2025-11-26 19:40

ISTANBUL, Nov 26 (Reuters) - Turkey's central bank will adjust policy to hit its targets despite a recent slowdown in the disinflation process, Governor Fatih Karahan said on Wednesday. In an interview broadcast by the bank with journalists and an economist, Karahan likened inflation to a virus, but said the correct policy steps are being taken. Sign up here. "There has been a recent slowdown in disinflation, but even so, we will do our best to reduce inflation in line with our targets by re-calibrating the monetary policy tightness and taking the necessary measures," he said. "Demand conditions are currently consistent with disinflation," he added. Inflation eased a bit more than expected in October to 32.87% annually and to 2.55% monthly, after having remained more elevated than expected in the previous two months. The central bank responded to the price pressure by slowing its easing cycle with a 100-point interest-rate cut last month to 39.5%. Disinflation is a "long term process" but preliminary data suggests it continues in a healthy way in November, Karahan said. "Inflation is essentially like a virus. When it stays in the body for a long time, it becomes difficult to eliminate," he said. "But we are applying the right prescription. We have achieved positive results so far. We have no doubt about our ultimate goal. The timing of the prescription's effect varies from person to person." The central bank targets 16% annual inflation for the end of next year, with a forecast range of 13% to 19%. https://www.reuters.com/world/middle-east/turkey-cenbank-chief-says-disinflation-takes-time-track-2025-11-26/

2025-11-26 19:22

SAO PAULO, Nov 26 (Reuters) - German conglomerate Bayer (BAYGn.DE) , opens new tab on Wednesday said it will sell a new soybean product called Intacta 5+ for farmers in Brazil, the world's largest exporter and producer of the oilseed, as it seeks to perpetuate the use of genetically engineered seeds in the South American country. Bayer in a statement said commercial varieties with the new biotechnology are expected to be ready for the 2027/28 crop season, pending regulatory approvals and business decisions in Brazil and abroad. Sign up here. Intacta 5+ seeds are the first technology in Brazil with tolerance to five herbicides: mesotrione, dicamba, glyphosate, glufosinate, and 2,4-D, Bayer said. The new seed also offers protection against certain caterpillars that can damage soy plants, the company added. Brazilian farmers have embraced genetically modified seeds, and their rapid adoption in recent decades has been credited as a major contributor to yield growth for various Brazilian crops. According to a November 2024 report by the U.S. Department of Agriculture's Foreign Agricultural Service, Brazil is the second-largest producer of biotech crops in the world, behind the United States. For the 2024/2025 crop season, the report said Brazil was forecast to sow 68.5 million hectares (169.3 million acres) with genetically engineered traits. Adoption rates for soybeans and cotton have reached 99%, while for corn the rate is 95%, the report said. The new seeds bring "an important genetic advancement that will help farmers face current and future agricultural challenges,” said Marcio Santos, CEO of Bayer's crop division in Brazil. Bayer's Intacta technology is responsible for adding 21.2 million metric tons to soybean production in Brazil over the last 10 years, the company said, citing a study by agribusiness consultancy Agroconsult. https://www.reuters.com/world/americas/bayer-unveils-new-soy-seed-brazils-farmers-2025-11-26/

2025-11-26 19:13

Oil rigs fall to lowest since September 2021 Gas rigs rise to highest since July 2023 Past rig count declines linked to lower oil and gas prices, focus on shareholder returns EIA projects rise in crude and gas output in 2025 NEW YORK, Nov 26 (Reuters) - U.S. energy firms this week cut the number of oil and natural gas rigs operating for the first time in four weeks, with oil rigs dropping to a four-year low, energy services firm Baker Hughes (BKR.O) , opens new tab said in its closely followed report on Wednesday. The oil and gas rig count, an early indicator of future output, fell by 10 to 544 in the week to November 26, the lowest since September. , , Sign up here. Baker Hughes, which usually releases its North American rig count on Friday, issued this report a couple of days early due to the U.S. Thanksgiving Day holiday on Thursday. Baker Hughes said oil rigs fell by 12 to 407 this week, their lowest since September 2021, while gas rigs rose by 3 to 130, their highest since July 2023. In Texas, the biggest oil and gas producing state, the rig count fell by eight to 226, the lowest since July 2021. The oil and gas rig count declined by about 5% in 2024 and 20% in 2023 as lower U.S. oil and gas prices over the past couple of years prompted energy firms to focus more on boosting shareholder returns and paying down debt rather than increasing output. Even though analysts forecast U.S. spot crude prices would decline for a third year in a row in 2025, the U.S. Energy Information Administration (EIA) projected crude output would rise from a record 13.2 million barrels per day (bpd) in 2024 to around 13.6 million bpd in 2025. On the gas side, EIA projected a 58% increase in spot gas prices in 2025 would prompt producers to boost drilling activity this year after a 14% price drop in 2024 caused several energy firms to cut output for the first time since the COVID-19 pandemic reduced demand for the fuel in 2020. EIA projected gas output would rise to 107.7 billion cubic feet per day (bcfd) in 2025, up from 103.2 bcfd in 2024 and a record 103.6 bcfd in 2023. https://www.reuters.com/business/energy/us-drillers-cut-oil-gas-rigs-first-time-four-weeks-baker-hughes-says-2025-11-26/

