2025-11-13 12:52

NEW DELHI, Nov 13 (Reuters) - India's ReNew Energy Global Plc (RNW.O) , opens new tab said on Thursday it will invest about 820 billion rupees ($9.33 billion) in the southern state of Andhra Pradesh to expand its clean energy portfolio. The company is signing agreements with the state government for projects spanning solar manufacturing, pumped hydro, battery storage and green ammonia. Sign up here. ReNew will set up a 6 gigawatt (GW) photovoltaic ingot-wafer plant, a 2 GW pumped hydro project, a 300,000 tonnes-per-annum green ammonia facility and 5 GW of hybrid renewable projects in the state, including wind-solar and solar-plus-storage. The investment comes as India pushes to double its non-fossil fuel power generation capacity to 500 GW. The latest investment commitment includes 600 billion rupees in new investments and adds to the 220 billion rupees pledged in May for a hybrid renewable energy project, ReNew said in a statement. ReNew did not say how it will fund these projects. The company, which already operates 717 megawatts of wind and 60 MW of solar capacity in Andhra Pradesh, said the expansion would create more than 10,000 jobs. Andhra Pradesh aims to develop 78.5 GW of solar, 35 GW of wind and 25 gigawatt-hours of battery storage capacity in the state. ReNew has a clean energy portfolio of about 18.5 GW and is among India's largest independent power producers. ($1 = 87.8950 Indian rupees) https://www.reuters.com/sustainability/climate-energy/indias-renew-invest-933-billion-green-energy-projects-southern-state-2025-11-13/

2025-11-13 12:51

Six-month revenue S$9.68 billion Declares interim dividend of 5 SG cents/share Announces three-year annual special dividend plan Nov 13 (Reuters) - Singapore Airlines (SIAL.SI) , opens new tab on Thursday reported a sharp fall in first-half profit, hit by losses at its Indian associate Air India, higher costs and intensifying competition. The airline's profit slid steeply in the second quarter to S$52 million ($40.18 million) from S$186 million in the first quarter, highlighting Air India's drag on performance. Sign up here. Singapore Airlines began accounting for Air India’s earnings in December 2024 after the integration of joint venture Vistara into Air India. The Singapore airline has a 25.1% stake in the Indian carrier. Passenger demand remained strong and fuel costs fell, even as competition in key markets squeezed yields. Singapore's flag carrier sought to keep investors onside with a capital return plan and a confident outlook for travel demand heading into the year-end rush. It unveiled a three-year special dividend plan totalling about S$900 million, paying 10 Singapore cents per share annually. It also announced an interim dividend of 5 Singapore cents a share. Half-year net profit fell to S$239 million, down from S$742 million last year and missing the S$341.9 million consensus estimate from Visible Alpha. The share of results from associated companies plunged S$417 million, largely because of Air India’s losses. Rising non-fuel expenses from inflation and network growth erased much of the benefit from cheaper jet fuel, keeping overall costs on an upward path. The drop is not far off of our forecast decline of 74% for fiscal 2026, said Lorraine Tan, director at Morningstar. "Much of the decline is due to a normalisation of passenger yields post COVID." Revenues rose by 1.9% to a first-half record of S$9.68 billion. In the first quarter, the company had flagged unpredictable demand for its cargo business due to tariffs. The cargo business remains uncertain, with yields under pressure as airlines shift capacity away from the United States to other routes despite rising volumes, the airline said. ($1 = 1.2942 Singapore dollars) https://www.reuters.com/world/asia-pacific/singapore-airlines-half-year-profit-falls-68-2025-11-13/

