2024-11-13 10:22

MUMBAI, Nov 13 (Reuters) - The Indian rupee closed nearly unchanged on Wednesday, as dollar sales by state-run banks helped the currency withstand pressure from equity outflows and persistent strength in the U.S. dollar. The rupee closed at 84.3775 against the dollar, compared to its previous closing level of 84.3925. The currency lingered in an under-3 paisa band through the session after having dipped to its all-time low of 84.4125 on Tuesday. Foreign banks were spotted bidding for dollars, likely on behalf of custodial clients, while state-run banks were on offer "pretty much through the session," a trader at a foreign bank said. India's benchmark indexes BSE Sensex (.BSESN) , opens new tab and Nifty 50 (.NSEI) , opens new tab also closed lower by over 1% each. The Nifty slipped into correction territory, having declined over 10% from a record high hit in late-September. Sustained outflows from local stocks, to the tune of about $14 billion since October, have weighed on local stocks and kept the rupee under pressure. However, routine interventions by the Reserve Bank of India via state-run banks have supported the rupee in face of the outflows and a rally in the dollar since the U.S. election. The dollar index and was last quoted at 105.9, while Asian currencies were mostly stronger as investors awaited U.S. inflation data due later in the day. Economists polled by Reuters expect the U.S. inflation data to show that month-on-month core CPI was steady at 0.3% in October. "The strong dollar is currently pricing in a good deal of Trump’s policy mix, and data releases/dovish Fed comments might offer good opportunities to take profit in bullish dollar positions," ING Bank said in a note. Sign up here. https://www.reuters.com/markets/currencies/rupee-ends-nearly-flat-state-run-banks-dollar-sales-offset-outflows-2024-11-13/

2024-11-13 08:01

BAKU, Nov 13 (Reuters) - World leaders are speaking at the U.N. climate summit in Baku on Wednesday. Here are the latest comments: ALBANIA PRIME MINISTER EDI RAMA "I decided to leave aside my well prepared speech because ...yesterday I was watching the silent TV in the leaders' lounge, where the organizers have thoughtfully added green plants above the comfortable couches. "People there eat, drink, meet, and take photos together, while images of voiceless speeches from leaders play on and on and on in the background. "To me, this seems exactly like what happens in the real world everyday. Life goes on with its old habits, and our speeches, filled with good words about fighting climate change, change nothing." U.S. CLIMATE ENVOY JOHN PODESTA "We have a clear choice between a safer, cleaner, fairer future and a dirtier, more dangerous, and more expensive one. We know what to do. Let's get to work. Let's get it done." RUSSIAN PRIME MINISTER MIKHAIL MISHUSTIN "The transition to low-emission energy must not compromise the development of low-income countries. Global warming should not be used as a pretext for unfair competition or restrictive practices. Credible mechanisms for implementing international agreements are essential, including a unified system for evaluating the quality of climate projects." IRAN VICE PRESIDENT SHINA ANSARI (via translator) "We hope that (the) international community, free from political issues, will stand together, exchange knowledge, transfer technology and facilitate accessing financial resources without discrimination, and fully lift unilateral sanctions against countries, particularly the Islamic Republic of Iran. "However, we cannot forget the fact that the current climate situation of the world is the result of the industrial policies of (a) few developed countries and developing states shall not be deprived of their right to development because of what others have done. "Once again, we emphasize that if this conference should intend to prove its goodwill in striving for a better future for all, while persisting on avoiding double standards to achieve meaningful actions by all countries to achieve these goals." VATICAN SECRETARY OF STATE CARDINAL PIETRO PAROLI "A true ecological debt exists, particularly between the global north and south, connected to commercial imbalances, which affects on the environment and the disproportionate use of natural resources by certain countries over long periods of time. "Therefore, it is essential to seek a new international financial architecture that is human-centered .. and based on the principles of equity, justice and solidarity. A financial architecture that can truly ensure for all countries, especially the poorest and those most vulnerable to climate disasters, both low carbon and high sharing development pathways." BAHAMAS PRIME MINISTER PHILIP DAVIS "Already, catastrophic climate events worldwide have led to significant loss of life, property, and infrastructure. And yet, we persist in responding to these events as though they are merely unfortunate, isolated, and national incidents. I ask you to look beyond borders, beyond flags: the fires that devour your forests and the hurricanes that devastate our homes are not distant misfortunes but shared tragedies. "What we endure, you endure. What we lose, you lose. And if we fail to act, it will be our children and grandchildren who bear the burden, their dreams reduced to memories of what could have been." GREECE PRIME MINISTER KYRIAKOS MITSOTAKIS "Europe and the world must be more honest about the trade offs involved in the energy transition. Yes, the energy transition will, in the long run, lower costs, but this transition will not be painless. "We need to ask hard questions about a path that goes very fast at the expense of our competitiveness, and a path that goes somewhat slower but allows our industry to adapt and to thrive. It is our responsibility to weigh these trade offs carefully, not to whisk them away. "Our citizens are faced with unprecedented climate shocks, we need more resources to prepare to respond in time, in order to save lives and livelihoods and to help people and communities rebuild after disaster. We cannot focus so much on 2050 that we forget 2024." COOK ISLANDS PRIME MINISTER MARK BROWN "Let us ask ourselves, what if this was my home, my family? This shared sense of humanity should inspire us to work towards tangible, transformative outcomes over the coming days, ensuring that COP29 concludes with meaningful progress. "These appeals have been voiced countless times, including by myself, at previous COPs. Yet here we are again, frustrated by inaction, unheard and facing resistance to the necessary scale of climate finance. "For the sake of those most vulnerable, we must set a path forward that aligns with the urgent realities we face. My country is ready, again, to play its part. The question remains, are we ready to act decisively and collaboratively for future generations?" Sign up here. https://www.reuters.com/sustainability/climate-energy/what-are-they-saying-cop29-climate-summit-2024-11-13/

