2025-10-16 12:40

BRASILIA, Oct 16 (Reuters) - Brazil's economic activity increased less than expected in August, central bank data showed on Thursday, as a growing chorus of economists anticipate a sharper slowdown ahead amid tight monetary policy. The IBC-BR index, seen as a proxy for the gross domestic product (GDP) indicator, was up 0.4% in August from the previous month, while economists polled by Reuters were expecting a 0.6% expansion. Sign up here. Brazilian policymakers have emphasized that Latin America's economy is cooling as expected, while keeping the benchmark Selic rate at 15%, its highest level in nearly two decades. They continue to stress the need for a prolonged period of stability to bring inflation down to the 3% target. On Wednesday, Paulo Picchetti, central bank director of international affairs, dismissed the prospect of a recession. In contrast, some politicians and economists have warned of a sharp slowdown, with Finance Minister Fernando Haddad arguing that borrowing costs remain excessively restrictive, despite acknowledging on Wednesday that core inflation remains elevated and the central bank is acting accordingly. The IBC-Br index, which incorporates the central bank's estimates for farming, industry and services along with production-related taxes, showed that only the farm sector contracted in August, down 1.9% from July. The index rose 3.2% in the 12 months through August, according to non-seasonally adjusted data. https://www.reuters.com/world/americas/brazils-economic-activity-rises-less-than-expected-august-2025-10-16/

2025-10-16 12:35

LONDON, Oct 16 (Reuters) - The head of South Pole, a carbon finance consultancy and project developer, has left his role and will be replaced by current chief financial officer Nadia Kaddouri with immediate effect, two people familiar with the matter said on Thursday. Daniel Klier, who became South Pole's CEO in May 2024, had been tasked with leading a turnaround in response to concerns about the Kariba forestation project in Zimbabwe in which it was involved. Sign up here. It was unclear why Klier was leaving the Swiss-based firm and he did not immediately reply to a request for comment. Klier will join the company's advisory board, one of the people said on condition of anonymity. The sources were not authorised to speak publicly on the matter. 'COMPREHENSIVE TRANSFORMATION' Over the last two years, the company has focused on a "comprehensive transformation" of its carbon finance consultancy, South Pole said in a statement published in September. The turnaround included a review and strengthening of its quality, risk and compliance protocols and the appointment of a new strategic advisory board. The company, which is backed by impact investor Lightrock, also tightened rules on due diligence. South Pole was criticised in 2023 for its involvement in the Kariba REDD+ project, part of United Nations efforts to curb carbon emissions by protecting forests. Media reports questioned whether the project had preserved as much forest as it had promised and alleged the communities involved had benefited less than has been expected. South Pole, which was carbon asset developer for the project and responsible for selling credits generated to the market, ended its relationship with the Kariba in October 2023. In a statement at the time it said it only sold carbon credits from the project that were fully valid and verified by carbon registry Verra. South Pole's board, however, in November 2023 appointed new leadership to improve governance and project selection. The board then said it was "determined to learn from the experience of working with the Kariba REDD+ project in Zimbabwe." Verra last month said a review had found more than 15 million excess credits were issued. "The actual deforestation observed in the Kariba project... was significantly lower than the initially estimated deforestation," it said. Before joining South Pole, Klier was global head of sustainable finance at HSBC between 2017 and 2021 following a five-year stint as group head of strategy, according to his LinkedIn profile. Immediately before joining South Pole, he led sustainability data firm ESG Book. https://www.reuters.com/sustainability/boards-policy-regulation/ceo-daniel-klier-leaves-role-south-pole-carbon-consultancy-2025-10-16/

2025-10-16 12:26

TORONTO, Oct 16 (Reuters) - Canadian housing starts rose 14% in September compared with the previous month, a sharper increase than expected, data from the national housing agency showed on Thursday. The seasonally adjusted annualized rate of housing starts was 279,234 units, up from a revised 244,543 units in August, the Canada Mortgage and Housing Corporation (CMHC) said. Economists had expected starts to rise to 255,000 units. Sign up here. https://www.reuters.com/world/americas/canadian-housing-starts-rise-14-september-cmhc-2025-10-16/

2025-10-16 12:17

Oct 16 (Reuters) - Critical Metals (CRML.O) , opens new tab said on Thursday it will raise $50 million through a private investment in public equity (PIPE) deal with an institutional investor to fund development of its Tanbreez rare earth deposit in Greenland. Shares of the company rose nearly 13% in premarket trading. Sign up here. The Tanbreez project is critical as an alternative source of heavy rare earths that are key to electric vehicles, wind turbines and defense, with Western nations working to reduce their reliance on China for these vital resources. The company said proceeds from the deal will strengthen its balance sheet and support work at Tanbreez, which holds about 4.7 billion metric tons of rare earth minerals. Under the agreement, the company will issue 1.47 million shares and pre-funded warrants for about 1.56 million shares. https://www.reuters.com/business/critical-metals-raise-50-million-greenland-rare-earth-project-2025-10-16/

