2025-06-26 10:14
LONDON, June 26 (Reuters) - British retail sales slumped this month and expectations within the industry for July also deteriorated, a Confederation of British Industry survey showed on Thursday. The CBI's monthly gauge of how retail sales compared with a year earlier fell to -46 in June from -27 in May. Sign up here. A measure of expected sales for July fell to -49 from -37 for June. https://www.reuters.com/business/retail-consumer/uk-retail-sales-tumble-june-worse-seen-july-cbi-says-2025-06-26/
2025-06-26 10:08
MUMBAI, June 26 (Reuters) - The Indian rupee strengthened to a fortnightly peak on Thursday, bolstered by broad weakness in the dollar on the back of concerns over the future independence of the U.S. Federal Reserve. The rupee rose 0.4% to close at 85.7050 per U.S. dollar, tracking gains in its regional peers. Sign up here. The dollar index fell to its lowest level since March 2022 and was last quoted at 97.1, down 0.3% on the day. While the dollar had perked up on the back of safe-haven demand during the Iran-Israel conflict, the ceasefire has deflated the geopolitical risk premium. Its troubles were compounded by the prospect of President Donald Trump making an early appointment of the next Federal Reserve Chair, which spurred worries over the independence of the U.S. central bank. "A candidate who is perceived as being more open to lowering rates in line with President Trump's demands would reinforce the U.S. dollar's current weakening trend," MUFG Bank said in a note. The dollar index is down over 10% on the year so far. Among major Asian currencies, the Taiwan dollar led the charge on Thursday with a 0.6% gain, while India's equity benchmarks, the BSE Sensex (.BSESN) , opens new tab and Nifty 50 (.NSEI) , opens new tab, topped gains in regional stock. Locally, dollar sales from at least two large foreign banks, likely on behalf of custodial clients, also helped the rupee on the day, a trader at a private bank said. Meanwhile, dollar-rupee forward premiums perked up with the 1-year implied yield touching a one-month peak of 2.02% before paring gains. An uptick in wagers on a July Fed rate cut, alongside the Reserve Bank of India's announcement of a measure to withdraw excess cash from the banking system, spurred paying interest on forward premiums, traders said. https://www.reuters.com/world/india/rupee-hits-two-week-high-fed-credibility-worries-compound-dollars-troubles-2025-06-26/
2025-06-26 10:05
MANILA, June 26 (Reuters) - The Philippines lowered its growth target for this year and narrowed its growth goals for 2026 to 2028 to reflect global uncertainties stemming from tensions in the Middle East and shifts in U.S. trade policies, its budget secretary said on Thursday. Growth for 2025 is now projected at 5.5%-6.5%, down from the government’s earlier forecast of 6%-8%, while the targets for 2026 to 2028 were narrowed to 6%-7%, from the previous range of 6%-8%. Sign up here. "The revisions take into account heightened global uncertainties such as unforeseen escalation of tensions in the Middle East and the imposition of U.S. tariffs," Budget Secretary Amenah Pangandaman told a press conference. The government was prepared to "deploy timely and targeted measures to mitigate their potential impact on the Philippine economy," she added. The government also trimmed its inflation assumption for 2025, lowering it to 2%-3% from 2%-4%, but maintained its outlook for 2026 to 2028 at 2%-4%, Pangandaman said. It also revised its fiscal program with the budget deficit as a share of GDP now expected to widen to 5.5% this year and 5.2% in 2026, from previous projections of 5.3% and 4.7%, respectively. Gross domestic product grew by an annual 5.4% in the first quarter of 2025, in line with the previous quarter's 5.3% growth. Citing the need to support growth amid global uncertainties, the Bangko Sentral ng Pilipinas cut rates for a second meeting in a row on June 19 and left the door open for at least one more reduction this year. Central bank deputy governor Zeno Abenoja said the updated economic outlook was "broadly consistent" with the central bank's expectations that inflation would remain manageable and that growth would moderate but stay resilient. Inflation has averaged 1.9% in the first five months of the year, below the central bank's 2%-4% target range. https://www.reuters.com/markets/asia/philippines-revises-2025-growth-target-down-55-65-2025-06-26/
