2025-08-12 11:18

Aug 12 (Reuters) - At Dubai's newest racecourse, the finish line is just past the food court. On Aug. 1, the city launched the Dubai Mallathon: a month-long fitness initiative that converts familiar commercial spaces into indoor running paths every day of August. Sign up here. Nine of Dubai's malls - including one of the world's largest, the Dubai Mall - are opening their doors early at 7 a.m. this month to welcome walkers and runners, offering a cool alternative to outdoor exercise during the peak of summer heat. On weekdays, it is a casual, go-at-your-own-pace vibe. But come Saturdays and Sundays, the Mallathon kicks into high gear with formal 2.5-kilometre (km), 5-km, and 10-km races - complete with medals, prizes and bragging rights for top finishers. "The response from all classes of society has been overwhelming," said Fawzia Faridoon, the Dubai Sports Council's head of community events. Dubai's inaugural Mallathon coincides with a summer of record-breaking heat - giving residents a reason to lace up their sneakers without having to brave the scorching sun. Multiple runners stressed that the soaring temperatures make outdoor exercise nearly impossible, and said the Mallathon offers a welcome alternative. "Oftentimes I want to go out for a run in the evenings and it's really bad," said Aswati Vadakkeppattu, noting that she's usually forced to stick to indoor treadmills in the summertime. "An initiative like this, inside the mall, it's wonderful." https://www.reuters.com/business/environment/dubai-runners-beat-heat-citys-first-mallathon-2025-08-12/

2025-08-12 11:09

Aug 12 (Reuters) - Circle (CRCL.N) , opens new tab posted higher revenue and reserve income on Tuesday in its maiden quarterly results since going public in June, driven by increased circulation of its USDC stablecoin and stronger subscription services. Shares rose 5% in premarket trading, solidifying the rally that has pushed the company's stock to more than five times its initial public offering price. Sign up here. Stablecoins, which are digital tokens backed by low-risk assets such as the U.S. dollar or Treasuries, have drawn increasing investor attention, especially since the Genius Act was passed last month. The law has led some analysts to speculate that the tokens could be used for cross-border remittances and as a bridge between traditional banking and digital finance. The momentum has helped companies such as Circle, which issues USDC, the second-biggest stablecoin by market value after Tether. USDC in circulation grew 90% as of June 30, compared to a year earlier, the company said. The company's revenue and reserve income grew 53% year-over-year to $658 million, thanks to a jump in the interest it earns from the cash and short-term investments backing its USDC stablecoins. Revenue from subscription and services also rose, Circle said. It reported a net loss of $482 million, primarily due to two non-cash charges related to its IPO, including costs for employee stock awards that vested when the company went public and a higher valuation of its convertible debt following a rise in its share price. https://www.reuters.com/business/stablecoin-issuer-circles-revenue-jumps-first-results-since-blockbuster-ipo-2025-08-12/