2025-11-26 19:09

4,000 local jobs to be created from plant, exec says Technology transfer 'fundamental', says Spain industry minister Spain's cheap energy and labour draw battery and EV investments Local unions, auto industry welcome Chinese know-how FIGUERUELAS, Spain, Nov 26 (Reuters) - China's CATL (300750.SZ) , opens new tab will train up to 4,000 workers to operate what will be Spain's biggest battery plant, executives said on Wednesday at a groundbreaking ceremony for the joint venture between the battery maker and Stellantis (STLAM.MI) , opens new tab. The 4.1-billion-euro ($4.8 billion) project, China's biggest investment in Spain and backed by 300 million euros in European Union funds, highlights Europe's reliance on Chinese technology even as Brussels seeks to tighten trade rules. Sign up here. Chinese executives and China's ambassador to Spain sought to reassure an audience of ministers, officials and reporters gathered at the site of the plant in northeastern Spain on Wednesday that China was committed to sharing technology to support Europe's energy transition. "Battery production involves advanced technology and operational expertise accumulated over many years," CATL's director for overseas public affairs said. "Our goal is to make this cutting-edge technology accessible for everyone." "WATCH AND LEARN" Spain, Europe's second-largest carmaker, is positioning itself as a battery hub thanks to lower labour costs and industrial energy prices that are about 20% below the EU average. Three more plants are planned, including projects by Envision AESC, Volkswagen's (VOWG.DE) , opens new tab PowerCo and InoBat. Europe's auto associations are pushing for stricter requirements on local sourcing of components in part to protect them from Chinese rivals, as the European Commission prepares to unveil a new set of measures to bolster the sector. But Spain lacks technical know-how for battery production, unions and auto industry representatives in Aragon told Reuters. "We don't know this technology, these components - we've never made them before," said David Romeral, director general of CAAR Aragon, a network of automotive businesses in Aragon. "They're years ahead of us. All we can do is watch and learn." Spain has fostered close trade relations with China even as Europe adopts a more hawkish stance, with a recent trip by its king and a group of ministers focused on strengthening economic ties. At the ceremony in Figueruelas on Wednesday, Spain's industry and tourism minister, Jordi Hereu, said technology transfer was "fundamental" to the project. "We need to learn from those who know," Hereu said, adding that Spain was "open and ready to collaborate and build with all countries of the world, especially China." The plant in Figueruelas, a town of 1,300 people in northeastern Spain, is expected to begin production in late 2026, delivering batteries to Stellantis' car factories, including one located next door to the site. Andy Wu, chief executive of the joint venture, declined to confirm reports of up to 2,000 workers being flown in from China for the construction phase, saying the firm was still selecting its subcontractors and was open to hiring locals. It also planned to work with universities to train Spanish workers and bring some staff to its manufacturing base in China for additional training, Wu said. The proportion of Chinese staff will eventually fall to under 10%, a spokesperson added. "Before, it was mostly German technology, and now it's Chinese. What difference does it make? Here in Spain, what we offered was always labour," said Roque Ordovás Mangirón, a Stellantis shipping manager. "As the plant ramps up, there will be more jobs for Spanish workers," Jose Juan Arceiz, secretary general of local union UGT, said. "This project needs to succeed, and everyone has to do their part." ($1 = 0.8640 euros) https://www.reuters.com/world/china/chinas-catl-breaks-ground-huge-spanish-battery-plant-bringing-its-own-workers-2025-11-26/

