2025-06-19 20:40
Iran said last week it would soon open enrichment plant Would have been the country's fourth in operation Israel launched military strikes the next day Isfahan nuclear complex has been hit, IAEA says VIENNA, June 19 (Reuters) - U.N. nuclear watchdog chief Rafael Grossi on Thursday identified Isfahan, home to one of Iran's biggest nuclear facilities, as the location of a uranium enrichment plant that Iran said it would soon open in retaliation for a diplomatic push against it. The day before Israel launched its military strikes against Iranian targets including nuclear facilities last Friday, Iran announced it had built a new uranium enrichment facility, which it would soon equip and bring online. Tehran did not provide details such as the plant's location. Sign up here. Iran's announcement was part of its retaliation against a resolution passed by the International Atomic Energy Agency's 35-nation Board of Governors declaring Tehran in breach of its non-proliferation obligations over issues including its failure to credibly explain uranium traces found at undeclared sites. Had it gone online, the new enrichment plant would have been the fourth in operation in Iran. But Israel's attacks on Iranian nuclear facilities destroyed one of those plants and put another out of action by killing its power supply, the IAEA has said. "There was an announcement, quite coincidentally, on the eve of the start of the military operation by Israel of a new enrichment facility in Isfahan, precisely, that we were going to be inspecting immediately, but this inspection had to be postponed, we hope, because of the start of the military operation," Grossi said. He did not say where exactly in Isfahan the planned plant was, but he said the nuclear complex there is "huge". The IAEA has previously reported that Israeli military strikes on Friday damaged four buildings at Isfahan, including the Uranium Conversion Facility that transforms "yellowcake" uranium into the uranium hexafluoride feedstock for centrifuges so that it can be enriched. Grossi told the BBC on Monday that the "underground spaces" at Isfahan did not seem to have been affected. Officials say those spaces are also where much of Iran's most highly enriched uranium stock has been stored. The IAEA has not, however, been able to carry out any inspections since the strikes. https://www.reuters.com/world/middle-east/iaea-chief-identifies-isfahan-irans-planned-uranium-enrichment-site-2025-06-19/
2025-06-19 20:06
Palmeiras dominate second half and score twice Match halted because of concerns over weather Red card for Palmeiras player overturned after referee reviews his own decision EAST RUTHERFORD, N.J., , June 19 (Reuters) - Brazil’s Palmeiras scored twice in the space of 10 second-half minutes to beat Al Ahly of Egypt 2-0 in their Group A Club World Cup clash which was halted for 50 minutes because of fears over stormy weather at the MetLife Stadium on Thursday. Ahly’s Palestine international striker Wessam Abou Ali headed into his own net trying to defend a free kick whipped in by Anibal Moreno, getting into a mix-up with his defenders to hand Palmeiras a 49th minute lead. Sign up here. The first goal in the group was followed 10 minutes later by a swift counter-attack from the Brazilian club, expertly finished by Jose Manuel Lopez, who had come on at halftime. Immediately after the second goal, English referee Anthony Taylor took the two teams off the field while spectators were told by the public address announcer to leave their seats and seek shelter under the stadium concourse because of a “severe weather threat”. The precaution came despite no obvious signs of any storm, and after 30 minutes, spectators were told they could return to their seats. The game eventually restarted after a 50-minute delay, with Palmeiras keeping up their second-half dominance. "It favours the team that is leading when you have a break like that," said Palmeiras coach Abel Ferreira. "They were a difficult opponent but we kept our focus." The first period had been evenly contested, with a surprisingly high tempo for a game kicking off at midday in 31-degree Celsius heat and 60% humidity, which made it feel much hotter. “It was an equal first half and we felt a goal could come for us at any time and that we had the game under control," said Ahly coach Jose Riveiro. "But in the second half we didn’t have that good a half." Teenage prodigy Estevao displayed the talent that has seen him secure a move to Chelsea, notably in the 18th minute when he sprinted down the right wing before cutting inside across the Ahly box but scuffed his shot wide as the Cairo club’s defence seemed mesmerised by his pace. Ahly had drawn 0-0 with Inter Miami in the tournament opener, while Palmeiras and FC Porto both failed to score when they played at the New Jersey stadium on Sunday. But the scoring drought in the group ended when Abou Ali inadvertently steered the ball into his own net soon into the second half. There were four Palmeiras players involved in a swift break from their own penalty area for the second goal, which Argentine striker Lopez expertly finished shrugging off a defender to place the ball in the net. A first red card of the tournament was brandished by Taylor after Raphael Vega’s dangerous-looking tackle on Ahmed Zizo, but the referee changed his mind after reviewing the action on the pitchside VAR screen. It was downgraded to a yellow card and Vega was replaced at halftime by coach Abel Ferreira. Inter Miami and Porto meet in their next Group A fixture later on Thursday in Atlanta. https://www.reuters.com/sports/soccer/club-world-cup-clash-halted-because-storm-threat-2025-06-19/
