2024-11-13 04:15

Delhi records 'severe' air pollution for first time this season Overtakes Pakistan’s Lahore to become world’s most polluted city Visibility drops to zero in some places in the morning Low wind speed, temperature, high humidity contribute to smog NEW DELHI, Nov 13 (Reuters) - Air pollution in India's national capital increased to 'severe' on an official index on Wednesday for the first time this season as temperatures and wind speeds dropped, reducing visibility and affecting some flights. Delhi overtook Pakistan's Lahore as the world's most polluted city in Swiss group IQAir's live rankings, and India's pollution control authority said the national capital territory's 24-hour air quality index (AQI) score had touched 418. The Central Pollution Control Board defines an AQI reading of 0-50 as "good", and above 401 as "severe", which affects healthy people and "seriously impacts" those with existing diseases. The Indian capital battles smog - a toxic mix of smoke and fog - every winter as cold air traps dust, emissions, and smoke from illegal farm fires. Authorities have on occasion closed schools, stopped some building work, and placed restrictions on private vehicles to curb the problem. Pakistan's Punjab province, which shares a border with India and is also battling toxic air, has this month banned outdoor activities, closed schools and ordered some shops, markets, and malls to close early. The concentration of PM2.5 - particulate matter measuring 2.5 microns or less in diameter that can be carried into lungs, causing deadly diseases and cardiac issues - in Delhi was more than 120 times the World Health Organisation's recommended levels on Wednesday morning, IQAir said. Weather department officials also blamed the smog, which reduced visibility to zero in some places, on high humidity, low wind speed, and the minimum temperature dropping to 17 degrees Celsius (63 degrees Fahrenheit) from 17.9 C a day before. At least eight flights were diverted from the city's Indira Gandhi International Airport, news agency ANI reported. Dense fog - defined as that which reduces visibility to 50-200 metres (164-657 ft) - was expected to continue over northwest India for the "next 2-3 days", the India Meteorological Department said. Sign up here. https://www.reuters.com/world/india/visibility-drops-parts-delhi-pollution-surges-2024-11-13/

2024-11-13 02:54

MUMBAI, Nov 13 (Reuters) - The Indian rupee is likely to inch up at the open on Wednesday on the back of a mild uptick in its Asian peers before U.S. inflation data that will hold cues on what the Federal Reserve will do at its next meeting. The 1-month non-deliverable forward indicated that the rupee will open at 84.38-84.3850 to the U.S. dollar, compared with 84.3925 in the previous session. The currency dipped to an all-time low of 84.4125 on Tuesday. Donald Trump's victory in the U.S. election has spurred a rally in the dollar amid expectations of higher U.S. growth and inflation, and a shallower Federal Reserve rate cut cycle. The dollar index is perched near its highest level in more than six months. "The dollar is likely to keep pushing higher for at least the next two months. Prospects of tariffs on China and Europe will keep their currencies weak, the result of which will be felt (by the rupee)," a currency trader at a bank said. The Reserve Bank of India "will continue to play a big role" in "making sure of an orderly pace" of decline for the rupee, he said. The RBI has intervened to support the rupee on most days over the last month, to control the decline. ASIA FX RECOVERS There was a pause in the Trump victory-fuelled sell-off in Asian currencies, with most up 0.1%-0.3% in the lead up to the U.S. inflation data. The data comes amid a dip in the probability that the Fed will cut rates next month on the back of Trump's victory. The odds of a 25 basis points rate cut are now at 56%, compared to 78% a week back, per the CME FedWatch Tool. "While economic fundamentals suggest inflation should continue to moderate, (Trump) policy changes pose an upside risk to the outlook," BofA Securities said in a note. KEY INDICATORS: ** One-month non-deliverable rupee forward at 84.48; onshore one-month forward premium at 9.5 paisa ** Dollar index at 105.96 ** Brent crude futures up 0.2% at $72 per barrel ** Ten-year U.S. note yield at 4.42% ** As per NSDL data, foreign investors sold a net $43.2 mln worth of Indian shares on Nov. 11 ** NSDL data shows foreign investors bought a net $13 mln worth of Indian bonds on Nov. 11 Sign up here. https://www.reuters.com/markets/currencies/mild-relief-rupee-slight-recovery-asia-before-us-inflation-data-2024-11-13/