2025-11-26 17:30

LONDON, Nov 26 (Reuters) - British finance minister Rachel Reeves delivered her budget statement to parliament on Wednesday, taking more tax from workers, people saving for a pension and investors to give herself more room to meet her borrowing targets. Reeves' speech came after the Office for Budget Responsibility unexpectedly published its outlook on its website ahead of Reeves delivering her budget. It later apologised for what it described as a technical error. Sign up here. Below are the key measures she announced: INCOME TAX THRESHOLD FREEZE Britain will freeze the thresholds for paying income tax for three further years from 2028, Reeves said, with the move expected to raise 7.6 billion pounds ($10.1 billion) in 2029/30. NEW TAX ON EXPENSIVE HOMES Reeves will introduce a new high-value council tax surcharge in England starting in 2028, with an annual charge of 2,500 pounds for properties valued over 2 million pounds, increasing to 7,500 pounds for properties worth more than 5 million pounds. This will be collected alongside council tax and is expected to raise over 400 million pounds by 2031 and will be charged on fewer than the top 1% of properties. FREEZE ON FUEL DUTY RATES Britain will maintain a freeze on the level of fuel duty rates. Reeves said the temporary 5 pence cut to fuel duty introduced during the COVID-19 pandemic, which will come to an end in April next year, will be extended until September 2026. Successive governments have kept fuel duty frozen since 2011, fearful of protests by drivers. The duty is a big revenue-raiser, bringing in around 25 billion pounds a year. TWO-CHILD WELFARE CAP The two-child limit on welfare payments will be removed from April, Reeves said. The two-child welfare cap, introduced by the Conservative government in 2017, means many low-income families do not receive further benefits when they have a third child or subsequent children. The OBR said scrapping the cap would cost 3.1 billion pounds in 2029-30. NEW ELECTRIC CARS CHARGE A new mileage-based charge for electric and plug-in hybrid vehicles would take effect in April 2028, a measure expected to raise 1.4 billion pounds. The OBR said the new levy was intended to offset roughly a quarter of the 0.6% of GDP in revenue expected to be lost from fuel duty by 2050 due to the shift to electric vehicles. It would be set at about half the fuel duty rate currently paid by petrol car drivers. Reeves said the mileage tax for electric vehicles would be 3 pence per mile, while plug-in hybrid cars will incur a charge of 1.5 pence per mile. DIVIDEND TAX RATES The government will increase tax rates on dividends by 2 percentage points, Reeves said. The rate of dividend tax from April next year will increase to 10.75% for the basic rate of tax and to 35.75% for the higher rates of tax, the OBR said. CHANGES TO COMMERCIAL PROPERTY TAXES Reeves said changes to commercial property taxes, or business rates, will increase rates for high-value properties, while permanently lowering tax rates for over 750,000 retail, hospitality, and leisure properties. The reductions would be funded by higher rates on properties valued at 500,000 pounds or more, including warehouses used by online giants. GAMBLING, ALCOHOL There will be increased duties on gambling in a move which will raise an estimated 1.1 billion pounds for the government by 2029-30. Reeves said she would also raise alcohol duties in line with inflation. 'MOTABILITY' SCHEME The so-called 'motability' scheme, which allows people with disabilities to lease cars using state funding, is set to be reformed in order to curb what Reeves described as "generous" taxpayer subsidies. PENSION PERK SLASHED The government will cap the amount of money that can be shifted into pensions before National Insurance is charged to employers and staff at 2,000 pounds a year from 2029, a move expected to raise an extra 4.7 billion pounds in 2029/30. TAX-FREE SAVING ALLOWANCE CUT The annual, tax-free limit for cash investments in an Individual Savings Account will be reduced from 20,000 pounds to 12,000 pounds for most savers from April 2027, though over-65s will keep the full allowance. ENERGY BILLS REDUCTION Britain will remove 150 pounds a year on average from energy bills by moving costs to general taxation and cutting a scheme to help pay for home improvements from April next year. ($1 = 0.7557 pounds) https://www.reuters.com/business/finance/budget-2025-key-measures-uks-reeves-tax-heavy-budget-2025-11-26/

2025-11-26 17:22

S&P Global Ratings downgrades Tether to '5 (weak)' Tether says it disagrees with S&P report S&P says Tether has raised holdings of bitcoin, gold PARIS, Nov 26 (Reuters) - S&P Global downgraded its rating of Tether, the world's largest stablecoin on Wednesday, citing an increase in higher-risk assets in its reserves and "persistent gaps in disclosure". Tether said it "strongly disagrees with the characterization presented in the report" by S&P which said that it now rated the company's token, known as USDT, as "5 (weak)", which is the lowest possible score, downgrading it from "4 (constrained)". Sign up here. Ratings agency S&P created a scale from 1 to 5 in 2023 to assess the risk of various stablecoins, a type of cryptocurrency pegged to mainstream currencies, usually the U.S. dollar. A Tether spokesperson said in an emailed statement that S&P had applied "a legacy framework that fails to capture the nature, scale, and macroeconomic importance of digitally native money and overlooks data that clearly demonstrate USDT's resilience, transparency, and global utility". El Salvador-based Tether says it has issued around $184 billion worth of its dollar-pegged cryptocurrency, and says it holds enough reserves in U.S. Treasuries and other assets to allow token-holders to swap their tokens back for dollars. S&P CITES TETHER RAISING BITCOIN, GOLD, BOND RESERVES S&P said there had been an increase in high-risk assets in Tether's reserves over the past year, including bitcoin, gold, secured loans, corporate bonds and other investments. It said all had "limited disclosures" and were "subject to credit, market, interest-rate, and foreign-exchange risks". "Tether continues to provide limited information on the creditworthiness of its custodians, counterparties, or bank account providers," S&P added. However, Tether has maintained "a notable level of price stability" even during crypto market volatility, S&P said. Tether said it had "processed billions in redemptions while maintaining uninterrupted stability" during market shocks. It also said in response to the S&P report that its stablecoin functioned as "systemically important financial infrastructure" in emerging market countries where it says it is used as a form of money. https://www.reuters.com/business/finance/tethers-stablecoin-downgraded-weak-sp-assessment-2025-11-26/