2025-06-30 11:46
June 30 (Reuters) - Sterling was on track for its biggest quarterly rise against the dollar in more than two years on Monday, aided by weakness in the dollar across the board and optimism over a trade deal between the United States and Britain. The pound has been among the top beneficiaries of the "sell America" narrative that has dominated much of market sentiment over the past six months, as investors worry that U.S. President Donald Trump's erratic style of policymaking could trigger a U.S. recession that hurt global economies. Sign up here. The British currency is on track for its strongest quarterly performance since October 2022, having gained about 6% against the U.S. dollar. It has appreciated more than 9% during the past six months. On Monday, the pound see-sawed between marginal gains and losses and was last down 0.1% at $1.3705, having rallied over the past two weeks. Against the euro, the currency slipped, with the euro last up 0.2% at 85.59 pence. Investors were also looking favourably upon British assets, as Britain was first among global economies to strike a trade deal with the United States. An agreement to lower U.S. tariffs on some industrial items from Britain also came into effect on Monday. "The UK was first out of the block in terms of getting a deal signed with the United States, although there is still going to be pockets of uncertainty to some sectors," said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown. "Even so, it has again brought more stability in terms of the relationship that the UK has with the U.S... compared to the European Union, where there (are) still no agreements." Meanwhile, data confirmed that the British economy grew at its fastest pace in a year in the first three months of 2025, though signs of softening consumer demand could potentially weigh on the economy in the months ahead. Markets are pricing in the likelihood that the Bank of England could deliver 50 basis points worth of interest rate cuts by December, with the first expected in September, according to data compiled by LSEG. Other British assets were also poised to finish the quarter on a strong note, with domestically-exposed FTSE 250 mid-cap stocks (.FTMC) , opens new tab set for their best quarterly performance since October 2020. https://www.reuters.com/world/uk/sterling-heads-biggest-quarterly-jump-more-than-two-years-2025-06-30/
2025-06-30 11:37
Guinea's bauxite exports surged 39% despite major mine closures Chinese companies dominate Guinea's bauxite export boom Guinea expands port infrastructure to handle surging demand DAKAR, June 30 (Reuters) - Guinea's exports of bauxite, a feedstock for aluminium, surged 39% to a record 48.6 million metric tons in the first quarter though regulatory crackdowns sidelined major operators, official data obtained by Reuters showed. Most of this bauxite was shipped to China, where aluminium production has recovered. In the first five months of the year, China produced 18.59 million tons, a rise of 4.0% from the same period last year, data from its National Bureau of Statistics showed. Sign up here. Guinea, the world's second-largest bauxite producer, shipped 312 vessels compared to 225 ships carrying 34.9 million tons in Q1, 2024, according to Guinea's Ministry of Mines and Geology. Shipments from Guinea soared even as an export ban on Emirates Global Aluminium's local unit - which shipped 3.6 million tons in Q1, 2024 - remained in effect, while a regulatory cleanup curtailed exports from other key operators including China Hongqiao's subsidiary AGB2A/SDM. Current weekly exports of 3.7 million tons point to an annualized rate of 199 million tons in 2025, up from 146 million tons last year, said Bernabe Sanchez, an independent mineral economist focused on Guinea. This underscores the sector's resilience amid continuing strong Chinese demand from the military-ruled West African nation since 2016, said Sanchez. Chinese-controlled companies dominated the Q1 export boom, with Société Minière de Boké (SMB) leading at 18.4 million tons, up 41% from 13.1 million tons in Q1 2024. China’s state-owned Chalco increased shipments by 35% to 5.1 million tons from 3.8 million tons, while AGB2A/SDM exported eight million tons despite regulatory challenges. The data further underscores China's tightening grip on Guinea's bauxite resources as Beijing ramps up aluminum production. China imported 158.7 million tons of bauxite in 2024, with Guinea accounting for almost 70% of supplies. Guinea, which supplies around half the world's bauxite, has expanded port infrastructure to handle surging bauxite demand. https://www.reuters.com/world/africa/guinea-ships-record-486-million-tons-bauxite-china-demand-rises-2025-06-30/
2025-06-30 11:36
BEIJING, June 30 (Reuters) - China will extend its anti-dumping duties on some stainless steel products from certain countries and regions for another five years from Tuesday in a bid to protect domestic manufacturers. Imports of stainless steel billet and hot rolled stainless steel plate originating from European Union, United Kingdom, South Korea and Indonesia will remain subject to the anti-dumping duties ranging from 20.2% to 103.1%, China's commerce ministry said in a statement. Sign up here. "The harm to the domestic industry will likely to continue if the anti-dumping measures are terminated," the statement said. Stainless steel billet is used to make finished stainless steel products while the hot-rolled stainless steel plate is typically used in sectors including shipmaking, containers, railway and power. https://www.reuters.com/world/china/china-extend-anti-dumping-duties-imports-some-stainless-steel-2025-06-30/
2025-06-30 11:28
