2025-07-28 06:36
July 28 (Reuters) - Australia's Boss Energy (BOE.AX) , opens new tab on Monday flagged operational challenges at its flagship Honeymoon uranium project in South Australia, sending its shares to a three-year low. The uranium miner, which owns 100% of the Honeymoon project, warned that issues in ramping up operations could delay reaching full capacity, after the site exceeded production guidance for fiscal 2025. Sign up here. The Subiaco-headquartered company also flagged a rise in cash costs for fiscal 2026, citing shorter processing times and changes to the chemical mix used in extraction. "Honeymoon continues to ramp up, however the removal of nameplate targets and increased cost outlook have cast doubts over the project's long-term value," Jefferies analysts said in a note. Boss Energy said it expects to spend between A$27 million and A$30 million ($17.73 million-$19.70 million) on the project in fiscal 2026, which Jefferies said is higher than its estimates. "Higher costs are expected to negatively impact the project's profitability and BOE's future earnings," said George Ross, senior analyst at Argonaut. "FY26 guidance has shocked the market... significant increase in production capital costs was not anticipated by the market." The stock fell as much as 44.7% to A$1.880, its lowest since July 14, 2022, before closing 44% lower. It was the top loser on the broader ASX200 benchmark index (.AXJO) , opens new tab, which ended 0.4% higher. Jefferies analysts said the recent board changes have reduced the chances of Boss Energy engaging in acquisitions as they are more focused on internal growth. Boss Energy, which went public in 2007, said last week Chief Executive and Managing Director Duncan Craib would step down from the roles later this year and transition to a non-executive director role in 2026. Craib has been with the firm since 2017. Chief Operating Officer Matt Dusci was named as his successor, effective October 1. ($1 = 1.5232 Australian dollars) https://www.reuters.com/business/energy/australias-boss-energy-flags-honeymoon-uranium-project-challenges-shares-plunge-2025-07-28/
2025-07-28 06:36
July 28 (Reuters) - British meat producer Cranswick (CWK.L) , opens new tab reported 7.9% growth in first-quarter like-for-like revenue on Monday, supported by resilient consumer demand for premium ranges as well as new business wins. The company, which supplies fresh pork, sausages, and bacon to supermarkets across Britain and exports to China, said premium meats continued to outperform as consumer appetite for natural protein, that derived from unprocessed sources like meat, is increasing. Sign up here. Cranswick has been expanding its operations across the pig production chain with recent acquisitions including sausage manufacturer Blakemans and UK pig genetics firm JSR Genetics . The company reported a 9.7% growth in reported revenue, partly helped by Blakemans' integration. The East Yorkshire based company has been ramping up capital spending to boost capacity, across its sites and said it has committed an additional 14 million pounds ($18.78 million) to expand output and product range at its Lincoln pet food facility. For the full year ending March 28, Cranswick expects to report adjusted pre-tax profit in line with market expectations of between 206.5 million pounds and 213.6 million pounds, according to a company compiled poll. ($1 = 0.7457 pounds) https://www.reuters.com/world/uk/uks-cranswicks-revenue-rises-healthy-demand-premium-meat-2025-07-28/
2025-07-28 06:35
UN climate chief criticises delay in deciding summit host Deadline for decision was set for June Australia, Turkey have been vying to host COP31 since 2022 SYDNEY, July 28 (Reuters) - The United Nations climate chief on Monday urged Australia and Turkey to resolve their long-running tussle over who will host next year's COP31 summit, calling the delay unhelpful and unnecessary. Australia and Turkey submitted bids to host the high-profile conference in 2022 and both countries have refused to concede to the other , opens new tab ever since. Sign up here. Simon Stiell, executive secretary of the UN Framework Convention on Climate Change, which oversees COP summits, said the deadlock was undermining preparations. “A decision needs to be made very quickly,” he said at a Smart Energy Council event in Sydney. “The two proponents need to come together and between themselves and within the group to make that decision. The delay in making that decision is unhelpful to the process.” The annual UN talks rotate through