2025-07-23 06:57
TOKYO, July 23 (Reuters) - Japanese Finance Minister Katsunobu Kato said the bilateral trade deal with the United States did not include reference to foreign exchange rates, Kyodo news agency reported on Wednesday. Kato made the remarks to reporters at Japan's Ministry of Finance, according to Kyodo. Sign up here. President Donald Trump's focus on addressing the U.S. trade deficit and his past remarks accusing Japan of intentionally maintaining a weak yen have fuelled expectations that Tokyo would face pressure to strengthen the yen against the dollar to give U.S. manufacturers a competitive advantage. Kato has discussed exchange rate matters with U.S. Treasury Secretary Scott Bessent in talks Tokyo has described as separate from bilateral negotiations on tariffs and trade. https://www.reuters.com/business/japan-says-forex-not-included-trade-deal-with-us-kyodo-reports-2025-07-23/
2025-07-23 06:41
All adult Malaysians to receive one-off cash aid RON95 fuel subsidy changes expected by end-Sept Further measures to aid poor to be announced on Thursday Analysts say subsidy plan changes could impact fiscal plans KUALA LUMPUR, July 23 (Reuters) - Malaysia's Prime Minister Anwar Ibrahim announced new measures on Wednesday to address growing public disquiet about the rising cost of living, including a cash handout for all adult citizens and a promise to lower fuel prices. His statement in a televised broadcast came ahead of a planned protest to be held in Malaysia's capital Kuala Lumpur on Saturday, aimed at forcing Anwar to step down over escalating prices and a failure to deliver on promised reforms. Sign up here. Anwar's administration has carried out a number of measures to boost revenue and productivity this year, including a minimum wage hike, increased electricity tariffs on heavy power users and an expanded sales and services tax. Anwar has said the moves were mainly targeted at large businesses and the wealthy, but critics have voiced fears that higher costs would eventually be passed down to consumers, including lower and middle-income earners. On Wednesday, Anwar said all Malaysians above 18 will receive 100 ringgit ($23.67) in a one-off cash handout to be disbursed from August 31. The government will spend a total 15 billion ringgit ($3.55 billion) in cash aid in 2025, up from 13 billion ringgit originally allocated for the year, he said. Police have said they expect between 10,000 and 15,000 people to attend Saturday's protest, which has been organised by opposition parties. "I acknowledge the complaints and accept that the cost of living remains a challenge that must be addressed, even though we have announced various measures thus far," Anwar said, adding that more initiatives to aid those in poverty will be launched on Thursday. Anwar said the government will also announce details of a long-awaited plan to adjust blanket subsidies on the widely used RON95 transport fuel before the end of September. Once the subsidy changes are implemented, Malaysians will see fuel prices at the pump drop to 1.99 ringgit per litre, compared to the current price of 2.05 ringgit, Anwar said. Foreign nationals however will have to pay unsubsidised market prices for the fuel, he said. Anwar did not provide details on how the measure will be enforced. Analysts say changes to the fuel subsidy rationalisation scheme - originally set for mid-2025 and aimed at also removing subsidies for the wealthy - could affect Malaysia's fiscal consolidation plans. Kenanga Investment Bank economist Muhammad Saifuddin Sapuan said the cash handout and subsidy measures were necessary to boost domestic demand, amid external headwinds arising from ongoing global uncertainty. "Nevertheless, this comes at a cost, especially on how the government will finance it, and likely put pressure on its fiscal target," he said. Kathleen Chen, of Fitch Ratings’ Sovereigns team, said further delays or insufficient progress on subsidy rationalisation could jeopardise the government’s goal to reduce its deficit to 3% by 2028. Fitch expects Malaysia’s general government debt to remain high, at around 76.5% of GDP in 2025, with only a gradual decline in the medium term, she said. ($1 = 4.2250 ringgit) https://www.reuters.com/world/asia-pacific/malaysia-pm-announces-cash-aid-fuel-price-cut-address-rising-living-costs-2025-07-23/
2025-07-23 06:37
July 23 (Reuters) - Britain's accounting watchdog said on Wednesday that it is investigating Deloitte LLP's audits of commodities trader Glencore (GLEN.L) , opens new tab and one of its divisions for the financial years ended December 2013 through December 2020. The Financial Reporting Council (FRC) is examining whether Deloitte properly assessed the risk of legal and regulatory breaches during its audits. Sign up here. Glencore and its unit, Glencore Energy UK Limited, have faced extensive investigations by government agencies in recent years over allegations of bribery and corruption. Glencore declined to comment, while Deloitte did not immediately respond to a request for comment. https://www.reuters.com/en/uk-watchdog-probes-deloittes-audits-glencores-2013-2020-accounts-2025-07-23/
