2024-06-15 11:47

PARIS, June 15 (Reuters) - France, Germany and Britain on Saturday condemned Iran’s latest steps, as reported by the IAEA, to further expand its nuclear programme. "Iran has taken further steps in hollowing out the JCPoA, by operating dozens of additional advanced centrifuges at the Natanz enrichment site as well as announcing it will install thousands more centrifuges at both its Fordow and Natanz sites." the joint statement said, referring to the Joint Comprehensive Plan of Action signed with Iran in 2015. "This decision is a further escalation of Iran’s nuclear programme, which carries significant proliferation risks," it added. The joint statement stressed that "Iran’s decision to substantially increase its production capacity at the underground Fordow facility is especially concerning". "Iran is legally obliged under the Non-Proliferation Treaty to fully implement its safeguards agreement, which is separate to the JCPoA." Sign up here. https://www.reuters.com/world/france-germany-britain-condemn-irans-steps-expand-nuclear-programme-2024-06-15/

2024-06-15 09:52

SYDNEY, June 15 (Reuters) - Chinese Premier Li Qiang arrived in Australia on Saturday, saying relations were "back on track" as he started the first visit by a Chinese premier to the major trading partner in seven years. Australia is "uniquely positioned to connect the West and the East" and stands as "an important force of economic globalization and world multipolarity", Li said at Adelaide's airport, according to a statement from the Chinese embassy. Bilateral relations are "back on track after a period of twists and turns", Li said. Australia is the biggest supplier of iron ore to China, which has been an investor in Australian mining projects, though some recent Chinese investment in critical minerals has been blocked by Australia on national interest grounds. China imposed trade restrictions on a raft of Australian agricultural and mineral products in 2020 during a diplomatic dispute that has now largely eased. During his four-day visit, Li will also visit the capital Canberra and mining state Western Australia. "A more mature, stable and fruitful comprehensive strategic partnership will be a treasure shared by the people of both countries," Li said. He is expected to visit a pair of pandas on loan from China to Adelaide's zoo on Sunday. A lunch with wine exporters until recently shut out of the Chinese market will show trade ties have smoothed after the dispute that suspended A$20 billion ($13 billion) in Australian agriculture and mineral exports through last year. Li arrived from New Zealand, where he highlighted Chinese demand for New Zealand's agricultural products. China is the biggest trading partner of Australia and New Zealand. Canberra and Wellington are seeking to balance trade with regional security concerns over China's ambitions in the Pacific Islands. In New Zealand, Li visited major dairy exporter Fonterra on Saturday after signing agreements with Prime Minister Christopher Luxon on trade and climate change, with human rights and foreign interference also on the agenda. Sign up here. https://www.reuters.com/world/asia-pacific/chinas-premier-li-arrives-australia-says-ties-back-track-2024-06-15/

2024-06-15 07:36

JAKARTA, June 15 (Reuters) - Indonesia's President-elect Prabowo Subianto has no plans to boost the country's public debt to 50% of gross domestic product (GDP), a senior aide said on Saturday, denying a report that had hit the nation's currency and bond markets. Thomas Djiwandono, who leads fiscal discussions between Prabowo's economic team and the outgoing government's finance ministry, told Reuters that Prabowo had not set any target for debt levels and would adhere to legal limits on fiscal metrics. The rupiah fell as much as 0.9% and bond yields jumped on Friday, partly due to fiscal concerns, after Bloomberg News reported Prabowo wanted to steadily increase Indonesia's debt-to-GDP ratio to 50% in his five-year term from under 40% now. "We are not talking about debt-to-GDP target at all. This is not a formal policy plan," said Thomas, the incoming president's nephew. Prabowo, who will take office in October, said last month that Indonesia should "be more daring" in taking on debt to fund development programmes and hit his 8% economic growth target for Southeast Asia's biggest economy, but he has also repeatedly pledged to comply with budget deficit limits. "It's important to note that that is why Prabowo and his formal team talk about fiscal prudence, because it is within those principles," Thomas said. "Anything about debt levels, or going beyond the deficit is noise." Ratings agencies and investors have been closely monitoring Prabowo's fiscal policy, fearing costly programmes he pledged before his landslide victory in February's election would derail Indonesia's record of fiscal prudence. Discussions between Prabowo's team and Finance Minister Sri Mulyani Indrawati have focussed on increasing revenues, reviewing spending and making budget space for programmes such as providing free meals to children, within legal limits of public finances, Thomas said, adding the 2025 deficit would stay under 3% of GDP. In the aftermath of the 1990s Asian financial crisis, Indonesia mandated the annual budget deficit not to exceed 3% of GDP and capping debt at 60%. This has helped Indonesia build a solid record of fiscal management and won investment grade ratings from agencies. While the debt ratio has risen under the government of President Joko Widodo, particularly after heavy spending during the COVID-19 pandemic, Sri Mulyani has been trying to bring this down by reducing annual deficits. Last year's budget deficit was 1.65% of GDP, the smallest in 12 years. Sign up here. https://www.reuters.com/world/asia-pacific/prabowo-adviser-denies-plans-raise-indonesias-debt-50-gdp-2024-06-15/

