2025-10-06 07:33
Kinshasa, Oct 6 (Reuters) - The Democratic Republic of Congo will permanently ban cobalt exporters that violate its new quota system, President Felix Tshisekedi has warned, as the world's top producer tightens controls to curb fraud and stabilize prices. Congo, which accounts for about 70% of global cobalt output, halted exports in February after prices of the critical electric battery metal hit a nine-year low. Sign up here. A quota system based on historical exports will replace the ban on October 16, Congo's state minerals regulator ARECOMS said in September. Miners will be allowed to ship up to 18,125 metric tons of cobalt for the rest of 2025, with annual caps of 96,600 tons in 2026 and 2027. According to minutes from Friday's cabinet meeting seen by Reuters at the weekend, Tshisekedi plans to apply "exemplary sanctions" including permanent exclusion from Congo's new cobalt regime to any violators of the system. Only ARECOMS is authorized to issue and revoke cobalt export quotas, including decisions on allocations, said the minutes. The cobalt export ban which was extended in June triggered force majeure declarations from Glencore (GLEN.L) , opens new tab and China's CMOC Group (603993.SS) , opens new tab. Glencore, the world's second-largest cobalt producer, supports the quota system while CMOC, the top producer, opposes it. Tshisekedi said at Friday's meeting that the export freeze helped drive a 92% rebound in cobalt prices since March, calling the new system "a real lever to influence this strategic market" after years of "predatory strategies," according to the minutes. The crackdown comes amid escalating conflict in mineral-rich eastern Congo, where fighting between M23 rebels and the army has killed thousands and displaced hundreds of thousands. A U.S.-backed peace effort faced a new setback on Friday when Congo and Rwanda failed to sign an accord known as a Regional Economic Integration Framework, part of a plan to make the two countries' sectors more attractive to Western investors. https://www.reuters.com/world/africa/congo-permanently-ban-cobalt-exporters-that-breach-quotas-says-president-2025-10-06/
2025-10-06 07:08
At least 23 killed in affected districts of India's West Bengal state Tourists advised to remain in place amid ongoing evacuation efforts Death toll in Nepal from floods and landslides rises to 50 Oct 6 (Reuters) - Floods and landslides unleashed by unrelenting rain in India's eastern hill region of Darjeeling and neighbouring Nepal killed more than 70 people after washing away homes, roads and bridges, authorities said. In Nepal, the death toll in floods and landslides rose to 50, with the eastern district of Ilam bordering India recording 37 deaths, a spokesperson for the Armed Police Force said. Sign up here. At least 18 people died in Darjeeling and several people were still missing on Monday, as relief and restoration work got underway, said local government officials in India's state of West Bengal, warning that the death toll was likely to rise as details flowed in from remote areas. "Two iron bridges have collapsed, several roads have been damaged and flooded, huge tracts of land... have been inundated," Mamata Banerjee, the state's chief minister, said in a post on X. The districts of Darjeeling, Kalimpong, Jalpaiguri, Alipurduar, which are home to tea plantations, were among those affected, she said, adding that a total of 23 deaths have been reported across northern West Bengal state since the weekend. More rain is expected after the weekend's "extremely heavy" downpours in Darjeeling, said H R Biswas, the regional weather head in the state's capital of Kolkata. The Himalayan hill resort of Darjeeling, the main city in the Darjeeling district, is famed for its tea and draws tourists with spectacular views of Mount Kanchenjunga, the world's third highest peak. Banerjee urged tourists to stay put until they were safely evacuated. Highway traffic was disrupted as part of an iron bridge over the Balason River linking the city of Siliguri in the plains with the hill town of Mirik collapsed in the heavy rain, and many roads caved in. Large amounts of debris littered the roads, a local disaster management official said, making it impossible for rescuers to reach many places in the remote area. Visuals from Indian news agency ANI, in which Reuters has a minority stake, showed damaged houses filled with mud and rocks in a village in Darjeeling. The landslides occurred as people slept, hurling rocks and sludge down the mountain slopes, locals said. "The entire middle part of our village has been wiped out from the landslide... The land here is very fragile and there's no place to stay and all houses are buried. People are living in relief camp," said local resident Bijay, who gave only one name. https://www.reuters.com/business/environment/heavy-rains-trigger-floods-landslides-killing-18-indias-darjeeling-2025-10-06/
