2025-10-23 11:29

TOKYO, Oct 23 (Reuters) - The peak of Japan's Mount Fuji was capped with snow for the first time this winter on Thursday, reaching the milestone 21 days later than the average since records began in 1894, the meteorological agency said. This year's snowfall came two weeks earlier than 2024, when snow settled on the 3,776-metre (12,388-ft) mountain only on November 7, the latest since records began. Sign up here. The sacred mountain is among Japan's most enduring symbols - its snow-capped summit has inspired some of Japan's greatest works of art, such as Katsushika Hokusai's "Great Wave Off Kanagawa," which now features on the back of the 1,000-yen note. While the first snowfall on Fuji has arrived later in recent years, the cause was uncertain, Mamoru Matsumoto of the Kofu observatory office of the meteorological agency told Reuters last year. Japan recorded its highest-ever temperature in August when it reached 41.8 degrees Celsius (107.2 Fahrenheit) in the city of Isesaki to the northwest of Tokyo. Fuji's "first" snowfall is defined as the first point after summer at which all or part of the mountain is visibly covered in snow or "white-looking solid precipitation" when observed from below, according to the Kofu observatory office of the meteorological agency. https://www.reuters.com/sustainability/climate-energy/japans-mount-fuji-sees-snow-first-time-this-winter-21-days-later-than-usual-2025-10-23/

2025-10-23 11:22

Total ordered to pay 8,000 euros to each of three suing NGOs Must remove carbon neutrality claims from website or face fines First application of French greenwashing law to an energy firm EU-level greenwashing law stalled in negotiations PARIS, Oct 23 (Reuters) - Oil major TotalEnergies (TTEF.PA) , opens new tab misled consumers when it launched a 2021 ad campaign depicting mostly wind and solar farms and claiming it could become carbon neutral by 2050, a French civil court found on Thursday, in the first decision applying France's greenwashing law to an energy company. The court ordered the company to pay 8,000 euros ($9,330) in reparations to each of the three NGOs that brought the case, and pay a total of 15,000 euros to cover their legal fees. Sign up here. Total must also remove from its website all statements regarding carbon neutrality and the energy transition that were deemed misleading, and post a link to the legal decision, in a month or face penalties of up to 20,000 euros per day. EU SEEKS TO CRACK DOWN ON 'GREENWASHING' "TotalEnergies ... committed misleading commercial practices in diffusing on its website messages based on allegations it aimed to achieve carbon neutrality by 2050 and be a major actor of the energy transition, which are likely to mislead consumers about the scope of the group's environmental commitments," the decision reads. TotalEnergies did not immediately respond to a request for comment. "This historic decision is the first time in the world that a major oil and gas firm was found liable for having misled the public by greening its image regarding its contribution to the fight against climate change," Friends of the Earth France said in a statement. Amid a surge in climate claims by companies in recent years, the European Union and other jurisdictions have moved to clamp down on false or exaggerated statements, notably by financial firms offering sustainable funds, though EU talks have stalled on penalties for companies using claims to sell products. Major oil and gas companies have been criticised for claiming their businesses are climate friendly, because they continue to produce fuels that release planet-warming gases even as they invest in cleaner energy technologies. In 2021, Total changed its name to TotalEnergies, pledging to gradually reduce its greenhouse gas emissions and invest in wind, solar and battery technologies, while expanding its more lucrative business of oil and gas exploration and production. That prompted civil society groups Greenpeace France, Friends of the Earth France and Notre Affaire A Tous to sue Total in 2022, arguing that it was deceiving consumers with advertisements implying the company was pivoting to produce only or mostly green energy. While TotalEnergies has invested the most of any global oil major in renewables, with a current portfolio of 26 gigawatts of gross installed renewables capacity, more than 97% of its income last year came from activities that are not environmentally sustainable, according to EU green investment disclosures. A separate criminal investigation on the advertisements by the Nanterre prosecutor's office, which could also involve financial penalties, is ongoing. ($1 = 0.8575 euros) https://www.reuters.com/sustainability/boards-policy-regulation/french-court-rules-totalenergies-misled-consumers-with-carbon-neutrality-claims-2025-10-23/

