2025-06-30 12:17
MUMBAI, June 30 (Reuters) - India is likely to receive above-average rainfall in July after receiving 9% above-average rains in June, a senior weather department official said on Monday. All regions, except northeastern states and the southern states of Tamil Nadu and Kerala, are likely to receive rainfall equating to more than 106% of the 50-year average in July, Mrutyunjay Mohapatra, director-general of the India Meteorological Department (IMD), told a virtual news conference. Sign up here. https://www.reuters.com/sustainability/land-use-biodiversity/india-poised-above-average-july-rains-after-surplus-june-2025-06-30/
2025-06-30 12:08
MOSCOW, June 30 (Reuters) - Russia's government has been considering some tax relief for energy giant Gazprom (GAZP.MM) , opens new tab, offset by potentially higher taxes on other gas producers, a government source said on Monday. Novatek (NVTK.MM) , opens new tab and Rosneft (ROSN.MM) , opens new tab are also large gas producers in Russia. Sign up here. Moscow has to balance the need to boost military spending amid the conflict in Ukraine with tackling a rising budget deficit and providing sufficient support to Gazprom, which saw its lucrative sales to Europe collapse. Gazprom incurred losses of almost $7 billion in 2023, its first annual loss in more than 20 years, as much of Europe shunned its gas in protest over Russia's actions in Ukraine, and while the company earned $14.8 billion in 2024, it still paid no dividend. The company is now focused on boosting gas exports to Asia, especially to China, as a part of Moscow's pivot to the East. Interfax news agency first reported the government's possible plans to ease the tax burden on Gazprom, in line with President Vladimir Putin's order. It said, citing unidentified sources, that if lower taxes for Gazprom were introduced, the budget may be compensated by "appropriating" some profit generated by other gas producers. The source who spoke to Reuters confirmed there were such deliberations within the government, but there has been no decision yet. The government has already eased mineral extraction tax for Gazprom this year. ($1 = 78.5000 roubles) https://www.reuters.com/sustainability/boards-policy-regulation/russian-government-discusses-tax-relief-gazprom-source-says-2025-06-30/
2025-06-30 12:04
MOSCOW, June 30 (Reuters) - The Kremlin said on Monday that it had taken note of comments made by U.S. Senator Lindsey Graham who is sponsoring a tough new sanctions bill on Russia and that its backers should consider its impact on efforts to reach a peace deal on Ukraine. Graham said in an interview with ABC News on Sunday that President Donald Trump had told him that the sanctions bill - which would impose 500% tariffs on countries like China and India that buy Russian oil - should be brought forward for a vote. Sign up here. Graham called Trump's decision "a big breakthrough" which he said was part of efforts to bring Russian President Vladimir Putin to the negotiating table on Ukraine and give Trump "a tool" to bring that about. He stressed however that Trump had a waiver and could decide whether or not to sign it into law if and when it passes Congress. Asked about Graham's comments, Kremlin spokesman Dmitry Peskov said on Monday that Russia was aware of the U.S. senator's stance and had taken note of his statement. "The senator's views are well known to us, they are well known to the whole world. He belongs to a group of inveterate Russophobes. If it were up to him, these sanctions would have been imposed long ago," said Peskov. "Would that have helped the (Ukraine) settlement (process)? That is a question that those who initiate such events should ask themselves." https://www.reuters.com/world/china/kremlin-asked-about-us-sanctions-bill-suggests-it-would-impact-ukraine-peace-2025-06-30/
2025-06-30 12:00
June 30 (Reuters) - Wall Street brokerages had mixed recommendations on stablecoin issuer Circle Internet Group (CRCL.N) , opens new tab as they began coverage on Monday, with some analysts expressing concerns about its elevated valuation after the stock more than doubled since its market debut. The New York-based company's shares were up 4% in choppy early trading. Sign up here. Circle debuted this month at $69 per share in the first major IPO by a stablecoin issuer. The blockbuster flotation represents the biggest crypto listing since Coinbase's (COIN.O) , opens new tab 2021 debut. The company had priced its IPO at $31 per share. J.P. Morgan, Citigroup and Goldman Sachs were the lead underwriters for the offering. After the industry-mandated quiet period expired, Barclays, Bernstein, Canaccord Genuity and Needham launched coverage with the equivalent of 'buy' ratings and price targets above $200 betting on the rapid global adoption of stablecoins as they gain traction, positioning themselves to become integral to the traditional financial ecosystem. "CRCL is building a market-leading digital dollar stablecoin network, with a strong regulatory edge, liquidity headstart and marquee distribution partnerships. This is hard to replicate, in our view," Bernstein analysts said in a note. 'SWITZERLAND' OF STABLE COINS Circle is a blockchain infrastructure company best known for issuing USD Coin (USDC), a fully reserved, U.S. dollar-backed stablecoin used across crypto trading, payments, and decentralized finance. "Circle's strategic positioning as the "Switzerland" of stablecoins makes it a standout for long-term success," Canaccord analysts said. In June, the U.S. Senate passed the GENIUS Act with bipartisan support, marking a watershed moment for the digital asset industry by establishing the first federal regulatory framework for stablecoins. "CRCL is one of the only ways for public investors to play the blockchain infrastructure theme, and we believe stablecoins are nearing a pivotal turning point," Barclays noted. LOFTY VALUATIONS A CONCERN However, J.P. Morgan and Goldman Sachs pointed to the stock's elevated valuation, given its rapid rise since the IPO. J.P. Morgan started coverage with the most bearish view on Wall Street - an 'underweight' rating with a price target of $80, implying a downside of 56% from the stock's last close of $180.43. "We view CRCL’s business and growth attractively, but valuation appears elevated," said Goldman, as the brokerage started coverage with 'neutral' and $83 price target. As of last close, shares of Circle have sky-rocketed 161% since their market debut. "While we see potential for strong long-term industry adoption of stablecoins, the range of outcomes are very wide and likely to create substantial volatility in earnings revisions and the share price for at least the near-to-intermediate term," Deutsche Bank analysts added. Below are brokerage ratings and price targets on Circle: https://www.reuters.com/business/wall-street-analysts-bullish-circle-after-blockbuster-ipo-warn-sky-high-2025-06-30/
