2024-12-06 12:33
WARSAW, Dec 6 (Reuters) - Polish police have detained a Russian citizen wanted in connection with fraud and money laundering while running a large cryptocurrency exchange, they said in a statement on Friday. The man, named only as Dmitry V. due to Polish privacy laws, was detained on the basis of an extradition request from the United States, police said. "Dmitry V. is suspected of numerous frauds, money transfers and money laundering in connection with running one of the largest cryptocurrency exchanges in the world," the police said in a statement. "For the crimes the detained man is suspected of, he could face up to 20 years in prison in the U.S." Polish daily Rzeczpospolita reported that Dmitry V. managed WEX, which was the largest cryptocurrency exchange in Russia until it collapsed in 2018. "The man is in custody awaiting the completion of the entire procedure in connection with his extradition to the U.S.," a police spokesperson said. Sign up here. https://www.reuters.com/world/europe/polish-police-arrest-former-russian-crypto-exchange-boss-wanted-by-us-2024-12-06/
2024-12-06 12:31
SHAMBHU, India, Dec 6 (Reuters) - Indian police used tear gas and pepper spray against dozens of farmers who began marching from Punjab state along a key highway to Delhi on Friday to demand better prices for their crops. The confrontation took place just over 200 km (125 miles) north of the capital as about 100 farmers, most from the northern breadbasket state, attempted to resume their 'Delhi Chalo' (Let's go to Delhi) march, blocked since February. Farmers broke through one layer of police barricades only to find security forces waiting behind iron crowd control barriers. There were no immediate reports of injuries. Farmers' leader Sarwan Singh Pandher said before the march got under way that it would go as far as security forces allowed. "We will be only around 100 people so it is not like we can break police barricades," Pandher said. The farmers are demanding legal guarantees of more state support for crops and a debt waiver, and say the government must honour a promise to double their incomes. They have been camped at Shambhu on Punjab's border with neighbouring Haryana state since February, when police halted their march. The Haryana government on Friday suspended mobile internet and bulk text message services in some places until Dec. 9 to "stop the spread of misinformation and rumours", and police said "sufficient force" had been deployed to maintain law and order. Prime Minister Narendra Modi's government did not comment on Friday's protests, but Haryana senior minister Anil Vij, who is from Modi's party, said the farmers would need to secure permision if they wanted to proceed to Delhi. Modi's government was forced to repeal some farm laws in 2021 after a year-long protest by farmers when they camped outside Delhi for months. A spokesperson for India's main opposition Congress party said it "fully supports" the farmers' demands. Sign up here. https://www.reuters.com/world/india/police-prevent-indian-punjabi-farmers-marching-delhi-demand-better-prices-2024-12-06/
2024-12-06 12:29
NEW DELHI, Dec 6 (Reuters) - Indian police used tear gas and pepper spray on Friday to stop dozens of farmers who were trying to reach Delhi from the northern breadbasket state of Punjab to press a series of demands. Here is a look at why farmers are marching to the capital again. WHAT ARE FARMERS DEMANDING? Farmers are seeking legally-backed guarantees of more state support or a minimum purchase price for crops. Prime Minister Narendra Modi's government, following a year-long protest, repealed some farm reform laws in 2021 and committed to setting up a panel to find ways to ensure support prices for all produce. Farmers now accuse the government of going slow on that commitment. Protesters also want the government to ensure at least a 50% profit margin and waive their debts, as well as to honour a promise to double their incomes. HAVE THE SAME DEMANDS BEEN MADE BEFORE? Thousands of farmers launched a "Delhi Chalo" (Let's go to Delhi) protest convoy in February to make the same demands but were stopped by security forces about 200 km (125 miles) north of the capital, where a number have remained since. Farmers at the time said at least one protester had died in clashes with police, who used tear gas and water cannon. Farmers' leaders and the government had held multiple rounds of talks but failed to reach an agreement. HOW IS THIS PROTEST DIFFERENT? While