2026-02-03 00:26

TOKYO, Feb 3 (Reuters) - Japanese Finance Minister Satsuki Katayama on Tuesday defended Prime Minister Sanae Takaichi's comments highlighting the benefits of a weaker yen, stating that the premier had referenced "what is written in textbooks." "The prime minister was speaking in general terms about the impact of a weak yen on the economy," Katayama said in a regular press conference. Sign up here. Takaichi "pointed out that, while there are negative aspects, there are also positive aspects, including stronger corporate sales as domestic investment increases and products made in Japan become easier to export overseas," Katayama said. The dollar rose back above 155 yen after Takaichi over the weekend talked up the benefits of a weaker yen in a campaign speech, in a tone at odds with her finance ministry that has worked to stem the currency's declines. https://www.reuters.com/world/asia-pacific/japan-finance-minister-defends-pms-comments-benefits-weak-yen-2026-02-03/

2026-02-03 00:07

LONDON, Feb 3 (Reuters) - UK and European pension funds and activist shareholder ACCR are pushing BP (BP.L) , opens new tab to publish more information to prove its strategy of shifting spending from low-carbon to oil and gas projects will boost shareholder value. A year ago, BP under then CEO Murray Auchincloss announced the strategy reset back to hydrocarbons, saying this would improve profitability, after an ill-fated foray into renewables under his predecessor Bernard Looney. Sign up here. ACCR said on Tuesday that it filed a resolution, co-filed by a group managing 191 billion pounds ($262 billion) in assets, calling on BP to provide more details on why it thinks shifting more spending into oil and gas will deliver better value for shareholders. It wants BP to publish the relative cost-competitiveness of each project, how the company accounts for cost overruns and delays and how continued spending on oil and gas exploration pays off. The resolution will be tabled at BP's annual general meeting expected in April or May. BP declined to comment. NEW BP CEO STARTS IN APRIL The British oil major is striving to improve its profitability and share performance, which for years has lagged competitors like Exxon (XOM.N) , opens new tab. Auchincloss abruptly exited the top job in December and will be replaced in April by Meg O'Neill, an Exxon veteran and most recently CEO of Australia's Woodside Energy (WDS.AX) , opens new tab. The co-filers of the resolution represent 0.42% of BP's share capital, with Greater Manchester Pension Fund making up the largest proportion at 0.23%, a spokesperson for ACCR said. Other co-filers included London CIV, PUBLICA, Merseyside Pension Fund, Nest and Wales Pension Partnership. Last year, a resolution by ACCR questioning Shell's (SHEL.L) , opens new tab bullishness on liquefied natural gas markets drew around 21% support of shareholders. ($1 = 0.7300 pounds) https://www.reuters.com/sustainability/climate-energy/activist-shareholder-accr-pension-funds-urge-bp-show-shift-oil-gas-will-deliver-2026-02-03/

2026-02-02 23:07

BRUSSELS, Feb 3 (Reuters) - Electric vehicles are likely to make up 85% of new car sales in the EU from 2035, based on its plans to drop an effective ban on new combustion-engine models, although that share could drop as low as 50%, clean transport advocacy group T&E said. Under pressure from carmakers, the European Commission in December proposed a 90% cut in CO2 emissions in 2035 from 2021 levels, instead of zero for all new cars and vans. Sign up here. T&E has criticised the EU's biggest retreat from its green policies in years, saying the proposals will allow continued sales of high CO2-emitting vehicles, while Chinese producers race further ahead in battery electric vehicles (BEVs). The European Commission said in December that its plans would support sales of EVs in the EU and save vehicle makers 2.1 billion euros ($2.5 billion) over three years, freeing up resources for innovation and new electric models. In a report published on Tuesday, T&E said carmakers could sell anywhere between 5% and 50% of non-BEVs after 2035, the lowest share based on a carmaker continuing to sell high emissions internal combustion engine cars, the highest share if it sells the most efficient extended-range plug-in hybrids. T&E said the most likely figure was 15%, with sales of some combustion engine and some plug-in hybrid vehicles. Together with an extended time period to comply with 2030 targets, the report said car CO2 emissions would be 10% higher between 2025 and 2050 than under current tighter rules. T&E said there was also a risk of further weakening of rules when the proposals came up for debate in the European Parliament and in the Council, the grouping of EU governments. Both will need to approve the changes. ($1 = 0.8474 euros) https://www.reuters.com/sustainability/climate-energy/eu-proposals-set-limit-ev-sales-2035-says-campaign-group-2026-02-02/

