2025-05-30 02:58
MUMBAI, May 30 (Reuters) - The Indian rupee is poised to open higher on Friday, after the U.S. dollar’s rally, which was sparked by a U.S. court ruling on tariff policy, proved short-lived. The 1-month non-deliverable forward indicated a open in the 85.36-85.40 range, versus the previous session's close of 85.5075. Sign up here. So far this week, the Indian currency has been in a 84.78 to 85.70 range and is on track for a marginal weekly decline. The rupee "is in a space where you have to play the ranges" with the near-term range defined by recent price action between 85.00 and 85.80, a currency trader at a Mumbai-based bank said. "Moves below 85 (on dollar/rupee) and past 86 are difficult to imagine at this stage." DOLLAR RESUMES DECLINE The dollar index, which had touched an intraday high of 100.48 on Thursday, slipped to 99.30, allowing Asian currencies to recover from losses. The dollar had initially found support after a U.S. court ruling blocked most of former President Donald Trump’s proposed tariffs. However, a federal appeals court later issued a temporary pause on the ruling, allowing the tariffs to remain in place for now. Senior officials from the Trump administration had anyway downplayed the impact of the ruling blocking the tariffs, expressing confidence it would be overturned on appeal and indicating that alternative legal avenues to impose tariffs remain available. While the initial court ruling sparked optimism, it does not eliminate the uncertainty surrounding the U.S. trade policy, ANZ Bank said in a note. "The appeal process could drag on for months, adding to trade policy uncertainty,” ANZ noted, while pointing out that legal experts have suggested that the administration does indeed have other legal authorities to levy tariffs. The dollar was further pressured by data that showed the number of Americans filing new applications for jobless benefits rose more than expected last week. KEY INDICATORS: ** One-month non-deliverable rupee forward at 85.5; onshore one-month forward premium at 13.25 paise ** Dollar index at 99.30 ** Brent crude futures down 0.4% at $63.9 per barrel ** Ten-year U.S. note yield at 4.42% ** As per NSDL data, foreign investors bought a net $542.6 million worth of Indian shares on May. 28 ** NSDL data shows foreign investors sold a net $41.3 million worth of Indian bonds on May. 29 https://www.reuters.com/world/india/rupee-rise-open-after-dollar-reverses-tariff-ruling-spurred-rally-2025-05-30/
2025-05-30 00:52
QUITO, May 29 (Reuters) - Ecuador's state oil producer Petroecuador on Thursday declared a 60-day emergency at the South American nation's largest oil refinery, its second emergency in one month, after a fire this week caused damage to some fuel tanks. Petroecuador said it had identified damages at two fuel tanks and in an electrical substation at its Esmeraldas refinery in northern Ecuador, which was affecting operational capacity. Sign up here. "This led to the emergency shutdown of key units and auxiliary steam and power systems," the company said in a statement, adding the emergency period would allow Petroecuador to speed up its repair work. Liquefied petroleum gas is being supplied according to availability and necessary scheduling would be assessed to attend to domestic demand, it said Fuel prices are regulated by an external agency and have not changed, said Petroecuador. Operations at the refinery have been suspended since Monday due to a fire. Petroecuador said at the time that all personnel had been safely evacuated and no injures were reported. At the end of April, Petroecuador declared a separate 60-day emergency at the refinery due to damages from a magnitude 6.3 earthquake that struck the area. https://www.reuters.com/business/energy/petroecuador-declares-emergency-ecuadors-biggest-refinery-after-fire-damages-2025-05-30/
2025-05-30 00:04
May 30 (Reuters) - Viva Energy Group (VEA.AX) , opens new tab said on Friday the Victorian government has cleared the construction of its liquefied natural gas (LNG) terminal project in Geelong, amid growing concerns over a potential gas shortage in Australia. The Australian government has been actively seeking gas supply commitments to help close the gap between supply and demand, following a warning from the country's competition regulator that the east coast may face a longer-term shortfall. Sign up here. "We believe the LNG terminal is vital to ensure the secure supply of gas to the south-east market," Chief Executive Scott Wyatt said. The fuel retailer said that the current timeline targets first gas delivery from the proposed project in time for the Victorian winter of 2028. https://www.reuters.com/business/energy/australias-viva-energy-gets-green-signal-proposed-geelong-lng-terminal-2025-05-30/
2025-05-29 23:48
