2025-09-30 07:49
SINGAPORE, Sept 30 (Reuters) - Singapore's Aster Chemicals and Energy is investing $125 million to upgrade its single buoy mooring and pipeline infrastructure near Bukom refinery, the company said on Tuesday. The refiner awarded these engineering contracts to Allseas and DOF, it said in a statement, without saying when the works will be completed. Sign up here. "The upgraded SBM pipeline is projected to provide more than 20 years of reliable service," Aster Chemicals said in a press statement. Aster Chemicals took over operations of the refinery from Shell (SHEL.L) , opens new tab earlier this year. Since early 2023, the refinery has been unable to receive crude directly from Very Large Crude Carriers (VLCCs). Instead, the VLCCs conducted ship-to-ship transfers with smaller tankers which then discharged the oil at the refinery, Kpler shiptracking data showed. Shell conducted extended repairs at this shipping facility in mid-2023, Reuters reported. https://www.reuters.com/business/energy/aster-chemicals-invests-125-million-mooring-pipeline-works-singapore-refinery-2025-09-30/
2025-09-30 07:31
ADEN, Yemen, Sept 30 (Reuters) - Yemen’s first large-scale solar plant is helping to alleviate electricity shortages in the southern port city of Aden, bringing some relief to residents and businesses which suffer losses particularly when the intense summer heat hits. Funded by neighbouring United Arab Emirates and operational since July 2024, the Aden Solar Power Plant marks a significant shift towards renewable energy in a country the International Energy Agency lists as the Middle East’s least electrified. Sign up here. Yemen has been grappling with almost 30 years of electricity crisis due to fuel shortages and a war that caused severe damage to the national power infrastructure. Located north of Aden - the interim seat of Yemen's internationally recognised government - the 120-megawatt plant supplies electricity to between 150,000 and 170,000 homes daily, according to Sabri al-Maamari, a technician at the plant. "Power outages used to cause damage to goods, and when we returned the damaged items to the suppliers, they would not accept them, leaving us, the merchants, to bear the loss," said Mubarak Qaid, who operates a supermarket in the city. While solar power represented only 10.4% of Yemen’s total electricity generation in 2023, according to the IEA, this is expected to rise with a second phase of the Aden Solar Power Plant planned for 2026 to double its capacity. https://www.reuters.com/business/energy/solar-power-offers-ray-hope-middle-easts-least-electrified-country-2025-09-30/
2025-09-30 07:29
NEW DELHI, Sept 30 (Reuters) - The Indian government said on Tuesday that it would extend its flagship export incentive scheme, the Remission of Duties and Taxes on Export Products (RoDTEP), until March 2026, according to a commerce ministry notification. The scheme reimburses exporters for taxes, duties, and levies at the central, state, and local levels that are not refunded under any other programme but are incurred during the manufacture and distribution of export products. Sign up here. The scheme was due to end on September 30. The extension follows calls from exporters for financial support after U.S. President Donald Trump raised tariffs on Indian goods, doubling levies to as much as 50%, hitting shipments of textiles, leather goods and food products. Currently, RoDTEP covers more than 10,000 products, ranging from agriculture and textiles to engineering goods, offering incentives worth 1%-4% of product value in lieu of taxes paid by exporters. https://www.reuters.com/world/india/india-extends-export-incentive-scheme-until-march-2026-2025-09-30/
2025-09-30 07:27
DUBAI, Sept 30 (Reuters) - Crew from the Dutch-flagged cargo ship Minervagracht have been safely transferred to Djibouti after an attack with an explosive device required them to be rescued by helicopter the previous day, the EU maritime mission Aspides said on Tuesday. The vessel remains adrift in the Red Sea following the attack that set it on fire and required the rescue of its 19 crew members, according to Aspides and the vessel's operator. Sign up here. https://www.reuters.com/world/crew-dutch-cargo-ship-safely-transferred-djibouti-says-eu-maritime-mission-2025-09-30/
2025-09-30 07:18
SEOUL, Sept 30 (Reuters) - South Korea's foreign exchange authorities sold a net $800 million in currency market intervention transactions in the second quarter, after selling $2.96 billion in the first quarter, central bank data showed on Tuesday. It was the third consecutive quarter authorities sold dollars to curb losses in the won. Sign up here. In the second quarter, the won strengthened 8.7% against the dollar, its biggest quarterly jump since the final quarter of 2022, after hitting at one point its weakest since 2009 at 1,487.60 per dollar. The dollar index fell 7.1% during quarter. https://www.reuters.com/world/asia-pacific/bank-korea-sold-net-800-million-fx-intervention-q2-2025-09-30/
2025-09-30 07:04
Sept 30 (Reuters) - Visa (V.N) , opens new tab said on Tuesday it will start testing a new way for businesses to fund international payments by allowing them to use stablecoins instead of pre-depositing cash in local accounts. The move signals growing acceptance of these digital tokens among major businesses, who have been emboldened by the United States passing the Genius Act, a law that set clear rules for stablecoin issuers. Sign up here. "The Genius Act changed everything. It made everything so much more legitimate. Before that regulatory clarity, all the big institutions were sort of on the fence," Mark Nelsen, head of product for Visa's commercial and money movement solutions, said in an interview with Reuters. The company is working with some unnamed partners and plans to expand the pilot program next year, it said. The pilot initiative will allow banks, remittance firms and other financial institutions to pre-fund accounts with stablecoins instead of traditional currencies. Such a move could make cross-border transactions faster and free up cash, as companies often have to lock funds in multiple currencies worldwide to cover local payouts. Stablecoins are digital tokens designed to keep a constant value. They are often backed by traditional assets such as the U.S. dollar or Treasuries. Their utility in moving money quickly across borders has fueled concerns that they could erode the market dominance of some payment companies and regional banks. "Stablecoins are moving from crypto gimmick to financial plumbing. It's one of the reasons we launched an inverse regional bank exchange-traded fund as I think the regionals are in trouble," said Matthew Tuttle, CEO of Tuttle Capital Management, referring to a fund designed to profit when regional bank stocks decline. Visa's pilot program, however, highlights how some incumbents are focusing on collaboration instead of competition, turning stablecoins into a tool to reinforce their own infrastructure. "The amount of software and technology that's been deployed globally for payments is hard to recreate. So it seems more likely to just incorporate stablecoin technology into existing flows," Nelsen said. https://www.reuters.com/technology/visa-bets-stablecoins-speed-up-cross-border-payments-2025-09-30/
