2025-11-13 00:08

Collins sees high bar for further easing due to inflation concerns Fed divisions highlighted by differing views on rate cuts Collins views short-term borrowing costs as mildly restrictive Nov 12 (Reuters) - Boston Federal Reserve President Susan Collins, who voted for both of the Fed's policy-rate reductions this year, said on Wednesday she sees a "relatively high bar" for additional easing in the near term, citing worries about elevated inflation. "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," Collins said in remarks prepared for delivery to a bankers conference in Boston. Sign up here. "It will likely be appropriate to keep policy rates at the current level for some time to balance the inflation and employment risks in this highly uncertain environment." Her remarks underscore the deepening divisions at the Fed and the lack of consensus around another rate cut, challenges Fed Chair Jerome Powell flagged two weeks ago. Despite "solid" support for the most recent interest-rate cut, Powell said, another reduction at the Fed's December meeting was "not a foregone conclusion, far from it." Collins "has never dissented and has always been aligned with the center of the Committee so this seems significant," wrote III Capital Management's chief economist, Karim Basta. "January may well be more likely than December for the next move as it gives them time to look at more data." The U.S. House on Wednesday was poised to vote to end the record-long shutdown, which has delayed the release of key economic data. The White House on Wednesday said October jobs and inflation reports might never be released. October's quarter of a percentage point reduction in the policy rate range to 3.75%-4.00% drew two dissents, one from Kansas City Fed chief Jeffrey Schmid, who wanted to leave rates unchanged, and the other from Fed Governor Stephen Miran, who wanted a bigger half-point cut because he feels inflation is falling faster than is widely appreciated. Since then a few others of the Fed's 12 voting rate-setters, like Collins on Wednesday, have signaled growing caution on rate cuts. They include St. Louis Fed President Alberto Musalem who worried about policy becoming too easy, and Fed Vice Chair Philip Jefferson who said proceeding slowly is particularly prudent given the lack of official data during the U.S. government shutdown. Non-voting rate-setters including Atlanta Fed President Raphael Bostic have also expressed a preference for holding rates steady, given inflation risks, while others such as San Francisco Fed President Mary Daly call for being open-minded. On Wednesday, Collins said she views short-term borrowing costs as "mildly restrictive" amid financial conditions that are a tailwind for economic growth. The labor market has clearly softened, she said, but downside risks have not worsened since the summer. And while tariffs have pushed up inflation less than expected and their effect may abate in early 2026, she said, she is worried inflation that has run above the Fed's 2% target for nearly five years could remain elevated. "It seems prudent to ensure that inflation is durably on a trajectory back to 2% before making any further adjustments to our policy stance," Collins said. https://www.reuters.com/business/feds-collins-says-likely-appropriate-keep-policy-rate-hold-2025-11-12/

2025-11-12 23:35

Nov 12 (Reuters) - New Fortress Energy (NFE.O) , opens new tab has sought more time to file its third-quarter results, the U.S. liquefied natural gas company said on Wednesday, as it negotiates a debt restructuring amid an upcoming interest payment. The company, which has delayed its quarterly filings throughout this year, said the outcome of the talks could affect what it discloses in its financial statements for the three months ended September 30. Sign up here. New Fortress said it would assess how potential defaults under its debt agreements could affect its cash position if the extension is not granted. Long-term debt stood at $7.8 billion, as of June 30. The company has struggled to secure long-term LNG supply for power plants in Latin America because it lacks an investment-grade credit rating, forcing it to buy fuel at higher prices. The vast majority of the company's revenue is generated outside the United States, primarily from Latin America and the broader Caribbean region. Last year, New Fortress began exploring options such as bringing in strategic partners or selling assets after deferring shareholder dividends to preserve cash and working out a deal with bondholders to push back maturities. https://www.reuters.com/business/energy/new-fortress-energy-seeks-delay-quarterly-filing-amid-debt-restructuring-talks-2025-11-12/

2025-11-12 22:57

SAO PAULO, Nov 12 (Reuters) - Brazilian state-run lender Banco do Brasil (BBAS3.SA) , opens new tab on Wednesday lowered its outlook for adjusted net income this year, citing higher funding expenses and rising defaults among local farmers. The bank now expects annual net income of 18 billion t o 21 billion reais ($3.33 billion-$3.89 billion), down from a previous forecast of 21-25 billion reais. Sign up here. Banco do Brasil, long seen as a pillar of farm credit in the country, has been grappling with record default levels in its agribusiness portfolio, which hit results and raised investor concern over its exposure to the sector. In the third quarter, the bank's agribusiness default ratio hit 5.34%, up from 3.49% in the prior three-month period and above its overall 90-day default ratio of 4.93%, which rose 72 basis points sequentially. "Given this scenario, we have acted with transparency and implemented effective measures to address the situation, responding quickly and decisively," the bank said in its earnings report. Banco do Brasil posted an adjusted net profit of 3.79 billion reais ($701.35 million) for the third quarter, down 60.2% from a year earlier but slightly above the 3.71 billion reais expected by analysts polled by LSEG. The lender's return on equity, a gauge of profitability, was down 1,276 basis points year-on-year to 8.4%, but unchanged quarter-over-quarter. In another revision, Banco do Brasil also raised its estimate for cost of credit in 2025 to a range between 59 billion and 62 billion reais, from the 53 billion to 56 billion reais forecast before. ($1 = 5.4039 reais) https://www.reuters.com/business/finance/banco-do-brasil-cuts-2025-net-income-outlook-farmer-defaults-surge-2025-11-12/

