2025-09-04 06:44

Exact death toll not available, Taliban administration says About 84,000 affected, thousands displaced, says aid agency Funding cuts, Taliban policies worsen aid situation KABUL/MAZAR DARA, Afghanistan, Sept 4 (Reuters) - Rescue workers battled to pull bodies from the rubble of homes razed in Afghanistan's earthquakes this week, as time runs out for survivors, who face a bleak future with global aid agencies warning of dwindling funds for food, shelter and medicines. Search operations ran late into Wednesday in the quake-hit mountainous eastern areas as more bodies were dug out, the Taliban administration said, adding that the death toll had crossed 1,457 but exact numbers had yet to be compiled. Sign up here. "Everything we had has been destroyed," said Aalem Jan, a survivor in the worst affected province of Kunar. "Our house collapsed, and all our belongings and possessions were lost. The only remaining things are these clothes on our backs." The first earthquake of magnitude 6, one of Afghanistan's deadliest in recent years, unleashed widespread damage and destruction in the provinces of Kunar and Nangarhar on Sunday, when it struck at a shallow depth of 10 km (6 miles). A second quake of magnitude 5.5 on Tuesday caused panic and interrupted rescue efforts as it sent rocks sliding down mountains and cut off roads to villages in remote areas. About 3,400 more have been injured and more than 6,700 homes have been destroyed, authorities have said. The United Nations has warned the toll could rise with people still trapped under rubble as time runs out for survivors. Humanitarian needs are "vast and growing rapidly", said aid group the International Federation of Red Cross and Red Crescent Societies (IFRC). "Up to 84,000 people are directly and indirectly affected, with thousands displaced," it added, citing initial figures. Entire households were wiped out in some villages in Kunar province. Survivors desperately searching for family members sifted rubble, carried bodies on woven stretchers and dug graves with pickaxes in the wait for aid to arrive. Visuals from Reuters TV showed trucks, some laden with sacks of flour and others men with shovels, travelling to remote villages on higher slopes. Authorities also airdropped dozens of commando forces at sites where helicopters could not land. Resources for rescue and relief work are tight in the South Asian nation of 42 million people pulverised by war, poverty and shrinking aid, where harsh weather presents a further challenge. U.S. President Donald Trump's funding cuts to foreign aid and donor frustration over the Taliban's restrictive policies towards women and its curbs on aid workers have worsened Afghanistan's isolation. The World Health Organisation pointed to a funding gap of $3 million, saying it was critical to keep medicines, trauma kits, and essential commodities flowing amid rising demand. The U.N. World Food Programme has funding and stocks to support the survivors for just four more weeks, its country head, John Aylieff, told Reuters on Wednesday. Jacopo Caridi, his counterpart at the Norwegian Refugee Council, called for donors to step up for the long haul, going beyond life-saving relief to ensure Afghans a chance at a future beyond perpetual emergency. "The earthquake should serve as a stark reminder: Afghanistan cannot be left to face one crisis after another alone," he added. https://www.reuters.com/business/environment/afghanistan-earthquake-death-toll-rises-survivors-face-aid-crunch-2025-09-04/

2025-09-04 06:17

BEIJING, Sept 4 (Reuters) - Chinese lithium producer Qinghai Salt Lake (000792.SZ) , opens new tab said on Thursday that compliance investigations in Qinghai province into mining licences for the metal used in making electric vehicle batteries are part of a new trend of stricter supervision in the sector. The investigations into mining licenses are part of a harder line being taken by regulators, Qinghai Salt Lake said in a filing to the Shenzhen Stock Exchange, in response to investor questions about the subject. Sign up here. Qinghai Salt Lake said its own mining business is "fully compliant, and production and operation are stable." In July, local officials ordered Zangge Mining (000408.SZ) , opens new tab to shut a mining unit in Qinghai province for "non-compliance". And in August, Contemporary Amperex Technology (CATL) (300750.SZ) , opens new tab said it shut a unit in Jiangxi province because of an expired licence. While provincial officials have provided few details about the sudden crackdown, it coincides with a broader campaign against overcapacity in Chinese industry that was initiated in early July by President Xi Jinping. The prospect of lower mining output triggered a huge rally in lithium prices in August. Prices have since retreated, however, after a miner secured a license in the lithium hub of Yichun in Jiangxi province last week, easing fears that more production would be suspended. https://www.reuters.com/markets/commodities/chinese-lithium-miner-says-industry-under-stricter-supervision-2025-09-04/