2024-06-15 05:55

SINGAPORE, June 15 (Reuters) - Beaches on Singapore's Sentosa island were closed on Saturday after an oil spill spread from a nearby shipping terminal to the tourist haven south of the city-state. A Reuters witness saw tape cordoning off the oil-stained waters and sand of Tanjong Beach from visitors. "Oil slick spotted. Clean up in progress. Please stay clear of water," read a sign posted on the beach. An advisory on the Sentosa website said the waters of Tanjong, Palawan and Siloso beaches were closed for cleaning and swimming and sea activities were not allowed. The oil spill had spread from Pasir Panjang Terminal, less than 10 km (six miles) from the island popular with tourists and locals, after a Netherlands-flagged dredger struck a stationary Singapore-flagged bunker vessel on Friday afternoon. The Maritime and Port Authority of Singapore said in a statement on Friday evening some oil from the damaged cargo tank on the bunker vessel had spilled into the water and "the affected cargo tank has been isolated and the spill contained". In an update on Saturday, the authority said patches of oil were observed off Pasir Panjang Terminal and along Tanjong, Palawan, and Siloso beaches. It said it has deployed 16 oil spill response craft "to continue spraying oil dispersants and to collect the oil slicks on the water surface". "There is no impact on navigational traffic. Berthing operations at Pasir Panjang Terminal remain unaffected," the authority said. Sign up here. https://www.reuters.com/business/environment/oil-slick-closes-beaches-singapore-resort-island-2024-06-15/

2024-06-15 02:31

June 15 (Reuters) - Chinese Premier Li Qiang visited New Zealand dairy giant Fonterra on Saturday, a stop Trade Minister Todd McClay called "very positive" after the Chinese leader had spoken of demand for New Zealand's agricultural products. "Fonterra is an important part of the Chinese food supply chain, a lot of our dairy products go to China," McClay said in comments broadcast on Radio New Zealand after Li visited Fonterra's Auckland headquarters with Prime Minister Christopher Luxon. Li said on Friday, the second day of his trip to the Pacific island nation, that there was growing demand in China for high-quality dairy, beef and lamb products from New Zealand. China's second-highest ranked official is to travel to Australia on Saturday for a four-day stopover on a trip aimed at strengthening trade and diplomatic ties with the two commodities-exporting nations. China is the biggest trading partner of both countries. Beijing sees itself as a key part of Luxon's plan to double New Zealand's exports over the next 10 years. "I think it was clear there was a real appreciation on the part of the premier of China and their delegation just about how much that relationship has grown." On Friday, Li visited Auckland's New Zealand Institute for Plant and Food Research, a government agency that promotes the farming, food and beverage industries, before meetings and a dinner with business people, academics and diplomats. Li met with Luxon in the capital Wellington on Thursday, signing agreements on trade and climate change, with human rights also on the agenda. In the first visit by a Chinese premier to Australia since 2017, Li is to visit the South Australia state capital Adelaide, the national capital Canberra and the mining state of Western Australia. Sign up here. https://www.reuters.com/world/asia-pacific/chinas-li-pays-very-positive-visit-fonterra-new-zealand-minister-says-2024-06-15/

2024-06-15 01:16

HOUSTON, June 14 (Reuters) - U.S. crude oil refining capacity rose 1.5% to 18.38 million barrels per day (bpd) this year, a government report showed on Friday as a major new expansion in Texas boosted capacity. The Energy Information Administration (EIA) said the figures indicate capacity online as of Jan. 1, which reflected for the first time the startup last year of an about 250,000 bpd expansion to Exxon Mobil's (XOM.N) New Tab, opens new tab Beaumont, Texas, refinery. The gain was a second year in a row of increases due to expansions at existing operations. Still, processing capacity at the start of 2024 remained more than 500,000 bpd below the 2019 peak of 18.98 million bpd, which came before a wave of plant closures and conversions during the COVID-19 pandemic. Refiners process crude oil into gasoline, diesel, jet fuel and other products. Marathon Petroleum Corp (MPC.N) New Tab, opens new tab remained the largest refiner in the United States, able to process up to 2.95 million bpd, or 16% of the country's total, at its 13 U.S. plants, the EIA report showed. Valero Energy Corp (VLO.N) was the second-largest U.S. refiner by volume with its 2.21 million bpd capacity equal to about 12% of the total. Exxon was third largest with nearly 1.95 million bpd after a $2 billion expansion to its Beaumont refinery came online in spring, 2023, raising that facility's processing capacity to 609,000 bpd. The fourth largest refiner, Phillips 66 (PSX.N) New Tab, opens new tab, can process 1.39 million bpd while the fifth and sixth largest - PBF Energy (PBF.N) New Tab, opens new tab and Chevron Corp (CVX.N) New Tab, opens new tab - can each process more than 1 million bpd. The sixth-largest refiner, Citgo Petroleum, is facing a court-ordered auction of shares in its parent that could lead to a change in ownership before the summer ends. Court officials are reviewing multi-billion-dollar bids for the shares and have scheduled a hearing on the offer in July. Sign up here. https://www.reuters.com/markets/commodities/us-oil-refining-capacity-falls-3rd-time-four-years-report-says-2024-06-14/