2026-02-02 22:54

Feb 2 (Reuters) - U.S. President Donald Trump said on Monday that Mexico would stop sending oil to Cuba as he ramped up a pressure campaign on the Caribbean nation. "Mexico is gonna cease sending them oil," Trump told reporters in the White House Oval Office. He did not elaborate on why he believed this to be the case. Sign up here. Mexican authorities did not immediately respond to a request for comment. Mexico is the single-largest supplier of oil to Cuba, which regularly suffers from energy shortages and mass blackouts. Cuba relies heavily on fuel imports of refined products to meet its demand for electricity generation, gasoline, and aviation fuel. U.S. sanctions and a deep economic crisis have prevented the Communist government from purchasing enough fuel for years, forcing it to depend on a small group of allies. Reuters has reported that the Mexican government is reviewing whether to keep sending oil to Cuba, as it worries that Mexico could face reprisals from the United States over its policy to do so. President Claudia Sheinbaum's administration said on Sunday it would seek to ship oil to Cuba for humanitarian reasons, “without seeking confrontation." But they also said aid would consist of "other" products for the coming week. Tensions flared last month between Havana and Washington following the U.S. capture of Venezuelan leader Nicolas Maduro, long a close ally of Cuba. Trump has labeled Cuba "an unusual and extraordinary threat" to U.S. national security and threatened tariffs on the U.S.-bound exports of any nation that sends oil to the communist-run island. Cuba and the United States are in communication, a Cuban diplomat told Reuters on Monday, although he said the exchanges have not yet evolved into a formal "dialogue." Trump has also said the two sides are talking. Mexico and many regional analysts think Cuba could face a humanitarian crisis if the country loses access to energy. Other countries might not make up for a shortfall from Mexico, given Washington's threats. Trump has privately questioned Sheinbaum about crude and fuel shipments to Cuba, Reuters has previously reported. Sheinbaum responded that the shipments are "humanitarian aid," according to sources familiar with a call between the leaders. They added that Trump did not directly urge Mexico to halt the oil deliveries. https://www.reuters.com/business/energy/trump-says-mexico-will-stop-sending-oil-energy-starved-cuba-2026-02-02/