2025-11-13 12:49

NEW DELHI, Nov 13 (Reuters) - India's Tata Steel (TISC.NS) , opens new tab hopes the government will extend import tariffs on some steel products to guard against the threat of imports, particularly from China, chief executive T.V. Narendran told Reuters on Thursday. "Import volumes are limited in India but even small volumes disturb the market," said Narendran in an interview. Sign up here. "China is exporting a lot of steel," globally Narendran said, adding that Indian steel producers did not have an option to export because most markets were "flooded" by Chinese competitors. India, the world's second-biggest crude steel producer, had in April imposed temporary import tariffs on some steel products to curb imports from China. Those tariffs expired last week. Meanwhile, Narendran said that Tata Steel was impacted by U.S. tariffs on the company's Europe and UK operations, which had been exporting a combined 800,000 metric tons to the U.S. Some of the impact was passed on to customers, he said. The steel producer is looking at alternative markets such as Latin America, parts of Europe, Africa and the Middle East to deal with the impact of U.S. tariffs, Narendran said. Tata Steel is also urging the UK government to impose import curbs to stem cheap shipments into the country, Koushik Chatterjee, chief financial officer at Tata Steel said. "UK has become literally a dumping ground for imports," Chatterjee said. As for costs related to its European operations, the steel producer is in the process of finalising the total sum of expenditure required to decarbonise its plant in the Netherlands. Job cuts the company announced in April in the Netherlands have also yet to take effect, Chatterjee said. "That is something which is taking time because we are in negotiation with the union," Chatterjee said. INDIA OUTLOOK Tata Steel expects steel prices in Q3 will be 1,500 rupees lower per ton than Q2 in India. Demand in India is "quite strong", particularly from automotives, oil and gas, railways and the construction sector, Narendran said. https://www.reuters.com/world/asia-pacific/tata-steel-calls-extension-import-tariffs-some-steel-products-india-2025-11-13/

2025-11-13 12:46

Bank creates testing portfolio outside of reserves No plan to add bitcoin to reserves in near future Aim is to gain experience in digital markets Will assess experiment in two to three years Open question on whether bitcoin could be added to reserves PRAGUE, Nov 13 (Reuters) - The Czech central bank said on Thursday it had bought $1 million of bitcoins and other blockchain-based digital assets to gain experience with digital markets, and will evaluate the project in two to three years. The portfolio is mostly made up of bitcoins, but also includes U.S. dollar-based stablecoins and a tokenised deposit, all bought through a regulated exchange it said, without giving specifics on the market used or exact assets. Sign up here. "The purpose of the portfolio is to gain practical experience with holding digital assets and to implement and test the necessary related processes," the bank said. It will be held separately from the bank's international reserves, and will not be actively increased. "In the test portfolio, the central bank will test the whole chain of processes associated with the purchase, holding and management of digital assets – from technical administration of keys and multi-level approval processes, through crisis scenarios and security mechanisms, to verifying anti-money-laundering compliance," the bank said. Governor Ales Michl, who originally floated the idea of looking at bitcoin in January, said new ways of making payments and investments were emerging, and the bank wanted to be ready. "It is realistic to expect that, in the future, it will be easy to use the crown to buy tokenised Czech bonds and more besides – with one tap an espresso; with another an investment such as a bond or another asset that used to be the preserve of larger investors," Michl said in the statement. "As a central bank, we want to test this path." The bank will be doing transactions with the portfolio for purposes of the experiment. The portfolio's value may change over time due to price fluctuations and composition may change by the bank testing purchases of other digital assets. LEGAL, OTHER BARRIERS TO INCLUSION IN RESERVES The bank said it would assess the project, leaving open the question of whether digital assets could become part of reserves in the future, and in what form. The CNB's first idea of looking at bitcoins for reserves received a cold reception from the European Central Bank, whose President Christine Lagarde said she believed bitcoins would not become reserve assets of EU members. Although the Czech Republic does not use the euro, it is part of the European Union and its system of central banks. Buying the digital assets outside reserves, however, was compliant with Czech and European legislation, the CNB said. The ECB declined to comment. The Czech bank said on Thursday it could already invest in bitcoin in line with legal requirements through an exchange-traded fund, but this was not now on the agenda due to bitcoin's short track record and other characteristics making it, for now, an immature asset. https://www.reuters.com/business/czech-central-bank-buys-1-mln-bitcoin-other-crypto-assets-testing-2025-11-13/

