2025-06-10 06:51
June 10 (Reuters) - Search and rescue teams have found three people, including two pilots, alive after their small plane made an emergency landing in the forests of Siberia on Tuesday, Russia's civil aviation authority said. The Antonov An-2 had issued distress calls while flying over the Yakutia region. Authorities initially said five people were aboard the aircraft before revising the figure to three. Sign up here. https://www.reuters.com/business/aerospace-defense/plane-with-five-aboard-missing-siberia-russia-says-2025-06-10/
2025-06-10 06:47
MUMBAI, June 10 (Reuters) - The rupee is likely to lag most of its Asian peers in a softer dollar environment, analysts say, with the Indian currency weighed down by an imbalance between what the country owes and owns abroad. While currencies such as the Singapore dollar, Korean won and Taiwan dollar have surged 6% to 9.5% this year, the rupee is nearly flat. Sign up here. Analysts at Barclays, Jefferies, and ANZ attribute the divergence to differences in the net international investment positions (NIIP) with Asian economies. NIIP is the gap between what a country owns overseas and what it owes to the rest of the world. As of December 2024, India had a negative NIIP, owing about $350 billion more to the world than it owned in foreign assets. In contrast, most other Asian countries hold a positive NIIP, meaning their ownership of foreign assets exceeds their external liabilities. Unlike Taiwan, South Korea, China and Hong Kong, the absence of a positive NIIP for India implies underperformance of the rupee, said Mitul Kotecha, head of FX and EM macro strategy, Asia, at Barclays. A positive NIIP usually stems from consistent trade surpluses, with excess earnings often invested in U.S. assets. When the dollar softens, the value of those assets drops. To protect against that, investors hedge by selling dollars and buying their own currencies, which tends to boost the local units. According to Barclays, Singapore, Taiwan and China and Korea hold the most liquid net international assets in Asia, while India and Indonesia hold the least. India's international investment position implies that the rupee "may lag the rest of Asia," said Brad Bechtel, head of global FX at Jefferies. "It's not like a very negative story. It's just more of a lagging story," Bechtel said. The NIIP positions of Asian countries have come into focus amid investors seeking safety due to a persistently weaker dollar. Analysts and option markets concur that the dollar hasn't likely bottomed yet. Minutes of the Federal Reserve's May meeting cited a rise in hedging demand as one of the factors contributing to the dollar's decline. International investment surpluses in many Asian markets could boost their respective currencies, per analysts at BMI, a Fitch group company. "This would come as overseas capital is repatriated or as firms move to hedge previously unhedged FX exposure," the firm said in a recent note, pointing to the sharp appreciation in the Taiwanese dollar as an example. https://www.reuters.com/world/india/indias-external-investment-deficit-hurdle-rupee-asia-rides-weak-dollars-2025-06-10/
2025-06-10 06:40
JAKARTA, June 10 (Reuters) - Top nickel ore producer Indonesia revoked permits for four mining firms in Raja Ampat in its easternmost region of Papua, the country's energy minister said on Tuesday, after concerns about their environmental impact sparked a public outcry. Protests against mining in Raja Ampat, a picturesque UNESCO-designated Global Geopark known for its marine biodiversity, dominated Indonesian social media last week, with users sharing a graphic of the area's blue waters with the hashtag #SaveRajaAmpat. Sign up here. Bahlil Lahadalia, Indonesia's energy minister, said President Prabowo Subianto decided to revoke the permits of the four nickel companies in the area starting on Tuesday in order to protect the surrounding environment from further damage. "We need to protect these areas by paying attention to marine life and conservation," he said. The nickel companies are PT Nurham, PT Kawei Sejahtera Mining, PT Anugerah Surya Pratama, PT Mulia Raymond Perkasa, which operate on islands in and around Raja Ampat. The government did not grant quotas to the four companies as they failed to meet administrative requirements, Bahlil said, meaning they are currently not in production. However the permit of another nickel miner, PT Gag Nikel, a subsidiary of state miner Aneka Tambang (Antam) (ANTM.JK) , opens new tab, was not revoked as the company operates outside the designated geopark, Bahlil said. Gag Nikel, the only