2025-07-05 09:07

SEOUL, July 5 (Reuters) - South Korea's presidential security adviser headed to Washington on Sunday for trade and defence talks as Seoul discussed an extension of the freeze on U.S. tariffs that is set to expire within days. Wi Sung-lac, President Lee Jae Myung's national security adviser, aims to meet his counterpart, U.S. Secretary of State Marco Rubio. "Consultations are now entering an important phase. Therefore, I am increasing engagement on my side," Wi said of the trade and defence talks without elaborating. Sign up here. U.S. President Donald Trump has previously said that defence cost-sharing would be part of "one-stop shopping" negotiations with South Korea, though Seoul has said security issues were separate from trade discussions. Wi plans to "have in-depth discussions about all the pending issues between South Korea and the United States" in Washington over July 6-8, Wi's office said in a statement. He also said he plans to discuss a possible summit between Trump and Lee, who took office last month. TARIFF PAUSE EXTENSION South Korean trade minister Yeo Han-koo and U.S. counterpart Jamieson Greer on Saturday discussed an extension of the freeze on U.S. tariffs that is set to expire within days, South Korea's trade ministry said. Yeo emphasised that elimination or reduction of tariffs on autos, steel and other items should be part of a final agreement between the two countries while proposing a vision for cooperation in manufacturing sectors, the ministry said. "I believe the situation is urgent," Yeo told reporters during his second visit to Washington within a week. Yeo expected Trump to again suspend the higher tariffs that he has threatened to impose from August 1 after his July 9 deadline ends. https://www.reuters.com/world/asia-pacific/south-koreas-presidential-advisor-fly-washington-ahead-tariff-deadline-2025-07-05/

2025-07-05 08:59

July 5 (Reuters) - Britain's Octopus Energy is close to hiring bankers to oversee a 10-billion-pound ($13.7 billion) separation and stake sale of its technology arm Kraken Technologies, Sky News reported on Saturday, citing sources familiar with the matter. A minority stake in Kraken of up to 20% is expected to be sold to external shareholders to help validate the technology platform's valuation, the report said. Sign up here. The report added that the demerger, expected within the next year, would see Octopus Energy's existing investors given shares in the newly independent Kraken business. A 10-billion-pound valuation for Kraken implies that the whole group, including its retail supply business, is worth around 15 billion pounds or more, the report said, citing a source. Octopus Energy declined to comment on the report while Kraken Technologies could not immediately be reached. Investment banks have been invited to pitch for the demerger mandate in recent weeks, Sky News reported. ($1 = 0.7325 pounds) https://www.reuters.com/business/energy/britains-octopus-energy-considers-14-billion-dollar-demerger-tech-arm-kraken-sky-2025-07-05/

2025-07-05 06:58

Trump says letters better than complicated negotiations Talks with EU, India have not resulted in agreements thus far Only Britain, Vietnam reached trade deals July 4 (Reuters) - U.S. President Donald Trump said he had signed letters to 12 countries outlining the various tariff levels they would face on goods they export to the United States, with the "take it or leave it" offers to be sent out on Monday. Trump, speaking to reporters aboard Air Force One as he traveled to New Jersey, declined to name the countries involved, saying that would be made public on Monday. Sign up here. Trump had earlier on Thursday told reporters that he expected a first batch of letters to go out on Friday, a national holiday in the United States, though the date has now shifted. In a global trade war that has upended financial markets and set off a scramble among policymakers to guard their economies, Trump in April announced a 10% base tariff rate and additional amounts for most countries, some ranging as high as 50%. However, all but the 10% base rate were subsequently suspended for 90 days to allow more time for negotiations to secure deals. That period ends on July 9, although Trump early on Friday said the tariffs could be even higher - ranging up to 70% - with most set to go into effect August 1. "I signed some letters and they'll go out on Monday, probably twelve," Trump said, when asked about his plans on the tariff front. "Different amounts of money, different amounts of tariffs." Trump and his top aides initially said they would launch negotiations with scores of countries on tariff rates, but the U.S. president has soured on that process after repeated setbacks with major trading partners, including Japan and the European Union. He touched on that briefly late on Friday, telling reporters: "The letters are better ... much easier to send a letter." He did not address his prediction that some broader trade agreements could be reached before the July 9 deadline. The shift in the White House's strategy reflects the challenges of completing trade agreements on everything from tariffs to non-tariff barriers such as bans on agricultural imports, and especially on an accelerated timeline. Most past trade agreements have taken years of negotiations to complete. The only trade agreements reached to date are with Britain, which reached a deal in May to keep a 10% rate and won preferential treatment for some sectors including autos and aircraft engines, and with Vietnam, cutting tariffs on many Vietnamese goods to 20% from his previously threatened 46%. Many U.S. products would be allowed to enter Vietnam duty free. A deal expected with India has failed to materialize, and EU diplomats on Friday said they have failed to achieve a breakthrough in trade negotiations with the Trump administration, and may now seek to extend the status quo to avoid tariff hikes. https://www.reuters.com/world/china/trump-says-tariff-letters-12-countries-signed-going-out-monday-2025-07-05/

