2025-02-25 07:40

LONDON, Feb 24 (Reuters) - Three men went on trial in an English court on Monday on charges stemming from the heist of an 18-carat golden toilet that had been on display as an artwork in an exhibit at Winston Churchill's birthplace. The fully-functioning toilet, a work titled "America" by Italian artist Maurizio Cattelan, was stolen from the Churchill family seat of Blenheim Palace in southern England, a major tourist attraction and UNESCO World Heritage Site. Prosecutor Julian Christopher said a group of five men drove two stolen vehicles through locked wooden gates into the palace grounds before dawn on September 14, 2019. They broke in through a window, smashed down a wooden door, ripped the toilet from the wall and left after five minutes in the building. The toilet weighing 98 kilos was insured for $6 million. Prosecutors say it was probably divided into smaller amounts of gold to sell it off. Michael Jones, 39, is standing trial at Oxford Crown Court charged with one count of burglary, to which he has pleaded not guilty. Fred Doe, 36, and Bora Guccuk, 40, are charged with one count of conspiracy to convert or transfer criminal property, namely gold, which they deny. A fourth man James Sheen, 39, has previously pleaded guilty to burglary. The trial is due to last four weeks. Sign up here. https://www.reuters.com/world/uk/three-men-trial-over-golden-toilet-stolen-churchills-birthplace-2025-02-24/

2025-02-25 07:38

TAIPEI, Feb 25 (Reuters) - Taiwan's coast guard said it detained a China-linked cargo ship on Wednesday after a nearby undersea cable to the Penghu Islands in the sensitive Taiwan Strait was disconnected. Taiwan, which China claims as its own territory, has repeatedly complained about "grey zone" Chinese activities around the island, designed to pressure it without direct confrontation, such as balloon overflights and sand dredging. Taipei was alarmed after a Chinese-linked ship was suspected of damaging another cable earlier this year, prompting the navy and other agencies to step up efforts to protect the undersea communication links, which are vital to the island's connections to the rest of the world. The coast guard said it dispatched three vessels to detain the Chinese-crewed Hong Tai 58, registered in Togo, which dropped anchor near the sea cable off the southwestern coast of Taiwan around the time it was disconnected. The vessel is a Chinese-linked ship carrying a flag of convenience, the coast guard said, meaning it is registered to a country other than that of its owner. "All eight crew members are Chinese nationals and (we) do not rule out the possibility of the Chinese activity of grey-zone harassment," the coast guard said in a statement, adding that further investigation is needed. China's Taiwan Affairs Office did not immediately respond to a request for comment. Reuters was not able to locate a contact for the ship's owner. Communications between Taiwan and other offshore islands, including Penghu, were not affected after services were redirected to other cables, the digital ministry said. A senior Taiwan security official, speaking anonymously because of the sensitivity of the issue, told Reuters the government is handling the case as a national security matter. "It's beyond the normal range," the official said, pointing to the course of the boat, which had lingered in the waters just southwest of Taiwan since Saturday and did not respond to repeated calls by the coast guard. Taiwan has reported five cases of sea cable malfunctions this year, compared with three each in 2024 and 2023, according to the digital ministry. In 2023, two undersea cables connecting the Matsu islands were cut, disconnecting the internet. Taiwan authorities said that two Chinese vessels caused the disruption, but that there was no evidence Beijing deliberately tampered with the cables. Sign up here. https://www.reuters.com/world/asia-pacific/taiwan-detains-china-linked-cargo-ship-after-undersea-cable-disconnected-2025-02-25/

2025-02-25 07:35

MOSCOW, Feb 25 (Reuters) - Russian authorities have detained a 17-year-old boy suspected of gathering intelligence to help Ukraine target Russia's Ryazan oil refinery with drones, Russian state news agency RIA reported on Tuesday. RIA reported that law enforcement officers in the region of Bashkortostan had detained the boy who was being investigating under laws related to "terrorism and treason" which carry a prison sentence of up to 20 years. RIA said the boy, whom it did not name, was accused of gathering information and painting graffiti for Ukrainian intelligence in return for money since the autumn of 2024. It said he had confessed to his crime under questioning. It quoted him as saying that he went to Ryazan to gather information on the refinery at the Ukrainians' behest in early January. The Ryazan refinery, which is located around 240km (150 miles) south of Moscow, suspended operations after an attack by Ukrainian drones on Monday, three industry sources told Reuters. Ukraine has repeatedly targeted Russian energy infrastructure to try to undermine Moscow's financing for the war. The strikes have knocked out around 10% of Russia's total refining capacity, Reuters reported earlier this month. Sign up here. https://www.reuters.com/world/europe/russia-detains-teenager-suspected-helping-ukraine-target-ryazan-oil-refinery-2025-02-25/