five regional groups. COP31's host must be unanimously agreed upon by the 28 members of the Western Europe and Others Group (WEOG) bloc. The UN had set a deadline of June for the group to reach consensus. Australia is seeking to co-host next year’s summit with the Pacific to showcase its renewable energy transition. It had hoped to secure the bid, which has majority backing among WEOG members, at COP29 in Azerbaijan. But Turkey has rebuffed calls to drop out of the race, and instead doubled down on its efforts during interim talks in Bonn last month. Turkey argues its Mediterranean location would help reduce emissions from flights bringing delegates to the conference, and has pointed out its smaller oil and gas industry compared to Australia. Stiell said the deadlock was now affecting the planning of the COP process, involving thousands of delegates from 200 member countries. “In negotiations that are as complex as they are, that lack of clarity creates tensions that are completely unnecessary at this stage,” he said. Asked for comment, the office of Australian Climate Change Minister Chris Bowen referred to an interview where he said Australia’s bid had the backing of 23 out of 28 WEOG members. Australia had also approached Turkey multiple times to find a “win-win” solution, he said. “We've got the votes. We could have all the votes in the world. If Turkey is not going to withdraw, that's still a challenge,” Bowen told The Conversation Politics Podcast on Thursday. At the same event, Stiell also called on Australia to set an ambitious 2035 emissions target and accelerate its clean energy transition. Australia’s national climate plan, due in September, would be a “defining moment” that could send a message that “this country is open for clean investment, trade, and long-term partnerships”, he said. https://www.reuters.com/sustainability/cop/un-tells-australia-turkey-end-cop31-hosting-standoff-2025-07-28/
2025-07-28 06:13
US and EU avert trade war with 15% tariff deal US-China to resume tariff talks in Stockholm July 28 (Reuters) - Gold prices climbed in choppy trading on Monday, as a weaker dollar helped offset pressure from improved risk appetite following a trade framework agreement between the United States and the European Union. Spot gold was up 0.2% at $3,342.73 per ounce, as of 0557 GMT, after touching its lowest level since July 17. Sign up here. U.S. gold futures edged 0.2% higher to $3,342.80. The U.S. struck a framework trade agreement with the European Union on Sunday, imposing a 15% import tariff on most EU goods - half the threatened rate - and averting a bigger trade war between the two allies that account for almost a third of global trade. However, the agreement left key issues unresolved, including tariffs on spirits. The agreement eased transatlantic trade tensions, putting pressure on gold, said Jigar Trivedi, a senior commodity analyst at Reliance Securities, adding that it also softened the dollar index, which provided some cushion to bullion. The U.S. dollar index (.DXY) , opens new tab edged lower, making greenback-priced bullion more affordable for overseas buyers. Risk sentiment improved following the agreement, with European currencies and U.S. stock index futures trading higher. Meanwhile, senior U.S. and Chinese negotiators are set to meet in Stockholm later in the day to address long-standing economic disputes, seeking to extend a truce that has prevented higher tariffs. "In the short term, we don't expect gold to experience wild swings. Investors are turning their focus to a pivotal week for U.S. monetary policy and economic data," Trivedi said. The Federal Reserve is expected to maintain its benchmark interest rate in the 4.25%-4.50% range after its two-day policy meeting concludes on Wednesday. U.S. President Donald Trump said on Friday he had a positive meeting with Powell, suggesting the Fed chief might be inclined to lower interest rates. Spot silver was up 0.4% at $38.28 per ounce, while platinum gained 1.2% to $1,417.81 and palladium rose 2.8% to $1,254.37. https://www.reuters.com/world/china/gold-rises-soft-dollar-offsets-risk-on-mood-us-eu-tariff-deal-2025-07-28/
2025-07-28 06:09
