2025-02-17 08:44

HONG KONG, Feb 17 (Reuters) - The Hong Kong government has responded for the first time to questions about the use of cryptocurrencies as proof of wealth for an immigration scheme after a local accountant talked publicly about two cases that had accepted the digital assets. Clement Siu, a Hong Kong-based certified public accountant, told media he had handled two cases where bitcoin and ether were used as proof of clients' assets. Cryptocurriences are not approved assets for direct investment under the immigration scheme, but Siu's cases suggested they can be used as proof of a potential immigrant's wealth, underscoring their growing recognition as a mainstream asset. Hong Kong's investment promotion department, InvestHK, which handles applications for the New Capital Investment Entrant Scheme (New CIES), said there were "no specific requirements" around asset classes when asked if cryptocurrencies were acceptable assets. Hong Kong relaunched an investment immigration scheme in March 2024 to attract capital. Applicants must show they control assets worth at least HK$30 million ($3.9 million), and then invest that in some approved assets in order to obtain residency. "InvestHK has never said whether crypto assets are acceptable or not, but they encouraged us to give it a try, so we just tried," Siu, a deputy managing partner at Global Vision CPA Limited, which issues accountant reports for immigration applicants, told Reuters. InvestHK did not comment specifically on the cases Siu highlighted and did not say how many immigration applications had been accepted using cryptocurrencies as proof of wealth. Hong Kong is competing against regional rivals such as Singapore and Dubai to become the global hub for virtual assets. "Accepting virtual assets as proof of assets shows that virtual assets have the same status as traditional assets in Hong Kong, this is an important step in promoting the mainstreaming of virtual assets," said Jupiter Zheng, a partner at HashKey Capital. Hong Kong's investment immigration scheme is not open to mainland Chinese, but they can circumvent this restriction if they obtain permanent residence in a third country, analysts say. That could raise concerns about potential evasion of China's capital controls. Siu said one of his clients who used ether as proof of wealth was a Chinese national holding Guinea-Bissau residency. Hong Kong government data for June showed that nearly 80% of more than 250 New CIES applicants were from Guinea-Bissau or Vanuatu. ($1=7.78 Hong Kong dollars) Sign up here. https://www.reuters.com/technology/hk-comments-leave-door-open-use-cryptocurrencies-proof-wealth-2025-02-17/

2025-02-17 08:26

BEIJING, Feb 17 (Reuters) - China will strengthen support for exploring domestic mineral resources including lithium, cobalt and nickel, its industry ministry said on Monday. The world's largest consumer of the metals key to electrical vehicles batteries and energy storage also will support enterprises to strengthen foreign investment and cooperation, and improve the supply of overseas development of the minerals, it added. Sign up here. https://www.reuters.com/markets/commodities/china-strengthen-support-metals-vital-evs-energy-storage-2025-02-17/

2025-02-17 08:02

Annual profit drops 40% due to lower PGM prices Amplats to demerge from Anglo American by June Anglo retains 19.9% stake to manage flowback issues JOHANNESBURG, Feb 17 (Reuters) - Anglo American Platinum (AMSJ.J) , opens new tab will pay an additional $856 million cash dividend ahead of its planned spinoff into a standalone unit, it said on Monday. The payout is despite annual profit slumping 40% to about 8.4 billion rand ($456.7 million) as lower platinum-group metal (PGM) prices continue to squeeze earnings. Johannesburg-based Amplats said the 15.7 billion rand cash payout is in addition to a final dividend of 3 rand per share, or about 800 million rand, ahead of its plan to demerge from parent company Anglo American (AAL.L) , opens new tab. Amplats will pay the additional dividend from its net cash reserves of about 17.6 billion rand, CEO Craig Miller said on a call with journalists. CFO Sayurie Naidoo added that the company can afford the extra payout without compromising its liquidity position. "All our assets are cash generative and therefore we expect by the end of the year we will still be in a cash neutral position," she said. The miner's shares rose as much as 3.8% in early morning trading. "We have modelled this on various price scenarios and we still believe we will be able to execute on our strategy." Naidoo said. Amplats would continue to benefit from demand for PGMs mostly from automakers, as the rollout of battery electric vehicles, which do not use the metals, slows down, Miller said. South African PGMs have also scaled back investing in new mines, which could result in future supply tightening, Miller said. "There will be continued demand for our metals and through the assets we have we will be able to supply into that," Miller said. The platinum miner is due to be spun off from the London-listed group by June, part of a restructuring strategy implemented by Anglo American after fighting off a $49 billion takeover bid from bigger rival BHP last year. Anglo has also sold its coal assets and is in the process of selling its nickel business in Brazil. It also plans to divest its De Beers diamond unit. Anglo will maintain a 19.9% stake in the demerged unit and gradually manage its exit over time, but will have no presence on the Amplats board, it said. Retaining the stake could also help manage "flowback issues", RBC Capital market analysts said. "This should help with the possible flowback issues on the stock, particularly from passive index holders of Anglo American that would mechanically be selling the shares post demerger," the analysts said. ($1 = 18.3938 rand) Sign up here. https://www.reuters.com/markets/commodities/anglo-platinum-pays-top-up-cash-dividend-ahead-spinoff-plans-2025-02-17/

