2024-12-25 11:00

MOSCOW, Dec 25 (Reuters) - Domestic prices of liquefied petroleum gas (LPG) in Russia halved in December from the previous month due to an influx of the fuel, exports of which have been curbed by European sanctions, Reuters calculations showed. The European Union's sanctions against Russia's LPG took effect on Dec. 20. The restrictions were proposed last year by Poland, one of Russia's largest LPG importers. LPG, or propane and butane, is mainly used as fuel for cars, heating and to produce other petrochemicals. A sharp rise of LPG supplies to the domestic market led to a collapse in wholesale prices in Russia to around 14,000 roubles ($140) per metric ton in December from 28,000 roubles at the end of November, according to Reuters calculations based on trading sources and data from a local commodity exchange. Exports are more lucrative and Russia could earn up to $230 per ton from supplies to Poland. Still, some types of Russian LPG are eligible for exports, but account for around a fifth of total LPG, which Russia used to export. Russia has increased LPG exports in recent months to China, Mongolia, Armenia, Georgia and Azerbaijan, according to industry sources. Traders said that Russia's exports to China have potential for further growth. Russia also exports LPG to Afghanistan, though the market participants say the supplies are constrained by issues with payments. "We would be ready to supply it there, but our Afghan partners are prepared to pay only in cash. And then what should we do with this 'cash'? Additional questions and problems may arise while bringing it back to the Russian Federation," a trader said. ($1 = 99.7000 roubles) Sign up here. https://www.reuters.com/business/energy/russias-domestic-lpg-prices-halve-following-eu-embargo-2024-12-25/

2024-12-25 09:58

Dec 25 (Reuters) - Democratic Republic of Congo has freed 14 of the 17 Chinese men arrested on suspicion of running an illegal gold mine in the country, authorities said late on Tuesday. The men, who are travelling back to China, were detained last week along with others from Congo and neighbouring Burundi after failing to produce the required documents during a crackdown on unlicensed extraction of the minerals in the central African nation. Jean-Jacques Purusi Sadiki, the governor of South Kivu, the province where the men were arrested, told reporters he was shocked to hear news of their release. The Chinese miners owed $10 million in unpaid taxes and fines to the government, he added. Around 60 Chinese nationals were at the site and officials detained the 17 who appeared to be in charge. The Chinese embassy in Kinshasa has not responded to requests for comment. Burundi's embassy said it was still waiting for details from its representative in Bukavu. Bernard Muhindo, South Kivu's finance minister and acting mines minister, said the intention was to improve the system. "The idea is not to go on a manhunt, but rather to clean up the mining sector so that reliable partners can work properly and legally," he told reporters. The central African country says it has been struggling to stop unlicensed companies and in some cases armed groups from exploiting its rich reserves of cobalt, cooper, gold and other minerals. Competition over mining operations has fuelled fighting in the region that borders Rwanda. Sign up here. https://www.reuters.com/world/africa/congo-frees-most-chinese-men-held-illegal-mining-2024-12-25/

2024-12-25 07:52

BEIJING, Dec 25 (Reuters) - China's commerce ministry said on Wednesday it would extend its anti-dumping investigation into brandy originating from the European Union by three months, less than the full extension allowed under its previous guidance. The probe, which was launched on Jan. 5 and due to be completed in a year, will be extended to April 5 due to the "complexity" of the investigation, the ministry said in a brief statement, without elaborating. The ministry previously said the probe could be extended by six months under special circumstances. Preliminary findings from the probe have shown dumping of EU brandy threatens to damage China's sector, the ministry said in October as it imposed temporary measures on EU brandy imports, hitting French brands including Hennessy and Remy Martin. The probe was widely seen as the outcome of France's support of EU tariffs on China-made electric vehicles. French President Emmanuel Macron previously called the probe "pure retaliation". The Chinese measures require China's importers to pay security deposits of nearly 40% if they wish to import brandy from the bloc, making it more costly upfront to ship brandy from the EU. France's trade ministry previously called the Chinese measures "incomprehensible", and that they had violated free trade. Last month, the EU Commission said it had formally brought the provisional Chinese anti-dumping measures to the World Trade Organization. French brandy shipments to China reached $1.7 billion last year and accounted for 99% of the country's imports of the spirit. Sign up here. https://www.reuters.com/markets/commodities/china-extends-eu-brandy-anti-dumping-investigation-2024-12-25/

