2025-04-25 07:14

BEIJING, April 25 (Reuters) - China's top policymakers pledged to support firms and workers most affected by the impact of triple-digit U.S. tariffs, the ruling Communist Party's Politburo said on Friday, according to state media. The Politburo, a top policy decision-making body, reiterated plans to accelerate debt issuance, ease monetary policy and vowed to support employers to safeguard jobs, in an effort to maintain stability at home as China hunkers down for a prolonged trade war with the United States. Sign up here. "The fundamentals of China's sustained economic recovery needs to be further consolidated, and the impact of external shocks is rising," said a state media Xinhua report on the Politburo's Friday meeting. "We will strive to stabilise employment, enterprises, markets, and expectations, and respond to the uncertainty of rapid changes in the external environment with the certainty of high-quality development." The meeting urged preparing for "worst-case scenarios" with sufficient planning, and taking concrete steps to do a good job in economic work, Xinhua reported. Specifically, the country will increase the proportion of unemployment insurance funds that can be returned to companies that are greatly affected by tariffs, in a bid to stabilise jobs, according to the readout. "Multiple measures should be taken to help enterprises in difficulty. (We should) strengthen financing support and accelerate the integration of domestic sales and foreign trade," Xinhua reported. The country will also cut interest rates and banks reserve requirement ratio "in a timely manner" and develop consumption in the services sector, according to the readout. China's economy grew 5.4% in the first quarter, beating expectations, but markets fear a sharp downturn in the year ahead as U.S. tariffs pose biggest risks to the world's second-largest economy in decades. U.S. President Donald Trump and Treasury Secretary Scott Bessent struck a more conciliatory tone this week, saying the tariffs were unsustainable and signaling openness to de-escalating the trade war. But Beijing called on Washington to remove the tariffs to create space for talks. https://www.reuters.com/world/china/china-vows-politburo-meeting-support-firms-workers-affected-by-tariffs-2025-04-25/

2025-04-25 07:00

HAMBURG, April 25 (Reuters) - Rhine river levels have risen after rain in Germany this week, allowing vessels to carry more cargo and normal sailings with full loads in northern parts of the river, commodity traders said on Friday. Extreme lack of rain in March and April meant low water had hindered shipping on all the river south of Duisburg and Cologne, including the choke point of Kaub, traders said. Sign up here. In northern regions around Duisburg, vessels were able to sail fully loaded on Friday, against less than half full in previous weeks, traders said. Rain in southern Germany raised the Kaub water levels enough for ships to sail about 70% full. Shallow water means vessel operators impose surcharges on freight rates to compensate for vessels not sailing fully loaded, increasing costs for cargo owners. Consignments must be shipped by several vessels instead of one, also raising costs. The Rhine is an important shipping route for commodities such as grains, minerals, ores, coal and oil products, including heating oil. German companies faced supply bottlenecks and production problems in summer 2022 after a drought and heatwave led to unusually low water levels on the Rhine. https://www.reuters.com/business/environment/rhine-river-levels-rises-again-allowing-normal-sailings-north-2025-04-25/

2025-04-25 06:50

Fed officials see no rush in revising monetary policy Gold headed for a weekly loss Silver, platinum headed for weekly gains April 25 (Reuters) - Gold declined more than 1% on Friday and was headed for a weekly fall as news that China has exempted some U.S. goods from its tariffs raised hopes of a de-escalation in trade tensions. Spot gold was down 1.5% at $3,296.19 an ounce as of 1136 GMT. It hit a record high earlier this week. Sign up here. U.S. gold futures shed 1.3% to $3,306.50. "Gold is facing challenges in sustaining its upward momentum as optimism around a potential U.S.-China trade agreement grows," said Zain Vawda, analyst at MarketPulse by OANDA. China has exempted some U.S. imports from its 125% tariffs and is asking firms to identify critical goods they need levy-free, according to businesses notified. China has not yet communicated publicly on any exemptions. The U.S. dollar jumped, making bullion more expensive for overseas buyers. "A U.S.-China trade agreement could push gold down toward $3,000/oz or lower, depending on other influencing factors," Vawda said. Gold, traditionally seen as a hedge against geopolitical and economic uncertainties has gained more than 25% so far this year. It also touched a record high of $3,500.05 on Tuesday. Meanwhile, Federal Reserve officials indicated they saw no urgency in revising U.S. monetary policy as they sought more information to determine how Trump's tariffs were affecting the economy. Non-yielding bullion tends to thrive in a low interest rate environment. Meanwhile, gold discounts in India jumped this week to the highest level in nearly nine years as high prices deterred buyers, while premiums in China rose to a more than one-year peak. Spot silver fell 0.8% to $33.31 an ounce, platinum also dropped 0.8% at $962.91 and palladium shed 2.1% to $933.67. Silver was headed for weekly gains, while both platinum and palladium were seen falling for the week. https://www.reuters.com/markets/commodities/gold-price-steadies-amid-us-china-trade-deal-hopes-2025-04-25/

