2025-12-10 10:49

Dec 10 (Reuters) - Sterling edged up against the dollar and was roughly unchanged versus the euro as investors braced for the Federal Reserve policy meeting outcome due later in the session and data on British economic growth on Friday. The greenback slipped against the euro and yen, with investors bracing for a so-called hawkish rate cut by the Fed. Sign up here. The pound rose 0.10% versus the dollar at $1.3313 . It hit $1.3385 last week, its highest since October 21. The currency has added around 1% since finance minister Rachel Reeves delivered the budget on November 26. “Sterling enjoyed a relief post budget,” said Francesca Fornasari, head of currency at Insight Investment, arguing that “a huge amount of bad news was already priced into markets” before November 26. “Looking forward, we’re likely to need some positive news on growth for Sterling to outperform its European peers,” she added. Some analysts also mentioned mildly positive revisions to the PMIs last week, suggesting that Britain’s economy was not slowing to the extent that market participants had feared. Some firms said uncertainty about finance minister Rachel Reeves' November 26 budget had prompted them to delay investment in new projects. Analysts' views on the UK growth outlook remained mixed. “Prospects for weaker UK growth suggest scope for the Bank of England to surprise with more interest rate cuts than markets currently discount,” said Mark Dowding, BlueBay chief investment officer at RBC BlueBay Asset Management. Gross domestic product figures are due on Friday. Investors await the Bank of England decision on rates next week, with policymakers striking differing tones over the outlook for monetary policy on Tuesday, suggesting that a split on the Monetary Policy Committee persists. Traders price in 50 bps of BoE rate cuts by next summer and an around 90% chance of a rate cut next week. The euro was up 0.02% versus the British currency at 87.43 pence . It hit 87.21 pence on Tuesday, its lowest since October 24. Money markets recently scaled back bets on possible European Central Bank rate cuts, supporting the euro. https://www.reuters.com/world/uk/sterling-edges-up-vs-dollar-flat-versus-euro-fed-focus-2025-12-10/

2025-12-10 10:45

BUDAPEST, Dec 10 (Reuters) - Central European currencies were a touch stronger on Wednesday as markets eyed the U.S. Federal Reserve's interest rate decision later in the day and awaited remarks from Fed Chair Jerome Powell for policy clues. The U.S. dollar dropped slightly, with investors expecting a cut after one of the most fractious policy debates in years. Sign up here. The Polish zloty firmed 0.1% to trade at 4.2250 per euro. "The EUR/PLN exchange rate has been consistently trading within a narrow range of 4.2150–4.2350, awaiting new impulses," analysts at ING Bank Slaski wrote in a note. "A calm session lies ahead, dominated by anticipation of the outcome of the Federal Reserve meeting," they said. FORINT UP MORE THAN 7% THIS YEAR The Hungarian forint was 0.1% higher, trading at 383.55 to the euro a day after data showed that inflation eased more than expected in November. "As inflation decelerates, MNB’s steadfast monetary policy becomes doubly effective, further bolstering the real interest rate and boosting the currency," Commerzbank wrote in a note. The central bank's high interest rate, the European Union's joint-highest at 6.5%, has been a key driver of the forint's recent strengthening, traders and analysts have said. The currency has strengthened more than 7% so far this year, making it the best performer in central Europe. The Czech crown was mostly stable, trading at 24.2570 to the euro. The Czech Republic holds its only bond auction of December on Wednesday, offering paper due in 2029 and 2035. "Core rates are a touch higher and as the auctions tend to attract some paying flows, we’re expecting the rates to open a bit higher," Komercni Banka trader Marek Lesko said. A final November Czech inflation reading published on Wednesday matched the flash estimate, showing price growth eased to 2.1% y/y last month, and analysts keep their view of stable rates ahead. Radomir Jac, chief economist at Generali Investments CEE, said that he expected rate stability even next year. "The central bank will also closely monitor the impact of the outcome of the parliamentary elections and the formation of the new government on the outlook for budgetary discipline," he said. Stocks in the region eased, with Warsaw's (.WIG20) , opens new tab blue-chip index leading losses as it shed 0.4%. https://www.reuters.com/business/fx-edges-up-markets-await-fed-rate-decision-2025-12-10/

