2025-10-24 06:47
Indonesian firm expands into Singapore fuel retail Nearly 60 Esso stations included, deal to close by year-end ExxonMobil to still supply fuel to stations SINGAPORE, Oct 24 (Reuters) - Chandra Asri Pacific (TPIA.JK) , opens new tab said on Friday it will acquire Exxon Mobil's (XOM.N) , opens new tab network of Esso-branded retail petrol stations in Singapore as the U.S. major streamlines its downstream operations. The deal is expected to be completed by the end of this year, subject to regulatory approvals, the Indonesian conglomerate said in a statement. The value of the deal, which includes nearly 60 stations and associated supply agreements, was not disclosed. Sign up here. The Indonesian company will continue to use the Esso brand, buy fuels for the stations from Exxon, and take on Exxon staff running the business, Chandra Asri said in its statement. The company said in reply to an email that it was unable to share commercial details of the deal. The announcement confirms a Reuters report in April that Chandra Asri's joint venture was in talks with Exxon Mobil to buy the assets as the U.S. energy firm was exiting Singapore’s retail fuel market. Shares of Chandra Asri Pacific were last up 2.1% on Friday, LSEG data showed. The stock is down roughly 2.7% year-to-date and has a market value near $37 billion. Chandra Asri, in a joint venture with Glencore (GLEN.L) , opens new tab, owns Aster Chemicals and Energy, which announced a string of investments in recent months, including an upgrade at Singapore's Bukom refinery and the purchase of a petrochemical plant operated by Chevron Phillips Singapore Chemicals. Exxon will continue running its refining and petrochemical complex on Jurong Island to provide fuels to its customers in the region and globally, a company spokesperson said. Earlier, the U.S. major announced an expected cut of 10%-15% to its 3,500-strong Singapore workforce by 2027 as part of a global restructuring plan to streamline its operations. Exxon previously sold its retail network in Thailand to Bangchak Petroleum for $603 million in 2023. UK bank Barclays was the financial adviser to Exxon for the Singapore deal, Reuters earlier reported, while global law firm Baker McKenzie represented Chandra Asri. https://www.reuters.com/business/energy/chandra-asri-says-it-will-buy-exxons-singapore-retail-fuel-stations-2025-10-24/
2025-10-24 06:23
TOKYO, Oct 24 (Reuters) - Japanese Prime Minister Sanae Takaichi told parliament on Friday that homemade sources of energy like nuclear power and perovskite solar cells are important for the country. The first woman to lead Japan, Takaichi, 64, was elected prime minister this week. She faces a nagging inflation problem, which is partly attributable to high fossil fuel import prices, after her ruling Liberal Democratic Party was defeated in recent elections amid rising consumer costs. Sign up here. "A stable and affordable energy supply is essential to sustain citizens' livelihoods and domestic industries, and to strengthen our competitiveness", Takaichi said. "Domestically produced energy sources, particularly nuclear power and perovskite solar cells, are particularly important for that ... We will maximize the use of decarbonised power sources." Perovskite solar cells are a next generation solar technology developed by Japan. She added that Japan would deploy innovative reactors and roll out fusion-generated energy. Only 14 of the 54 nuclear plants that were operating in Japan before the 2011 Fukushima disaster have been brought back online. Takaichi has said reviving nuclear power is key to Japan's energy security. Japan is seeking to have nuclear power account for 20% of its electricity mix in 2040, up from less than 10% at present. It also needs to meet power demand from data centres, which is reversing years of decline. According to government data, electricity costs in Japan's western region of Kansai and Kyushu in the south - with around a third of the power supply coming from nuclear - were 30% to 40% cheaper in the last fiscal year than in Hokkaido in the north with no restarts. Another four idled reactors have been given initial restart permits by authorities, while eight more are undergoing safety checks and a further 10 could apply for restarts. Japan's nuclear sector welcomed Takaichi's election as it wants greater support for building new reactors, including via state-run capacity auctions, an industry association head told Reuters this week. Much of Japan's nuclear focus has been on restarting shuttered reactors - the government recently extended operating lifetimes to 60 years from 40 - with just one new plant currently on the drawing board. https://www.reuters.com/sustainability/boards-policy-regulation/nuclear-power-perovskite-solar-japans-domestic-energy-sources-are-important-pm-2025-10-24/
2025-10-24 06:21