company in the area in production, has a quota to mine 3 million metric tons a year. Last week, Indonesia's energy ministry temporarily halted the firm's mining activities following the protests. The energy ministry did not immediately respond to a request for comment on Tuesday on whether that suspension had been lifted. Bahlil said the government would monitor its activities "exhaustively", including its regulatory practices. Antam said last week Gag Nikel had replanted forests and conserved coral reefs. PT Wanxiang Nickel Indonesia, the parent company of Anugerah Surya Pratama, Gag Nikel, and Kawei Sejahtera Mining did not immediately respond to requests for comment on Tuesday. Reuters could not immediately reach Nurham and Mulia Raymond Perkasa for comment. The controversy flared up last week when Greenpeace activists staged a small demonstration at a mineral conference in Jakarta, citing mining activity around Raja Ampat. Mining caused the destruction of more than 500 hectares of forest and native vegetation, as well as damaging coral reefs and marine ecosystems on some islands, Greenpeace said later in a statement. https://www.reuters.com/sustainability/indonesia-revokes-nickel-ore-mining-permits-raja-ampat-after-protest-2025-06-10/
2025-06-10 06:35
Rolls-Royce SMR wins process after two-year competition Govt allocates 2.5 bln stg for SMR programme SMRs cheaper and quicker to build LONDON, June 10 (Reuters) - Britain has selected Rolls-Royce SMR to build the country's first small modular nuclear reactors (SMR) as part of its plan to speed up the decarbonisation of the power network from the mid-2030s. The government on Tuesday pledged 2.5 billion pounds ($3.4 billion) for the SMR programme over the next four years, aiming to kickstart one of Europe's first small-scale nuclear industries. Sign up here. SMRs are typically the size of two football pitches, with parts that can be built in a factory, making them quicker and cheaper than traditional plants, which take more than a decade to construct and face planning delays in the UK. The government also said on Tuesday it would invest 14.2 billion pounds to build a large scale nuclear plant, Sizewell C, in eastern England, as part of "the biggest nuclear rollout for a generation". Rolls-Royce SMR, majority owned by FTSE 100 engineer Rolls-Royce (RR.L) , opens new tab which makes the power systems for Britain's nuclear submarines, said it would build three units. "Doing lots of them gives you that opportunity to bring down the cost, that's the big prospect," Energy Minister Ed Miliband told Sky News. "It's huge for energy security, but it's also a huge opportunity for Britain." Dozens of countries across the world, including the United States, Canada, Romania and Czech Republic, are looking at SMRs, opening up a big market if the British project is successful. Rolls-Royce CEO Tufan Erginbilgic said he expected Rolls-Royce SMR to grow "materially". Britain's state-owned energy company, Great British Energy - Nuclear, will aim to sign a contract with Rolls-Royce SMR and pick a site later this year, subject to regulatory approval. The SMRs could support 3,000 jobs and power about 3 million homes once they are connected to the grid in the mid-2030s, the statement added. Rolls-Royce SMR was chosen over Westinghouse, Holtec Britain and GE-Hitachi Nuclear Energy - an alliance between General Electric Co (GE.N) , opens new tab and Japan's Hitachi Ltd (6501.T) , opens new tab - in a two-year competition for the SMR contract. ($1 = 0.7396 pounds) https://www.reuters.com/business/energy/uk-selects-rolls-royce-smr-build-small-nuclear-modular-reactors-2025-06-10/
2025-06-10 06:32
Automaker told investors it expects no near-term rare earths-related disruptions-source Hyundai managed to boost rare earths inventory recently when China export curbs relaxed slightly-source Automaker also holds about a one-year inventory of rare earths-related magnets-source SEOUL, June 10 (Reuters) - Hyundai Motor (005380.KS) , opens new tab has a rare earths stockpile that can last about a year and it does not expect any near-term impact from global supply chain disruptions caused by China's export curbs, said a person who attended a company investor call. China's decision in April to restrict exports of a wide range of rare earths and related magnets has tripped up the supply chains central to automakers, aerospace manufacturers, semiconductor companies and military contractors around the world. Sign up here. The stockpiling by Hyundai, the world's No.3 automaker along with its affiliate Kia Corp (000270.KS) , opens new tab, indicates it is