2025-02-16 12:55
ANKARA, Feb 16 (Reuters) - Turkey's central bank stands "ready to act" against risks in the current rate-cutting cycle, Turkish Central Bank Governor Fatih Karahan told a conference for emerging market economies in Saudi Arabia on Sunday. The bank has been gradually cutting rates since December, Karahan said, reducing the policy rate (TRINT=ECI) , opens new tab by 250 basis points each in December and January. But Karahan said earlier this month that the bank is "not on autopilot" after two straight rate cuts, and can pause or change the size of policy rate moves based on data. Karahan told the conference on Sunday that uncertainties over monetary policy in the advanced economies - the United States in particular - are creating risks for emerging market economies including Turkey too. "That means that the central banks will need to walk very carefully," he said. "Risks are there for a lot of reasons... and we stand ready to act." The policy rate, which prior to December the bank had held steady at 50% for the preceding eight months, now stands at 45%, and according to a Reuters poll last month is expected to be lowered to 30% by the end of the year. Sign up here. https://www.reuters.com/world/middle-east/turkish-central-bank-ready-act-against-risks-rate-cutting-cycle-governor-says-2025-02-16/
2025-02-16 10:16
BAMAKO, Feb 16 (Reuters) - Forty-three people, mostly women, were killed after an artisanal gold mine collapsed in western Mali on Saturday, the head of an industry union said. The accident took place near the town of Kenieba in Mali's gold-rich Kayes region, Taoule Camara, secretary general of the national union of gold counters and refineries (UCROM), told Reuters. The women had climbed down into open-pit areas left by industrial miners to look for scraps of gold when the earth collapsed around them, he said. A mines ministry spokesperson confirmed the accident had taken place between the towns of Kenieba and Dabia, but declined to give further details as ministry teams at the scene had not yet shared their report. Artisanal mining is a common activity across much of West Africa and has become more lucrative in recent years due to growing demand for metals and rising prices. Deadly accidents are frequent as the artisanal miners often use unregulated methods. Thirteen artisanal miners, including women and three children, were killed in southwest Mali in late January, after a tunnel in which they were digging for gold flooded. Sign up here. https://www.reuters.com/world/africa/over-40-people-killed-mali-mine-collapse-2025-02-16/
2025-02-16 08:24
BEIJING, Feb 16 (Reuters) - China's central bank governor said on Sunday a stable yuan currency has been key to global financial and economic stability and Beijing will continue to let the market play a decisive role in deciding the exchange rate. People's Bank of China Governor Pan Gongsheng told a conference in Saudi Arabia that while most currencies have fallen against the dollar, the yuan has remained stable. "Recently, a number of factors have pushed up (the) dollar index, and non-dollar currencies have mostly depreciated. But RMB (yuan) has remained largely stable despite the high market volatility," Pan said at AlUla Conference for Emerging Market Economies. He also noted that China was increasingly prioritising consumption, implementing pro-consumption policies such as increasing household income and providing subsidies. China has emphasised that boosting consumption is a top economic priority in 2025, moving away from an over-reliance on investment to stimulate domestic demand and address potential export challenges. Pan also said in his speech that China will adopt a proactive fiscal policy and an accommodative monetary policy, and strengthen counter-cyclical policy adjustments. Sign up here. https://www.reuters.com/markets/asia/chinas-central-bank-governor-says-stable-yuan-key-global-financial-stability-2025-02-16/
2025-02-16 05:22
Trump dismisses EU's potential import block on US soybeans EU mulls food import limits to protect its farmers, echoing Trump's policy Tensions rise with US tariffs on steel, aluminum, and other goods WEST PALM BEACH, Florida, Feb 16 (Reuters) - U.S. President Donald Trump on Sunday shrugged off the European Union's reported push to block imports of U.S. soybeans and other foods made to different standards, warning such a move would only hurt Europe itself. Trump, speaking to reporters after a quick trip to Daytona Beach for the Daytona 500 car race, said the U.S. was sticking to its plans to start implementing reciprocal tariffs. "That's alright. I don't mind. Let them do it. Let them do it. It's just hurting themselves if they do that," he said. The Financial Times reported earlier on Sunday that the European Commission would agree next week to explore tough import limits on certain foods made to different standards in