2024-12-25 06:57

Russia hits energy sector again, leaving many without power Biden denounces assault, says pressing forward with aid surge Hundreds of thousands without heating on Christmas Day 'What could be more inhuman?' says Zelenskiy One killed, six injured, Ukrainian officials say KYIV, Dec 25 (Reuters) - Russia attacked Ukraine's energy system and some cities with cruise and ballistic missiles plus drones on Wednesday in an "inhuman" Christmas Day assault, Ukraine's President Volodymyr Zelenskiy said. Nearly three years into the war, the strikes wounded at least six people in the northeastern city of Kharkiv and killed one in the region of Dnipropetrovsk, the governors there said. U.S. President Joe Biden denounced the "outrageous" attack and said he had asked the U.S. Defense Department to push forward with a new surge of military aid to Kyiv. Half a million people in Kharkiv region were left without heating, in temperatures just a few degrees Celsius above zero, while there were blackouts in the capital Kyiv and elsewhere. "Today, (Russian President Vladimir) Putin deliberately chose Christmas to attack. What could be more inhuman? More than 70 missiles, including ballistic missiles, and more than a hundred attack drones," he said. Russia's Defence Ministry confirmed it had conducted a "massive strike" on what it said were critical energy facilities supporting the work of Kyiv's "military-industrial complex". "The aim of the strike was achieved. All facilities have been hit," it said in a statement. Ukraine's military said its air defences downed 59 Russian missiles and 54 drones overnight and on Wednesday morning. Biden, who is being replaced by Donald Trump next month, said the purpose of the attack was "to cut off the Ukrainian people's access to heat and electricity during winter and to jeopardize the safety of its grid". Washington has committed $175 billion in aid for Ukraine. It is not certain the flow will continue at that pace under Trump, who has said he wants to bring the war to a quick end. In Moldova, Ukraine's western neighbour, pro-European President Maia Sandu said one Russian missile crossed through her country's airspace during the air assault. "While our countries are celebrating Christmas, the Kremlin has chosen the path of destruction, launching strikes on Ukraine's energy infrastructure and violating Moldova's airspace," Sandu wrote on social media. Moldova has seen several cases of drone fragments landing on its territory and missiles passing through its airspace. Ukrainians were marking their second Christmas on Wednesday, according to a new calendar in another step towards erasing Russian influence. Most Ukrainians are Orthodox Christians and the independent Orthodox Church of Ukraine, set up in 2018, agreed in 2023 to move away from the traditional Julian calendar used in Russia where Christmas is on Jan. 7. Russia has intensified attacks on the Ukrainian energy sector since spring of this year, damaging almost half of its generating capacity and causing prolonged blackouts. 'RUSSIA WEAPONIZES WINTER' Ukraine's air force said Kharkiv was attacked by ballistic missiles. Regional governor Oleh Syniehubov said on Telegram there was damage to civilian non-residential infrastructure, without giving more detail. Dnipropetrovsk Governor Serhiy Lysak said the fatality there occurred in an attack on regional power facilities. "Since the morning, the Russian army has been massively attacking the Dnipro region. It is trying to destroy the region's power system," he said. Ukrainian Energy Minister German Galushchenko said on Facebook that Russia was massively attacking the power sector and that restrictions on electricity supply were in place. Ukraine's largest private energy company DTEK said its generating facilities were attacked, with power equipment seriously damaged, in the 13th large-scale assault on the energy sector this year. "We appeal to every ally of Ukraine to end this state-sponsored terrorism now by giving our armed forces the air defence ammunition they need to protect essential energy infrastructure," DTEK CEO Maxim Timchenko said in a statement. "Russia's Christmas gift to Ukraine: more than 70 missiles and 100 drones, directed at Ukrainian families celebrating in their homes and the energy infrastructure that keeps them warm," said U.S. Ambassador Bridget Brink. "For the third holiday season, Russia weaponizes winter." Sign up here. https://www.reuters.com/world/europe/least-3-people-injured-russian-missile-attack-ukraines-kharkiv-mayor-says-2024-12-25/

