2025-10-27 07:17
SINGAPORE, Oct 27 (Reuters) - Electric services firm GE Vernova and power generation company YTL PowerSeraya will jointly conduct a carbon capture feasibility study for its gas turbine plant in Singapore, GE Vernova said on Monday. The study aims to capture at least 90 per cent of carbon dioxide emissions at YTL PowerSeraya's hydrogen-ready combined-cycle gas turbine 600-megawatts power plant, set to be built by the end of 2027 on Singapore's Jurong Island manufacturing hub. Sign up here. The post-combustion carbon capture proposal will be co-funded by the Singapore Energy Market Authority. GE Vernova's first carbon capture assessment in Singapore is aimed at improving the proposed carbon capture process and reducing its impact on the power plants' output, performance and costs, said Ramesh Singaram, president and CEO of GE Vernova's Gas Power business in Asia Pacific. Singapore aims to reach net-zero emissions by 2050 by driving renewable technology projects in various sectors, including power generation. https://www.reuters.com/sustainability/climate-energy/ge-vernova-ytl-powerseraya-partner-capture-carbon-gas-turbine-plant-singapore-2025-10-27/
2025-10-27 07:08
AIR FORCE ONE/TOKYO, Oct 27 (Reuters) - U.S. President Donald Trump said a decision on the next Federal Reserve chair might be made by the end of the year. "Maybe by the end of the year, we'll make a decision on the Fed," he told reporters on the Air Force One. Sign up here. "We're going to do a second round, and we hope to present a good slate to the president right after Thanksgiving," Treasury Secretary Scott Bessent said. The pool of candidates has been narrowed to five, including Trump's aide Kevin Hassett, former Fed Governor Kevin Warsh, current Fed Governor Christopher Waller, Fed Vice Chair for Supervision Michelle Bowman and BlackRock executive Rick Rieder, Bessent said. https://www.reuters.com/business/trump-says-new-fed-chair-decision-might-be-made-by-year-end-2025-10-27/
2025-10-27 06:47
OPEC+ leaning towards making another modest increase in oil output for December US President Trump, Chinese counterpart Xi Jinping are due to meet on Thursday Iraq's oil exports unaffected by Zubair oilfield fire HOUSTON, Oct 27 (Reuters) - Oil prices settled marginally lower on Monday as OPEC's plans to increase oil output once again outweighed hopes of a trade deal framework between the U.S. and China and renewed U.S. sanctions on Russia. Brent crude futures were down about 32 cents, or nearly 0.5%, at $65.62 a barrel, while U.S. West Texas Intermediate crude futures closed 19 cents or 0.3% lower at $61.31. Both contracts fell around 1% in early trade. Sign up here. Eight OPEC+ nations are leaning towards making another modest increase in oil output for December when they meet on Sunday as Saudi Arabia pushes to reclaim market share, four sources familiar with the talks said. U.S. President Donald Trump and his Chinese counterpart Xi Jinping are due to meet on Thursday to decide on that could pause tougher U.S. tariffs and China's rare-earth export curbs, easing market jitters around a trade war. U.S. Treasury Secretary Scott Bessent said on Sunday that U.S. and Chinese officials had hashed out a "substantial framework" for a trade deal that could avoid 100% U.S. tariffs on Chinese goods and achieve a deferral of China's rare-earth export controls in trade discussions this week. "Crude futures are taking a breather from last week's steep rally as President Trump is meeting with Chinese President Xi and staff for trade negotiations on Thursday to hopefully finalize most differences," said Dennis Kissler, senior vice president of trading at BOK Financial. The United States hit Russia's major oil companies with sanctions on Wednesday, which could hurt Russia's oil exports if enforced and be a positive for crude prices, Kissler added. "While the futures market has added in additional trade with China and less crude exports from Russia, traders remain cautious as to how much this will actually affect global supplies," Kissler said. DEMAND CONCERNS ALSO WEIGH ON OIL Concerns over lacklustre demand have weighed on the market, with Brent falling to its lowest since May earlier this month, but renewed sanctions on Russia from the U.S. along with stronger-than-expected U.S. demand have helped buoy prices. "The hope for bulls is that U.S. consumption continues to recover, otherwise it seems the drift lower seen so far today is likely to intensify," said Chris Beauchamp, chief market analyst at IG Bank. OPEC and its allies have changed course this year by reversing previous production cuts to regain market share, helping in part to keep a lid on oil prices. Iraq, the OPEC group's biggest overproducer, was in negotiations over the size of its quota within its available capacity of 5.5 million barrels per day, oil minister Hayan Abdel-Ghani said at an oil conference on Monday. The fire at Iraq's Zubair oilfield on Sunday did not impact exports from the country, he added. Last week, Brent and WTI rose 8.9% and 7.7%, respectively, on U.S. and EU sanctions on Russia. "There are likely some continued challenges for Russian oil to enter the market, but it depends on how sanctions will be enforced," said Rystad analyst Janiv Shah. https://www.reuters.com/business/energy/oil-prices-rise-after-us-china-reach-trade-deal-framework-2025-10-27/