2025-07-05 06:55

First meeting since Israel, US attacks on Iran OPEC+ began accelerating output hikes in May OPEC+ returns most cuts of 2.2 mln bpd back to the market LONDON, July 5 (Reuters) - OPEC+ agreed on Saturday to raise production by 548,000 barrels per day in August, further accelerating output increases at its first meeting since oil prices jumped - and then retreated - following Israeli and U.S. attacks on Iran. The group, which pumps about half of the world's oil, has been curtailing production since 2022 to support the market. But it has reversed course this year to regain market share and as U.S. President Donald Trump demanded the group pump more to help keep gasoline prices lower. Sign up here. The production boost will come from eight members of the group - Saudi Arabia, Russia, the UAE, Kuwait, Oman, Iraq, Kazakhstan and Algeria. The eight started to unwind their most recent layer of cuts of 2.2 million bpd in April. The August increase represents a jump from monthly increases of 411,000 bpd OPEC+ had approved for May, June and July, and 138,000 bpd in April. OPEC+ cited a steady global economic outlook and healthy market fundamentals, including low oil inventories, as reasons for releasing more oil. The acceleration came after some OPEC+ members, such as Kazakhstan and Iraq, produced above their targets, angering other members that were sticking to cuts, sources have said. Kazakh output returned to growth last month and matched an all-time high. OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, wants to expand market share amid growing supplies from rival producers like the United States, sources have said. With the August increase, OPEC+ will have released 1.918 million bpd since April, which leaves just 280,000 bpd to be released from the 2.2 million bpd cut. On top of that, OPEC+ allowed the UAE to increase output by 300,000 bpd. The group still has in place other layers of cuts amounting to 3.66 million bpd. The group of eight OPEC+ members will next meet on August 3. https://www.reuters.com/business/energy/opec-considers-raising-oil-output-by-550000-bpd-august-sources-say-2025-07-05/

2025-07-05 05:04

July 5 (Reuters) - The European Union plans to stockpile critical minerals as a precaution against potential supply disruptions due to geopolitical tension, the Financial Times reported on Saturday, citing a draft document by the European Commission. "The EU faces an increasingly complex and deteriorating risk landscape marked by rising geopolitical tensions, including conflict, the mounting impacts of climate change, environmental degradation, and hybrid and cyber threats," the newspaper quoted the draft as saying. Sign up here. The document warns that the higher-risk environment was driven by "increased activity from hacktivists, cybercriminals and state-sponsored groups", the FT said. The European Commission did not immediately respond to a Reuters request for comment. The draft document, due to be published next week and still subject to change, says there is "limited common understanding of which essential goods are needed for crisis preparedness against the backdrop of a rapidly evolving risk landscape", the newspaper reported. In March, the European Commission unveiled its EU Preparedness Union Strategy, urging member states to strengthen stockpiles of critical equipment and encouraging citizens to keep at least 72 hours' worth of essential supplies in case of emergencies. The strategy was designed to prepare the bloc for risks such as natural disasters, cyberattacks and geopolitical crises, including the possibility of armed aggression against EU countries. https://www.reuters.com/world/eu-stockpile-critical-minerals-amid-geopolitical-risks-ft-says-2025-07-05/

2025-07-05 03:17

WASHINGTON, July 4 (Reuters) - U.S. President Donald Trump said on Friday his administration later in the day will begin sending letters to 10 to 12 countries informing them of the tariff rate their products will face in the United States. Sign up here. https://www.reuters.com/world/china/trump-says-10-12-countries-will-get-letters-tariff-rate-friday-2025-07-05/