2025-02-25 07:26

JOHANNESBURG, Feb 25 (Reuters) - South Africa's rand was stable on Tuesday amid market caution about U.S. President Donald Trump's tariff plans and geopolitical stance. As of 1501 GMT, the rand traded at 18.3725 against the dollar , near its previous close of 18.3750. The dollar last traded about 0.4% weaker against a basket of currencies. Investors have traded cautiously after Trump said tariffs on Mexico and Canada would proceed as planned. South Africa's composite leading business cycle indicator (ZALEAD=ECI) , opens new tab fell 1.8% month-on-month in December, central bank data showed on Tuesday. Domestic-focussed investors await January consumer inflation figures (ZACPIY=ECI) , opens new tab on Wednesday and producer inflation data (ZAPPIY=ECI) , opens new tab for the same month on Thursday for clues on the health of Africa's most industrialised economy. On the stock market, the Top-40 (.JTOPI) , opens new tab index closed about 0.5% higher. South Africa's benchmark 2030 government bond was stronger, with the yield down 5 basis point to 9.065%. Sign up here. https://www.reuters.com/markets/currencies/south-african-rand-stable-markets-watch-trump-policy-developments-2025-02-25/

2025-02-25 06:49

U.S. consumer confidence weakens sharply Dollar near two-month low Markets eye Canada, Mexico tariff deadline NEW YORK, Feb 25 (Reuters) - The dollar retreated on Tuesday, extending declines after a soft reading on U.S. consumer confidence and a drop in U.S. yields weighed, while optimism for more spending in Germany helped lift the euro. The greenback extended declines after the Conference Board said its consumer confidence index dropped 7 points, its largest fall since August 2021, to 98.3, well short of the 102.5 estimate of economists polled by Reuters. "The present situation index improved, but consumers are expecting dark skies ahead. Change can be scary, so it’s not surprising that confidence is falling," said Brian Jacobsen, chief economist at Annex Wealth Management in Menomonee Falls, Wisconsin. The dollar index , which measures the greenback against a basket of currencies, fell 0.39% to 106.33, just off the two-month low of 106.12 hit on Monday, with the euro up 0.37% at $1.0505. Concerns have started to emerge about U.S. economic growth, and worries about inflation are growing as tariff deadlines by Trump on Canada and Mexico are set for next week. Investors also fear the labor market impact from actions taken by Elon Musk's Department of Government Efficiency. "There's going to be a lot of back and forth on Trump's initiatives, and certainly markets in general long term, don't like tariffs," said Joseph Trevisani, senior analyst at FXStreet in New York. "There's definitely nervousness out there because some of these things could go the wrong way, certainly inflation hasn't shown any sign of further retreat." Richmond Federal Reserve President Tom Barkin said current uncertainty argued for caution and he will follow a wait-and-see approach to central bank policy until it is clear inflation is heading back to the central bank's 2% target. Reflecting the defensive tone, the yield on benchmark U.S. 10-year notes fell 8.9 basis points to 4.304% after hitting a 2-1/2 month low of 4.283%. In addition, the greenback was down 0.44% to 149.05 against the safe haven Japanese yen and off 0.5% to 0.892 against the Swiss franc. The dollar had earlier dropped to a 4-1/2 month low of 148.56 against the yen and touched a nine-week low of 0.8913 against the franc. After initial signs Germany may be able to move quickly, election winner Friedrich Merz on Tuesday ruled out a rapid reform to Germany's state borrowing limits known as the "debt brake" and said it was too soon to say whether the outgoing parliament could wave through a massive military spending boost. U.S. Treasury Secretary Scott Bessent argued on Tuesday the U.S. economy is more fragile under the surface than economic metrics suggest, citing interest rate volatility, sticky inflation and job growth focused on the government sector, while also saying that tariffs are an important source of revenue. Trump said on Monday that tariffs against Canada and Mexico would proceed as scheduled next week. The Mexican peso strengthened 0.02% versus the dollar at 20.468 while the Canadian dollar weakened 0.27% versus the greenback to C$1.43. Analysts at Goldman Sachs noted, "the risk remains that we see a repeat of Trump's brinkmanship from last month, with choppy price action in those currencies are we approach March 4." Sterling strengthened 0.3% to $1.2662. British Prime Minister Keir Starmer said he would increase annual defense spending to 2.5% of GDP by 2027 and target a 3% level, last seen just after the Cold War, a signal to Trump that Britain can help boost Europe's security. In cryptocurrencies, bitcoin plummeted 7.78% to $86,669.58 as tariffs and growth worries dented risk appetite, further denting confidence after last week's hack of ether from the Bybit exchange. Sign up here. https://www.reuters.com/markets/currencies/dollar-claws-back-losses-renewed-tariff-worries-2025-02-25/

2025-02-25 06:35

TOKYO, Feb 25 (Reuters) - Nippon Steel (5401.T) , opens new tab President Tadashi Imai said on Tuesday talks are set to start with the U.S. Department of Commerce as it aims to revive its bid to purchase U.S. Steel (X.N) , opens new tab. The Japanese company's previous merger agreement with U.S. Steel, blocked by the administration of former President Joe Biden, will serve as a starting point for discussions, Imai said. Earlier this month, U.S. President Donald Trump said that Nippon Steel's $14.9 billion bid for U.S. Steel would take the form of an investment instead of a purchase. His remark came at the Oval Office with Japanese Prime Minister Shigeru Ishiba at his side. But Nippon Steel's Imai said financial and capital investments are interconnected with its proposed acquisition of the American company. "We will be discussing with the U.S. government and I think the basic starting point will be the current merger agreement," Imai said, adding that the Japanese company will talk with the U.S. government about what it can do to get President Trump's approval. Sign up here. https://www.reuters.com/markets/deals/nippon-steel-begin-talks-with-us-commerce-dept-over-us-steel-bid-president-says-2025-02-25/