2025-09-04 06:14

Russia to increase natural gas exports to China China, Russia sign initial agreement to develop new pipeline, but price undecided China's growing dependence on Russian pipeline gas will reduce need for LNG imports LONDON, Sept 4 (Reuters) - The high-stakes energy diplomacy in Beijing this week signals China’s willingness to defy U.S. President Donald Trump’s efforts to isolate Russia and assert U.S. energy dominance. Chinese President Xi Jinping, sitting alongside Russian President Vladimir Putin, used a military parade this week marking 80 years since Japan's defeat in World War Two to project Beijing's military and diplomatic clout amid heightened trade tensions with Washington. Sign up here. China backed the pageantry with action on Tuesday, when Russia’s gas giant Gazprom announced the sides had signed a legally binding memorandum with Moscow for the construction of Power of Siberia 2, a 2,600-km (1,615 mile) gas pipeline that will run between the two countries. The project has struggled to take off after more than a decade of fruitless talks. China will also boost the already large gas volumes it imports through the existing ‘Power of Siberia’ pipeline. Gazprom CEO Alexei Miller said on Tuesday that the two countries had agreed to increase supplies via the pipeline to 44 billion cubic metres a year from 38 bcm. Additionally, both sides agreed to raise the volume of Russian gas deliveries to China via a pipeline from Sakhalin Island in Russia's Far East by 20% to 12 bcm annually. Taken together, this is yet another indication of the growing ties between Beijing and Moscow, but more importantly, it is a signal that China is not planning to back down in the face of U.S. pressure. DOMINANCE Of course, several major hurdles remain for the new Siberian project. First and foremost, the sides have yet to agree on the price of the gas that will be transported through the pipeline. The Gazprom CEO indicated that the price would be lower than what European buyers paid in the past. It also remains unclear whether China will require the additional volume. Chinese companies in recent years have signed many long-term liquefied natural gas supply deals, including with U.S. producers, amounting to around 50 bcm per year of additional supplies through 2030, according to the Institute for Energy Economics and Financial Analysis. On top of that, China ramped up its domestic gas production by 28% between 2020 and 2024 to 246.4 bcm, according to IEEFA. The bigger problem could be strategic. Completing the new project would cement Russia's position as the biggest natural gas supplier to China – and that could be a concern for Beijing. Russia supplied around 22% of China's gas imports in 2024, or about 38 bcm, when including pipeline gas and deliveries of LNG, according to data from the Energy Institute's Statistical Review of World Energy. The new volumes from the existing pipeline would raise Russia's share in China’s imports to over a quarter next year, assuming an increase in the country’s gas demand. Adding another 50 bcm capacity from the new pipeline, which likely would not come on stream before 2030, would therefore double Russia's share of China’s gas imports. And that would seemingly undermine Beijing's decades-long effort to reduce its reliance on energy imports and diversify its supply sources. POLITICAL DEFIANCE But in today’s new global environment, what might matter more is that Putin and Xi appear politically invested in making the project work. For Russia, the agreement offers a long-term market for its vast natural gas reserves – something that has become particularly important since Europe, Russia's biggest gas market for decades, began to wean itself off Russian gas following Moscow's invasion of Ukraine in 2022. For China, this appears to be another shot across the bow in the economic stand-off with Washington. On a practical level, importing larger volumes of gas from Russia would reduce Beijing's need to increase U.S. LNG imports, one of the major promises many other countries have made in trade talks with the Trump administration. And then there is the desire to signal defiance – a negotiating tactic in itself. It is notable that last week China imported its first LNG cargo from Russia’s Arctic LNG 2 plant, despite heavy U.S. sanctions, undermining Trump’s attempts to isolate Moscow and pressure Putin over Ukraine. Other cargoes from the plant could be heading to China. The Trump administration has yet to respond to the cargo’s arrival in Beihai, but the timing just days before Putin’s visit is unlikely to be a coincidence. This new age of energy diplomacy is rapidly evolving, but it currently appears to be setting the stage for sharper tensions between the world’s two largest economies. Enjoying this column? Check out Reuters Open Interest (ROI), your essential new source for global financial commentary. ROI delivers thought-provoking, data-driven analysis. Markets are moving faster than ever. ROI can help you keep up. Follow ROI on LinkedIn and X. https://www.reuters.com/markets/commodities/china-russia-pipeline-diplomacy-threatens-trumps-energy-grip-2025-09-04/

