2026-02-07 04:31

SYDNEY, Feb 7 (Reuters) - Ports in Western Australia, including the world's biggest iron-ore export hub, were closed on Saturday as a tropical cyclone developed off the coast from the vast Pilbara iron ore region, the ports' operator said. Tropical cyclone Mitchell, a category 2 storm, sparked the closure of Port Hedland, as well as the ports of Ashburton, Cape Preston West, Dampier and Varanus Island, Pilbara Ports said in an online alert. Sign up here. The cyclone "will most likely begin to make a gradual turn to the southwest and then south from tonight, and in doing so move closer to the coast," the operator said, referring to the Pilbara, a remote resource-rich area twice the size of the United Kingdom. Mitchell, intensifying on Saturday, was forecast to become a category 3 cyclone overnight that could bring very destructive wind gusts of up to 170 kph (105 mph) to the Pilbara, Australia's weather bureau said on its website. Port Hedland, about 1,300 km (800 miles) north of Western Australia's state capital, Perth, is the world's biggest export point for iron ore and is used by miners including BHP Group, Fortescue and billionaire Gina Rinehart's Hancock Prospecting. On Friday, Pilbara Ports said its ports were being cleared due to emerging cyclone risk. https://www.reuters.com/business/environment/ports-australias-pilbara-iron-ore-region-closed-due-cyclone-2026-02-07/

2026-02-07 04:21

HAVANA, Feb 6 (Reuters) - Cuba detailed a wide-ranging plan on Friday to protect essential services and ration fuel as the communist-run government dug in its heels in defiance of a U.S. effort to cut off oil supply to the Caribbean island. The rationing measures are the first to be announced since President Donald Trump threatened to slap tariffs on the U.S.-bound products of any country exporting fuel to Cuba and suggested hard times ahead for Cubans already suffering severe shortages of food, fuel and medicine. Sign up here. Government ministers said the measures would guarantee fuel supply for key sectors, including agricultural production, education, water supply, healthcare and defense. Commerce Minister Oscar Perez-Oliva struck a defiant tone as he laid out details of the government plan. "This is an opportunity and a challenge that we have no doubt we will overcome," Perez-Oliva told a television news program. "We are not going to collapse." The government will supply fuel to the tourism and export sectors, including for the production of Cuba's world-famous cigars, to ensure the foreign exchange necessary to fund other basic programs, Perez-Oliva said, adding, "If we don't have income, then we will not overcome this situation." Domestic and international air travel will not be immediately affected by the fuel rationing, although drivers will see cutbacks at the pump until supply normalizes, he said. The government said it would protect ports and ensure fuel for domestic transportation in a bid to protect the island nation's import and export sectors. Perez-Oliva also announced an ambitious plan to plant 200,000 hectares (500,000 acres) of rice to guarantee "an important part of our demand," but acknowledged fuel shortfalls would push the country to depend more on renewable energy for irrigation needs and animal-power for tilling fields. Education Minister Naima Ariatne, appearing on the same program , said infant-care centers and primary schools would remain open and in person, but secondary schools and higher education would implement a hybrid system that would require more "flexibility" and vary by institution and region. "As a priority, we want to leave (open) our primary schools," Ariatne said. Top officials said health care would also be prioritized, with special emphasis on emergency services, maternity wards and cancer programs. https://www.reuters.com/business/energy/cuba-protect-essential-services-us-moves-cut-off-oil-supply-2026-02-07/

2026-02-07 02:47

Feb 7 (Reuters) - China's central bank extended its gold buying spree for a 15th month in January, data from the People's Bank of China (PBOC) showed on Saturday. The country's gold holdings rose to 74.19 million fine troy ounces by the end of January, up from 74.15 million the previous month. Sign up here. The value of China's gold reserves increased to $369.58 billion at the end of last month from $319.45 billion a month earlier, according to the PBOC. Gold, long seen as a safe-haven asset to hedge against political and economic risks, saw a wild run in a speculative buying spree in January that took it to a record near $5,600 per ounce. But the bull run in spot gold quickly fell apart after the nomination of Kevin Warsh as the next chair of the U.S. Federal Reserve at the end of January, plunging as low as $4,403.24 per ounce on Monday. Gold is now being traded at around $4,960 an ounce. China's gold consumption dropped for a second consecutive year in 2025, however, dipping 3.75% to 950 metric tons, the state-backed China Gold Association has said. But purchases of gold bars and coins, representing safe-haven demand, have jumped for a second year, to stand up 35.14% in 2025, and account for more than half of total gold consumption. The PBOC halted an 18-month-long gold buying streak in May 2024, but resumed purchases six months later. https://www.reuters.com/world/china/chinas-central-bank-buys-gold-15th-consecutive-month-2026-02-07/