an effort to protect its farmers, echoing Trump's reciprocal trade policy. Early targets could include U.S. crops such as soybeans grown using pesticides that EU farmers are not allowed to use, the report said, citing three officials it did not name. Asked about the report earlier, a White House official earlier said Trump was fighting for fair and reciprocal trade and would stand up for American farmers. "We will continue to look to open markets all over the world for high-quality American products," the official said. Tensions are running high between the U.S. and the EU after Trump's decision to impose 25% tariffs on steel and aluminum from March 12; reciprocal tariffs from April; and separate tariffs on cars, pharmaceuticals and semiconductor chips. All those tariffs would stack on top of each other, U.S. officials have said. European Trade Commissioner Maros Sefcovic is expected to travel to Washington on Monday for meetings with U.S. officials on the new trade policy, the European Commission said. Sefcovic, who had a first telephone call with U.S. counterparts last week, is due to speak at the American Enterprise Institute think tank, which is closely aligned with Trump's Republican Party, on Wednesday. Sign up here. https://www.reuters.com/markets/commodities/eu-plans-trump-style-import-curbs-food-ft-reports-2025-02-16/
2025-02-16 00:52
BUENOS AIRES, Feb 15 (Reuters) - (This Feb.15 story has been refiled to correct the spelling of the crypto coin to $LIBRA, not $LIBRE, in paragraph 2) Argentine President Javier Milei could face an impeachment trial in Congress, opposition lawmakers said on Saturday, after the libertarian leader touted a cryptocurrency which crashed soon after. Milei late on Friday posted on X recommending the little-known crypto coin $LIBRA, which soon after shot up to nearly $5 apiece. Just hours later, the cryptocurrency plummeted to under $1. Argentina’s fintech chamber acknowledged that the case could potentially be a “rug pull,” in which the developers of a crypto token draw legitimate investments, pumping up the value, only to later dump their stake. “This scandal, which embarrasses us on an international scale, requires us to launch an impeachment request against the president,” said lawmaker Leandro Santoro, a member of the opposition coalition. Milei deleted the post on X, with local media saying the post had been up for a few hours on Friday night. He later said he took down his post after becoming aware of the circumstances, and that he had no relation to the cryptocurrency. “I was not aware of the details of the project and once I found out, I decided to not continue giving it publicity,” he said. Sign up here. https://www.reuters.com/world/americas/argentinas-opposition-threatens-impeachment-trial-after-milei-touts-crypto-coin-2025-02-16/
2025-02-15 23:05
SYDNEY, Feb 16 (Reuters) - Western Australia's Port Hedland, the world's largest iron ore hub, reopened after Tropical Cyclone Zelia hit the state's ore-rich Pilbara region, the port's operator said late on Saturday. Port Hedland, reopened after being shut on Wednesday due to the approach of Zelia, the most severe storm to hit the coast since Cyclone Ilsa in April 2023, Pilbara Ports said on its website. "Pilbara Ports has undertaken inspections of navigation aids, channels and berths and has confirmed safe operations can resume," the operator said, referring to the port located about 1,300 km (800 miles) north of state capital Perth. The nearby ports of Dampier and Varanus Island, a gathering and processing hub for oil and gas, reopened late on Friday. Zelia, which crossed the coast near Port Hedland on Friday as a category five cyclone, the highest danger rating, brought heavy rain and wind gusts up to 290 kph (180 mph). It moved south and weakened to a category four, sparing the town's population centre from its most destructive winds, before easing to a tropical low as it moved inland on Saturday. Port Hedland is used by BHP Group, Fortescue and billionaire Gina Rinehart's Hancock Prospecting. The Dampier and Cape Lambert ports ship iron ore from Rio Tinto, which said on Sunday its port, rail and mine operations had resumed in the region on Saturday. Fortescue said on Saturday it was assessing its operational sites such as roads, villages and mines but advised that the cyclone had done minimal damage. BHP, which on Thursday paused its Port Hedland operations for safety, said on Saturday that the cyclone had not caused any major damage at its sites. Australia's weather forecaster said late on Saturday that Zelia was weakening in the south of the Pilbara, a region twice the size of the United Kingdom. "The immediate threat of severe weather has passed," the forecaster said on its website. Sign up here. https://www.reuters.com/business/environment/port-hedland-western-australias-pilbara-region-reopens-after-tropical-cyclone-2025-02-15/