2025-10-27 06:35
HYDERABAD, Oct 27 (Reuters) - India moved 50,000 people to relief camps on Monday as it began evacuations a day before Cyclone Montha, intensifying over the Bay of Bengal, is set to bring strong winds and heavy rains to its east coast, officials said. Authorities cancelled holidays for emergency staff and ordered schools and colleges to close in coastal areas of the southern state of Andhra Pradesh and the eastern state of Odisha forecast to be hit by the harsh weather. Sign up here. The cyclone is likely to turn into a severe storm by Tuesday, before crossing the coast of Andhra Pradesh later in the day, the India Meteorological Department (IMD) said. "Evacuation of people from near the coast in Kakinada district has already started," a disaster management official in Andhra Pradesh told Reuters. Nearly 50,000 people have been moved to relief camps, a government report showed. Disaster teams have fanned out to move families from low-lying areas in Andhra Pradesh, where the government expects 3.9 million people to be affected. Fishermen in the neighbouring state of Odisha were warned to avoid venturing to sea. Cyclones frequently hit India's east coast between April and December. A super cyclone that killed nearly 10,000 when it hit Odisha in October 1999 remains one of the country's deadliest natural disasters. Authorities in the southern state of Tamil Nadu have urged people to keep alert following forecasts for heavy to very heavy rain in some districts. Chennai, the state capital, is prone to flooding during intense rains, such as those brought by Cyclone Michaung in 2023. In the Himalayan nation of Nepal, disaster authorities have warned of possible rain and snowfall from Tuesday through Friday and advised trekkers to keep alert. Floods and landslides triggered by heavy rains across Nepal killed 53 people this month. https://www.reuters.com/business/environment/india-evacuates-tens-thousands-cyclone-montha-gains-strength-2025-10-27/
2025-10-27 06:35
Dollar declines as trade optimism boosts stocks Central banks' meetings may influence market direction Yuan boosted by stronger rate fix Oct 27 (Reuters) - The U.S. dollar weakened against the euro, Chinese yuan and Australian dollar on Monday as optimism over a possible U.S.-China trade deal boosted risk appetite and reduced demand for the greenback. Overall moves in the currency markets were relatively muted as traders also waited on several key central bank meetings this week. Sign up here. U.S. President Donald Trump said on Monday the United States and China were set to "come away" with a trade deal. Trump is expected to meet Chinese President Xi Jinping this week in South Korea. "The market's kind of euphoric," said Marc Chandler, chief market strategist at Bannockburn Global Forex in New York, noting strong gains in global stock markets while gold fell. The markets are cheered by three main developments, Chandler said. "It looks like the U.S. and China moved away from the brink. The U.S. struck foreign trade deals or frameworks with some East Asian countries, and Milei did better in Argentina," Chandler said, referring to the president of the South American country. Argentine President Javier Milei's party cruised to victory in midterm legislative elections as voters handed him a mandate to keep pushing through his overhaul of the economy. The dollar index was last down 0.11% at 98.84, with the euro up 0.15% at $1.1643. Central banks may dominate market direction later this week, with the Federal Reserve and Bank of Canada expected to cut rates on Wednesday, while the European Central Bank and Bank of Japan on Thursday are likely to leave rates unchanged. With a 25-basis-point Fed rate cut long priced in, markets will closely watch for any signs that the central bank may be preparing to wind down its quantitative tightening program. The Chinese yuan was also boosted by the People's Bank of China setting the official yuan midpoint rate higher than expected. Prior to the market open, it set the official yuan midpoint rate at 7.0881 per dollar, the strongest since October 15, 2024, and