2025-10-29 13:16

Oct 29 (Reuters) - India's central bank on Wednesday proposed measures to make it easier and faster for people and businesses to receive money from abroad, aiming to cut delays between when a bank gets the payment and when it reaches the recipient's account. "One of the challenges with speed of cross-border payments is the delay between receipt of the payment at the beneficiary bank and credit to the beneficiary account," the Reserve Bank of India said. Sign up here. The RBI, in a draft circular published on its website, proposed that banks should ensure payments received during foreign exchange market hours are credited to customers' accounts on the same day, while those received after market hours should be credited the next business day. To further speed up the process, the regulator proposed that banks could introduce a "straight through" process with automated systems to credit payments directly to individual accounts after assessing the risks. It also encouraged banks to create digital platforms that allowed customers to upload required documents and track their foreign exchange transactions. The RBI has invited comments on its proposals from banks by November 19. https://www.reuters.com/sustainability/boards-policy-regulation/indias-central-bank-proposes-steps-speed-up-cross-border-payment-inflows-2025-10-29/

2025-10-29 12:55

Melissa crossing Bahamas as Category 1 At least 25 people killed in Haiti, 4 in Jamaica Jamaica could take a decade to rebuild, forecaster says Cuba evacuates more than 700,000 Caribbean climate group calls for 'loss and damage' PORT-AU-PRINCE/KINGSTON/HAVANA, Oct 29 (Reuters) - Hurricane Melissa barreled through the northern Caribbean on Wednesday after thrashing Cuba's second-biggest city, isolating hundreds of rural communities, unleashing devastation in Jamaica and drenching Haiti, where at least 25 were killed. Melissa struck Jamaica on Tuesday as the strongest-ever hurricane to directly hit its shores, with sustained winds of 185 mph (298 kph), well above the minimum strength for a Category 5, the strongest classification for hurricanes. Sign up here. As of 8 p.m. (0000 GMT), Melissa was a Category 1 hurricane bringing wind, rain and storm surges as it moved north-east through the Bahamas archipelago, whose government earlier flew out nearly 1,500 people in what it called one of its largest evacuation operations. Residents in the Bahamas and nearby Turks and Caicos hunkered down, while some 895 miles (1,440 km) north-east Bermudans prepared for hurricane conditions forecast from Thursday. U.S. forecaster AccuWeather said Melissa was the Caribbean's third-most intense recorded hurricane, as well as its slowest-moving, which made it particularly destructive. The storm did not directly hit Haiti, the Caribbean's most populous nation, but lashed it with days of rain. Authorities reported at least 25 deaths, largely due to floods in Petit-Goave, a coastal town 64 km (40 miles) west of the capital where a river burst its banks. At least 10 children were killed and 12 people remain missing there, Haiti's disaster management agency said, adding that nationwide more than 1,000 homes have been flooded and nearly 12,000 people moved into emergency shelters. An extended gang conflict has impoverished Haiti and displaced over 1.3 million. People living in makeshift camps said the flooding made it impossible to sit or sleep, and that the government and aid groups were slow to bring supplies. Fortune Vital, a displaced man in Les Cayes, said he was separated from his family which already lacked sufficient food. "If the hurricane comes on top of all the problems we already have, we'll simply die," he said. 