UK retail sales volumes +0.5% in Sept vs forecast 0.2% fall Q3 sales volumes rise 0.9% on quarter to highest since 2022 Boost for GDP growth in third quarter Online gold sales, new iPhones help lift spending Economists see headwinds from inflation, possible tax rises LONDON, Oct 24 (Reuters) - British retail sales unexpectedly rose 0.5% in September, giving a lift to broader growth after a boost from tech sales - including Apple's (AAPL.O) , opens new tab new iPhone models - and demand for gold from online jewellers, official figures showed on Friday. The Office for National Statistics said third-quarter sales growth of 0.9%, up from 0.2% in the second quarter, was likely to add 0.04 percentage points to third-quarter GDP growth, welcome news for an economy that has been forecast to slow in the second half. Sign up here. Economists polled by Reuters had predicted that retail sales would fall 0.2% in September. Sterling rose against the dollar after the data. Retail sales had performed relatively strongly over the summer, helped by unusually warm weather boosting clothing sales. ONS statistician Hannah Finselbach said tech store sales had risen notably, while online jewellers reported strong demand for gold. Gold prices on commodity markets have surged to record highs in recent weeks. RETAIL VOLUMES RISE TO HIGHEST SINCE Q3 2022 September retail volumes were 1.5% higher on the year, where economists had expected a 0.4% rise, driven by the fastest growth in online spending since April 2021. For the whole quarter, overall volumes were up 1.0% to their highest in three years. Britain's longest-running consumer survey, from GfK, rose slightly to give an October reading that was the joint-highest since August 2024. However, many economists see clouds on the horizon. "Against a backdrop of weak employment, high inflation and with tax rises on the horizon, we doubt the retail sector will be able to sustain this strength," said Alex Kerr, UK economist at Capital Economics. Overall consumer spending has been subdued due to a high savings rate, which economists say may reflect 2022's surge in inflation, a more recent weakening in the jobs market and concerns about tax increases in November's budget. Consumer inflation has held at 3.8% for three months - almost double the Bank of England's target - while wage growth is slowing and finance minister Rachel Reeves is expected to announce at least 20 billion pounds ($27 billion) of tax rises or spending cuts. Updates from major retailers have been mixed. Tesco (TSCO.L) , opens new tab, the biggest food retailer, raised its full-year profit forecast and said it was betting on a good Christmas. However, fast-food chain Greggs (GRG.L) , opens new tab reported a further slowdown in sales growth and discounter B&M (BMEB.L) , opens new tab warned on profit twice in less than three weeks. Online technology retailer Shopify said its survey showed British shoppers expected to spend an average of 181 pounds on seasonal goods such as advent calendars and Christmas ornaments, up from 159 pounds last year. ($1 = 0.7451 pounds) https://www.reuters.com/world/uk/british-retail-sales-rise-unexpectedly-september-2025-10-24/
2025-10-24 06:16
LONDON, Oct 24 (Reuters) - The British public's expectations for inflation over the next 12 months rose to 4.2% in October, the highest since April, a monthly survey by YouGov for U.S. bank Citi showed on Friday. Citi said the reading was likely to reinforce the wariness some members of the Bank of England's Monetary Policy Committee feel about cutting interest rates further, even after September inflation came in below the BoE's 4% forecast. Sign up here. Financial markets moved rapidly to price in a nearly 80% chance of a further quarter-point rate cut this year after weak labour market data last week was followed by lower-than-expected headline inflation. Previously, the next BoE rate cut had not been expected until March or April next year after August's rate cut was only approved by a narrow 5-4 margin due to some policymakers' fears that inflation was becoming too persistent. "We think inflation expectations remain an important aspect of the monetary policy framework, particularly for those who are cautious about further cuts," Citi economists Callum McLaren-Stewart and Michel Nies wrote. "For those who favour a hold, a further drift in expectations may be at least as significant as an undershoot in realised CPI," they added. Year-ahead inflation expectations had stayed in a narrow range of 3.9% to 4.0% for the previous five months on Citi's measure. Long-term inflation expectations also rose to 4.2% in October from 4.1% in September, Citi said. The results were based on a YouGov survey of 2,005 adults conducted on October 21 and October 22. https://www.reuters.com/world/uk/uk-inflation-expectations-rose-42-october-citiyougov-2025-10-24/
2025-10-24 06:14
Third-quarter profit beats expectations Buyback lifted by 20% Hydrocarbon production up 6% year on year MILAN, Oct 24 (Reuters) - Italian energy group Eni (ENI.MI) , opens new tab said on Friday it would increase its share buyback by 20% after better-than-expected third-quarter results. The company reported an adjusted net profit of 1.25 billion euros ($1.46 billion) in the third quarter, beating an analyst consensus of 1.02 billion euros and coming in just below the 1.27 billion-euro profit posted in the same period of last year. Sign up here. Eni said it would raise its full-year 2025 share buyback by 20% to 1.8 billion euros. BUYBACK INCREASE BUCKS INDUSTRY TREND The move comes a few weeks after Eni's bigger rival TotalEnergies (TTEF.PA) , opens new tab said it would cut its share repurchases from the fourth quarter to contend with lower oil prices. BP (BP.L) , opens new tab and Chevron (CVX.N) , opens