2025-10-23 08:00
ZURICH, Oct 23 (Reuters) - The Swiss National Bank saw no need to lower interest rates at its last monetary policy decision, according to minutes published on Thursday, although it raised concerns about the risk of U.S. tariffs extending to the pharmaceutical industry. The SNB kept its interest rate at 0% last month despite a weaker economic outlook, it said in the minutes, the first time it had published details of its monetary policy discussions. Sign up here. The expansionary policy was supporting the economy, with the full impact of previous rate cuts yet to be felt, the SNB said, adding it saw inflation remaining within its 0-2% target range. "The inflation forecast and the economic outlook support the case for not changing monetary policy," the minutes of its September 25 rate decision said. Analysts said the minutes indicated the SNB was not considering reintroducing negative borrowing costs. "In the absence of major shocks, it is highly likely that the current status quo of a 0% policy rate remains the most likely scenario," said Gero Jung, head of investment strategy at Walliser Kantonalbank. UBS economist Maxime Botteron said in the SNB's assessment, monetary policy is currently sufficiently expansionary to slightly lift inflation over the coming quarters. The SNB's decision to publish minutes was a move by the conservative central bank to catch up with peers who have been more transparent on how they set monetary policy. The SNB flagged the risks of U.S. tariffs, particularly if they extended to pharmaceuticals, which have so far been exempt. The U.S. imposed 39% tariffs on Swiss goods in August. "At present, there are hardly any signs of the negative effects of the tariffs spreading from the export-oriented industries affected to other parts of the economy," the SNB said. https://www.reuters.com/business/finance/swiss-national-bank-minutes-say-bank-saw-no-need-cut-rates-further-2025-10-23/
2025-10-23 07:14
BUCHAREST, Oct 23 (Reuters) - The European Commission has agreed to delay the shut-down of five coal-fired power units in Romania until the end of 2026 and 2029, reducing the risks of blackouts and higher electricity prices this winter, Romanian Energy Minister Bogdan Ivan said. The European Union state uses a mix of gas, coal, hydro, nuclear and renewable energy for electricity generation. Sign up here. The government in Bucharest had committed to phasing out lignite and hard coal from 2026 under its European Union-funded recovery funds package. The five plants produce 2.6 GW of coal-fired power. Under the country's resilience EU funds package, Romania had committed to shut down 1.78 GW of the total this December. "Coal-fired power plants will remain active," Ivan told reporters, "three units until end-2029, two units until end-August 2026." The postponement will give Romania time to replace the coal units with gas-powered and renewable generation, Ivan said. State-owned lignite power holding company CE Oltenia has partnered with three private companies - OMV Petrom (ROSNP.BX) , opens new tab, Tinmar and Alro Slatina (ALR.BX) , opens new tab - to build solar parks and gas-fired power plants to replace coal assets, but the projects will be completed later than initially envisioned. In central Romania, private developer MAS Group Holding is building a 1.7 GW steam and gas power plant that will replace outdated hard coal-fired generation. Had Brussels not accepted the postponement, Romania would have needed to return 1.8 billion euros ($2.1 billion), Ivan said. ($1 = 0.8575 euros) https://www.reuters.com/business/energy/romania-eu-agree-extend-coal-fired-plants-operation-minister-says-2025-10-23/
2025-10-23 07:09
LONDON, Oct 23 (Reuters) - Chilean miner Antofagasta (ANTO.L) , opens new tab reported on Thursday a modest 1% rise in third-quarter copper production, and said it expects annual output at the lower end of its forecast range of 660,000-700,000 metric tons. Antofagasta produced 161,800 tons of copper in the third quarter, bringing year-to-date production to 476,600 tons, a 2.8% increase compared with the same period in 2024. Sign up here. The company operates four copper mines in Chile and is expanding output to meet growing demand from the power, construction, and green energy transition sectors. It lowered its capital expenditure guidance for the year to $3.6 billion, from $3.9 billion previously, due to depreciation of the Chilean peso. "The capex guidance for 2025 is revised... which we see as being deferred for spending in 2026," Citi analysts said. Antofagasta now expects 2026 copper production to be between 650,000 and 700,000 tons, with higher output from Los Pelambres. "A low guidance (for 2026) at one of the best run mining operations is likely to be another example of supply constrained for (the) global copper market," Citi said. Copper prices hit $11,000 per ton on October 9, within touching distance of their all-time high of $11,104.50 set in May 2024. https://www.reuters.com/world/americas/antofagasta-sees-annual-copper-output-lower-end-guidance-2025-10-23/
2025-10-23 07:03
LUANDA, Oct 22 (Reuters) - Angola's first major copper mine, Tetelo, will start production on October 29, officials said on Wednesday, part of the oil-rich African country's efforts to diversify into clean energy minerals. The $250 million mine is owned by Shining Star Icarus, a partnership between China's Shining Star International Group and Angola's Sociedade Mineira de Cobre de Angola and is expected to produce 25,000 metric tons of copper concentrate annually in the first two years of operation. Sign up here. "I am honoured to announce the inauguration of the Tetelo mine, which will take place in a few days," Mines Minister Diamantino Azevedo told a conference in the capital Luanda. "This event will mark the start of production at the first underground mine for this very important metal," he said. Alongside battery metals, such as lithium, cobalt or nickel, copper is also considered essential in the transition towards renewable energy. Shining Star Icarus deputy managing director Rui Lopes told Reuters the initial phase will be an open-pit operation, followed by underground mining from the second half of 2026. The mine has an offtake agreement with commodities trader Glencore, Lopes added. Ivanhoe Mines (IVN.TO) , opens new tab and Anglo American (AAL.L) , opens new tab also have copper exploration projects in Angola. https://www.reuters.com/world/africa/angolas-first-major-copper-mine-starts-production-2025-10-22/
2025-10-23 06:58
Oct 23 (Reuters) - UBS said on Thursday that fresh U.S. and EU sanctions targeting Russian energy firms could introduce short-term volatility to crude prices but are unlikely to spark a sustained rally due to oversupply in the global oil market. The bank forecasts Brent crude prices to remain in the $60-$70 per barrel range, adding that previous sanctions had little effect on Russian export volumes, as oil continued to move via alternative channels. Sign up here. "We recommend that investors monitor enforcement and potential supply responses from other producers," UBS said. https://www.reuters.com/business/energy/ubs-sees-short-term-volatility-oil-market-after-new-us-sanctions-oversupply-2025-10-23/
2025-10-23 06:54
BRUSSELS, Oct 23 (Reuters) - EU countries on Thursday formally adopted a 19th package of sanctions against Russia for its war against Ukraine that includes a ban on Russian liquefied natural gas imports. The 27 member states had already approved the package on Wednesday evening after Slovakia dropped its block. Sign up here. "It's a significant package that targets main Russian revenue streams through new energy, financial, and trade measures," the Danish rotating presidency of the EU said. The LNG ban will take effect in two stages: short-term contracts will end after six months and long-term contracts from January 1, 2027. The full ban comes a year earlier than the Commission's roadmap to end the bloc's reliance on Russian fossil fuels. Measures in the package also include a new mechanism to limit the movement of Russian diplomats within the EU, the statement said. "It targets Russian banks, crypto exchanges, entities in India and China, among others," EU foreign policy chief Kaja Kallas said in a post on X. "The EU is curbing Russian diplomats' movements to counter the attempts of destabilisation. It is increasingly harder for Putin to fund this war." Danish Foreign Minister Lars Løkke Rasmussen said the ban on LNG imports is an important step towards a complete phasing out of Russian energy in the EU. https://www.reuters.com/world/europe-adopts-19th-sanctions-package-against-russia-including-lng-import-ban-2025-10-23/
