2025-10-09 00:26

Israel and Hamas agree to Gaza ceasefire, return of hostages Stalled peace talks in Ukraine underpin prices India-US trade talks progress US imposes sanctions on China refinery, others for Iran oil purchases HOUSTON, Oct 9 (Reuters) - Oil prices settled lower on Thursday after Israel and the Palestinian militant group Hamas signed an agreement to cease fire in Gaza. Brent crude futures closed down $1.03, or 1.6%, at $65.22 a barrel. U.S. West Texas Intermediate crude was down $1.04, or 1.7%, at $61.51. Sign up here. Israel and the Palestinian militant group Hamas signed an agreement on Thursday to cease fire and free Israeli hostages in exchange for Palestinian prisoners, in the first phase of U.S. President Donald Trump's to end the war in Gaza. Under the ceasefire deal, fighting will cease, Israel will partially withdraw from Gaza, and Hamas will free all remaining hostages it captured in the attack that precipitated the war, in exchange for hundreds of prisoners held by Israel. "Crude futures are in a corrective phase as the Israel/Hamas conflict looks to be ending," said Dennis Kissler, senior vice president of trading at BOK Financial. 'WIDE-RANGING' IMPLICATIONS FOR OIL MARKETS "The peace agreement is a major breakthrough in recent Middle Eastern history – its implications for oil markets could be wide-ranging, from the possibility of a decrease in the Houthis' attacks in the Red Sea to an increase in the likelihood of a nuclear deal with Iran..." Rystad Energy's Chief Economist Claudio Galimberti said in a note. The Organization of the Petroleum Exporting Countries and allies in OPEC+ agreed on Sunday to a November output hike that was smaller than market expectations, easing oversupply concerns. Prices had gained around 1% on Wednesday to reach a one-week high after investors viewed stalled progress on a Ukraine peace deal as a sign that sanctions against Russia, the world's second-largest oil exporter, would continue for some time. Democratic and Republican bills to fund the U.S. government and end a shutdown have not secured the votes needed for passage in the Senate. A prolonged shutdown could dampen the economy and hurt oil demand. Indian Prime Minister Narendra Modi said he spoke to U.S. President Donald Trump on Thursday, adding they "reviewed good progress achieved in trade negotiations" and agreed to stay in close touch over the coming weeks. Trump has imposed a on most exports from India, among the highest for any U.S. trading partner. The tariffs were on Indian goods from 25% over New Delhi's continued imports of Russian oil. The U.S. also imposed sanctions on about 100 individuals, entities and vessels, including a Chinese independent refinery and terminal, that helped Iran's oil and petrochemicals trade, the administration of President Donald Trump said on Thursday. https://www.reuters.com/business/energy/oil-falls-gaza-plan-fading-middle-east-risk-premium-2025-10-09/

2025-10-09 00:00

Tata faces new test as disagreement among trustees mount Tata Trusts controls 66% of Tata Sons, giving it immense powers Ministers meet Tata leadership to resolve matters, sources say NEW DELHI/MUMBAI, Oct 8 (Reuters) - Two senior Indian ministers have, in an uncommon intervention, urged Tata Group's charity arm to resolve internal boardroom disputes to ensure stability at the sprawling $180-billion business empire it controls, sources told Reuters on Wednesday. The discord within Tata Trusts, a year after the death of family patriarch Ratan Tata, has raised fears of a repeat of a bitter 2016 public spat between the charity and Tata Sons that tarnished the reputation of India's most storied group. Sign up here. Tata Trusts owns a 66% stake in Tata Sons, giving it power over major strategic decisions. Tata Sons, in turn, oversees 30 firms ranging from consumer goods, autos and airlines, including the likes of Jaguar Land Rover, Tata Consultancy Services (TCS.NS) , opens new tab, Tata Motors (TAMO.NS) , opens new tab and Air India. The disagreement within Tata Trusts in recent weeks concerns which of its trustees should sit on the Tata Sons board, the general business direction taken by the group and how to manage the planned exit of minority shareholder Shapoorji Pallonji, two industry sources familiar with the matter said. INDIAN GOVERNMENT ASKS TATAS TO RESOLVE ISSUES The two Indian ministers met with Tata Sons Chair N. Chandrasekaran and Tata Trusts head Noel Tata in New Delhi on Tuesday to discuss the matter and seek a swift resolution of the disputes, one of the industry sources and a government official said. Finance Minister Nirmala Sitharaman was one of the ministers present at the rare direct government intervention, those sources said. Indian media reported the other senior government official as Minister of Home Affairs Amit Shah. "The government wants them to resolve the issues and restore stability," said the government official familiar with Tuesday's discussions. The sources declined to be named as the matter is confidential. Tata Trusts and Tata Sons have not commented publicly on the matter, which has been widely reported in Indian media. Neither responded to Reuters' requests for comment. India's finance ministry and home affairs ministry did not respond to requests for comment. In the 2016 spat, Tata Sons chair Cyrus Mistry was unceremoniously ousted following disagreements with Tata Trusts, triggering legal battles. Mistry died in 2022 but his family's firm, Shapoorji Pallonji, still owns an 18% stake in Tata Sons. One of the main current disagreements among Tata Trusts' trustees concerns how Shapoorji's long-delayed plan to part ways with the Tatas will be executed and affect the conglomerate, one of the industry sources said. Shapoorji Pallonji did not respond to a Reuters request for comment. https://www.reuters.com/sustainability/society-equity/indian-government-seeks-resolution-dispute-tata-charity-arm-sources-say-2025-10-08/