2025-06-19 19:58
PM Carney announces measures to support steel, aluminum firms Changes reciprocity on procurement rules for federal projects US has imposed 50% tariffs on imports of steel, aluminum OTTAWA, June 19 (Reuters) - Canada could increase counter-tariffs on U.S.-produced steel and aluminum if it does not reach a broader trade deal with President Donald Trump within 30 days, Prime Minister Mark Carney said on Thursday. Trump increased import duties on steel and aluminum to 50% from 25% earlier this month, prompting industry calls for an official response. Trump's move could hurt Canada, which is the largest seller of the metals to the U.S. Sign up here. Carney said on Monday he had agreed with Trump that the two nations should try to wrap up a new economic and security deal by July 21. "Canada will adjust its existing counter-tariffs on U.S. steel and aluminum products on July 21 to levels consistent with progress made in the broader trading agreement with the United States," Carney told a press conference. Carney refrained from immediately matching Trump's June tariff hike, saying he wanted to see progress on talks to create a new economic and security relationship. On March 13, Canada imposed 25% retaliatory tariffs on a list of steel products worth C$12.6 billion and aluminum products worth C$3 billion. As part of Thursday's announcement, Canada will implement new procurement rules, under which Canadian producers and trading partners who have tariff-free reciprocal access can compete for federal procurements of steel and aluminum. Carney said Canada would establish new tariff-rate quotas of 100% of 2024 levels on imports of steel products from non-free trade agreement partners "to stabilize the domestic market and prevent harmful trade diversion." Canada ships over 90% of its total steel and aluminum exports to the U.S. and consumes about a fifth of U.S. exports of steel and 50% of its aluminum exports, according to the Royal Bank of Canada, highlighting the critical metals trade between the two countries. Under Carney, Canada has also lined up an array of projects to build infrastructure, starting from defense, oil and gas pipelines to doubling housing capacity all of which will require tons of steel and aluminum. "We are united in working on all forms of support for the industry... that starts with buying Canadian steel and aluminum for federal projects," Carney said while addressing questions from the media. As part of the new measures the government will also favor the use of Canadian steel and aluminum in Canadian-made products and will create a task force to monitor how the steel and aluminum markets are evolving under the tariff regime. https://www.reuters.com/world/americas/canada-address-unfair-trade-steel-aluminum-sectors-says-carney-2025-06-19/
2025-06-19 19:10
June 19 (Reuters) - An escalation of the Iran-Israeli hostilities could keep Brent oil prices trading about 15% to 20% above pre-conflict levels if the war disrupts 1.1 million barrels per day (bpd) of Iranian oil exports, analysts at Citibank said on Thursday. "This implies Brent prices should be in the $75 to $78/bbl range," Citi said in a note. Prices had been hovering around $65 per barrel in May. Sign up here. Brent crude futures were up $1.48, or 1.9%, to $78.18 a barrel by 1230 ET on Thursday, while U.S. West Texas Intermediate crude for July was up $1.72, or 2.3%, at $76.86. Separately, JP Morgan said in a note that in the most extreme case of a broader regional conflagration that includes the closure of the Strait of Hormuz, it estimates that oil prices could surge to $120-$130 per barrel. The Iran-Israel conflict has raised fears of potential supply disruptions in the Middle East, a key oil-producing region, pushing crude prices higher as traders react to the growing geopolitical risk. Iran is OPEC's third-largest producer, extracting about 3.3 million barrels per day (bpd) of crude oil. According to Citi, a disruption of about 3 million bpd over a multi-month period could push prices to $90 bbl. Any closure of the Strait of Hormuz could cause a sharp price spike, but Citi believes it would be brief as efforts would focus on a quick reopening. Iranian oil export disruptions may have a smaller impact on oil prices than expected due to falling exports and reduced Chinese purchases as prices are higher now, it said. "Production elsewhere globally may have risen sufficiently to offset the disruption impact, particularly if the production disruption was expected," Citi noted. Increased supply from the Organization of the Petroleum Exporting Countries could also mitigate the impact of potential Iranian oil export disruptions, it added. On Wednesday, Goldman Sachs noted that it estimates a geopolitical risk premium of around $10 per barrel following the rise in Brent prices to $76-77 per barrel, while Barclays said that if Iranian exports are reduced by half, crude prices could rise to $85 per barrel and that prices could move past $100 in the "worst-case" scenario of a wider conflagration. https://www.reuters.com/business/energy/citi-sees-oil-prices-75-78bbl-if-war-disrupts-11-mln-bpd-irans-oil-exports-2025-06-19/
