2025-10-01 09:14

FRANKFURT, Oct 1 (Reuters) - The European Central Bank will propose reducing the number of capital buffers that banks have to hold and introducing simpler rules for smaller lenders, the ECB's vice-president Luis de Guindos said on Wednesday. De Guindos is leading the ECB's efforts to ease rules for euro zone banks, which have been complaining that they are at a disadvantage to their U.S. peers, particularly given U.S. President Donald Trump's deregulation agenda. Sign up here. "Now, for instance, the number of capital buffers of the European banks is above 10, is very complicated," de Guindos told an event organised by Politico. "We will make a clear recommendation in that regard. Another recommendation will be about proportionality, how... we supervise small banks." The ECB is due to finalise its proposals and send them to European Union legislators by the end of the year. Under its proportionality principle, the ECB aims to tailor its supervisory expectations and reporting requirements for smaller banks to make the process less onerous. Germany's Bundesbank has floated the idea of whittling down the number of requirements to just two and having banks meet them in full with equity and their own funds. In a country where regional and smaller lenders make up nearly half of all banking assets, the Bundesbank is also pushing for a separate regime for "small and non-complex banks". https://www.reuters.com/sustainability/boards-policy-regulation/ecb-backs-fewer-bank-buffers-simpler-rules-small-lenders-de-guindos-says-2025-10-01/

2025-10-01 09:10

Sept 30 (Reuters) - New York Attorney General Letitia James on Tuesday filed a lawsuit and an emergency motion seeking a temporary restraining order against U.S. Secretary of Homeland Security Kristi Noem and the department, accusing them of unlawfully withholding nearly $34 million in funding requested by the state's Metropolitan Transportation Authority (MTA). The MTA is the state agency that operates New York City's subway and buses, as well as commuter rail lines that serve nearby suburbs. Sign up here. In a late Tuesday lawsuit filed in the U.S. District Court for the Southern District of New York James is seeking an emergency order by midnight to safeguard the MTA's funding. The Department of Homeland Security did not immediately respond to a Reuters request for comment. "DHS today cut New York’s award from nearly $34 million to zero – an unlawful decision," her press office said in a statement, adding that James is not seeking disbursement tonight, only preservation of the funds while the courts resolve the case. The move, James said, jeopardizes the safety of millions of New Yorkers. "I am asking the court to act before midnight to stop these funds from vanishing and to ensure that New Yorkers are not put at risk by this administration’s political games," James said. Last month, the U.S. Transportation Department said it may withhold up to 25% of federal transit funding for the MTA if the agency does not improve safety for subway track maintenance workers. https://www.reuters.com/world/us/new-york-ag-james-sues-homeland-security-nearly-34-million-over-transit-funding-2025-10-01/

2025-10-01 08:04

HANOI, Oct 1 (Reuters) - Vietnam's government said Typhoon Bualoi caused an estimated 8 trillion dong ($303 million) of property damage this week, saying in a preliminary assessment on Wednesday that nearly 170,000 houses were damaged or inundated by flooding. Bualoi made landfall on Monday in northern central Vietnam, bringing huge sea swells, strong winds and heavy rains that have killed at least 29 people and left 22 others missing, according to the disaster management agency report. Sign up here. The typhoon severely damaged roads, schools, and offices, and caused power grid failures that left tens of thousands of families without electricity, the report said. More than 34,000 hectares of rice and other crops were destroyed, it said. The report did not mention any major damage to industrial properties. Vietnam is a regional manufacturing hub, and large factories in or near the typhoon's path included some owned by Foxconn, Formosa Plastics, Luxshare and Vinfast. The typhoon triggered floods across Vietnam's north, and disrupted flights and train services with the capital, Hanoi, where schools were closed and many homes inundated. With a long coastline facing the South China Sea, Vietnam is prone to typhoons that are often deadly. Last year, Typhoon Yagi killed around 300 people and caused damages estimated at $3.3 billion across northern Vietnam. ($1 = 26,395 dong) https://www.reuters.com/business/environment/vietnam-estimates-property-damage-typhoon-bualoi-303-mln-2025-10-01/

