2025-01-09 23:11
SEOUL, Jan 10 (Reuters) - South Korea's acting President Choi Sang-mok said on Friday the government will make an all-out effort to stabilise the economy and will monitor financial markets around the clock to act if needed. Choi, speaking at a meeting with the central bank chief and regulators, also said the government will continue to make efforts to boost stock valuations. Sign up here. https://www.reuters.com/markets/asia/south-korea-acting-president-choi-says-monitor-financial-markets-around-clock-2025-01-09/
2025-01-09 23:00
WASHINGTON, Jan 9 (Reuters) - The U.S. Senate energy committee will hold nomination hearings for President-elect Donald Trump's picks for energy roles on Tuesday and Wednesday next week, the panel's chairman Senator Mike Lee said on Thursday. The committee will hold a hearing to consider Doug Burgum, Trump's nominee to be secretary of the interior, on Tuesday, Jan. 14 at 10 a.m. (1500 GMT). Burgum was until last month the governor of North Dakota, a big oil-producing state. Burgum is also expected to head a new National Energy Council to coordinate policies to boost U.S. energy production. The committee will hold a hearing for Chris Wright, the pick for energy secretary, a day later at the same time. Wright, CEO and chairman of the board of Liberty Energy, plans to step down from that role when confirmed as secretary. The candidates are expected to be confirmed by the Senate, now controlled by Trump's fellow Republicans, as they only require a majority to be confirmed. They are expected to carry out Trump's policies to boost production of oil and gas and rein in President Joe Biden's rules and regulations on climate change. Senator Martin Heinrich, top Democrat on the committee, complained that Lee issued the notices without having received information required by law. Heinrich said he was "extremely disappointed" that Lee announced the hearings without having received information from nominees required by law, including a completed FBI background check and financial report. "As members of the U.S. Senate, we have a solemn obligation to fulfill our constitutional duties to advise and consent to these nominees," Heinrich said. "That cannot happen without the information necessary to properly consider these nominees." Lee's office did not immediately respond to a request for comment. Sign up here. https://www.reuters.com/world/us/us-senate-panel-hold-hearings-trump-energy-picks-next-week-2025-01-09/
2025-01-09 22:41
Jan 9 (Reuters) - Oil and gas major Shell (SHEL.L) , opens new tab said on Thursday it had started production at the offshore floating facility Whale located in the Gulf of Mexico. The Whale development is operated by Shell, which owns 60% of the project alongside U.S. energy major Chevron (CVX.N) , opens new tab, which has a 40% stake. The project is expected to hit peak production of roughly 100,000 barrels of oil equivalent per day (boepd). The development was discovered in 2017 and holds a recoverable resource volume of 480 million barrels of oil equivalent, Shell said. Whale achieved first oil around seven years after the development was discovered, primarily due to a delay in reaching a final investment decision following a cash preservation strategy adopted by Shell during the COVID-19 pandemic. Separately, Chevron said production from the Whale development would bring it closer to reaching 300,000 net boepd in the Gulf of Mexico by 2026. The London-listed company has invested heavily in the prolific U.S. Gulf of Mexico. It has approved about 15 oil platforms in the region and holds ownership interest in several exploration and production projects. Sign up here. https://www.reuters.com/business/energy/shell-begins-production-whale-us-gulf-mexico-2025-01-09/
2025-01-09 22:22
Jan 9 (Reuters) - Multiple massive wildfires are raging in Los Angeles, blanketing the surrounding regions under a pungent haze caused by smoke carrying noxious gases and particulate matter that pose serious health risks. Here is what you need to know about the risks of the smoke that is likely to linger not only in southern California but in other regions around the world where wildfires are burning: WHAT IS CONTAINED IN WILDFIRE SMOKE? More toxic than normal air pollution, wildfire smoke can linger in the air for weeks and travel hundreds of miles. Wildfires can burn not only vegetative materials and trees but also cities, destroying vehicles and buildings and their contents. Along with particles of soil and biological materials, wildfire smoke often contains traces of chemicals, metals, plastics and other synthetic materials. WHAT ARE THE KNOWN HEALTH EFFECTS? In laboratory experiments, a given amount of wildfire smoke causes more inflammation and tissue damage than the same amount of air pollution, according to Kent Pinkerton, co-director of the Center for Health and the Environment at the University of California, Davis. Studies have linked wildfire smoke with higher rates of heart attacks, strokes, and cardiac arrests, increases in emergency room visits for respiratory conditions, and weakened immune defenses. A study , opens new tab in Maryland identified a spike in heart and lung illnesses in 2023 that was associated with wildfire smoke originating up to 2,100 miles (3,380 km) away in Canada. Wildfires also have been linked with eye irritation and skin problems. The effects of exposure can persist for years. After Australia's 2014 Hazelwood Coal Mine fire, rates of heart disease remained elevated for two and a half years and respiratory illnesses for five years, researchers have reported , opens new tab. Wildfire exposure in pregnancy has been associated with pregnancy loss, low birth weight, and preterm delivery. A study from California , opens new tab found a link between wildfire exposure and cellular damage in first- and second-trimester placentas. Canadian researchers have reported , opens new tab that people who lived outside of major cities and within 50 kilometers (31 miles) of a wildfire in the past decade had a 4.9% higher risk of lung cancer and a 10% higher risk of brain tumors. Exposure