2023-12-21 19:28

Dec 21 (Reuters) - Microsoft Corp's (MSFT.O) plan to end support for Windows 10 operating system could result in about 240 million personal computers (PCs) being disposed, potentially adding to landfill waste, Canalys Research said. The electronic waste from these PCs could weigh an estimated 480 million kilograms, equivalent to 320,000 cars. While many PCs could remain functional for years post the end of OS support, Canalys warned demand for devices without security updates could be low. Microsoft announced a plan to provide security updates for Windows 10 devices until October 2028 for an undisclosed annual price. If the pricing structure for extended Windows 10 support mirrors past trends, migrating to newer PCs could be more cost-effective, increasing the number of older PCs heading to scrap, Canalys said. Microsoft aims to discontinue support for Windows 10 by October 2025. The next generation of the OS, anticipated to bring advanced artificial intelligence technology to PCs, could potentially boost the sluggish PC market. Microsoft did not immediately respond to a request for comment on the environmental impact of disposal of Windows 11-incompatible devices. Hard drives used in personal computers and data storage servers are recycled to gather materials for use in electric vehicle motors and even renewable power generation. "Turning end-of-life computers into the magnets that power sustainable technologies like electric vehicles and wind turbines will help meet the rising global demand for electricity," said Noveon Magnetics Chief Commercial Officer Peter Afiuny. Afiuny added hard drives are often discarded before they reach the end of their functional lifespan, creating an excess of rare earth magnetic material waste. Battery recycling firm Redwood Materials said batteries can be nearly infinitely recycled to recover metals such as lithium, cobalt, nickel and copper. https://www.reuters.com/technology/microsoft-ending-support-windows-10-could-send-240-mln-pcs-landfills-report-2023-12-21/

2023-12-21 19:12

FRANKFURT/ATHENS/LONDON/LOS ANGELES, Dec 21 (Reuters) - Germany's Hapag-Lloyd and Hong Kong's OOCL said on Thursday they would avoid the Red Sea, the latest shipping companies to do so after attacks by Yemen's Houthi group on vessels disrupted global trade, prompting the establishment of a naval task force. The hostilities have put a chokehold on ship passages through the Suez Canal, which handles about 12% of worldwide trade. The Suez Canal is most vital to the movement of goods between Asia and Europe, but global logistics executives warned that sending ships on alternate routes could roil global supply chains, causing backups at ports and shortages of vessels, containers and equipment that are suddenly in the wrong place. "The situation remains fluid, things could change quickly, which is why contingency plans that include a plan A, B and C are critical to keeping supply chains moving," said Matthew Burgess, vice president of global ocean services at C.H. Robinson Worldwide (CHRW.O). Hapag-Lloyd said it would reroute 25 ships by the end of the year from the key waterway as freight rates and shipping stocks have increased because of the disruption. Avoiding the Red Sea and Suez Canal means following a far longer route around Africa. The Iran-aligned Houthis, who control much of Yemen, have been attacking ships passing through the Bab al-Mandab Strait at the southern end of the Red Sea for weeks in what they say is a response to Israel's war in Gaza. Traders are meanwhile scrambling to find workarounds, including air flights, to get consumer goods to retailers, with journeys around Africa adding roughly 10-14 days extra to voyage times. "Up to this moment, we have guided OOCL-operated vessels to either divert route or suspend sailing to Red Sea," Hong Kong-headquartered container group OOCL told Reuters in a statement on Thursday, the first time it had confirmed pausing sailings. A crisis at a single point in the supply chain can cause ships to bunch up, upending arrival and departure schedules at seaports and cascading delays throughout the system, said Christian Sur, executive vice president of ocean freight at Unique Logistics. The cost to ship a container from China to the Mediterranean was up 44% in December alone to reach $2,413, due to the Red Sea disruptions, Freightos (CRGO.O) said earlier this week. If the conflict persists or intensifies those so-called "spot" prices for cargo that isn't under contract "could double or triple from current levels," Sur said. Global furniture seller IKEA is among the shippers warning of potential cargo delays and product shortages. Elsewhere, Finnish elevator maker Kone (KNEBV.HE) estimated that some shipments could be delayed by two to three weeks. While goods that travel by container, including apparel, toys and food, are most at risk - other products are being affected. U.S. soybean exporters, who were already switching shipments from the drought-stricken Panama Canal to the Suez Canal, are weighing whether to start putting crops on trains to the West Coast to access ships that go directly to China and other Asian markets to avoid significantly longer alternate voyages around South America or Africa. "You've got all these imperfect options available," Mike Steenhoek, executive director of the Soy Transportation Coalition. Analysts warned that some retailers could start running low on some goods by February, though after the COVID-19 pandemic more companies have sought resilience in supply chains by buying from exporters in different regions. "We are more experienced having gone thru COVID," said Sur, whose firm counts retailers among its clients. COALITION Greece said on Thursday it would send a naval frigate to the area to help protect shipping as part of a multinational coalition announced by the United States to ensure safe passage through the waterway. Greek ship-owners control about 20% of the world's commercial vessels in terms of carrying capacity. However, several countries the United States said would join the coalition have signalled they do not expect to send much naval power to the region while Saudi Arabia, which borders the Red Sea, was not listed as taking part. The Houthi leader has meanwhile threatened to escalate attacks to include U.S. naval ships, raising the prospect of a wider conflict around the Bab al-Mandab strait. A Hapag-Lloyd spokesperson said one of the company's ships, the Al Jasrah, was attacked near Yemen on Dec. 15 on its way to Singapore and the company would take more decisions on routes by the end of the year. The spokesperson said the company had received no detailed information about the U.S.-led naval coalition aimed at protecting Red Sea shipping. Stabilising the critical waterways will be vital to ensure that shipping traffic can fully resume, ocean transportation executives said. The fallout is also being felt directly in Israel. OCCL said on Saturday that "due to operational issues," it would stop accepting cargo to and from Israel until further notice. Israel's most southern port of Eilat has seen an 85% drop in activity since Houthi attacks stepped up, the port's chief executive said on Thursday. https://www.reuters.com/world/middle-east/more-ships-avoid-red-sea-attacks-disrupt-world-trade-2023-12-21/