2024-12-25 05:35

Chinese foreign minister to visit Japan next year Security and economic dialogues on the cards Japan's Iwaya raised security, North Korea concerns, seafood ban Japan eases visa rules for Chinese tourists No decision made on lifting restrictions on Japanese seafood imports BEIJING/TOKYO, Dec 25 (Reuters) - Talks between China and Japan's foreign ministers in Beijing have paved way for Japan to host China's foreign affairs chief next year, and mutual agreement to hold a security dialogue as soon as possible, Japan said on Wednesday. No details were given for when the events will take place but Japan's Takeshi Iwaya told reporters after his meeting and a working lunch with Chinese counterpart Wang Yi that both agreed on continued high-level talks, including potentially an economic dialogue during the 2025 visit. The one-day visit is Iwaya's first to the Chinese capital since becoming Japan's foreign minister in October, to discuss thorny issues with his country's largest trading partner. It follows an agreement between leaders of both countries to work towards a mutually beneficial strategic relationship. Ties between the neighbours, trade partners with close economic and investment ties but rivals in security and territorial claims, are complicated with long-standing geopolitical disagreements and historical wartime sensitivities. Iwaya raised several security concerns, urging China to take "necessary action" including removing a buoy Japan had identified and believe was installed by China in the exclusive economic zone near one of Japan's southernmost islands. "I also expressed my serious concerns about the situation in the East China Sea...and the increasing activity of the Chinese military," he said. On regional concerns, Wang and Iwaya discussed North Korea. Iwaya sought for China to partake in "a responsible role in maintaining peace and security in the international community," he said. Japan has expressed "grave concern" over North Korea's security alliance with Russia, in which North Korea stands to gain advanced military technology and combat experience. Wang stressed in the meeting that the significance of the countries' relationship went beyond bilateral ties. "If China-Japan relations are stable, Asia will be more stable," Wang said at the start of their meeting. VISA RULES AND SEAFOOD BAN In reciprocity to China's eased visa rules, Japan will remove some requirements for three-year multiple entry tourist visas for Chinese citizens and allow those on group visas to stay up to 30 days from the previous 15. The country has also introduced a new 10-year multiple entry tourist visa. Last month, Beijing expanded its visa-free arrangements to include Japan until the end of 2025, restoring a policy that was suspended during the pandemic. China also extended the stay period to 30 days from 15. Japanese citizens were able to enter China without a visa for up to 14 days before COVID-19. Iwaya pointed out that addressing the safety and security of Japanese nationals was important to increase travel between Japan and China. Cases of Japanese nationals detained under China's anti-espionage law and the lack of transparency around the law have led to Japanese people feeling hesitant about travelling to China, Iwaya said, calling for more transparency and the release of those detained. Their discussion of China's ban on Japanese seafood, highly expected on the agenda, did not indicate any easing on restrictions, but only that both sides agreed to "properly implement" a recent agreement. A major sticking point in bilateral ties has been Japan's discharge of treated radioactive wastewater from the wrecked Fukushima nuclear plant that Beijing strongly opposed and responded to by tightening inspections on Japanese goods. China was Japan's largest export market for aquatic products until Beijing fully banned them in protest against Tokyo's actions. Both governments reached an agreement in September that obligates Japan to set up a long-term international monitoring arrangement allowing stakeholders such as China to conduct independent sampling of the treated water. That was expected to restart the imports but China still wants reassurances from Tokyo that it would fulfil its commitment before "adjusting relevant measures" and gradually restore imports that meet standards and regulations. However, both countries were ready to restart talks on resuming Japanese beef and rice imports. Sign up here. https://www.reuters.com/world/asia-pacific/china-japan-foreign-ministers-meet-beijing-seafood-trade-agenda-2024-12-25/