May 29 (Reuters) - Enterprise Products Partners (EPD.N) , opens new tab on Thursday said its ethane and butane exports could be hurt by a U.S. Department of Commerce requirement that it apply for a license to export to China. The United States has ordered a broad swathe of companies to stop shipping goods, including ethane and butane, to China without a license and revoked licenses already granted to certain suppliers, Reuters reported on Wednesday. Sign up here. The Bureau of Industry and Security, an agency of the Department of Commerce, informed the company that exports of ethane and butane pose an unacceptable risk of military end-use in China. Ethane and butane, liquids separated from natural gas, are used to make plastics and chemicals and also for heating and cooking. Chinese petrochemical firms use ethane as a feedstock because it is a cheaper alternative than naphtha, while U.S. oil and gas producers need China to buy their natural gas liquids as domestic supply exceeds demand. Enterprise, one of the top U.S. handlers of ethane and butane through its port terminals, said in a regulatory filing it was evaluating its procedures and internal controls and could not determine if it will be able to obtain a license. In 2024, Enterprise's terminal on the Houston Ship Channel loaded about 213,000 barrels per day (bpd) of ethane, of which about 85,000 bpd, or 40%, went to Chinese markets, the company said. Enterprise cautioned that it cannot determine how alternative markets and uses will develop nor the potential impact on ethane and butane prices. It also said it was uncertain how this restriction may indirectly impact U.S. crude oil and natural gas production and prices as natural gas liquids are byproducts of oil and gas drilling. Enterprise also warned that it was currently unable to ascertain whether these restrictions will have a material adverse effect on the company's financial position, operations, and cash flows. U.S. exports of ethane to China rose to a record 227,000 bpd in 2024, according to U.S. Energy Information Administration data, while those of butane rose to a record 26,000 bpd. Those exports have been seen as one way to reduce China's trade surplus with the U.S. https://www.reuters.com/business/energy/us-terminal-operator-warns-its-ethane-butane-exports-china-could-fall-2025-05-29/
2025-05-29 22:38
BOGOTA, May 29 (Reuters) - Pumping on Colombia's Bicentenario pipeline was suspended after an attack with explosives, its operator Cenit, a subsidiary of state-run energy company Ecopetrol (ECO.CN) , opens new tab, said on Thursday. The attack, in Arauca province, was committed by an unknown group, Cenit said in a statement. Bombings of pipelines are common in Colombia and are often carried out by rebel groups like the National Liberation Army (ELN). Sign up here. The company did not say exactly when the attack took place, but added it was working with disaster authorities and the army to clean up the area. https://www.reuters.com/business/energy/colombias-bicentenario-pipeline-stops-pumping-after-attack-operator-2025-05-29/
2025-05-29 21:57
SEC dismisses lawsuit with prejudice Binance says regulation by enforcement stifles innovation SEC previously dismissed case against Coinbase exchange May 29 (Reuters) - The U.S. Securities and Exchange Commission on Thursday voluntarily dismissed its civil lawsuit against Binance, the world's largest cryptocurrency exchange, extending the regulator's new approach to cryptocurrencies since President Donald Trump reentered the White House. A joint stipulation of dismissal signed by lawyers for the SEC, Binance and Binance founder Changpeng Zhao was filed in the Washington, D.C., federal court. Sign up here. The SEC said dismissing the enforcement case was appropriate "in the exercise of its discretion and as a policy matter," and did not reflect its view on other cryptocurrency litigation. Its dismissal is with prejudice, meaning the SEC cannot pursue the case again. In a statement, a Binance spokesperson called the dismissal "a landmark moment. We're deeply grateful to (SEC) Chairman Paul Atkins and the Trump administration for recognizing that innovation can't thrive under regulation by enforcement." An SEC spokesperson declined additional comment. The SEC sued Binance and Zhao in June 2023, accusing the exchange of artificially inflating trading volumes, diverting customer funds and misleading investors about its surveillance controls. Binance was also accused of unlawfully facilitating trading of several cryptocurrency tokens that SEC leadership during President Joe Biden's administration believed should have been registered as securities. The case was separate from Binance's November 2023 guilty plea and $4.32 billion criminal penalty for violating federal anti-money laundering and sanctions laws through lapses in internal controls. Zhao pleaded guilty to anti-money laundering violations, and was released from prison last September after serving a four-month sentence. In February, the SEC dismissed a separate enforcement case accusing Coinbase, the largest U.S. cryptocurrency exchange, of arranging trading in at least 13 unregistered tokens. The crypto industry has long chafed over regulatory efforts to apply federal securities laws to digital assets, with many companies likening tokens to commodities. Classifying tokens as securities would require cryptocurrency companies to register with the SEC and disclose more to investors. Atkins said on May 12 that developing a regulatory framework that establishes "clear rules of the road" for issuing, trading and safekeeping crypto assets, while discouraging lawbreakers, would be a key priority. On May 20, the SEC sued Unicoin, accusing the startup and executives of fraudulently raising more than $100 million to launch tokens they claimed were safe and backed by real estate and equity in companies that had yet to go public. Trump promised during his 2024 White House run to be a "crypto president," and pledged to reverse an industry crackdown overseen by Atkins' predecessor Gary Gensler. The SEC has since withdrawn or put on hold many cryptocurrency enforcement cases. https://www.reuters.com/sustainability/boards-policy-regulation/us-sec-voluntarily-dismisses-lawsuit-against-binance-2025-05-29/
