MOSCOW, April 25 (Reuters) - Russian Central Bank Governor Elvira Nabiullina and her deputy Alexei Zabotkin addressed a news conference on Friday after the central bank held its key rate at 21%, as expected. Nabiullina and Zabotkin spoke in Russian. The quotes below were translated into English by Reuters. Sign up here. NABIULLINA ON RATE DECISION "We had a broad consensus to keep the rate on hold. We discussed, rather, the nuances of the signal." "Some time ago we identified some triggers that would allow us to raise the issue of lowering the key rate...We analyse a wide range of factors and trends, but first of all we pay attention to a truly steady decline in current inflation, a steady decline in inflation expectations." "We have also noted the slowdown in consumer activity, consumer lending, reduced tension in the labour market and the absence of pro-inflationary shocks from the budget or external conditions. In terms of these factors, we already see some evidence of momentum, but we need more confidence that all of this is sufficiently sustainable. Although, compared to the last (rate-setting) meeting, many processes probably look more steady now." NABIULLINA ON INFLATION "...We passed the peak (of inflation) in the fourth quarter...But the turning point and the transition to a decline in annual inflation, in our opinion, will occur in May...Some increase in inflation is possible in July". NABIULLINA ON THE ROUBLE EXCHANGE RATE "We tend to attribute a larger part of the strengthening that has occurred since the beginning of the year to more stable factors, primarily related to the action of tight monetary policy...this part of the rouble strengthening is part of the process of disinflation, more restrained dynamics of demand, greater attractiveness of the rouble as a means of saving." "But we are still not ready to attribute all the strengthening of the rouble to the monetary policy action...The news background related to geopolitics makes its own contribution. And in this regard it is probably premature to talk about the sustainability of the strengthening of the exchange rate. Here we need not only market expectations, but also actual shifts." *NABIULLINA ON TARIFFS "The situation is developing dynamically, and we will have to keep track of what level of import tariffs will eventually emerge. We have taken into account the factor of trade wars in our forecast - we have lowered the growth rate of the world economy, we have slightly reduced the estimate of oil prices. Because the main channel of influence of these tariff wars on the Russian economy is a decrease in prices for the main goods of our exports. The other effects, in our opinion, are more limited, given the structure of foreign trade and the fact that there are restrictions on financial flows." "The volume of Russian exports to the U.S. is insignificant and there is no need to stimulate domestic demand to replace the falling external demand in these conditions. So for us the direct impact is minimal. For us, the impact of tariffs is more indirect, primarily through weaker global demand, lower global commodity prices - and this is a pro-inflationary risk." *ZABOTKIN ON TARIFFS "Obviously, the impact of trade wars will strongly depend on the scale of protectionist measures and the fragmentation of world trade that will eventually emerge. This is a factor of considerable uncertainty relative to our baseline forecast. The current picture has not led to a significant change in the baseline forecast to date." https://www.reuters.com/markets/europe/russias-nabiullina-rates-inflation-rouble-tariffs-2025-04-25/

HOUSTON, April 25 (Reuters) - A U.S. court officer overseeing an auction of shares in the parent of Venezuela-owned refiner Citgo Petroleum has proposed to open a 30-day competition period on April 28 to receive bids, with a final winner of the sale process to be selected on June 11, according to a court filing late on Thursday. The proposal, which follows the confirmation of the bidding round's starting offer, is pending approval by the Delaware judge in charge of the case. Sign up here. https://www.reuters.com/business/energy/us-court-launch-30-day-competition-citgo-parents-shares-2025-04-25/