better-placed than many competitors to withstand restrictions that have already impacted production or the supplier network of companies including Ford (F.N) , opens new tab and BMW (BMWG.DE) , opens new tab. A Hyundai investor relations official said the South Korean automaker had "far more wiggle room" than rivals with regard to rare earths-related supply chain issues affecting the industry, according to the attendee on the investor call, which was not open to the public. The official told investors Hyundai's efforts to diversify supply chains and improve procurement had succeeded and the company expected to be able to produce electric vehicles or hybrid cars without disruptions "for at least about one year," the attendee said. Hyundai also significantly boosted its rare earths inventories during a recent period when China had slightly relaxed its export restrictions, the official said, according to the attendee who spoke on condition of anonymity because the call was private. The South Korean automaker's stockpile of the key minerals had not been reported previously. It was not clear whether the inventory was solely stockpiled by Hyundai and its affiliate Kia or also included stocks held by their suppliers. In a statement to Reuters, Hyundai declined to comment on specific inventory details or procurement strategies. "We continuously evaluate market conditions to ensure operational stability and maintain a diversified global supply chain," Hyundai said. "As part of our standard business practices, we maintain appropriate inventory levels to support uninterrupted production." China produces around 90% of the world's rare earths, which are essential for the production of vehicles, especially electric vehicle motors. Hyundai Motor Group also holds about a one-year inventory of rare earths-related magnets needed for its mainstay EVs and hybrid vehicles, said a person familiar with the matter, declining to be named due to the sensitivity of the subject. China's dominance of the critical mineral industry is increasingly viewed as a key point of leverage for Beijing in the trade war sparked by U.S. President Donald Trump's tariffs. U.S.-China trade talks were set to extend to a second day in London on Tuesday as top economic officials from the world's two largest economies sought to defuse a bitter dispute that has widened from tariffs to restrictions over rare earths. https://www.reuters.com/business/autos-transportation/hyundai-motor-has-rare-earths-stockpile-that-can-last-about-year-source-says-2025-06-10/
2025-06-10 06:27
HONG KONG/SINGAPORE, June 10 (Reuters) - Potential bidders for Macquarie Asset Management's South Korean industrial gas firm DIG Airgas include investment firm KKR & Co (KKR.N) , opens new tab, Brookfield Asset Management (BAM.TO) , opens new tab, and French gas supplier Air Liquide (AIRP.PA) , opens new tab, in a deal that could fetch up to $3.6 billion, two sources with knowledge of the matter said. Macquarie (MQG.AX) , opens new tab has hired Goldman Sachs (GS.N) , opens new tab and JPMorgan (JPM.N) , opens new tab to run the sale and is expecting non-binding bids this month, the sources said, declining to be named as the information is not public. Sign up here. DIG Airgas, South Korea's third-largest industrial gas producer, has also attracted interest from infrastructure funds including I Squared Capital and Stonepeak, and U.S.-based global gas and chemical firm Air Products (APD.N) , opens new tab, said the sources. The Seoul-headquartered company has about $170 million to $180 million in earnings before interest, taxes, depreciation, and amortisation (EBITDA), and Macquarie expects a sale to value the firm at 18-20 times core earnings, said one of the sources. DIG Airgas and Air Liquide did not immediately respond to requests for comment. Macquarie, JPMorgan, Goldman Sachs, KKR, Brookfield, I Squared Capital and Stonepeak declined to comment. Air Products declined to comment on the sale. "South Korea is a vital and growing market, and Air Products remains committed to growing its industrial gas business serving customers safely and reliably," its spokesperson said. Established in 1979, DIG Airgas produces industrial gases, electronic gases and gas equipment, according to its website. Macquarie bought the company, formerly known as Dausung Industrial Gases, from South Korean private equity firm MBK Partners for 2.5 trillion won ($1.85 billion) in 2019, local media reported at the time. ($1 = 1,351.8900 won) https://www.reuters.com/business/energy/macquaries-36-billion-s-korean-gas-firm-draws-interest-kkr-brookfield-industry-2025-06-10/