in February thousands sought to head for Delhi simultaneously, many on trucks and tractors, farmers' leaders said this protest would be on foot, and initially involve only 100 farmers. They hope this will reduce the perception that they might disrupt law and order, and increase the chances that they will be allowed to reach the capital. HOW HAVE AUTHORITIES REACTED? Around 100 farmers were stopped again by police barricades and security personnel using pepper spray and tear gas. Police officers said "sufficient force" had been deployed to prevent the farmers from entering Haryana state from Punjab and marching further to Delhi. Haryana's state government suspended mobile internet and bulk messaging services until Dec. 9 to prevent the "spread of misinformation and rumours". Sign up here. https://www.reuters.com/world/india/why-farmers-are-protesting-new-delhi-2024-03-14/
2024-12-06 12:29
NAPERVILLE, Illinois, Dec 5 (Reuters) - New contract lows in Chicago wheat futures this week are hardly indicative of global supply concerns, but traders might want to eye what's happening in the Black Sea region more closely. Winter grains in top wheat exporter Russia are in the worst-ever condition, and Ukraine’s current shipping capabilities could soon come under threat. Russia and Ukraine accounted for a third of global wheat exports last marketing year. Ukraine’s agricultural exports have faced challenges ever since Russia invaded the country nearly three years ago as port infrastructure has been a prime target for attacks. This forced Ukrainian grain exporters to seek an alternative route through Romania’s Constanta port on the Black Sea. The frontrunner for Sunday’s Romanian presidential runoff has suggested halting Ukrainian grain exports out of his country if elected. The move could be popular with Romanian farmers, who have previously protested the transit of Ukrainian farm goods to preserve local markets. It is unclear whether this ban is likely or even possible, but Ukraine’s involvement has had some positive economic impacts. Overall traffic of goods at Constanta in 2023 surged 22.5% on the year, largely owing to ongoing European Union-funded infrastructure projects. But it could be problematic if Ukraine lost Constanta as an outlet under a worst-case scenario. Constanta handled 14 million metric tons of Ukrainian grain in 2023, accounting for roughly 30% of Ukraine’s total grain exports that year. For the 2024-25 marketing year that began July 1, Ukraine’s wheat exports are seen falling 14% from the previous year. However, Ukrainian grain exports from Constanta in the first 10 months of 2024 have dropped 52% on the year as Ukraine has increased reliance on its own seaports. This dampens the impact of a potential Constanta loss, but the continuing war with Russia means that threats to Ukraine’s seaports never completely vanish. Luckily for Ukrainian exporters, they had shipped half of the government-agreed wheat export volume for 2024-25 as of Nov. 13. RUSSIA IN JEOPARDY A top Russian official on Thursday said the winter crops are in poor condition, just one day after Russian analysts reported winter crops in the worst-ever health, citing data not usually made public. The official also said the situation is not critical, but a deeper dive may suggest otherwise. The analysts said at least 37% of winter crops are in poor condition compared with 4% a year ago, and this is the worst rating ever recorded. On average over the last five years, just 8% of winter crops are in poor shape by this date. Further, only 31% of crops are in good condition versus 74% a year ago. The portion of crops in good condition is a 23-year low. The last time Russia’s grains were in concerning shape ahead of the winter was in 2020, when about 22% of the crops were in poor condition as of early December. At the time, it was the worst rating in seven years. Although the exact figure is not known, the share of good-rated crops four years ago was not a seven-year low, setting it apart from this season. The woes in both years were caused by dry weather during fall planting. The 2025 Russian wheat harvest may already be starting in a hole. Farmers said last month they would sow less wheat this year in favor of more profitable crops, including oilseeds. Preliminary estimates have pegged the 2025 harvest close to 2024 levels, which were down 20% from the record 2022 result. Wheat is a notoriously hearty plant that can recover from harsh conditions if weather turns favorable, so it might be difficult to drum up traders’ fears over Russia this early in the game. But once the crop breaks dormancy in the spring, satellite imagery as well as recent weather data should offer good clues as to the state of Russia’s wheat crop, regardless of whether the government chooses to share the intel. Karen Braun is a market analyst for Reuters. Views expressed above are her own. Sign up here. https://www.reuters.com/markets/commodities/dire-russian-crop-health-ukraine-export-risks-threaten-black-sea-wheat-braun-2024-12-06/