2025-10-08 23:46

FAA faces staffing issues amid government shutdown Controllers, TSA officers working without pay during shutdown FAA staffing cut by 50% in some areas since shutdown began BALTIMORE, Oct 8 (Reuters) - The Federal Aviation Administration delayed flights for a third straight day on Wednesday at airports including Reagan Washington National and Newark Liberty International Airport as the agency continued to face higher-than-normal staffing shortages. There were nearly 3,000 flight delays by 5:30 p.m. ET (2130 GMT) after 10,000 delays in total on Monday and Tuesday with thousands tied to the FAA slowing flights because of air traffic controller absences at facilities across the country as the government shutdown reached its eighth day. Sign up here. Some flights at Reagan were being forced to hold in the air due to a slowdown in air traffic, the FAA said. "Historically, there's about 5% of delays that is attributed to staffing issues in our towers. Last couple days it has been 53%," U.S. Secretary of Transportation Sean Duffy said on Fox News' "Will Cain Show." "My message to the air traffic controllers who work for DOT is show up for work -- you have a job to do." Air traffic control staffing issues during this shutdown have emerged earlier than the last major halt to government funding in 2019, during U.S. President Donald Trump's first term, leading to unexpected shortages in cities around the country. "The bottom line is these controllers are stressed out, and they're rebelling on this shutdown because they may not get paid," Duffy said. Maryland Governor Wes Moore and congressional Democrats called for the shutdown to end at Baltimore-Washington International Airport on Wednesday, noting that air traffic controllers and Transportation Security Administration officers are working without pay. Moore, a Democrat, said President Trump "could not close a deal" to keep the government open. Representative Kwiesi Mfume, a Democrat, called for supplemental legislation that would continue to pay air traffic controllers during a shutdown. "People are beginning to worry now about flying and we should as a nation never get to that point," he said. In 2019, during a 35-day shutdown, the number of absences by controllers and TSA officers rose as workers missed paychecks, extending checkpoint wait times at some airports. Authorities were forced to slow air traffic in New York, which put pressure on lawmakers to quickly end the standoff. Some 13,000 air traffic controllers and about 50,000 Transportation Security Administration officers must still turn up for work during the government shutdown, but they are not being paid. Controllers are set to receive a partial paycheck on October 14 for work performed before the shutdown. "Our BWI workers are still here," Moore said. "They're doing it because they're patriots. They're doing it because they know that this work matters." Separately, Duffy said USDOT had secured $41 million to keep the Essential Air Service program funded into early November. Some carriers including Alaska Airlines (ALK.N) , opens new tab had vowed to continue government-subsided flights to rural or remote areas even after USDOT warned they might not get reimbursed starting next week. The U.S. has faced air traffic control shortages for more than a decade, and many controllers had been working mandatory overtime and six-day weeks even before the shutdown. The FAA is about 3,500 air traffic controllers short of targeted staffing levels. https://www.reuters.com/world/us/airlines-brace-third-day-flight-delays-shutdown-persists-2025-10-08/

