2025-11-28 20:51
LONDON, Nov 28 (Reuters) - Britain said on Friday it would temporarily stop imports of pork meat from parts of Spain after the country confirmed its first cases of African swine fever in just over three decades. Britain is one of Spain's main customers for pork, and the move comes as authorities in Madrid activated emergency measures in Catalonia, a region central to pig farming. Sign up here. "Following an outbreak of African Swine Fever in Spain, all fresh pork and other affected products from Spain will be held at Border Control Posts until further notice," Britain's environment department (DEFRA) said in a statement. "We will continue to monitor the situation and keep all measures under review," it added. Spain exported 37,600 metric tons of fresh and frozen pork to Britain so far in 2025, worth over 112 million euros ($129.93 million), up 17% in volume and 9.5% in value compared with all of 2024, according to data from the government-backed body the Agriculture and Horticulture Development Board. The virus is a highly contagious disease that affects pigs and wild boar but poses no risk to humans. It has no vaccine or cure and often leads to mass culling when detected in farmed herds. The disease has spread westwards in Europe in recent years, disrupting pork markets and prompting trade bans. Germany's outbreak in 2020 led to sweeping restrictions from major buyers such as China, while Croatia has battled infections in recent months. Spain, the European Union's top pork producer, has so far avoided the virus in domestic pigs since 1994, making the latest detection in wild boar near Barcelona a significant concern for its 8-billion-euro ($9.28 billion) pork industry and export markets. Britain's government earlier this year banned personal imports of ham and other meat and dairy products from all EU countries to prevent the spread of foot-and-mouth disease, following a rising number of cases. ($1 = 0.8620 euros) https://www.reuters.com/world/uk/uk-hold-fresh-pork-other-affected-spanish-products-border-amid-african-swine-2025-11-28/
2025-11-28 20:49
RIO DE JANEIRO, Nov 28 (Reuters) - Brazilian state-run oil firm Petrobras could review some of the 15 wells it plans to drill in the so-called Equatorial Margin, as Brent oil prices are expected to remain low in the coming years, its CEO said on Friday. In its business plan for the 2026-2030 period, Petrobras cut planned investments for the region that extends along Brazil's northern coastline from the state of Rio Grande do Norte to the state of Amapa by $500 million to $2.5 billion. Sign up here. "We had a large set of wells for the Equatorial Margin; some were prioritized, others were, let's say, deprioritized depending on the price of Brent crude oil," Petrobras Chief Executive Officer Magda Chambriard said in a press conference. She did not say how many of the 15 wells could be reviewed. The Equatorial Margin is considered Petrobras' most promising oil frontier, with the firm commencing drilling this year in an environmentally sensitive area off the coast of Amapa known as Foz do Amazonas. Petrobras' cuts will also impact extraordinary dividends to shareholders, Chief Financial Officer Fernando Melgarejo told journalists, saying the possibility of doling out extra cash in the coming years is low. Despite the cuts, Petrobras expects to maintain its oil production at some 2.6 million or 2.7 million barrels per day until 2034 after ramping it up around 2027, Chambriard said. These oil production levels represent the peak Petrobras expects to reach in the next five years under its new business plan. https://www.reuters.com/business/energy/petrobras-oil-output-ramp-up-around-2027-maintaining-level-until-2034-ceo-says-2025-11-28/
2025-11-28 20:42
Weight-based concessions split India's car industry The 909-kg cutoff is arbitrary, company executives say Hyundai, Mahindra say concessions risk hurting India's EV push Maruti defends move, says small cars emit less CO2 than big SUVs NEW DELHI, Nov 28 (Reuters) - India's biggest carmakers including Tata Motors and Hyundai want the government to scrap a weight-based emission concession for small cars under planned new efficiency rules, a move they say would benefit just one company, letters seen by Reuters show. Tata (TAMO.NS) , opens new tab, Mahindra & Mahindra (MAHM.NS) , opens new tab, JSW MG Motor and Hyundai (HYUN.NS) , opens new tab are concerned that a weight-based relief risks hurting India's EV goals while helping a single player, according to individual letters they wrote to the government. Sign up here. They did not name the player but industry data shows and three auto executives told Reuters that Maruti Suzuki (MRTI.NS) , opens new tab would be the main beneficiary. Maruti, the biggest seller of small cars in India, told Reuters that global car markets like Europe, the U.S., China, Korea and Japan all had some provisions in their emission regulations to protect the "very small cars". 'LIMITED POTENTIAL FOR EFFICIENCY IMPROVEMENTS' Under India's current Corporate Average Fuel Efficiency norms, the quantity of permissible carbon dioxide emissions applies to all passenger cars weighing less than 3,500 kg (7,716 lb). The new rules propose tightening average CO2 emissions to 91.7 grams/km from an earlier target of 113 grams/km. This will make it tougher for small cars to meet the target compared with large SUVs, pushing companies to sell more EVs. In its latest draft, India has proposed leniency for petrol cars weighing 909 kg or less, measuring under four meters in length and with engine capacity of 1200 cc or below as they offer "limited potential for efficiency improvements". This has created a sharp split between India's leading EV-focused companies and Maruti - for whom 16% of sales come from cars weighing under 909 kg - causing delays in finalising the regulation that is crucial for