2025-04-18 07:17
KYIV, April 18 (Reuters) - Kyiv and Washington aim to complete technical discussions on the terms of a minerals deal agreement by April 26 after the Ukrainian prime minister visits the U.S. next week, according to a memorandum of intent published by Ukraine on Friday. Sign up here. https://www.reuters.com/world/ukraine-us-aim-complete-technical-discussions-minerals-deal-by-april-26-2025-04-18/
2025-04-18 05:15
Japan does not manipulate market to weaken yen, finmin says Kato plans to visit Washington next week, may meet Bessent Kato says no date fixed yet on possible talks with Bessent Outcome of US-Japan FX talks could affect BOJ's policy path TOKYO, April 18 (Reuters) - Japan does not manipulate the currency market to weaken the yen, Finance Minister Katsunobu Kato told parliament on Friday, countering accusations from U.S. President Donald Trump that Japan intentionally depreciates its currency to help exporters. The remarks came ahead of Kato's scheduled visit to Washington next week, where he may hold a bilateral meeting with U.S. Treasury Secretary Scott Bessent on the sidelines of the G20 finance leaders' gathering and spring IMF meetings. Sign up here. The bilateral talks, if held, will be the primary venue in which Japan and the U.S. will discuss the thorny topic of exchange rates as part of broader tariff negotiations that kicked off on Wednesday. "Japan does not manipulate the currency market to intentionally weaken the yen, as seen by the fact our latest action was to conduct yen-buying intervention," Kato told lawmakers when asked about Trump's comments criticising Japan for giving its exports a trade advantage by weakening the yen. While saying he was aware the U.S. was interested in discussing exchange-rate matters, Kato declined to comment on what could actually be debated. He also said no date has been fixed yet on the possible meeting with Bessent. The yen's recent gains have been driven in part by market expectations the U.S. may press Japan to join a coordinated effort to weaken the dollar and help narrow its huge trade deficit. In March, Trump said he told the leaders of Japan and China they could not continue to reduce the value of their currencies, as doing so would be unfair to the United States. Bessent has also said he was looking forward to discussions with Japan on tariff, non-tariff barriers and exchange rates. Japan's top trade negotiator, Ryosei Akazawa, said exchange rates did not come up in Wednesday's trade talks with the U.S., adding that both sides deferred to an earlier agreement between their leaders that currency matters would be set aside for talks between their finance chiefs. "If the U.S. side desires, finance minister Kato will likely engage in discussions on exchange rates," Akazawa told a news conference on Friday, adding that any discussion between the two countries' finance chiefs on currency rates will be part of a broader package of the bilateral trade deal. Akazawa's remark has shifted the market's attention to Kato's possible meeting with Bessent next week, which would be the first face-to-face talks between the two finance chiefs. Policymakers around the world will gather in Washington for the spring International Monetary Fund (IMF) meetings that will take place from Monday through April 26. Any discussions on the yen could affect the Bank of Japan's monetary policy as its ultra-low interest rates, and the slow pace at which it is pushing up borrowing costs, could come under attack by the U.S. for keeping the yen weak, some analysts say. Speaking in parliament on Friday, BOJ Governor Kazuo Ueda declined to comment on the yen's levels, and said the central bank will keep raising interest rates if the economy moves in line with its forecasts. "We will guide monetary policy appropriately from the standpoint of stably and sustainably achieving our 2% inflation target," Ueda said when asked by a lawmaker whether the BOJ, under U.S. pressure, could raise rates at its next meeting on April 30-May 1. With Trump's tariff decisions jolting markets and stoking fears of a global recession, the BOJ is widely expected to keep interest rates steady at 0.5% and cut its growth forecasts at the April 30-May 1 meeting. https://www.reuters.com/markets/currencies/japan-does-not-manipulate-fx-weaken-yen-finmin-says-2025-04-18/
2025-04-18 05:00