2025-08-12 10:56

China imposes preliminary 75.8% anti-dumping duty on Canadian canola ICE November canola futures fall 6.5% after the announcement Australia could benefit, but cannot fully replace Canada BEIJING/SINGAPORE, Aug 12 (Reuters) - China announced preliminary anti-dumping duties on Canadian canola imports on Tuesday, escalating a year-long trade dispute that began with Ottawa's imposition of tariffs on Chinese electric vehicle imports last August. The provisional rate will be set at 75.8%, effective from Thursday, the Ministry of Commerce said in a statement. Sign up here. The Canadian government disputed the Chinese finding saying in a statement late on Tuesday the country does not dump canola and that it was "deeply disappointed" with China's decision, but remained open to dialogue. "Canada is committed to ensuring fair market access for our canola industry and we remain ready to engage in constructive dialogue with Chinese officials to address our respective trade concerns," International Trade Minister Maninder Sidhu and Agriculture Minister Heath MacDonald said in the statement. Canada is now in trade conflicts with the world's two largest economies, as its exports also face tariffs imposed by the United States. Canada's top canola meal and oil market is the U.S., while China buys the bulk most of Canada's canola seed exports. Canola Council of Canada President Chris Davison said that duty rate makes the Chinese market effectively closed for Canadian canola. Canada exported almost C$5 billion ($3.64 billion) of the oilseed crop to China in 2024. "This really came as a surprise and a shock," said trader Tony Tryhuk of RBC Dominion Securities. China, the world's largest importer of canola, also known as rapeseed, sources nearly all its supplies of the product from Canada. The steep duties would likely all but end imports if they are maintained. "This is huge. Who will pay a 75% deposit to bring Canadian canola to China? It is like telling Canada that we don't need your canola, thank you very much," said one Singapore-based oilseed trader. China imposed tariffs on canola oil and meal in March. Canada has also imposed tariffs on Chinese steel and aluminum. China's Ministry of Commerce said an anti-dumping probe launched in September 2024 had found that Canada's agricultural sector - particularly the canola industry - had benefited from substantial government subsidies and preferential policies. The Canadian government and canola industry have previously rejected allegations of dumping. The industry believes China's complaint is based on other ongoing trade and political disputes, the Canola Council of Canada's Davison said. ICE November canola futures plunged after the announcement and by the end of the Tuesday session fell about $30 to $650.30 per metric ton. A final ruling could result in a different rate, or overturn Tuesday's decision. The decision marks a shift from the conciliatory tone struck in June when China Premier Li Qiang said there were no deep-seated conflicts of interest between the countries during a phone call with Canadian Prime Minister Mark Carney. "This move ... will put additional pressure on Canada's government to sort through trade frictions with China," said Trivium China agriculture analyst Even Rogers Pay. Separately, China also launched an anti-dumping investigation into Canadian pea starch and imposed provisional duties on imports of halogenated butyl rubber, according to ministry statements. NO EASY REPLACEMENT Replacing millions of tons of Canadian canola is likely to be difficult at short notice, say analysts. China uses imported canola to make animal feed for its aquaculture sector, as well as for cooking oil. The move provides an opportunity for Australia, which looks set to regain access to the Chinese market with test cargoes this year after a years-long freeze in the trade, Pay said. Australia, the second-largest canola exporter, has been shut out of the Chinese market since 2020 due mainly to Chinese rules to stop the spread of fungal plant disease. However, even if Australian imports increase, "fully replacing Canadian canola will be very difficult unless import demand drops sharply", said Donatas Jankauskas, an analyst with commodity data firm CM Navigator. Davison said his industry believes China will need Canada's canola to meet the sort of demand it has experienced in recent years. "I think the expectation would be that they could not meet those needs with a quality of a product and the volume that we provide," Davison said. Canadian farmers are about to begin harvesting canola and will not be happy to see prices plunge, said Canadian Canola Growers Association President Rick White. "It's going to certainly have a damping effect on price for farmers and they're going to be stuck with that," White said. Another trader said there was already downward price pressure as Canada's crop is widely believed to be bigger than many previously forecast due to good weather. Ventum Financial broker David Derwin said traders were unsure about how to take the Chinese move yet, since it is not a final rule. "Is it a negotiating tactic? Or does China put it in and that's that?," Derwin asked. ($1 = 1.3754 Canadian dollars) https://www.reuters.com/markets/commodities/china-slaps-temporary-duties-canadian-canola-2025-08-13/

2025-08-12 10:52

Aug 12 (Reuters) - Venture Global (VG.N) , opens new tab beat Wall Street expectations for second-quarter core profit, as a resumption of export permits for liquefied natural gas in the U.S. boosted sales, sending the shares of the LNG producer up more than 6% before the bell on Tuesday. Commercial activity in the sector picked up pace after President Donald Trump lifted a moratorium on new LNG export permits soon after taking office in January. Sign up here. Venture Global, the country's second-largest LNG exporter after Cheniere Energy (LNG.N) , opens new tab, has been ramping up commercial operations at its Plaquemines and Calcasieu Pass export facilities, both located in Louisiana. The company said it sold 329 trillion British Thermal Units (TBtu) of LNG during the quarter, a 149% jump from the 132 TBt units of the superchilled fuel it sold a year earlier. Its total quarterly revenue came in at $3.1 billion, exceeding expectations of $2.89 billion, according to data compiled by LSEG, mainly driven by the start of LNG production at the Plaquemines project. The company expects to export 227 to 240 cargos of LNG from the Plaquemines project this year, compared with a prior view of 222 to 239 cargoes. The Calcasieu Pass project is expected to export 144 to 149 cargos, compared with its prior forecast of 145 to 150 cargoes. The company said changes in fixed liquefaction fees would hit its adjusted earnings before interest, taxes, depreciation, and amortization by $230 million to $240 million in 2025, compared expectations of a $460 million to $480 million impact, previously. RBC Capital Markets analyst Elvira Scotto said the results could drive outperformance in Venture Global's stock, especially since it has fallen nearly 50% it went public in January. The Arlington, Virginia-based company reported adjusted EBITDA of $1.39 billion for the three months ended June 30, compared with analysts' expectations of $1.25 billion. https://www.reuters.com/business/energy/venture-global-core-profit-beats-sales-boost-lifting-lng-export-permits-2025-08-12/