2026-02-07 01:14

NEW DELHI, February 7 - The United States and India moved closer to a trade pact on Friday, releasing an interim framework that would lower tariffs, reshape energy ties and deepen economic cooperation as both countries seek to realign global supply chains. Here are key points of the joint statement: Sign up here. WHAT WAS ANNOUNCED * United States and India agree on a framework for an interim reciprocal trade agreement * Framework linked to broader U.S.-India Bilateral Trade Agreement (BTA) talks launched on Feb. 13, 2025 * Deal aims at reciprocal, balanced trade and supply chain resilience INDIA'S TARIFF ACTIONS * To eliminate or reduce tariffs on all U.S. industrial goods * To cut duties on a wide range of U.S. farm and food products, including DDGs (dried distillers’ grain) and red sorghum for feed, tree nuts and fruits, soybean oil, wine and spirits * To provide preferential market access in agreed sectors U.S. TARIFF ACTIONS * To apply an 18% reciprocal tariff rate on Indian-origin goods under existing executive orders * Tariffs initially cover sectors including textiles and apparel, leather and footwear, plastics and rubber, organic chemicals, home decor and artisanal goods, certain machinery * To remove reciprocal tariffs on a wide range of Indian goods after successful conclusion of the interim deal, including generic pharmaceuticals, gems and diamonds, aircraft parts STEEL, ALUMINIUM, AUTO PARTS * U.S. to remove certain Section 232 tariffs on Indian aircraft and aircraft parts tied to steel, aluminium and copper measures * India to receive a preferential tariff-rate quota for auto parts under U.S. national security tariff rules * Pharmaceutical tariff outcomes subject to ongoing U.S. Section 232 probe NON-TARIFF BARRIERS * India to address long-standing barriers affecting U.S. medical devices, ICT (Information and Communication Technology) goods import licensing, U.S. food and agricultural products * India to review acceptance of U.S. or international standards and testing rules within six months in identified sectors * Both sides to discuss standards and conformity assessment procedures RULES AND SAFEGUARDS * Both sides to set rules of origin to ensure benefits accrue mainly to U.S. and Indian producers * Either side can modify commitments if the other changes agreed tariffs DIGITAL TRADE * Both countries commit to address discriminatory or burdensome digital trade practices * To work toward digital trade rules under the full BTA SUPPLY CHAINS AND SECURITY * Both sides to align on economic security and supply chain resilience * Cooperation planned on investment reviews, export controls, non-market policies of third countries INDIA PURCHASE COMMITMENTS * India intends to purchase $500 billion worth of U.S. goods over five years, including energy products, aircraft and parts, precious metals, technology products, coking coal * Both sides to expand technology trade, including Graphics Processing Units (GPUs) and data centre equipment NEXT STEPS * Framework to be implemented promptly * Countries to finalise interim agreement while continuing negotiations toward a full bilateral trade agreement. https://www.reuters.com/world/india/highlights-us-india-interim-trade-framework-2026-02-07/

2026-02-06 23:52

RIO DE JANEIRO, Feb 6 (Reuters) - Brazilian energy firm Eneva (ENEV3.SA) , opens new tab is considering options to enter Venezuela's oil and natural gas sector and is in talks with Sweden's Maha Capital (MAHAa.ST) , opens new tab over creating a possible joint venture there, two sources with direct knowledge of the matter told Reuters on Friday. One of the sources, who asked not to be named, said the Brazilian oil, gas and power producer was in talks with other companies besides Maha. Sign up here. Both sources said the talks remain preliminary. Eneva and Maha declined to comment. U.S. President Donald Trump encouraged investments following the capture of Venezuelan President Nicolas Maduro in Caracas in early January. Last week, Venezuela approved a sweeping reform of its main oil law, a measure expected to increase foreign investment after 20 years of strict nationalization. Interim President Delcy Rodriguez said investments would be channeled into new fields where there is currently no infrastructure. Maha Capital, whose main shareholder is Brazilian asset manager Starboard, has a purchase option that would allow it to hold a stake in Venezuelan oil fields operated by the country's state oil firm PDVSA. However, Maha is awaiting an approval from the U.S. to move forward in Venezuela. https://www.reuters.com/business/energy/brazils-eneva-talks-joint-venture-with-maha-venezuela-sources-say-2026-02-06/

2026-02-06 22:53

Feb 6 (Reuters) - Crypto-focused Erebor Bank became the first bank to receive a national bank charter during the second term of the Trump administration, the Wall Street Journal reported on Friday. The approval allows the Palmer Luckey-backed entity to operate as a bank nationwide, and occurred less than eight months after it applied for a charter with the Office of the Comptroller of the Currency. Sign up here. The OCC did not immediately respond to a Reuters request for comment. Launched by Anduril co-founder Luckey, Erebor received conditional approval from U.S. banking regulators in October. Palantir (PLTR.O) , opens new tab co-founder Joe Lonsdale is an investor in the bank, while Peter Thiel has also been widely reported to back the initiative. Erebor plans to serve technology businesses in artificial intelligence, crypto, defense and manufacturing, as well as individuals who work at or invest in them, according to its charter application. It is also aiming to fill the void left by Silicon Valley Bank's collapse in 2023, which was a key banking channel for early-stage technology firms and venture capitalists deemed too risky by traditional banks. Many startups struggled to access capital and meet immediate obligations, such as payrolls after the bank collapsed. Like Anduril and Palantir, Erebor takes its name from J.R.R. Tolkien's "The Lord of the Rings" series. In the books, Erebor is the "Lonely Mountain", a fortress whose treasures are reclaimed from the dragon Smaug. https://www.reuters.com/business/finance/palmer-luckey-backed-erebor-receives-us-national-banking-charter-wsj-reports-2026-02-06/