2025-02-06 11:38
CAIRO/GAZA, Feb 6 (Reuters) - After Trump came the flood. Heavy wind and rainfall howled across the Gaza Strip in the early hours of Thursday, a winter storm flooding tents housing displaced families and ripping off the plastic sheeting that sealed homes. Yet residents said U.S. President Donald Trump's announcement of plans to seize the enclave and expel them had only made them more determined to stay. "Despite the tragedy we are living, despite the rain and the very bad weather, people are staying under no roof," said Qassem Abu Hassoun, standing in the rain surrounded by wrecked homes and broken roads in Rafah in the southern Gaza Strip. His family had returned here to their destroyed home as soon as a ceasefire was declared on January 19 after having spent months sheltering further north. They have no plans to leave ever again. "People are hanging on to their country, their land. People are hanging on to even one grain of sand of their country," he told Reuters. The night after most Gazans learned of Trump's shock announcement, the storm whipped families out of their sleep and shredded makeshift tents made from plastic and cloth sheeting. Residents bailed water out in small plastic pots. In the morning, Israeli Defence Minister Israel Katz ordered the army to prepare a plan to allow the "voluntary departure" of residents from Gaza. "It seems even the weather is against us, but neither the weather, nor Trump nor Israel will eject us from our land," said Abdel Ghani, a father of four living with his family in the ruins of their Gaza City home destroyed by Israel. The winds blew away the plastic sheets they had used to cover the shattered windows and holes in the walls. Rainwater had poured inside. Still, they were going nowhere, he told Reuters in a text message. "Is he nuts?" he said of Trump. "We will not sell our land for you, real estate developer. We are hungry, homeless, and desperate but we are not collaborators. If he wants to help, let him come and rebuild for us here." In Israel, Channel 12 reported that Katz's plan would include exit options via land crossings, as well as special arrangements for departure by sea and air. Displacement of Palestinians is one of the most sensitive issues in the Middle East. Forced or coerced displacement of a population under military occupation is a war crime, banned under the 1949 Geneva Conventions. Hamas official Basem Naim told Reuters Katz's statement was not surprising and meant to cover up for Israel's failure to achieve any of its objectives in the war on Gaza. Israel has said it aimed to eradicate Hamas, the militant group which triggered the war with a deadly attack on October 7, 2023. But since the ceasefire began three weeks ago, Hamas fighters have restored their control of the enclave. Meanwhile, hundreds of thousands of Palestinians displaced within Gaza have returned to homes, particularly in the northern part of the territory which lies in almost total ruins. Naim said this was evidence of Palestinians' deep attachment to the land. "If they are sincere in their claims, they should lift the suffocating blockade on Gaza, open the crossings, and they will be shocked to find that the number of those returning to Gaza will exceed the number of those leaving, despite the massive destruction," Naim said. The war in Gaza was triggered by the Hamas attack, when fighters killed 1,200 people and abducted more than 250 hostages, according to Israeli tallies. Since then, Israel's military assault on Gaza has killed more than 47,000 Palestinians in the last 16 months, according to the Gaza health ministry, and provoked accusations of genocide and war crimes that Israel denies. An initial six-week ceasefire between Israel and Hamas, agreed with Egyptian and Qatari mediators and backed by the U.S., has so far largely held, but prospects for a durable settlement beyond that first phase are unclear. Sign up here. https://www.reuters.com/world/middle-east/rainstorm-trump-blow-through-gaza-residents-say-they-will-never-leave-2025-02-06/
2025-02-06 11:38
Feb 6 (Reuters) - India's KRBL (KRBL.NS) , opens new tab reported its sixth straight quarterly profit fall on Thursday as a rise in expenses more than offset the impact of strong sales of its rice products. KRBL, which makes the 'India Gate' brand of basmati rice, reported a 1% year-on-year fall in consolidated net profit to 1.33 billion rupees ($15.2 million) in the third quarter. This was KRBL's slowest profit drop in six quarters. The company's revenue from operations rose 17% to 16.82 billion rupees, led by a 17% jump in its agricultural business, which includes all types of rice apart from seed and bran. Revenue from exports more than doubled to 5.63 billion rupees. Total expenses also rose by 17%. India eased almost all curbs on non-basmati and basmati rice exports late last year as part of