LONDON, April 25 (Reuters) - Activist investor Elliott Investment Management wants oil major BP (BP.L) , opens new tab to replace its strategy chief and change its structure to separate upstream and downstream units to aid accountability, a source familiar with the situation said on Friday. Elliott holds a stake of a little more than 5% in BP, the strategy, sustainability and ventures arm of which is led by Giulia Chierchia, a key architect of the company's ill-fated focus on renewables under previous CEO Bernard Looney. Sign up here. Chierchia joined BP from consultancy McKinsey & Company in 2020 and quickly rose up to strategy chief. Gordon Birrell is responsible for BP's production and operations arm, which includes hydrocarbon upstream activities such as oil exploration and production as well as refineries, which are typically considered a downstream business. Emma Delaney, meanwhile, is in charge of BP's customers and products division, which includes petrol and convenience store retail sales - businesses often labelled as downstream activities in other groups. A BP spokesperson was unable to provide immediate comment. https://www.reuters.com/business/energy/activist-investor-elliott-pushes-change-bp-strategy-chief-structure-2025-04-25/

Cryptocurrency advocates pushing for SNB to diversify reserves Want central bank to hold bitcoin alongside gold SNB chair says market liquidity, value fluctuations are issues BERN, April 25 (Reuters) - The head of the Swiss National Bank said on Friday that cryptocurrencies failed to meet the institution's currency reserve standards, rebuffing calls by crypto advocates that it hold bitcoin as a hedge against growing global economic risks. Cryptocurrency campaigners are ramping up pressure on the SNB to buy bitcoin, arguing that the economic turmoil triggered by U.S. President Donald Trump's tariffs made it more important for the central bank to diversify its reserves. Sign up here. They have launched a referendum campaign to change the Swiss constitution and require the SNB to hold bitcoin in its reserves alongside gold. SNB Chairman Martin Schlegel, however, rejected the idea at the central bank's shareholder meeting in Bern. "Cryptocurrency cannot currently fulfil the requirements for our currency reserves," he said. Market liquidity was one concern, he said, as the central bank needed at all times to be able to buy and sell foreign exchange. Cryptocurrencies also typically exhibit "very, very high" fluctuations in value, Schlegel said, which raised doubts about their ability to maintain the value of the SNB's currency reserves. Schlegel's comments came after Luzius Meisser - a founder of the Bitcoin Initiative, which is pushing for the referendum - told the meeting that bitcoin was a "special asset" and a valuable alternative to traditional government debt. "I have to admit it might not be worth much in scenarios that most of you consider normal," he said. "However, bitcoin will be worth a lot in the specific scenario of a multipolar world order with fading trust in government debt." https://www.reuters.com/business/finance/swiss-national-bank-chairman-rebuffs-bitcoin-reserve-asset-2025-04-25/

April 25 (Reuters) - Hindustan Zinc (HZNC.NS) , opens new tab expects strong growth in fiscal 2026 despite global price volatility caused by U.S. tariff uncertainty, a top executive told Reuters on Friday, after the miner reported a jump in quarterly profit. Zinc prices, which averaged at about $2,900 a ton in financial year 2025, have oscillated between $2,500 and $2,700 so far in April, CFO Sandeep Modi said. Sign up here. “It will take some time to create balance in prices due to U.S. tariffs, but fundamentally prices will remain strong.” Modi said prices are expected to average at $2,800-$2,900 a ton in fiscal 2026, which started on April 1. Rising commodity prices typically boost selling prices and margins for miners. U.S. President Donald Trump's on-again-off-again tariffs have sparked trade uncertainty and gutted global markets in recent weeks. On Friday, Hindustan Zinc reported a jump in fourth-quarter profit, supported by higher production and prices. The company, India's biggest producer of the refined metal, forecast production growth of saleable metal at 1,100 kilo tons per annum (KTPA) in fiscal 2026, up from 1,052 KTPA a year ago, CEO Arun Misra told Reuters. It also expects a project capex of $225 million-$250 million this financial year. Modi said an expansion plan for the company is underway and expects approval from the board for its first phase in about a month. He did not elaborate on the plan. Demand for zinc, which is commonly used to coat steel to prevent corrosion, is set to grow by 5% this fiscal in India, while steel demand will rise 4%-5%, Modi said. Domestic zinc prices rose about 17.5% in the fourth quarter, according to analysts, on higher demand from India's construction and manufacturing sectors. The company, which commands 75% of the domestic zinc market, said its revenue from operations rose 21.2% to 88.29 billion rupees, while total expenses grew only 8.5%. The zinc division reported a 20.6% increase in revenue. ($1 = 85.4350 Indian rupees) https://www.reuters.com/world/india/indias-hindustan-zinc-reports-higher-profit-jump-prices-production-2025-04-25/

