2025-01-11 12:44

MOSCOW, Jan 11 (Reuters) - Afghanistan became the largest importer of Russian flour last year as it doubled purchases, Russia's state agricultural export agency, Agroexport, said late on Friday. Afghanistan imports flour as it does not have enough production capacity to fully meet domestic demand. The increase in imports came as Russia sought to foster ties with Afghanistan's Taliban rulers. Last month, Moscow moved a step closer towards recognising the Taliban government, with Russia's parliament voting in favour of a law that would make it possible to remove the movement from a list of banned terrorist organisations. Agroexport, citing preliminary estimates, said Afghanistan bought Russian flour worth almost $80 million last year, double the 2023 level. Russia's total wheat and wheat-rye flour exports reached $300 million last year, up 3% year on year in value terms and 7% more by volume, according to the watchdog. China and Turkmenistan were also in the top three buyers of Russian flour, it said. Sign up here. https://www.reuters.com/markets/commodities/russia-says-afghanistan-was-its-top-flour-buyer-2024-2025-01-11/

2025-01-11 05:17

Jan 10 (Reuters) - Fire agencies are investigating whether Southern California Edison's utility infrastructure sparked a brush fire that is still burning in a Los Angeles suburb, SCE said Friday, adding no determination has been made. SCE, a unit of U.S. utility Edison International (EIX.N) , opens new tab, said in a filing to its regulators that a downed conductor was discovered at a tower associated with its Eagle Rock - Sylmar 220 kV circuit. "SCE does not know whether the damage observed occurred before or after the start of the fire," the utility said. SCE said preliminary information shows the circuit experienced a relay at 10:11 p.m. (0611 GMT) where the Hurst fire was reported around 10:10 p.m. on Jan. 7. The Hurst fire, in Sylmar in the San Fernando Valley northwest of Los Angeles, has exceeded 770 acres and is now 77% contained, according , opens new tab to the California Department of Forestry and Fire Protection. Edison International did not immediately respond to a request for comment made via the company website. SCE on Thursday said it had received notices from insurance companies to preserve evidence related to the Eaton Fire that is still burning in Los Angeles, but said no fire agencies have linked the utility's connection to the fire. More than 10,000 structures have been destroyed by five fires raging in the area and nearly 30,000 acres have been burned. Private forecaster AccuWeather has estimated the damage and economic loss at $135 billion to $150 billion, portending an arduous recovery and soaring homeowners' insurance costs. Sign up here. https://www.reuters.com/world/us/fire-agencies-investigate-potential-edison-link-la-hurst-fire-2025-01-11/

2025-01-11 01:49

HOUSTON, Jan 10 (Reuters) - Motiva Enterprises plans to begin an overhaul of the gasoline-producing fluidic catalytic cracker (FCC) by Jan. 21 at its 626,000 barrel-per-day (bpd) Port Arthur, Texas, refinery, people familiar with plant operations said on Friday. The 81,000-bpd FCC3 is scheduled to be shut for nearly two months with restart planned for March 14, the three sources said. A Motiva spokesperson did not reply to a request for comment. Along with the FCC, Motiva plans to shut by Jan. 21 for overhaul of the 18,000-bpd alkylation unit, which produces octane-boosting components for gasoline, the sources said. The 50,000-bpd cat feed hydrotreater that removes sulfur from feed going into the FCC is currently scheduled to shut about two weeks after the FCC is taken down, according to the sources. The FCC uses a fine powder catalyst under high heat and pressure to convert gas oil into unfinished gasoline. Motiva’s Port Arthur refinery is the second largest by crude oil processing capacity in the United States Sign up here. https://www.reuters.com/business/energy/motiva-plans-begin-texas-fcc-overhaul-by-jan-21-sources-say-2025-01-11/