2025-10-06 06:54
Political crisis deepens in France after government collapses UBS expects bullion to reach $4,200/oz by the end of this year Oct 6 (Reuters) - Gold surged to an all-time high above $3,900 per ounce on Monday, buoyed by growing expectations of a Federal Reserve rate cut this month, as well as economic and political uncertainty in the U.S., France and Japan. Spot gold was up 1.8% at $3,956.19 per ounce as of 02:41 pm ET (1841 GMT), after hitting a high of $3,969.91 earlier in the session. Sign up here. U.S. gold futures for December delivery settled 1.7% higher at $3,976.3 per ounce. Political developments in France, rising Japanese yields amid inflation concerns and the ongoing U.S. government shutdown are all contributing to gold's rally, said Marex analyst Edward Meir. France's new Prime Minister Sebastien Lecornu and his government resigned on Monday, hours after taking office, deepening the country’s political crisis. Meanwhile, the U.S. government shutdown entered its sixth day, with the White House threatening mass federal worker layoffs. Gold has climbed 50% so far this year in a record run underpinned by expectations of Fed rate cuts, sustained central bank purchases, resilient safe-haven demand and broad dollar weakness. Spot gold prices broke the $3,000/oz level for the first time in March and $3,800 in late September. "The fact that we're so close to $4,000/oz also suggests that some of the funds might be trying to push it up to get to that mark," Meir added. Non-yielding gold thrives in a low-interest-rate environment and during economic uncertainties. Investors are now pricing in a 25-basis-point cut at the Fed meeting this month, with an additional 25-bp cut anticipated in December. FEDWATCH "We see both fundamental and momentum-based reasons for gold to rally further, and now expect bullion to reach $4,200/oz by the end of this year," UBS said in a note. Spot silver climbed 1.4% to $48.66 per ounce, hitting its highest level in more than 14 years. Platinum rose 1.4% to $1,626.75 and palladium gained 4.3% to $1,315.17. https://www.reuters.com/world/india/gold-sails-past-3900oz-first-time-safe-haven-bids-2025-10-06/
2025-10-06 06:14
S&P 500, Nasdaq higher; Dow dips New French prime minister resigns; euro down Japan ruling party elects new leader; yen weakens Bitcoin hits record high NEW YORK, Oct 6 (Reuters) - Major stock indexes mostly rose on Monday, with the S&P 500 and Nasdaq posting record closing highs after news of AMD's (AMD.O) , opens new tab artificial intelligence chip-supply deal with OpenAI, while the yen and euro weakened against the dollar after Japan's ruling party elected a new leader and France's new government quit. Bitcoin hit a record high as investors increasingly sought alternative assets and uncertainty prevailed with the U.S. government shutdown. The world's largest cryptocurrency was last up 2.05% at $125,295.33. Sign up here. The euro was last down 0.26% at $1.171 . New French Prime Minister Sebastien Lecornu resignedon Monday, barely 14 hours after appointing his cabinet. The yen weakened after Japan's ruling party picked conservative AI-related dealmaking boosted sentiment in equities, with AMD shares jumping 23.7% and other chip companies' stocks also rising. The Philadelphia Semiconductor Index (.SOX) , opens new tab gained 2.9%. Crypto-related firms such as Coinbase (COIN.O) , opens new tab also rose. But Wall Street indexes ended mixed, with the Dow slightly lower as the U.S. federal government shutdown dragged on for a sixth day. The shutdown has postponed the release of key economic indicators. "The market is extending its momentum bias. It's shrugging off the (U.S.) government shutdown and, because of that, there's a belief that perhaps the Fed is going to be more generous than the market previously expected," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York. The Federal Reserve is widely expected to cut interest rates again by 25 basis points at its October 28-29 meeting, following data that shows a weakening labor market. Moreover, Cardillo said, "We're not far away from third-quarter earnings, and it looks as though it'll be another good earnings season." Earnings season for S&P 500 companies unofficially kicks off next week with reports from some big U.S. banks. The Dow Jones Industrial Average (.DJI) , opens new tab fell 63.31 points, or 0.14%, to 46,694.97, the S&P 500 (.SPX) , opens new tab rose 24.49 points, or 0.36%, to 6,740.28 and the Nasdaq Composite (.IXIC) , opens new tab rose 161.16 points, or 0.71%, to 22,941.67. MSCI's gauge of stocks across the globe (.MIWD00000PUS) , opens new tab rose 2.85 points, or 0.29%, to 996.06. The pan-European STOXX 600 (.STOXX) , opens new tab index fell 0.04%. French political instability has ramped up since Emmanuel Macron's re-election in 2022, with no party or grouping holding a parliamentary majority. In