2025-10-23 11:21

DOHA, Oct 23 (Reuters) - Gas-producing countries must make clear that they oppose trade barriers and "discriminatory measures" that disadvantage energy products, Qatar's Energy Minister Saad al-Kaabi said on Thursday. "We must be clear in our opposition to trade barriers and discriminatory measures that disadvantage energy products, especially natural gas,” Al-Kaabi said at a ministerial meeting of the Gas Exporting Countries Forum in Doha. Sign up here. He did not clarify what he was referencing. However, Qatar and the United States have heaped pressure on the European Union to scale back a law on sustainability rules, which could fine violators 5% of global revenue. Al-Kaabi told Reuters last week that Qatar will not be able to do business in the EU, including supplying liquefied natural gas, if further changes are not made to the bloc's corporate sustainability rules. On Thursday, al-Kaabi also said that the outlook for natural gas and particularly LNG is positive, "despite geopolitical tensions and faltering climate policies". The positive outlook is driven by economic growth in Asia and booming power demand from data centers and artificial intelligence, he said. https://www.reuters.com/business/energy/qatar-energy-minister-says-gas-producing-countries-must-make-clear-they-oppose-2025-10-23/

2025-10-23 11:04

LONDON, Oct 23 (Reuters) - Unilever CFO Srinivas Phatak said on Thursday the demerger of the group's ice cream business could happen in early December if The Magnum Ice Cream Company listing gains automatic SEC approval following the publication of its prospectus next month. Unilever is delaying the ice cream spin-off due to the U.S. government shutdown and Phatak said that in the unlikely event that lasts for another month, a new SEC rule allowing companies statements' to become effective automatically could be triggered. Sign up here. "There is a window available in the unlikely event that over the next one month, the SEC doesn't return because of the U.S. government shutdown," Phatak said. "Then the alternate route of an automatic approval could kick in. It is not the default option." https://www.reuters.com/business/unilever-cfo-says-sec-automatic-approval-could-see-ice-cream-demerger-december-2025-10-23/