2024-12-24 21:50

Markets close at 1 p.m. ET in holiday-shortened session Dow, Nasdaq take win streaks to four; S&P up for third straight Crypto-related stocks climb as bitcoin gains Benchmarks higher on first day of Santa Claus rally Indexes up: Dow 0.91%, S&P 500 1.1%, Nasdaq 1.35% Dec 24 (Reuters) - Wall Street's main indexes all closed higher on Tuesday, with gains in megacap and growth stocks bolstering benchmarks in a truncated Christmas Eve session. Both the Dow Jones Industrial Average (.DJI) , opens new tab and Nasdaq Composite (.IXIC) , opens new tab scored four straight sessions of gains, with the S&P 500 (.SPX) , opens new tab taking its winning streak to three sessions, marking the first day of the seasonal Santa Claus rally. The Dow had skidded for 10 straight sessions earlier this month, its longest losing streak since 1974. With megacap stocks having outsized influence on markets, their performance is often a key driver of indexes. When coupled with reduced trading volumes and few other catalysts, as many investors take time off for the holidays, this is even more pronounced. All the so-called Magnificent Seven megacap technology stocks climbed on Tuesday, led by the 7.4% jump in Tesla (TSLA.O) , opens new tab shares. The automaker's best one-day gain in six weeks helped push the consumer discretionary (.SPLRCD) , opens new tab index 2.6% higher. It was the top gaining sector in the S&P, with all 11 ending in positive territory. Elsewhere, chip manufacturers were also buoyant. Broadcom (AVGO.O) , opens new tab and Nvidia (NVDA.O) , opens new tab rose 3.2% and 0.4%, respectively, while Arm Holdings climbed 3.9%, recouping most of the losses suffered the previous day from losing a court case. Growth names rose despite U.S. Treasury interest rates remaining elevated - the benchmark 10-year note yielded around 4.61% on Tuesday, its highest level since May. Traditionally, higher debt costs crimp growth stocks. However, the long-term themes around technology development, including advancements in artificial intelligence, overshadow any near-term moves in Treasuries, said Charlie Ripley, senior investment strategist for Allianz Investment Management. "This reinforces that view that the sector is going to remain strong, and should be well into the new year," he said. The S&P 500 (.SPX) , opens new tab climbed 65.97 points, or 1.10%, to 6,040.04 points, while the Nasdaq Composite (.IXIC) , opens new tab advanced 266.24 points, or 1.35%, to 20,031.13. The Dow Jones Industrial Average (.DJI) , opens new tab rose 390.08 points, or 0.91%, to 43,297.03. Stock markets shut at 1:00 p.m. ET on Tuesday and will be closed for Christmas on Wednesday. After a stellar run to record highs following the November U.S. election, which sparked hopes of pro-business policies under President-elect Donald Trump, Wall Street's rally hit a bump this month as investors grappled with the prospect of higher interest rates in 2025. The Federal Reserve eased borrowing costs for the third time this year last Wednesday, but signaled only two more 25-basis-point reductions next year, down from its September projection of four cuts, as policymakers weigh the possibility of Trump's policies stoking inflation. Allianz's Ripley said the themes which had driven the market higher in the past two months remained intact, and actions by the Fed had not killed the rally. "Heading into 2025, things are set up with good positioning," he said, noting factors including economic outlook, consumption in the U.S. and the labor market. Crypto-related stocks traded higher on Tuesday, with Microstrategy (MSTR.O) , opens new tab, Riot Platforms (RIOT.O) , opens new tab, and MARA Holdings (MARA.O) , opens new tab all climbing between 4.7% and 8.1%, as the price of bitcoin advanced. NeueHealth (NEUE.N) , opens new tab soared 75% after the healthcare provider said New Enterprise Associates, its largest shareholder, and a group of existing investors will take the company private in a $1.3 billion deal. American Airlines' (AAL.O) , opens new tab shares edged up 0.6% after trading lower for much of the session. The carrier briefly grounded all its flights in the United States on Tuesday due to an unspecified technical issue. Sign up here. https://www.reuters.com/markets/us/futures-muted-before-shortened-christmas-eve-trading-2024-12-24/