2025-10-16 12:13

WASHINGTON, Oct 16 (Reuters) - Data available even in the absence of delayed U.S. government employment reports tells a consistent story of weak hiring, bolstering the need for the Federal Reserve to cut rates even as other data points to solid economic growth, Fed Governor Christopher Waller said on Thursday. "Either GDP momentum comes down or the labor market rebounds...They don't go together," Waller said on the Bloomberg Surveilliance television show. Sign up here. He argued for the Fed to continue what he called cautious quarter point cuts because "we don’t know which way this is going to break...If the Labor market rebounds there is less pressure to cut rates...You don’t want to make a mistake.” https://www.reuters.com/business/feds-waller-available-data-show-ongoing-labor-weakness-bolstering-rate-cut-case-2025-10-16/

2025-10-16 11:59

MOSCOW, Oct 16 (Reuters) - President Vladimir Putin gave the keynote address at Russian Energy Week 2025 in Moscow. Here are some of the main parts of his speech. He spoke in Russian and his words were translated by Reuters. Sign up here. ON FUTURE OF OIL MARKET: "According to estimates, global oil demand this year will amount to 104.5 million barrels per day, more than a million more than last year. The main factors driving consumption growth are the active development of the petrochemical industry, which is growing faster than global GDP, as well as the transport sector, where many plans to phase out internal combustion engines are being pushed back. People use gasoline-powered cars and they will continue to do so." ON RUSSIAN OIL SECTOR: "Russia maintains its position as a leading oil producer, despite unfair competition being used against us." "We account for approximately 10% of global production and expect to produce 510 million tons of oil by the end of the year. This is approximately 1% lower than last year. However, I would like to point out that this is in accordance with the OPEC+ agreement, meaning it is a voluntary reduction." "The Russian oil sector is operating reliably and is planning for the future. Our companies are not only reliably supplying the domestic market and developing oil refining, but, given the challenging external environment, they have demonstrated flexibility and have been able to establish new supply and payment channels. While previously our oil and petroleum product exports were primarily focused on one consumer, the European Union, now the geography is much broader." ON OPEC+: "Russia continues to cooperate within OPEC+. Based on mutual interests, we and our partners are fulfilling our obligations to balance the global market. I would like to point out that this is being done not only for producers but also for consumers. Our joint efforts are yielding results. I'm primarily referring to supply volumes on the market and the pricing environment." "These parameters satisfy both oil producers and consumers, allow the industry to launch investment projects, and, most importantly, provide conditions for more predictable development of the entire global economy." "Predictability in the oil market is perhaps the most important thing in this sector of the global economy." ON GAS SECTOR: "It would seem that the refusal of some European countries to accept Russian gas and the disruption of the well-known Nord Stream pipeline have cut us off from traditional markets and dealt a blow to a crucial sector of our fuel and energy complex. And it must be acknowledged that our gas exports did initially decline, but then began to grow again. They haven't fully recovered yet, but the growth is absolutely clear. The EU's move has only accelerated the shift in our supply vector in favour of more promising, responsible buyers - countries that understand their own interests and act rationally, based on those national interests." ON COAL SECTOR: "Despite the negative forecasts of some experts, coal still accounts for a significant share of the global energy balance. However, there are clear regional differences. While Western markets are reducing demand for coal, Asian countries are increasing consumption." "Clearly, the issue is primarily one of the economic efficiency of coal generation, but given the shift in global business activity to the Asia-Pacific region, we can expect the coal market to remain significant and large for decades to come." "Yes, like any market, it is cyclical, and coal producers are currently facing declining prices. In these circumstances, we are supporting our companies and workforces, including by restructuring loans." ON NUCLEAR ENERGY: "Our other high-tech leader, Rosatom, also has significant experience. It accounts for approximately 90% of the global nuclear power plant construction market... 110 power units of Russian design have been built worldwide. Russia is unique in the world in possessing expertise across the entire nuclear energy chain." "Building on this foundation, we're constructing nuclear power plants in Egypt, Bangladesh, and Turkey, and we intend to deepen cooperation in the nuclear industry with countries of the Global South through BRICS." https://www.reuters.com/business/energy/president-vladimir-putin-speaks-oil-gas-export-markets-russian-energy-week-2025-10-16/