2025-10-31 12:32
EU trying to pass new climate goal before COP30 summit Countries split over speed and cost of CO2 cuts Crunch meeting of ministers on November 4 to seek a deal BRUSSELS, Oct 31 (Reuters) - European Union countries remain split over their new climate change target and are still debating changes, just days before their ministers are due to approve the goal, according to diplomats and EU documents seen by Reuters on Friday. The EU is racing to approve a climate target, with the European Commission aiming to reduce planet-warming emissions 90% by 2040, even as some member states worry over the costs to struggling domestic industries. Sign up here. Failure to reach an agreement would leave Commission President Ursula von der Leyen without a target to present when she meets other world leaders at the U.N.'s COP30 climate summit, undermining the EU's claim to climate leadership. Asked whether EU governments would agree on a target ahead of the November 6 leaders' gathering at COP30, one EU diplomat told Reuters the bloc was "walking a knife's edge". Countries including China, Britain and Australia have already announced their new climate targets, but the EU missed a U.N. deadline to do so last month as it struggled to overcome internal disagreements. CENTRAL STICKING POINTS STILL UNRESOLVED EU ambassadors gathered in Brussels to lay the groundwork for an agreement on Friday failed to resolve central sticking points, diplomats told Reuters, leaving final negotiations to a meeting of ministers on November 4. "Ministers will have to work hard on Tuesday," the EU diplomat said. That EU diplomat and others, all of whom asked not to be named due to the sensitivity of talks, said it was still unclear if an agreement could be struck. Support from at least 15 of the 27 EU members is needed to pass the goal. Countries like Italy and Poland have warned the proposed 90% target is too restrictive, while others, including Spain and Sweden, want ambitious emissions cuts. DISAGREEMENT OVER FOREIGN CARBON CREDITS A central point of contention is the use by EU countries of foreign carbon credits from developing nations to meet their targets. France has said credits could potentially cover 5% of the 90% emissions cuts, while Poland also wants a bigger share. Germany has publicly backed 3%, while others including Denmark originally did not want to use foreign carbon credits at all. The latest draft proposal, seen by Reuters, showed countries have not yet agreed on the percentage of emissions they can offset with foreign carbon credits - which the Commission, in its original proposal, said should be 3% - or the year they can start employing them. Ahead of Friday's meeting, France also proposed a so-called "emergency brake" that could allow countries to reduce the 90% emissions target by 3% in future, if their forests absorb less CO2 emissions than expected. The proposal aims to win over sceptical governments by addressing concerns their industries could be forced to cut emissions faster to meet the 2040 goal if forests under-deliver. A French government spokesperson did not immediately respond to a request for comment. https://www.reuters.com/sustainability/cop/eu-countries-split-over-2040-climate-goal-cop30-looms-2025-10-31/
2025-10-31 12:29
MUMBAI, Oct 31 (Reuters) - India's central bank increased its short dollar forward positions by $6 billion in September, marking the first rise in six months, data released on Friday showed, as it intensified efforts to curb pressure on the rupee. The Reserve Bank of India's net short position in FX forwards and futures stood at $59.4 billion as of September-end signaling continued sales of dollars in the forward market. The data is released with a one-month lag. Sign up here. The FX forward book reflects positions in both non-deliverable forwards (NDF) and the onshore forward markets, which had peaked in February. Analysts had anticipated the September rise. "The increase of the forward book reflects RBI intervention to defend the INR and reduce the drain on banking system liquidity," said Gaura Sen Gupta, chief economist at IDFC First Bank. The rupee weakened for a fifth consecutive month in September, hitting a record low of 88.80 against the dollar. The decline was attributed to dollar outflows linked to gold imports by jewelry firms, foreign portfolio withdrawals, and concerns over steep U.S. tariffs on Indian goods. Despite the RBI's interventions, the rupee continued to face pressure through October as importer and NDF-related dollar demand and the Federal Reserve's hawkish stance weighed. While the central bank actively defended the 88.80 level early in the month, efforts to push it towards 87.60 proved short-lived. By Friday, the rupee had declined to 88.7650, within touching distance of its record low. Economists expect the RBI's short forward book to expand further in October, reflecting its intensified interventions. "The forward book would have expanded further with the RBI's defence of the INR becoming more pronounced (in October)," Sen Gupta said. https://www.reuters.com/world/india/indian-central-banks-forward-book-expands-after-six-months-it-mounts-rupee-2025-10-31/