its efforts to reduce surging inventories and to regain market share. India accounts for around 75% of global basmati production. The government also removed the so-called floor price, or minimum export price, for basmati rice to help thousands of farmers who complained about a lack of access to lucrative overseas markets such as Europe, the Middle East and the U.S. Basmati is not widely consumed in India, and the government does not buy the variety to build state reserves, leading to producers exporting a majority of their stock. Rival LT Foods (LTOL.NS) , opens new tab reported a lower quarterly profit on higher costs. ($1 = 87.5560 Indian rupees) Sign up here. https://www.reuters.com/business/retail-consumer/indian-rice-seller-krbls-quarterly-profit-drops-higher-expenses-2025-02-06/
2025-02-06 11:08
Astronomers worry about light pollution from industrial projects Chile's mining and energy projects threaten dark desert skies AES Andes claims Inna project can coexist with astronomy Chile forms committee to balance astronomy and energy development CERRO PARANAL, Chile, Feb 6 (Reuters) - Chile's pristine, dark desert skies, world-renowned for astronomy, are at risk of being outshined by urban and industrial development according to astronomers. Angel Otarola, an astronomer and member of the light pollution committee of the Chilean Astronomical Society (SOCHIAS), says light pollution around the state-of-the-art Paranal Observatory is currently about 1% and worries about losing the darkness vital to their studies. "What protected us before was distance, but now these projects are getting closer," Otarola said, adding that the infrastructure and lighting required by industries "will potentially begin to increase artificial light pollution." Chile, the world's largest copper producer and second-largest lithium producer, has seen mining and renewable energy projects expand in its mineral-rich north in recent years. Paranal telescope operator Marcela Espinoza says it's essential for Chile to preserve "the best skies in the world" so that other countries keep choosing the region to install their telescopes. The European Southern Observatory (ESO) is currently building the €1.45 billion Extremely Large Telescope (ELT) at the nearby Cerro Armazones. The main project scientists have pointed out is the Inna project, a mega green hydrogen and ammonia development by AES Andes, a subsidiary of the U.S. AES Corporation. AES told Reuters that the Inna project, which began in 2021, had received no opposition on lighting issues until August 2024. The company said the project is in an area the state has earmarked for renewable energy and environmental requirements mean "there is no possibility of relocating a project." "The project can coexist with astronomical observation, and work with the world and Chile's astronomy community, to raise standards and demonstrate that, with new technology and cultural shifts to protect Chile's dark skies, coexistence is possible," the company said. The company said it conducted studies that show a maximum increase in the natural brightness of the sky would not exceed 0.27% on Paranal Hill and 0.09% on Armazones Hill due to the project. Chile's science minister, Aisen Etcheverry, told Reuters the government has formed a committee to look for solutions to develop both astronomy and energy, noting that "both are important" to the government. "We're working to find solutions, from technical to diplomatic, that allow both these activities to happen," Etcheverry said. Sign up here. https://www.reuters.com/science/chiles-celestial-crisis-can-dark-skies-survive-development-2025-02-06/
2025-02-06 11:06
A look at the day ahead in U.S. and global markets from Mike Dolan With tariff tensions easing a touch for now and price pressures coming off the boil, U.S. Treasury yields have plunged this week - defusing a tense January for bond markets and helping stocks find a foothold in the thick of a noisy earnings season. Although they backed up a touch early Thursday, 10-year Treasury yields have sliced below 4.5% - dropping more than 10 basis points at one point on Wednesday to their lowest of the year as January ISM service sector readings showed a surprise drop in the prices paid by businesses. Along with the prior day's news on some cooling of the labor market and this week's delays in U.S. tariff hikes on Mexico and Canada, the drop in yields came largely independently of futures thinking on Federal Reserve interest rates. With Fed officials still minded to keep easing slowly and gradually as they assess President Donald Trump's economic policies, two cuts this year remain the best bet. Noted Fed board dove Chris Waller is due to speak later today. But the drop in long yields was encouraged by a mix of this week's quarterly Treasury refunding details, a geopolitical safety bid at the margin and comments from