Diesel demand remains strong in US, India and China Low diesel stocks support refining margins amid supply disruptions EU sanctions on Russia to reshape global diesel flows, impact Indian refiners LONDON, July 28 (Reuters) - New European Union sanctions targeting Russia's oil industry will reshuffle global diesel flows for the second time since 2022, adding pressure to an already red-hot market. Diesel prices have proven surprisingly resilient so far this year. U.S. President Donald Trump's sweeping tariff announcement in April sparked concerns that global economic and trade activity was about to decelerate sharply. But these fears failed to materialize after Trump rowed back many of these threats and engaged in trade negotiations. Sign up here. The diesel market is seen as a proxy for global economic activity because the fuel is mostly used in trucks, ships and power generators as well as agricultural and industrial machinery. In Europe, around a quarter of the passenger car fleet runs on diesel, a significantly higher proportion than in other regions. U.S. diesel demand, based on a four-week average, has been nearly 5% higher so far in 2025 than a year ago at 3.8 million barrels per day, according to the Energy Information Administration. Meanwhile, India’s diesel consumption in May climbed 2.1% from a year earlier and China's demand appeared to be strong in June, judging by high refinery crude processing. This is a far cry from the weak environment many imagined we might be seeing after Trump escalated his global trade war. LOW STOCKS One major support for refining margins in recent months has been low diesel stocks. Combined inventories of diesel in the United States, Europe and Singapore are around 20% below their 10-year average. Diesel stocks typically build during the northern hemisphere summer, when refinery output is at its highest. Beyond the mixed demand picture, there are a host of other reasons for the slow diesel inventory build. These include unplanned refinery outages, such as Israel's 197,000-barrels per day refinery in Haifa that was hit during the 12-day war with Iran in June, and the closure of the 113,000-bpd Lindsey refinery in northeast England following its owner’s bankruptcy. The global shortage in heavy and medium crude oil grades, which have higher diesel yields, has further limited refining output. The shortage is the result of U.S. sanctions on Venezuelan crude exports, a drop in Canadian output due to wildfires and lower exports of those grades by OPEC members. EU SANCTIONS The outlook for diesel was further complicated last week after the EU adopted its 18th package of sanctions against Russia over its war in Ukraine. The measures, aimed at limiting Moscow’s revenue from oil exports, included an import ban on refined products made from Russian crude. The ban, which would likely kick in next year, seeks to close a loophole that Russia has been exploiting since the EU halted most imports of the country’s crude and refined products in the wake of Moscow’s invasion of Ukraine in February 2022. Russia accounted for 40% of Europe's diesel imports in 2021, representing nearly a quarter of the region's total consumption. To address the shortfall following the 2022 ban, Europe increased diesel imports from China, India and Turkey. At the same time, those three countries sharply increased imports of cheap Russian crude oil, which meant Europe was effectively buying products made from Russian feedstock. Indian refiners, which accounted for 16% of Europe's imports of diesel and jet fuel last year, are set to be particularly hard hit by the latest ban, as 38% of India's crude imports in 2024 were from Russia, according to Kpler data. The ban would likely have a smaller impact on imports by Turkey, where Russian crude tends to be used by refineries that supply the domestic market. Plants that export fuel to Europe tend to process non-Russian crude. The main winners will likely be Gulf states. The new EU ban exempts countries that are net exporters of crude, even if they import Russian oil. This would allow refineries in Saudi Arabia, the United Arab Emirates and Kuwait to increase exports to Europe, taking market share from Indian competitors. MARKET REJIGGING The most likely outcome from these new sanctions, whose details have yet to be specified, is a reorganization of global diesel shipping flows. Indian refiners, including the giant 1.2 million Reliance refining complex in Jamnagar, will need to find new outlets for their fuels. This will likely include markets in Africa, where Indian operators would be competing for market share with Nigeria’s newly-built 650,000-bpd Dangote refinery, the continent's largest. At the same time, Middle Eastern refiners will direct more diesel towards Europe and less fuel towards closer Asian markets. This, in turn, will likely lead to higher freight costs – and that could ultimately push up prices at the pump