2025-02-08 09:35

BAMAKO, Feb 8 (Reuters) - Mali's industrial gold production plunged 23% to 51 metric tons last year from 66.5 tons in 2023, the West African country's mines ministry said. Mali is one of Africa's top gold producers and home to industrial mines operated by international companies including Barrick Gold (ABX.TO) , opens new tab, B2Gold Corp (BTO.TO) , opens new tab, Resolute Mining (RSG.AX) , opens new tab and Hummingbird Resources (HUMR.L) , opens new tab. A ministry document showed on Friday that the output number excludes Barrick Gold's (ABX.TO) , opens new tab December production following the company's dispute with Mali's military-led government related to a mining law introduced in 2023. Barrick suspended operations at its Loulo-Gounkoto operation last month after authorities seized its gold reserves by helicopter. Four of its employees have been detained since November on charges including money laundering and financing of terrorism, which the company denies. Mali's new mining code, which raises taxes and seeks to hand over big stakes in assets to the state, makes it uneconomic to invest in new mines or buy operations in the country, several mining chief executives told Reuters this week. Mali's government says mining companies including Barrick have not been paying their fair share of taxes. According to the ministry document, Mali's gold production fell below 60 tons for the first time in over three years. It would stand at 52.7 tons if Barrick met its December forecast of 1.7 tons, the ministry's monthly estimates showed. The ministry did not provide an explanation for the drop in production. An official from the mines ministry told Reuters the government's conflict with mining companies could be the reason for the lower output. The sector faces a crisis of confidence after authorities demanded foreign companies migrate to the new mining code and arrested employees and executives, the official added. According to the ministry's data, Barrick Gold remains the country's biggest gold producer, with an output of 19.4 tons in 2024 excluding December production, followed by B2Gold at 13.7 tons and Resolute Mining at 7.2 tons. With an estimated 6 tons produced in artisanal mines, Mali's total gold production in 2024 is expected to reach 58.7 tons, the mines ministry said. Sign up here. https://www.reuters.com/markets/commodities/mali-gold-production-plunges-23-2024-2025-02-08/

2025-02-08 08:03

NEW DELHI, Feb 8 (Reuters) - India's central bank will be agile in responding to the liquidity needs of the banking system, Reserve Bank of India (RBI) Governor Sanjay Malhotra told reporters on Saturday. "We will be very, very watchful, alert and very nimble and agile in whatever are the requirements of the banking system to provide liquidity, both transient, overnight, as well as more durable liquidity," he said. The RBI is not targeting any price band for the rupee and focusing more on curbing excess volatility, Malhotra said after the central bank cut its key interest rate for the first time in nearly five years on Friday. Sign up here. https://www.reuters.com/world/india/india-cenbank-will-be-agile-responding-banks-liquidity-needs-2025-02-08/

2025-02-08 07:52

TAIPEI, Feb 8 (Reuters) - Taiwan has sent officials to Washington to discuss possible U.S. tariffs by President Donald Trump, and has made preparations should they be imposed, Economy Minister Kuo Jyh-huei said on Saturday. Tech firms in Taiwan, home to the world's largest contract chipmaker TSMC (2330.TW) , opens new tab, face the possibility Trump will follow through on threats to put tariffs on imported chips after he accusing Taiwan during last year's campaign of having stolen American semiconductor business. Trump said on Friday he plans to announce reciprocal tariffs on many economies by Monday or Tuesday, a major escalation of his offensive to reshape global trade relationships in ways he considers to be in America's favour. Speaking to reporters in Taipei, Kuo said the ministry has made preparations for any U.S. tariffs, declining to give details. Asked about chip tariffs, Kuo said he had dispatched a deputy minister and a deputy section chief to Washington. He did not identify them or offer further details. They will "as much as possible give some rather good explanations to Trump's people" about Taiwan's chip industry, he added, without elaborating. "Taiwan is the United States' best partner." Taiwan has repeatedly said its chip sector and U.S. companies have "win-win" cooperation. , opens new tab But Taiwan runs a large trade surplus with the United States, which surged 83% last year, with the island's exports to the U.S. hitting a record $111.4 billion, driven by demand for high-tech products such as semiconductors. Kuo suggested Taiwan could follow Japan's example and import more U.S. energy. "In reference to Japan, he has great determination when it comes to energy," he said, referring to Trump. "We hope we can satisfy U.S. demands when it comes to this." Japan will soon begin importing a record amount of U.S. liquefied natural gas, Trump said on Friday after talks with Japanese Prime Minister Shigeru Ishiba. Australia and Qatar are currently Taiwan's main suppliers of LNG. Sign up here. https://www.reuters.com/world/taiwan-sends-officials-us-discuss-possible-trump-tariffs-2025-02-08/

