2023-11-30 09:25
LONDON, Nov 30 (Reuters) - Trading app operator Robinhood Markets Inc. (HOOD.O) said on Thursday it would roll out brokerage services in Britain, as part of an international expansion plan to "democratise finance" and increase access to markets. Robinhood grabbed the attention of millions during a 2021 retail trading surge in the United States, when mom-and-pop investors flocked to the company's commission-free platform to back "meme stocks" - shares that gained a frenzied following during pandemic-era lockdowns. Since then, trading activity has shrunk as people grapple with a cost-of-living crisis caused by high interest rates and inflation. Robinhood's plans come one month after Britain's Financial Conduct Authority (FCA), which has been reviewing stock trading app design features, told platform chiefs it expected customers to be protected from reckless trading and scams. Vlad Tenev, CEO and Co-Founder of Robinhood, said Britain was the "ideal place" for the company to launch its first international brokerage product, describing the UK as a hub for innovation, global finance and tech talent. Robinhood said UK customers will have access to commission-free trading of more than 6,000 US-listed stocks and American Depositary Receipts (ADRs), without foreign exchange fees and no account minimums. "For too long, UK investors have incurred high fees to invest in the U.S. markets and earned low returns on their uninvested cash," said Jordan Sinclair, president of Robinhood UK. Customers could earn a 5% annual equivalent rate on uninvested cash, Robinhood said, with accounts insured by the U.S. Federal Deposit Insurance Corporation up to a total maximum of $2.25 million. The online brokerage missed Wall Street estimates for third-quarter revenue earlier this month after a slowdown in trading activity. Robinhood's transaction-based revenue slid 11% year-on-year to $185 million as monthly active users dropped 16% to 10.3 million from a year earlier. https://www.reuters.com/business/finance/robinhood-opens-britain-with-low-cost-us-trading-woo-clients-2023-11-30/
2023-11-30 09:05
FRANKFURT, Nov 30 (Reuters) - Euro banknotes are set to get a new design with themes focused on European culture, birds and rivers in an effort to make them more relatable, the European Central Bank said on Thursday. Due towards the end of the decade at the earliest, the banknotes are also aimed at reassuring the public that cash is here to stay, even as the ECB works on launching a digital version of its own currency, possibly around the same as it rolls out the new bills. Banknotes under the culture theme could depict monuments, works of art, literature, music, scientific discoveries and inventions. The nature theme could show rivers crossing borders or depict images of regional birds. "They both share a common thread of connecting Europeans and this is what Europe and our common currency is all about: connecting us," ECB President Christine Lagarde said. A final design could be chosen in 2026 while it could take another several years before they are actually issued into circulation. The new banknotes will replace the more than two decade old design of windows, gateways and bridges. The changes do not impact coins, which feature national designs. https://www.reuters.com/markets/currencies/euro-banknotes-set-get-facelift-ecb-says-2023-11-30/
2023-11-30 07:00
OSLO, Nov 30 (Reuters) - Denmark's Orsted (ORSTED.CO) said on Thursday it has been granted a 1.6 gigawatt (GW) electricity business licence (EBL) in South Korea for an offshore wind project located 70 km (43 miles) off the coast of Incheon City. Subject to a final investment decision, the project is expected to be South Korea's largest offshore wind project when completed in the early 2030s, Orsted said. The project will support Incheon's net-zero carbon emissions goal with a capacity to provide renewable energy to over a million households while reducing the emissions by some 4 million tonnes annually, the company said in a statement. Before development can take place, Orsted must complete environmental impact assessments, site investigations, and preparations for participating in South Korea's annual fixed-price wind auction, it added. https://www.reuters.com/business/energy/orsted-wins-licence-south-korea-offshore-wind-project-2023-11-30/
2023-11-30 06:47
