2025-12-28 10:08

SHANGHAI, Dec 28 (Reuters) - Demand for Chinese lithium batteries will likely slump in early 2026 due to an expected tumble in domestic electric vehicle sales and slowing battery exports, the secretary general of China's passenger car association said on Sunday. "Looking into 2026, demand for new energy batteries will drop drastically from the end of this year, so battery makers should cut production and take some rest to cope with the fluctuations," Cui Dongshu, the industry body's secretary general, said in a personal social media post. Sign up here. China is the global leader in battery technology manufacturing and exports, and is benefiting from a worldwide boom in demand for batteries used in EVs and power networks. A big drop in demand will hurt battery makers including Contemporary Amperex Technology Ltd (CATL) (300750.SZ) , opens new tab and EVE Energy (300014.SZ) , opens new tab. Cui said green passenger vehicle sales will fall at least 30% early next year, from the fourth quarter, as tax incentives for car purchases are being phased out. In addition, electric vehicles for commercial use will "definitely" slump in early 2026 after buyers rushed to buy vehicles by year-end for subsidies and tax breaks, Cui said. The loss in domestic demand is unlikely to be offset by exports, he said. China's lithium battery exports to the European Union, its biggest overseas market, rose 4% in 2025 from a year ago, while exports to the United States tumbled 9.5%. The drop in U.S.-bound exports suggests rising demand for energy storage from the U.S. artificial intelligence boom is not lifting demand for Chinese batteries, Cui said. UBS analyst Yishu Yan said this month that Chinese manufacturers face risks from U.S. restrictions on projects receiving investment tax credits that involve designated "foreign entities of concern". https://www.reuters.com/sustainability/climate-energy/demand-chinas-lithium-batteries-will-slump-early-2026-car-association-head-says-2025-12-28/

2025-12-28 09:02

CAIRO, Dec 28 (Reuters) - Libya's Waha Oil Company, a subsidiary of state-run National Oil Corporation, said on Sunday that it has two new gas wells operating at its Farigh field. It said in a statement that it has succeeded in bringing onstream two gas fields carrying a daily production rate of 14 million and 12 million cubic feet of gas respectively. Sign up here. It said this step was vital in supplying natural gas to meet local demand. Waha operates as a joint venture with TotalEnergies (TTEF.PA) , opens new tab and ConocoPhillips. https://www.reuters.com/business/energy/libyas-waha-oil-adds-two-gas-wells-farigh-field-2025-12-28/

2025-12-28 08:33

Dec 28 (Reuters) - Power line repairs have begun near Ukraine's Zaporizhzhia nuclear power plant after another local ceasefire brokered by the International Atomic Energy Agency (IAEA), the agency said on Sunday, citing its Director General Rafael Grossi. An IAEA team is monitoring repairs expected to last a few days, as part of efforts to prevent nuclear accident during the war in Ukraine conflict, the agency added. Sign up here. https://www.reuters.com/world/europe/repairs-start-near-ukraines-zaporizhzhia-plant-after-iaea-brokered-local-2025-12-28/

2025-12-28 05:55

SHANGHAI, Dec 28 (Reuters) - Hong Kong Financial Secretary Paul Chan raised his 2025 economic growth forecast to 3.2% on Sunday, saying the city would bolster its role as a financial centre, innovation hub and trade centre to maintain the momentum. In February, Chan had forecast growth of between 2% and 3%. Sign up here. Hong Kong, the world's biggest venue for initial public offerings this year, will lure more listings from companies in areas such as Southeast Asia and the Middle East and will actively promote internationalisation of China's yuan currency, Chan said in a blog post. The city will also focus on developing artificial intelligence and biotech to lead the global race in technology and will strengthen its role as a trade hub by helping more Chinese companies expand overseas, he said. "Looking into next year, Hong Kong's economy is expected to keep the good trend of growth," Chan said. "Finance, tech innovation and trade will be Hong Kong's key engines of growth as the city actively embraces China's development strategy." Hong Kong has one of the world's best-performing stock markets this year, with the Hang Seng Index (.HSI) , opens new tab up 30%. Resilient exports, brisk fixed-asset investment and recovering consumption have helped Hong Kong's growth beat forecast, Chan said. To bolster its status as a financial centre, Hong Kong will strengthen the competitiveness of its stock market and develop areas including bonds, money market, fintech, commodities and gold trading, he said. In terms of innovation, Hong Kong will develop AI into a "core industry", as the technology will define economies' competitiveness and reshape the global economic landscape, he said. The city is also establishing a centre for cross-border supply chain management and trade finance, to better help Chinese companies expand offshore, Chan said. https://www.reuters.com/world/asia-pacific/hong-kong-expects-32-growth-this-year-seeks-maintain-momentum-2025-12-28/