India plans to ease nuclear liability laws to attract foreign firms, sources say Proposes amendments to allay suppliers' fears of unlimited liability, they say Aims to attract U.S. nuclear firms to boost nuclear power capacity to 100 GW by 2047 NEW DELHI, April 18 (Reuters) - India is planning to ease its nuclear liability laws to cap accident-related penalties on equipment suppliers, three government sources said, in a move mainly to attract U.S. firms that have been holding back due to the risk of unlimited exposure. The proposal by Prime Minister Narendra Modi's government is the latest step to expand nuclear power production capacity by 12 times to 100 gigawatts by 2047 as well as provide a fillip to India in trade and tariff negotiations with the U.S. Sign up here. A draft law prepared by the department of atomic energy removes a key clause in the Civil Nuclear Liability Damage Act of 2010 that exposes suppliers to unlimited liability for accidents, the three sources said. India's atomic energy department, the prime minister's office and the finance ministry did not respond to requests seeking comment. "India needs nuclear power, which is clean and essential," said Debasish Mishra, chief growth officer at Deloitte South Asia. "A liability cap will allay the major concern of the suppliers of nuclear reactors." The amendments are in line with international norms that put the onus on the operator to maintain safety instead of the supplier of nuclear reactors. New Delhi is hoping the changes will ease concerns of mainly U.S. firms like General Electric Co (GE.N) , opens new tab and Westinghouse Electric Co that have been sitting on the sidelines for years due to unlimited risks in case of accidents. Analysts say passage of the amended law is crucial to negotiations between India and the U.S. for a trade deal this year that aims to raise bilateral trade to $500 billion by 2030 from $191 billion last year. Modi's administration is confident of getting approval for the amendments in the monsoon session of parliament, set to begin in July, according to the sources. Under the proposed amendments, the right of the operator to compensation from the supplier in case of an accident will be capped at the value of the contract. It will also be subject to a period to be specified in the contract. Currently, the law does not define a limit to the amount of compensation an operator can seek from suppliers and the period for which the vendor can be held accountable. LAW GREW OUT OF BHOPAL DISASTER India's 2010 nuclear liability law grew out of the 1984 Bhopal gas disaster, the world's deadliest industrial accident, at a factory owned by U.S. multinational Union Carbide Corp in which more than 5,000 people were killed. Union Carbide agreed to pay an out-of-court settlement of $470 million in damages in 1989. The current liability law effectively shut out Western companies from a huge market, and also strained U.S.-Indian relations since they reached a deal on nuclear cooperation in 2008. It also left U.S. firms at a disadvantage to Russian and French companies whose accident liability is underwritten by their governments. The draft law also proposes a lower liability cap on small reactor operators at $58 million, but is unlikely to alter the cap for large reactor operators from the current level of $175 million, the three sources said. India is betting big on nuclear power to meet its rising energy demand without compromising on net-zero commitments, for which it proposes to allow private Indian companies to build such plants. Indian conglomerates like Reliance Industries (RELI.NS) , opens new tab, Tata Power (TTPW.NS) , opens new tab, Adani Power (ADAN.NS) , opens new tab and Vedanta Ltd (VDAN.NS) , opens new tab have held discussions with the government to invest around $5.14 billion each in the sector. ($1 = 85.6320 Indian rupees) https://www.reuters.com/world/india/india-plans-ease-nuclear-liability-laws-attract-foreign-firms-sources-say-2025-04-18/
2025-04-18 03:23
TOKYO, April 18 (Reuters) - Bank of Japan Governor Kazuo Ueda said on Friday the central bank will keep raising interest rates if underlying inflation accelerates toward its 2% target, as it projects. But Ueda told parliament the BOJ will scrutinise "without pre-conception" whether the economy will move in line with its forecasts given uncertainty over the impact of U.S. tariffs. Sign up here. https://www.reuters.com/markets/rates-bonds/boj-will-keep-raising-rates-if-inflation-track-governor-ueda-says-2025-04-18/
2025-04-18 01:25
