2024-11-04 07:34
JAKARTA, Nov 4 (Reuters) - At least 10 people died after Mount Lewotobi Laki-laki in eastern Indonesia erupted near midnight on Sunday, spewing explosive plumes of lava and forcing authorities to evacuate several nearby villages, officials said on Monday. Mount Lewotobi Laki-laki, located on Flores Island, erupted on Sunday at 11.57 p.m. (1557 GMT), belching a fiery-red column of lava, volcanic ash and blazing rocks, Hadi Wijaya, a spokesperson for The Center of Volcanology and Geological Hazard Mitigation (PVMBG), said on Monday. "After the eruption, there was power outage and then it was raining and big lightning which caused panic among residents," he told Reuters, adding that the authority had raised the status of the volcano to the highest alert level. The agency said a seven-kilometre (four miles)radius from the crater must be cleared. Fiery lava and rocks hit the nearest settlements around four kms (two miles) from the crater, burning and damaging residents' houses, Hadi said. As of Monday afternoon at least 10 people had died, said local official Heronimus Lamawuran, adding the eruption had affected seven villages. "We have started evacuating residents since this morning to other villages located around 20 kms (13 miles) from the crater," he said. Images shared by authorities showed the evening sky over the volcano turned red due to the eruption, while footage showed some wooden houses on fire and mask-wearing residents being evacuated. Thick volcanic ash covered roads and buildings in one of the villages, more footage showed. Indonesia's disaster agency warned of potential flash floods and cold lava flows in the coming days, agency spokesperson Abdul Muhari said. The local government has declared a state of emergency for the next 58 days, Abdul said, meaning the central government could help provide aid to the 10,000 affected residents. Authorities are still gathering data on the number of evacuees. The nearest airport, located in the town of Maumere, had been temporarily closed, he added. Indonesia sits on the "Pacific Ring of Fire", an area of high seismic activity atop multiple tectonic plates. This eruption follows a series of eruptions. In May, a volcano on the island of Halmahera, Mount Ibu, caused evacuation from seven villages. North Sulawesi's Ruang volcano also erupted in May and prompted authorities to evacuate more than 12,000 people. Flash floods and cold lava flow from Mount Marapi in West Sumatra province in May killed more than 60 people. Sign up here. https://www.reuters.com/world/asia-pacific/indonesias-laki-laki-volcano-flores-island-erupts-killing-9-people-2024-11-04/
2024-11-04 07:09
JOHANNESBURG, Nov 4 (Reuters) - South Africa's rand gained on Monday against a weaker dollar, as investors geared up for the U.S. to elect its next president and the Federal Reserve's interest rate announcement this week. At 1522 GMT, the rand traded at 17.50 against the U.S. dollar , about 0.9% stronger than its previous close. The dollar last traded about 0.3% weaker against a basket of currencies. As the world's biggest economy heads to the polls on Tuesday, Republican candidate Donald Trump and Democratic candidate Kamala Harris are virtually tied in opinion polls. On Thursday, markets will look to the Fed's latest rate decision, where investors expect a 25 basis-point rate cut. "With the US elections and Federal Reserve's policy meeting setting the market's tempo, the rand is likely to experience further volatility," said Angielee Pan, sales trader at IG Group. "South Africa's economy remains exposed as investors seek the sanctuary of safer assets, turning away from emerging markets like South Africa and thus heightening the rand's exposure to shifting market sentiments," Pan added. On the Johannesburg Stock Exchange, the blue-chip Top-40 index (.JTOPI) , opens new tab closed little changed. South Africa's benchmark 2030 government bond was slightly stronger, as the yield slipped 1.5 basis points to 9.305%. Sign up here. https://www.reuters.com/markets/currencies/south-african-rand-gains-markets-brace-us-election-rate-decision-2024-11-04/
2024-11-04 07:04
MUMBAI, Nov 4 (Reuters) - The Indian central bank was likely selling U.S. dollars to support the rupee after the currency declined to an all-time low, pressured by outflows from local equities, four traders told Reuters on Monday. The rupee slipped to a record low of 84.11 per U.S. dollar earlier on Monday and was last quoted at 84.1075. State-run banks were spotted offering dollars near the 84.1125-84.1150 rupee levels, most likely on behalf of the Reserve Bank of India (RBI), traders said. Outflows from local stocks may keep the rupee under pressure on Monday but "it's quite unlikely," that the RBI will let it weaken past 84.15, a trader at a private bank said. Benchmark Indian equity indices, the BSE Sensex (.BSESN) , opens new tab and Nifty 50 (.NSEI) , opens new tab, were down over 1.5% each. Asian currencies were mostly higher on the day, while the dollar index dipped 0.2% to 103.7. Sign up here. https://www.reuters.com/markets/currencies/indian-central-bank-likely-selling-dollars-support-rupee-amid-equity-outflows-2024-11-04/
2024-11-04 07:02
MUMBAI, Nov 4 (Reuters) - The Indian rupee declined to its weakest level on record on Monday as persistent outflows from local stocks continued to pressure the currency even as most of its Asian peers benefited from a weak U.S. dollar. The rupee slipped to its all-time low of 84.11 against the dollar, inching past its previous record low of 84.0950 hit last week. The benchmark BSE Sensex (.BSESN) , opens new tab and Nifty 50 (.NSEI) , opens new tab equity indexes were down about 1.5% each on the day, pressured by likely selling by overseas investors and caution ahead of the U.S. presidential election outcome. Persistent selling by overseas investors and a tepid local earnings season have weighed on local stocks, with the benchmarks down about 9% from the record high hit in late September. Foreign investors have net sold over $11 billion of Indian equities in October, while overseas investors and foreign lenders also trimmed their positions in government bonds last month for the first time since April. Foreign banks were spotted bidding for dollars on Monday, likely on behalf of custodial clients, traders said. Despite the slide in equities, the Reserve Bank of India's routine interventions have ensured that the rupee doesn't suffer as much, and the central bank is expected to persist with its defence of the currency, traders said. Asian currencies were mostly higher on the day. The dollar index dipped 0.2% to 103.7, likely pressured by the unwinding of long positions in the lead-up to the U.S. presidential election results. While the U.S. election may have a "sizeable impact on equities, the RBI is likely to keep rupee volatility in check," a trader with a large private bank said. (This story has been refiled to add the dropped word 'of' in paragraph 1) Sign up here. https://www.reuters.com/markets/currencies/rupee-slips-record-low-pressured-by-slide-local-equities-2024-11-04/
