2025-08-22 06:17

LONDON, Aug 21 (Reuters) - The British government said it will take control of a part of Liberty Steel, owned by commodities tycoon Sanjeev Gupta, after the business was placed into liquidation following a petition from its creditors on Thursday. A judge at London's High Court approved the petition for Yorkshire-based Speciality Steel UK, one of Britain's largest steelworks, to be placed into compulsory liquidation, describing the business as "hopelessly insolvent", the BBC reported. Sign up here. The government would cover the ongoing costs of the business while it tries to find a buyer, the report added. The business, which employs 1,450 people and produces steel used in aerospace, defence and power generation, will be placed under a government-appointed liquidator and managers from consultancy Teneo, the government's Insolvency Service said. The government's takeover of the business marks its second intervention in the industry following its move to take control of British Steel's loss-making Scunthorpe plant in April. Liberty Steel is part of Gupta's family conglomerate, GFG Alliance, which has been refinancing its businesses in steel, aluminium and energy after its backer, supply chain finance firm Greensill, filed for insolvency in 2021. It also has operations in other parts of Europe, Australia and the United States. The company said the court's decision was "irrational" and that the plan it had presented would have secured new investment into the steel industry. "Liquidation will now impose prolonged uncertainty and significant costs on UK taxpayers," Liberty Steel Chief Transformation Officer Jeffrey Kabel said in an emailed statement. The government said it was committed to supporting the steel industry. "We know this will be a deeply worrying time for staff and their families, but we remain committed to a bright and sustainable future for steelmaking and steel making jobs in the UK," a government spokesperson said. https://www.reuters.com/world/uk/uk-government-take-over-liberty-steel-division-after-collapse-2025-08-21/

2025-08-22 06:16

Aug 22 (Reuters) - South African mining group Gold Fields (GFIJ.J) , opens new tab raised its interim dividend on Friday as first-half profit more than tripled from a year earlier, driven mainly by record bullion prices and increased production. Gold Fields said it realised an average gold price of $3,281 an ounce in the first half of 2025, up 40% from the same period last year. Sign up here. The Johannesburg-based miner's gold production rose 24% to 1.136 million ounces in the first half. The company maintained its 2025 full-year production forecast at between 2.25 million ounces and 2.45 million ounces. Production benefited from operational improvements at Salares Norte in Chile, South Deep in South Africa, Cerro Corona in Peru and Gruyere in Australia, where output last year was impacted by bad weather and geological challenges. The ramp-up at the new Salares Norte mine progressed well this winter after it was hampered by extreme weather last year, Gold Fields CEO Mike Fraser told Reuters. "We learned, we did spend some additional effort on additional winterisation activities, and pleasingly, the team have actually operated very safely and effectively through the winter period," Fraser said. Salares Norte produced 123,600 gold-equivalent ounces in the first half of 2025 and is expected to reach commercial levels of production in the third quarter of this year, Gold Fields said. The mine is expected to produce between 325,000-375,000 ounces in 2025. Salares Norte will have its first full year of steady-state production in 2026, when the mine is expected to produce 550,000-580,000 ounces, Gold Fields has said. Gold Fields' headline earnings rose to $1.027 billion in the six months to June 30, compared with $320.7 million in the same period last year. The company declared an interim dividend of 7 rand ($0.3948) per share, up from 3 rand per share in the first half of 2024. ($1 = 17.7286 rand) https://www.reuters.com/world/africa/gold-fields-boosts-dividend-profit-triples-record-bullion-prices-2025-08-22/