2025-06-19 18:39
The country meets euro adoption criteria, including inflation and budget deficit limits Bulgarians sceptical about euro adoption, fearing price increases Bulgaria's euro adoption will leave six EU countries outside euro zone BRUSSELS, June 19 (Reuters) - Euro zone finance ministers recommended on Thursday that Bulgaria become the 21st member of the euro zone starting January 1, 2026, backing earlier positive assessments of the country's readiness from the European Commission and the European Central Bank. "The Eurogroup agreed today that Bulgaria fulfils all the necessary conditions to adopt the euro," Paschal Donohoe, who chairs meetings of euro zone finance ministers, told a press conference. Sign up here. The recommendation will now be formally adopted by all 27 EU finance ministers on Friday and then by EU leaders on June 26. The exchange rate at which the Bulgarian lev will be converted into euro will be set by EU finance ministers at their meeting in early July, giving Bulgaria six months to prepare the technical transition for the start of the year. Bulgaria has been striving to switch its lev to the euro since it joined the European Union in 2007. But after such a long wait, many Bulgarians have lost their initial enthusiasm, with 50% now sceptical about the euro, according to a Eurobarometer poll in May. Some Bulgarians fear the currency switch will drive up prices. CRITERIA To get the positive recommendation, Bulgaria had to meet the inflation criterion, which says that the euro candidate cannot have consumer inflation higher than 1.5 percentage points above the three best EU performers. In April, the best performers were France with 0.9%, Cyprus with 1.4% and Denmark with 1.5%, which put Bulgaria with its 2.8% just within the limit. The euro candidate country also cannot be under the EU's disciplinary budget procedure for running a deficit in excess of 3% of GDP. Bulgaria meets this criterion with a budget deficit of 3% in 2024 and 2.8% expected in 2025. The country's public debt of 24.1% of GDP in 2024 and 25.1% expected in 2025 is well below the maximum level of 60%, and its long-term interest rate on bonds is well within the two-percentage-point margin above the rate at which the three best inflation performers borrow. Finally, Bulgaria had to prove it had a stable exchange rate by staying within a 15% margin on either side of a central parity rate in the Exchange Rate Mechanism II. This was easily done because Bulgaria has been running a currency board that fixed the lev to the euro at 1.95583 since the start of the euro currency in 1999. Bulgaria's euro adoption will come three years after the last euro zone expansion, when Croatia joined the single currency grouping at the start of 2023. The accession of Bulgaria into the euro zone will leave only six of the 27 EU countries outside the single currency area: Sweden, Poland, Czech Republic, Hungary, Romania and Denmark. None of them have any immediate plans to adopt the euro either for political reasons or because they do not meet the required economic criteria. https://www.reuters.com/markets/europe/euro-zone-finance-ministers-recommend-bulgaria-adopt-euro-2026-2025-06-19/
2025-06-19 18:33
CAIRO, June 19 (Reuters) - Israel has resumed limited natural gas exports from surplus supplies, the country's Energy Ministry said on Thursday, nearly a week after shutting down two key offshore fields as Israel and Iran waged an air battle. A ministry spokesperson told Reuters that exports are now resuming "from surpluses, after domestic needs are met." Sign up here. An energy ministry source said most of the limited exported gas is currently flowing to Jordan, and only "tiny volumes" reached Egypt this week. Egyptian fertilizer producers, who were forced to halt operations due to the supply disruption, told Reuters they have yet to receive any gas but expect flows to resume next week. The Egyptian Petroleum Ministry did not immediately respond to a Reuters request for comment. Following military escalation in the region, Israel halted exports on June 13 after closing the Leviathan field, operated by Chevron and the Karish field operated by Energean. Only the Tamar field has remained operational, supplying mainly domestic demand. Israeli Energy Minister Eli Cohen said on Wednesday that exports would only resume once military authorities deemed it safe. "I don't want to use our strategic storage, so therefore, I needed to cut exports," he told Reuters. Egypt, which has increasingly relied on Israeli gas since a domestic production decline in 2022, is scrambling to compensate for the supply gap. The country has ramped up fuel oil use in power plants and has signed deals to import over $8 billion worth of liquefied natural gas, while preparing additional floating regasification units. Israeli gas typically accounts for up to 60% of Egypt's total gas imports and around a fifth of its total consumption, according to data from the Joint Organisations Data Initiative (JODI). https://www.reuters.com/business/energy/israel-restarts-limited-gas-exports-amid-ongoing-conflict-egypt-still-waiting-2025-06-19/
