2025-07-02 07:46
FRANKFURT, July 2 (Reuters) - AllUnity, a joint venture that includes Deutsche Bank's (DBKGn.DE) , opens new tab asset manager DWS (DWSG.DE) , opens new tab, said on Wednesday it had received a license by the German regulator BaFin to issue a euro stablecoin. The plans for the stablecoin have been in the works for more than a year. Sign up here. Stablecoins are digital tokens designed to keep a constant value and are backed by traditional currencies such as the U.S. dollar or euro. https://www.reuters.com/business/finance/dws-venture-gets-german-finance-regulators-approval-euro-stablecoin-2025-07-02/
2025-07-02 07:29
MADRID, July 2 (Reuters) - Blackstone's (BX.N) , opens new tab Spanish gambling company Cirsa opened its initial public offering to investors on Wednesday and will close it on July 7, a bookrunner said in a document seen by Reuters. The new shares in the company would be allocated to investors on July 7 and would start trading on the Spanish stock market on July 9. Sign up here. Cirsa seeks a valuation of 2.52 billion euros ($2.97 billion) in the IPO, it said on Monday. The casino operator expects the operation to be worth between 453 million euros and 521 million euros, including a so-called greenshoe option that allows it to float more shares if demand is strong enough and a secondary sale by existing shareholders, the bookrunner said. Bookrunners for the IPO include BBVA, Jefferies, Mediobanca, Societe Generale and UBS. Cirsa is controlled by U.S. private equity fund Blackstone and operates casinos and gambling platforms in Spain, where it is the largest casino operator, Italy, Morocco, as well as in Latin America. It entered Portugal and Puerto Rico last year. The IPO would be the first in Spain since travel tech company HBX Group (HBX.MC) , opens new tab raised 725 million euros in February in a deal that valued it at 2.84 billion euros at the time. ($1 = 0.8491 euros) https://www.reuters.com/business/finance/cirsas-spanish-ipo-open-investors-until-july-7-deal-valuing-it-nearly-3-bln-2025-07-02/
2025-07-02 07:21
July 2 (Reuters) - Iranian President Masoud Pezeshkian on Wednesday put into effect a law passed by parliament last month to suspend cooperation with the U.N. nuclear watchdog IAEA, Iranian state media reported. Sign up here. https://www.reuters.com/world/middle-east/iran-enacts-law-suspending-cooperation-with-un-nuclear-watchdog-2025-07-02/
2025-07-02 07:14
NE Asia ships up to 465,000 tons of jet fuel to Europe in June, sources say Mideast supply disruption fears boosted east-west arbitrage Newly-built LR2 tankers provide lower freight rates SINGAPORE, July 2 (Reuters) - Traders shipped the most jet fuel from Northeast Asia to Europe in almost a year in June as lower freight rates and ample Asian supplies spurred exports, according to shiptrackers and three trade sources, amid fears of a Middle East supply disruption. Some 350,000 metric tons (2.8 million barrels) of aviation fuel is heading to Europe from South Korea and China, Kpler data showed, with some trader estimates at 465,000 tons for bookings made in June. Sign up here. These shipments are expected to slightly ease Asia's jet fuel oversupply and provide a floor to prices in the near term, analysts said. Vitol, BP (BP.L) , opens new tab, Aramco Trading, Gunvor and Unipec, the trading arm of Asia's largest refiner Sinopec (600028.SS) , opens new tab, chartered the five tankers that loaded in June, the data showed. Vitol and Saudi Aramco declined to comment on the matter, while Gunvor, Unipec and BP did not immediately respond to requests for comment. Northeast Asia jet fuel exports rose in June as refiners increased production after completing maintenance at their plants and as "product cracks" strengthened, Vortexa's head of APAC analysis Ivan Mathews said, referring to fuel profit margins. Traders mainly pivoted their spot cargoes to the West to cash in on lucrative margins and a drop in freight rates, given a lack of spot buying interest from regional importers recently, two Singapore-based trade sources said. These trade flows "were purely opportunistic, spurred by geopolitical tensions that sent Northwest Europe cracks surging, while freight rates on modern newbuild vessels remained attractive enough to justify the move", said Kpler senior lead research analyst Zameer Yusof. Physical jet fuel prices in Northwest Europe were $60 to $80 per ton higher than in Asia for most of June, LSEG data showed. Europe's jet fuel demand typically rises in summer, a peak travel season. June flight numbers there were up 5.2% on year and 7.8% on month, a Eurocontrol report showed. At the same time, jet fuel prices in Europe rose on fears supply might be disrupted due to conflict in the Middle East. Meanwhile, the cost to ship 90,000 tons of jet fuel on LR2 tankers fell to a one-month low of about $40 to $45 per ton for bookings made before the Iran-Israel conflict began on June 13. At least four new LR2 vessels have been booked to carry jet fuel from east to west in June and July, data from two shipping sources showed. Typically, maiden voyages on new vessels will be cheaper because some owners want to accumulate tracking history and mileage, one shipbroking source said. But analysts did not expect Asian jet fuel prices to rise with the increase in exports to Europe. "Asia remains chronically net long jet/kero by around 625 kbd in June and July, and Europe-bound flows won’t make a meaningful dent in that surplus," Kpler's Yusof said. "It's hard to stay constructive when China is targeting jet/kero exports exceeding 2 million tons per month." China exported 1.92 million tons of jet fuel in May, up 20% on year. https://www.reuters.com/business/energy/northeast-asia-sends-most-jet-fuel-europe-nearly-year-june-2025-07-02/