2025-02-08 05:44

Lithuania, Latvia, Estonia leave Russian power grid Plan to integrate with EU grid on Sunday Commission President Ursula von der Leyen to speak at ceremony Switch cuts Soviet legacy tie Russia's Kaliningrad left to operate on its own VILAKA, Latvia, Feb 8 (Reuters) - The three Baltic states disconnected their electricity systems from Russia's power grid on Saturday, the region's operators said, part of a plan designed to integrate the countries more closely with the European Union and boost security. Estonia, Latvia and Lithuania disconnected from the IPS/UPS joint network and, subject to last-minute tests, they will synchronise with the EU's grid at 1200 GMT on Sunday after operating on their own in the meantime. European Commission President Ursula von der Leyen will speak at a ceremony on Sunday to mark the switch to the EU system, her office said on Friday. "We've reached the goal we strived for, for so long. We are now in control," Lithuanian Energy Minister Zygimantas Vaiciunas told a press conference. The operators successfully undertook frequency management trials on Saturday, testing the Baltic grid's stability during interruptions, such as sudden shutdowns of power plants, Lithuanian grid operator Litgrid said on Saturday evening. Further trials on Sunday will test the Baltic grid's ability to manage current. Immediately after disconnecting, Latvian workers used a crane to reach the high-voltage wires in Vilaka, 100 metres from the Russian border, and cut them. They handed out chopped wire as keepsakes to cheering observers. "We will never use it again. We are moving on," Latvia's Energy Minister Kaspars Melnis told Reuters in Vilaka. Plans for the Baltics to decouple from the grid of their former Soviet imperial overlord, debated for decades, gained momentum following Moscow's annexation of Crimea in 2014. The grid was the final remaining link to Russia for the three countries, which reemerged as independent nations in the early 1990s at the fall of the Soviet Union, and joined the European Union and NATO in 2004. The three staunch supporters of Kyiv stopped purchases of power from Russia following Moscow's invasion of Ukraine in 2022, but have relied on the Russian grid to control frequencies and stabilise networks to avoid outages. "By ending the energy dependence of the Baltic states on Russia, we are leaving the aggressor without the option of using energy as a weapon against us," Estonian Foreign Minister Margus Tsahkna said. An army truck was seen at the Rezekne power substation near the Latvia-Russia border, and officers with guns were patrolling the vicinity and in the nearby town, indicative of Baltic worries of attempted sabotage to disrupt the switch. The Baltic Sea region is on high alert after power cable, telecom links and gas pipeline outages between the Baltics and Sweden or Finland. All were believed to have been caused by ships dragging anchors along the seabed following Russia's invasion of Ukraine. Russia has denied any involvement. "The system is stable, the process is happening smoothly, no one is noticing that something changed," Melnis said. Maintaining a constant power supply requires a stable grid frequency, which can more easily be obtained over time in a large synchronised area such as Russia or continental Europe, compared to what the Baltics can do on their own, analysts say. Lithuania's energy ministry told Reuters it has drawn up contingency plans whereby some heavy energy users, such as factories, could be temporarily disconnected from the grid in the event of power shortages, to maintain essential supplies during the switch. For Russia, the decoupling means its Kaliningrad exclave, located between Lithuania, Poland and the Baltic Sea, is cut off from Russia's main grid, leaving it to maintain its power system alone. The Baltic countries spent nearly 1.6 billion euros ($1.66 billion) since 2018 to upgrade grids to prepare, while Moscow has spent 100 billion roubles ($1 billion), including on the building of several gas-fired power plants in Kaliningrad. ($1 = 0.9643 euros) ($1 = 97.0955 roubles) Sign up here. https://www.reuters.com/world/europe/lithuania-cuts-russian-power-grid-ties-baltics-prepare-link-with-eu-2025-02-08/