new Treasury Secretary Scott Bessent on the administration's stance on lower borrowing rates. Despite some fears of a future "terming out" of the Treasury's heavy debt-raising schedule to longer-term tenors, the refunding announcement on Wednesday showed no increase in size of note and bond auctions through the April quarter. And, crucially, there was no guidance on when they would increase. That was a relief. Bessent then said that, while Trump wants lower interest rates, he would not ask the Fed to cut them - putting the emphasis instead on getting 10-year yields down. If the economy is de-regulated with more private sector investment, "interest rates will take care of themselves and the dollar will take care of itself", he told Fox Business Network. Falling crude oil prices this week have also calmed the horses. As debt yields clawed back a few basis points on Thursday, the dollar also firmed up against most currencies - even though dollar/yen briefly touched its lowest in almost a month as Bank of Japan rate rise speculation has turned up a notch on this week's wage rise data there. But Japan aside, central bank easing elsewhere is set to continue apace. GILT TRIP After rate cuts last week from the European Central Bank and Bank of Canada, the Bank of England is widely expected to cut its key policy rates on Thursday by a quarter point - with at least two more pencilled in by markets for the rest of the year. Sterling , was steady ahead of the expected cut - even with some speculation at least one member of the BoE council may call for a bigger cut. And with the better mood in sovereign bond markets in general, recently restive British government bonds continued rallying hard. The 30-year "gilt" yield is testing 5% for the first time in six weeks - almost 50bp below January's multi-decade peaks. European stocks (.STOXX) , opens new tab more broadly hit another record high - clocking 7% gains for the year so far and more than twice the gains in the S&P500. In China, where U.S. tariff rises and retaliatory measures from Beijing appear to be going ahead without signs yet of a compromise between the two, the offshore yuan weakened slightly but stocks advanced smartly. Mainland Chinese and Hong Kong indexes (.CSI300) , opens new tab, (.HIS) , opens new tab gained more than 1%, driven by the tech sector as investors continued to bet on domestic artificial intelligence firms following Chinese AI start-up DeepSeek's recent breakthrough. Back on Wall Street, the S&P500 (.SPX) , opens new tab gained on Wednesday despite heavy earnings-day losses for megacap Alphabet (GOOGL.O) , opens new tab, and futures were higher again ahead of today's bell. With Amazon (AMZN.O) , opens new tab due to report after the close on Thursday, other earnings continue to be a mixed bag. Shares in Disney (DIS.N) , opens new tab lost early gains made after a strong profit beat, as investors fretted about subscriber numbers in its streaming business. Uber (UBER.N) , opens new tab dropped 8%, meantime, after the ride-hailing firm forecast bookings below estimates. With Friday's January payrolls data top of this week's economic diary, Thursday brings details of weekly jobless claims, January layoffs and fourth quarter productivity and labor cost numbers. Key developments that should provide more direction to U.S. markets later on Thursday: * Bank of England policy decision, monetary policy report and press conference * US January layoffs from Challenger, weekly jobless claims, Q4 productivity and unit labor costs, New York Fed's Jan global supply chain pressure index * Federal Reserve Board Governor Christopher Waller, Fed Vice Chair Philip Jefferson and Dallas Fed President Lorie Logan all speak * US corporate earnings: Amazon, Eli Lilly, Bristol-Myers Squibb, ConocoPhillips, Snap-On, Expedia, VeriSign, Principal Financial, Honeywell, Kellanova, Ralph Lauren, Mohawk, Borgwarner, Philip Morris, Hilton, Hershey, Microchip Technology, Mettler Toledo, Intercontinental Exchange, Equifax, Camden Property, Regency Centers, Zimmer Biomat, Yum! etc * Japan Prime Minister Shigeru Ishiba visits United States, meets US President Donald Trump Sign up here. https://www.reuters.com/markets/us/global-markets-view-usa-pix-2025-02-06/
2025-02-06 11:02