2025-10-23 10:44

Oct 23 (Reuters) - What matters in U.S. and global markets today By Mike Dolan , opens new tab, Editor-At-Large, Finance and Markets Sign up here. Oil prices jumped 4% on a wave of new retaliatory sanctions on Russian crude over Moscow's repeated bombardment of Ukraine, adding to fresh trade and inflation anxiety on Wall Street just as megacap Tesla tumbled overnight on a big profits miss. U.S. President Donald Trump hit Russia's two biggest oil companies, Rosneft and Lukoil, with the sanctions in a turnaround that also saw him cancel a meeting with Russian counterpart Vladimir Putin. Although still down 15% year-on-year, U.S. crude jumped above $60 per barrel to two week highs. Former Russian President Dmitry Medvedev said the latest Trump moves over Ukraine were "an act of war against Russia." Britain sanctioned Rosneft and Lukoil last week. Separately, EU countries approved a 19th package of sanctions against Russia for the war that includes a ban on imports of Russian LNG. And the move came as industry sources told Reuters Indian refiners were poised to sharply curtail imports of Russian oil to ensure they were in compliance with U.S. sanctions. New Delhi is under pressure from stiff U.S. trade tariffs over the issue. The energy jolt comes as Wall Street awaits the September U.S. inflation report tomorrow and pushed up Treasury yields despite a decent 20-year bond auction on Wednesday. The dollar firmed too, with the yen hitting its weakest since October 10. Gold regained some of its poise after steep losses earlier in the week. Hit by a 10% earnings-day drop in Netflix and a 6% drop in chipmaker Texas Instruments, the S&P500 lost 0.5% on Wednesday as U.S.-China trade tensions heated up once again. Tesla's 4% stock drop overnight adds to the jitters after the electric car giant's fourth consecutive profit miss and Wall Street index futures failed to rebound ahead of Thursday's bell. Intel tops Thursday's heavy earnings diary. The China trade worries jangled more broadly. According to a Reuters report, the Trump administration is considering a plan to curb an array of software-powered exports to China to retaliate against Beijing's latest round of rare earth export restrictions. Trump said the long-awaited meeting with Chinese leader Xi Jinping may now not happen as the November 1 deadline for more severe U.S. tariffs looms. The Philadelphia Semiconductor index tumbled 2.4%. Trump's cabinet secretaries view China's move on rare earths as "full-blown economic war", a person familiar with administration thinking told Reuters. "The prospect for escalation is severe." China's ruling Communist Party Central Committee, meanwhile, released a communique on its latest five-year plan, emphasizing a strong domestic market and an expansion of domestic demand. Elsewhere, markets were more mixed as global political and trade issues jostled with waves of corporate earnings. China's stocks advanced, but Japan's Nikkei fell back more than 1%. In today's column, I take a look at how Europe navigates the trade crosswinds from both Washington and Beijing. Today's Market Minute * The United States hit Russia's major oil companies with sanctions on Wednesday and accused the Russians of a lack of commitment toward ending the war in Ukraine, as Moscow conducted a major training exercise involving nuclear arms. * Just a month after U.S. President Donald Trump hailed "progress" in talks with China, the world's two most powerful nations are scrambling to salvage a planned summit of their leaders, now just a week away, while trading blame for a spike in tension. * The Trump administration is considering a plan to curb a dizzying array of software-powered exports to China, from laptops to jet engines, to retaliate against Beijing's latest round of rare earth export restrictions, according to a U.S. official and three people briefed by U.S. authorities. * Critical minerals, and especially rare earths, as well as the ongoing need to decarbonise and a bigger role for governments are the three top areas of concern for the global mining industry. Read the latest from ROI Asia Commodities Columnist Clyde Russell. Chart of the day Trump hit Russia's two biggest oil companies with sanctions in his latest sharp policy shift on Moscow's war in Ukraine, prompting global oil prices to rise by 3% on Thursday and India to consider cutting Russian imports. Oil and gas revenue, which is currently down by 21% year-on-year, accounts for around a quarter of Russia's budget and is the most important source of cash for Moscow's war in Ukraine, now in its fourth year. Today's events to watch (All times EDT) * U.S. September existing home sales (1000), Kansas City Federal Reserve October business survey (1100); euro zone October consumer confidence (1000); Canada August retail sales (0830) * Federal Reserve Vice Chair for Supervision Michelle Bowman and Board Governor Michael Barr speak; European Central Bank chief economist Philip Lane speaks; Bank of England policymaker Swati Dhingra speaks * European Union summit in Brussels, with ECB President Christine Lagarde attending * U.S. corporate earnings: Intel, Blackstone, Ford, Dow, PG&E, Honeywell, Newmont, Norfolk Southern, Union Pacific, VeriSign, Mohawk, Valero, Dover, Allegion, Hasbro, Southwest Airlines, Textron, Pool, CBRE, Roper etc * U.S. Treasury sells 5-year inflation-protected notes Want to receive the Morning Bid in your inbox every weekday morning? Sign up for the newsletter here. You can find ROI on the Reuters website , opens new tab, and you can follow us on LinkedIn , opens new tab and X. , opens new tab Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles , opens new tab, is committed to integrity, independence, and freedom from bias. https://www.reuters.com/business/finance/global-markets-view-usa-2025-10-23/

2025-10-23 10:35

PARIS, Oct 23 (Reuters) - British finance app Revolut has been granted a licence by Cyprus that will enable it to continue to target crypto-related services to grow its business, the company said on Wednesday, revealing that one fifth of its customers trade cryptocurrency. Crypto has been one of the driving forces in the rapid growth of Revolut, which last month started a secondary share sale at a $75 billion valuation. Sign up here. At least 14 million of Revolut's more than 65 million customers - 22% - are crypto users, which the company defined as users who have passed know-your-customer checks and been fully onboarded for crypto services. Revolut said it had been granted a crypto licence by Cyprus's financial regulator which allows it to offer crypto services throughout the European Union. The company had introduced crypto trading on its app in 2017, and a standalone crypto trading platform, Revolut X, in 2024. But under the EU's new crypto regulations, companies will need a licence to continue operating in the bloc. Last year, revenue in the company's "Wealth" segment almost tripled, "driven by increased crypto trading activity as observed throughout the industry and the launch of the Revolut X crypto exchange," according to its annual report. Cryptocurrency prices have surged in the past year, helped by U.S. President Donald Trump's support for the nascent industry, but regulators have long warned about a lack of protection for investors. https://www.reuters.com/sustainability/boards-policy-regulation/revolut-gets-cyprus-crypto-licence-it-targets-more-users-2025-10-23/