2025-11-13 12:39

Nov 13 - What matters in U.S. and global markets today By Mike Dolan , opens new tab, Editor-At-Large, Finance and Markets Sign up here. With the U.S. government now reopening , opens new tab after a six-week hiatus, market attention switches to the release of delayed economic data over the next week, as the bar for another Federal Reserve interest rate cut this year appears to be rising. Fed futures pricing for a December rate cut is now little more than 50-50, with regional Fed officials on the central bank's policy committee signaling a pause until the foggy data picture clears up. The September national payrolls report may hit as soon as next week, but there are doubts about whether October jobs and inflation numbers will ever be released due to data collection issues. Boston Fed boss Susan Collins, a voter on the FOMC this year and considered a 'centrist', was the latest to sound a note of caution. "Absent evidence of a notable labor market deterioration, I would be hesitant to ease policy further, especially given the limited information on inflation due to the government shutdown," she said. Despite the Fed doubts and Wednesday's lackluster 10-year note auction, Treasury yields remained under wraps. Treasury Secretary Scott Bessent insisted auction sizes of longer-term debt would remain unchanged for the next several quarters and advocated easing banks' so-called supplementary leverage ratios that discourage them from holding Treasuries. A sharp retreat in crude oil prices helped too. U.S. crude prices fell to their lowest in three weeks as OPEC and the International Energy Agency signaled a surplus in global oil supplies through next year. The dollar weakened overnight, most clearly against the euro and China's yuan. Intervention concerns lifted Japan's yen from nine-month lows the previous day, when Japan's Prime Minister Sanae Takaichi warned the Bank of Japan not to lift rates too quickly. But broader yen weakness was evident as it touched a record low against the euro, which also firmed to its highest of the month against the dollar. Back on Wall Street, stocks held steady on Wednesday - with a rotation of sectors seeing Dow Jones Industrials clock a new record but the tech-heavy Nasdaq ending in the red again. Even though AMD rallied 9% after the chip designer unveiled a $100 billion data-center revenue target and IBM touched a new record on quantum computing breakthroughs, other tech bellwethers such as Amazon, Tesla, Palantir and Oracle all fell back amid valuation concerns in the sector. U.S. index futures were flat to negative before Thursday's bell, but global stocks were more buoyant and MSCI's all-country index hit a new record. Chinese stocks outperformed ahead of Friday's major economic releases there, with an earnings beat from social media giant Tencent helping and the yuan hitting its best levels since October. In today's column, I take a look at why markets appear to be so calm heading into year-end despite all the political and trade policy turbulence experienced throughout 2025. Today's Market Minute * President Donald Trump on Wednesday signed legislation ending the longest government shutdown in U.S. history, hours after the House of Representatives voted to restart disrupted food assistance, pay hundreds of thousands of federal workers and revive a hobbled air-traffic control system. * China's securities watchdog chief, Wu Qing, has sought approval to step down, people with knowledge of the matter said, in what would be an abrupt and unexpected exit for a regulatory head brought in last year to stabilise the country’s stock markets. * Investors laid a record wager on Japan's yen rising to take advantage of a long-overdue economic revival that coincided with expectations for a U.S. slowdown. Instead, what's unfolded is a cautionary tale of the Trump era. * The reopening of the U.S. government means official economic data will soon be forthcoming. But the end of the shutdown should not be confused with a return to economic clarity, argues ROI markets columnist Jamie McGeever. * Chevron’s latest strategy update shrugs off concerns about oil oversupply in the near term and exudes confidence in the long-term outlook for fossil fuels, brushing aside doubts that hovered over the industry only a few years ago. Read the latest from ROI energy columnist Ron Bousso. Chart of the day Yen weakness against the dollar drew warnings from officials in Tokyo this week about excessive moves, but Japan's currency continues to weaken more broadly on the government's loose fiscal and monetary policy leanings and hit a record low against the euro on Thursday. Today's events to watch * St. Louis Federal Reserve President Alberto Musalem, Cleveland Fed President Beth Hammack and San Francisco Fed chief Mary Daly all speak; European Central Bank Board member Sharon Donnery and ECB chief supervisor Claudia Buch both speak * U.S. Treasury sells $25 billion of 30-year bonds * U.S. corporate earnings: Walt Disney, Applied Materials * European Union finance ministers meet in Brussels, with European Central Bank Vice President Luis de Guindos attending * Nicolai Tangen, CEO of Norges Bank Investment Management, addresses the Economic Club of New York Want to receive the Morning Bid in your inbox every weekday morning? Sign up for the newsletter here. You can find ROI on the Reuters website , opens new tab, and you can follow us on LinkedIn , opens new tab and X. , opens new tab Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles , opens new tab, is committed to integrity, independence, and freedom from bias. https://www.reuters.com/business/finance/global-markets-view-usa-2025-11-13/

