2024-04-21 07:32

KYIV, April 21 (Reuters) - Ukraine plans to resume minor amounts of electricity exports on Sunday, but it expects substantial power imports during peak consumption periods, the energy ministry said. The country sharply increased its imports of electricity and halted exports after a series of attacks on its energy system in late March and early April. "No electricity shortages or emergency assistance are planned for the current day," the ministry said in a statement. The ministry said around 139 megawatt hours (Mwh) could be exported on Sunday with imports of 8,430 Mwh. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. https://www.reuters.com/business/energy/ukraine-says-it-plans-resume-small-power-exports-sunday-2024-04-21/

2024-04-21 06:46

BEIJING, April 21 (Reuters) - Major rivers, waterways and reservoirs in China's Guangdong province are threatening to unleash dangerous floods, forcing the government on Sunday to enact emergency response plans to protect more than 127 million people. Calling the situation "grim", local weather officials said sections of rivers and tributaries at the Xijiang and Beijiang river basins are hitting water levels in a rare spike that only has a one-in-50 chance of happening in any given year, state broadcaster CCTV news said on Sunday. China's water resource ministry issued an emergency advisory, CCTV reported. Guangdong officials urged departments in all localities and municipalities to begin emergency planning to avert natural disasters and promptly disperse disaster relief funds and materials to ensure affected people have food, clothing, water and somewhere to stay. The province, a major exporter and one of China's main commercial and trading centres, has seen major downpours and strong winds for several days, in a weather pattern which has also affected other parts of China. A 12-hour spell of heavy rain, starting from 8 p.m. (1200 GMT) Saturday, battered the central and northern parts of the province including the cities of Zhaoqing, Shaoguan, Qingyuan and Jiangmen where rescue workers have been dispatched. More than 45,000 people have been evacuated in Qingyuan, according to state media, and some power facilities in Zhaoqing were damaged, cutting power to some places. Overall in Guangdong, 1.16 million households lost power due to the heavy rains, according to state-backed media. About 1,103 schools in Zhaoqing, Shaoguan and Qingyuan will suspend classes on Monday, Chinese state radio said. WATER TOWN "Please look at Zhaoqing's Huaiji county, which has become a water town. The elderly and children at the countryside don't know what to do with power outages and no signal," said one user on the popular social media site Weibo. Raging flood waters swept one vehicle down a narrow street in Zhaoqing, a video released by Hongxing News showed. "It rained like a waterfall for an hour and a half on the highway driving home last night," said another Weibo user. "I couldn't see the road at all." Authorities in Qingyuan and Shaoguan also suspended ships from traveling through several rivers, with maritime departments dispatching forces to be on duty and coordinate emergency tugboats and emergency rescue vessels. Many hydrological stations in the province are exceeding water levels, weather officials warned, and in the provincial capital Guangzhou, a city of 18 million, reservoirs have reached flood limits, city officials announced on Sunday. Data showed 2,609 hydrological stations with daily rainfall greater than 50 mm (1.97 inches), accounting for about 59% of all observation stations. At 8 a.m. Sunday, 27 hydrological stations in Guangdong were on alert. In neighboring Guangxi, west of Guangdong, violent hurricane-like winds whipped the region, destroying buildings state media video footage showed. Some places have also experienced hailstones and major flooding, CCTV said. In another video, rescuers could be seen trying to save an elderly person clinging to a tree half-submerged in flood waters. As of 10:00 a.m. (0200 GMT), 65 landslides were recorded in the city of Hezhou located in Guangxi, state media reported. Weather forecasters are expecting heavy rain through Monday in Guangxi region, Guangdong, Fujian and Zhejiang provinces. Coming soon: Get the latest news and expert analysis about the state of the global economy with Reuters Econ World. Sign up here. https://www.reuters.com/world/china/massive-river-flooding-expected-chinas-guangdong-threatening-millions-2024-04-21/

2024-04-20 23:50

SEOUL, April 21 (Reuters) - A North Korean delegation led by a high-ranking agricultural official is visiting Russia, the North's official KCNA news agency said on Sunday, in the latest exchange by Moscow and Pyongyang, which is grappling with chronic food shortages. Vice premier of the cabinet Ri Chol Man left for Russia on Saturday leading an Agricultural Commission delegation, KCNA said. The Russian ambassador to North Korea Alexander Matsegora said in a Facebook post Ri's schedule will be "very heavy." Ties between the two countries have strengthened dramatically following North Korean leader Kim Jong Un's visit to Russia's far east in September and a summit with President Vladimir Putin. At a major policy-setting meeting of the ruling Workers' Party in December, Kim devoted a considerable portion of his remarks on the need to boost agricultural productivity, calling for modernization of farm equipment and improved irrigation system. While he touted success in efforts to improve farm production, North Korea has long grappled with food shortages, in part due to prolonged U.N. sanctions over its weapons programmes and seasonal natural disasters. Ri, who is considered a career technocrat in the agricultural field according to the South Korean government database, was promoted to chairman of the Agricultural Commission at the Workers' Party meeting. The two countries have exchanged a number of delegations since their leaders' meeting in September and the frequency has increased in recent months, according to North Korean state media. U.S. and South Korean officials have expressed concern that the centrepiece of closer cooperation is military, accusing the North of shipping weapons to Russia for use in its war in Ukraine. Both Moscow and Pyongyang have denied the accusations even though their leaders have vowed to deepen military cooperation. The Reuters Daily Briefing newsletter provides all the news you need to start your day. Sign up here. https://www.reuters.com/world/high-level-north-korea-agriculture-delegation-visits-russia-kcna-2024-04-20/

