2025-03-27 09:42
US is second-biggest importer of UK cars UK trying to carve out tariff exemption Could look at EV credits LONDON, March 27 (Reuters) - (This March 27 story has been corrected to make clear that Tesla benefits indirectly from credit scheme, and does not receive UK subsidies, changing reference in headline and paragraphs 1, 3 and 11) Britain is working intensely with Washington to secure an exemption from U.S. auto tariffs and could review a credit scheme that indirectly benefits Elon Musk's Tesla to better support its industry, finance minister Rachel Reeves said on Thursday. Sign up here. Reeves said Britain should be given a carve-out from any global tariffs because the two countries report trade surpluses with each other due to measurement differences, after U.S. President Donald Trump unveiled his latest move - a 25% tariff on imported vehicles. Reeves also said the government could review an electric vehicle incentive scheme that has indirectly benefited Tesla, owned by Trump ally Musk. Canada recently froze rebate payments to Tesla. Asked if Britain could save carmakers such as Jaguar Land Rover, Rolls Royce and Aston Martin from tariffs she said: "That's what we're working on. We've got a few more days left of those negotiations before these tariffs are due to come in." New U.S. levies on cars and light trucks will take effect on April 3, the day after Trump plans to announce reciprocal tariffs aimed at the countries he blames for the bulk of the U.S. trade deficit. Talking to British broadcasters a day after the government's fiscal watchdog warned that Trump's tariffs could derail the country's economic growth, Reeves said she did not want to do anything that would escalate a trade war. "Trade wars are no good for anyone," she said. "We are working intensely these next few days to try and secure a good deal for Britain. I recognise how important this is." Speaking separately in Paris, Prime Minister Keir Starmer told a press conference on Thursday that Britain would continue to keep all options on the table in relation to its response to the tariffs. "The industry doesn't want a trade war but it's important that we keep all options on the table," Starmer said. The U.S. is the second-biggest importer of British-made cars after the European Union, with nearly a 20% share, data from industry body SMMT shows. Reeves, who has struggled to grow the economy since the Labour government was elected in July, also suggested that she could review a policy designed to encourage manufacturers to make more electric vehicles. As a company that only sells electric vehicles, Tesla can sell surplus credits to those car companies which are struggling to meet EV sales targets set by the government. "We are looking at the zero emission vehicle mandate which is why some of... that money goes to Tesla, and looking at how we can better support the car manufacturing industry in the UK," Reeves said. London has also sought to agree a tech-led deal with Washington that it hopes will potentially spare it the direct hit of tariffs on its own exports. https://www.reuters.com/world/uk/britain-talks-try-avoid-us-tariffs-finance-minister-says-2025-03-27/
2025-03-27 07:59
President Prabowo plans to meet investors after Eid holiday Government to provide reassurance on adhering to fiscal deficit ceiling at 3% of GDP Market to closely monitor mid-year budget update JAKARTA, March 27 (Reuters) - Indonesian officials will seek to address concerns among investors and other key economic players about an economic downturn in Southeast Asia's biggest economy following a stock market selloff and currency slump, an official said on Thursday. President Prabowo Subianto will meet with investors and others following the long Eid-al-Fitr holiday, which begins on Friday, aiming to correct misperceptions about the government's policies, said Raden Pardede, a special aide to Indonesia's senior economic minister Airlangga Hartarto. Sign up here. "The government will improve and intensify communication with economic players," Raden told Reuters. The rupiah has fallen to its weakest since 1998, following a slide of as much as 7.1% in the main stock index (.JKSE) , opens new tab last week, pressured by concerns over government policy, the country's fiscal position and its growth prospects. Analysts mentioned poor government communication on fiscal policies and strategies to achieve growth as one of the selloff triggers, in addition to pressure on the market from negative global sentiment. Key messages will include assurances that the government will not break the legal fiscal deficit ceiling at 3% of GDP and there will be no political interference in the newly set up sovereign wealth fund Danantara Indonesia, Raden said. "We are also preparing ways to deregulate the real sector, mainly to encourage the manufacturing industry, which creates jobs and is export-oriented," he said referring to a policy that seeks to make available 20 trillion rupiah ($1.21 billion) in credit for labour-intensive industries. The government and financial authorities will also provide more investment instruments to attract investors and will ensure the quality of companies listed on the stock exchange, finance ministry spokesperson Deni Surjantoro told Reuters. Bank Indonesia said it is ready to continue its intervention to stabilise the currency, but said economic indicators show the country is fundamentally strong and the situation is "totally different" from 1998 financial crisis. On Thursday, the rupiah strengthened as much as 0.24% against the dollar. It has rebounded since Wednesday with BI citing positive sentiment in stocks, bonds and FX markets. The current level at around 16,500 is still near 1998's level of 16,800. After stocks tumbled last week, the financial regulator eased buyback processes, and the market has since recovered. "Markets will keep an eye on the mid-year budget update to gauge if the shortfall in revenues has narrowed or further spending rationalisation is required to keep within the 3% of GDP deficit threshold," DBS Bank economist Radhika Rao said in an e-mail. The mid-year budget update is usually handed down in early July. Rao said a long holiday will provide a break to the market, which will be shut from March 28 to April 7. ($1 = 16,545.0000 rupiah) https://www.reuters.com/markets/asia/indonesia-seeks-calm-investors-after-stocks-rupiah-slide-2025-03-27/