2025-01-11 00:19

IMF sees US growth stronger than expected IMF chief sees US trade uncertainty adding to headwinds Georgieva highlights US economic performance amid trade policy uncertainty Divergent regional trends with EU, India, Brazil, and China facing challenges WASHINGTON, Jan 10 (Reuters) - The International Monetary Fund will forecast steady global growth and continuing disinflation when it releases an updated World Economic Outlook on Jan. 17, IMF Managing Director Kristalina Georgieva told reporters on Friday. Georgieva said the U.S. economy was doing "quite a bit better" than expected, although there was high uncertainty around the trade policies of the administration of President-elect Donald Trump that was adding to headwinds facing the global economy and driving long-term interest rates higher. With inflation moving closer to the U.S. Federal Reserve's target, and data showing a stable labor market, the Fed could afford to wait for more data before undertaking further interest rate cuts, she said. Overall, interest rates were expected to stay "somewhat higher for quite some time," she said. The IMF will release an update to its global outlook on Jan. 17, just days before Trump takes office. Georgieva's comments are the first indication this year of the IMF's evolving global outlook, but she gave no detailed projections. In October, the IMF raised its 2024 economic growth forecasts for the U.S., Brazil and Britain but cut them for China, Japan and the euro zone, citing risks from potential new trade wars, armed conflicts and tight monetary policy. At the time, it left its forecast for 2024 global growth unchanged at the 3.2% projected in July, and lowered its global forecast for 3.2% growth in 2025 by one-tenth of a percentage point, warning that global medium-term growth would fade to 3.1% in five years, well below its pre-pandemic trend. "Not surprisingly, given the size and role of the U.S. economy, there is keen interest globally in the policy directions of the incoming administration, in particular on tariffs, taxes, deregulation and government efficiency," Georgieva said. "This uncertainty is particularly high around the path for trade policy going forward, adding to the headwinds facing the global economy, especially for countries and regions that are more integrated in global supply chains, medium-sized economies, (and) Asia as a region." Georgieva said it was "very unusual" that this uncertainty was expressed in higher long-term interest rates even though short-term interest rates had gone down, a trend not seen in recent history. The IMF saw divergent trends in different regions, with growth expected to stall somewhat in the European Union and to weaken "a little" in India, while Brazil was facing somewhat higher inflation, Georgieva said. In China, the world's second-largest economy after the United States, the IMF was seeing deflationary pressure and ongoing challenges with domestic demand, she said. Lower-income countries, despite reform efforts, were in a position where any new shocks would hit them "quite negatively," she said. Georgieva said it was notable that higher interest rates needed to combat inflation had not pushed the global economy into recession, but headline inflation developments were divergent, which meant central bankers needed to carefully monitor local data. The strong U.S. dollar could potentially result in higher funding costs for emerging market economies and especially low-income countries, she said. Most countries needed to cut fiscal spending after high outlays during the COVID pandemic and adopt reforms to boost growth in a durable way, she said, adding that in most cases this could be done while protecting their growth prospects. "Countries cannot borrow their way out. They can only grow out of this problem," she said, noting that the medium-growth prospects for the world were the lowest seen in decades. Sign up here. https://www.reuters.com/markets/imf-chief-sees-steady-world-growth-2025-continuing-disinflation-2025-01-10/