April 25 (Reuters) - LyondellBasell (LYB.N) , opens new tab on Friday missed Wall Street's quarterly profit expectations, due to maintenance activity and lower volumes in its largest segment supplying raw materials to the automotive, construction and electronics industries. Shares of the petrochemicals manufacturer fell 2.5% in premarket trading following the results. Sign up here. The company also announced a cash improvement plan to navigate the current macroeconomic volatility and to boost its earnings by $500 million. Chemical companies have been struggling due to slumping demand and rising raw material costs, especially in Europe. A rigorous regulatory landscape in the region is also compelling businesses to reassess their approach within the region. "We continue to take sensible measures to strengthen our near-term cash generation while remaining committed to delivering on our three-pillar strategy through this prolonged industry downturn," CEO Peter Vanacker said in a statement. On Thursday, peer Eastman Chemical (EMN.N) , opens new tab unveiled plans to curtail expenses due to market volatility from President Trump's tariff plans. Business activity in the euro zone barely grew in February, as a small boost in services barely offset ongoing manufacturing decline. LyondellBasell's largest segment by sales volume, the olefins & polyolefins-Americas unit, reported adjusted core earnings of $251 million, down from $521 million last year, as higher feedstock costs pressured margins. Adjusted core profit in its intermediates & derivatives segment, which makes oxyfuels and intermediate chemicals, fell 69.9% to $94 million from the year-ago period. Revenue for the quarter ended March 31 was $7.7 billion, down from $8.3 billion last year. The company expects seasonal demand improvements across most businesses in the second quarter. On an adjusted basis, the company posted a profit of 33 cents per share in the January-March quarter, compared with analysts' estimate of 43 cents, according to data compiled by LSEG. https://www.reuters.com/business/chemical-maker-lyondellbasell-misses-quarterly-profit-estimate-weak-volumes-2025-04-25/

April 25 (Reuters) - Futures for Canada's main stock index dipped on Friday as commodity prices fell and investors weighed mixed U.S.-China trade signals despite Beijing showing possible flexibility. June futures on the S&P/TSX index were down 0.30% at 7.37 a.m. ET (1137 GMT). Sign up here. U.S. President Donald Trump said his administration is talking with China to strike a tariff deal and that Chinese President Xi Jinping has called him, according to a Time magazine interview published on Friday as Beijing continues to dispute U.S. characterization of talks. Trump further stated in the interview that he would consider it a victory if the United States maintained 50% tariffs on foreign imports a year from now. TSX futures extended losses as Trump's comments offset some optimism after China granted some U.S. imports exemptions from its hefty 125% tariffs, according to businesses notified. In commodities, gold prices lost more than 1% on Friday. Copper prices eased on a stronger dollar and uncertainty about demand. Oil prices also fell and were set for a weekly decline of over 2% on the back of oversupply concerns. On Thursday, Canada's main stock index came within a whisker of erasing its losses since the start of the year, as investors weighed prospects of U.S. trade deals. The index is also poised to secure its third straight week of gains. Later in the day, the release of February's domestic retail sales data is expected to provide insights into consumer spending pattern amid the uncertainty around U.S. tariffs. Meanwhile Canada stands to elect a more business-friendly government in Monday's vote, though analysts expect increased deficit spending may follow given the country's trade-dependent economy. FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report Canadian dollar and bonds report CA/ Reuters global stocks poll for Canada , Canadian markets directory https://www.reuters.com/markets/europe/tsx-futures-dip-commodities-fall-trade-worries-linger-2025-04-25/