MUMBAI, Nov 30 (Reuters) - The Indian rupee was down slightly on Thursday but traders expect the local unit to stay put in its narrow range supported by likely dollar sales from exporters. The rupee was at 83.3450 against the U.S. dollar as of 11:40 a.m., slightly lower than its previous close at 83.3250. Asian currencies were mostly weaker with the Indonesian rupiah leading losses down by 0.6%. The dollar index was largely steady in Asia but fell to its lowest in over three months overnight. The rupee is likely to keep hovering in its routine 5-10 paisa range, a foreign exchange trader at a foreign bank said. "There are multiple orders (from exporters) to sell dollars near 83.35 levels," the trader added. The 10-year U.S. treasury yield inched higher in Asia to 4.28% but is on course for its largest monthly decline in more than two years as softening in U.S. economic data cemented bets that the U.S. Federal Reserve is done hiking policy rates. Fed futures are pricing in slightly more than 100 basis points of rate cuts in 2024, most likely starting in May. The rupee could see "another day of lacklustre trade", Dilip Parmar, a foreign exchange research analyst at HDFC Securities, said. While the dollar index has dropped more than 3.5% in November so far, the rupee has largely remained on the sidelines in the face of strong local dollar demand, traders said. Investors now await India's GDP and U.S. inflation data due later in the day. Core personal consumption expenditure (PCE) inflation in the United States likely moderated to 0.2% month-on-month in October, down from 0.3% in September, according to a Reuters poll. https://www.reuters.com/markets/currencies/rupee-edges-lower-exporters-dollar-sales-likely-limit-downside-2023-11-30/
2023-11-30 06:45
JOHANNESBURG, Nov 30 (Reuters) - Impala Platinum (IMPJ.J) said Thursday it is restarting mines that had been halted for two days after an accident at one of its shafts resulted in the deaths of 12 workers. Mining operations at platinum mines in Rustenburg - in South Africa's North West province - would be gradually ramped up to full production by Monday, Johan Theron, the spokesperson for Impala said. The Johannesburg-based platinum shut down most of its mines in South Africa after an accident at its No. 11 shaft killed 11 workers and saw another 75 hospitalised on Monday. Impala said Wednesday another employee had succumbed to injuries, raising the toll to 12. "The process to resume production starts today but we will be close to normal production from Monday next week," Theron told Reuters. Impala is among South African companies that operate some of the world's deepest and ageing platinum mining shafts. South Africa is the world's top supplier of platinum, which is used in devices that help curb toxic vehicle emissions. The mine where the incident took place would probably restart next year, said Theron, declining to say how the closure would impact group metals output. The No. 11 shaft accounts for about 15% of Impala's platinum-group metals production at the Rustenburg mining complex. "It's safe to assume that it will be up early next year but our primary consideration right now is not to count ounces," Theron said. https://www.reuters.com/world/africa/impala-platinum-resumes-mining-south-african-mines-after-deadly-accident-2023-11-30/
2023-11-30 06:44
JOHANNESBURG, Nov 30 (Reuters) - The South African rand weakened against a broadly stronger U.S. dollar on Thursday after local data showed a rise in producer inflation, a widening budget deficit and a trade deficit. At 1510 GMT, the rand traded at 18.8850 against the dollar , about 0.7% weaker than its previous close. The dollar last traded around 0.6% stronger against a basket of global currencies, boosted by month-end demand as investors squared positions for November. South Africa's producer inflation (ZAPPIY=ECI) quickened to 5.8% year on year in October from 5.1% in September, statistics agency data showed, in line with expectations. The country's budget balance data for October (ZABUDM=ECI) showed a deficit of 41.23 billion rand ($2.19 billion), compared to a deficit of 40.57 billion rand in the same month a year earlier. The South African Revenue Services also published trade balance figures (ZATBAL=ECI) for October, showing a deficit of 12.66 billion rand. Investors had expected lacklustre figures, said analysts at ETM Analytics. "On a trade-weighted basis, the ZAR has had a bad week, reflecting the onset of more intense load-shedding and the plethora of negative news headlines, mostly related to dysfunctional SOEs (state-owned enterprises)," ETM said in a research note. South Africa's benchmark 2030 government bond was weaker, with the yield up 6.5 basis points at 9.980%. On the Johannesburg Stock Exchange, the Top-40 index (.JTOPI) ended the day about 0.5% higher. https://www.reuters.com/markets/currencies/south-african-rand-strengthens-ahead-ppi-trade-balance-data-2023-11-30/