2025-03-27 07:49
MADRID, March 27 (Reuters) - Spanish oil company Repsol (REP.MC) , opens new tab has agreed to merge its North Sea oil and gas production unit with that of NEO Energy to create a new company called NEO NEXT, it said on Thursday. The new company, which will be 45% owned by Repsol and 55% owned by NEO Energy, is targeting production of about 130,000 barrels of oil equivalent a day in 2025. Sign up here. https://www.reuters.com/markets/deals/repsol-neo-energy-agree-merge-their-north-sea-units-2025-03-27/
2025-03-27 07:42
Tariffs on Venezuelan oil buyers remain supportive of prices Markets mixed on impact of Trump auto tariffs Prices seen unlikely to return to early 2025 highs, some analysts say LONDON, March 27 (Reuters) - Oil prices were steady on Thursday as markets assessed new U.S. tariffs, while concerns about global supply kept prices near one-month highs. Brent crude futures fell 14 cents, or 0.2%, to $73.65 a barrel by 1158 GMT. U.S. West Texas Intermediate crude futures dropped 11 cents, or 0.2%, to $69.54. Sign up here. On Wednesday, oil prices rose by around 1% to their highest since February. PVM analyst Tamas Varga said oil had ignored falling equity markets on Wednesday and had firmed on the back of U.S. tariffs against Venezuela and lower U.S. crude and fuel inventories. U.S. President Donald Trump on Tuesday imposed new 25% tariffs on potential buyers of Venezuelan crude. India's Reliance Industries (RELI.NS) , opens new tab, operator of the world's biggest refining complex, will halt Venezuelan oil imports following the tariff announcement, sources said on Wednesday. "The oil market is a bit in a wait and see policy on the next step of the Trump administration. There are risks on economic growth coming from tariffs, but at the same time other policies from the Trump administration could remove oil barrels from the market," UBS analyst Giovanni Staunovo said. Traders were also assessing the impact on oil demand from Trump's latest announcement of a 25% tariff on imported cars and light trucks from next week. "The news around Trump's tariffs on autos may actually turn out to be a net positive for crude oil because the rise in new car prices from tariffs will mean it slows down the switch to newer, more fuel-efficient models," said Tony Sycamore, a market analyst at IG. Asian bank DBS does not expect prices to return to the higher levels seen in early 2025 as uncertainty over U.S. policy and the prospect of tariff wars weigh on demand, the bank's energy sector team lead Suvro Sarkar said. https://www.reuters.com/business/energy/oil-up-tighter-supply-risks-views-mixed-trumps-auto-tariff-impact-2025-03-27/
2025-03-27 07:14
TOKYO, March 27 (Reuters) - Japan's biggest power generator JERA and France's EDF said on Thursday they would merge their power trading operations in Japan under the umbrella of their Singapore-based fuel trading joint venture JERA Global Markets starting on April 1. The companies said they aimed to enhance efficiency and expand trading in Japan's growing power market by leveraging their combined expertise. Sign up here. JERA and EDF unit EDF Trading had already integrated their fuel trading operations under JERA Global Markets, which is 66.7% owned by JERA, with the remaining stake held by EDF Trading. The companies said they were seeking to strengthen governance and risk management systems by incorporating Japanese power trading into their existing fuel trading operations. https://www.reuters.com/business/energy/jera-edf-merge-japan-power-trading-operations-under-singapore-based-jv-2025-03-27/
2025-03-27 07:03
BEIJING, March 27 (Reuters) - A Myanmar rebel group that controls one of the world's largest rare earth zones has told miners there it will allow shipments of existing rare earth inventories to China from Thursday, according to two sources and a statement reviewed by Reuters. Rare earth mining in Myanmar is concentrated in Kachin state around the towns of Panwa and Chipwe, which have been controlled by the Kachin Independence Army (KIA) since last October. Sign up here. Since the group took over, China's imports of rare earth oxides and compounds from Myanmar have fallen sharply, Chinese customs data shows, driving up prices. The KIA will allow stockpiles of rare earths to be exported from Thursday and will levy a tax of 35,000 yuan ($4,800) a ton, it said in a statement sent to miners in the region. The statement was not dated, but the sources, who have knowledge of the matter, said it was sent on Wednesday. They sought anonymity as they were not authorised to speak with media. The KIA did not respond to a Reuters request for comment. China is the world's biggest consumer and importer of rare earth ores and compounds, which it uses to produce refined rare earth and magnets, industries it dominates. Prices for terbium oxide , whose supply is concentrated in Kachin, jumped 21.9% to 6,550 yuan per kg between late September and March 24 as imports from Myanmar dried up. However, prices have fallen 1% over the past week amid expectations of increasing supply from Myanmar. ($1=7.2631 Chinese yuan renminbi) https://www.reuters.com/markets/commodities/myanmar-rebel-group-allows-export-rare-earth-inventories-china-sources-say-2025-03-27/