2025-07-02 07:00
JAKARTA, July 2 (Reuters) - Indonesia plans to cut the duration of mining quotas back to one year from the current three years to improve governance in the sector and better control coal and ore supplies, mining minister Bahlil Lahadalia said on Wednesday. Resource-rich Indonesia extended the validity of mining production quotas, locally known as RKAB, to three years in 2023 to ease red tape. Sign up here. Miners in Indonesia are required to seek RKAB approval to determine how much ore they may dig out over a period of time. "Because we allowed three-year RKAB, we could not control the balance between coal production and global demand ... Same thing happened to nickel, as well as bauxite," Bahlil told members of parliament. The switch back to one year was proposed to the minister by lawmakers overseeing the mining sector. The move is expected to help underpin prices of coal and ores and boost government revenues, Bahlil added. https://www.reuters.com/markets/commodities/indonesia-plans-cut-mining-quota-period-back-one-year-minister-says-2025-07-02/
2025-07-02 06:40
Iran suspending cooperation with IAEA boosts geopolitical risk premium: analyst Weaker US dollar supportive of oil prices Up next: official US crude inventory report from EIA at 1430 GMT LONDON, July 2 (Reuters) - Oil futures edged up on Wednesday as Iran suspended cooperation with the U.N. nuclear watchdog and markets weighed expectations of more supply from major producers next month while the U.S. dollar softened further. Brent crude added 92 cents, or 1.4%, to $68.03 a barrel at 1125 GMT, while U.S. West Texas Intermediate crude rose 89 cents, or 1.4%, to $66.34 a barrel. Sign up here. Brent has traded between a high of $69.05 a barrel and low of $66.34 since June 25, as concerns of supply disruptions in the Middle East producing region have ebbed following the ceasefire between Iran and Israel. Iran put into effect a law on Wednesday that stipulates that any future inspection of its nuclear sites by the International Atomic Energy Agency needs approval by Tehran's Supreme National Security Council. The country has accused the institution of siding with Western countries and providing a justification for Israel's air strikes. "The market is pricing in some geopolitical risk premium from Iran's move on the IAEA," said Giovanni Staunovo, commodity analyst at UBS. "But this is about sentiment, there are no disruptions to oil." Planned supply increases by the Organization of the Petroleum Exporting Countries and its allies including Russia, know as OPEC+, appear already priced in by investors and are unlikely to catch markets off-guard again imminently, said Phillip Nova senior market analyst Priyanka Sachdeva. Four OPEC+ sources told Reuters last week the group plans to raise output by 411,000 barrels per day next month when it meets on July 6, a similar amount to hikes agreed for May, June and July. "We are all talking about additional supply coming to the market, but the supply has not really hit the market," Staunovo said. "Probably because it's being consumed domestically." Saudi Arabia lifted shipments in June by 450,000 bpd from May, according to data from Kpler, its highest in more than a year. However, overall OPEC+ exports are relatively flat to slightly down since March, Staunovo said. He expects this to persist over the summer as hot weather drives higher energy demand. The greenback continued to weaken, falling to a 3-1/2-year low against major peers earlier on Wednesday. A weaker dollar tends to support oil prices, as it could boost demand for buyers paying in other currencies. U.S. non-farm payrolls data due on Thursday will shape expectations around the depth and timing of interest rate cuts by the Federal Reserve in the second half of this year, said Tony Sycamore, analyst at IG. Lower interest rates could spur economic activity which would in turn boost oil demand. Official U.S. oil stockpile data from the Energy Information Administration is due Wednesday at 10:30 a.m. ET. American Petroleum Institute data late on Tuesday showed U.S. crude oil inventories rose by 680,000 barrels in the past week at a time when stockpiles typically draw amid the summer demand season, sources said. https://www.reuters.com/business/energy/oil-prices-little-changed-investors-look-ahead-opec-meeting-2025-07-02/