2024-04-20 22:27

WASHINGTON, April 20 (Reuters) - South Africa faces upside risks to its inflation outlook, Central Bank Governor Lesetja Kganyago said, but the latest data has not shown evidence of price pressures from food despite adverse El Nino weather wreaking havoc across Africa. Data out on Wednesday had shown headline inflation fell to 5.3% year-on-year, down from 5.6% in February and coming in a touch below analyst expectations. In its March decision, the South African Reserve Bank (SARB) said headline inflation was expected to reach 4.5% - the midpoint of its target range - only at the end of 2025, later than previously forecast. "There are upside risks to the inflation outlook," Kganyago told Reuters on the sidelines of the International Monetary Fund and World Bank spring meetings in Washington. Those risks stemmed from higher oil prices on the back of heightened tensions in the Middle East, but also the prospect of tight global financial conditions amid the prospect of interest rates at the U.S. Federal Reserve staying higher for longer. This would likely suck capital out of emerging markets and into advanced economies, which could lead to a realignment of exchange rates, he said. "And we are in that category," said Kganyago. South Africa's rand has weakened more than 4% against the dollar since the start of the year. Price pressures from food stuffs has been in focus across the continent, with droughts and adverse weather in much of the region wreaking havoc. However, Kganyago said the latest inflation data had not shown signs of those pressures in South Africa. "There are El Nino conditions... but the El Nino effect has not been felt yet." Africa's most industrialised nation is grappling with an ailing economy and high debt ahead of a general election on May 29 that could see the governing African National Congress party lose its parliamentary majority for the first time since the end of apartheid 30 years ago. Asked about the election uncertainty, Kganyago said this was a global phenomenon with a record number of countries around the globe holding elections. "That is what you face - that uncertainty manifests itself in the foreign exchange market, it manifests itself in the bond market, in the equities market." The Reuters Daily Briefing newsletter provides all the news you need to start your day. Sign up here. https://www.reuters.com/world/africa/safrica-faces-upside-risk-inflation-financial-conditions-cenbank-governor-2024-04-20/

2024-04-20 20:55

WASHINGTON, April 20 (Reuters) - Angola's central bank sees relative stability for the country's kwanza currency this year, Governor Manuel Tiago Dias said on Saturday, cautioning that the bank's inflation forecast could be raised due to changes in fuel price subsidies. Speaking in an interview with Reuters on the sidelines of the International Monetary Fund and World Bank spring meetings, Dias confirmed he expected consumer price inflation to stand at 19% by year-end, down from 20% in 2023 and from 26.09% in March (AOCPIY=ECI) New Tab, opens new tab. "These forecasts could be altered, especially if there are any changes to fuel price subsidies, and the impact of that would then be higher inflation than what we currently anticipate," he said. Squeezed by surging debt costs and high pump prices, governments across Africa have been trying to scrap costly fuel benefits but this has proved unpopular and sparked protests in countries from Angola to Senegal and Nigeria in recent years. Oil-producing Angola spent 1.9 trillion kwanza ($2.3 billion) subsidising fuel in 2022, more than 40% of what the IMF estimated it spent on social programmes. After the kwanza fell about 40% against the dollar last year, the central bank governor has greater confidence that current market conditions would allow for stability. "Based on the information available at the moment, we will continue to have relative stability in the exchange rate," he said, adding he had reiterated Angola's commitment to a flexible exchange rate regime to both the IMF and investors during the spring meetings. Regarding the next monetary policy steps, Dias said he was keeping an eye on the evolution of the global economy - for which he sees no major changes amid the maintenance of global interest rates at relatively high levels - and domestic indicators. Persistent high oil prices would also sustain high export revenues in the second quarter, he said. "Looking to the next quarter, our perspective is that the currency supply in the foreign exchange market will remain around $600 million monthly," he said. "If there is any specific government intervention, this supply level could increase, and naturally, the stability of the exchange rate could also contribute to a potential inflation slowdown." The Bank of Angola's next monetary policy meeting is scheduled for May, following a 100 basis-point rate increase in March, which brought its main interest rate to 19%. ($1 = 832.8230 kwanzas) Sign up here. https://www.reuters.com/world/africa/angolas-central-bank-governor-forecasts-fx-stability-amid-inflation-concerns-2024-04-20/

2024-04-20 18:49

WASHINGTON, April 20 (Reuters) - The Inter-American Development Bank on Saturday said leaders of 10 multilateral development banks committed to take action in five critical areas, including additional lending headroom totaling $300-400 billion over the next decade. The effort comes amid growing calls for these institutions to boost financing under favorable conditions to developing countries, which face greater challenges in climate transition and are more affected by the environment of higher global interest rates. "Together, we will be able to achieve more, with greater impact and on a larger scale," said IDB President, Ilan Goldfajn. Following a retreat held in Washington at the IDB headquarters, on the sidelines of the International Monetary Fund and World Bank spring meetings, the MDBs said the agreed plan involves "joint steps to work more effectively as a system," as reported by Reuters on Wednesday. The group includes institutions such as the World Bank Group, the New Development Bank, the Asian Infrastructure Investment Bank, the European Investment Bank, and the African Development Bank. The IDB said in a statement that the increased financing capacity will be supported by the offer of innovative financial instruments and by promoting the channeling of the IMF's Special Drawing Rights (SDRs) through MDBs. The IDB also foresaw actions "providing more clarity on callable capital, which would help rating agencies better assess the value of callable capital." The MDBs also committed to boosting action on climate change, envisioning the delivery of a common approach to measuring climate results on adaptation and mitigation, and reporting climate financing jointly. The other pillars of work agreed upon on Saturday include strengthening country-level collaboration and co-financing, catalyzing private-sector mobilization, and enhancing development effectiveness and impact. Sign up here. https://www.reuters.com/business/finance/multilateral-development-banks-eye-up-400-bln-more-lending-over-10-years-2024-04-20/