2025-03-25 10:05
DUBAI, March 25 (Reuters) - Iran's currency fell below the psychologically key level of 1,000,000 rial per U.S. dollar on Tuesday, as market participants saw no end in sight to sanctions under U.S. President Donald Trump's renewed "maximum pressure" campaign. Trump said earlier this month that he had sent a letter to Iran's top authority, Supreme Leader Ayatollah Ali Khamenei, warning that Iran's nuclear programme could either be dealt with through negotiations or militarily. Sign up here. Khamenei rejected the U.S. offer for talks as a "deception" and Iranian Foreign Minister Abbas Araqchi said last week that negotiations with Washington were impossible unless its policy changed. The apparent diplomatic deadlock has raised fears of potential conflict, although Iranian officials have sought to assuage such concerns. "I am certain there won't be any war as we are fully prepared for such condition... so that no one will think about attacking Iran," Araqchi said on Monday, during a meeting with the Iranian Red Crescent. Iran's currency dropped to a record low of 1,039,000 rial to the U.S. dollar according to Bonbast.com, which gathers live data from Iranian exchanges. This represents a more than halving of the currency's value since President Masoud Pezeshkian took office last year. Facing an annual inflation rate of about 40%, Iranians seeking safe havens for their savings have been buying dollars, other hard currencies or gold, suggesting further headwinds for the rial. The Iranian rial stood around 55,000 to the U.S. dollar in 2018, when U.S. sanctions were reimposed by the first Trump administration to force Tehran to the negotiating table by limiting its oil exports and access to foreign currency. The U.S. has issued four rounds of sanctions on Iran's oil sales since Trump's return to the White House. https://www.reuters.com/world/middle-east/irans-currency-drops-record-low-1039000-rial-dollar-bonbastcom-says-2025-03-25/
2025-03-25 09:46
NAIROBI, March 25 (Reuters) - The Kenyan shilling was stable on Tuesday, supported by inflows of foreign exchange from several sectors including horticulture, traders said. At 0921 GMT, commercial banks quoted the shilling at 129.15/129.55, compared to 129.20/129.60 at the close of Monday's session, according to data from the London Stock Exchange Group (LSEG). Sign up here. https://www.reuters.com/markets/currencies/kenyan-shilling-stable-horticulture-exports-2025-03-25/
2025-03-25 09:40
KAMPALA, March 25 (Reuters) - The Ugandan shilling traded stable on Tuesday, amid lower foreign currency appetite amongst importers, traders said. At 0850 GMT commercial banks quoted the shilling at 3,660/3,670, the same level as Monday's close. Sign up here. https://www.reuters.com/markets/currencies/ugandan-shilling-flat-low-fx-appetite-2025-03-25/
2025-03-25 08:01
Alaska seeks South Korea's involvement in stalled $44 billion gas pipeline project Energy-scarce South Korea is world's No.3 LNG buyer Trump has called for the participation of South Korea, Japan and Taiwan SEOUL, March 25 (Reuters) - Alaskan state representatives led by the governor and including energy officials visited South Korea on Tuesday to discuss energy cooperation, amid a push for U.S. allies in Asia to join a stalled gas pipeline project touted by President Donald Trump. Governor Mike Dunleavy's delegation includes officials from the Glanfarne Group that is a partner in the project to transport gas from Alaska's remote north via a $44 billion pipeline and the state gas agency, the American Chamber of Commerce in Korea (AMCHAM) said. Sign up here. Dunleavy met South Korean Industry Minister Ahn Duk-geun and discussed energy cooperation including over the Alaska liquefied natural gas (LNG) project and other trade issues, the ministry said in a statement. It did not specify whether any specific elements of the project were discussed. Earlier on Tuesday, Dunleavy met Governor Kim Dong-yeon of Gyeonggi Province, South Korea's most populous region that surrounds the capital, Seoul. Kim noted Alaska was a key part of the global energy system and said he hoped the U.S. state and South Korea could pursue mutually beneficial cooperation. Energy-scarce South Korea is the world's third-largest buyer of LNG, behind China