2025-09-04 06:05

VLADIVOSTOK, Russia, Sept 4 (Reuters) - Russia's largest oil producer Rosneft (ROSN.MM) , opens new tab has secured an additional deal on supply of 2.5 million metric tons of oil per year to China via Kazakhstan, Interfax news agency quoted Russian Energy Minister Sergei Tsivilev as saying on Thursday. Russia has deepened trade and political ties with China following the rift with the West over the conflict in Ukraine. China and India have become largest buyers of Russian oil in the past several years. Sign up here. Interfax reported in May, citing Russian Deputy Prime Minister Alexander Novak, that China had proposed Russia to boost oil transit via Kazakhstan by 2.5 million tons per year. In 2024, the transit totalled 10.2 million tons, or around 204,000 barrels per day. https://www.reuters.com/sustainability/boards-policy-regulation/rosneft-secures-additional-supply-25-million-tons-oil-china-via-kazakhstan-ifx-2025-09-04/

2025-09-04 05:57

Asian stocks mostly rise on dovish Fed comments, China sells off Bond market sell-off slows, concerns over fiscal health persist Weak job openings data, Fed's dovish comments reinforce rate cut bets SINGAPORE, Sept 4 (Reuters) - Asian stocks were mostly higher on Thursday as dovish comments from Federal Reserve officials and a smooth auction of Japanese super-long debt eased investor jitters in bond markets. Shares rose in Australia, India and Japan, but Chinese shares fell the most since April on reports of regulatory intervention to tame runaway speculation. Sign up here. MSCI's broadest index of Asia-Pacific shares outside Japan, (.MIAPJ0000PUS) , opens new tab, gave up early gains and was down 0.2%, dragged lower by losses in China. The CSI 300 (.CSI300) , opens new tab fell as much as 2.6% and was on track for a third day of declines after Bloomberg News said financial regulators were preparing cooling measures for the market. U.S. stock futures rose 0.1% as investors took heart Fed officials' comments and the 30-year Japanese government bond auction went off smoothly, drawing buyers into beaten-down equities. Australian shares (.AXJO) , opens new tab advanced 1%, recovering from their biggest one-day sell-off since April, while the Nikkei 225 (.N225) , opens new tab rose 1.6%. "We got one or two days of weakness but the dip-buyers have stepped in," said Tony Sycamore, market analyst at IG in Sydney. "Many people are looking for this weakness in September to be a buying opportunity," with economic growth still resilient, he added. "This is a good backdrop for equities." India's benchmark Sensex (.BSESN) , opens new tab was up 1.1% as markets opened, after the government slashed levies on several goods to fire up consumption and counteract U.S. tariffs. Financial markets started September in a downbeat mood, with a sell-off in longer-dated bonds dousing investor confidence ahead of critical U.S. non-farm payrolls on Friday. Overnight, the selloff in bond markets slowed, but concerns about the fiscal health of major economies from Japan and the United States to Britain kept long-dated borrowing costs pinned near multi-year highs. Investors got a timely boost to sentiment after Federal Reserve officials, including Governor Christopher Waller, expressed support for rate cuts in coming months. President Donald Trump's pick for an open seat on the Federal Reserve Board, Stephen Miran, said he would work to preserve the central bank's independence, ahead of Thursday's confirmation hearing before the Senate banking committee. Market bets for a rate cut at the Fed's meeting later this month were also supported by weaker-than-expected job openings data in the latest "JOLTS" report on Wednesday. "Investors have compelling reasons to maintain a risk-on stance," said Thilan Wickramasinghe, head of research at Maybank in Singapore. "U.S. job openings hit a 10-month low, and this is amplifying pressure on the Fed to cut rates this month — an optimistic signal the markets have been waiting for." The Federal Reserve's "Beige Book" painted a mixed picture of U.S. economic health, which appeared to underscore monetary policymakers' concerns. Analysts at ING called it quite "bleak", adding that it was "littered with" tariff warnings on prices. Traders are now pricing in a 99.7% probability of a cut to interest rates at the Fed's September meeting, the CME Group's FedWatch tool showed. The yield on benchmark 10-year Treasury notes rose to 4.2226% over its U.S. close of 4.211% on Wednesday. The two-year yield , which rises with traders' expectations of higher Fed funds rates, touched 3.6187% compared with a U.S. close of 3.612%. The dollar edged up 0.1% against the yen at 148.25 , keeping within the trading range where it has stayed since the beginning of August. The European single currency was down 0.1% at $1.1650, while the dollar index which tracks the currency against a basket of currencies of other major trading partners, was up 0.1% at 98.239. In commodities markets, Brent crude dipped 0.6% to $67.17 a barrel. Precious metal prices nudged lower, with spot gold off 0.8% at $3529.94 per ounce after hitting a record on Wednesday. https://www.reuters.com/world/china/global-markets-update-2-wrapup-2-2025-09-04/