2025-06-26 07:24
June 26 (Reuters) - Spanish energy company Repsol (REP.MC) , opens new tab said on Thursday it has agreed to sell a 24% stake in Indonesia's Corridor Block gas operation to Jakarta-listed Medco Energi (MEDC.JK) , opens new tab for $425 million. The deal is part of Repsol's strategy to dispose assets to raise cash to fund investments in renewable energy. Sign up here. According to its own calculations, the sale will have a positive impact of about $70 million on its full-year income and it will help reduce its net debt by about $350 million, Repsol said. The company expects the transaction to be closed in the third quarter of 2025. https://www.reuters.com/business/energy/repsol-sells-stake-an-indonesian-gas-operation-425-million-2025-06-26/
2025-06-26 07:02
June 26 (Reuters) - British outsourcing firm Serco (SRP.L) , opens new tab said on Thursday that it expects its North American market to drive organic growth in the first half of 2025, fuelled by a high volume of defence contracts secured last year. Serco, which provides defence, security, immigration, health and transport services for governments, has positioned itself to benefit from geopolitical tensions, as countries ramp up defence budgets to strengthen their military and security services. Sign up here. With its recent acquisition of Northrop Grumman's (NOC.N) , opens new tab Mission Training and Satellite Ground Network Communications (MT&S) business in May, defense has become Serco's largest sector, now accounting for around 40% of total revenue. For the year ending in December, Serco reaffirmed its underlying operating profit forecast of around 260 million pounds ($356.41 million), but raised its organic sales growth outlook to about 1%, supported by improved immigration business and continued organic growth in the UK. The company also named Keith Williams as board chair-designate, set to succeed John Rishton, who will step down on December 31. ($1 = 0.7295 pounds) https://www.reuters.com/business/aerospace-defense/uks-serco-sees-north-american-market-driving-first-half-growth-defence-contracts-2025-06-26/
2025-06-26 06:51
JAKARTA, June 26 (Reuters) - The withdrawal of the United States from an international collaboration to help developing countries move away from coal will have a limited impact on Indonesia, the country's top official for the initiative said on Thursday. The U.S. withdrew from the Just Energy Transition Partnership (JETP) of 10 donor nations this year as part of President Donald Trump's plans to cut foreign aid. Sign up here. Indonesia had been promised $20 billion in funds under the partnership in what was described as the "single largest climate finance transaction" by a U.S. official when the plan was first announced in 2022, but very little money has been disbursed. "The direct impact of U.S. withdrawal from the JETP is not so severe as many people thought," Paul Butarbutar, acting head of the JETP Indonesia Secretariat told the Financial Times Energy Transition Summit Asia conference. The Southeast Asian nation of more than 275 million has repeatedly referenced its low per-capita emissions compared with richer nations, and lack of inexpensive financing to justify reliance on its abundant coal reserves, which have helped provide electricity to its citizens at the lowest prices in the region. Butarbutar said the U.S. had committed $60 million in grants to Indonesia - which will now not be received. However, half of the $2 billion in proposed financial contributions were U.S. guarantees to the World Bank that would have helped Indonesian firms borrow money for energy transition, which have already been finalised. "We still can use the guarantee. So now it is up to us whether we want to use it or not," he said. The rest of the U.S. commitment can be channeled through bilateral cooperation between the two countries, though this funding will no longer be a part of JETP, Butarbutar said. Beyond the guarantee, there could be financing through U.S. interests for select projects, he said, citing an example of the U.S. Development Finance Corp funding a geothermal project involving a U.S. company. https://www.reuters.com/sustainability/climate-energy/us-withdrawal-indonesia-coal-phase-down-plan-have-limited-impact-official-says-2025-06-26/
