2024-05-16 07:42

DUBAI, May 15 (Reuters) - The U.S. navy's destroyer the USS Mason intercepted an inbound Houthi anti-ship missile over the Red Sea on Monday, U.S. Central Command said in a statement, after Yemen's Houthis said on Wednesday that they had targeted the warship. The U.S. forces also destroyed two drones, Central Command said. On Wednesday the Houthis said they had also targeted a vessel called "Destiny" in the Red Sea, as part of a campaign of attacks the Iran-backed group says it is carrying out in solidarity with the Palestinians in Gaza. A U.S. official told Reuters there was no evidence of an attack on Destiny in recent days. "Our reporting indicates that the vessel and crew are safe, with no issues," he said on Thursday. In a televised speech, the Houthis' military spokesman Yahya Sarea had said they had targeted the USS Mason in the Red Sea with a number of "appropriate naval missiles". Sarea said they had also targeted Destiny because it had been en route for the Israeli port of Eilat on April 20. Sarea did not specify the dates when the two ships were targeted. Reuters could not independently verify the Houthis' claim of having attacked the two vessels. Months of Houthi action in the Red Sea have disrupted global shipping, forcing firms to re-route to longer and more expensive journeys around southern Africa, and stoked fears that the Israel-Hamas war could destabilise the wider Middle East. The United States and Britain have carried out strikes against Houthi targets in response to the attacks on shipping. Sign up here. https://www.reuters.com/world/middle-east/yemens-houthis-say-they-targeted-us-warship-vessel-destiny-red-sea-2024-05-15/

2024-05-16 07:35

Anglo has twice rejected bids by BHP Group Deadline for firm BHP bid is May 22 Anglo released simplification strategy on Tuesday SYDNEY, May 16 (Reuters) - Anglo American (AAL.L) New Tab, opens new tab has suspended hiring globally, it said on Thursday, as it gets plans underway to simplify itself and build value - and avert a $43 billion takeover bid by Australia's BHP (BHP.AX) New Tab, opens new tab Group. Anglo laid out plans on Tuesday to refocus its company on energy transition metal copper while spinning out or selling its less profitable coal, nickel, diamond and platinum businesses, as it moves to fend off the world's biggest miner. "Having set out the results of our strategy review and the changes we will be making to our portfolio, this is an appropriate measure," an Anglo American spokesman told Reuters. "Clearly there will be exceptions for critical roles." Reuters had earlier reported the hiring freeze based on an internal memo from Anglo, reviewed by Reuters. The London-listed miner has rejected BHP twice, saying its proposals continue to significantly undervalue the company. "Following yesterday's announcement of our plans to unlock significant value through a simplification of our portfolio ... it is appropriate that we put in place a freeze on the recruitment of all non site-based permanent employees and contractors across all Businesses and Group Functions," People and Organisation Director Monique Carter said in the memo. Site-based employees are workers who are based at mines. "In instances where formal written offers have been made to a candidate, we will honour those commitments however no new offers should be made," Carter said, adding the freeze also applied to consultants beyond those already contracted. Anglo employs around 60,000 staff globally of which slightly more than half are based in South Africa, showed its most recent annual report. BHP's options to take over Anglo are narrowing as it approaches a May 22 deadline to lodge a binding offer. "There is certainly pressure on Anglo's management to prove themselves," said analyst Kaan Peker at RBC, adding that management will want to be keeping a strict lid on costs as the process unfolds. Anglo's plan to spin out its Australian metallurgical coal business could ultimately attract Rio Tinto (RIO.L) New Tab, opens new tab, which exited its coal business in 2018, to the pared-back company. "Management buys themselves six to nine months or a year, then arguably you might have three interested parties at the table," Peker said. In its proposed takeover, business divisions that BHP expects will yield cost savings through minimising duplication include Queensland metallurgical coal, where both miners operate, and the companies' Latin American copper businesses. Australia's mining and energy union said on Wednesday it would seek urgent meetings with Anglo to discuss workers' job security. Anglo shares closed up 0.2% at 26.48 pounds on Wednesday, below BHP's latest offer of about 27.53 pounds per share. Sign up here. https://www.reuters.com/business/energy/anglo-american-freezes-hiring-globally-after-pledge-simplify-company-document-2024-05-16/