April 25 (Reuters) - Phillips 66 (PSX.N) , opens new tab reported a bigger-than-expected loss for the first quarter on Friday, hurt by lower refining margins amid widespread maintenance and turnaround activities across the U.S. refining sector. U.S. refineries typically undergo seasonal maintenance and turnaround activities in preparation for the summer driving season, when fuel demand significantly increases. Sign up here. However, this scheduled downtime temporarily reduces refinery utilization and the ability to capture revenue from margins, often impacting quarterly performance. Shares of the company fell nearly 2% before the bell. "Our results reflect not only a challenging macro environment, but also the impact from one of our largest-ever spring turnaround programs," said CEO Mark Lashier. "With the bulk of our turnarounds behind us, we are well positioned to capture stronger margins as the year unfolds." The company's refining unit posted a net loss of $937 million for the first quarter, compared with a year-ago profit of $216 million. Phillips 66 said its realized refining margins fell 38% to $6.81 per barrel during the January-March quarter, with turnaround costs rising more than two-fold to $270 million. Its crude capacity utilization stood at 80% compared with 92% last year. Phillips 66's results echo those of rival Valero Energy(VLO.N) , opens new tab, which on Thursday reported a quarterly loss due to lower refining margins. The results come amid a heated boardroom battle between Phillips and Elliott Investment Management, an activist investor that is pushing for changes in the refiner's organization structure, operations and board. The U.S. energy sector is also preparing for a potential fallout from President Donald Trump's sweeping tariffs and the rapidly intensifying trade war with China — factors that could weigh on demand for refined products like gasoline, diesel, and jet fuel. Houston, Texas-based Phillips 66 posted an adjusted loss of 90 cents per share for the three months ended March 31, compared with analysts' average loss estimate of 72 cents per share, according to data compiled by LSEG. https://www.reuters.com/markets/commodities/us-refiner-phillips-66-posts-bigger-than-expected-quarterly-loss-2025-04-25/

MUMBAI, April 25 (Reuters) - India's foreign exchange reserves (INFXR=ECI) , opens new tab rose for a seventh consecutive week and stood at a six-month high of $686.15 billion as of April 18, according to data released by the central bank on Friday. The reserves rose by $8.3 billion in the reported week, after increasing by a cumulative $39.2 billion in the prior six weeks. Sign up here. India's FX reserves are now about $19 billion away from the record high of $704.89 billion hit in late September. Changes in foreign currency assets are caused by the central bank's intervention in the forex market as well as the appreciation or depreciation of foreign assets held in the reserves. For the week to which the reserves data pertains, the rupee had gained about 0.8%, its best weekly rise since March 17, as foreign portfolio inflows into Indian equities picked up. Gains in the local unit also came as the dollar remained on the defensive amid concerns about how tariffs would affect the U.S. The rupee closed at 85.45 per dollar, ending down 0.1% on the week, amid rising geopolitical concerns between India and Pakistan following a militant attack in the state of Jammu & Kashmir. INR/ Forex reserves include India's Reserve tranche position at the International Monetary Fund. https://www.reuters.com/world/india/indias-forex-reserves-jump-six-month-high-6862-billion-2025-04-25/