2025-09-04 05:50

Investment not a lump-sum, tailored to project demands, says Lee Hyoung-il Lee says to act to stabilise FX market if needed Expects South Korea's economy to grow 1.8% next year SEOUL, Sept 4 (Reuters) - South Korea's pledge to invest $350 billion in strategic U.S. industries as part of a trade deal with Washington is likely to be led by state policy institutions that will provide funding on a case-by-case basis, the country's vice finance minister said. Under a trade deal struck in July to cap U.S. tariffs at 15%, the countries agreed to a financial package to support industries such as shipbuilding, key minerals, batteries, pharmaceuticals, chips and AI, although officials in Seoul have said details on implementing the plan still need to be hashed out. Sign up here. "We basically look at the $350 billion as a limit so it won't be raised all at once, but rather we will be able to provide support tailored to situations that may arise," Lee Hyoung-il said on Wednesday in an interview with Reuters. "We plan to prepare it (the package) through policy financial institutions basically," Lee said, declining to confirm whether policy lender Korea Development Bank would be orchestrating the operation. "Nothing has been decided on the issue," an official at the KDB said. State-run lenders such as the KDB provide policy financing and manage funds for public infrastructure and financial market stability. Lee's comments build on assurances from other top Seoul officials that the investment pledge is designed to support commercially viable U.S.-based projects on a capital-call basis as demand arises. The two sides have appeared at times to interpret the fund differently. A South Korean presidential adviser last month denied U.S. claims that Washington would take 90% of the profit from the $350 billion investments. Turning to Wednesday's global bond rout, Lee downplayed concerns that South Korea's bond and foreign exchange markets could face instability due to jitters around debt sales and fiscal discipline. South Korea plans to issue a record amount of bonds next year to fund spending in sectors including AI, semiconductors, research and defence. Lee said authorities would continue to monitor foreign exchange markets and "act to stabilise markets if needed", while conducting talks with the U.S. Department of the Treasury on the dollar-won market. He added the government will review whether the dollar-won trading hours can be further extended, as part of Seoul's push to be included in MSCI's developed market benchmarks. On the broader economy, Lee expects a recovery to accelerate next year when Asia's fourth-largest economy is forecast to grow 1.8%, around its potential growth rate, from a projected expansion of 0.9% this year. Asked about the risk of Korean industry being hollowed out due to U.S. investment commitments, Lee said the government will channel its support into AI to shore up South Korea's role as a key tech exporter and underpin growth. "We need to get on the AI transformation wave to survive," said Lee, citing major interest among companies on physical AI, which integrates AI into areas like robots, cars, shipbuilding and electronics. The country's 728 trillion won ($522 billion) 2026 spending budget follows up on some of the promises President Lee Jae Myung gave on the campaign trail to shore up an economy hit by U.S. tariffs and demographic challenges. https://www.reuters.com/business/autos-transportation/top-south-korea-official-says-policy-institutions-lead-350-billion-us-fund-2025-09-04/