2025-08-22 05:34

Dollar on course for weekly gain ahead of Powell speech Powell's tone may sway markets as rate cut bets ease Japan inflation data keeps BOJ rate hike on the table SINGAPORE, Aug 22 (Reuters) - The U.S. dollar firmed on Friday and was poised for a strong weekly performance as investors reassessed rate cut wagers ahead of an eagerly anticipated speech from Federal Reserve Chair Jerome Powell that could shape the near-term monetary policy path. A soft July jobs report coupled with big downward revisions to hiring in May and June bolstered hopes of an imminent reduction in borrowing costs, with traders at one point even pricing in a jumbo rate cut for the next meeting in September. Sign up here. But since then cautious comments from other policymakers and economic data flashing inflationary risks have tempered those expectations. Traders are now pricing , opens new tab in a 75% chance of a 25-basis-point rate cut in September, down from 92% a week earlier, CME FedWatch tool showed. Fed officials appeared lukewarm on Thursday to the idea of a rate cut next month, setting the stage for Powell's speech at the annual Jackson Hole conference in Wyoming, which kicked off on Thursday. "Powell is unlikely to pre-commit to a September cut," said Charu Chanana, chief investment strategist at Saxo. "The Fed has a dual mandate, but right now inflation outweighs labour as the bigger risk." "With another inflation and payrolls print still due before the September meeting, Powell has every reason to stay patient and keep optionality open," Chanana said. That might leave the dollar vulnerable after a steady but unspectacular rise in the past week. The euro hit its lowest level since August 6 and was last at $1.1583. The single currency, which has benefited in 2025 from the dollar's decline, is down 0.8% for the week. For the year, it is still up 12%. Sterling was steady at $1.3402, down 1% for the week. The dollar index , which measures the U.S. currency against six rivals, was at 98.75, on course for a 0.9% rise in the week, snapping its two-week losing streak. Market pricing for a September rate cut sets a high bar for Powell to 'out-dove' the market, according to Joseph Capurso, head of international and sustainable economics at Commonwealth Bank of Australia. "We expect a larger lift in the dollar if Powell challenges current high market pricing of a 25 bps September cut. Put another way, the dollar faces asymmetric risks with greater upside potential than downside," Capurso said. The yen eased to 148.63 per dollar, poised for a 1% decline for the week. Data showed core inflation in Japan slowed for a second straight month in July but stayed above the central bank's 2% target, keeping alive expectations for a rate hike in the coming months. "We expect the BOJ to raise its policy rate in October," said Min Joo Kang, senior economist at ING. "Core inflation is likely to remain above 3% for an extended period... This will support the Bank of Japan’s policy of normalisation." The Australian dollar was little changed at $0.6425, set for a 1.2% drop for the week, while the New Zealand dollar eased a tad to $0.58135, on course for a 1.9% weekly decline, its biggest drop in more than four months. https://www.reuters.com/world/africa/dollar-firms-traders-rethink-rate-cut-bets-ahead-powell-speech-2025-08-22/

2025-08-22 05:23

SEOUL, August 22 - U.S. President Donald Trump hosts South Korean President Lee Jae Myung in Washington for their first summit meeting on Monday, after the countries struck a trade deal last month lowering U.S. tariffs on the Asian ally to 15% from a threatened 25%. Alongside trade, U.S. pressure to redefine the decades-long military alliance is set to be a focus, while Trump has said more South Korean investment plans will be announced in addition to a $350 billion package agreed last month. Sign up here. Here are some of the main items that could be discussed. DEFENCE COSTS Trump has accused its Asian ally of "free-riding" on U.S. military might, with some 28,500 American troops stationed in South Korea to deter nuclear-armed North Korea. Just before Trump won the presidential election in November last year, Seoul agreed to increase its contribution by 8.3% to 1.52 trillion won ($1.09 billion) for the first year in 2026, under a five-year plan. Washington also wants its allies to increase defence spending to 5% of GDP. South Korea is currently well short of that after allocating 61.25 trillion won, or 2.3% of GDP, this year. 'MODERNISING' ALLIANCE, CHINA DETERRENCE South Korea's presidential security adviser Wi Sung-lac said "modernising" its alliance with the U.S., including by Seoul increasing defence spending, and "cementing" a trade deal reached in July would be among the main agenda items. U.S. Under Secretary of Defense Elbridge Colby called , opens new tab South Korea a "role model" in taking a greater role in deterring North Korea, but also called for modernising the alliance. Experts say the summit may include discussions on the idea of adjusting the role of U.S. troops from a focus on countering North Korea to also managing tensions in the Taiwan Strait and deterring China. This could be sensitive for Seoul given how President Lee has, alongside declaring full support for the U.S. alliance, sought to take a balanced approach to ties with Beijing. Experts also warn giving U.S. forces multiple missions could impede their primary focus of deterring and defeating a North Korean attack. South Korean Foreign Minister Cho Hyun has denied Seoul was in talks with Washington over whether to allow U.S. forces to be redeployed in the event of a Taiwan Strait emergency. NORTH KOREA South Korea and the United States are on the same page when it comes to the approach of seeking to dismantle North Korea's nuclear weapons programme, top security adviser Wi said. Lee has sought to reduce tensions with Pyongyang since taking office in June, while Trump still boasts of his historic summits with North Korean leader Kim Jong Un in his first term. Lee and Trump have expressed a willingness to restart dialogue with Kim and they may deliver a joint message to North Korea, said Sydney Seiler, a senior adviser at the Center for Strategic and International Studies. But North Korea has so far dismissed Lee's peace overtures, including dismantling loudspeaker propaganda broadcasts across the border. SHIPBUILDING During his U.S. trip, Lee will visit the Pennsylvania-based Philly Shipyard, acquired by South Korean shipbuilder Hanwha Ocean (042660.KS) , opens new tab and its parent group. Officials in Seoul touted shipbuilding cooperation to help the U.S. industry as instrumental in reaching a trade deal. South Korea has agreed to invest $150 billion out of the overall investment package on U.S. shipbuilding cooperation and more details may be announced during the summit. NUCLEAR POWER Foreign Minister Cho told parliament that South Korea could try to win approval from Washington to reprocess or enrich its own nuclear material during the summit, saying this is not for nuclear armament, but for industrial and environmental purposes. South Korea is not allowed to reprocess spent nuclear fuel - which can be used to make nuclear weapons - without U.S. consent under an agreement , opens new tab between the countries. While President Lee has rejected the idea of nuclear armament, his intelligence agency chief this year called for Seoul to secure the right to enrich uranium to demonstrate its "potential nuclear capabilities." Wi said South Korea was in talks about cooperating on nuclear power projects in the United States. CORPORATE INVESTMENT South Korea said the leaders will discuss cooperation in sectors such as chips, batteries, shipbuilding, as well as "economic security" in areas such as cutting-edge technologies and key minerals. Presidential adviser Kim Yong-beom said investments announced during the summit should include already announced projects such as Samsung Electronics' (005930.KS) , opens new tab new chip factory in Texas and Hyundai Motor's (005380.KS) , opens new tab car factory in Georgia, as well as Hanwha's plan to expand its U.S. shipyard. A South Korean newspaper reported Seoul would offer $150 billion of additional investment, or about six times its U.S. foreign direct investment in 2024, according to government data. South Korea's industry minister said it had not been decided. The leaders may also discuss the timeframe to cut U.S. tariffs on South Korean car imports from 25% to 15% as agreed under the trade deal. The countries have appeared to have a different interpretation of details of the $350 billion investment fund, while Seoul denied U.S. assertions that it had agreed to open up its rice market. ($1 = 1,399.6000 won) https://www.reuters.com/business/autos-transportation/what-issues-are-likely-be-discussed-us-south-korea-summit-2025-08-22/