2025-11-13 12:29

Russian oil revenues fell to $13.1 billion in October Oil and fuel exports dropped by 150,000 bpd to 7.4 million bpd Oil output steady at 9.28 mln bpd, slightly below OPEC+ target US set November 21 deadline to wind down deals with Rosneft, Lukoil Three new entities exported around 1 mln bpd of Russian crude MOSCOW, Nov 13 (Reuters) - Russia's revenues from crude oil and refined products fell again in October due to lower export volumes and weaker prices, the International Energy Agency said on Thursday, adding that Russian oil exports have been holding up so far. Russia's vital energy industry is under strain from a pickup in Ukrainian drone strikes on oil refineries and pipelines, as well as Western sanctions over Ukraine. Sign up here. Washington has piled pressure on Moscow by introducing sanctions against Russia's largest oil producers, Rosneft (ROSN.MM) , opens new tab and Lukoil (LKOH.MM) , opens new tab, last month, setting November 21 as the deadline for winding down transactions with the companies. The Paris-based IEA said Russia's revenues from crude and fuel export sales fell to $13.1 billion in October, down $2.3 billion from the same month a year ago. Russian crude and oil product exports fell by 150,000 barrels per day to 7.4 million bpd in October, reversing the increase seen in September, it said. NEW EXPORTERS EMERGE According to preliminary tanker tracking data and IEA analysis, three new market participants exported around 1 million bpd of Russian crude and products in October. MorExport, RusExport and NNK have been operating in the market only since May 2025, the agency said. "With the country demonstrating its ability to rapidly form new oil shipping companies and move more volumes via its sanctioned fleet, the path forward for Russian crude and product exports will be determined by enforcement and sourcing decisions from the main buyers," it said. IMPACT OF UKRAINIAN ATTACKS "Recent Ukrainian attacks on refining and oil production infrastructure contributed to the 110,000 barrels per day drop in crude exports, to just above 5 million bpd," the IEA said in a monthly report. It said oil product exports also fell for the second consecutive month, by 40,000, to 2.3 million bpd, reaching their lowest level since 2017 and exacerbating tight international product markets. The agency said Russian oil production excluding gas condensate was unchanged in October from September, at 9.28 million bpd, some 20,000 bpd lower than its target, outlined by the OPEC+ group of leading global oil producers. That compares with the 9.328 million bpd assessed by the producer group OPEC. "While Russian crude exports have largely held up ahead of the 21 November deadline, recent data show that some of that oil has begun to pile up on water as buyers shun cargoes amid compliance issues and other uncertainties," the IEA said. According to the agency, Russia's sustainable oil production capacity - the levels which can be reached within 90 days and sustained for an extended period - stands at 9.4 million bpd, meaning it does not have much leverage in increasing its output. Kazakhstan crude supply dropped sharply by 240,000 bpd to 1.7 million bpd in October, largely due to maintenance at the Tengiz field, the IEA said. https://www.reuters.com/business/energy/russias-oil-fuel-export-revenues-continued-slide-october-iea-says-2025-11-13/