2025-06-30 11:55
More than 50,000 evacuated as wildfires rage in Turkey Spain on course for hottest June on record Heat warnings in Italy, France, Germany, Portugal, the Netherlands ISTANBUL/PARIS/BRUSSELS, June 30 (Reuters) - Firefighters battled wildfires in Turkey and France on Monday and more than 50,000 people were evacuated as an early summer heatwave hit Europe. Health alerts were issued in France, Spain, Italy, Portugal and Germany. Even the Netherlands, used to a milder climate, issued a warning for high temperatures in the coming days, coupled with high humidity. Sign up here. "Large parts of Western Europe are experiencing extreme heat and heatwave conditions that are normally observed in July or August, rather than June," said Samantha Burgess, Strategic Lead for Climate at the EU's Copernicus Climate Change Service. Temperatures were in some locations 5-10 degrees Celsius warmer than they otherwise should have been at this time of the year, she said. In Turkey, wildfires raged for a second day in the western province of Izmir, fanned by strong winds, Forestry Minister Ibrahim Yumakli said. More than 50,000 people have been evacuated from five regions, including more than 42,000 in Izmir, Turkey's AFAD emergency management authority said. Turkey's coastal regions have in recent years been ravaged by wildfires as summers have become hotter and drier, which scientists say is a result of human-induced climate change. In France, where temperatures are expected to peak on Tuesday and Wednesday, wildfires broke out on Sunday in the southwestern Aude department, where temperatures topped 40 degrees Celsius (104 degrees Fahrenheit), burning 400 hectares and forcing the evacuation of a campsite and an abbey, authorities said. The fires were under control but not yet extinguished, authorities said on Monday. Weather service Meteo France put a record 84 of the country's 101 departments on an orange heatwave alert from Monday until midweek. WESTERN EUROPE BAKES From spectators queuing at the All England Club for the Wimbledon tennis tournament to tourists at the Colosseum in Rome and Seville in Spain, people sweltered in the heat. "It's about 20 degrees warmer than I'm used to and I'm sunburnt all over," said tennis fan Scott Henderson, attending Wimbledon from Scotland. Spain is on course for its hottest June on record, the national meteorological service AEMET said. "Over the next few days, at least until Thursday, intense heat will continue in much of Spain," said Ruben del Campo, a spokesperson for the weather agency. In Seville, southern Spain, where global leaders gathered for a United Nations conference, temperatures hit 42 C. "It's awful," municipal worker Bernabe Rufo said as he cleaned a fountain. "We need to be looking for shade constantly." The top temperature in the country was registered at 43.7 C in El Granado. In Italy, the Health Ministry issued heatwave red alerts for 16 cities, including Rome and Milan. The Lombardy region, part of Italy's northern industrial heartland, is planning to ban open-air work in the hottest part of the day, heeding a request from trade unions, its president said. CONSUMERS URGED TO LIMIT WATER USE In Germany too, heat warnings were in place across large parts of western and southwestern regions on Monday, where temperatures climbed to up to 34 C. Authorities appealed to consumers to limit their use of water. The heatwave has lowered water levels on the Rhine River, hampering shipping and raising freight costs for cargo owners, commodity traders said. German and French baseload power prices for Tuesday surged as the heatwave led to increased demand for cooling. Heat can affect health in various ways, and experts are most concerned about older people and babies, as well as outdoor labourers and people struggling economically. Globally, extreme heat kills up to 480,000 people annually, surpassing the combined toll from floods, earthquakes and hurricanes, and poses growing risks to infrastructure, the economy and healthcare systems, Swiss Re said earlier this month. Scientists say the main cause of climate change is greenhouse gas emissions from burning fossil fuels. Last year was the planet's hottest on record. https://www.reuters.com/sustainability/climate-energy/wildfires-burn-turkey-france-early-heatwave-hits-2025-06-30/
2025-06-30 11:50
STUTTGART, June 30 (Reuters) - There has been no disruption to production due to limited raw material exports from China at German carmaker Mercedes-Benz (MBGn.DE) , opens new tab, a senior executive said on Monday. Joerg Burzer, head of production at Mercedes, said the company remained vigilant over supply chain risks, particularly a shortage of rare earths, but had not experienced any issues to date. Sign up here. "There's been no incident so far - I expect it will stay that way," Burzer told reporters, adding that the automaker had a clear view of its supply chain exposure and was prepared to act if necessary. China restricted exports of seven rare earths and related magnets in April in retaliation for U.S. tariffs. But the threat of mass shutdowns across the automotive supply chain is fading as the supply of Chinese rare earth magnets begins to flow again. Mercedes is continuing to assess whether further investment in parts or engine production is needed to support manufacturing in the United States, which would enhance supply chain stability and sustainability, Burzer said. https://www.reuters.com/business/autos-transportation/mercedes-says-no-supply-chain-disruptions-after-china-export-concerns-2025-06-30/