Japan, Takaichi beat the more moderate Shinjiro Koizumi in the Liberal Democratic Party's leadership vote. Short-dated Japanese government bond yields slid to a two-week low as traders pared bets on when the Bank of Japan will resume raising interest rates. "There's a little bit more focus on the back end of the curve now, just given that Takaichi is generally seen as a follower of Abenomics. The market expects a little bit more fiscal stimulus there," said Sarah Ying, head of FX strategy, FICC Strategy at CIBC Capital Markets in Toronto. Gold surged to an all-time high above $3,900 per ounce, helped in part by the economic and political uncertainty in the U.S., France and Japan. Spot gold was up 1.85% at $3,957.78 an ounce. Benchmark U.S. Treasury yields edged higher as the shutdown left investors without key economic data. The yield on the benchmark U.S. 10-year Treasury note was last up 4.7 basis points to 4.166% Oil prices also rose after OPEC+'s planned production increase for November was more modest than expected. U.S. crude gained 81 cents to settle at $61.69 a barrel, while Brent climbed 94 cents to settle at $65.47. https://www.reuters.com/world/china/global-markets-wrapup-1-2025-10-06/
2025-10-06 05:27
MUMBAI, Oct 6 (Reuters) - The rupee shuffled near its all-time low on Monday, with possible intervention by the Reserve Bank of India helping it steady against the lingered drag from steep U.S. tariffs. The currency was last at 88.76 to the dollar as of 10:40 a.m. IST, little changed from 88.7725 in the previous session. Despite frequent RBI support, it remains Asia's worst performer this year, down 3%. Sign up here. Traders said that the rupee may see some relief during the week on account of foreign portfolio inflows spurred by two large initial public offerings slated for this week. Non-bank lender Tata Capital's $1.75 billion share sale kicks off on Monday while LG Electronics India will open its $1.3 billion IPO on Tuesday. Analysts at BofA Global Research reckon that the central bank's dovish policy commentary last week could also spur inflows into government bonds over the next months. "However, we see this more as duration play and may have little impact on FX due to larger extent of hedging this time compared with the unhedged passive flows earlier this year," the analysts said in a note. While foreign investors have net sold about $18 billion worth of equities over 2025 so far, they have net buyers of government bonds to the tune of around $6 billion. On the day, India's benchmark equity indexes, BSE Sensex (.BSESN) , opens new tab and Nifty 50 (.NSEI) , opens new tab were up 0.3% each while the yield on the 10-year benchmark bond edged down to 6.508% Elsewhere, the dollar was steady against major peers but the Japanese yen fell nearly 2%, after Sanae Takaichi won the LDP leadership election at the weekend, setting the country on course for more expansionary fiscal policy. https://www.reuters.com/world/india/rupee-likely-steadied-by-central-bank-hand-us-tariff-pressures-linger-2025-10-06/
2025-10-06 05:19
PANGKALPINANG, Indonesia, Oct 6 (Reuters) - Indonesia's attorney general on Monday handed over assets including smelters and heavy equipment seized in a corruption case to state tin miner PT Timah, as President Prabowo Subianto urged authorities to stop illegal mining and smuggling of tin. The resource-rich country is ramping up efforts to improve governance of natural resources exploitation, with measures including a clampdown on illegal mining. Sign up here. Prabowo visited tin hub Bangka Island to witness the transfer of assets that were confiscated after a number of tin executives were convicted for colluding to conduct illegal mining. The attorney general said their actions had led to about 300 trillion rupiah ($18.09 billion) in state losses, including environmental damage. The visit came after Prabowo said he had ordered the closure of about 1,000 illegal tin mines on the islands and would intensify a crackdown on tin smugglers, sending tin prices last week to a near six-month high. On Monday, Prabowo urged the military, customs office, the coast guard and related authorities to continue their efforts to stop illegal activities. "We are determined to eradicate smuggling, eradicate illegal mining, eradicate all those who violate the law, we will enforce it," Prabowo told reporters after the handover. The assets transferred to state tin miner Timah included six smelters, about 680 metric tons of refined tin and 108 units of heavy equipment, data from the attorney general's office showed. The assets could generate 4.6 trillion rupiah of annual revenue when operated, the data showed. Some of the assets were on display at the handover, including stacks of the tin ingots and dozens of excavators. ($1 = 16,580.0000 rupiah) https://www.reuters.com/world/asia-pacific/indonesia-hands-over-seized-tin-assets-state-miner-pt-timah-2025-10-06/