2026-02-02 22:27

US to shift dispersal of sterile flies that fight pest in Mexico Screwworm has advanced north toward US-Mexico border Sterile flies will be dyed to glow under UV light CHICAGO, Feb 2 (Reuters) - The U.S. Department of Agriculture will disperse glow-in-the dark, sterile flies in Mexico, closer to the U.S. border, and in southern Texas, as officials race to keep flesh-eating New World screwworm pests from spreading in Mexico, the agency said. Screwworms are parasitic flies whose females lay eggs in wounds on warm-blooded animals, often livestock. Once the eggs hatch, hundreds of screwworm larvae use their sharp mouths to burrow through living flesh, eventually killing their host if left untreated. Sign up here. The USDA has halted U.S. imports of Mexican livestock to keep out the pest, worsening a cattle shortage that has pushed beef prices to record highs for consumers. The agency also produces 100 million sterile flies per week at a facility in Panama and disperses them in Mexico to prevent wild screwworm flies from reproducing. Now, the agency says, it is going to take the same flies further north near the border. The shift came after the USDA has reported 20 screwworm infestations since December 26 in animals in the Mexican state of Tamaulipas, which borders southern Texas. "Given that we need to protect Texas and the U.S., I think it's definitely something that had to be done," Sonja Swiger, an entomologist at Texas A&M University, said on Monday. MORE STERILE FLIES NEEDED Experts said the USDA needs well more than 100 million sterile flies per week to eradicate the pest in Mexico. The agency announced last year that it intended to build a production facility in Texas, but that could still be at least a year away from opening. Last month, the agency said it would spend up to $100 million on other projects that aim to boost sterile fly production and help fight screwworm. For now, the USDA will start releasing sterile flies north of where Mexico has reported active cases to attempt to create a "buffer zone" to halt the pest if it continues moving north, according to a statement issued late on Friday. The new dispersal area will include operations about 50 miles into Texas, along the U.S. border with the state of Tamaulipas, according to the USDA. The northernmost active case in Mexico was about 200 miles away from the U.S. border, and cases have continued to spread in Tamaulipas and further south in Mexico, said Dudley Hoskins, a USDA under secretary. "Our highest priority is protecting the United States from screwworm," he said in the agency's statement. GLOWING FLIES The USDA said it would apply fluorescent dye to sterile flies before they hatch so officials can distinguish them from wild flies that pose a threat. The sterile flies will glow under ultraviolet light and may also be visible to the naked eye, the agency said. The U.S. decision to direct the release of sterile flies toward the border region was consistent with technical proposals Mexico has been making since November 2025, Mexico's government said in a statement. The U.S. eliminated screwworms in the 20th century by flying planes over hotspots to drop boxes packed with sterile flies. "They're pretty effective as long as you can outnumber the population," said Max Scott, an entomology professor at North Carolina State University. Screwworm can be detected in new areas when livestock are transported from an infested region. However, rising cases in Tamaulipas signal a local population of flies has likely started to establish there, experts said. Unseasonably cold weather in Texas could temporarily help prevent the pest's movement, Tyson Foods (TSN.N) , opens new tab COO Devin Cole said on an earnings call. The meatpacker's beef business has bled money as tight cattle supplies have raised costs. "We don't really have anything that would give us any insight as to when the government would open the border," Cole said. https://www.reuters.com/business/healthcare-pharmaceuticals/usda-release-flies-near-us-mexico-border-fight-screwworm-pest-2026-02-02/

2026-02-02 22:24

Indian refiners need time to end Russian oil imports, refining sources say Shipments already booked would arrive in March, sources say US wants India to shift to Venezuelan oil NEW DELHI, Feb 3 (Reuters) - Indian refiners will need a wind-down period to complete Russian oil deals before imports from that country can be halted, and they have so far not been ordered by the government to stop such imports, two refining sources said. U.S. President Donald Trump on Monday announced a trade agreement with Indian Prime Minister Narendra Modi that included a halt to Indian oil purchases from Russia. Sign up here. Indian companies have already booked cargoes loading in February and arriving in March, so a wind-down period would be needed to fulfil existing commitments, the sources said. They spoke on condition of anonymity because they were not authorised to speak with the media. The trade deal with India would slash U.S. tariffs on Indian goods to 18% from 50% in exchange for India lowering trade barriers and stopping its purchases of Russian oil. It would buy oil instead from the U.S. and potentially Venezuela. India became the top buyer of discounted Russian seaborne crude after the 2022 outbreak of war in Ukraine, generating a backlash among Western nations that targeted Russia's energy sector with sanctions. The United States wants to curb Russia's oil revenues to make it harder for Moscow to fund the war. "We spoke about many things, including Trade, and ending the War with Russia and Ukraine," Trump said of his discussion with Modi. "He agreed to stop buying Russian Oil, and to buy much more from the United States and, potentially, Venezuela." Modi followed with a post on social media that he was delighted with the reduced tariff, but made no mention of a halt to purchases of Russian oil. Reuters last week reported that the United States had told Delhi it could soon resume purchases of Venezuelan oil to help replace imports of Russian oil. Trump said on Saturday that India would buy Venezuelan oil. Indian Oil Minister Hardeep Singh Puri last month said India was diversifying its crude sources as its Russian oil imports fall. Data from trade sources showed India's Russian oil imports fell to their lowest level in two years in December, while OPEC's share of Indian imports rose to an 11-month high. Indian refiners have been buying more oil from Middle Eastern, African and South American countries as they began scaling back Russian oil purchases, following discussions at a government meeting about accelerating a U.S.-India trade deal, refining sources said last month. https://www.reuters.com/business/energy/indian-refiners-need-wind-down-period-russian-oil-sources-say-2026-02-02/