'LIKE MISSILES BLOWING THROUGH THE GLASS' In Jamaica, AccuWeather estimated Melissa could cost $22 billion in damages and economic loss and that rebuilding could take a decade or more. The capital Kingston was spared the worst damage and its main airport was set to reopen Thursday, but as of Wednesday morning authorities said about 77% of Jamaica was without electricity. Melissa made landfall in southwestern Jamaica on Tuesday, devastating areas already battered by last year's Hurricane Beryl. Local authorities said flood waters had washed up four bodies in the agricultural hub of St. Elizabeth. Prime Minister Andrew Holness visited Black River Hospital, the only public hospital in St. Elizabeth, where aerial footage showed the wrecks of buildings, roofs blown off, power cables knocked down and fields strewn with rubble. Workers there told the prime minister they spent the night fearing for their own families while working by flashlight to care for patients. "It was the most terrifying experience in all my life," a hospital worker said. "It is beyond imagining. At one point it was as if missiles were blowing through the glass." Jamaica's government gave an "all clear" to begin recovery efforts, but said it would keep emergency shelters open through the week as people kept coming in from devastated homes. Local government minister Desmond McKenzie said over 25,000 people had been admitted. "No one must be turned back from the shelters," he said. MASS EVACUATIONS IN CUBA Melissa was a still major Category 3 when it hit Cuba overnight with winds of 120 mph, landing in rural, mountainous Guama, some 25 miles (40 km) west of Santiago de Cuba, the island's second-most populous city. At least 241 communities remained isolated and without communications on Wednesday following the storm's passage across Santiago province, according to preliminary media reports, affecting as many as 140,000 residents. Across eastern Cuba, authorities evacuated around 735,000 people as the storm approached. No deaths were reported on Wednesday but President Miguel Diaz-Canel said the island had suffered extensive damage and warned of vigilance as rains continue to lash the region. "A major hurricane landfall in the dark is incredibly dangerous," AccuWeather lead hurricane expert Alex DaSilva said. "The storm lost wind intensity as it interacted with the mountains of southeast Cuba, but the forced upward motion of the air over the mountainous terrain is squeezing out tremendous amounts of rainfall." Cuban officials also warned of severe impact on crops ahead of the Northern Hemisphere's winter growing season. Cuba was already suffering from food, fuel, electricity and medicine shortages that have complicated life, prompting record-breaking emigration since 2021. On Wednesday, the U.N. General Assembly again voted overwhelmingly for the U.S. to end its Cold War-era economic embargo on the communist-run country. LOSS AND DAMAGE Scientists say hurricanes are intensifying faster with greater frequency as a result of warming ocean waters caused by greenhouse gas emissions. Many Caribbean leaders have called on wealthy, heavy-polluting nations to provide reparations in the form of aid or debt relief. The Caribbean Community Climate Change Centre, a branch of regional bloc CARICOM, issued a statement in solidarity of those affected by Hurricane Melissa and called for stronger efforts to curb climate change. It said Melissa's rapid intensification, fueled by record-breaking Caribbean sea temperatures, underscored need for the U.N.'s "loss and damage" fund to be scaled up. The fund was established in 2023 as a mechanism for developing nations to quickly and reliably access financing to recover from more frequent extreme weather events. However, donations from wealthy, polluting nations have fallen short of targets and the U.S. withdrew from its board in March. The devastation caused by Melissa drew an outpouring of support from across the world, with some countries pledging support in the form of cash, food aid and rescue teams. In Montego Bay, a popular Jamaican tourist destination, a resident told Reuters the water reached her waist and rescuers had to break into her home to save her and her child. "All the trees that my dad planted, all of them are gone," she said. https://www.reuters.com/sustainability/climate-energy/hurricane-melissa-hits-cuba-hours-after-devastating-jamaica-2025-10-29/