2025-07-23 06:26
MADRID, July 23 (Reuters) - Europe's largest utility Iberdrola (IBE.MC) , opens new tab on Wednesday launched a 5 billion euro ($5.87 billion) capital increase to help fund investments in power grids in Britain and in the United States. The company plans to increase its annual investments to around 15 billion euros from a current level of around 12 billion euros, building on its shift towards upgrading and expanding power grids in countries where returns are steady and healthy, such as the U.S. and Britain. Sign up here. The cash raised, along with debt, operating cash flow, asset sales and partnerships will help fund the new strategy the company will present in September. The shares offered through a process of accelerated book-building were set to be priced at 15.10 euros, one of the bookrunners said. Iberdrola's share price closed at 15.895 euros on Tuesday. Spain's stock market regulator suspended trading of Iberdrola's shares on Wednesday morning. Separately, the utility said first-half net profit declined 14% from a year earlier, when results included the sale of gas assets in Mexico. Net profit for the period was 3.56 billion euros ($4.18 billion) compared to 4.1 billion euros a year earlier. Excluding one-offs, profit was up 20%, it said. ($1 = 0.8523 euros) https://www.reuters.com/sustainability/climate-energy/iberdrola-launches-59-bln-capital-increase-fund-grid-investments-2025-07-23/
2025-07-23 06:24
HAMBURG, July 23 (Reuters) - Rain has raised water levels on the river Rhine in Germany, but most of the river is still too shallow for cargo vessels to sail fully loaded, commodity traders said on Wednesday. Dry weather and a heatwave in June and July meant the river became too shallow for vessels to sail at full capacity. Ship operators imposed surcharges on freight rates to compensate for vessels sailing partly empty, increasing costs for cargo owners. Sign up here. Rain this week has caused a strong rise in water levels, traders said. The impact of the heatwave had been larger than expected, as fields which drain into smaller streams and rivers feeding into the Rhine were especially dry. Shallow water continues to hinder shipping on much of the river in Germany including Duisburg, Cologne and the chokepoint of Kaub, but vessels are able to take on larger loads, traders said. Vessels can now sail around 70% full at Kaub, and around 60% full in Duisburg and Cologne. More rain forecast in river catchment areas in coming days is expected to raise the river to approaching normal levels later this week, they said. The Rhine is an important shipping route for commodities such as grains, minerals, ores, chemicals, coal and oil products, including heating oil. German companies faced supply bottlenecks and production problems in summer 2022 after a drought led to unusually low water levels on the river. https://www.reuters.com/business/environment/rain-raises-rhine-river-levels-germany-ships-still-only-part-loaded-2025-07-23/
2025-07-23 06:10
Trump said Japan, US to form joint venture for Alaskan LNG Not clear if Trump was referring to proposed $44 billion Alaska LNG project METI is working to confirm the facts, official says JERA, Tokyo Gas previously expresses cautious interest TOKYO, July 23 (Reuters) - U.S. President Donald Trump said on Tuesday that Japan will form a joint venture to develop a liquefied natural gas project in Alaska though a Japanese government official said he was not aware of such plans. It was not immediately clear whether Trump was referring specifically to the proposed $44 billion Alaska LNG project. That project would consist of an 800-mile (1,300-km) pipeline carrying gas to a planned liquefaction plant for export. Sign up here. Trump's announcement of the venture came in comments to lawmakers at the White House where he discussed his trade deal with Japan. "We concluded the one deal ... and now we're going to conclude another one because they're forming a joint venture with us at, in Alaska, as you know, for the LNG," Trump told the lawmakers. "They're all set to make that deal now." The METI official, who oversees resource development, said the agency is working to confirm Trump's comments. Several companies from Japan have expressed an interest in buying LNG from the project, along with Thailand's PTT and India's GAIL. JERA and Tokyo Gas (9531.T) , opens new tab, Japan's two biggest LNG buyers, have expressed their interest in the Alaska LNG project but said they would need to assess specific conditions, including costs, before moving forward. But when asked about the joint venture mentioned by Trump, a JERA spokesperson said they could not confirm it. A Tokyo Gas spokesperson declined to comment, saying the company is not involved in a joint venture for LNG in Alaska and is not familiar with the details. https://www.reuters.com/business/energy/trump-says-japan-us-form-lng-joint-venture-2025-07-23/