automakers to plan future product portfolios and investments in powertrain technology. Three company executives told Reuters the 909 kg threshold was arbitrary and did not align with any global standards, alleging that the move only benefitted Maruti Suzuki. In a letter to India's power ministry, which is drafting the rules, Mahindra requested omission of a "special category" or definitions based on size or weight. "(This) can have adverse effects in terms of the nation's progress towards safer, cleaner cars, and can alter the level playing field for industry players," it said. RISKS TO INDUSTRY STABILITY AND CUSTOMERS Hyundai told the industries ministry in its letter that the exemption may be perceived internationally as a step backward, at a time when global markets are converging toward stricter fuel-efficiency and zero-emission standards. "Abrupt policy changes favouring a specific segment risk undermining industry stability and customer interests, as future investments and technology rollouts are planned on the basis of established norms," Hyundai said in a statement to Reuters. JSW MG Motor said that over 95% of cars under 909 kg come from a single carmaker, without naming anyone. "A relaxation restricted to this weight band would disproportionately benefit one manufacturer," it said in its letter to the road transport ministry dated November 21. Tata, Mahindra and JSW MG Motor did not respond to a request for comment. India's power, transport and industries ministries also did not respond to requests. Maruti told Reuters that small cars consume much less fuel and emit less carbon dioxide than bigger cars, so having this "safeguard" will help both CO2 reduction and fuel saving. About 16% of its sales in India are of cars weighing less than 909 kg but demand has been falling as buyers choose bigger SUVs. https://www.reuters.com/sustainability/climate-energy/hyundai-tata-want-india-drop-fuel-emission-concessions-seen-benefiting-suzuki-2025-11-28/
2025-11-28 20:35
ISTANBUL, Nov 28 (Reuters) - Blasts rocked two tankers from Russia's shadow fleet in the Black Sea near Turkey's Bosphorus strait on Friday, causing fires on the vessels, and rescue operations were launched for those on board, Turkish authorities and sources said. The 274-meter-long tanker Kairos suffered an explosion and caught fire in the Black Sea while en route from Egypt to Russia, Turkey's Transport Ministry said. Sign up here. It said two fast rescue boats, a tugboat, and an emergency response vessel were immediately dispatched to the scene and the 25 crew members on board were safely rescued. Kairos was heading to Russia's Novorossiysk port when it reported "an external impact" causing a fire 28 nautical miles off the Turkish shore, Turkey's Maritime Affairs Directorate said. It said another tanker, Virat, was reportedly struck some 35 nautical miles offshore, further east in the Black Sea, and rescue units and a commercial vessel were sent to the scene. Heavy smoke was detected in the engine room but the 20 personnel on board were in good condition, it added. Both Kairos and Virat are on a list of ships subject to sanctions imposed against Russia following its full-scale invasion of Ukraine in 2022, according to LSEG data. There have been incidents of ships hitting mines in the Black Sea in recent years and some mines have been found drifting. The Kairos was sailing under the Gambian flag and in ballast when the incident occurred, Tribeca shipping agency said. It said reports indicated that the ship may have struck a mine and be in danger of sinking. Shipping traffic through the strait continued, the agency said. https://www.reuters.com/world/tanker-hit-by-blast-fire-north-turkeys-bosphorus-strait-agency-says-2025-11-28/
2025-11-28 20:01
Nov 28 (Reuters) - The British Civil Aviation Authority said it expects some disruptions to airlines and flights operating in the country due to a major software change on a significant number of Airbus (AIR.PA) , opens new tab A320 jets. "We have been made aware of an issue that may affect some of the A320 family of aircraft and the precautionary action that EASA has taken," Giancarlo Buono, director of aviation safety at the UK Civil Aviation Authority said. Sign up here. Passengers should check with their airline whether their flights are affected, he added. https://www.reuters.com/business/aerospace-defense/uks-aviation-authority-says-airbus-directive-could-disrupt-some-flights-2025-11-28/
2025-11-28 19:03
Nov 28 (Reuters) - CoinShares filed on Friday to withdraw its plan to launch three exchange-traded funds, as the European cryptocurrency firm plans to focus on higher-margin opportunities ahead of its U.S. listing. CoinShares has filed with the Securities and Exchange Commission to withdraw its registration statements for XRP ETF, solana staking ETF, and litecoin ETF. Sign up here. CEO Jean-Marie Mognetti said that as the U.S. market consolidates around large players in single-asset crypto ETPs, opportunities for differentiation and sustainable margins are limited, necessitating a "different playbook". Separately, the company is also winding down its CoinShares bitcoin futures leveraged (BTFX.O) , opens new tab ETF. The company said it is aiming to introduce new products to the U.S. market over the next 12 to 18 months, including crypto equity exposure vehicles, thematic baskets and actively managed strategies combining crypto and other assets. In September, CoinShares agreed to list on the Nasdaq through a $1.2 billion merger with special purpose acquisition company Vine Hill Capital Investment Corp (VCIC.O) , opens new tab. Focused on crypto since 2013, CoinShares had around $10 billion in assets under management as of September, with a presence in France, Sweden, the UK, and the U.S. https://www.reuters.com/business/coinshares-pulls-plug-select-crypto-etfs-ahead-us-listing-2025-11-28/
