, described Pokrovsk and five other sectors as among the most difficult theatres along the 1,000-km (620-mile) front. "The Russian Federation is paying the maximum price for attempting a 'summer offensive,'" Syrskyi wrote. Russian forces have for months been trying to close in on Pokrovsk, a road and rail hub whose pre-war population of about 60,000 has been all but evacuated. Syrskyi in May reported that Kyiv's troops had stabilised the situation around the town, also the site of the only colliery in Ukraine producing coking coal for the country's steel industry. Russia's Defence Ministry on Thursday announced the capture of two villages on either side of Pokrovsk -- Zvirove to the west and Novoekonomichne to the east. A third village near the city -- Novotoretske -- was declared by Moscow to be "liberated" earlier in the week. Ukrainian officials have made no acknowledgement that the villages have changed hands. The General Staff of Ukraine's military said in an evening report that two of them -- Zvirove and Novoekonomichne - were in areas where Russian troops were trying to penetrate Ukrainian defences. In Sumy region, where Russian troops are trying to establish what Kremlin leader Vladimir Putin calls a "buffer zone", the popular Ukrainian military blog DeepState said Kyiv's forces had retaken a previously lost village. DeepState, which relies on open source reports to track the presence of Russian forces, said Ukrainian troops had restored control over the village of Kindrativka. There was no official comment from either side. https://www.reuters.com/world/ukraine-facing-fierce-fighting-around-eastern-city-pokrovsk-zelenskiy-says-2025-07-25/

2025-07-25 21:04

NEW YORK, July 26 (Reuters) - Investors are hopeful a potential trade deal between the U.S. and European Union could bring more certainty to markets ahead of next Friday's tariffs deadline. European Commission President Ursula von der Leyen was set to meet U.S. President Donald Trump on Sunday in Scotland after EU officials and diplomats said they expected to reach a framework deal this weekend. Trump on Friday said there was a 50-50 chance or perhaps less that the U.S. would reach a trade agreement with the EU. Sign up here. Trade tensions between the U.S. and Europe may have provided some investors with a rationale to be cautious, said Sameer Samana, head of global equities and real assets at the Wells Fargo Investment Institute. "It's one of our largest trading relationships... So if that last piece falls into place, then you've probably got at the margin more people that have to get back in the markets," Samana said. "It's been a source of uncertainty that will go away." A deal would likely include a 15% baseline tariff on all EU goods entering the U.S. and probably a 50% tariff on European steel and aluminum, the officials and diplomats said. Optimism over easing trade tensions broadly has helped push U.S. stocks to record highs. Trump's April 2 "Liberation Day" announcement of sweeping global tariffs sent stocks plunging in the immediate aftermath, due to spiking fears about a recession that have since faded. Still, investors have been bracing for increased volatility heading into August 1, which the U.S. has set as a deadline for raising levies on a broad swath of trading partners. The EU is facing U.S. tariffs on more than 70% of its exports - 50% on steel and aluminum, 25% on cars and car parts and a 10% levy on most other EU goods, which Trump has said he would hike to 30% on August 1. Hopes for a deal with Europe rose after Trump struck a trade agreement with Japan earlier in the week. "The deal with Japan and the likely one soon with the EU are especially important given both are major U.S. trading partners, together accounting for about a quarter of all goods imports," analysts at Capital Economics said in a note on Friday. In the agreement with Japan, the country's auto sector, which accounts for more than a quarter of its U.S. exports, will see existing tariffs cut to 15% from levies totaling 27.5% previously. An agreement that also lowers EU auto tariffs to 15% "would be no small deal" for the region as well, as about 10% of its shipments to the U.S. are in the same category, Capital Economics said. Investors over the weekend were also watching for developments on trade between the U.S. and China. Officials from the two countries plan to meet in Stockholm next week to discuss extending an August 12 deadline for negotiating a deal. https://www.reuters.com/business/autos-transportation/investors-eye-possible-us-europe-trade-deal-deadline-looms-2025-07-25/