2025-01-10 23:52

Warnings of high winds could complicate firefighting efforts Some 12,000 structures burned as neighborhoods turn to ash Thousands homeless, public health emergency declared over smoke Insurers face billions in claims, Biden pledges federal support LOS ANGELES, Jan 11 (Reuters) - Aircraft dropped water and fire retardant on steep hills to stem the eastward spread of the Palisades wildfire in Los Angeles on Saturday as on-the-ground firefighting intensified amid warnings of wind gusts of up to 70 mph (110 kph) that could make matters worse. Over the past 24 hours, the Palisades Fire spread over an additional 1,000 acres (400 hectares), consuming more homes, officials reported. Six simultaneous blazes that have ripped across Los Angeles County neighborhoods since Tuesday have killed at least 16 people as of late Saturday, the Washington Post and other media reported, citing the Los Angeles County medical examiner's office. Reuters could not immediately reach the coroner. The blazes have damaged or destroyed 12,000 structures, fire officials said. At least 13 people are estimated to be missing. The death toll is expected to mount when firefighters are able to conduct house-to-house searches. Cal Fire official Todd Hopkins told a press conference that while 11% of the Palisades Fire was now contained, it has burned over 22,000 acres. Hopkins said the Palisades Fire had spread into the Mandeville Canyon neighborhood and threatened to jump into Brentwood, an upscale neighborhood where celebrities live and play, and the San Fernando Valley. It also inched towards the north-south 405 freeway. The National Weather Service warned of worsening Santa Ana winds that it predicted would pick up Saturday night into Sunday morning in Los Angeles and Ventura counties, and again on late Monday through Tuesday morning, bringing sustained winds up to 30 mph and wind gusts up to 70 mph. "We're in a continued period of critical fire weather through Wednesday," said NWS meteorologist Rose Schoenfeld. Conditions were expected to moderate by Thursday. Evacuation orders throughout the Los Angeles area now cover 153,000 residents, putting 57,000 structures at risk. Another 166,000 residents have been warned that they may have to evacuate, said Los Angeles County Sheriff Robert Luna. But significant progress was reported in bringing electrical power back to Los Angeles neighborhoods. Southern California Edison CEO Steven Powell told reporters there are now about 50,000 customers without power, "down from over half a million just a couple days ago." Powell said there was no evidence that any of Edison's equipment caused the Hurst fire but that the investigation was continuing. As state and local officials grappled with the worst cluster of fires in Los Angeles history, President Joe Biden spoke by phone with some of them to get an update on their efforts. He was also briefed by senior aides on federal resources that were being dispatched. Biden’s major disaster declaration unlocked federal assistance for those affected by the wildfires, clearing the way for FEMA to provide support. Federal Emergency Management Agency officials were at the Pasadena Convention Center helping residents navigate FEMA aid applications. Support can range from funding for home repairs to money to replace lost food or medication, said FEMA spokesperson Michael Hart, adding that assistance can be provided within days. Los Angeles Board of Supervisors Chair Kathryn Barger told reporters she had invited President-elect Donald Trump to visit the county to get a first-hand look at the destruction. Luna said the sheriff's office has dispatched 40 search and rescue team workers to work jointly with other agencies, including the use of cadaver dogs to search for remains of victims and help reunite separated families. "LA County had another night of unimaginable terror and heartbreak," said Los Angeles County Supervisor Lindsey Horvath. The fierce Santa Ana winds that fanned the infernos eased on Friday night. But the Palisades Fire on the city's western edge was heading in a new direction as winds came off the Pacific Ocean. The fire has razed whole neighborhoods, leaving the smoldering ruins of what had been people's homes and possessions. Before the latest flare-up, firefighters had reported progress in subduing the Palisades Fire and the Eaton Fire in the foothills east of the metropolis after it burned out of control for days. In Altadena, official Don Fregulia said managing the Eaton Fire and its impact will be a "huge, herculean task" that he said will take "many weeks of work." The two big fires combined have consumed over 36,000 acres (14,500 hectares), or 56 square miles (145 square km) - 2-1/2 times the land area of Manhattan. Seven neighboring states, the federal government and Canada and Mexico have rushed aid and firefighters to California, bolstering aerial teams dropping water and fire retardant on the flaming hills and crews on the ground attacking fire lines with hand tools and hoses. Officials have declared a public health emergency due to the thick, toxic smoke. HOMES REDUCED TO ASH Pacific Palisades residents who ventured back to their devastated neighborhoods on Friday were shocked to find brick chimneys looming over charred waste and burnt-out vehicles as acrid smoke lingered in the air. "This was a house that was loved," Kelly Foster, 44, said while combing through the rubble where her house once stood. Foster's 16-year-old daughter, Ada, said she tried to get inside but "I just became sick. I just couldn't even... Yeah, it's hard." In Rick McGeagh's Palisades neighborhood, only six of 60 homes survived, and all that remained standing at his ranch house was a statue of the Virgin Mary. "Everything else is ash and rubble," said McGeagh, 61, a commercial real estate broker who, along with his wife, raised three children at their home. On Friday morning, hundreds of people streamed into a parking lot near the Rose Bowl stadium in Pasadena for donated clothing, diapers and bottled water. Denise Doss, 63, said she was anxious to return to her destroyed home in Altadena to see if anything was salvageable, but officials stopped her due to safety concerns. "At least to say goodbye until we can rebuild. I will let God lead me," Doss said. BILLIONS IN LOSSES Many Altadena residents said they were worried government resources would go to wealthier areas and that insurers might short-change those who cannot afford to contest denials of fire claims. Beyond those who lost their homes, tens of thousands remained without power, and millions of people were exposed to poorer air quality, as the fires lofted traces of metals, plastics and other synthetic materials. Private forecaster AccuWeather estimated the damage and economic loss at $135 billion to $150 billion, portending an arduous recovery and soaring homeowners' insurance costs. California Insurance Commissioner Ricardo Lara called on insurers on Friday to suspend pending non-renewals and cancellations that homeowners received before the fires began and to extend the grace period for payments. President Joe Biden has declared the fires a major disaster and said the U.S. government would reimburse 100% of the recovery for the next six months. Law enforcement officials were warning residents to adhere to curfews, amid arrests with charges of burglary, looting and the possession of concealed firearms. "You go out there and you violate this curfew, you are going to spend time in jail," Luna warned. Sign up here. https://www.reuters.com/world/us/los-angeles-wildfires-rage-third-night-death-toll-rises-10-2025-01-10/

2025-01-10 23:39

Jan 10 (Reuters) - Drugmaker Biogen (BIIB.O) , opens new tab will buy all outstanding shares of Sage Therapeutics (SAGE.O) , opens new tab that it does not already own for $7.22 apiece, a filing showed on Friday, sending the latter's stock up 34% in extended trade. As per the filing, Biogen has a 10.2% stake in Sage Therapeutics. The offer price, representing a 30% premium to the stock's close on Friday, values Sage's equity at $441.7 million, according to Reuters calculations. Biogen has been navigating a slow pick-up in sales for its Alzheimer's drug Leqembi in the United States after concerns over cost, efficacy and side effects. Sage, whose shares fell 74.9% last year, abandoned the development of its drug dalzanemdor after multiple trial failures. The company said in November that it will focus on its postpartum depression drug, Zurzuvae, which it developed in partnership with Biogen. In July, Sage also scrapped the development of another neurological disorder drug it was developing with Biogen. Sign up here. https://www.reuters.com/markets/deals/biogen-proposes-buy-remaining-stake-sage-442-million-deal-2025-01-10/