2025-08-22 05:19

Aug 22 (Reuters) - An area of disorganized showers and thunderstorms associated with a tropical wave located a couple of hundred miles east-northeast of the northern Leeward Islands has 70% chance of cyclone formation in the next 48 hours, the U.S. National Hurricane Center (NHC) said on Friday. "Environmental conditions appear conducive for further development of this system, and a tropical depression is likely to form this weekend while it moves northwestward and then northward, in between the Lesser Antilles and Bermuda," the NHC said. Sign up here. https://www.reuters.com/business/environment/nhc-says-70-chance-cyclone-next-48-hours-storm-near-leeward-islands-2025-08-22/

2025-08-22 04:52

A look at the day ahead in European and global markets from Gregor Stuart Hunter It's possible that there is a cure for those summertime blues after all, and it's Jerome Powell. Sign up here. But as the Federal Reserve chair prepares to take the stage at the central bank's annual symposium in Jackson Hole, Wyoming, lethargic traders were still in need of a shot in the arm. Financial markets continued to drift while waiting for clues from Fed officials about the path of monetary policy and the likelihood of a September rate cut after recent signs of job market weakness. S&P 500 futures were flat, showing little enthusiasm for breaking the cash gauge's five-day losing streak on Wall Street, which has left it on track for its biggest one-week decline this month. Traders had ramped up bets for a September cut following a weak payrolls report at the start of this month, and after consumer price data showed limited upward pressure from tariffs. However, market pricing pulled back slightly following the release of minutes from the Fed's July meeting. Traders are now pricing in a 75.3% probability of a cut in September, down from 82.4% on Thursday, according to the CME Group's FedWatch tool. The euro slipped 0.2% to $1.1589 as the EU and the U.S. set out details of a framework trade deal struck in July. Meanwhile the yen weakened, with the greenback gaining 0.2% to 148.45 yen per dollar after data showed Japan's core consumer prices in July exceeded analysts' estimates and the Bank of Japan's inflation target. Governor Ueda will also speak at the Jackson Hole forum this weekend. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) , opens new tab was also flat, supported by a 1.2% gain for China's blue-chip CSI 300 Index (.CSI300) , opens new tab, on track for its third consecutive day of gains. Oil prices moved lower, with Brent crude last trading down 0.2% at $67.54 per barrel, after strong gains on Thursday as Russia and Ukraine blamed each other for a stalled peace process while U.S. data showed signs of strong demand in the top oil consuming nation. Key developments that could influence markets on Friday: Germany: Q2 GDP French: Business Climate Indicator for August UK: 1-month, 3-month and 6-month government debt auctions https://www.reuters.com/world/china/global-markets-view-europe-2025-08-22/