2025-10-22 12:29

WARSAW, Oct 22 (Reuters) - Poland is planning tax changes and tightening the tax system which could result in a gain of approximately 19 billion zlotys ($5.22 billion) for the state budget in 2026, the Ministry of Finance said. This is part of Poland's response to the European Union's excessive deficit procedure, which the country has been subject to since July 2024. Sign up here. While the EU has allowed member states to exclude increased defence spending - up to 1.5% of GDP - from deficit calculations due to the war in Ukraine, Poland is still required to report progress on fiscal consolidation every six months. The Ministry’s newly adopted plan outlines a series of legislative and administrative actions designed to strengthen the tax system and improve compliance. "The cumulative financial impact of the actions outlined in the document will amount to approximately 18.7 billion zlotys in 2026," the Ministry of Finance said in a document published on Tuesday evening. One of the most impactful proposals is an increase in corporate income tax for banks and selected financial institutions, which is projected to bring in 6.6 billion zlotys. The government also plans to expand the toll road network, raise excise taxes on alcohol and gambling winnings, and introduce a new "sugar fee" targeting beverage and supplement producers. These steps are expected to contribute several billion zlotys to the budget. Efforts to combat the informal economy include measures to reduce undeclared employment in the construction sector and improve the efficiency of tax offices. The ministry also intends to deploy digital tools to curb tax fraud and abuse, with electronic systems playing a key role in enforcement. In 2026, the budget deficit is planned at almost 272 billion zlotys. ($1 = 3.6365 zlotys) https://www.reuters.com/business/tax-changes-will-boost-polish-2026-budget-by-over-5-billion-says-ministry-2025-10-22/

2025-10-22 12:27

PARIS, Oct 22 (Reuters) - Agrifood group ETG will close its grains and oilseeds business in Australia and refocus the rest of the division on supporting its core African activities, while also aiming to expand in other commodities, the company said on Wednesday. Founded in Kenya in 1967, ETG has activities across Africa and globally spanning crop and fertiliser trading, food processing, logistics and supply chain management. Sign up here. "Going forward, our Grains & Oilseeds strategy will have an increasingly Africa-oriented focus, including activities through our Spain desk, with a continued emphasis on integrated supply chain management," ETG said in an emailed response to Reuters. "In parallel, we are placing greater strategic focus on expanding our Coffee, Sugar, and Metals businesses." ETG said the changes followed a recent strategy review of grains and oilseeds to support the group's ongoing competitiveness, without detailing further. Two market sources familiar with the restructuring said it reflected weak margins in grain markets marked by multi-year price lows, adding that ETG had also cut staff in South Africa and Singapore with offices there expected to close. ETG said its grains and oilseeds trading activity in South Africa and Singapore will continue. The company was also making management changes as part of the review. These include the departure of Nicolas Janssens, chief operating officer of ETG Commodities, and a refocused role for Stephane Bernhard running ETG's asset management unit without his previous role in charge of a specialised commodity trading desk, ETG said. https://www.reuters.com/world/africa/etg-scale-back-grain-business-expand-other-commodities-2025-10-22/

2025-10-22 12:25

Oct 22 (Reuters) - FalconX said on Wednesday it would buy crypto investment management firm 21shares for an undisclosed amount, as the digital assets trading firm bolsters its exchange-traded funds business. The deal comes just over a month after Wall Street's top regulator removed the last remaining hurdle to dozens of new spot ETFs tied to cryptocurrencies ranging from solana to dogecoin. Sign up here. Founded in 2018 by Hany Rashwan and Ophelia Snyder, 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. "With the U.S. SEC streamlining listing pathways, this sets them up to be both the pit crew and the driver as the market moves beyond only bitcoin and ether wrappers," said Michael Ashley Schulman, partner and chief investment officer at Running Point Capital Advisors. Although updated standards from the Securities and Exchange Commission are expected to unleash a flurry of crypto ETFs, the U.S. government shutdown could curb the agency's ability to review and approve these filings. Concerns are also mounting over highly leveraged funds tracking crypto and related companies. Earlier this month, the sector saw its largest selloff ever after U.S. President Donald Trump renewed trade tensions with China. FalconX, which was valued at $8 billion in a 2022 funding round, has facilitated over $2 trillion in trading volume and has a client base exceeding 2,000 institutions. https://www.reuters.com/legal/government/crypto-trading-firm-falconx-buy-21shares-etf-push-2025-10-22/