2025-12-28 03:54

JAKARTA, Dec 28 (Reuters) - Fernando Martin, a coach with Valencia CF, has died with three members of his family after their boat capsized in Indonesia, Spanish football clubs said. Valencia said they were "deeply saddened by the passing of Fernando Martin, coach of Valencia CF Femenino B, and three of his children, in the tragic boat accident in Indonesia, as confirmed by local authorities". Sign up here. Indonesian and Spanish authorities said on Saturday that Martin and three of his children were missing after the boat carrying 11 people sank in extreme weather on Friday in the Padar Island Strait near the island of Labuan Bajo, a popular tourist spot. The search was continuing on Sunday morning, Fathur Rahman, mission coordinator for Indonesia's search and rescue agency in the area, told Reuters. Real Madrid CF also sent condolences for Martin, 44, a former player in second-tier Spanish football who was appointed coach of the Valencia Women's B team this year. His wife and one daughter, as well as four crew members and a tour guide, were rescued and safe, SAR said in a statement. https://www.reuters.com/sports/soccer/valencia-coach-fernando-martin-dies-indonesia-boat-accident-2025-12-28/

2025-12-28 00:08

Mamady Doumbouya took power in a 2021 coup Former special forces commander oversaw launch of iron ore mega-mine UN says campaign period marred by enforced disappearances, media curbs CONAKRY, Dec 28 (Reuters) - Guinea voted on Sunday in a presidential election widely expected to hand Mamady Doumbouya, who seized power in a 2021 coup, a seven-year mandate, completing the West African nation's transition back to civilian rule. The former special forces commander, thought to be in his early 40s, faced eight other candidates in a fragmented field with no strong challenger. Ousted President Alpha Conde and longtime opposition leader Cellou Dalein Diallo remain in exile. Sign up here. Vote counting began after polling stations in Conakry closed at the scheduled time of 6 p.m. (1800 GMT), a Reuters journalist said. There were no major disturbances reported. Turnout appeared tepid in the capital Conakry as some voters described the election as a foregone conclusion. "The most important thing is that the country returns to normal. I'm pragmatic. I voted for the one who is in office and who ensures the continuity of the state," shopkeeper Moussa Kaba told Reuters. Doumbouya, wearing a white robe and sunglasses and accompanied by his wife, waved to crowds as he arrived to vote at a polling station at a health centre in Conakry flanked by dozens of armed commandos. Provisional results are expected in two to three days. RICH IN BAUXITE AND IRON ORE Guinea holds the world's largest bauxite reserves and the richest untapped iron ore deposit at Simandou, officially launched last month after years of delay. Doumbouya has claimed credit for pushing the project forward and ensuring Guinea benefits from its output. His government this year also revoked the licence of Emirates Global Aluminium's subsidiary Guinea Alumina Corporation following a refinery dispute, transferring the unit's assets to a state-owned firm. The turn toward resource nationalism - echoed in Mali, Burkina Faso and Niger - has boosted his popularity, as has his relative youth in a country where the median age is about 19. "For us young people, Doumbouya represents the opportunity to send the old political class into retirement," said Mohamed Kaba, a mechanic in Conakry. "There is a lot of corruption right now, but I hope these things will be sorted out." DOUMBOUYA EXPECTED TO ENTRENCH POWER If elected, Doumbouya "will likely utilise his position to further entrench his power and that of the military over Guinea", said Benedict Manzin, lead Middle East and Africa analyst at risk consultancy Sibylline. "In particular he is likely to position his allies and associates to benefit from the expected economic boom associated with the launch of production" at Simandou, Manzin added. A transition charter adopted after the coup barred junta members from contesting elections. But in September, Guineans overwhelmingly backed a new constitution removing that clause, extending presidential terms to seven years and creating a Senate. Official results showed turnout in the ballot was 92%, though opposition figures disputed that. Abdoulaye Barry, a civil engineer, told Reuters on Sunday that he would not vote, lamenting that the country was "allowing a man who swore not to run to do so". OPPOSITION ACTIVITY RESTRICTED DURING CAMPAIGN Political debate has been muted under Doumbouya. Civil society groups accuse his government of banning protests, curbing press freedom and restricting opposition activity. The campaign period "has been severely restricted, marked by intimidation of opposition actors, apparently politically motivated enforced disappearances, and constraints on media freedom," U.N. rights chief Volker Turk said on Friday. The government did not respond to a request for comment. Doumbouya kept a low profile during the campaign, leaving officials and supporters to make his case. At a closing rally on Thursday in Conakry, he skipped a speech although he danced with his wife while Congolese star Koffi Olomide performed. He wore a white baseball cap and track jacket emblazoned with the name of his movement: "Generation for Modernity and Development". https://www.reuters.com/world/africa/guinea-votes-presidential-election-expected-cement-doumbouyas-rule-2025-12-28/