2025-11-12 22:48

US House committee report accuses China of manipulating mineral prices Report recommends price controls, US minerals stockpile Report says Hong Kong ownership makes LME susceptible to Chinese influence LME says its pricing is based on transparent trading activity Nov 12 (Reuters) - China for decades has sought to manipulate global critical minerals prices, using its control as an economic weapon to expand its manufacturing sector and its geopolitical influence, a U.S. House of Representatives committee said on Wednesday. The allegations, contained in a 50-page report from the bipartisan U.S. House Select Committee on China and reviewed by Reuters, adds to a series of missives from Washington criticizing Beijing's sway in critical minerals markets. Sign up here. President Donald Trump and his predecessor, Joe Biden, have in recent years sought to crimp China's dominance in the critical minerals sector. COMMITTEE RECOMMENDATIONS INCLUDE MINERALS PRICE CONTROLS The committee's legislative report aims to codify presidential orders into law with an array of recommendations including price controls and expanded government oversight of price reporting agencies. The Chinese Embassy in Washington did not immediately reply to a request for comment. China has previously accused the U.S. of distorting and exaggerating Beijing's rare earths export controls and of stirring up panic over the issue. "China has a loaded gun pointed at our economy, and we must act quickly," said Congressman John Moolenaar, a Michigan Republican and chair of the committee. A chemist by training who previously worked at Dow Chemical (DOW.N) , opens new tab, Moolenaar added that Beijing's practices had "caused American job losses, driven American miners out of business, and jeopardized national security." The report, compiled by committee staff, was also endorsed by the ranking Democrat, Congressman Raja Krishnamoorthi of Illinois. It alleges that China's role as the world's largest processor of many critical minerals has made it nearly impossible for the United States and allies to determine the true price of certain metals, including rare earths. The report also suggests that the London Metal Exchange, where many minerals are traded, is susceptible to influence from Beijing, as it is owned by the Hong Kong Exchanges and Clearing (0388.HK) , opens new tab. "The LME advertises itself as showing prices that 'properly reflect global supply and demand.' However, with the (Chinese government) looking over HKEC's shoulder, it is difficult to determine whether the prices it publishes accurately reflect global supply and demand." The LME said it is subject to the laws and regulations of the United Kingdom, where it is based. "All of the LME's key prices are determined on the basis of transparent trading activity from an international participant base," a spokesperson said. REPORT ALLEGES CHINA TARGETS PRICING OF RARE EARTHS The House committee's report, based on published reports and data, also alleges that China has specifically targeted the lithium and rare earths industries, raising and lowering prices to bolster its own economy. "Each time lithium prices rose, the PRC government took action to bring lithium prices back down," the report said. The Trump administration cited issues with pricing in September when it sought an equity stake in Lithium Americas , opens new tab(LAC.TO) , opens new tab. The report offers 13 policy recommendations, some of which Trump has already taken. It also aims to spark broader dialogue about China's presence in the minerals markets rather than seek to address every concern. "One single policy will not completely address the serious challenge the United States faces on critical minerals, so we must simultaneously pursue multiple policy prescriptions," it said. One of those recommendations, the creation of a "critical minerals czar," was instituted by Trump earlier this year. The report also suggests the creation of a U.S. minerals stockpile, which the administration has indicated it is open to. https://www.reuters.com/world/us/us-house-report-accuses-china-minerals-market-interference-2025-11-12/

2025-11-12 22:15

TRIPOLI, Nov 12 (Reuters) - Libya's Zallaf for Oil and Gas Co said on Wednesday it has exported its first oil shipment from the Chadar oil field in the Sirte Basin, southeast of Ajdabiya in eastern Libya. The subsidiary of Libya's National Oil Corporation did not disclose the destination of the shipment of more than 600,000 barrels of high-quality Sidra crude in a statement on its verified Facebook page. Sign up here. At the Chadar field, also known as NC-126, more than five development wells have been completed within the first phase of the project, Zallaf said. Daily production there started in January with more than 7.5 million cubic feet of associated gas and 1,500 barrels of crude. In March 2023, Zallaf signed a contract with U.S.-based Honeywell for engineering work on the planned South Refinery project, likely to cost $500 million to $600 million. The refinery would process about 30,000 barrels per day of crude oil, producing conventional petroleum products. https://www.reuters.com/business/energy/libyas-zallaf-oil-gas-exports-first-shipment-chadar-oil-field-2025-11-12/

2025-11-12 22:12

BELEM, Nov 12 (Reuters) - Global supply chains for lithium could benefit from collaboration among governments but any intervention on prices would need to be handled carefully, Dale Henderson, CEO of Australian lithium miner PLS (PLS.AX) , opens new tab, said on Wednesday on the sidelines of Brazil's COP30 climate summit. China dominates global processing for lithium, an essential component for electric vehicle batteries and renewable energy storage. But weak demand due to slower-than-expected growth of the EV sector has sent prices plunging from their high in 2022. Sign up here. Henderson said the growth of trading mechanisms such as futures markets should eventually help regulate prices for the industry. Australia is the lithium industry's top producer, followed by Chile and China. "To the point about, should there be government intervention for price support, I think that needs to be carefully considered because it could actually support the wrong projects," he said in an interview. He called for governments to boost support for supply chains outside China. "It's about the government-to-government collaboration to support industrial parks and other trade agreements to bring forth and accelerate these new supply chains," he said. PLS, formerly Pilbara Minerals, expects to release exploration studies for its Colina lithium project in Brazil in the second quarter of next year. From there it will make an investment decision, "depending, of course, on where the lithium market is at that time," Henderson said. https://www.reuters.com/business/energy/ceo-australias-pls-says-government-support-could-boost-lithium-supply-chains-2025-11-12/