2024-11-13 00:57

SEOUL, Nov 13 (Reuters) - Shares in Samsung Electronics (005930.KS) , opens new tab, the world's top memory chip maker, fell on Wednesday to their lowest level in more than four years amid worries about the impact of U.S. tariffs under a new Donald Trump administration, analysts said. The South Korean tech giant is the worst performing stock among global chipmakers like TSMC and Nvidia this year, as it has lagged behind rivals in tapping booming demand for artificial intelligence chips. Trump's potential tariffs on Chinese imports are seen dealing a bigger blow to Samsung, which has a higher reliance on Chinese customers than its local rival SK Hynix (000660.KS) , opens new tab, said Lee Min-hee, an analyst at BNK Investment & Securities. Hynix has been increasing sales of high-end AI server chips to U.S. customers like Nvidia. Trump has threatened to impose a universal 10% tariff on imports and 60% on Chinese goods, which would reduce demand for electronics products that use chips, said Greg Noh, an analyst at Hyundai Motor Securities. Last week, South Korean President Yoon Suk Yeol also raised concerns that Trump's threat of steep tariffs on Chinese imports could prompt Chinese rivals to slash export prices and undercut Korean chip firms overseas. Samsung shares are down 34% in the year-to-date and on course to post their worst annual performance in more than two decades. Shares in SK Hynix have risen 32% so far this year, and U.S. chipmaker Nvidia (NVDA.O) , opens new tab has gained 199%. Samsung shares, South Korea's most valuable stock, extended declines to a fourth straight session, down 2.1% as of 0126 GMT, after falling as much as 2.5% to 51,700 won, the lowest since June 24, 2020, while the broader KOSPI market (.KS11) , opens new tab fell 1.5%. SK Hynix rose as much as 2%, after falling for two consecutive sessions. Sign up here. https://www.reuters.com/technology/samsung-electronics-shares-hit-lowest-more-than-four-years-2024-11-13/

2024-11-13 00:42

CAIRO, Nov 12 (Reuters) - Egypt is still aiming for renewable energy to reach 42% of its electricity generation mix by 2030, but that goal will be at risk without more international support, Prime Minister Mostafa Madbouly told the COP29 conference on Tuesday. Currently, solar, wind, and hydropower make up only 11.5% of Egypt's electricity generation, according to a July cabinet report. The country has in recent years relied heavily on natural gas, which it defended during the United Nation's COP27 conference in 2022 as a "transitional fuel" at a time when it was a net exporter of gas. But last year, Egypt faced prolonged power outages as natural gas production was hit by financial constraints and declining local extraction. That prompted a government search for foreign investment in renewable projects alongside increased fossil fuel exploration. Last year, the government set a goal for renewable energy to reach 42% of its electricity generation mix by 2030, and in June this year, then-Electricity Minister Mohamed Shaker outlined a plan to push that share to 58% by 2040. Shortly afterwards, however, Egypt's petroleum ministry said the target share for renewables was 40% by 2040, with the country maintaining a major reliance on natural gas. In his COP29 address, Madbouly stuck to the original goal, but highlighted the challenges Egypt faces in meeting its climate ambitions, attributing them largely to insufficient international support. "Without the necessary backing, critical infrastructure improvements remain out of reach, placing our target at serious risk," he said. Madbouly called on developed nations to fulfil their climate finance promises, adding that the commitments of developing countries would otherwise remain "ink on paper". Sign up here. https://www.reuters.com/business/energy/egypt-reaffirms-42-renewable-energy-goal-2030-urges-international-help-2024-11-12/