in Europe. This situation would get even more complicated if President Trump follows through on the threat to hit countries that buy Russian oil with a 100% tariff if Moscow doesn’t agree to stop the fighting in Ukraine by September. This all means that even if oil demand begins to falter, the combination of low global diesel inventories and tightening sanctions on Russia will likely support diesel prices and refining margins in the months ahead. Enjoying this column? Check out Reuters Open Interest (ROI), , opens new tabyour essential new source for global financial commentary. ROI delivers thought-provoking, data-driven analysis. Markets are moving faster than ever. ROI , opens new tab can help you keep up. Follow ROI on LinkedIn , opens new tab and X. , opens new tab https://www.reuters.com/markets/commodities/eu-russia-sanctions-add-fuel-red-hot-global-diesel-market-2025-07-28/
2025-07-28 05:45
Heavy rain causes landslides and flooding in northern China Over 4,400 people relocated due to extreme weather conditions China allocates 50 million yuan for disaster recovery in Hebei HONG KONG, July 28 (Reuters) - Heavy rain intensified around Beijing and nearby provinces on Monday, with four people killed in a landslide in northern Hebei and eight people missing, as authorities warned of intensifying conditions and heightened disaster risks in the coming days. Authorities relocated more than 4,400 people as colossal rain continued to pound the suburban area of Miyun in Beijing causing flash floods and landslides, impacting many villages, state broadcaster CCTV reported. Sign up here. Images circulated on China's Wechat app showed areas of Miyun where cars and trucks were floating on a flooded road where water levels had risen so high that it had submerged part of a residential building. Electricity cuts are also affecting more than 10,000 people, in the area, CCTV said. Northern China has seen record precipitation in recent years, exposing densely populated cities, including Beijing, to flood risks. Some scientists link the increased rainfall in China’s usually arid north to global warming. China's Central Meteorological Observatory said that heavy rainfall would continue to drench northern China over the next three days. Beijing issued its highest level flood alert on Monday, the official Xinhua news agency said. The storms are part of the broader pattern of extreme weather across China due to the East Asian monsoon, which has caused disruptions in the world's second-largest economy. Xiwanzi Village in Shicheng Town, near Miyun Reservoir, was severely affected, CCTV said on Monday with an additional 100 villagers transferred to a primary school for shelter. It comes after the maximum flood peak flow into the Miyun reservoir reached a record high of 6550 cubic meters per second, Beijing authorities said on Sunday. In neighbouring Shanxi province, videos from state media showed roads inundated by strong gushing currents and submerged vegetation including crops and trees. Shaanxi province, home to China's historic city of Xian, also issued flash flood disaster risk warnings on Monday. In Beijing's Pinggu District, two high-risk road sections have been sealed, authorities said. Authorities are carrying out search and rescue work across cities including Datong, where a driver in a Ford car has lost contact while driving in the floods, the People's Daily reported. China’s Water Resources Ministry has issued targeted flood warnings to 11 provinces and regions, including Beijing and neighbouring Hebei, for floods from small and midsize rivers and mountain torrents. Two were dead and two missing in Hebei province, CCTV said on Sunday morning. Overnight rain dumped a record 145 mm (5.7 inches) per hour on Fuping in the industrial city of Baoding. China's National Development and Reform Commission said on Monday that it was urgently arranging 50 million yuan ($6.98 million) to support Hebei. The funds would be used to repair damaged roads and bridges, water conservancy embankments, schools and hospitals in the disaster area. The NDRC said it was "promoting the restoration of normal life and production as soon as possible." Chinese authorities closely monitor extreme rainfall and severe flooding are, as they challenge the country's ageing flood defences, threaten to displace millions and wreak havoc on China's $2.8 trillion agricultural sector. ($1 = 7.1675 Chinese yuan renminbi) https://www.reuters.com/sustainability/climate-energy/four-killed-eight-missing-heavy-rain-soaks-northern-china-2025-07-28/