2025-10-08 23:32

Oct 9 (Reuters) - Liontown Resources (LTR.AX) , opens new tab said on Thursday it amended its loan and spodumene supply agreements with Ford Motor (F.N) , opens new tab, aiming to bolster near-term liquidity and gain more flexibility in marketing output as production ramps up at its Kathleen Valley lithium project in Western Australia. Under the revised terms, Liontown said principal and interest payments due to Ford over fiscal 2026 would be deferred by 12 months; all other loan conditions remained unchanged. Sign up here. Shares of the battery minerals producer climbed 3.4% to A$1.065, their highest since mid-June 2024, outperforming the broader S&P/ASX 200 benchmark (.AXJO) , opens new tab, which rose 0.3% as of 2318 GMT. The company also halved the remaining spodumene concentrate volume to be delivered to Ford from 2027 onwards to 256,250 dry metric tons and said no deliveries would occur in 2027 and 2028. Liontown added that Ford has the option to waive its take-or-pay commitments for those remaining volumes. Amendments would allow Liontown to sell more product on the spot market or pursue new strategic partnerships, it said. The amended deal comes a week after Perth-headquartered Liontown said it would revise pricing terms with Tesla (TSLA.O) , opens new tab in their long-term offtake agreement as the miner sought broader exposure to lithium pricing benchmarks. https://www.reuters.com/business/autos-transportation/liontown-resources-amends-loan-supply-deals-with-ford-motor-shares-advance-2025-10-08/

2025-10-08 23:12

Gas supply margins tighter due to declining domestic production Electricity supply margins highest since winter 2019/20 Increased reliance on gas imports LONDON, Oct 9 (Reuters) - Britain's electricity and gas grid operators expect the country to have sufficient energy supplies this winter, despite tighter gas margins due to declining domestic production, they said in their respective winter outlooks on Thursday. Britain's National Energy System Operator and National Gas publish annual reports about the gas and electricity supply and demand picture for the coming winter to help businesses and government prepare. Sign up here. “Only a rare combination of events – such as a very cold UK winter coinciding with a major supply disruption, would pose a material risk to our gas or electricity systems,” Glenn Bryn-Jacobsen, director of Energy Systems & Resilience at National Gas, said in its winter outlook. More than a quarter of Britain's electricity supply comes from gas plants, while most of the country's homes are also heated by the fuel. National Gas said it expects to have sufficient gas this winter, but said the supply margin is tighter than the previous four years due to declining UK continental shelf supply and reductions in storage. “The energy landscape is evolving, with a growing reliance on imports,” Bryn-Jacobsen, said. Overall gas demand is expected to be 3% lower than last winter, mainly due to reduced power sector demand as renewable power output increases. Peak day gas demand this winter is expected at 482 mcm/d versus a peak supply capacity of 565 mcm/d, National Gas said. HIGH ELECTRICITY SUPPLY MARGINS Britain’s winter electricity outlook also looks stable. The NESO projects a de-rated margin - excess capacity above peak demand - of 6.1 gigawatts (GW) for winter 2025/26, equivalent to 10% of peak average cold spell demand and the highest level since winter 2019/20. More battery storage capacity, greater availability of gas plants and an increase in interconnection with Europe after the Greenlink power link between Britain and Ireland led to the increase, the outlook said. However, NESO cautioned that tight supply days remain likely and said electricity prices over the period will be influenced by the gas markets. “Slightly lower European stocks heading into winter may lead to a greater requirement for liquefied natural gas (LNG) imports during a cold winter, which could affect gas and, in turn, power prices,” the NESO outlook said. https://www.reuters.com/business/energy/britains-winter-energy-supply-secure-despite-tighter-gas-margins-grid-operators-2025-10-08/