2025-08-12 10:52

Aug 12 (Reuters) - South African petrochemicals company Sasol (SOLJ.J) , opens new tab expects a rebound in full-year profitability on the back of higher chemicals prices, tighter cost controls and lower asset writedowns, it said on Tuesday. Sasol, which produces fuel and chemicals from coal and gas, expects earnings per share between 7 rand and 12 rand ($0.3954-$0.6779) for the year to June 30, swinging from a loss of 69.94 rand per share the previous year. Sign up here. The company's trading update said it had recorded significantly lower impairments of 20.7 billion rand during the year, against 74.9 billion rand previously. Asset writedowns in the 2025 financial year relate to its Secunda and Sasolburg liquid fuels refinery operations, its Mozambique gas production sharing agreement and exploration project as well as the company's Italian chemicals business. The bulk of Sasol's impairments the previous year related to its U.S chemicals operations, hit by low prices and weak demand. Sasol releases financial results on August 25. ($1 = 17.7018 rand) https://www.reuters.com/business/energy/sasol-expects-profit-rebound-higher-chemical-prices-lower-impairments-2025-08-12/

2025-08-12 10:49

MUMBAI, Aug 12 (Reuters) - India's soyoil imports are poised to surge 60% year-on-year to a record high in 2024/25, as refiners boost purchases due to cheaper prices compared with rival palm oil, shipments of which are set to hit a five-year low, six dealers told Reuters. Higher soyoil purchases by India, the world's biggest importer of vegetable oils, will support global soyoil prices , which have risen 31% so far this year, but weigh on benchmark Malaysian palm oil futures . Sign up here. In the 2024/25 marketing year ending in October, soyoil imports are likely to jump to 5.5 million metric tons, from 3.44 million tons a year ago, according to estimates from dealers. Palm oil imports in the year, meanwhile, are likely to fall 13.5% from a year ago to 7.8 million metric tons, the lowest since 2019/20, dealers said. Sunflower oil imports could fall 20% to 2.8 million tons, the lowest in three years, they said. Higher soyoil imports will lift India's total edible oil imports in the year by 1% to 16.1 million tons, dealers estimated. Palm oil traded at a premium for many months this year, which prompted buyers to replace it with soyoil, said B.V. Mehta, executive director of the Solvent Extractors' Association of India. "Soyoil was cheap and plenty in stock, so it ended up grabbing palm oil's market share," he said. Crude palm oil was commanding a premium of as high as $150 per ton over crude soyoil earlier this year due to tight supplies of the tropical oil in producer countries Malaysia and Indonesia. Indian consumers are price-sensitive and had relied on palm oil because it was cheap. But its price rally prompted even large industrial buyers to look for alternatives, said Aashish Acharya, vice president at Patanjali Foods Ltd (PAFO.NS) , opens new tab, a leading importer of edible oils. While soyoil was initially being bought as a substitute for palm oil, it is now also replacing rapeseed oil, which has become more expensive due to a price rally in the past two months, said a Mumbai-based dealer with a global trade house. India buys palm oil mainly from Indonesia and Malaysia, while it typically imports soyoil and sunflower oil from Argentina, Brazil, Russia and Ukraine. This year, however, India is likely to buy more than 600,000 tons of soyoil from Nepal, a New Delhi-based dealer said. Soyoil shipments from Nepal are tax-free under the South Asian Free Trade Agreement, which is encouraging buyers from eastern India to source soyoil from the Himalayan country, he added. https://www.reuters.com/world/india/indias-soyoil-imports-set-record-high-palm-oil-five-year-low-2025-08-12/