2024-12-06 12:25
ATHENS, Dec 6 (Reuters) - Greece announced a new round of power bill subsidies on Friday to help households grappling with rising electricity costs in December. Greece spent nearly 10 billion euros ($10.58 billion) in power bill subsidies for households and businesses in the 2021-23 period, the biggest amount an EU country has disbursed on such subsidies as a share of its economic output. Wholesale power prices in Europe climbed to their highest levels in over a year in November. Greece, whose economy is still suffering from the lingering effects of a 2009-2018 debt crisis, had not offered any subsidies this year until the summer, when wholesale power prices spiked again as hot weather curtailed electricity output. With costs seen rising further in the coming winter months, the energy ministry announced a subsidy of 1.5 cents per kilowatt hour for household consumption up to 500 kilowatt hours for December. The aid will be offered to about 90% of Greece's domestic consumers with variable power contracts at a total cost of 20.5 million euros ($21.70 million), the ministry said in a statement. Greek Prime Minister Kyriakos Mitsotakis has blamed the European power market for discrepancies in electricity prices that saw customers in southeastern Europe pay far more than other EU countries. In a letter to the European Commission in September, he urged the EU to create a bloc-wide energy regulator with powers to inspect energy markets across the EU. ($1 = 0.9448 euros) Sign up here. https://www.reuters.com/world/europe/greece-offers-new-round-power-bill-subsidies-households-2024-12-06/
2024-12-06 11:53
MUMBAI, Dec 6 (Reuters) - India's foreign exchange reserves (INFXR=ECI) , opens new tab rose for the first time in nine weeks and stood at $658.09 billion as of Nov. 29, coming off five-month lows, data from the Reserve Bank of India showed on Friday. The reserves rose by $1.5 billion in the reported week. They had dropped by $48.3 billion cumulatively in the last eight weeks. Changes in foreign currency assets are caused by the central bank's intervention in the forex market as well as the appreciation or depreciation of foreign assets held in the reserves. The RBI intervenes on both sides of the forex market to curb undue volatility in the rupee. The rupee has largely remained under pressure over the last two months on the back of heightened foreign portfolio outflows and a wave of dollar strength sparked by Donald Trump's victory in the U.S. presidential election. The RBI's "central tenet" is to maintain orderliness and stability in the exchange rate, without compromising market efficiency, Shaktikanta Das, the central bank's governor, said on Friday. "Foreign exchange reserves are deployed judiciously to mitigate undue volatility, maintain market confidence, anchor expectations and preserve overall financial stability," Das said, adding that the current level of reserves are "quite robust." In the week for which the forex reserves data pertains, the rupee had declined marginally against the dollar. The currency ended at 84.6875 on Friday and logged a fifth consecutive weekly fall, declining 0.2%. It had hit a record low of 84.7575 during this week. The forex reserves also include India's reserve tranche position in the International Monetary Fund. FOREIGN EXCHANGE RESERVES (in million U.S. dollars) --------------------------------------------------------- Nov 29 Nov 22 2024 2024 --------------------------------------------------------- Foreign currency assets 568,852 566,791 Gold 66,979 67,573 SDRs 18,007 17,985 Reserve Tranche Position 4,254 4,232 ---------------------------------------------------------- Total 658,091 656,582 ---------------------------------------------------------- Source text: (https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx , opens new tab) Sign up here. https://www.reuters.com/business/finance/indias-fx-reserves-halt-eight-week-losing-streak-come-off-5-month-lows-2024-12-06/