2023-12-21 19:01

BUENOS AIRES, Dec 21 (Reuters) - Argentine sovereign debt rose on Thursday and stocks dipped after early gains, as market participants cautiously welcomed an emergency presidential decree ending limits on exports and taking other steps to deregulate an ailing economy. Attention now turns to congress, which has power to strike down the decree signed by new libertarian president Javier Milei late on Wednesday while people protested against sweeping austerity measures and demanded financial support for the poor. Thousands of Argentines took to the streets for a second day on Thursday to oppose the decree. Local media broadcast images of crowds banging pots and pans in protest in cities such as Rosario, Mar del Plata, Córdoba and the capital Buenos Aires. Ahead of the demonstrations, the Buenos Aires S&P Merval (.MERV) index dipped into negative territory after strong opening gains, while over-the-counter sovereign debt advanced 2.9% after initially climbing as much as 4%. Bond spreads - the premium investors demand to buy Argentine debt rather than U.S. - have narrowed to near their tightest since early February, as investors grew more confident of the government's ability to meet debt obligations. The complex decree mandates more than 300 measures. It must be sent to a legislative Bicameral Commission, and if the commission deems the decree constitutional, it will remain in force unless both houses of congress vote it down. "Investors are going to be keeping a close eye on the reaction of lawmakers who have the power to block the proposals," said Bruno Gennari at London-based fixed-income bank KNG Securities. Broadly, the measures announced were in line with what investors anticipated: "It is unlikely that we'll see much of a price impact on bonds in response," Gennari said. Milei's coalition, La Libertad Avanza, holds only 15% of lower house seats and less than 10% of the senate. Analysts have said proposing changes through laws approved by congress rather than by decree would have been a less destabilizing approach. The president, who has pledged economic "shock therapy", told local media on Thursday the measures were "unfriendly" but necessary to fix macroeconomic imbalance. The country is battling recession, triple-digit annual inflation and a growing poverty rate. Argentina was due on Thursday to make a $900 million payment to the International Monetary Fund (IMF), which it plans to settle using a $960 million bridge loan from CAF - Development Bank of Latin America and the Caribbean - approved on Dec. 15. It previously had to use a swapline with China's central bank as well as a loan from Qatar to make IMF payments on time. Earlier on Wednesday, the first major planned demonstration against the new government took place. "This is ripping off the country, this is impoverishing the population even more," 63-year-old Graciela Valdez said following the decree. "Here there is no measure taken in favor of the worker." https://www.reuters.com/world/americas/argentina-presidential-decree-unveiled-investors-keep-close-eye-congress-2023-12-21/