2025-02-08 01:16

USDA funding freeze affects conservation, other programs Farmers say they face economic uncertainty due to freeze USDA reviews 409 programs, affecting rural economic development CHICAGO/WASHINGTON DC, Feb 7 (Reuters) - The U.S. Department of Agriculture has frozen some funding for farmers as it goes through a sweeping review, despite assurances , opens new tab from the Trump administration that programs helping farmers would not be affected in the government overhaul. The impact has been immediate and wide-ranging, from cash assistance for ranchers to fix cattle watering systems to help for corn growers wanting to plant cover crops that curb wind erosion. Some of the money that has been frozen is tied to environmental conservation programs that were funded by former President Joe Biden's signature climate law, the 2022 Inflation Reduction Act, which included about $19.5 billion for farm programs over 10 years. The White House said its January 27 proposal to freeze federal loans and grants would not affect programs for farmers , opens new tab. The administration rescinded its proposal and it has been temporarily blocked in court. The White House did not respond to a request for comment on Friday. The freeze adds more economic uncertainty for farmers already struggling after several consecutive years of incomes dragged down by low crop prices. It also comes as a surprise to a community that voted overwhelmingly for Trump in the past three presidential elections. His first term brought farmers record cash: about $217 billion in farm payments, including crop support, disaster and aid programs. Rob Larew, president of the National Farmers Union, told the Senate Agriculture Committee on Wednesday that the group was hearing from farmers across the country who were not receiving expected payments from USDA conservation programs. "Having USDA delayed with a lot of uncertainty about whether or not it will actually come through is adding to that economic pressure in the countryside," he said. Missouri cattle producer Skylar Holden posted a series of videos on TikTok this week, saying he had signed a contract with USDA's Natural Resources Conservation Service for $240,000 for improved water lines, fences and a well. But USDA officials called him recently to tell him his contract with NRCS's Environmental Quality Incentives Program, or EQIP, was frozen, he said. It's not clear when the funds will be released, Holden said in his video. "I've already done a bunch of the work, already paid for the material and the labor, so I'm out all that cost," Holden said in one video, adding, "We are possibly going to lose our farm if NRCS doesn't hold up their contract with us." The program aims to help farmers maintain or improve production while conserving natural resources. A USDA spokesperson said all federal agencies have been asked for such program reviews. "The Department of Agriculture will be happy to provide a response to interested parties once Brooke Rollins is confirmed," and has analyzed them. Rollins, Trump's pick to run the farm agency, was advanced by the Senate Agriculture Committee this week but has not yet received a full Senate confirmation vote. The U.S. Office of Management and Budget has asked USDA for information on 409 programs, according to an OMB document reviewed by Reuters, including the names of political appointees that oversee each program and any funding obligations the programs have through March 15. USDA's funding pause extended to programs beyond those supported through Biden's signature climate law, according to a letter sent to USDA on Thursday by three Democratic Party lawmakers. "Pulling the rug out from these recipients runs counter to the mission of the USDA and will quickly and significantly cripple economic development in rural America," the letter said. One program targeted in the funding pause was the Partnership for Climate-Smart Commodities, where USDA said it is investing $3.1 billion , opens new tabin 141 projects to help farmers enroll in conservation programs. One project provided assistance to Midwestern farmers to grow organic grains, while another focused on bolstering potato farm operations in Idaho, Washington and Oregon. The funding for the contracts came from the Commodity Credit Corporation, a financing institution established during the Great Depression. Sign up here. https://www.reuters.com/world/us/usda-freezes-farmer-funding-some-programs-conservation-contracts-2025-02-08/

2025-02-07 23:33

TOKYO, Feb 8 (Reuters) - Japanese Prime Minister Shigeru Ishiba said he agreed with U.S. President Donald Trump that the two countries will leave foreign exchange-rate matters in the hands of their finance ministers. "As was the case during the first Trump administration, we decided to continue close discussions between the Japanese and U.S. finance leaders, who are the experts," Ishiba told a news conference after his meeting with Trump on Friday, on currency rate matters. In a video conference call last month, Japanese Finance Minister Katsunobu Kato and U.S. Treasury Secretary Scott Bessent agreed to cooperate on issues including currency rates. Some analysts have said prior to the summit that Trump could express displeasure over the weak yen as a factor that boosts the dollar and makes U.S. exports less competitive abroad. Japanese policymakers have been sensitive to the risk of Trump making explicit comments about the yen and causing market volatility that could hurt its fragile economic recovery. Sign up here. https://www.reuters.com/markets/currencies/japan-us-agree-have-fx-matters-hands-finance-chiefs-ishiba-says-2025-02-07/