2025-08-14 14:12

Liquidity rose to $2.6 bln, but remained below last year's levels Processing increased to 858,000 bpd from 833,000 bpd in Q1 Turnaround at Lemont and Lake Charles refineries postponed to 2026 HOUSTON, Aug 14 (Reuters) - Venezuela-owned U.S. refiner Citgo Petroleum registered net income of $100 million in the second quarter versus a $25 million loss in the same quarter last year, finishing the period with liquidity of $2.6 billion, it said on Thursday. The Houston-based refiner, whose parent company PDV Holding is being auctioned by a U.S. court to pay creditors for past debt defaults and expropriations in Venezuela, had recorded losses in the two previous quarters amid weak margins before its second-quarter results. Sign up here. Citgo's performance is being used as a key metric to estimate the parent's value as part of the auction, whose final hearing to choose a winner is scheduled for this month amid objections and complications in the 8-year court case. Between April and June Citgo, which is the seventh-largest U.S. refiner, increased its total processing to an average of 858,000 barrels per day (bpd) from 833,000 bpd in the first quarter, registering a crude utilization rate of 101%. "Reliable operations in a more supportive market environment" led to a stronger second quarter, the company said in a release. In the second half of the year, Citgo plans to advance key projects, but it rescheduled some turnaround activities at its Lemont, Illinois and Lake Charles, Louisiana refineries to next year, it added. As a consequence, projected turnaround, catalyst and capital expenditures for this year were reduced from approximately $960 million to some $696 million. The refiner's quarter-end liquidity, which included full availability of a $500-million accounts receivable credit, was higher than the $2.1 billion registered in the first quarter, but below the $3.8 billion of the second quarter last year. In April, Citgo retired $50 million of outstanding secured industrial revenue bonds with cash on hand, it said. Citgo's marketing sales volume was 431,000 bpd in the quarter, up slightly from the previous period. https://www.reuters.com/business/energy/citgo-petroleum-returned-profit-second-quarter-2025-08-14/

2025-08-14 12:51

Interim inflation targets to serve as 'commitment and anchor' Inflation target set at 16% next year, 9% in 2027 Central bank cut rates by 300 basis points last month Inflation fell to 33.5% in July ISTANBUL, Aug 14 (Reuters) - Turkey's central bank is aiming to cut inflation to 16% by the end of next year and 9% by end-2027, it said on Thursday, separating the targets from its inflation forecast ranges in a new strategy aimed at boosting transparency and confidence. Presenting the central bank's quarterly inflation report, Governor Fatih Karahan said the bank was keeping its inflation target for this year at 24%, even though it is forecasting inflation of between 25% and 29%. He said this was while the bank switched to the new system. Sign up here. Previously, the bank presented the target as the midpoint of the forecast range. Separating the goal and the range could give markets a clearer indication of where policy might be heading. "We have decided to change the framework for presenting medium-term forecasts," Karahan said. "We will present 'interim targets' that will not be changed unless extraordinary circumstances occur between report periods." "The 'year-end interim targets' will serve as a commitment and anchor," he said. "We will maintain our tight monetary policy stance to achieve our interim targets. We will determine the steps to be taken in a way that will ensure the tightness required to reach the targets," he added. Last month, Turkey's central bank cut interest rates by 300 basis points to 43%, resuming an easing cycle that had been disrupted by political turmoil earlier this year, as markets have since calmed and disinflation continued. Annual consumer price inflation fell to 33.52% in July, sustaining a downward trend after peaking at 75% in May 2024. Karahan said inflation forecasts would continue to be announced in the quarterly inflation reports. Daglar Ozkan, an economist at Is Yatirim, said separating the targets and forecasts made central bank communication more realistic. "This will allow us to better observe and assess deviations from inflation targets. I anticipate year-end inflation slightly above the forecast range of 25-29%" Ozkan added. The lira was little changed at 40.79 to the dollar after the news. Before last month's rate cut, the central bank had hiked its policy rate in April to 46% from 42.5%, reversing an easing cycle that had begun in December. That followed market volatility over the arrest in March of Istanbul Mayor Ekrem Imamoglu, who is President Tayyip Erdogan's main rival. https://www.reuters.com/world/middle-east/turkish-central-bank-sets-targets-cut-inflation-2025-08-14/