BOGOTA, April 17 (Reuters) - Colombia's Bicentenario pipeline was the target of a new explosive attack that forced the suspension of oil pumping, Cenit, a subsidiary of state-run oil company Ecopetrol (ECO.CN) , opens new tab, said on Thursday. The pipeline, one of the country's most important, was attacked in a rural area of the Fortul municipality, in the department of Arauca, in the northeast of the country. No fatalities or injuries were reported. Sign up here. The military blamed the attack on the National Liberation Army (ELN) guerrillas, the largest active rebel group in Colombia with some 6,000 fighters, considered a terrorist organization by the United States and the European Union. https://www.reuters.com/business/energy/colombias-bicentenario-pipeline-suspends-oil-pumping-after-attack-2025-04-18/
2025-04-18 00:51
Forest Service to republish environmental report within 60 days Publication needed to approve land swap for Resolution project Native groups oppose project on religious grounds Related case still pending at Supreme Court April 17 (Reuters) - The Trump administration said on Thursday it would approve a land swap needed for Rio Tinto (RIO.L) , opens new tab and BHP (BHP.AX) , opens new tab to build one of the world's largest copper mines, despite concerns from Native Americans that it would destroy a site of religious value. The move is likely to escalate tensions between Indigenous groups vocal about the need to preserve historical lands and Western governments eager to boost critical minerals production and offset China's sector dominance. Sign up here. The U.S. Forest Service, which is part of the Agriculture Department, said it will republish within 60 days an environmental report needed for the Resolution Copper project land swap to occur. Congress and then-President Barack Obama approved the mine in 2014 after it was added at the last minute to a must-pass military funding bill with the condition that an environmental report be published. The underground mine - which President Donald Trump approved in his first term before successor Joe Biden reversed him - would supply more than a quarter of U.S. appetite for copper and be a key part of Trump's plan to boost U.S. mining. Copper is used in construction, transportation, electronics and many other industries. The United States imports roughly half of its copper needs each year. Yet the mine's construction would cause a crater that would swallow the Oak Flat site where Arizona's San Carlos Apache worship. That has fueled strong opposition from all but one of the state's 22 Native American tribes, as well as the National Congress of American Indians. Apache Stronghold, a nonprofit group comprised of the San Carlos Apache Tribe and conservationists, asked the U.S. Supreme Court last September to block the land swap. The court has not yet decided whether to take that case. Were the court to do so, however, the Forest Service said on Thursday it "may reevaluate how to proceed" regarding the land swap. "The U.S. government is rushing to give away our spiritual home before the courts can even rule, just like it's rushed to erase Native people for generations," said Wendsler Nosie, an Apache Stronghold leader. The group and their attorneys at the Becket Fund for Religious Liberty contend the government would be violating the First Amendment's guarantee of freedom of religion if the mine is developed. "This makes the stakes crystal clear: if the court doesn't act now, Oak Flat could be transferred and destroyed before justice can be served," said Luke Goodrich, a Becket attorney. Representatives for the San Carlos Apache were not immediately available to comment. Rio Tinto said the move was a "positive step forward" and it would continue to work on the project, on which it and BHP have already spent more than $2 billion. They have yet to produce any copper. "The Resolution Copper mine is vital to securing America's energy future and infrastructure needs with a domestic supply of copper and other critical minerals," said a Rio spokesperson. BHP, which owns 45% of the project to Rio's 55%, said "Resolution has committed to maintaining open dialogue with the local community and Native American tribes to advance the project responsibly." The Forest Service's move was applauded by Mila Besich, the Democratic mayor of Superior, Arizona, the town closest to the Resolution project. "This is a milestone in a very long process," said Besich. "This is a good thing for our town." Rio has said it plans to keep all of Resolution's copper inside the U.S. should the mine be approved. The company controls one of the two U.S. copper smelters. https://www.reuters.com/sustainability/boards-policy-regulation/trump-approve-land-swap-rio-tinto-copper-mine-opposed-by-native-americans-2025-04-18/