2025-12-10 07:53

Dec 10 (Reuters) - The humble beef burger is disappearing from menus at stadiums across Britain, as venues such as Brentford’s Gtech Stadium switch to wild venison in a bid to slash carbon emissions. Hospitality partner Levy UK says the move, now rolling out to more than 20 venues in the UK and Ireland, could cut emissions by 85% and save up to 1,182 tonnes of CO₂e (Carbon Dioxide Equivalent) annually. Sign up here. "Beef has the highest impact in terms of carbon emissions in all of our ingredients that we offer," James Beale, the Head of Sustainability and Community at Brentford, told Reuters. "We wanted to replace that with wild venison that has 85% less carbon emissions per kilogramme than our beef burgers. So, it has a massive impact." The initiative will supply wild venison portions, served in eco-friendly packaging with condiments made from surplus vegetables, in place of what would have been 54 tonnes of beef burgers. The venison burger debuted at Brentford's stadium, while close to 5,500 wild venison burgers were sold at Twickenham in just one month, said sports and entertainment caterer Levy, including at the women’s Rugby World Cup final in September. "Our fans really like it," Beale said. "It's more popular than the beef burger from last year." Independent studies vary on the size of the carbon gap between beef and wild venison, however, depending on how emissions are counted. Levy says Britain’s estimated two million wild deer, which have no natural predators, are helping drive a sustainability push as their meat enters stadium menus. Using wild venison reduces reliance on artificial inputs, curbs water contamination and supports biodiversity, while offering a lower-carbon alternative to beef, the company said. Levy added that their nationwide rollout also includes The Oval cricket ground in London, the National Theatre, The O2 and the National Exhibition Centre. https://www.reuters.com/world/uk/uk-stadiums-swap-beef-burgers-wild-venison-cut-carbon-emissions-2025-12-10/

2025-12-10 07:33

Venture Global denies Shell's fraud claims, cites lack of evidence Shell accused of breaching arbitration confidentiality Shell seeks commercial resolution despite arbitration challenge, according to email LONDON, Dec 10 (Reuters) - Venture Global (VG.N) , opens new tab submitted its response late on Tuesday to a legal challenge from Shell (SHEL.L) , opens new tab over the oil major's defeat in an arbitration case concerning liquefied natural gas cargoes, rejecting allegations of fraud and accusing Shell of breaching arbitration confidentiality. The legal documents submitted in New York Supreme Court mark the latest development in a prolonged saga over Venture Global's claimed failure to deliver LNG under long-term contracts while selling on the spot market as prices soared after Russia's invasion of Ukraine. Sign up here. Shell and other companies including BP (BP.L) , opens new tab and Edison (EDNn.MI) , opens new tab filed arbitration claims against Venture Global starting in 2023. Shell lost its case in August, while BP won its case in October. Unipec has settled its case, Reuters reported previously, citing sources. In a challenge last month to the arbitration ruling, Shell alleged that a third party testified in arbitration that Venture Global had abruptly decided to delay the start of its Calcasieu Pass LNG plant. Shell said it asked arbitrators to study that communication, but said Venture Global avoided disclosure by giving misleading statements. Venture Global said in its filing on Tuesday that Shell had provided no evidence of the alleged fraud. It said the third party, which was redacted, "did not testify to written communications with Venture Global" and that Venture Global's counsel did not make misleading statements. The LNG producer also said in the filing that Shell had breached arbitration confidentiality to share information with Venture Global's counterparties and their counsel. Shell declined to comment on Venture Global's filings. EMAIL SUGGESTS INTEREST IN COMMERCIAL RESOLUTION Shell's arbitration case centred around cargoes from Venture Global's Calcasieu Pass facility. Shell also has a long-term contract with Venture Global's Plaquemines facility. In its legal filing, Venture Global included an email from what it said was a Shell executive, whose name was redacted, signalling an interest in reaching a commercial resolution. "We remain interested in finding a commercial resolution for both the CP (Calcasieu Pass) and Plaquemines situations and I welcome a conversation at your earliest convenience," the Shell executive told Venture Global in an email dated the same day the oil major filed its challenge. The Shell executive also told Venture Global in the email that the arbitration outcome between the LNG producer and BP raised significant concerns about the evidence presented in that proceeding, and suggested that Shell's arbitration should have been decided in the same way. Venture Global shares, also under pressure from its exposure to a possible LNG supply glut, have declined 22% since Shell first filed the challenge last month. They are hovering near an all-time low of $6.56 per share compared with $24 when they began trading on the market in January. Reuters previously reported that BP won its arbitration case with an argument of unfair behaviour by Venture Global, citing five sources. BP’s arbitration win in October gave Shell a basis for its challenge, legal experts told Reuters. “Shell referencing BP’s win (in its challenge) signals that similar fact-patterns led to different tribunal outcomes, strengthening Shell’s argument that full evidentiary access matters,” said Claudio Steuer of the Oxford Institute for Energy Studies. https://www.reuters.com/sustainability/sustainable-finance-reporting/venture-global-hits-back-shells-fraud-claims-lng-arbitration-battle-2025-12-10/