2025-08-14 12:50

Traders tip small chance of super-sized 50 bps Fed cut next month Bessent urges rapid Fed cuts, early BOJ hike, buoying yen vs dollar Bitcoin powered by improved risk sentiment, favourable regulatory changes Aussie dollar rises to multi-week high on upbeat jobs data TOKYO/LONDON, Aug 14 (Reuters) - The U.S. dollar ticked marginally higher against other major currencies in calm market trading on Thursday, but stayed close to multi-week lows as bets that the Federal Reserve will resume cutting interest rates next month rose. Bucking the trend was the yen, with the dollar touching a three-week low against the Japanese currency after U.S. Treasury Secretary Scott Bessent suggested the Bank of Japan needs to raise rates again soon, while the Fed cuts aggressively. Sign up here. A hot producer price index for July saw the dollar spike marginally higher in afternoon trading, but markets were largely steady during morning trading in Europe. "This is typical summer markets vibe. Now we've moved past the CPI print on Tuesday, there aren't any major events on the horizon until Jackson Hole next week," said Michael Brown, senior research strategist at Pepperstone. Brown added that the market is now dead-set on the Fed delivering its next rate cut in September. "We're probably going to see a week or so of these sort of trading conditions, relatively choppy, relatively indecisive, albeit at the same time with a bearish dollar bias in the mix." Fed rhetoric has turned broadly more dovish on signs of a cooling U.S. labour market, while President Donald Trump's tariffs have yet to significantly increase price pressures. Traders see a Fed rate cut on September 17 as a near certainty, according to LSEG data, and even lay around 7% odds on a super-sized half-point reduction. "For the markets, it's not even a matter of if the Fed cuts interest rates in September, it's a question of how much," said Kyle Rodda, an analyst at Capital.com. "Signs of a downturn in the labour market have pushed futures to bake in a series of rate cuts before the end of the year." The Fed also continues to be under intense political pressure to ease. Trump has repeatedly criticised Fed Chair Jerome Powell for not cutting rates sooner, even threatening to oust him before Powell's term expires next May. Treasury Secretary Scott Bessent called on Wednesday for a "series of rate cuts," and said the Fed could kick off the policy easing with a half-point cut. Francesco Pesole, FX strategist at ING, said a 50-bps rate cut is not very realistic right now. "In order for the market to price 50 basis points in, we would probably need some indication from other Fed members that they are somewhat open to the idea." Traders are now looking ahead to U.S. PPI figures for July due later in the session. "If that comes in soft or below expectations that can add a little bit of easing," said Pesole. Bessent said the Bank of Japan had gotten "behind the curve" by delaying rate hikes. "Bessent's comments are having a strong impact on USDJPY," said Norihiro Yamaguchi, an economist at Oxford Economics. At the same time, "gains in the yen are being accelerated by low liquidity in the market as fewer market participants are around this week" due to the Obon holiday, he said. The U.S. dollar dropped as much as 0.8% to 146.22 yen on Thursday, its weakest since July 24, and was last down 0.39%. The euro was down 0.23% at $1.167675, coming off Wednesday's peak of $1.1730, a level last seen on July 28. The pound declined 0.1% versus the dollar, earlier propped up by UK GDP data that showed the economy slowed less than expected in the second quarter. Neil Wilson, UK investor strategist at Saxo Markets, said recent UK data have been poor, yet wage growth is still strong. "Inflation remains too high and growth is failing - we are into stagflationary doom loop. This would be bad enough if it were not also for the fact we face a fiscal black hole that is going to mean higher taxes," he said. Bitcoin earlier hit its first record peak since July 14, pushing as high as $124,480.82 before trimming gains and was last down 2.66% at around $119,633. Bitcoin was already underpinned by increased institutional money flows this year in the wake of a spate of regulatory changes spearheaded by Trump, who has billed himself the "cryptocurrency president." https://www.reuters.com/world/africa/dollar-steady-near-multi-week-lows-fed-rate-cut-bets-build-yen-rises-2025-08-14/

2025-08-14 12:16

Aug 14 (Reuters) - India, the world's second-biggest producer of crude steel, has imposed anti-dumping duty on some steel shipments from Vietnam, the Ministry of Commerce and Industry said. This comes a year after the ministry initiated a probe on some steel imports from the Southeast Asian country to analyse threats and consequential injury to India's steel sector. Sign up here. The duty is on some hot-rolled flat products of alloy or non-alloy steel, the ministry said in a notification dated Wednesday. "Domestic steel industry has suffered injury as a result of dumped imports," it said. "The injury margin is positive and significant." The ministry flagged further threats to local mills if anti-dumping duties are not levied on other select goods from Vietnam. In April, India imposed a 12% temporary tariff on some steel imports, locally known as a safeguard duty, to curb a surge in cheap shipments primarily from China. https://www.reuters.com/world/india/india-imposes-anti-dumping-duty-some-steel-imports-vietnam-2025-08-14/

