2024-06-20 07:45

BEIJING, June 20 (Reuters) - Days of torrential rain, flash floods and landslides across southern China have forced authorities to enact emergency plans, as swollen rivers threaten to overflow further, potentially disrupting the lives of millions. On Thursday, Guangdong upgraded an emergency response plan for disasters like landslides and flooding to the second-highest level, helping to coordinate and deploy resources across the flood-stricken province. Several other provinces have already activated a Level-IV emergency response for flood control as this year's flooding season kicked into high gear. China's flood control emergency response system has four levels, with Level-I being the most severe. The annual flooding season started earlier in China this year, as southern provinces battle with intense storms that have swept away bridges and destroyed low-rise homes, devastated agricultural output and submerged numerous cities. Heavy rain and landslides in China's coastal provinces of Guangdong and Fujian have already killed at least nine people and left several people missing. Authorities in Guilin, a major city in Guangxi in southwest China, raised a "red" flood warning signal, the highest level, late on Wednesday when the water level of the Li River, which runs through the city, reached 3.61 metres above the warning line, China Daily reported on Thursday. The water level at the river's hydrological station in Rongjiang township hit a record high, threatening residents' lives and properties along the river, the report said. Guilin authorities urged departments, townships and scenic spots to help prevent and combat possible flooding in the coming days as water levels at major rivers continue to rise, according to state media. Guilin Railway station officials suspended operations of some trains at various stations, and trains passing through some lines will be delayed, according to a statement from its official Weibo social media account. The central government in Beijing has earmarked 346 million yuan ($48.63 million) in disaster relief funds to assist flood control and drought relief efforts, according to Xinhua news agency. Moderate to heavy rain is expected to start again Friday through Monday in the middle and lower reaches of the Yangtze River, the longest waterway in Asia, according to China's Central Meteorological Observatory. Several areas could see more torrential rain over the next two weeks as a lingering rain belt moves northward, according to the National Meteorological Center, state media reported. Sign up here. https://www.reuters.com/business/environment/rains-lash-southern-china-rising-rivers-threaten-more-flooding-2024-06-20/

2024-06-20 07:45

Berlin drops TenneT Germany deal over budget strains TenneT seeks another buyer or IPO for German arm Germany could still buy minority stake - source AMSTERDAM/BERLIN, June 20 (Reuters) - The Dutch government said on Thursday it would try to find another buyer or seek an IPO for the German arm of its state-owned electric grid company, after a sale to the German government foundered on Berlin's budget strains. The collapse of talks is a headache for grid company TenneT, which is pursuing a 160 billion euro ($171 billion) investment plan, Europe's largest, and will hamper both countries' efforts to meet green energy targets. In a letter to parliament, Dutch finance minister Steven van Weyenburg said he was informed on Wednesday by German officials that the deal for TenneT's German arm, estimated at 20-25 billion euros, would not go through. He said he was disappointed by the news, given Berlin had requested the deal itself in 2022 to facilitate its energy transition. TenneT is the sole grid operator in the Netherlands and the largest in Germany. "TenneT is preparing concrete options for a private sale, or partial sale, or initial public offering of TenneT Germany," Van Weyenburg wrote. "The German state has informed me it will support these alternative scenarios." A German government source told Reuters a complete purchase was off the table but Berlin might still buy a minority stake. TenneT said in a separate statement it intended to follow through on its huge investment plan in the coming decade, much of it needed to build the network to support wind farms in the North Sea. Both sides said they were close to a deal in 2023 before a constitutional court verdict triggered a budget crisis in Germany. That led Dutch Prime Minister Mark Rutte to make a personal plea to German Chancellor Olaf Scholz last month to make a bid and relieve Dutch taxpayers from funding the German grid. TenneT said Germany's budget problems were squarely to blame for the deal's failure. "This announcement comes after the Federal Government of Germany informed the Dutch State that it cannot deliver on the planned transaction due to budgetary challenges," it said. Reflecting disagreement over spending plans in Germany's ruling coalition, Economy Ministry Robert Habeck said on Thursday he was unhappy about not buying German businesses, when asked about TenneT during a visit to South Korea. Germany's heavy industry, under pressure to replace fossil fuels with renewable electricity, says transmission fees are rising because the expansion of solar and wind energy has created grid bottlenecks. "An acceleration of grid upgrades must be given priority", VIK, a lobby group for energy-intensive German manufacturers, said, when asked to comment on the failed deal. The former CEO of chemicals giant BASF (BASFn.DE) New Tab, opens new tab, Martin Brudermueller, now chair of Mercedes-Benz (MBGn.DE) New Tab, opens new tab, told daily FAZ in March that Berlin should consider buying and subsidising the entire national grid to revive the energy transition. Dutch finance minister Van Weyenburg said the Netherlands' budget for 2024 faced a 1.6 billion euro shortfall, as expected proceeds from the sale would not materialise, and the country would have to seek short and long-term refinancing for TenneT. The Dutch government has already given TenneT a 25 billion euro loan for 2024 and 2025. The company has around 20 billion euros in bond debt, and in May the Dutch government estimated it needed 31 billion euros in fresh equity, 13 billion on the Dutch side and 18 billion on the German side. TenneT bonds fell on Thursday, with a November 2026 bond down around half a cent at 95.7 cents on the dollar, its lowest since November 2023, and its biggest daily drop in a month. ($1 = 0.9331 euros) Sign up here. https://www.reuters.com/business/energy/tennet-gives-up-sale-german-grid-operations-german-government-2024-06-20/

