2025-10-29 10:00
LONDON, Oct 29 (Reuters) - British lenders approved more mortgages in September than in any month so far in 2025, according to Bank of England data that ran counter to other recent signs of wariness in the housing market ahead of finance minister Rachel Reeves' budget. Mortgage approvals for home purchases totalled 65,944, the highest figure since December 2024, the BoE said on Wednesday. Sign up here. The number was above the median forecast of 64,000 in a Reuters poll of economists. Reeves is expected to raise taxes in her budget on November 26 with higher levies on property purchases or home ownership among the measures that could be announced. Other measures of Britain's housing market have suggested caution among buyers ahead of the budget. The BoE's data also showed consumers were not cutting back on their borrowing sharply in the run-up to the tax and spending plan. Net consumer borrowing rose by 1.491 billion pounds ($2.00 billion) in September, roughly in line with a 1.5 billion-pound forecast in the Reuters poll of economists. While the increase was down slightly from August's 1.749 billion pound rise, it took the annual rate of consumer credit growth to 7.3% from 7.2% in August, the fastest pace of growth since October 2024. Official data published last week showed retail sales unexpectedly rose by 0.5% in September. "Overall these figures are consistent with our view that consumer spending growth will strengthen over the coming quarters," Alex Kerr, UK economist with Capital Economics, a consultancy, said. "But the risk is that tax rises on households in the budget dampen activity next year." ($1 = 0.7451 pounds) https://www.reuters.com/world/uk/uk-mortgage-approvals-rise-by-most-since-december-bank-england-says-2025-10-29/
2025-10-29 08:43
MUMBAI, Oct 29 (Reuters) - The Indian rupee's exchange rate is not a policy tool to fight trade tariffs, a senior Indian central bank official said on Wednesday. The exchange rate does not serve as a policy tool in a market where its level is determined by market forces, Reserve Bank of India Deputy Governor Poonam Gupta said at an event in Mumbai. Sign up here. The comment comes as the rupee faces consistent pressure due to worries over the impact of steep U.S. trade tariffs levied on Indian exports. The currency was last quoted at 88.2250 against the U.S. dollar and has declined 3% over 2025 so far. https://www.reuters.com/world/india/exchange-rate-is-not-policy-tool-fight-tariffs-india-central-bank-deputy-2025-10-29/
2025-10-29 07:55
Oct 29 (Reuters) - Hurricane Melissa made landfall on the southern coast of eastern Cuba on Wednesday as a category three hurricane, the U.S. National Hurricane Center (NHC) said in its latest advisory. Melissa was located about 60 miles (95 km) west-southwest of Guantanamo, Cuba, with maximum sustained winds of 120 mph (195 kph), the Miami-based forecaster said. Sign up here. https://www.reuters.com/sustainability/climate-energy/hurricane-melissa-makes-landfall-cuba-nhc-says-2025-10-29/
2025-10-29 07:50
Himalayas buffeted by heavy snowfall since Monday Snowfall halts tourism on Nepali, Tibetan side of Everest At least 1,500 hikers, including 200 foreigners who lost their way in snow, rescued KATHMANDU/BEIJING, Oct 29 (Reuters) - The Nepali and Chinese sides of the Everest region were closed to tourism on Wednesday due to heavy snow brought by cyclone winds, with deep snowdrifts causing a helicopter to crash as it tried to rescue stranded trekkers, authorities said. Visited by thousands of trekkers and climbers, the region around Mount Everest has been blanketed by snow since Monday as a cyclone from the Bay of Bengal churned across India, ushering in a second bout of severe snowfall in the Himalayas this month. Sign up here. Authorities in Nepal have halted trekking on many hiking routes due to rain at lower elevations and heavy snowfall on higher trails, and have urged hikers not to venture out or proceed with their treks in the Annapurna, Manaslu and Dhaulagiri areas, home to some of the world's highest peaks. A small private helicopter flying to Lobuche near the Everest Base Camp to rescue stranded trekkers crashed when it tried to land, Civil Aviation Authority of Nepal spokesperson Gyanendra Bhul said. CAAN video showed the helicopter, which slipped on the snow while landing, lying on its side. The pilot survived and was later rescued. It was unclear whether the trekkers had been rescued. STRANDED TREKKERS Army and police rescuers guided hundreds of trekkers in Manang district to safety since Tuesday, Nepal Army spokesperson Raja Ram Basnet said. He said about 1,500 hikers, including 200 foreigners of different nationalities, their guides and local trekkers had lost