2025-10-31 12:28
Newmont CEO warns of capital flight from unstable fiscal regimes Ghana audits mining firms, plans legal reforms amid commodity boom Ahafo North mine to produce up to 325,000 ounces annually, employ 1,000 workers ACCRA, Oct 31 (Reuters) - Fiscal stability and fair tax and royalty systems are vital if countries want to attract mining investment, Newmont CEO Tom Palmer told Reuters as the company opened its $900 million Ahafo North mine in Ghana. In Africa, Newmont now only operates in Ghana, one of the continent’s most stable mining jurisdictions, offering stability agreements for firms to lock in royalties for five to 15 years, although the government plans tighter oversight of mining companies. Sign up here. Newmont’s investment decisions hinge on “very stable fiscal regimes” and “robust, fair tax and royalty systems,” Palmer said in an interview with Reuters on Thursday following the inauguration of the Ahafo North mine, its second mine in Ghana after selling the Akyem mine to China's Zijin last year. “It is important that we see a regime that is fair and transparent... If not, capital will go elsewhere,” he said. Reuters reported this week that Ghana, Africa’s top gold producer, has ordered sweeping audits of mining firms, including U.S.-based Newmont (NEM.N) , opens new tab, AngloGold Ashanti (AU.N) , opens new tab, Gold Fields (GFIJ.J) , opens new tab and China’s Zijin (601899.SS) , opens new tab. Ghana is also preparing major legal reforms, as West African states push for greater control over natural resources amid a global commodity boom. Palmer said the investment climate was still attractive. "Ghana is a key place," he said. "We're in Australia, Canada, the United States, Peru, Argentina, Mexico, Suriname, all of those locations are very deliberately chosen and all of those locations we choose to go there for the very long term because we can be confident that we can build and maintain lasting relationships.” Newmont now operates two mines in Ghana - Ahafo South and Ahafo North - which Palmer described as “cornerstones” of the company’s global portfolio. “We’ve been here 30 years. I expect Newmont will be here at least another 30.” Ghana’s Vice President Jane Naana Opoku-Agyemang said the Ahafo North mine marks a new phase of inclusive growth for Ghana's economy. “This partnership must go beyond profit. It must deliver lasting value to the people of Ghana, especially those in the host communities,” she said. Ghana's regulatory environment is more stable than other parts of Africa where military-led governments in Burkina Faso, Mali, Niger and Guinea, also rich with gold, uranium, bauxite, lithium and iron ore resources, are tightening fiscal regimes to boost state revenues. Spot gold prices hit a record above $4,380 a troy ounce on October 20, boosting miners’ revenue. The Ahafo North mine, located 30 km (19 miles) from Newmont’s Ahafo South operation, is expected to produce 50,000 ounces of gold this year, ramping up to 275,000–325,000 ounces annually over its 13-year life. The mine will employ about 1,000 permanent workers, Palmer said. Newmont produced around 800,000 ounces of gold in Ghana in 2024. https://www.reuters.com/world/africa/newmont-ceo-says-ghanas-fiscal-stability-key-900-million-gold-mine-opens-2025-10-31/
2025-10-31 12:21