Comes weeks after UK's Grangemouth refinery stopped processing Closure of Lindsey would increase UK's reliance on imports Government calls for investigation into directors, insolvency LONDON, June 30 (Reuters) - Britain's Lindsey oil refinery has begun insolvency proceedings, putting hundreds of jobs at risk and potentially increasing the country's reliance on fuel imports just weeks after its Grangemouth refinery stopped processing oil. Lindsey is one of six remaining oil refineries in Britain, according to the U.S. Energy Information Administration, and employs around 420 people, according to FTI, the refinery's special manager through the insolvency process. Sign up here. Lindsey, with the capacity to refine 113,000 barrels per day according to the website of its owner Prax, has been placed under a winding-up order alongside Prax Storage Lindsey Limited and Prax Terminals Killingholme Limited, the government said on its insolvency service website. FTI Consulting has been appointed special manager of the companies, tasked with helping to liquidate them. "There have been longstanding issues with this company and workers have been badly let down," Energy Minister Michael Shanks said in a statement. "The Secretary of State is today writing to the Insolvency Service to demand an immediate investigation into the conduct of the directors, and the circumstances surrounding this insolvency." Prax, led by Chairman and CEO Sanjeev Kumar Soosaipillai, could not immediately be reached for comment. It bought Lindsey from TotalEnergies (TTEF.PA) , opens new tab in 2021 for around $168 million, according to a Prax presentation. In another presentation, Prax said that last year it recorded adjusted earnings before interest, tax, depreciation and amortisation of $120.4 million and that its adjusted net debt to equity ratio stood at 0.31 times in February 2024. Earlier on Monday, management consultancy firm Teneo said it had been appointed administrator of State Oil Limited, Prax's parent group. Teneo also said staff at Lindsey were currently remaining in place and being paid. State Oil joint Administrator Clare Boardman, of Teneo, said that all options would be considered, including a sale of Prax's upstream business and retail operations in Britain and Europe, all of which remain outside of insolvency. Prax's upstream business consists of the Lancaster oilfield in the British North Sea, a geologically complex project which has been in an early production phase for years. It produced around 6,300 bpd last year, according to a presentation on Prax's website. Prax runs around 250 retail fuel sites in Britain, including TotalEnergies-branded stations, in addition to petrol stations in Germany, Austria, Switzerland and Denmark. ($1 = 0.7299 pounds) https://www.reuters.com/business/energy/parent-company-prax-owner-uks-lindsey-oil-refinery-administration-2025-06-30/
2025-06-30 11:28
BEIJING, June 30 (Reuters) - China's commerce ministry on Monday urged Canada to "immediately correct its wrongdoings" after Ottawa ordered the Chinese company Hikvision (002415.SZ) , opens new tab to cease operation in the country, citing national security concerns. In a statement published on its website, the Chinese ministry vowed to take the "necessary measures" to safeguard the legitimate rights and interests of Chinese businesses. Sign up here. "The government has determined that Hikvision Canada Inc's continued operations in Canada would be injurious to Canada's national security," Canadian Industry Minister Melanie Joly said on X, adding the decision was taken after a multi-step review of information provided by Canada's security and intelligence community. China's foreign ministry on Monday also expressed strong opposition to Canada's move and said it has lodged stern representations with the Canadian side. The foreign ministry accused Canada of generalising the concept of national security and suppressing Chinese enterprises and urged it to provide a fair, just and non-discriminatory environment for Chinese companies. https://www.reuters.com/business/media-telecom/china-urges-canada-correct-wrongdoing-over-hikvision-shutdown-2025-06-30/
2025-06-30 11:06
SHANGHAI/HONG KONG, June 30 (Reuters) - Hong Kong-listed shares of OSL Group (0863.HK) , opens new tab jumped 10% to their highest in almost four years on Monday after the digital asset trading platform said it had acquired Canadian-based crypto infrastructure provider Banxa. The Banxa deal announced late on Friday is the latest in a string of overseas asset purchases over the past year. OSL's finance chief said it would accelerate its global expansion plans to tap into growing interest in cryptocurrencies. Sign up here. "We will continue global expansion through both acquisitions and license applications," Ivan Wong told Reuters on Monday. Having a global footprint is crucial to OSL's ambition to be a bigger player in cross-border payments, and Wong said the company will seek to issue stablecoins - cryptocurrencies pegged to assets such as fiat currencies. Hong Kong is setting up a licensing framework for stablecoin issuers. Stablecoins will potentially expedite cross-border payments and benefit a regional economy facing challenges from geopolitical tensions, Hong Kong financial secretary Paul Chan said in a blog post over the weekend. "Stablecoins are getting more and more popular among institutions globally," said Wong, adding OSL was preparing for licence applications. Hong Kong's stablecoin bill comes into effect on August 1. China's Ant Group (AGGG.PK) , opens new tab and JD.com (9618.HK) , opens new tab have said they plan to issue stablecoins in Hong Kong via offshore units. In addition to Hong Kong, OSL also aims to issue stablecoins in other regions, Wong said. Since transforming last year into a company fully dedicated to digital assets, OSL has secured an exchange licence in Australia and completed acquisitions in Japan and Europe. The company will close an acquisition in Indonesia next month, and plans to apply for crypto-related licenses in three regions this year, he said. OSL will also step up investment in the so-called Real-World-Assets business, converting traditional assets into digital tokens. https://www.reuters.com/business/finance/hong-kong-based-crypto-platform-osl-shares-jump-canadian-acquisition-2025-06-30/