2024-06-20 07:42

June 19 (Reuters) - Two people have died in wildfires in southern New Mexico that have burned around 500 homes and triggered the evacuation of about 8,000 residents from the mountain resort community of Ruidoso. The unidentified skeletal remains of a person were found in the driver's seat of a burned out car, New Mexico State Police reported on Wednesday. Another victim was identified as 60-year-old Patrick Pearson. New Mexico Governor Michelle Lujan Grisham told reporters around 500 homes were thought to be among the more than 1,400 buildings razed by the two blazes, making it one of the most destructive wildfires in state history. The forest area around 135 miles southeast of Albuquerque, New Mexico's largest city, has suffered a string of wildfires, including one that killed two people in 2022. Lujan Grisham on Wednesday requested a major disaster declaration from President Joe Biden for the South Fork and Salt fires, which have burned over 23,000 acres (9,308 hectares) to the north and south of Ruidoso. New Mexico is caught in a decades-long drought that has made wildfires more destructive and faster moving. In 2022 the state suffered the largest blaze in the continental United States which burned over 341,000 acres (138,000 hectares). Sign up here. https://www.reuters.com/world/us/two-dead-new-mexico-wildfires-over-1400-buildings-destroyed-2024-06-20/

2024-06-20 07:39

KYIV, June 20 (Reuters) - New rules to prevent Ukranian agricultural exports below official minimum prices will start in August at the earliest, a senior agriculture ministry official said late on Wednesday. The new export price mechanism will apply to shipments of wheat, corn, sunflower oil, soybeans, rapeseed and some other agricultural commodities. Disruption due to the war with Russia has led to cash domestic purchases of some of Ukraine's agricultural products and exports at artificially low prices to avoid taxes. Ukraine's government has drawn up calculations to set minimum export prices for some agricultural commodities to increase revenue. In line with the new rules, minimum permissible export prices will be calculated on the basis of the state customs service data, taking into account the terms of delivery for the previous month and using a 10% discount. "I don't expect it to happen before August," deputy farm minister Mykhailo Sokolov told an online meeting with analysts and traders. The Ukrainian parliament in May passed amendments to a law introducing the new rules and Sokolov said the law would come into forces on July 1. Sokolov said that a number of government documents still need to be adopted to launch the minimum price mechanism, but did not give an exact date when the new procedure will start. Sign up here. https://www.reuters.com/markets/commodities/minimum-price-mechanism-ukrainian-food-exports-start-august-official-says-2024-06-20/

2024-06-20 07:35

BEIJING, June 20 (Reuters) - The European Commission sought an unprecedented amount of detailed information on Chinese automakers' supply chains during its investigation into the country's subsidised electric vehicle imports, China's commerce ministry said on Thursday. The Commission, which oversees trade policy for the 27-nation strong European Union, last week slapped extra duties on imported Chinese EVs following the probe, prompting rebuke from Beijing and spying allegations from Chinese state media. China has also launched a dumping investigation into EU pork imports. "The type, scope and quantity of information collected by the European side was unprecedented and far more than what is required for a countervailing duties investigation," He Yadong, a commerce ministry spokesperson told a news conference. He was responding to a question from Chinese state radio over whether Brussels had been seeking to spy on China's EV industry. The Commission "mandatorily required" Chinese automakers hand over information concerning sourcing raw materials for batteries, manufacturing components, and pricing and developing sales channels, the spokesperson said. Governments typically impose anti-subsidy duties on imported goods to protect domestic firms when they suspect the item in question can only have been produced for less than the market rate because it benefited from unfair incentives or handouts. European automakers are being challenged by an influx of lower-cost EVs from Chinese rivals. The European Commission says prices are typically 20% below those of EU-made models. Chinese automakers that Brussels deemed non-cooperating companies, such as SAIC, will face a tariff of 38.1% once the provisional duties take effect, which is likely to be July. He Yadong called claims that Chinese car companies did not fully cooperate "groundless." State media CCTV also ran an article on Wednesday suggesting that Brussels had sought to spy on Chinese car companies, given the "many unreasonable demands made during this inquiry". Sign up here. https://www.reuters.com/business/autos-transportation/china-says-information-requested-by-eu-electric-vehicle-probe-unprecedented-2024-06-20/

2024-06-20 06:59

MUMBAI, June 20 (Reuters) - India's Financial Intelligence Unit (FIU) has imposed a fine of 188.2 million rupees ($2.25 million) on the world's largest crypto exchange, Binance, for operating in the country in violation of local anti-money laundering regulations. India requires virtual digital asset service providers like crypto exchanges to be registered with the FIU as a reporting entity and comply with its anti-money laundering rules. Binance did not immediately respond to an email seeking comment. In May, Binance had registered with the FIU as the exchange sought to resume operations in the country after the watchdog issued show-cause notices to nine offshore exchanges operating in violation of local rules. The watchdog had also asked the ministry of electronics and information technology to block online access to the exchanges. Crypto exchange KuCoin had registered with FIU in March but faced a smaller penalty amount of 3.45 million rupees. Canada's anti-money laundering agency had also imposed a fine of $4.38 million on Binance in May for violation of anti-money laundering rules. Changpeng Zhao, the former chief executive of Binance, was sentenced to four months in prison in May by U.S. District Judge Richard Jones in Seattle after pleading guilty to violating the country's laws against money laundering. ($1 = 83.4970 Indian rupees) Sign up here. https://www.reuters.com/business/finance/india-financial-watchdog-imposes-225-million-penalty-binance-2024-06-20/