U.S. ally Japan seen as front runner to clinch deal Second round of talks scheduled for next week Rice imports and auto tariffs among thorny items Japanese lawmakers wary of blowback as election looms TOKYO/WASHINGTON, April 25 (Reuters) - When Tokyo's top trade negotiator met U.S. President Donald Trump for tariff talks at the White House earlier this month, he presented him with a gold-coloured piggy bank. One detail, seemingly unnoticed by those in the room, is that the gift was made in China, the focal point for Trump's sweeping trade war that has engulfed Japan and dozens of other countries, roiled financial markets and stoked recession fears. Sign up here. As Trump seeks to leverage his tariff threats to strike scores of bilateral deals in a matter of months, the well-travelled present was an unintended reminder of the complexity of the global supply chains he is seeking to redraw. Negotiating a speedy deal with Japan, a close U.S. ally that counts rival China as its biggest trading partner, has been billed as a "test case" for Trump's chances of success. There are already signs, however, that negotiations with Tokyo may prove tortuous, especially as its embattled ruling party worries about signing up to a bad deal ahead of a dicey election. "Trump needs to get some concessions from Japan so that he can show he is a 'tough president'," said Daisuke Kawai, an economic security specialist at The University of Tokyo. "He needs to create a kind of example as soon as possible." While some analysts expect Japanese Prime Minister Shigeru Ishiba and Trump to announce an agreement when they meet at the G7 summit in Canada in June, others say it will be risky for the Japanese government to cede ground on thornier issues before upper house elections expected in July. Polls show the ruling coalition is poised to lose its majority in that ballot, a result that could force Ishiba's ouster after he suffered the same fate in elections for the more-powerful lower house last year. Trump has hit Japan with 24% tariffs on its exports to the U.S., although, like most of his levies, they have been paused until early July to allow room for negotiations. A 10% universal rate remains in place, as does a 25% duty on cars, a mainstay of Japan's export-heavy economy. Japan's trade negotiator Ryosei Akazawa is set to depart for Washington for a second round of negotiations next week. A spokesperson for the U.S. trade representative declined to comment on negotiations. The White House and Japan's foreign ministry did not immediately respond to a request for comment. Asked about the gift to Trump - modelled on the otherworldly mascot Japan chose for the World Expo it is hosting in the city of Osaka - Akazawa said on Friday it had no meaning other than to encourage Trump to visit the event. He declined to comment on the item's origins, adding only that "Trump loves gold". The item is listed on the Expo's website as being 'Made in China' and Reuters confirmed this with the producer, Osaka-based Heso Production. THE PRICE OF RICE? While Tokyo is still sizing up what Washington will prioritise in the negotiations, it anticipates demands to lower barriers to U.S. agricultural and automotive imports, a government official close to Ishiba said. One of Trump's big gripes, Tokyo's tariffs on foreign rice, should be relatively easy to adjust as Japan faces a shortage of the staple and has seen prices rocket in recent months. However, bureaucrats hoping to score a bargaining chip in the negotiations are facing resistance from influential ruling party lawmakers wary of alienating voters in their farming constituencies ahead of the elections, the officials said. Trump's seeming unwillingness to offer exceptions for the 25% tariffs he has slapped on global auto imports, which make up nearly a third of all Japan's exports to the U.S., its biggest market, has also made Tokyo hesitant to offer concessions in other areas like rice, the officials said. A group of lawmakers from Japan's ruling Liberal Democratic Party issued a statement on Friday saying they would not accept any negotiation strategy that "sacrifices" agricultural products to gain exemptions on auto tariffs or protect other industries. On the plus side, Japan's initial concern that Trump may try to insert negotiations on foreign exchange rates into the talks has faded, while the U.S. President told reporters on Thursday that military matters were also likely to be treated separately. Trump had previously indicated he wanted to discuss Japan and South Korea's payments towards the cost of hosting U.S. troops in the trade discussions. Yet the anxious mood in Tokyo stands somewhat in contrast to the optimism Trump struck after his initial meeting with Akazawa, which he hailed as 'big progress'. The U.S. and Japan are working to reach an interim agreement, but many of the biggest issues are being put off, Reuters reported earlier this week. While Trump will face bigger battles ahead, especially as he hunkers down in a trade war with the world's No.2 economy China, getting a quick win in Japan is far from certain, analysts say. "A 'quick' deal means excessive compromise by one of the parties," said Joseph Kraft, a financial and political analyst at Rorschach Advisory in Tokyo. "I think Japan's strategy is to wait for the U.S. to show their hand ... They are likely to prioritise content over time. I speculate Trump will prioritize time over content." https://www.reuters.com/markets/commodities/japan-is-test-case-trumps-tariff-deals-talks-may-be-tortuous-2025-04-25/