2023-12-26 06:36
NEW DELHI, Dec 26 (Reuters) - Flight and rail services in India's capital city of New Delhi were disrupted on Tuesday morning as a thick layer of fog enveloped the region, reducing visibility to barely 50 metres (164 feet) in some areas. "Very dense fog" was observed in the city, where the temperature was just 9 degrees Celsius (48 degrees Fahrenheit), India's weather department said, adding "dense to very dense fog" was likely in the early hours of the day in some areas until Wednesday. "Dense fog" contains particulate matter and other pollutants, according to the weather department, which warned of the impact this may have on the health of the city's 20 million residents. New Delhi's air quality index stood at 376 on Tuesday morning, rated as "very poor", according to the Central Pollution Control Board's website. Levels of 0 to 50 are considered to be good. At least 30 flights that were to land at or depart from the Delhi airport, including on international routes, experienced delays because of the dense fog, according to Indian news agency ANI, in which Reuters has a minority stake. About 14 trains travelling along routes in North India were similarly affected, ANI reported. "While landings and takeoffs continue at Delhi Airport, flights that are not CAT III compliant may get affected," the Indira Gandhi International airport said on social media platform X, formerly known as Twitter. CAT III is a navigation system that enables aircraft to land even when the visibility is low. Airlines like India's SpiceJet (SPJT.NS) also took to social media to warn passengers that departures and arrivals from New Delhi may get affected "due to bad weather". Other parts of North India, including the states of Punjab and Uttar Pradesh, reported similar weather conditions on Tuesday morning, with temperatures ranging between 6 C and 10 C (43 F to 50 F) in most places, the weather department said. https://www.reuters.com/world/asia-pacific/dense-fog-disrupts-flights-trains-new-delhi-2023-12-26/
2023-12-26 06:24
BEIJING, Dec 26 (Reuters) - China - grappling with one of its coldest Decembers on record - will likely have to brace for another round of scorching heat and an increase in extreme weather next year due to the El Nino weather phenomenon, a senior climate expert said. This year has seen China lurch from some of its hottest temperatures logged since 1850 to a harsh cold snap that froze many parts of the country for close to a fortnight earlier this month. "2024 may be hotter and it could also be a year when extreme weather may become more frequent and powerful," Zhou Bing, China's National Climate Center chief expert, was quoted as saying in a report by state broadcaster CCTV. This past summer saw Beijing bake in record heat while a remote township in the country's arid northwest logged a day of 52 degrees Celsius (126 Fahrenheit) - the hottest on record for China. Typhoons also brought record-breaking rainfall in China's north, causing widespread flooding. El Nino refers to the climate phenomenon that occurs every two to seven years, where waters near the equator in the Pacific become warmer than normal leading to heavy rainfall, storms or droughts in some parts of the world. This year's El Nino began in June and has set new temperature highs around the world. Weather experts predict El Nino could fade between April and June next year, but as its effects take months to materialise, there could be more temperature records broken in 2024. Zhao said extreme weather could "more pronounced" coming on the heels of El Nino. The weather phenomenon typically brings warmer winters in China. But experts said that El Nino, combined with blasts of chilly winds from the Arctic earlier this month, had complicated forecasts, with a cold wave that shrunk the mercury to below minus 40 degree Celsius (minus 40 Fahrenheit) in some areas in China. Extreme weather such as cold waves, high temperatures, heavy rains and sand storms have been frequent this year, with new records set for temperatures, rain and snow precipitation and other data in weather logs, Beijing News said. China's observatory called the weather pattern since mid-December "unusually complex", with the circulation of chilly air persisting until the start of the new year. China will experience another two less-intense cold waves in the coming week as temperatures gradually normalise, the country's meteorological bureau said. https://www.reuters.com/world/china/china-expects-searing-heat-more-weather-extremes-2024-2023-12-26/
2023-12-26 06:22
JAKARTA, Dec 26 (Reuters) - The death toll from a fire at an Indonesian nickel smelter has risen to 18 as of Tuesday from 13 on Sunday, local police said, while operations at the smelter remain suspended as authorities investigate the cause of the incident. Fire broke out early on Sunday morning at a nickel smelter furnace on Sulawesi island owned by Indonesia Tsingshan Stainless Steel (ITSS), a unit of China's Tsingshan Holding Group. Indonesia, the world's biggest nickel producer, has banned unprocessed nickel ore exports while promoting major investments in smelting and processing, but several fatal accidents have hit the sector in recent years. President Joko Widodo, while identifying nickel processing as a priority for economic development, has called for improved safety and enhanced monitoring of environmental standards. Central Sulawesi police spokesperson Djoko Wienartono said on Tuesday that the victims included eight foreign workers, and that the police are still investigating the cause of the fire. China's foreign ministry said four Chinese were among the initial 13 confirmed dead. A spokesperson for the Indonesia Morowali Industrial Park where the plant is located, Dedy Kurniawan, said on Tuesday that operations would remain suspended during the investigation. https://www.reuters.com/world/asia-pacific/death-toll-indonesia-smelter-fire-rises-18-operation-halted-2023-12-26/
2023-12-26 05:08