2024-05-16 07:09

May 16 (Reuters) - UK's water firm united Utilities (UU.L) New Tab, opens new tab forecasted higher 2024-2025 costs due to regulatory charges it might have to pay for overflows from high rainfall, even as it guided a 10% rise in revenues helped by higher inflation. "Exceptionally high rainfall during the year adversely impacted performance such as flooding and we expect to receive penalties against these commitments for FY24," the firm said in a statement. The Warrington-headquartered firm said charges from the floods will impact its outcome delivery incentives (ODIs)performance which took a hit in 2023-2024 as well. ODIs are annual bonuses granted for exceeding service targets from Ofwat, the water regulator for Britain and Whales. The water supplier to North West England posted revenue of 1.95 billion pounds ($2.47 billion), up 8.1% year-on-year and an adjusted operating profit of 517.8 million pounds for the year ended March 31. Analysts on average expected the utility to post annual revenue of 1.98 billion pounds and an operating profit of 522.2 million pounds, according to LSEG IBES estimates. The firm declared a dividend of 33.19 pence apiece for the year, up 9.4%. ($1 = 0.7888 pounds) Sign up here. https://www.reuters.com/world/uk/british-water-firm-united-utilities-misses-profit-estimate-higher-costs-2024-05-16/

2024-05-16 06:30

SEOUL, May 16 (Reuters) - Air travel demand from China is not back to pre-pandemic levels for Singapore Airlines (SIAL.SI) New Tab, opens new tab, but a visa-free scheme for Chinese citizens to the Asian hub has helped fill seats and the airline will add more China capacity this year, its CEO said on Thursday. Global aviation capacity returned to pre-pandemic levels this year, but recovery has been slower in Asia's aviation industry due to still-sluggish international demand in China, the world's second-largest economy. "Travel into China has been strong, travel out of China has not yet recovered fully," Singapore Airlines CEO Goh Choon Phong told media. He said the visa-free scheme between China and Singapore which began in February has provided "some lift to load factors" for Chinese flights. The airlines group was progressively restoring China capacity and would increase seats to Shanghai, Beijing and Guangzhou this year, Goh added. The flag carrier suspended April flights to China's Chengdu, Chongqing, and Xiamen, citing a lack of regulatory approvals. These are now in place and flights will operate until July, when permissions must be re-sought, Goh said. Singapore Airlines posted a record annual profit for the second year in a row on Wednesday, raising its dividend. However, the carrier's net profit fell around 4.5% year-on-year for the March quarter, with profit growth sliding in the preceding two quarters. The company also expects passenger yields — a measure of average fare paid per mile, per passenger — to continue to moderate as airlines expand capacity, and flagged geopolitical woes and supply chain pressure. SIA's shares were down 1.6% for the day at 13:30 pm (0430 GMT). Singapore Airlines is set to take a 25.1% stake in Air India as a result of the Indian airline's merger with Vistara, its joint venture with Singapore Airlines. Goh said he was hoping to hear about regulatory approvals this year. The airline has a current fleet of 200 aircraft, which it expects to rise to 209 this fiscal year. Goh said Singapore Airlines still expects a delivery of the Boeing 777-9 - a model yet to be certified by U.S. regulators - next year. Sign up here. https://www.reuters.com/business/aerospace-defense/singapore-airlines-ceo-says-travel-out-china-not-yet-recovered-2024-05-16/