2024-11-13 07:53

JOHANNESBURG, Nov 13 (Reuters) - South Africa's rand firmed in early trading on Wednesday after three days of heavy losses as markets fretted over what U.S. President-elect Donald Trump's policies could mean for trade relations. At 0736 GMT, the rand traded at 18.05 against the U.S. dollar , about 0.4% stronger than its previous close. The currency has been highly volatile, losing about 4% against the greenback since the U.S. election on Nov. 5. "The currency has struggled amid rising U.S. Treasury yields and dollar strength driven by expectations of pro-growth policies under Trump," said Andre Cilliers, currency strategist at TreasuryONE. "Although (South Africa's) terms of trade remain relatively robust, short-term speculative positioning has pressured the rand," Cilliers added. The rand is likely to take direction from global drivers on Wednesday amid a light domestic calendar. On the Johannesburg stock market, the blue-chip Top-40 index (.JTOPI) , opens new tab was down about 0.3% in early trade. South Africa's benchmark 2030 government bond was slightly weaker in early deals, with the yield up 2 basis points to 9.25%. Sign up here. https://www.reuters.com/markets/currencies/south-african-rand-firms-after-big-fall-following-trump-victory-2024-11-13/

2024-11-13 07:45

KYIV, Nov 13 (Reuters) - Ukraine's national power grid operator Ukrenergo introduced limits on electricity supply for businesses on Wednesday due to "significantly" lower imports and lower generation, the company said. "The restrictions will be in place during the day. In the evening, after the equipment is fixed, the restrictions will be lifted," Ukrenergo said on the Telegram messenger app. The last time massive restrictions on electricity supplies to both businesses and households were imposed was after a massive Russian missile and drone attack in late August. Ukraine's largest private power generator and distributor DTEK said restrictions would apply to Kyiv, the Kyiv region, Odesa, Dnipro and the Donetsk regions. "The reasons: a shortage (of electricity) in the power grid due to previous shelling by Russia and a drop in temperature," DTEK said on the Telegram. Ukraine's energy infrastructure has been subjected to increased Russian missile and drone attacks in recent months. Officials have said the country has lost about half of its generating capacity and now relies mainly on energy generated by three nuclear power plants. Sign up here. https://www.reuters.com/business/energy/ukraines-grid-operator-limit-power-supply-businesses-wednesday-2024-11-13/

2024-11-13 07:29

Nov 13 (Reuters) - Europe is a global leader in green transition but needs more resources to tackle the impact of "unprecedented climate shocks", Greek Prime Minister Kyriakos Mitsotakis said on Wednesday. "We cannot focus so much on 2050 that we forget 2024." Mitsotakis said addressing the United Nations COP29 climate summit in Baku. "We need more resources to prepare to respond in time, in order to save lives and livelihoods and to help people and communities rebuild after disaster." With abundant sun and wind, Greece has more than doubled its renewable energy output since 2014 to account for about half of its power generation and says it is on track to shut all its coal-fired plants by 2028. But the country on the Mediterranean Sea has struggled to provide relief and repair damage following destructive floods and wildfires in recent years, which scientists link to warming sea waters and global warming. Sign up here. https://www.reuters.com/business/environment/europe-needs-more-resources-tackle-climate-change-greek-pm-says-2024-11-13/

2024-11-13 07:22

Nov 13 (Reuters) - Britain's energy regulator Ofgem said on Wednesday that Opus Energy has agreed to pay more than 7 million pounds ($8.92 million) in refunds as the company overcharged some non-domestic customers between 2003 and 2023. Opus Energy self-reported to Ofgem that it had overcharged 87,825 non-domestic customer accounts due to a technical fault in its billing system, and the fault was fully resolved in April this year, the regulator said. ($1 = 0.7851 pounds) Sign up here. https://www.reuters.com/business/energy/britains-opus-energy-pay-89-mln-refunds-overcharging-customers-2024-11-13/