Oct 31 (Reuters) - Canadian oil producer Imperial Oil (IMO.TO) , opens new tab posted a sharp fall in third-quarter profit on Friday, hurt by non-cash impairment and restructuring charges and lower crude prices. In September, Imperial said it would cut its workforce by about 20% by the end of 2027, part of a major restructuring that would eventually shutter most of its presence in the oil-and-gas city of Calgary. Sign up here. The planned layoffs come as global crude prices have slumped this year due to increased output from the OPEC+ group of oil producers and trade policy uncertainty. Benchmark West Texas Intermediate fell nearly 14% in the July–September quarter from last year. The quarter included a C$306 million after-tax non-cash impairment of Imperial's Calgary campus and a C$249 million after-tax restructuring charge. The Calgary, Alberta-based company said its net income fell to C$539 million ($385 million), or C$1.07 per share, in the quarter ended September 30, from C$1.24 billion, or C$2.33 per share, a year earlier. ($1 = 1.4024 Canadian dollars) https://www.reuters.com/business/canadas-imperial-oil-posts-profit-slump-impairment-charge-2025-10-31/
2025-10-31 12:07
ROME, Oct 31 (Reuters) - The European Union's top trade official said on Friday he had intervened directly to help Italy resolve a row with the United States over extra tariffs on pasta. Thirteen Italian pasta companies - including the biggest and well-known brand Barilla - face an extra 92% duty, on top of the regular 15% rate on most imports from the EU, starting from January 2026. Sign up here. The U.S. Department of Commerce announced the measure after accusing two producers - La Molisana and Garofalo - of selling pasta at unfairly low prices - a practice known as dumping - between July 2023 and June 2024. It said anti-dumping tariffs were warranted against the two and eleven other producers. "We believe that this decision, as it was reached, was not based on the full facts and figures, and we are doing our utmost to present this to them," EU Trade Commissioner Maros Sefcovic said during a visit to Rome. In a press conference with Italian Agriculture Minister Francesco Lollobrigida, Sefcovic called the overall 107% tariff duty on pasta "clearly something which is not acceptable." The EU commissioner said he had raised the issue in a phone call with the U.S. Secretary of Commerce Howard Lutnick earlier this week. With almost $800 million in exports, the U.S. is one of Italy's top three export markets for pasta, a staple of the country's culinary heritage and a substantial export commodity. In 2024, Italy's total pasta exports were worth over 4 billion euros ($4.7 billion) with almost 2.5 million metric tons sold abroad, according to data by national statistics agency ISTAT. https://www.reuters.com/markets/europe/eus-sefcovic-says-he-is-helping-italy-pasta-tariff-war-with-us-2025-10-31/
2025-10-31 11:51
LONDON, Oct 31 (Reuters) - The pound headed for its worst performance against the dollar since July on Friday, while also wallowing at 2-1/2-year lows against the euro, reflecting growing investor nervousness about the outlook for UK government finances. Sterling , which has fallen 2.3% in October, set for its biggest monthly decline since July and the second-largest this year, was down another 0.11% on the day at $1.3136, near its lowest since April. Sign up here. British finance minister Rachel Reeves, who is dealing with political pressure this week over a rental dispute, is presenting her budget in late November. Reeves already has very limited headroom, based on her own fiscal rules, with which to manoevre, when it comes to keeping Britain's finances on track. Expectations are mounting that she may be forced to break election pledges and hike some taxes after warnings official forecasts could show the economy is in a worse state than once thought. UK gilts, which still carry a higher yield than the bonds of any other major economy, have rallied strongly this month, buoyed by investors betting on the Bank of England cutting interest rates sooner than previously thought, as metrics like inflation hold steady. Money markets show traders think there is around a 45% chance the BOE lowers borrowing costs by a quarter point when it meets next week, compared with next to no chance just a couple of weeks ago. According to IG strategist Chris Beauchamp, pricing is still cautious. "This suggests significant upside for the pound if the BoE disappoints dovish expectations, but also room for a sharp move lower if policymakers signal more aggressive easing ahead," he said. "Next week's decision is genuinely uncertain, making it one of the more consequential BoE meetings in recent memory," he said. Economists at Goldman Sachs changed their forecast for the BOE this week and now see a cut, compared with none previously. Part of their rationale is Reeves' crucial budget, which they think "will deliver a large, contractionary impulse to the economy." https://www.reuters.com/world/uk/pound-heads-worst-monthly-performance-since-july-2025-10-31/