to the 2018 Camp Fire in California was linked to changes in cognition and brain activity six to 12 months later, possibly related to stress and trauma, according to California researchers , opens new tab. Data from California , opens new tab also show an increase in fungal infections in the months following wildfire smoke exposure, likely due to fungal spores in the smoke. Higher exposure to wildfire smoke is also associated with higher odds of developing dementia, according to a study of southern California seniors without dementia at baseline. Even “a few really severe wildfire smoke days,” with the Air Quality Index over 200, could translate into increased risk, said Joan Casey of the University of Washington in Seattle, who led the study. WHAT IS UNKNOWN? More frequent wildfires likely linked to climate change mean people will be exposed more often and the health effects of wildfire smoke exposure over multiple seasons are not yet clear. "Repeated exposure is more likely to cause diseases, but it is hard to make predictions because it is hard to say how many fires people will be exposed to, how long the fires will burn, or what the smoke will contain," said Keith Bein of the Center for Health and Environment at UC Davis. Researchers are also looking into the long-term effects of smoke particles in water supplies, on crops or ingested by livestock; the long-term effects of urban wildfire smoke; the effects of wildfire exposure in utero on children's neurological development and respiratory outcomes; and whether wildfire smoke amplifies the adverse effects of extremely hot weather. Nutrients carried in wildfire smoke may contribute to downwind algal blooms, which has implications for drinking water reservoirs and lake ecology, researchers warn , opens new tab. WHAT CAN HELP MITIGATE THE RISKS? Experts say it is best to limit outdoor activities, especially strenuous sports, and to wear N95 masks when wildfire smoke is present. An online course , opens new tab with instructions for reducing outdoor and indoor exposure to wildfire smoke is available from the U.S. Environmental Protection Agency. DO WE REALLY NEED TO WORRY? Doug Brugge, who chairs the Department of Public Health Sciences at UConn School of Medicine, said wildfire smoke can be deadly. "People should... reduce their exposure, especially if they are in a vulnerable population, such as the elderly, young children or people with respiratory diseases." Sign up here. https://www.reuters.com/business/healthcare-pharmaceuticals/what-are-health-risks-wildfire-smoke-2025-01-09/
2025-01-09 22:18
Jan 9 (Reuters) - Canadian miner Wheaton Precious Metals (WPM.TO) , opens new tab said on Thursday Gary Brown will step down as the chief financial officer, effective March 31. Vincent Lau will succeed Brown as the finance boss after serving as Wheaton's vice president of finance for more than a decade. Sign up here. https://www.reuters.com/markets/commodities/wheaton-precious-cfo-gary-brown-step-down-2025-01-09/
2025-01-09 21:51
Jan 10 (Reuters) - A look at the day ahead in Asian markets. Investors in Asia approach the end of a bumpy week hoping that the relative calm that descended on the dollar and a shortened U.S. bond market session on Thursday can extend into the local session on Friday. With the December U.S. employment report looming large and markets still feeling the whiplash from the surge in global long-term bond yields this week, trading in Asia may end up fairly range-bound and subdued. Nikkei futures are pointing to a flat open for Japanese stocks. The Nikkei is on track for a decline of around 0.7% on the week, underperforming the wider MSCI Asia ex-Japan index, which goes into Friday's session flat on the week. Chinese stocks are also looking to end the week unchanged and unscathed. That can be interpreted two ways, however. It's welcome news, given the doom and gloom that continues to surround the outlook for China in the eyes of many investors. On the other hand, Chinese stocks tumbled more than 5% the week before, their worst week in more than two years. In that light, failure to stage even a modest rebound the following week is a pretty ominous sign. It's been a difficult start to the year for China bulls. Stocks are significantly lagging their regional and global peers, the bond yield collapse has been alarming, and uncertainty around a possible trade war with the U.S. is cutting deep. According to Goldman Sachs, financial conditions in China are the tightest since last April. Across emerging markets more broadly they are the tightest since November 2023. China's latest inflation figures on Thursday weren't particularly encouraging either. Consumer and producer prices for December were broadly in line with forecasts, cementing the view that deflationary pressures are not lifting any time soon. Economists at Barclays slashed their already weak 2025 CPI forecast to 0.4% from 0.8%, and they expect PPI inflation to remain in deflation throughout 2025. That would mark more than three years of falling factory gate prices. And it could get even worse if the incoming Trump administration in Washington follows through with its aggressive tariff threats. "We think a new trade war between China and the US would, on balance, have a deflationary effect, given downward pressure on exports would exacerbate the overcapacity issues in China," they warned. The regional calendar is light on Friday, with the latest Japanese household spending figures most likely to move markets. Investors will be looking for early signs that recent wage agreements in Japan - the highest in decades - are beginning to lift consumer spending. The Bank of Japan said on Thursday that wage hikes are broadening across the country, suggesting that conditions for a near-term interest rate hike may be in place. Here are key developments that could provide more direction to markets on Friday: - Japan's household consumption (November) - India industrial production (November) - Malaysia industrial production (November) Sign up here. https://www.reuters.com/markets/asia/global-markets-view-asia-graphic-2025-01-09/
