2025-10-16 00:35
SEOUL, Oct 16 (Reuters) - Shares of South Korean chipmaker Samsung Electronics (005930.KS) , opens new tab rose as much as 2% on Thursday to an all-time high on investor optimism surrounding the semiconductor industry. Shares of the world's leading memory chip maker were up 0.95% at 95,900 won ($67.52) per share as of 0022 GMT, after hitting a record 96,900 won earlier in the session, surpassing the previous record of 96,800 won on January 11, 2021. Sign up here. Samsung Electronics shares have risen 80% so far this year. ($1 = 1,420.2400 won) https://www.reuters.com/world/asia-pacific/samsung-electronics-shares-hit-record-high-2025-10-16/
2025-10-16 00:31
Japan, US re-confirms agreement on FX policy Kato says rapid yen falls seen lately, warns against volatility Hard to judge how weak yen affecting inflation recently WASHINGTON, Oct 15 (Reuters) - Japan told its G7 counterparts that policymakers must be vigilant against excessively volatile and disorderly moves in the currency market, Finance Minister Katsunobu Kato said on Wednesday. Kato also said he confirmed with U.S. Treasury Secretary Scott Bessent an agreement made last month on exchange-rate policy during bilateral talks, held on the sidelines of the G7 and G20 finance leaders' gathering in Washington. Sign up here. "We've seen some rapid yen falls since last week. It's desirable for exchange rates to move stably. We are vigilant to any excessive volatility in the currency market," Kato told reporters. The yen has whipsawed in recent days due in part to Japan's political uncertainty, as new ruling party leader Sanae Takaichi's bid to become the country's first female prime minister was thrown into doubt when her ruling party's junior coalition partner quit. Kato said he would not comment on what was driving recent exchange-rate moves, when asked how Japan's political turmoil was affecting yen moves, but said in general political stability was desirable for the economy. In a joint statement issued last month, Japan and the U.S. reaffirmed their commitment to "market determined" currency rates, while agreeing that foreign exchange interventions should be reserved for combating excess volatility. A weak yen has become a political pain point for Japanese policymakers as it inflates the cost of living for households by boosting import prices for raw material and fuel. The Bank of Japan's exit from a decade-long, massive stimulus last year and past two interest rate hikes came in the wake of political calls for measures to combat sharp yen falls. While sticky food inflation has led some hawkish board members to call for a near-term rate hike, the BOJ has kept rates steady since raising them to 0.5% in January as it focuses on scrutinising downside risks to the economy from U.S. tariffs. "It's something the BOJ ought to decide," Kato said when asked how the central bank should respond to rising living costs from a weak yen. While the weak yen and rising crude oil prices likely played a part in driving up prices in the past few years, it was hard to judge how yen falls were affecting prices recently, he added. https://www.reuters.com/world/asia-pacific/japan-urges-g7-stay-vigilant-excessive-fx-volatility-2025-10-16/
2025-10-16 00:15
BEIJING, Oct 16 (Reuters) - China expressed willingness to strengthen high-level exchanges with France in a strategic dialogue between Chinese Foreign Minister Wang Yi and France's presidential diplomatic adviser, according to a foreign ministry statement on Thursday. Wang told the French president's adviser Emmanuel Bonne in a meeting on Wednesday that China is ready to deepen strategic mutual trust and promote all-round cooperation, the statement said. Sign up here. Wang said China hopes that France would "provide solid political guarantees for bilateral relations", the Chinese ministry statement said without elaborating. He also mentioned civil nuclear energy, aerospace, agriculture and food, artificial intelligence and new energy as areas for more cooperation. Both also discussed the Ukraine crisis, the situation in the Middle East and the global governance system, the statement said, with both sides agreeing to maintain coordinated communication. https://www.reuters.com/business/aerospace-defense/china-seeks-stronger-ties-with-france-strategic-dialogue-2025-10-16/
2025-10-16 00:07
WASHINGTON, Oct 15 (Reuters) - The Trump administration will seek to tighten control over strategic sectors by taking more equity stakes in key companies to counter China's economic policies and export restrictions, Treasury Secretary Scott Bessent said on Wednesday. Bessent told a CNBC event that China's dramatic new restrictions on rare earth minerals and magnets demonstrates the need for the U.S. to be self-sufficient in critical materials or rely more on trusted allies. Sign up here. "So when you are facing a non-market economy like China, then you have to exercise industrial policy," Bessent said. Under President Donald Trump, the U.S. has shifted from subsidies to direct stakes in companies including Intel Corp (INTC.O) , opens new tab, minerals miner Trilogy Metals (TMQ.TO) , opens new tab and rare earths miner MP Materials (MP.N) , opens new tab. More stakes are possible for sectors important to U.S. national security, including in rare earths, semiconductors, pharmaceuticals and steel, Bessent said. In rare earths, the administration will also set price floors and strategic stockpiles. "We're not going to come in and take stakes in non-strategic industries, but we've identified seven industries" to develop domestically, Bessent said. The government had to be "very careful not to overreach" and to ensure that investments were meeting its strategic goals, he added. Bessent also criticized the practices of some defense contractors, saying the government may have to put more pressure on them to improve performance. "I do think our defense companies are woefully behind in terms of deliveries, so we may have to, as their biggest customer ... prod them to do a little more research, a little fewer stock buybacks, which is really what got Boeing (BA.N) , opens new tab into trouble," he said. https://www.reuters.com/business/aerospace-defense/us-may-seek-more-stakes-strategic-companies-counter-china-bessent-says-2025-10-16/