their way as hiking trails were buried under deep snow. "Rescuers cleared the snow from trail and brought them down to safer places," Basnet told Reuters in Kathmandu. Weather officials have forecast heavy rain and snow on Thursday and Friday due to the passage of Cyclone Montha, which roared into India's southeastern state of Andhra Pradesh on Tuesday night. On the Tibetan side of Everest, ticket sales had been suspended since Tuesday afternoon as roads turned icy and visibility plunged, creating impassable conditions for vehicular traffic, according to the tourism department of Tingri county. It was unclear if there were tourists trapped inside the Everest region in Tibet. The press office of the Tibetan government did not immediately respond to a Reuters request for comment. Weather forecast data shows temperatures in Tingri are expected to dip further below freezing this week. In early October, a blizzard stranded hundreds of trekkers near the eastern face of Everest on the Tibetan side. All of the trekkers were taken to safety in a large-scale rescue operation that spanned several days under sub-freezing conditions. In Nepal, more than 50 people had died due to floods and landslides triggered by heavy rains. https://www.reuters.com/business/environment/tibet-halts-everest-access-over-unseasonally-heavy-snow-2025-10-29/
2025-10-29 07:50
LONDON, Oct 29 (Reuters) - Glencore (GLEN.L) on Wednesday reported a 17% decline in copper production for the first nine months of the year and tightened its 2025 guidance due to lower ore grades at some of its mines, although third-quarter output rose. The miner and trader's own-sourced copper production in the January to September period fell 17% to 583,500 metric tons from last year, while its own sourced cobalt output rose by 2,000 tons to 28,500 tons, the company said in a statement. Sign up here. Glencore's overall 2025 production outlook for copper, a metal needed for energy transition applications, was between 850,000 and 875,000 tons from a previous guidance of 850,000 to 890,000 tons. It expects its full-year marketing earnings before interest and tax (EBIT) in the mid-point of its $2.3 billion to $3.5 billion range. Its trading division, whose profit hit a record $6.4 billion in 2022, includes coal, oil, liquefied natural gas and related products, as well as metals. The Swiss company is one of the largest producers and exporters of thermal coal, with an expected output of between 92 million and 97 million tons this year. It produced 73.5 million tons so far, compared to 73.1 million tons a year ago. Its 2025 steelmaking coal production should be between 30 million and 35 million tons, after producing 24.7 million tons so far. Glencore in May restructured its coal business by moving its recently acquired Canadian mines into a single unit run out of Australia, after walking back on plans to spin off the whole division. https://www.reuters.com/business/glencore-reports-lower-copper-production-first-nine-months-2025-10-29/
2025-10-29 07:44
Oct 29 (Reuters) - Finnish stainless steel maker Outokumpu (OUT1V.HE) , opens new tab reported third-quarter core profit below market expectations on Wednesday and said it was investing $45 million in a new pilot plant in the United States. The company's adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) fell 60% to 34 million euros ($40 million) in the June-September period, below analysts' forecast of 35.7 million in a poll provided by the company. Sign up here. European steelmakers have been facing challenges that include subdued domestic demand and elevated energy costs, as well as severe pressure from low-priced imports from Asia, especially China. Global trade tensions triggered by U.S. President Donald Trump's import tariffs meanwhile weigh on the mood among consumers, slowing down economic and industrial activity. "The underlying demand for stainless steel continues to be subdued due to low investment and manufacturing activity as well as weak consumer confidence," CEO Kati ter Horst said in a statement. Outokumpu said it would open a new pilot plant in New Hampshire in the U.S., where it is the second largest stainless steel producer, to make critical carbon-free materials such as chromium metal and enriched ferrochrome. The group's stainless steel deliveries fell by 11% in the third quarter and are expected to decline by another 5% to 15% in the fourth quarter due to market weakness in Europe and seasonal slowdown in the Americas. "Asian imports to Europe still remain high compared to the low demand in the stainless steel market," Outokumpu said. ($1 = 0.8575 euros) https://www.reuters.com/business/outokumpu-misses-earnings-forecast-invest-45-million-pilot-plant-us-2025-10-29/
