2026-01-16 07:38
TOKYO, Jan 16 (Reuters) - A railway power outage in Tokyo disrupted the morning commute for roughly 673,000 passengers Friday as two main lines servicing some of the world's busiest stations were halted. Trains on East Japan Railway's (JR East) (9020.T) , opens new tab Yamanote and Keihin-Tohoku lines were halted for up to nine hours Friday, the railway operator said. Sign up here. JR East said a failure to restore power after overnight maintenance work at Tokyo's Tamachi Station left both lines without electricity early Friday. A spokesperson said smoke was seen coming from a track-side equipment box near the station. Passengers were seen disembarking from a Keihin-Tohoku train stranded between stations and walking along the tracks to evacuate, assisted by firefighters and railway staff. Images on social media showed commuters packing busy stations. The Yamanote Line passes through stations including Shinjuku, which handles about 3.5 million passengers daily. The Keihin-Tohoku Line serves major hubs such as Tokyo and Yokohama. https://www.reuters.com/world/asia-pacific/power-outage-halts-tokyo-commuter-train-lines-disrupting-thousands-2026-01-16/
2026-01-16 06:58
Leviathan expansion to boost gas supply to Egypt and Jordan Expansion project budgeted at $2.36 billion, operational by 2029 Egypt relies on Israel for gas amid declining domestic production Jan 16 (Reuters) - Chevron (CVX.N) , opens new tab and partners on Friday approved plans to vastly expand production at Israel's sprawling Leviathan gas field, a project set to supply Egypt and others with more than $35 billion worth of natural gas. The expansion will boost gas deliveries from Leviathan by 9 billion cubic metres (bcm) per year to about 21 bcm, flows expected to supply the region as well as Europe in the form of liquefied natural gas. Sign up here. Leviathan is one of the Eastern Mediterranean's largest gas fields with an estimated 635 bcm in recoverable gas. The expansion will raise Israel's total gas output by more than 25%, said partner firm NewMed Energy (NWMDp.TA) , opens new tab. U.S. major Chevron and partners reached agreement with Egypt on gas exports last year as Egyptian production declined and despite Palestinian group Hamas' deadly attack on Israel on October 7, 2023, and Israel's subsequent war on Gaza that left tens of thousands dead. Egypt's gas production began to drop in 2022, forcing it to abandon its ambitions to become a regional supply hub. It has increasingly turned to Israel, with which it has a peace deal, to make up the shortfall. The Leviathan expansion project, which has a budget of $2.36 billion, is expected to come online in 2029, NewMed said. Leviathan's partners include Chevron Mediterranean Ltd as the operator with a 39.66% stake, NewMed with 45.34% and Ratio Energies (RATIp.TA) , opens new tab with a 15% share. Shares in NewMed rose 5.2% by 0913 GMT in Tel Aviv trade and Ratio gained 3.7%. Sales from Leviathan, which was discovered in 2010, reached about 10.9 bcm in 2025, or about $2.23 billion, NewMed said. Chevron's broader Eastern Mediterranean assets include Tamar gas-producing field offshore Israel and the Aphrodite gas field offshore Cyprus, which is under development. https://www.reuters.com/business/energy/chevron-takes-final-investment-decision-leviathan-gas-expansion-2026-01-16/
2026-01-16 06:48
DUBAI, Jan 16 (Reuters) - Electric air taxis developed by Joby Aviation (JOBY.N) , opens new tab are set to begin commercial operations in Dubai by the end of this year, Dubai's Roads and Transport Authority Chairman Mattar Al Tayer said on Friday. Joby Aviation conducted the first test flight of its fully electric air taxi in the emirate in June 2025, a major milestone in Dubai's efforts to introduce them into its existing transport networks. Sign up here. The Joby Aerial Taxi, the flagship electric vertical take-off and landing aircraft developed by the California-based company, can fly distances of up to 160 kilometers (100 miles) at speeds reaching 320km/hr (200mph). With zero operating emissions, Joby's air taxi is designed to be both eco-friendly and quiet enough for commercial use in dense urban areas. In early 2024, Joby signed a contract with Dubai's Roads and Transport Authority that awarded the company exclusive rights to operate aerial taxis in the city for the next six years. https://www.reuters.com/world/middle-east/dubai-air-taxis-begin-operations-by-year-end-rta-chairman-says-2026-01-16/