2025-04-25 06:44

Germany's RWE holds three offshore wind leases in U.S. waters RWE said last month it had pared back U.S. activity to minimum CEO cites 'political developments' FRANKFURT, April 25 (Reuters) - One of the world's top offshore wind developers, Germany's RWE, has stopped work on its U.S. projects for now in light of recent moves against the industry by the Trump administration, its CEO said in a text published ahead of the firm's annual meeting. The comments by Markus Krebber are a heavy blow to the nascent U.S. offshore wind market, which was a key pillar of former U.S. President Joe Biden's energy policy but which his successor Donald Trump has vowed to stop. Sign up here. RWE (RWEG.DE) , opens new tab holds three offshore wind leases in U.S. waters off the coasts of New York, Louisiana and California. Krebber's remarks come a week after Norwegian peer Equinor (EQNR.OL) , opens new tab said it would halt offshore construction of its Empire Wind I project off the coast of New York because it received a stop-work order from U.S. Interior Secretary Doug Burgum. The agency said information suggested it had been approved without a proper environmental analysis. "In the U.S. ... we have stopped our offshore activities for the time being," Krebber said, according to the text for the annual general meeting, which is scheduled for April 30. "We remain cautious given the political developments," he added. Trump ordered a suspension of offshore wind leasing on his first day in office in January, calling wind power ugly and expensive. RWE's U.S. projects include the 3-gigawatt Community Offshore Wind, which is among several projects vying for a contract with New York state. The project is a joint venture with Britain's National Grid (NG.L) , opens new tab, which is 73%-owned by the German group. The project was expected to start generating electricity in the early 2030s and be capable of powering more than a million homes. RWE paid $1.1 billion for the lease area in 2022. Spokespeople for Community Offshore Wind were not immediately available for comment. New York state is banking on large amounts of offshore wind power to reach its climate and clean energy goals. State officials were not immediately available for comment. About half of RWE's installed renewable capacity is based in the United States. The company was the lone bidder in a 2023 auction of offshore wind development rights in the Gulf of Mexico, which Trump has renamed the Gulf of America, securing a lease off the coast of Louisiana for just $5.6 million. RWE also has an offshore wind lease off the coast of Northern California. That project, called Canopy Offshore Wind, was not expected to be completed for about a decade. RWE, Germany's biggest power producer, said last month that it had pared back its U.S. offshore wind activities to a minimum, stopping short of saying they were on ice. Community Offshore Wind has non-current assets with a carrying amount - calculated by deducting depreciation from the original cost - of 1.31 billion euros ($1.49 billion), according to RWE's annual report. ($1 = 0.8804 euros) https://www.reuters.com/sustainability/climate-energy/rwe-has-stopped-offshore-wind-activities-united-states-2025-04-25/

2025-04-25 06:19

SEOUL, April 25 (Reuters) - South Korea's Samsung SDI (006400.KS) , opens new tab on Friday said U.S. tariffs will increase the cost of producing its electric vehicle (EV) batteries in the United States, as many materials and components required for it are imported. "While the production of EV batteries takes place in the United States, there is no direct tariff impact. However, many materials and components are imported from outside the U.S., which is expected to increase cost burdens," Executive Vice President Kim Yoon-tae said in the company's first-quarter earnings conference call. Sign up here. EVs produced by automaker customers in Mexico and Canada could also be subject to tariffs, potentially leading to higher vehicle prices and lower demand, Kim added. Kim did not elaborate on whether the company would absorb the costs or pass it on to consumers. Kim said that tariffs will serve as a burden on the company's performance, adding that Samsung SDI will continue to closely monitor developments related to tariff policy and work with customers to mitigate the impact. The South Korean battery maker, whose customers include BMW, Rivian (RIVN.O) , opens new tab, General Motors (GM.N) , opens new tab and Stellantis (STLAM.MI) , opens new tab among others, have production sites in the U.S., South Korea, Hungary and China. https://www.reuters.com/markets/asia/samsung-sdi-says-tariffs-expected-raise-production-costs-us-made-batteries-2025-04-25/

2025-04-25 06:11

April 25 (Reuters) - Yara International (YAR.OL) , opens new tab, one of the world's largest producers of fertilisers, reported first-quarter core earnings above market expectations on Friday, driven by higher volumes and improved margins. Operating earnings before depreciation and amortisation (EBITDA), excluding one-off items, soared 47% to $566 million in the quarter, well above the $500 million expected by analysts in a company-provided poll , opens new tab. Sign up here. https://www.reuters.com/business/norways-yara-beats-profit-expectations-1st-quarter-2025-04-25/