2025-08-14 12:13

Brent and WTI stabilise off previous session's two-month lows Trump meets Putin on Friday to discuss war in Ukraine U.S. crude stocks rose unexpectedly last week, EIA says LONDON, Aug 14 (Reuters) - Oil prices were stable on Thursday as investors weighed the potential impact of Friday's U.S.-Russia summit on Ukraine on Russian crude flows, after U.S. President Donald Trump warned of "severe consequences" for Russia if it does not agree to peace. Brent crude futures were up 25 cents, or 0.38%, at $65.88 a barrel by 1202 GMT, while U.S. West Texas Intermediate crude futures were 26 cents, or 0.42%, higher at $62.91. Sign up here. Both contracts hit their lowest in two months on Wednesday after bearish supply guidance from the U.S. government and the International Energy Agency (IEA). Trump on Wednesday threatened "severe consequences" if Putin does not agree to peace in Ukraine. He did not specify what the consequences could be, but he has warned of economic sanctions if the meeting in Alaska on Friday proves fruitless. The U.S. president has threatened to enact secondary tariffs on buyers of Russian crude, primarily China and India, if Russia continues with its war in Ukraine. "The uncertainty of U.S.-Russia peace talks continues to add a bullish risk premium given Russian oil buyers could face more economic pressure," Rystad Energy said in a client note. "How (the) Ukraine-Russia crisis resolves and Russia flows change could bring some unexpected surprises." However, some analysts remained sceptical that Trump would take action that could significantly disrupt oil supplies. "Anything that causes oil prices to rise from policy such as secondary tariffs is almost an own goal against this administration, and the man from Moscow knows it," PVM analyst John Evans said. Expectations the U.S. Federal Reserve will cut rates in September also propped up oil prices, as lower borrowing rates can spur economic growth and in turn demand for oil. Traders are almost 100% agreed a cut will happen after U.S. inflation increased at a moderate pace in July. Treasury Secretary Scott Bessent said he thought an aggressive half-point cut was possible given recent weak employment numbers. Oil prices were kept in check on Wednesday as crude inventories in the United States unexpectedly rose by 3 million barrels in the week ending August 8, according to the U.S. Energy Information Administration on Wednesday. https://www.reuters.com/business/energy/oil-stable-ahead-trump-putin-alaska-meet-2025-08-14/

2025-08-14 12:07

Firm hopes for deal capable of getting all regulatory approvals Deal requires approval from China, US, UK, EU, and others Chairman Victor Li misses analyst briefing for first time H1 underlying profit up 11%, net profit down 92% HONG KONG, Aug 14 (Reuters) - CK Hutchison (0001.HK) , opens new tab said on Thursday its $22.8 billion ports business sale had a "reasonable chance" of going through after a plan to add a Chinese major strategic investor to the buying consortium, as it tries to navigate through Sino-U.S. tensions. CK Hutchison, based in the Chinese-controlled territory of Hong Kong, has faced heavy criticism from Beijing since unveiling a plan in March to sell 43 ports in 23 countries, including two near the Panama Canal, to a group led by BlackRock (BLK.N) , opens new tab and Italian Gianluigi Aponte's family-run shipping firm MSC. Sign up here. President Donald Trump had called for the U.S. to "take back" the Panama Canal, which is used by more than 40% of U.S. container traffic, valued at roughly $270 billion annually, from Chinese influence. CK Hutchison's ports are not on the canal or part of it, however. "We are into a new stage of our deal," group co-managing director and finance director Frank Sixt told analysts at an earnings conference. "There is a reasonable chance that those discussions will lead to a deal that is good for all of the parties, ourselves included. And most importantly, that we'll be capable of being approved by all of the relevant authorities." On July 28, the conglomerate said it was in talks to include a Chinese "major strategic investor" in the bid for its ports, and that it would allow as much time as needed to secure approval in relevant jurisdictions. On Thursday, Sixt said these included China, the U.S., Britain and the European Union. He said the talks were taking much longer than expected but that this was "not particularly troublesome" because the port business had delivered stronger earnings and cash flow this year than expected. Sources have said the investor is COSCO (1199.HK) , opens new tab - one of the world's dominant, vertically integrated marine transportation firms. They said COSCO wanted a bigger stake while the other parties were keen to keep it a minority. ALLAYING CHINESE CONCERNS The inclusion of a Chinese investor would alleviate Beijing's security concerns and have its blessing, the sources and other experts have said. COSCO did not respond to a request last month for comment. Thursday's results conference was the first opportunity for analysts to quiz management about the ports deal. But chairman Victor Li, eldest son of Hong Kong's richest man, Li Ka-shing, who took over the conglomerate from his father, was missing for the first time, as was deputy chairman Canning Fok. Also unusually, CK Hutchison did not brief analysts or media about its 2024 earnings when it released them in March. Its shares closed down 0.4% on Thursday ahead of the results, in line with the Hang Seng Index (.HSI) , opens new tab. The conglomerate posted an 11% rise in first-half underlying profit to HK$11.3 billion ($1.44 billion) on a post-IFRS 16 basis. UBS had forecast a 6% rise. However, including one-time non-cash accounting loss, notably from the merger of 3UK and Vodafone UK, net profit dropped 92% year-on-year to HK$852 million. The company said global trade and consumer demand affecting its ports business would remain volatile in the second half due to uncertainty over trade disputes and geopolitical risks. ($1 = 7.8474 Hong Kong dollars) https://www.reuters.com/world/china/ck-hutchison-sees-reasonable-chance-228-bln-ports-sale-going-through-2025-08-13/