2025-12-10 07:24

Some oil to be diverted to China after attack on CPC CPC normally handles most exports via Novorossiysk Astana says exports via CPC have not been fully halted ASTANA, Dec 10 (Reuters) - Kazakhstan's energy ministry said on Wednesday it would redirect some oil from the giant Kashagan oil field to China after a Ukrainian drone attack on the Caspian Pipeline Consortium's Baltic Sea terminal. The decision was made public after two sources told Reuters earlier this week that Kazakhstan plans to supply 50,000 metric tons of crude to China in December from Kashagan for the first time after the Ukrainian attack damaged the CPC terminal last month. Sign up here. The CPC, which accounts for 1% of global crude supply and includes Russian, Kazakh and U.S. shareholders, has had to reduce exports because a key part of its loading infrastructure - a single-point mooring (SPM) - was damaged in the attack. Ukraine has stepped up attacks on Russian energy infrastructure since August in an effort to hurt funding for Russia's army, but its decision to strike CPC facilities has been condemned by Kazakhstan and the Kremlin given its international significance and international participation. Most oil from Kashagan is usually exported via the CPC to the damaged terminal at the Russian Black Sea port of Novorossiysk for further onwards shipment. The Kazakh energy ministry said the Ukrainian attack on the CPC marine terminal did not lead to a complete halt in exports. "Currently, the Ministry, together with shippers, is carrying out urgent work to redistribute oil volumes," it said. "Measures have also been taken to redirect a certain volume of Kashagan oil to China." The offshore Kashagan field, one of the world's biggest discoveries in recent decades, is being developed by Eni (ENI.MI) , opens new tab, Shell (SHEL.L) , opens new tab, TotalEnergies (TTEF.PA) , opens new tab, ExxonMobil (XOM.N) , opens new tab, KazMunayGaz (KMGZ.KZ) , opens new tab, Inpex (1605.T) , opens new tab and CNPC (CNPC.UL). https://www.reuters.com/business/energy/kazakhstan-says-it-will-divert-some-oil-kashagan-field-china-after-ukrainian-2025-12-10/

2025-12-10 07:21

Moolenaar highlights Ivanhoe Atlantic's alleged ties to Chinese state-owned enterprises Ivanhoe Atlantic denies influence from Ivanhoe Mines' Chinese shareholders Ivanhoe Atlantic's Guinea project aims to counter China's mineral control Dec 9 (Reuters) - U.S. lawmaker John Moolenaar, the chair of the U.S. House of Representatives' bipartisan select committee focused on China, on Tuesday raised concerns about mining group Ivanhoe Atlantic's alleged ties with the Chinese Communist Party. "I am writing to bring to your attention information about companies with concerning ties to the Chinese Communist Party (CCP) that the State Department has supported. One such company is Ivanhoe Atlantic, a company with well-documented ties to Chinese state-owned enterprises," Moolenaar, a Michigan Republican, wrote in a letter addressed to Secretary of State Marco Rubio. Sign up here. Ivanhoe Atlantic's major shareholder is I-Pulse Inc, a U.S. company founded and chaired by Robert Friedland, according to the company's website. Friedland is also the founder and executive co-chair of Toronto-listed Canadian miner Ivanhoe Mines (IVN.TO) , opens new tab. Nearly 33% of Ivanhoe Mines is owned by units of Chinese companies CITIC Group and Zijin Mining, according to LSEG data. Ivanhoe Atlantic said in a statement to Reuters that the company and Ivanhoe Mines are completely separate entities. "Referencing Ivanhoe Mines shareholders ...and then falsely implying control or influence over Ivanhoe Atlantic Inc is grossly incorrect and misleading," the statement said. Ivanhoe Mines did not respond to requests for comment outside regular business hours. Moolenaar, who described Ivanhoe Mines and Ivanhoe Atlantic as sister companies, said the stakes in Ivanhoe Mines "exemplify how the Chinese Communist Party secures critical mineral supply chains through indirect, minority-share investments in foreign mining firms as part of two markets, two resources strategy." Ivanhoe Atlantic said referencing it as a sister company to Ivanhoe Mines is inaccurate. In the letter, Moolenaar pointed Rubio to the U.S. Federal Communications Commission placing CITIC's telecommunication services on the list for posing "an unacceptable risk to the national security of the United States or the security and safety of United States persons." He added that Zijin was added in 2025 to the "Uyghur Forced Labor Prevention Act" (UFLPA) entity list due to the use of forced labor in China. In July, the U.S. Embassy in Liberia supported the signing of an estimated $1.8 billion agreement between Ivanhoe Atlantic and the Western African nation to create a rail corridor connecting Guinea and Liberia. "I share the State Department's commitment to expanding U.S. commercial engagement in Africa and reducing our reliance on Chinese-controlled critical mineral supply chains. I am ready to work with the State Department to ensure that our commercial diplomacy is free from entanglements with the CCP," Moolenaar wrote. Ivanhoe Atlantic said its iron ore project in Guinea is to help counter China’s tightening grip over critical minerals in the Simandou region, and production from the site is reserved exclusively for U.S. and allied supply chains. "None will go to China, and as an American company committed to U.S. national security, we will not export through China’s Trans-Guinean Railway," its CEO Bronwyn Barnes said in the statement. https://www.reuters.com/world/americas/us-lawmaker-raises-concerns-about-miner-ivanhoe-atlantics-ties-with-china-2025-12-10/