NEW DELHI, Dec 26 (Reuters) - The Indian navy will deploy guided missile destroyer ships in the Arabian Sea as a deterrent after an Israel-affiliated merchant vessel was struck off the Indian coast over the weekend. The navy was investigating the nature of the attack on the vessel, MV Chem Pluto, which docked in Mumbai on Monday, and initial reports pointed to a drone attack, a navy statement said. "Further forensic and technical analysis will be required to establish the vector of attack, including type and amount of explosive used," the statement added. India was committed to keeping sea lanes in the Indian ocean region safe and secure for maritime trade, the defence minister said on Tuesday. "India plays the role of a net security provider in the entire Indian Ocean region. We will ensure that maritime trade in this region rises from the sea to the heights of the sky," Rajnath Singh said at the commissioning ceremony of another guided missile destroyer ship in Mumbai. Prime Minister Narendra Modi's government had taken the drone attack on MV Chem Pluto and an earlier attack on commercial crude oil vessel MV Sai Baba, in the Red Sea, very seriously, Singh said. "The Indian Navy has increased its surveillance of the seas. We shall find whoever is responsbible for this attack and strict action will be taken against them," he said. Iran's foreign ministry on Monday called a U.S. claim that Iran had attacked the ship near India "baseless". The Pentagon said on Saturday that a drone launched from Iran struck the MV Chem Pluto in the Indian Ocean. The strike came as a U.S.-led task force is trying to counter similar challenges in the Red Sea. "Considering the recent spate of attacks in the Arabian Sea, Indian Navy has deployed Guided Missile Destroyers, INS Mormugao, INS Kochi and INS Kolkata ...in various areas to maintain a deterrent presence," the navy statement said. The vessel's crew included 21 Indians and one Vietnamese citizen. https://www.reuters.com/world/india/indian-navy-deploy-guided-missile-destroyer-ships-after-strike-off-its-coast-2023-12-26/
2023-12-26 04:40
MUMBAI, Dec 26 (Reuters) - The Indian rupee was barely changed on Tuesday as local dollar demand continued to limit gains even as the dollar index languished close to its lowest level in nearly 5 months. The rupee was at 83.1650 against the U.S. dollar as of 9:50 a.m. IST, little changed from its close at 83.14 on Friday. Most Asian currencies strengthened and were up between 0.2% to 0.5%. The dollar index was largely steady at 101.6 in Asia hours but had dropped to its lowest since late July on Friday after softer than expected U.S. inflation data. While "sentiments favour rupee bulls," the local unit is unlikely to see meaningful gains and may hover between 83.05 and 83.25 in Tuesday's session, Dilip Parmar, a foreign exchange research analyst at HDFC Securities, said. Core personal consumption expenditure (PCE) inflation, the U.S. Federal Reserve's preferred inflation gauge, rose 0.1% month-on-month in November, less than the 0.2% expected by economists polled by Reuters. The core PCE price index rose 3.2% year-on-year in November, the smallest rise since April 2021. The data is likely to support bets that the Fed will begin easing policy rates soon. Investors are currently pricing a slightly less than 90% chance that the Fed will cut rates at its March meeting, according to CME Group's FedWatch tool. Meanwhile, rupee forward premiums ticked up with the 1-year implied yield rising 2 basis points to 1.77%. Forward premiums could have more room to rise as the "paying bias" is likely to continue in the near-term, a foreign exchange trader at a private bank said. Forward premiums have been supported by rising Fed rate cut bets even as the Reserve Bank of India is expected to stay on an extended pause. https://www.reuters.com/markets/currencies/rupee-flat-forward-premiums-up-rising-fed-rate-cut-bets-2023-12-26/
2023-12-26 02:55
MUMBAI, Dec 26 (Reuters) - The Indian rupee is likely to decline slightly at open on Tuesday, in spite on an uptick on most Asian currencies after a U.S. inflation print reinforced expectations the Federal Reserve will cut rates several times next year. Non-deliverable forwards (NDFs) indicate the rupee will open at 83.18-83.20 to the U.S. dollar compared with 83.14 on Friday. Indian markets were off on Monday. NDFs indicating a lower opening (for the rupee) "is nothing" and "merely reflects how directionless it all is," a foreign exchange trader at a bank said. "The dips (on USD/INR) have been bought into and that may be it." Asian currencies were up 0.1% to 0.4% after data out Friday indicated that U.S. prices fell in November for the first time in more than 3-1/2 years, pushing the annual increase in inflation further below 3%. The personal consumption expenditures (PCE) price index, fell 0.1% month-on-month in November, while the core PCE measure increased less than expected. After Friday's print "the required December monthly print to reach Fed's forecast for 2023 of 3.2% (Q4/Q4) is around 0.2% month-on-month," Morgan Stanley said in a note. The data is likely to further spur bets that the Fed will not be holding rates this high for much longer. Investors are pricing in high probability of a rate cut next March and are looking at a total of 150 basis points of rate reductions in 2024. The 2-year U.S. Treasury yield dipped on Friday and logged its fifth weekly fall. The yield has dropped nearly 40 bps in December, dampening demand for the dollar. The dollar index is down 1% month-to-date. KEY INDICATORS: ** One-month non-deliverable rupee forward at 83.24; onshore one-month forward premium at 8 paisa ** Dollar index down at 101.58 ** Brent crude futures down 0.4% at $79.1 per barrel ** Ten-year U.S. note yield at 3.88% ** As per NSDL data, foreign investors sold a net $157.4 mln worth of Indian shares on Dec. 21 ** NSDL data shows foreign investors bought a net $54.4 mln worth of Indian bonds on Dec. 21 https://www.reuters.com/markets/currencies/rupee-may-weaken-despite-broadly-positive-asian-cues-2023-12-26/