2025-10-22 12:19

Oct 22 (Reuters) - Saudi Arabia's crude oil exports in August rose to their highest level in six months, data from the Joint Organizations Data Initiative (JODI) showed on Wednesday. Crude exports increased to 6.407 million barrels per day (bpd) from 5.994 million bpd in July, marking their highest level since February 2025. Sign up here. Saudi Arabia, the world's largest oil exporter, recorded crude output of 9.722 million bpd in August, up from 9.201 million bpd in July. Refinery crude throughput in the kingdom fell to 2.902 million bpd in August, a 2.6% decline from July's 2.978 million bpd, JODI data revealed, while direct crude burning decreased slightly by 1,000 bpd to 607,000 bpd. "They have unwound the production cuts, so they produce more and there is more oil available, but considering that the official selling prices were still very elevated, the demand remains somehow contained," said UBS analyst Giovanni Staunovo. "For September we should see a further increase just out of the fact that temperatures in the Middle East were declining, so there was more crude available for exports." Saudi Arabia and other OPEC members submit monthly export figures to JODI, which publishes them on its platform. Earlier in October, OPEC+ announced it would raise oil output targets by 137,000 bpd starting November, maintaining the same incremental increase as October amid concerns over a potential supply glut. The OPEC+ alliance, which includes Russia and other smaller producers, has boosted oil production targets by over 2.7 million bpd this year, equivalent to roughly 2.5% of global demand. The International Energy Agency (IEA) predicted earlier this month that the global oil market could see a possible surplus of up to 4 million bpd next year, as OPEC+ and rival producers increase output while demand remains weak. In contrast, Saudi crude exports to China are expected to drop in November to about 40 million barrels, with Chinese refiners likely shifting to cheaper spot supplies from other Middle East producers, sources familiar with the matter said earlier this month. https://www.reuters.com/business/energy/saudi-arabia-crude-exports-rise-six-month-high-august-2025-10-22/

2025-10-22 11:56

Jindal Steel delegation to travel to Germany, sources say TKSE due diligence has started, Thyssenkrupp says Thyssenkrupp shares rise as much as 3.2% FRANKFURT, Oct 22 (Reuters) - Germany's Thyssenkrupp will start giving India's Jindal Steel International more access to financial details of its Thyssenkrupp Steel Europe (TKSE) business from next week, two people familiar with the matter said. Jindal Steel made an indicative bid last month for TKSE, Europe's second-largest steelmaker after ArcelorMittal and Thyssenkrupp (TKAG.DE) , opens new tab CEO Miguel Lopez told Reuters on Monday that talks were intensive. Sign up here. The deepening of due diligence coincides with the visit of a Jindal Steel delegation to TKSE's headquarters in Duisburg ahead of crunch talks planned later in the year, the people said. Thyssenkrupp said official due diligence proceedings had started in recent weeks, including site visits by Jindal Steel, declining to comment further. Jindal Steel, part of Naveen Jindal Group, declined comment. PENSION LIABILITIES A KEY HURDLE Shares in Thyssenkrupp, which were up 1.5% earlier in the day, spiked to trade as much as 3.2% higher after the news and were trading 2% higher at 1149 GMT. While Jindal Steel may be prepared take on some 2.7 billion euros ($3.2 billion) in pension liabilities - a key hurdle to past efforts to sell TKSE - this will require Thyssenkrupp to make substantial financial commitments, the people said. This could result in a negative equity valuation for TKSE, which employs nearly 26,000 staff, accounting for 28% of Thyssenkrupp's total. Brokerage Jefferies estimated TKSE's enterprise value at around 2 billion euros. More formal discussions come after Jindal Steel (JINT.NS) , opens new tab Chairman Naveen Jindal met Thyssenkrupp executives and worker representatives as well as the premier of North Rhine-Westphalia on October 8 during a trip to Germany, the people said. As part of the plans, Jindal Steel has pledged to complete a direct reduction plant in Duisburg to produce carbon-neutral steel while committing more than 2 billion euros for additional electric arc furnace capacity. Jindal Steel would also supply Duisburg with high-quality iron ore from its mines in Cameroon. Labour leaders have welcomed Jindal Steel's consensus-driven approach after slamming Czech billionaire Daniel Kretinsky, who was slated to buy half of TKSE before Jindal Steel's interest surfaced, for failing to engage. "The (Jindal) family understands steel and lives steel, which is very refreshing," said Juergen Kerner, Thyssenkrupp's deputy supervisory board chairman and a senior leader at Germany's most powerful union IG Metall. Jindal Steel, which has been looking to expand in Europe, last year bought Czech steelmaker Vitkovice Steel and was until recently in the bidding for Italy's Ilva steel plant. ($1 = 0.8575 euros) https://www.reuters.com/business/thyssenkrupp-jindal-steel-deepen-tkse-due-diligence-next-week-sources-say-2025-10-22/

2025-10-22 11:45

BRUSSELS, Oct 22 (Reuters) - The European Union's 19th package of sanctions against Russia will list four companies involved in China's oil industry that circumvent Western restrictions, EU diplomatic sources said on Wednesday. They said the package lists two independent Chinese oil refineries, a Chinese trading firm and an entity involved in circumvention. The latter is mostly involved in sectors outside oil, they said. The sources declined to provide further details. Sign up here. The final text of the package has been approved by member states but it has not been adopted yet owing to reservations from Slovakia on unrelated matters. Sanctions require unanimity to be passed. EU diplomats expect the package, which was initially proposed a month ago, to be adopted before the end of this week. The EU had been eyeing some Chinese refineries since the summer for buying Russian crude from Moscow's already sanctioned shadow fleet. In tandem with the rest of the Group of Seven (G7) nations, the EU is trying to further drain Russia's means to fund its war in Ukraine by squeezing vital oil and gas revenues. Meanwhile, non-EU Britain last week listed Russia's biggest oil companies Rosneft and Lukoil, a Chinese refinery and several Chinese ports as subject to sanctions. https://www.reuters.com/business/energy/eu-list-two-chinese-oil-refineries-one-trader-new-russia-sanctions-2025-10-22/