2025-10-01 07:54

More than 150 injured, hospital overwhelmed in Bogo city No tsunami threat, multiple aftershocks recorded Coat guard sends vessel with medical personnel reinforcements President mobilises cabinet, assures swift assistance CEBU, Philippines, Oct 1 (Reuters) - The death toll from a 6.9-magnitude earthquake that hit the central Philippines rose to 69 on Wednesday, a disaster official said, as authorities mounted a rescue effort to find survivors after one of the country's strongest quakes in a decade. The shallow quake struck late on Tuesday off the coast of the island of Cebu, cutting power and damaging buildings. It was not immediately clear how many people were missing. Sign up here. The death toll was 69 as of Wednesday late morning said Jane Abapo of the regional Civil Defense office, citing data from the provincial disaster agency that was subject to validation. The national disaster agency earlier said the toll could be as high as 60, with 150 reported injured. The hospital in Bogo City near the epicentre of the quake was "overwhelmed", Civil Defense official Raffy Alejandro told reporters. The Philippine coast guard deployed a vessel carrying dozens of doctors, nurses and other medical personnel bound for Bogo, while President Ferdinand Marcos Jr assured survivors of swift assistance, with cabinet secretaries on the ground directing relief operations. "We are assessing the damage, we are assessing the needs," Marcos told reporters after distributing aid in Masbate, an island recovering from the impact of Super typhoon Ragasa last week. Mariano Martinez, the mayor of San Remigio municipality close to Bogo, said there were 11 casualties in the area, with victims as young as 12 and the death toll expected to climb. "Our first main problem is finding the casualties, identifying people who needs help", he told DZMM radio, adding many homes had suffered damage. RING OF FIRE Earthquake monitoring agencies put the quake's depth at around 10 km (6.2 miles) and recorded multiple aftershocks, the strongest having a magnitude of 6. There was no tsunami threat following the quake. The Philippines lies in the Pacific "Ring of Fire," where volcanic activity and earthquakes are common. The country had two major earthquakes in January, with no casualties reported. In 2023, a 6.7 magnitude offshore earthquake killed eight people. San Remigio Vice Mayor Alfie Reynes said among those killed were people who were playing basketball in a sports complex when it partially collapsed. She appealed for food and water for evacuees, as well as heavy equipment to aid search and rescue workers. "It is raining heavily and there is no electricity so we really need help, especially in the northern part because there's a scarcity of water after supply lines were damaged by the earthquake," Reynes said. Local media posted videos of people rushing out of their homes as the ground shook and buildings collapsed, including a church that was more than 100 years old. Cebu, one of the Philippines' most popular tourist destinations, is home to 3.4 million people. It was not immediately clear the extent of the damage in other areas of the island. The Mactan-Cebu International Airport, the country's second busiest gateway, remained operational. Philippine seismology agency Phivolcs said close to 800 aftershocks have been recorded and warned affected areas to expect more tremors in the coming days, although their strength is expected to gradually diminish. It reported tremors as far south as Zamboanga del Norte, 330 km (205 miles) away. In the town of Pilar, resident Archel Coraza said most of his family were asleep when their house began to shake violently. "I woke them up and we all rushed outside into the street," he told DZMM. https://www.reuters.com/business/environment/death-toll-philippines-earthquake-rises-60-official-says-2025-10-01/

2025-10-01 07:32

LAGOS, Oct 1 (Reuters) - Nigeria's oil workers union has agreed to call off a strike after a meeting with the management of Dangote Petroleum and government officials, the country's labour ministry said. The strike was called after the Dangote refinery - Africa's largest with a crude processing capacity of 650,000 barrels per day - dismissed more than 800 unionised staff. The walkout had threatened fuel supply and trade across West Africa. Sign up here. The labour ministry said in a statement following a conciliation meeting between the PENGASSAN union and Dangote Petroleum that the dismissed workers would be given jobs in other parts of the Dangote Group with no loss of pay. The labour minister told the meeting that unionisation was a right of workers and should be respected. "PENGASSAN agreed to start the process of calling off the strike," the statement added. The workers at the privately owned Dangote refinery were dismissed on Thursday for unionising, PENGASSAN said on Friday. Dangote refinery officials said at the time that the dismissals were part of a staff reorganisation and accused those affected of acts of sabotage. https://www.reuters.com/sustainability/sustainable-finance-reporting/nigeria-oil-union-agrees-call-off-strike-after-talks-with-dangote-petroleum-2025-10-01/

2025-10-01 07:30

PARIS, Oct 1 (Reuters) - Dunkirk LNG terminal operator Fluxys (FLUX.BR) , opens new tab on Wednesday declared force majeure at the site until the early hours of October 3, as delivery capacity is expected to be affected for two days by a national trade union strike in France. The Dunkirk LNG terminal is the second largest in continental Europe and the only one directly connected to two separate markets, Belgium and France, supplying about 20% of both countries' annual gas needs. Sign up here. The delivery capacity at the Dunkirk LNG terminal will be reduced to 44 gigawatt hours on October 1 from a maximum 520 GWh per day, and 48 GWh on October 2, the operator said. The force majeure will be in place until 0359 GMT on October 3. Union representatives have said they will continue their blockade until demands are met. The national strike has affected delivery capacity at all four French LNG terminals, including the three operated by Elengy, which are under force majeure until October 2. LSEG data showed deliveries from Elengy's Fos Cavaou terminal have partially returned, while flows from its Montoir plant were slightly up. Overall, the impact on the European gas market is likely to be limited as supply into the EU remains robust, particularly now Norwegian flows are coming back online following heavy maintenance in September, Kpler analyst Ronald Pinto said. In addition, high underground gas storage levels in France provide the domestic market with sufficient cushion to absorb any potential lasting disruptions, he said. France is Europe's fourth largest gas importer, with much of its supply sent on to neighbouring countries. Its exports have jumped since 2022 when Russian piped gas to the European Union was shut off following the invasion of Ukraine. It is also Europe's largest importer of Russian LNG, buying around 4 million tons in the first eight months of the year. A significant portion goes through Elengy's Montoir terminal on the west coast. https://www.reuters.com/sustainability/sustainable-finance-reporting/fluxys-declares-force-majeure-dunkirk-lng-terminal-2025-10-01/