2026-01-16 06:41
KUALA LUMPUR, Jan 16 (Reuters) - The United States has lifted a ban on Malaysian palm oil firm FGV Holdings , after finding that the company had taken sufficient action to address allegations of forced labour. "The U.S. will no longer detain at ports of entry palm oil and palm oil products produced by FGV and, effective immediately, will allow palm oil and palm oil products produced by FGV provided they are otherwise compliant with U.S. laws," the U.S. Customs and Border Protection agency said in a statement dated Thursday. Sign up here. In 2020, the agency banned FGV over accusations of forced labour on its plantations. FGV petitioned the agency in July 2024 to modify an order detaining its palm oil and palm oil products as imports suspected of having been made with forced labour. FGV in a statement said that the lifting of the ban reflects the significant progress it has made in upholding labour standards, addressing gaps, and implementing sustainable reforms across its operations and supply chain. “This outcome demonstrates that our commitment to responsible and ethical practices enables FGV to meet international standards and maintain access to key markets such as the U.S,” said FGV Group CEO Fakhrunniam Othman. He added that the rights, welfare, and voices of its workers remain at the heart of their operations. FGV Holdings, one of the world's biggest palm oil producers, was delisted from the Malaysian bourse in August last year after 12 years as a publicly listed company. The company was taken over by a state-owned body, the Federal Land Development Authority (Felda), after it had gained more than the 90% of the company's shares required for a takeover. https://www.reuters.com/sustainability/society-equity/us-lifts-import-ban-malaysian-palm-oil-firm-fgv-holdings-2026-01-16/
2026-01-16 06:31
Gold, silver and platinum poised for weekly gains People say protests in Iran have abated since Monday Record high prices keep Indian gold demand subdued Jan 16 (Reuters) - Gold prices extended losses from the previous session on Friday, as stronger-than-expected U.S. economic data and easing geopolitical tensions in Iran hampered bullion's bullish momentum. Spot gold eased 0.1% to $4,610.86 per ounce by 1217 GMT. However, the metal is poised for a weekly gain of about 2% after scaling a record peak of $4,642.72 on Wednesday. Sign up here. U.S. gold futures for February delivery edged 0.2% lower to $4,615. "There was a lot of momentum in the (gold) market, which seems to have faded slightly at the moment....the economic news flow out of the U.S. has been causing some headwinds rather than tailwinds as of late, which is reflected in a somewhat stronger U.S. dollar," said Julius Baer analyst Carsten Menke. The U.S. dollar (.DXY) , opens new tab hovered near a six-week high on the back of positive economic data on Thursday showing initial jobless claims dropped 9,000 to a seasonally adjusted 198,000 last week, below economists' forecast of 215,000. A firmer dollar makes greenback-priced bullion more expensive for overseas buyers. On the geopolitical front, people inside Iran, reached by Reuters on Wednesday and Thursday, said protests appeared to have abated since Monday. Safe-haven gold tends to do well during times of geopolitical and economic uncertainty. Meanwhile, gold demand in India stayed muted this week as prices hit record highs again, taking the shine off retail buying, while bullion traded at a premium in China as demand remained steady ahead of the Lunar New Year. Spot silver shed 1.6% to $90.82 per ounce, although it was headed for a weekly gain of over 13% after hitting an all-time high of $93.57 in the previous session. "The silver market seemed very determined to reach the $100 per ounce threshold before moving lower again....speculative traders are keeping an eye on that level even though it would not be sustainable in the medium to longer-term," Menke added. Spot platinum dropped 3.2% to $2,332.70 per ounce, and was set to gain more than 2.7% for the week so far. Palladium lost 2.6% to $1,754.35 per ounce, after hitting a more than one-week low earlier, and was headed for a weekly loss of 3.5%. https://www.reuters.com/world/india/gold-slips-upbeat-us-data-boosts-dollar-dims-rate-cut-bets-2026-01-16/
