2025-10-16 20:21

GEORGETOWN, Oct 16 (Reuters) - Guyana's Vice President said on Thursday the country will not take any possible gas development off the negotiation table, including Exxon Mobil's (XOM.N) , opens new tab future offshore projects. Exxon's eighth project, Longtail, is expected to be the first to develop non-associated gas in Guyana, and two more discoveries, Haimara and Pluma, could follow. An Exxon executive said this month that turning gas into liquefied natural gas (LNG) might not be a priority for the company in some projects. Sign up here. "(Gas) is a priority for us," Vice President Bharrat Jagdeo said during his weekly conference, adding that Guyana wants to monetize its gas reserves. A consortium led by Exxon, which controls all oil and gas output in the South American country, in February began applications to request government approval for Longtail, hoping to have the project authorized next year for a 2030 start-up. Longtail is expected to produce up to 1.5 billion cubic feet per day of natural gas and 290,000 barrels per day of condensate through a floating production facility that will have capacity to export, the group told the government this year. However, Exxon's gas strategy in Guyana, which could involve LNG, has not been fully designed yet. https://www.reuters.com/business/energy/guyana-not-taking-any-gas-development-off-table-vice-president-says-2025-10-16/

2025-10-16 20:19

Oct 16 (Reuters) - CSX (CSX.O) , opens new tab reported third-quarter profit and revenue above Wall Street estimates on Thursday as improving intermodal volumes and higher pricing in merchandise helped offset the impact from lower coal prices, sending the railroad operator's shares up 3%. Weakness in the coal market has remained a headwind for the East Coast railroad operator due to lower demand as consumers turn to cheaper natural gas stockpiles for energy. Sign up here. "Our domestic coal business continues to see steady trends through the year," said COO Mike Cory in an earnings call. Demand for coal is expected to rise after U.S. President Donald Trump signed executive orders earlier this month that aim to boost coal production, benefiting railroad operators. On an adjusted basis, CSX reported per-share profit of 44 cents, above analysts' average estimate of 42 cents apiece, according to data compiled by LSEG. The company reported revenue of $3.59 billion in the quarter ended September 30, slightly above analysts' average estimate of $3.58 billion. However, quarterly revenue decreased 1% year-over-year, impacted by lower export coal prices and a decline in merchandise volumes, which were partially offset by increases in other revenues, higher merchandise pricing and intermodal volume growth, CSX said. Coal revenue declined 11% for the quarter on 3% lower total volume. The Jacksonville, Florida-based company forecast fiscal-year 2025 capital expenditure of $2.5 billion, excluding hurricane rebuild spending. Earlier this year, CSX drew up interline and intermodal service agreements with BNSF Railway and the Canadian National Railway. Peer Union Pacific announced in July it would acquire rival Norfolk Southern in an $85 billion deal. The tie-up, if approved, could reshape the U.S. freight rail industry by creating the first coast-to-coast single-line network. https://www.reuters.com/sustainability/sustainable-finance-reporting/railroad-operator-csx-beats-quarterly-estimates-strong-intermodal-volumes-2025-10-16/

2025-10-16 20:18

Oct 16 (Reuters) - Gold soared past $4,300 an ounce for the first time on Thursday as tensions between the U.S. and China pushed investors to safe haven assets, while rising expectations of a Federal Reserve rate cut this month amplified the momentum. Spot gold hit a record $4,312.00 per ounce while U.S. gold futures for December also hit a record high of $4,328.70 per ounce. Sign up here. https://www.reuters.com/world/india/gold-marches-past-4300oz-fed-rate-cut-bets-sino-us-tensions-2025-10-16/