2024-05-16 06:28

Dow crosses 40,000 level for first time World stocks at record high after month-long surge Dollar up NEW YORK, May 16 (Reuters) - The Dow Jones industrial average crossed the 40,000 level on Thursday for the first time and a world stock index scored a third straight record intraday high on hopes of U.S. interest rate cuts and strong earnings before stocks turned mostly flat in afternoon trading. Data on Wednesday showed cooling consumer price inflation, although that was offset on Thursday by news that U.S. jobless claims fell in the latest week and by figures showing U.S. import prices increased 0.9% last month. That data boosted U.S. Treasury yields and the dollar. The Dow rose as high as 40,051.05 while the S&P 500 and Nasdaq also hit record highs in early New York trading before slowly losing steam and finishing slightly lower on the session. Shares of Walmart (WMT.N) New Tab, opens new tab jumped 7% for its biggest one-day percentage gain since March 2020 after the retail giant raised its fiscal 2025 sales and profit forecast. The Dow Jones Industrial Average (.DJI) New Tab, opens new tab fell 38.62 points, or 0.10%, to 39,869.38, the S&P 500 (.SPX) New Tab, opens new tab lost 11.03 points, or 0.21%, at 5,297.12 and the Nasdaq Composite (.IXIC) New Tab, opens new tab fell 44.07 points, or 0.26%, to 16,698.32. "What (the Dow hitting 40,000) means is that regardless of the concerns about inflation and consumer sentiment, the companies in the Dow, which represent a cross section of our economy, continue to march higher on better earnings and stronger guidance," said Quincy Krosby, chief global strategist at LPL Financial in Charlotte, North Carolina. MSCI's gauge of stocks across the world (.MIWD00000PUS) New Tab, opens new tab rose 0.31 points, or 0.04%, to 794.08, hitting a third straight record intraday high. The STOXX 600 (.STOXX) New Tab, opens new tab index fell 0.21%. Overnight in Asia, Chinese and Hong Kong property shares had also rallied after reports that China was considering a plan for local governments to buy up millions of unsold homes across the country. The dollar index , which measures the greenback against a basket of currencies including the yen and the euro, gained 0.29% to 104.50, with the euro down 0.16% at $1.0865. Against the Japanese yen , the dollar strengthened 0.34% at 155.39. Data on Thursday showed the number of Americans filing new claims for unemployment benefits fell 10,000 to a seasonally adjusted 222,000 in the latest week, indicating a still-strong labor market. U.S. Treasury yields rebounded from almost six-week lows after the jobless claims data and as Federal Reserve officials said they need to see further progress on inflation before cutting interest rates. New York Fed President John Williams said the data is not enough to call for the U.S. central bank to cut interest rates sometime soon. Richmond Fed President Thomas Barkin also said inflation is still not where the Fed needs it to be, while Cleveland Fed President Loretta Mester said holding the central bank's policy at current levels will help get still-high inflation back to the 2% target. Benchmark 10-year yields were last up 2.3 basis points (bps) at 4.38% after falling to 4.313%, the lowest since April 5. They are now trading back above the 200-day moving average of 4.331%, after briefly trading below it. U.S. crude gained 60 cents to settle at $79.23 a barrel and Brent rose 52 cents to settle at $83.27. Spot gold fell 0.1% to $2,383.22 per ounce as of 1645 GMT, after hitting its highest since April 19 earlier in the session. Bullion rose more than 1% on Wednesday. Sign up here. https://www.reuters.com/markets/global-markets-wrapup-1-2024-05-16/

2024-05-16 06:20

Silver hit its highest in over three years Platinum hits near one-year peak May 16 (Reuters) - Gold prices hovered near a one-month high on Thursday as signs of inflation stabilizing in the U.S. increased the likelihood of rate cuts by the Federal Reserve as early as September. Spot gold was little changed at $2,384.07 per ounce as of 1155 GMT, after hitting its highest since April 19 earlier in the session. Bullion rose over 1% on Wednesday. Meanwhile, U.S. gold futures slipped 0.3% to $2,388.70. "The combination of stabilizing inflation and softness in other economic data such as retail sales is really a good cocktail for gold and silver," said Ole Hansen, head of commodity strategy at Saxo Bank. U.S. retail sales were unexpectedly flat last month, while cooling consumer prices and last week's lacklustre labour market data came as good news to Fed policymakers waiting to see renewed progress on inflation before reducing rates. Lower interest rates boost non-yielding bullion's appeal. "Gold has been through a period of consolidation, but that consolidation has been very shallow compared to the big rally back in March and April...so it does indicate that there's still underlying strength in the market," Hansen said. The dollar index (.DXY) New Tab, opens new tab hovered near a more than one-month low, while benchmark 10-year Treasury yields were at its lowest since April 5. Meanwhile, spot silver fell 0.3% to $29.61 per ounce, having hit its highest since February 2021 earlier in the session. "Strong fundamentals amid rising gold prices are likely to spur investor interest in silver," analysts at ANZ wrote in a note, adding that they expect the metal to trade above $31 by the end of 2024. Palladium lost 0.3% to $1,007.10, while platinum rose 0.2% to $1,066.30 after hitting a one-year high earlier in the session. Forecasts of continued deficits and strong auto demand are driving a platinum rally, attracting momentum buyers, Hansen said. Platinum has gained 7% so far for the week. Sign up here. https://www.reuters.com/markets/commodities/gold-drifts-higher-rising-fed-rate-cut-expectations-boost-appeal-2024-05-16/