2026-01-16 06:19
Polymarket betting site favors Warsh for Fed Chair role Japan considers intervention to counter yen weakness Takaichi plans snap election to gain support for fiscal policies NEW YORK, Jan 16 (Reuters) - The dollar gained on Friday after U.S. President Donald Trump praised economic adviser Kevin Hassett at a White House event and said he may want to keep him in his current role, prompting speculation he is less likely to be named as chair of the Federal Reserve. "I see Kevin's in the audience, and I just want to thank you. You were fantastic on television today. I actually want to keep you where you are, if you want to know the truth," Trump said. Sign up here. "We have seen some US dollar buying on this headline, as it underscores that the Fed decision is mostly about political credibility," Adam Button, chief currency analyst at investingLive, said in a note. "Of the candidates, Hassett is seen as the least independent, which in turn is the most-dovish due to Trump's longstanding desire to cut rates," Button said. Trump is expected to name his candidate to succeed Jerome Powell in the coming weeks, with Powell's term due to end in May. The leading four candidates for the role are Hassett, Fed Governor Christopher Waller, former Fed Governor Kevin Warsh and BlackRock's chief bond investment manager Rick Rieder. Betting site Polymarket shows that Warsh is now a favorite to get the role. The dollar index , which measures the greenback against a basket of currencies including the yen and the euro, rose 0.06% to 99.41, with the euro down 0.1% at $1.1594. The index reached a six-week high of 99.49 on Thursday. The U.S. currency has been boosted this week by data showing an improving U.S. labor market, which has pushed back expectations of further Federal Reserve rate cuts until June. Fed Vice Chair for Supervision Michelle Bowman said on Friday a fragile job market that could weaken quickly means the U.S. central bank should stand ready to cut interest rates again if needed. Data on Friday showed that U.S. factory production unexpectedly increased in December amid a surge in primary metals output that offset a decline at motor vehicle assembly plants, but activity contracted in the fourth quarter against the backdrop of challenges from import tariffs. JAPAN WARNS ON YEN INTERVENTION The yen was also stronger on Friday after Japan's Finance Minister Satsuki Katayama said Tokyo would not rule out any options to counter weakness in the currency, including coordinated intervention with the U.S. The Japanese currency weakened to an 18-month low against the dollar on Wednesday on concerns that Japanese Prime Minister Sanae Takaichi will have more leeway to introduce fiscally expansionist policies. Takaichi plans to dissolve parliament next week and call a snap parliamentary election, the secretary general of her party said on Wednesday, as she seeks public backing for her spending plans. “That's probably the key factor orchestrating the extension of the Takaichi trade and the new dollar/yen highs,” said Vassili Serebriakov, an FX and macro strategist at UBS. But “we have to weigh the upside in dollar/yen against risks of FX intervention.” The Japanese yen strengthened 0.3% against the greenback to 158.16 per dollar. Serebriakov sees an intervention as more likely in the 160-162 area. Noah Buffam, director in FICC strategy at CIBC Capital Markets, also sees potential for the yen to continue to weaken, noting that Japanese officials are not yet showing full urgency in their warnings. Some Bank of Japan policymakers also see scope to raise interest rates sooner than markets expect with April a distinct possibility, as a sliding yen risks adding to already broadening inflationary pressure, four sources familiar with its thinking said. In cryptocurrencies, bitcoin fell 0.77% to $94,812. https://www.reuters.com/world/asia-pacific/dollar-poised-third-weekly-gain-buoyant-data-seen-keeping-fed-cuts-bay-2026-01-16/