2025-10-16 19:36

South Africa hands over G20 presidency to US next year G20 finance officials agree more work needed on debt sustainability G20 calls for bigger voice for borrowing countries WASHINGTON, Oct 16 (Reuters) - The Group of 20 major economies, led this year by South Africa, said on Thursday the risk of a systemic debt crisis appears to be broadly contained, but many vulnerable low- and middle-income countries still faced high financing costs and other challenges limiting their ability to boost growth. G20 finance officials issued a declaration on debt during the annual meetings of the International Monetary Fund and World Bank in Washington, calling for further work to boost debt sustainability, increase transparency and give borrowing countries more of a voice in the process. Sign up here. The leaders pledged to continue strengthening the G20 Common Framework for Debt Treatments in a "predictable, timely, orderly and coordinated manner," noting that several borrowing countries required "further international assistance." That line came amid indications from senior IMF and World Bank officials that the emphasis was now on countries "growing their way out of debt" instead of holding out for debt relief. The G20 declaration, its first separate communique on debt since the COVID-19 pandemic, was highly anticipated, amid huge cuts to development aid by the United States, which will take over the G20 presidency next year, and other rich countries. But some debt relief activists said it fell short. "Today’s G20 Ministerial Declaration on Debt Sustainability, led by the South African Presidency, is inadequate and unambitious – falling far short of what is needed to tackle the worst debt crisis the world has ever seen," said Iolanda Fresnillo with the European Network on Debt and Development. She said the statement included no new initiatives and revealed the shortcomings of the G20 for addressing real crises. Eric LeCompte, executive director of Jubilee USA Network, said unsustainable debt remained a G20 priority, noting that developing countries spent $921 billion on interest payments alone - not principal - in 2024, a 10% jump from 2023, with more increases expected this year. "We see a consensus around the severity of debt payment challenges, but not yet a consensus on how to solve the debt challenges," he said. "Countries cannot borrow their way out of this crisis." Duncan Pieterse, director-general of South Africa's National Treasury, said G20 officials agreed to further strengthen the voice of borrowing countries in debt discussions, a key demand made by South Africa during its leadership of the G20 this year. He said officials were heartened by progress made on Common Framework restructuring cases, including faster resolution than in early cases like Chad, but more work was needed. "Certainly there has been progress. It remains on the agenda of the G20 and it remains a discussion for further refinement, including how preferential creditor status is handled," he said. Top U.S. and Chinese officials joined a meeting on Wednesday of the Global Sovereign Debt Roundtable at the IMF-World Bank meetings, where participants underscored the continued commitment of the world's two largest economies to keep addressing persistent debt issues facing developing countries. Global debt is at record levels, but many emerging markets have actually reduced their debt-to-GDP ratios, although they still face crushing debt service payments and have been crowded out of capital markets by advanced economies. https://www.reuters.com/world/china/g20-vows-keep-focus-developing-countries-debt-issues-2025-10-16/

2025-10-16 18:19

BOGOTA, Oct 16 (Reuters) - Colombia's Senate gave final approval to the government's 546.9 trillion peso ($140.2 billion) 2026 budget on Wednesday, sending it to the president to sign after prior approval in the lower house. The Senate passed the budget with 50 votes in favor and 27 against. Sign up here. The budget for 2026, as approved by Congress, is 10 trillion pesos ($2.56 billion dollars) less than what President Gustavo Petro's government originally proposed, while still higher than the 511 trillion pesos budgeted for 2025. To fully finance the approved budget, a tax reform generating 16.3 trillion pesos will also need to be passed. (1 dollar = 3,902.16 Colombian pesos) https://www.reuters.com/world/americas/colombian-senate-approves-140-bln-2026-budget-sending-presidents-desk-2025-10-16/

2025-10-16 17:32

WASHINGTON, Oct 16 (Reuters) - The Bank of Japan must be careful when normalizing monetary policy due to uncertainty about how the economy would react to a new environment of positive interest rates, Seiichi Shimizu, the central bank's assistant governor, said on Thursday. While many advanced economies have long-term inflation expectations anchored at their central banks' 2% target, the situation in Japan is different in that inflation expectations and underlying inflation remain lower, Shimizu said. Sign up here. "In Japan, inflation expectations are still below 2%, so we have to lift up expectations and continue to support economic activity," Shimizu said during a seminar hosted by the Institute of International Finance in Washington. Central banks around the world face various uncertainties, particularly from trade policies, that would affect their economies and inflation outlooks, he said. The BOJ confronts another uncertainty unique to Japan, which is unaccustomed to positive interest rates after experiencing a prolonged era of low inflation and rates, Shimizu said. "We don't know how exactly the economy will react" to rises in interest rates, Shimizu said. "This is another type of uncertainty we are facing now," which requires the BOJ to be "very careful" in assessing the economic fallout from its policy moves. "If we are sufficiently confident about the future path of the economy, we can proceed with normalization of policy," Shimizu said. Japan's central bank exited a decade-long, massive stimulus program last year and raised its key interest rate to 0.5% in January on the view that the country was on the cusp of durably hitting its 2% inflation target. The moves marked a historical withdrawal of a radical monetary experiment deployed in 2013 to pull Japan out of decades of economic stagnation and deflation. While BOJ Governor Kazuo Ueda has signaled the central bank's readiness to keep raising rates, he has stressed the need to tread cautiously to scrutinize the economic impact of U.S. tariffs. The central bank will hold its next policy meeting on October 29-30. https://www.reuters.com/world/asia-pacific/bank-japan-must-tread-carefully-normalizing-policy-central-bank-official-says-2025-10-16/