2023-12-21 18:05

Dec 21 (Reuters) - Cryptocurrency exchange Coinbase Global (COIN.O) secured registration with the French markets regulator on Thursday, as it seeks to expand globally under its Go Deep, Go Broad strategy. France's AMF watchdog has given Coinbase virtual asset service provider (VASP) approval, a green light for the company to operate digital currency services. Registration will allow Coinbase to offer its full suite of retail, institutional and ecosystem products and services to users in the country. "Achieving VASP status in France allows us to continue to grow globally in the best possible way, onboarding the next one billion people into crypto, while ensuring consumers' assets are secure and that compliance is prioritized," said Daniel Seifert, vice president and regional managing director, EMEA, at Coinbase. Coinbase had also said earlier this year it was in discussions with the Financial Services Regulatory Authority in the Abu Dhabi Global Market over a potential license for a regulated exchange. Looking to increase its footprint in European markets, the company has been in the process of expanding in Italy, Spain and France since last year. https://www.reuters.com/business/finance/coinbase-secures-crypto-license-france-cnbc-2023-12-21/

2023-12-21 17:22

NEW YORK, Dec 21 (Reuters) - Mortgage rates fell to a six-month low this week to the lowest figure since June, indicating relief has come to prospective buyers on the back of a rallying bond market. The average fixed-rate 30-year mortgage fell to 6.67% as of Thursday from 6.95% the week prior, according to a report released by Freddie Mac. “The 30-year fixed-rate mortgage remained below seven percent for the second week in a row, a welcome downward trend after 17 consecutive weeks above seven percent,” said Sam Khater, Freddie Mac’s chief economist. “Lower rates are bringing potential homebuyers who were previously waiting on the sidelines back into the market and builders already are starting to feel the positive effects." Mortgage rates have steadily risen since 2022, following the Federal Reserve’s aggressive rate hike campaign. After the Fed maintained its policy benchmark for three consecutive meetings, expectations of its cycle coming to a close have pushed yields on mortgage backed securities down, and rates have eased from two-decade highs in October that neared 8%. High interest rates created a staring contest this year between buyers and sellers, dissuading homeowners locked into cheaper rates from selling and pricing out prospective buyers. Softening mortgage rates have drawn some sellers from the sidelines, with existing home sales increasing by an unexpected 0.8% in November after a five-month stretch of decline, according to a National Association of Realtors report released Wednesday. https://www.reuters.com/markets/us/mortgage-rates-continue-soften-freddie-mac-2023-12-21/

2023-12-21 16:27

Dec 21 (Reuters) - The 12 regional banks of the U.S. Federal Reserve system on Thursday said they had adopted a new "transparency and accountability" commonpolicy regarding requests for bank records from the media and public. The policy goes into effect on Jan. 1, 2024. The Washington-based Board of Governors, which comes under the umbrella of the U.S. government, is already subject to Freedom of Information Act requests. The move comes after more than a year of pressure from members of Congress, who oversee the central bank, with both Republicans and Democrats periodically accusing the regional Fed banks of stonewalling requests for information that they argued should be part of the public record. The regional Fed banks, while overseen by the Board of Governors, are quasi-private institutions, technically owned by local private banks. While some banks did previously have their own Freedom of Information policies in place, there was no uniformity until now on handling such information requests from either the media or public. They still have no legal obligation to disclose records. The adoption of the new policy means that records created on or after January 1, 2024, that fall into a prescribed category and are not otherwise exempt, "will be published or provided upon request," according to the policy document. The regional Fed banks contribute to monetary policy making and in the case of the New York Fed, implement it, while also regulating local banks and providing services to financial firms. https://www.reuters.com/markets/us/regional-us-fed-banks-adopt-records-transparency-policy-2023-12-21/