2025-02-17 07:33

Feb 17 (Reuters) - Petra Diamonds (PDL.L) , opens new tab CEO Richard Duffy has resigned "by mutual agreement and with immediate effect", the company said on Monday. The diamond miner said in a statement it has appointed Chief Restructuring Officer Vivek Gadodia and Juan Kemp, the operations executive at its Cullinan mine in South Africa, as joint CEOs on an interim basis. Sign up here. https://www.reuters.com/markets/commodities/petra-diamonds-ceo-duffy-steps-down-2025-02-17/

2025-02-17 07:22

KUALA LUMPUR, Feb 17 (Reuters) - Malaysian state energy firm Petroliam Nasional Berhad (Petronas) will maintain all its contractual obligations, Prime Minister Anwar Ibrahim said, after talks over gas distribution with Petroleum Sarawak Berhad (Petros) fanned industry concerns. A recent deadlock in talks between Petronas and Petros, run by the state of Sarawak, home to more than 60% of Malaysia's gas reserves, stirred concern over the likely impact on the revenues of the former, a major contributor to government coffers. On Monday, Anwar told parliament all detailed negotiations between the two would follow transparent commercial principles, and they would work together in the interest of the nation. Petronas will "maintain all existing domestic and international contractual obligations," he added. The assurance followed comments reported by the Borneo Post newspaper from Sarawak premier Abang Johari Tun Openg that the negotiations had yet to be resolved as some "grey areas" remained. The federal government's decision to recognise Petros came about because the state, on the island of Borneo, had helped, through Petronas, in funding Malaysia's early growth, he added. On February 5, Law Minister Azalina Othman confirmed Petros' role as the state's gas distributor, excluding liquefied natural gas (LNG). Policy, governance and development of Malaysia's energy industry continue to thrive under the mandate of its Petroleum Development Act of 1974, recognised by both the federal and state governments, Anwar said. But Petros will serve as Sarawak's gas aggregator under a 2016 state ordinance on gas distribution that is set to take effect on March 1, he added. The measure guarantees up to 1.2 billion cubic feet a day of natural gas for Sarawak's domestic needs, he said, adding that Petros had the authority to expand into new activities and benefit from cooperation with Petronas. Oil and gas industry development in Sarawak, including upstream investment and infrastructure, was valued at a total of more than 280 billion ringgit ($63 billion) since 1976, Anwar said. Sarawak has long sought greater control of its natural resources. Last February it appointed Petros to procure, distribute, supply and sell all natural gas produced in the state to downstream buyers. A deadlock in negotiations last year had sparked some industry worries over the potential impact on Petronas and energy activities in Sarawak. ($1=4.4260 ringgit) Sign up here. https://www.reuters.com/business/energy/malaysian-pm-says-petronas-will-stick-contract-commitments-2025-02-17/

2025-02-17 06:59

JOHANNESBURG, Feb 17 (Reuters) - South Africa's rand weakened on Monday, ahead of Finance Minister Enoch Godongwana's budget speech this week, which will provide insights on the state of Africa's most industrialised economy. At 1503 GMT, the rand traded at 18.4275 against the U.S. dollar , about 0.4% softer than its previous close. Analysts said all eyes will be on the budget presentation to parliament on Wednesday, which will lay out the government's spending priorities, revenue collection measures and updated economic forecasts for the year. Analysts polled by Reuters said South Africa's budget deficit forecasts will be wider than those in its October estimates for the next three years. On the stock market, the Top-40 (.JTOPI) , opens new tab index closed about 0.3% lower. South Africa's benchmark 2030 government bond was also weaker, with the yield up 5 basis points at 9.145%. Sign up here. https://www.reuters.com/markets/currencies/south-african-rand-stable-markets-await-budget-speech-2025-02-17/