above a Reuters estimate of 7.1146. Chris Turner, global head of forex research at ING, said in a report that the move may be a gesture of goodwill ahead of Thursday's Trump-Xi meeting, or a sign that China wants to boost its domestic demand. "Either way, a stronger renminbi is normally supportive for global EM (emerging market) currencies and a mild dollar negative," Turner said. The Chinese offshore yuan rose to a more than one-month high against the dollar of 7.1015. The Australian dollar was last up 0.63% versus the greenback at $0.6554. The Australian currency was also boosted by relatively hawkish comments from the country's central bank head. Reserve Bank of Australia Governor Michele Bullock said on Monday a rise in core inflation of 0.9% in the third quarter would be a "material miss" to forecasts that would have to be weighed by the board when judging whether to cut interest rates next week. Traders are also focused on a meeting on Tuesday between Trump and Japan's new Prime Minister Sanae Takaichi, where the two leaders will discuss trade issues. The Japanese currency has weakened in recent weeks on concerns that Takaichi will implement more expansionary fiscal policies. Against the Japanese yen , the dollar was roughly flat on the day at 152.92 yen. Investors are further watching for any indication on when the U.S. federal government will reopen, with the U.S. economy expected to take a bigger hit the longer the shutdown goes on. Air travel turmoil deepened with more than 2,700 flights delayed nationwide on Monday and more than 8,600 delays on Sunday, with air traffic controller absences surging amid a federal government shutdown now in its 27th day. In cryptocurrencies, bitcoin gained 1.82% to $115,454. https://www.reuters.com/world/asia-pacific/dollar-hits-two-week-high-against-yen-trade-talks-fed-meeting-loom-2025-10-27/
2025-10-27 06:15
JPYC becomes first stablecoin backed by yen Japan megabanks to jointly issue stablecoins, Nikkei says BOJ says stablecoins may emerge as key player in global system Yen stablecoins may take years to spread in Japan, academic says TOKYO, Oct 27 (Reuters) - The world's first stablecoin pegged to the yen launched in Japan on Monday, a small but significant move in a country where many consumers still prefer to use traditional payment means like cash and credit cards. JPYC, a Japanese startup, began issuing the stablecoins - also called JPYC - which are fully convertible to the yen and backed by domestic savings and Japanese government bonds (JGBs). Sign up here. The company aims to issue 10 trillion yen ($66 billion) worth of JPYC over three years and have the digital assets used widely overseas. It does not initially plan to charge transaction fees to encourage its usage, and instead aims to earn money from interest on holdings of JGBs. "We hope to spur innovation by giving startups access to low transaction and settlement fees," CEO Noritaka Okabe told a press briefing. "Increasing global interoperability would benefit us too, so we're open to capital tie-ups," he added. Blockchain-based stablecoins are typically pegged to a fiat currency and offer faster and cheaper transactions. With strong backing from U.S. President Donald Trump, stablecoins pegged to the U.S. dollar have surged and now account for over 99% of global stablecoin supply, according to the Bank for International Settlements. Interest in stablecoins is also gaining momentum globally, and Japan's three megabanks will jointly issue stablecoins, the Nikkei daily reported this month. Tomoyuki Shimoda, a former Bank of Japan executive who is currently an academic at Japan's Rikkyo University, said yen stablecoins are not going to have the same momentum as those backed by the U.S. dollar - the world's reserve currency used across the globe. "There's a lot of uncertainty on whether yen stablecoins will become widespread in Japan," he said. "If megabanks join the market, the pace could accelerate. But it could still take at least two to three years." Policymakers have expressed concern that stablecoins could facilitate the movement of funds outside regulated banking systems and potentially undermine the role of commercial banks in global payment flows. "Stablecoins might emerge as a key player in the global payment system, partially replacing the role of bank deposits," BOJ Deputy Governor Ryozo Himino said in a speech last week, urging global regulators to adapt. Elsewhere in Asia, South Korea has pledged to allow companies to introduce won-based stablecoins and China, too, is considering allowing usage of yuan-backed stablecoins. ($1 = 150.7800 yen) https://www.reuters.com/sustainability/boards-policy-regulation/worlds-first-yen-pegged-stablecoin-debuts-japan-2025-10-27/