2025-10-08 22:59

US data show softening in economy, IMF chief says IMF forecasts slight slowdown in global growth in 2025, 2026 Georgieva notes high uncertainty, rising demand for gold IMF urges countries to boost growth, address imbalances 'Don't get too comfortable,' IMF chief says WASHINGTON, Oct 8 (Reuters) - The world economy has proven more resilient than expected despite acute strains from multiple shocks, the head of the International Monetary Fund said on Wednesday, forecasting only a slight slowing of global growth this year and in 2026. IMF Managing Director Kristalina Georgieva said recent economic data showed a softening in the U.S. economy, but it had dodged a recession feared by many experts just six months ago. Sign up here. The U.S. economy and many others had held up, given better policies, a more adaptable private sector, less severe import tariffs than feared - at least for now - and supportive financial conditions, she told an event hosted by the Milken Institute in Washington. "We see global growth slowing only slightly this year and next. All signs point to a world economy that has generally withstood acute strains from multiple shocks," Georgieva said in a preview of the IMF's upcoming World Economic Outlook to be released next Tuesday during the annual meetings of the IMF and the World Bank. In July, the IMF raised its global growth forecast by 0.2 percentage point to 3.0% for 2025 and by 0.1 percentage point to 3.1% for 2026. Georgieva told Reuters in an interview the fresh outlook would reflect a small downward revision from the 3.2% growth forecast last October, but gave no exact numbers. "What we are seeing is demonstrable resilience in the world," she said. "But we are also saying it is a time of exceptional uncertainty and downside risks are still dominating the forecast. So watch it, don't get too comfortable." Next week's gathering takes place at a time when President Donald Trump has upended global trade with steep tariffs and cracked down on immigration, and artificial intelligence is rapidly transforming technology and the outlook for labor. The world economy is doing "better than feared, but worse than needed," Georgieva said in her speech, noting the IMF was forecasting global growth of roughly 3% over the medium-term, well below the 3.7% forecast before the COVID-19 pandemic. She cited deep undercurrents of marginalization, discontent and hardship around the world, and said the global economy faced an array of risks, including a potential market bubble around artificial intelligence. Uncertainty is at exceptionally high levels and continuing to climb, while demand for gold - a traditional safe-haven asset - is surging, Georgieva said. Gold hit another record high on Wednesday, surging past $4,000 an ounce for the first time, as a U.S. government shutdown persisted and expectations for a Fed rate cut this month boosted demand. She said the IMF saw scope for further monetary easing this year. Georgieva said the U.S. tariff shock has been less severe than initially announced in April, with the U.S. trade-weighted tariff rate now around 17.5%, down from 23% in April, and countries largely skipping retaliatory tariffs. But U.S. tariff rates keep changing and U.S. inflation could rise if companies started to pass through more of the cost of tariffs, or if a flood of goods previously headed for the U.S. triggered a second round of tariff hikes elsewhere, she said. Financial market valuations are also heading toward levels last seen during the internet-related bullishness 25 years ago, she said. An abrupt shift in sentiment - such as what happened during the dot.com crash of March 2000 - could drag down world growth, making life especially tough for developing countries. "Buckle up," Georgieva said, adding, "Uncertainty is the new normal and it is here to stay." GEORGIEVA WARNS ON DEBT LEVELS The IMF head urged countries to durably lift growth by boosting private-sector productivity, consolidating spending, reducing debt and tackling excessive current account imbalances, which would help rebuild their buffers for the next crisis. "As we have seen, these imbalances can trigger a protectionist backlash and - being mirrored by net capital flows - can fuel financial stability risks," she said. "We at the IMF are working hard to refine our external sector assessments and will keep pushing key players for policy correctives." Global public debt is expected to exceed 100% of GDP by 2029, Georgieva said. Competition is key, along with free-market-friendly property rights, rule of law, strong financial sector oversights and accountable institutions. In Asia, countries need to deepen trade and carry out reforms to strengthen the service sector, Georgieva said. A push to lower non-tariff barriers and boost regional integration could lift gross domestic product by 1.8% in the long run. In Sub-Saharan Africa, business-friendly reforms could boost the real GDP per capita of the median African country by more than 10%. Europe should finish building a single market, which could help it catch up with the dynamism of the U.S. private sector, she said, offering what she called "tough love" advice. The U.S., on track to see its debt-to-GDP ratio exceed record levels after World War Two, should take "sustained action" to lower its federal debt, Georgieva said. It should also work to boost household saving, such as through favorable treatment of retirement savings. China also had work to do, including boosting fiscal spending on social safety nets and property sector clean-up, while cutting spending on industrial policy initiatives, which accounts for 4.4% of annual GDP, she said. https://www.reuters.com/world/china/imf-chief-says-global-economy-doing-better-than-feared-risks-remain-2025-10-08/