2025-10-29 12:42

RIYADH, Oct 29 (Reuters) - Russian President Vladimir Putin's special envoy Kirill Dmitriev told an investment conference in Saudi Arabia that the war in Ukraine will stop within one year from now. Dmitriev spoke after his meetings with officials from U.S. President Donald Trump's administration in the United States last weekend. His visit followed an announcement that a summit between Trump and Putin had been postponed. Sign up here. "We are sure that we are on the road to peace and as peacemakers we need to make it happen," Dmitriev, who is also the CEO of the Russian Direct Investment Fund, told the audience in Saudi capital Riyadh. Asked whether peace in Ukraine was possible within one year, Dmitriev said: "I believe so." While in the U.S. Dmitriev said that Russia and the U.S. were close to 'diplomatic solution' on war. Dmitriev touted cooperation between the United States, Saudi Arabia and Russia as the world's top holders of natural resources and said such cooperation will make the world more secure. "People are right now focused on the regional conflict that exists around Russia but we do not want it to escalate into a bigger conflict. And for that we have to do better than we have been doing, not worse," Dmitriev said. https://www.reuters.com/business/finance/putins-envoy-dmitriev-says-there-will-be-peace-ukraine-within-one-year-2025-10-29/

2025-10-29 12:35

Oct 29 - Home improvement firm Masco (MAS.N) , opens new tab slightly lowered its annual adjusted profit forecast and missed third-quarter estimates on Wednesday, as higher costs hurt margins in its plumbing business and demand for decorative products stayed weak. WHY IT'S IMPORTANT U.S. President Donald Trump's sweeping tariffs including 50% on copper pipes and wiring, 25% on kitchen cabinets and 10% on softwood lumber , opens new tab have posed significant challenges for home builders and home improvement firms that rely heavily on these commodities. Sign up here. Many homeowners, especially from lower-income households, are postponing big housing renovation projects, leading to softer demand for discretionary products. CONTEXT In July, Masco forecast an about $140 million hit from tariff-related costs in 2025, mostly affecting the second half of the year. To counter soaring commodity costs and mitigate tariff impacts, Masco has increased prices on commodities such as faucets and bath hardware as part of its cost-cutting strategy. The company has also been focused on reducing its China exposure by about 45% since 2018. Most of its international manufacturing facilities are in China and Europe. Its quarterly gross margin contracted 240 basis points to about 34.2%. MARKET REACTION Shares of the company were down about 7% in premarket trading. BY THE NUMBERS Masco now expects annual adjusted profit between $3.90 and $3.95 per share, compared with its previous forecast of $3.90 to $4.10 per share. The plumbing products segment, a major revenue contributor, posted adjusted operating margin of 16.4%, lower than 19.9% a year ago. Sales in Masco's decorative architectural products segment fell 12%, in local currency, for the quarter ended September 30, compared with a 3% decline a year ago. The company posted quarterly sales of $1.92 billion, compared with analysts' estimates of $1.94 billion, per data compiled by LSEG. Its adjusted profit of 97 cents per share missed estimates of $1.03 per share. https://www.reuters.com/business/masco-misses-quarterly-estimates-weak-plumbing-margins-decoratives-demand-2025-10-29/

2025-10-29 12:35

Oct 29 (Reuters) - 21Shares on Wednesday filed for regulatory approval to launch a passive exchange-traded fund that would track the price of Hype token, a week after the company agreed to be acquired by digital assets trading firm FalconX. The U.S. Securities and Exchange Commission has been flooded with filings for ETFs tied to cryptocurrencies, as money managers and institutions seek exposure to the rapidly growing asset class via conventional platforms. Sign up here. In September, the regulator removed the last remaining hurdle to dozens of new spot ETFs tied to cryptocurrencies ranging from solana to dogecoin. However, SEC's approval for the dozens of crypto ETF filings is still pending as the agency continues to function with skeletal staffing amid a U.S. government shutdown. Hype, the native digital asset of the Hyperliquid network, is the eleventh largest cryptocurrency by market value, according to CoinMarketCap. The token's price has multiplied more than 15 times over the past 12 months. Passive ETFs track a chosen index or asset's price by holding it in unchanged proportions, while active ETFs actively pick and choose investments to generate a predetermined return. 21Shares has chosen Coinbase (COIN.O) , opens new tab and BitGo as the custodians for its holdings, it said in the filing. Founded in 2018, 21shares now manages over $11 billion in assets across dozens of products. FalconX plans to leverage 21shares' expertise in crypto ETFs and its brokerage platform to advance the adoption of digital asset investment products. https://www.reuters.com/sustainability/boards-policy-regulation/21shares-files-hype-etf-amid-robust-crypto-allure-2025-10-29/

2025-10-29 12:28

Oct 29 (Reuters) - Adidas (ADSGn.DE) , opens new tab expects U.S. import tariffs to have a direct impact of 120 million euros ($140 million) on its operating profit in 2025, with the largest hit coming in the fourth quarter, its CEO said on Wednesday. "The indirect impact of the tariffs, we don't know. We do not know how the consumer will react in the U.S. when these higher prices come to effect," CEO Bjorn Gulden said during a media call. Sign up here. Adidas has increased prices in the United States to offset the impact of tariffs. ($1 = 0.8575 euros) https://www.reuters.com/business/retail-consumer/adidas-sees-140-million-hit-operating-profit-us-tariffs-2025-10-29/