and Japan and is home to a major petrochemical sector. Dunleavy said it was Trump's hope the talks on the LNG project would benefit all parties, and an agreement would not be at the expense of the national interest of any of the allies. Trump has sought to shore up the gas project and called for the participation of South Korea, Japan and Taiwan that are seen as potential buyers of the gas that would be transported through the 1,300-km (800 mile) pipeline. South Korea has already said it would be actively involved in discussions over the project. South Korea, a major exporter of steel, autos and electric vehicle batteries to the United States, has been bracing for Trump's plan to impose tough tariffs on countries that have trade surpluses in bilateral U.S. trade. Trump, who has directed his team to prepare reciprocal tariff plans by early April, has said South Korea's average tariff was four times higher than the rate imposed by the United States. Seoul has disputed Trump's assertion. South Korea's trade ministry said the country's effective tariff rate on U.S. imports was 0.79% as nearly all import duty was eliminated under the free trade agreement signed first in 2007. Dunleavy's delegation was expected to be in South Korea through Wednesday. The Alaska representatives were scheduled to also meet leaders of major South Korean businesses including the SK and Hanwha conglomerates, POSCO and the state gas corporation, for discussions on key industrial sectors including energy, infrastructure, and advanced manufacturing, AMCHAM has said. https://www.reuters.com/business/energy/south-korea-host-alaska-governor-energy-team-amid-talk-gas-pipeline-2025-03-25/
2025-03-25 07:50
Shell wants to grow FCF/shr 10% a year through to 2030 Puts parts of chemicals business under review Wants to grow LNG sales 4-5% per year through to 2030 LONDON, March 25 (Reuters) - Shell increased its shareholder distribution policy on Tuesday to 40-50% of cash flow from operations from 30-40% with a focus on share buybacks and lowered its spending outlook to a $20 billion-$22 billion range through to 2028. The world's biggest liquefied natural gas (LNG) trader said it wants to grow LNG sales by 4-5% each year in the next five years, while growing its production by 1% per year in that time frame, keeping its oil output stable at 1.4 million barrels per day. Sign up here. Shell estimates global demand for liquefied natural gas to rise by around 60% by 2040, driven largely by economic growth in Asia, the impact of artificial intelligence and efforts to cut emissions in heavy industries and transportation. Shell produced 29 million metric tons of LNG and sold 65.8 million tons in 2024. In terms of changes to its portfolio, Shell said it wants to "unlock more value from our strong portfolio of chemicals assets by exploring strategic and partnership opportunities in the (United States) and both high-grading and selective closures in Europe." Shell invested $21.1 billion last year out of a $22-25 billion target range. On Tuesday it said its aim was to spend up to 10% of its budget on low-carbon businesses by the end of the decade. The oil major has a $3.5 billion buyback for the current quarter, making this the 13th consecutive quarter of at least $3 billion of share repurchases. At its full-year results in January, Shell hiked its dividend by 4% to $0.36. On Tuesday, Shell set itself a free cash flow growth per share target of more than 10% annually to 2030, while continuing to cut costs to a cumulative $5-7 billion by the end of 2028 from a 2022 baseline. https://www.reuters.com/markets/europe/shell-ups-shareholder-distributions-cuts-spending-2025-03-25/
2025-03-25 07:45
LONDON, March 25 (Reuters) - The pay package for Shell (SHEL.L) , opens new tab Chief Executive Wael Sawan was 8.6 million pounds ($11.10 million) for 2024 compared with 7.9 million pounds in the previous year, Shell's annual report showed on Tuesday. In January, Shell reported a 16% drop in profit for 2024 to $23.7 billion amid weakness in oil and gas prices and in demand, but it raised its dividend by 4% and extended its share buyback programme. Sign up here. ($1 = 0.7749 pounds) https://www.reuters.com/business/energy/shell-ceos-pay-package-rises-almost-9-around-11-million-2025-03-25/