2024-11-13 00:03

Emissions from fossil fuels to rise nearly 1% to 37.4 bln T Severe wildfires fuel 13.5% surge in land-use emissions Emissions decrease in rich nations, rise in emerging economies Without urgent action, global climate goals out of reach BAKU, Nov 13 (Reuters) - Global carbon dioxide emissions, including those from burning fossil fuels, are set to hit a record high this year, pulling the world further off course from averting more destructive climate extremes, scientists said on Wednesday. The Global Carbon Budget report, published during the U.N.'s COP29 climate summit in Azerbaijan, said global CO2 emissions are set to total 41.6 billion metric tons in 2024, up from 40.6 billion tons last year. The bulk of these emissions are from burning coal, oil and gas. Those emissions would total 37.4 billion tons in 2024, up by 0.8% in 2023, the report said. The rest are from land use, a category that includes deforestation and forest fires. The report by more than 80 institutions was led by the University of Exeter in Britain. "We don't see a sign of fossil fuel emissions peaking in 2024," said lead author Pierre Friedlingstein, a climate scientist at the University of Exeter. Without immediate and steep emissions cuts worldwide, "we will just go straight into the 1.5C target, we'll just pass it and continue," he said. Countries agreed under the 2015 Paris Agreement to try to stop global temperatures rising more than 1.5 degrees Celsius (2.7 degrees Fahrenheit) to avoid climate change's worst impacts. This would require steep emissions cuts every year from now until 2030 and beyond. Instead, fossil fuel emissions have climbed over the last decade. Land use emissions had declined in this period - until this year, when a severe drought in the Amazon caused forest fires, driving up annual land use emissions by 13.5% to 4.2 billion tons. Some scientists have said such slow progress means the 1.5C aim can no longer realistically be met. This year's emissions data showed evidence of some countries rapidly expanding renewable energy and electric cars, the authors said. Progress, however, was sharply uneven - with rich industrialised nations' emissions decreasing, and emerging economies' emissions still rising. Tensions between nations erupted on Tuesday at COP29 over who should lead the world's transition away from fossil fuels - which produce around 80% of global energy. COP29 host Azerbaijan's President Ilham Aliyev accused Western countries of hypocrisy for lecturing others while still being major consumers and producers of fossil fuels. Emissions in the U.S., the world's top oil and gas producer and consumer, are expected to decrease by 0.6% this year, while European Union emissions are set to fall by 3.8%. Meanwhile, India's emissions will rise by 4.6% this year, driven by soaring power demand fuelled by economic growth. Emissions in China, today the world's biggest emitter and second-largest oil consumer, are set to marginally increase by 0.2%. The authors said China's emissions from oil use have likely peaked, as electric vehicles gain market share. Emissions from international aviation and shipping are also expected to jump by 7.8% this year, as air travel continues to recover from a drop in demand during the COVID-19 pandemic. Sign up here. https://www.reuters.com/business/environment/global-co2-emissions-hit-record-high-2024-report-says-2024-11-13/

2024-11-12 23:58

Nov 12 (Reuters) - Plains All American Pipeline (PAA.O) , opens new tab has agreed to pay $72.5 million to settle a lawsuit over the 2015 Refugio Beach oil spill in Santa Barbara, a filing showed on Tuesday. The spill occurred after a pipeline, which ran across California's coastline, ruptured and spilled an estimated 126,000 gallons of oil into the ocean and on the beaches. In 2020, the California State Lands Commission and insurance firm Aspen American Insurance had sued Plains All American - the operator of the failed pipeline - alleging negligence, willful misconduct, and interference with prospective economic advantage. The state of California will receive $50.5 million from the settlement, while Aspen will get $22 million. Plains All American and Aspen Insurance did not immediately respond to Reuters' requests for comment. "This settlement ... holds the operator accountable and provides appropriate compensation to the state for the fiscal damages caused by this spill," Joe Stephenshaw, state lands commissioner and California Department of Finance director, said in a statement. As of Sept. 30, Plains All American had estimated the total costs it has incurred or will incur related to the failed pipeline would be about $870 million. Sign up here. https://www.reuters.com/legal/plains-all-american-agrees-pay-about-73-mln-settle-california-oil-spill-lawsuit-2024-11-12/