new tab have also reduced buybacks this year. The Italian group said it could improve investor reward thanks to the disposal of minority stakes in a number of businesses and projects that had attracted interest from funds and industrial partners. It had also put costs under tight control to response to a fall in oil and gas prices. Efficiency measures are now expected to have a beneficial effect of 4 billion euros in the full year from a previous estimate of 3 billion euros. Pro-forma group leverage - measuring total debt in relation to equity and taking into account proceeds from agreed disposals - stands at around 12%, near historic lows. STRONG HYDROCARBON PRODUCTION "Strong (hydrocarbon) production growth allows us to raise our annual guidance towards 1.72 million barrels per day, confirming the acceleration trend continuing in the coming months thanks to the new fields under development in Congo, United Arab Emirates, Qatar and Libya," said CEO Claudio Descalzi. He added that the creation of a joint venture with Petronas in Indonesia and Malaysia is expected to create one of the main players on Asia's liquefied natural gas market. Hydrocarbon production in the third quarter was equal to 1.756 million barrels of oil equivalent per day, 6% higher than last year and above an analyst consensus. Eni lifted to its estimates for full-year cash generation to 12 billion euros from 11.5 billion. ($1 = 0.8575 euros) https://www.reuters.com/business/energy/eni-ups-share-buyback-after-better-than-expected-q3-results-2025-10-24/
2025-10-24 06:12
US stocks post record closing highs US CPI data shows inflation rose slightly less than expected Dollar near unchanged, while oil prices settle slightly lower NEW YORK, Oct 24 (Reuters) - Major stock indexes rose on Friday, with all three major U.S. stock indexes posting record closing highs after news that U.S. inflation rose less than expected last month, while the U.S. dollar index was nearly flat. The U.S. Consumer Price Index rose 0.3% last month, slightly less than the expected 0.4%, after climbing 0.4% in August. That reinforced expectations that the Federal Reserve will cut interest rates at its policy meeting next week. Sign up here. "Today's inflation data shows that we're not in a crisis like 2022. Prices are growing, but at a controlled pace. That's good news if you're hoping the Fed will continue to cut interest rates," said Callie Cox, chief market strategist at Ritholtz Wealth Management in Charlotte, North Carolina. The Fed is expected to reduce rates two more times this year, with a quarter-percentage-point cut baked in for the October 28-29 meeting, according to LSEG calculations using rate futures. The Canadian dollar barely reacted to U.S. President Donald Trump saying on social media that he was ending all trade negotiations with Canada. The Canadian dollar was last nearly flat versus the greenback. Upbeat earnings reports also boosted Wall Street indexes. Ford Motor (F.N) , opens new tab shares jumped 12.2% after the company beat third-quarter profit expectations. Analysts now expect third-quarter S&P 500 earnings growth of 10.4% year-on-year overall. That is up from estimated growth of 8.8% for the quarter at the start of the month, according to LSEG. The Dow Jones Industrial Average (.DJI) , opens new tab rose 472.51 points, or 1.01%, to 47,207.12, the S&P 500 (.SPX) , opens new tab rose 53.25 points, or 0.79%, to 6,791.69 and the Nasdaq Composite (.IXIC) , opens new tab rose 263.07 points, or 1.15%, to 23,204.87. The S&P 500 and the Nasdaq recorded their largest weekly percentage gains since August, while the blue-chip Dow logged its biggest Friday-to-Friday jump since June. Five of the so-called Magnificent Seven U.S. companies at the center of the artificial intelligence boom, including Apple (AAPL.O) , opens new tab and Microsoft (MSFT.O) , opens new tab, are due to report earnings next week. U.S. stock markets have surged this year, and some analysts see signs of a bubble. MSCI's gauge of stocks across the globe (.MIWD00000PUS) , opens new tab rose 6.28 points, or 0.63%, to 1,001.37 and hit an all-time high of 1,002.96. European shares also closed at a record high on Friday, boosted by the cooler U.S. inflation data. The pan-European STOXX 600 (.STOXX) , opens new tab index ended up 0.23%. The dollar index , which measures the greenback against a basket of currencies, fell 0.02% to 98.92, with the euro up 0.1% at $1.1629. Against the Japanese yen , the dollar strengthened 0.14% to 152.8. Euro zone business activity unexpectedly grew faster in October, data showed. Euro zone government bond yields rose. U.S. Treasury yields were little changed to modestly higher. The benchmark 10-year yield briefly turned lower after the CPI data but was last up 1.2 basis points (bps) at 4% . The yield, however, was down about 1 bp on the week, its fourth straight weekly decline. Oil prices, which had risen 5% on Thursday after the U.S. sanctioned major Russian oil companies, eased on Friday as skepticism crept into the market about the Trump administration's commitment to the sanctions. U.S. crude fell 29 cents to settle at $61.50 a barrel and Brent eased 5 cents to settle at $65.94. Spot gold fell 0.57% to $4,101.29 an ounce. https://www.reuters.com/world/china/global-markets-wrapup-1-2025-10-24/