2024-11-04 07:00
NEW DELHI, Nov 4 (Reuters) - Authorities in India's capital and surrounding areas handed out fines to the owners of thousands of vehicles and construction sites for infringing pollution rules, in a bid to counter a slump in air quality during the last three weeks. New Delhi is the world's most polluted major city, Swiss group IQAir said in its live rankings. Almost 60,000 vehicles and more than 7,500 building sites were fined, officials said, as the Central Pollution Control Board (CPCB) rated Monday's conditions 'very poor', with a score of 373 on its index that rates levels from zero to 50 as 'good'. As many as 54,000 of the vehicles lacked a pollution under control (PUC) certificate, showing permissible levels of emissions, the Commission for Air Quality Management said, adding that almost 3,900 more were impounded as 'overaged'. Environmental compensation payments have been ordered for 597 sites, while 56 have been told to close. New Delhi battles intense pollution every winter as cold air traps emissions, dust, and smoke from farm fires in the adjoining farming states of Punjab and Haryana, forcing frequent school closures and construction curbs in response. Air quality in the region is expected to stay 'very poor' until Wednesday, the earth sciences ministry said, and is likely to range from 'very poor' to 'severe' for the subsequent six days. The CPCB says a rating of severe, in the range of 401 and 500 on its index, affects the healthy and can have serious effects on those already suffering disease. IQAir has rated New Delhi the world's most polluted capital for four years in a row, but poor air quality is a common winter problem across South Asia. Rising pollution can cut a South Asian's life expectancy by more than five years, the University of Chicago's Energy Policy Institute (EPIC) said in its Air Quality Life Index last year. Pakistan's second largest city of Lahore, which IQAir rated the world's second most polluted on Monday, has also shut primary schools for a week and urged people to stay indoors amid unprecedented pollution. On Sunday, the provincial government said it planned talks with India to resolve the problem, blaming deteriorating air quality on pollution wafted in from its neighbour. Sign up here. https://www.reuters.com/world/india/india-hands-out-fines-owners-polluting-vehicles-building-sites-2024-11-04/
2024-11-04 06:39
Refinery output seen falling to 14.7 million bpd Weak transport fuel demand, export caps hurt refiners Independent refiners' throughput slides to 56% of capacity SINGAPORE, Nov 4 (Reuters) - Chinese refiners are expected to reduce fuel output for the rest of the year and maintain lower run rates in the first quarter of 2025 despite a seasonal demand uptick, as profit margins and fuel consumption in road transport remain weak. The lower refining output in China, which has the world's largest capacity according to the Statistical Review of World Energy, is expected to cap imports by the world's top crude buyer, and may tighten domestic fuel supply and support prices. Consultancy Rystad Energy lowered its forecast for China's refining throughput to 14.7 million barrels per day (bpd) for the fourth quarter from 15 million bpd previously, after some refiners cut runs amid weak demand, said Ye Lin, its Beijing-based analyst, without naming the refiners. Vortexa analyst Emma Li expects China's refining output to fall at least 5% year-on-year in the fourth quarter and remain flat year-on-year at 14.7 million bpd in the first three months of 2025. The country's refining output declined year-on-year for a sixth consecutive month in September as refiners struggled with lower domestic fuel sales and government export quotas. Month-on-month, throughput fell in April and has held roughly steady since then. Demand for transport fuels, which account for about half of the country's oil consumption, has dropped with China's broad economic slowdown, rapid growth of electric vehicles and use of cheaper liquefied natural gas replacing diesel as a truck fuel. Lower throughput is set to slow crude imports with inventories high, Ye said, forecasting imports at 10.66 million bpd in the fourth quarter and 10.64 million bpd in the first quarter of 2025. That's down from an average of 10.9 million bpd for the third quarter and 11 million bpd in the first nine months, China's customs data showed. Citing weak refining margins, Asia's largest refiner Sinopec (600028.SS) , opens new tab last week reported a 52% yearly decline in third quarter net profit, while PetroChina recorded a slight drop in oil processing for the first nine months. PetroChina shut a 90,000-bpd crude distillation unit (CDU) at its Dalian refinery in October, part of its plan to close the entire plant around mid-2025 and replace it with a smaller facility at another site, Reuters reported. Operating rates at independent refiners, known as teapots, in Shandong province slid to 56% at the end of October, a survey of 40 teapots by local information provider JLC showed. For the first three quarters, operating rates for Shandong teapots averaged 57%, down 9 percentage points from the same period a year earlier, JLC said, as profits for processing imported crude plunged 82% to 98 yuan ($13.76) per metric ton. Teapots are expected to maintain low operating rates due to poor margins and government caps on their crude imports, JLC said in the survey. Refiners are also under pressure from weak petrochemical margins caused by oversupply. ($1 = 7.1242 yuan) Sign up here. https://www.reuters.com/business/energy/chinas-refining-output-set-fall-this-quarter-thin-margins-weak-demand-2024-11-04/
