2025-07-11 07:49
BERLIN, July 11 (Reuters) - Volkswagen (VOWG.DE) , opens new tab and Chinese partner SAIC (600104.SS) , opens new tab will close their joint plant in the Chinese city of Nanjing, German daily Handelsblatt reported on Friday, as the German carmaker loses market share in the world's largest car market. Production has already been halted, and the closure will take place gradually in the second half of the year, the report said, citing several people familiar with the process. Sign up here. "We can confirm that SVW Nanjing Plant has ended production," a Volkswagen spokesperson said in a statement, adding "many SAIC VOLKSWAGEN sites are currently being converted or have already been converted for electric vehicle production". Reuters reported in September that the German carmaker was planning to stop production at its Nanjing plant, citing a person with direct knowledge of the matter. The carmaker would gradually shift production of its Passat family cars from the Nanjing plant to a nearby factory in the same eastern province of Jiangsu, the person said at the time. Volkswagen, long the top-selling automaker in China, is suffering from a decline in its market share in the country and is working with SAIC and other partners such as Xpeng to bring new models on the market that it hopes will be more competitive. https://www.reuters.com/business/retail-consumer/volkswagen-close-joint-plant-with-saic-chinas-nanjing-reports-handelsblatt-2025-07-11/
2025-07-11 07:46
FRANKFURT, July 11 (Reuters) - The hurdle for another interest rate cut by the European Central Bank is "very high" as the euro zone economy is holding up better than expected and inflation is moored at 2%, ECB board member Isabel Schnabel said in an interview published on Friday. "Inflation is projected to be at 2% and inflation expectations are well anchored," Schnabel told financial newswire Econonostream. "In view of this, our interest rates are also in a good place, and the bar for another rate cut is very high." Sign up here. https://www.reuters.com/business/finance/ecbs-schnabel-sets-bar-very-high-rate-cut-economy-holds-up-2025-07-11/
2025-07-11 07:43
SEOUL, July 11 (Reuters) - The U.S. wants South Korea to join efforts to counter China's growth in shipbuilding via potential cooperation in the sector, a senior official from Seoul's trade ministry said on Friday. "The United States feels a sense of crisis that China's market share in the shipbuilding sector is growing and is tapping Korea as a strategic partner," Trade Policy Director Chang Sung-gil said at a forum hosted by a lawmaker. Sign up here. The U.S. is asking Seoul to join measures to curb China in "other areas" as the "precondition" for bilateral cooperation in shipbuilding, he said, without elaborating. He later clarified that he was referring to the shipbuilding sector as the potential area where the United States wants Seoul to join hands in terms of taking on China. The U.S. had also expressed reservations when it comes to cutting or eliminating industry-specific tariffs, such as those on automobiles and steel, Chang said. Bilateral talks between countries should not harm a third party, China's foreign ministry spokesperson Mao Ning said when asked to respond to U.S. efforts to rope in Seoul to counter China. "China has always supported all parties in properly handling economic and trade relations and issues through dialogue and consultation, but no agreement or negotiation should harm the interests of third parties," Mao told reporters at a regular briefing. The United States is asking Seoul to boost U.S. investments and purchases of U.S. energy and agriculture products in return for negotiating over reciprocal tariffs of 25%, he said, but added "there is a lot of political sensitivity in South Korea when it comes to expanding imports of agricultural products." https://www.reuters.com/world/china/us-demands-south-korea-join-efforts-curb-china-trade-talks-official-says-2025-07-11/
2025-07-11 07:29
JOHANNESBURG, July 11 (Reuters) - The South African rand took a knock against a firmer dollar in early trade on Friday, as global markets remained on edge over U.S. President Donald Trump's tariff threats. At 0713 GMT, the rand traded at 17.8550 against the dollar , about 0.7% weaker than Thursday's close, as traders shunned riskier markets. The greenback last traded about 0.2% stronger against a basket of currencies. Sign up here. Domestically-focussed investors will keep close tabs on updates from the government as it tries to negotiate a trade deal before an extended deadline of August 1, after which it faces a 30% trade tariff on its exports to the United States. South Africa also faces an additional 10% tariff because of its membership of the BRICS group of developing nations which Trump has described as "anti-American." This could further compound pressure on the already risk-sensitive rand, even as an ETM analytics research note said the currency was poised to benefit from an expected recovery in commodity prices. "South Africa's terms of trade have improved courtesy of the buoyancy of gold and platinum prices and the recent surge in copper prices," ETM analytics said in the note. "A study of commodity prices relative to the USD shows that the market is ripe for a USD correction and a recovery in commodity prices." South Africa is a major producer of precious metals and its rand like other commodity-linked currencies will be closely tracking developments from Washington following Trump's threat to impose a 50% tariff on copper imports to the U.S. Next week, the statistics agency will release mining output (ZAMNG=ECI) , opens new tab and retail sales (ZARET=ECI) , opens new tab data which will provide clues on the health of Africa's most industrialised economy. South Africa's benchmark 2035 government bond was also weaker in early deals, with the yield rising 4.5 basis points to 9.83%. https://www.reuters.com/world/africa/south-african-rand-subdued-investors-await-tariff-updates-local-data-2025-07-11/
2025-07-11 07:25
July 11 (Reuters) - European shares dipped on Friday as the U.S. president broadened his trade war on countries including Canada, while investors awaited word on tariffs for the European Union. The pan-European STOXX 600 index (.STOXX) , opens new tab was down 0.4% at 550.96 points, as of 0708 GMT, but was on track to log a weekly gain. Other major regional indexes also traded lower. Sign up here. Donald Trump on Thursday said the European Union could receive a letter on tariff rates by Friday, throwing into question the progress of trade talks between Washington and the bloc. He also announced a 35% tariff rate on all imports from Canada from August 1 and floated a blanket 15% or 20% tariff rate on other countries, up from the current 10% baseline rate. Trump has broadened his trade war in recent days, setting new tariffs on a number of countries along with a 50% tariff on copper. Among sectors, European personal and household goods (.SXQP) , opens new tab fell 1%, while healthcare stocks (.SXDP) , opens new tab declined 0.7%. Defence stocks (.SXPARO) , opens new tab were up 0.6%. In company news, BP's (BP.L) , opens new tab second-quarter results are expected to be impacted by lower prices received for gas and oil, while its upstream output is set to be higher than previously forecast, the company said in a trading update. Shares of the British oil company rose 1.3%. On the data front, Britain's economy contracted unexpectedly for a second month running in May. https://www.reuters.com/markets/europe/european-shares-dip-trump-widens-trade-war-eu-tariffs-focus-2025-07-11/
2025-07-11 07:24
NEW DELHI, July 11 (Reuters) - Bharat Petroleum Corporation Ltd (BPCL) (BPCL.NS) , opens new tab will shut a crude unit at its 156,000 barrels-per day (bpd) Bina refinery in central India for 15 days of maintenance from August 11, its executive director said on Friday. The refinery has one crude unit. Sign up here. Diesel output from BPCL's Bina refinery will be affected during the maintenance turnaround, but gasoline production will continue through its secondary unit, the continuous catalytic reformer, Chacko Jose said. The refinery will also be shut for 30 days in 2027 for capacity expansion to 220,000 bpd, he added. https://www.reuters.com/markets/commodities/indias-bpcl-plans-shut-bina-refinery-unit-15-day-maintenance-august-2025-07-11/