WASHINGTON, Feb 6 (Reuters) - X-energy, a company aiming to develop high-tech nuclear plants, said on Thursday it has closed $700 million in financing to help finish reactor design and licensing as well as construction of a fuel-making facility. WHY IT'S IMPORTANT X-energy is one of several companies that have signed deals with big tech companies as artificial intelligence boosts U.S. power demand for the first time in decades. Amazon.com (AMZN.O) , opens new tab said in October it is leading a funding round of $500 million to support X-energy's development of small modular reactors SMRs. That funding has now grown to $700 million with the addition of Segra Capital Management, Jane Street, Ares Management funds, Emerson Collective and others. Amazon and X-energy hope to bring more than 5 gigawatts of new power projects online across the U.S. by 2039, about the capacity of five traditional nuclear power plants. CONTEXT Backers of SMRs say they will be cheaper than today's larger reactors because they can be built in factories making standardized parts. Traditional reactors are built on site. Despite decades of hope for commercial SMRs, none exist yet in the United States. The plants will produce long-lasting radioactive waste, for which there is no permanent U.S. repository. X-energy is in the pre-application phase for its Xe-100 SMR technology with the US Nuclear Regulatory Commission. It is unclear when it will get approvals from the NRC which can take years to process applications. X-energy is also developing its initial SMR at a Dow (DOW.N) , opens new tab manufacturing site in Texas, and a fuel-making plant in Tennessee. KEY QUOTE "We look forward to continuing to advance and scale our technology and realize our vision of fulfilling the growing energy needs of future generations," said Kam Ghaffarian, X-energy's founder and executive chairman. BY THE NUMBERS X-energy plants are expected to range in size from 320 megawatts to 960 MW with each reactor being 80 MW. Sign up here. https://www.reuters.com/business/energy/x-energy-raises-700-million-development-small-modular-reactors-2025-02-06/
2025-02-06 10:55
Japanese supplies meet India's demand for high steel grades Indian steel makers don't make "high-performance" steel India should consider steps to curb imports from China, ASEAN NEW DELHI, Feb 6 (Reuters) - Japan has called on India to exempt it from any temporary tax aimed at curbing rising steel imports, according to a source and documents, arguing the move would crimp supplies of high-grade, speciality alloys that New Delhi needs. India, the world's second biggest crude steel producer, initiated an investigation in December to consider if it should impose a temporary tax, locally known as a safeguard duty, to curtail steel imports. Last month, India's Minister of Steel H. D. Kumaraswamy confirmed that the probe was underway. "Japanese steel products are exported to meet the demand for high-performance steel in India," according to a presentation made by a visiting Japanese delegation to India's steel ministry this week. "These products cannot be manufactured domestically in India, or even if they are manufactured, the supply quantity and quality do not meet the requirements of domestic consumers," the presentation documents showed. The presentation called for "consideration to exempt" Japan from India's tariffs. The Japanese embassy in India, the Japan Iron and Steel Federation and India's trade and steel ministries did not respond to emails from Reuters seeking comment. The presentation was made during the third India-Japan Steel Dialogue held in New Delhi. The Japanese delegation comprised government and industry officials. An Indian industry official who attended the meeting confirmed the details of the presentation. The source did not want to be identified because they were not authorised to speak to media. Overcapacity in China and the regional bloc ASEAN led to the investigation being carried out by India, and that is why New Delhi should consider imposing country-specific curbs, exempting Tokyo, the presentation from Japan showed. A flood of cheap Chinese steel has pushed India's smaller mills to scale down operations and consider job cuts, Reuters reported in December. Before the presentation on February 4, the Japanese embassy in New Delhi sent letters to India's trade and steel ministries, urging them not to impose a temporary tax on steel imports, according to the source and the documents. In a separate letter and presentation in December and January, the Japan Iron and Steel Federation urged the Indian government to exempt Japanese steel mills from any temporary tax, according to the source and documents. The Japan Iron and Steel Federation counts Nippon Steel (5401.T) , opens new tab and JFE Steel Corp (JFEST.UL) among its members, according to its website. India's overall finished steel imports reached a six-year high during the first nine months of the fiscal year that began in April 2024, with shipments from Japan hitting at least a seven-year high, nearly doubling from a year earlier, according to provisional government data reviewed by Reuters. Shipments from China, South Korea and Japan accounted for 79% of India's overall finished steel imports during the April-December period. Japan alone accounted for nearly a quarter of all finished steel imports. Sign up here. https://www.reuters.com/markets/commodities/japan-seeks-steel-import-tariff-exemption-india-documents-show-2025-02-06/