2025-10-15 23:20
Mexico struggles to aid flood victims Sheinbaum faces questions over disaster response Floods hit hard; 66 dead, thousands of homes damaged MEXICO CITY, Oct 15 (Reuters) - Five days after historic floods that killed at least 66 people and affected 100,000 homes, Mexico is still scrambling to get help to the worst-hit communities and locate 75 missing people amid criticism of the government’s handling of the crisis. After a year of meteoric approval ratings, the disaster is a test for Mexico’s President Claudia Sheinbaum, who has encountered rare hostile crowds and heckling on visits to affected areas. Sign up here. The disaster began when torrential rains in the central and eastern parts of the country set off landslides, caused rivers to overflow and bridges to collapse. Whole streets were washed away. Antonio Ocaranza, a political analyst based in Mexico City, said that while he has been impressed by Sheinbaum's willingness to be on the ground during the recovery, it belies a bigger problem. "There is a problem of competence in the initial reaction to the tragedy," he said, adding that officials were slow in providing necessary machinery to some areas. SCRAPPING OF DISASTER FUND The disaster has also fueled questions about the government’s reliance on the military to handle a growing list of responsibilities, from managing airports to constructing major infrastructure projects and distributing disaster relief. Sheinbaum’s predecessor and political mentor, Andres Manuel Lopez Obrador, spearheaded the elimination of the country’s Natural Disaster Fund (Fonden), saying it was beset by corruption. Sheinbaum defended that decision, saying on Tuesday that “defending Fonden is like defending corruption.” But the dismantling of Fonden has raised questions of where her government will find the money needed for the response. She said the federal government has 19 billion pesos ($1.03 billion) available for emergencies, of which around 3 billion pesos have been used. “There are sufficient resources to address the emergency.” On Wednesday, in the state of San Luis Potosi, Sheinbaum said government aid would be given in two stages: cleanup, which she said would happen next week, followed by “support” depending on the damage suffered by each home. After that, the government would help with roads and drainage. In 2023, following the devastating Hurricane Otis in the resort town of Acapulco, the government gave cash transfers of between $400 and $3,250 per affected household depending on the level of damage. Deputy Gibran Ramirez of the opposition center-left Citizens’ Movement party criticized the government’s response to the latest disaster as unprepared and “lamentable.” “There’s no capacity to respond. It’s always the same response - improvisation,” he said. “And just like in Guerrero after Hurricane Otis, the government will make direct cash transfers to calm the social anger.” FLOODS CAME WITHOUT WARNING The floods largely caught the government flat-footed. “There were no scientific or meteorological conditions that could have indicated to us that the rainfall would be of this magnitude,” Sheinbaum told reporters on Monday, adding that the government had been focused on two separate storms off the Pacific coast. The torrential rains off the Gulf Coast came toward the end of the rainy season, battering land and bursting rivers that had already been soaked by months of rain. The worst-affected states are Veracruz, Hidalgo and San Luis Potosi. On Sunday, Sheinbaum confronted an angry crowd of people searching for their relatives in the southeastern state of Veracruz, where at least 29 people have died. Some yelled that they had been in the zone for three days looking while others pushed photos of missing people at her. Struggling to make herself heard, Sheinbaum said: “Everyone will be attended to. We are not going to hide anything.” ($1 = 18.4613 Mexican pesos) https://www.reuters.com/business/environment/dozens-still-missing-days-after-mexicos-mass-flood-2025-10-15/
2025-10-15 23:07
Santos narrows FY production forecast to 89-91 mmboe Q3 sales revenue falls 11% to $1.1 billion Shares end 0.8% higher at A$6.38 Oct 16 (Reuters) - Australia's Santos (STO.AX) , opens new tab narrowed its annual output forecast for a second time this year on Thursday after a technical issue delayed the ramp-up of its key Barossa oil and gas project and inclement weather hampered recovery at its Cooper Basin project. The country's no. 2 independent oil and gas producer now expects to produce 89 to 91 million barrels of oil equivalent (mmboe) in fiscal 2025, compared with 90 to 95 mmboe previously forecast. The mid-point of the forecast fell short of the Visible Alpha consensus of 91.4 mmboe. Sign up here. The Barossa project is co-owned by Santos along with South Korean energy company SK E&S and Japan's JERA, and is expected to cost $4.5 billion to $4.6 billion to develop, according to a 2024 company guidance. It remains on track to ship its first liquefied natural gas (LNG) cargo in the December quarter. "Software issues affecting the safety systems onboard the BW Opal FPSO resulted in an unplanned shutdown of around two weeks during September, impacting the ramp-up of the Barossa project," Managing Director and CEO Kevin Gallagher said in a statement. Santos had narrowed its full-year production forecast in the previous quarter to reflect flood-related operational disruptions at Cooper Basin. Recovery effects at Cooper Basin have run into the fourth quarter, the firm said, adding that 155 wells were still offline due to flood water levels receding more slowly than expected. Gallagher had said the impact would not be material in the "big picture" after flooding submerged more than 200 wells in Cooper Basin in May, with the production recovery expected to pick up in the second half of the year. Santos, which had received an $18.7 billion bid from a consortium led by Abu Dhabi National Oil Company in June, reported an 11% fall in sales revenue to $1.13 billion for its third quarter ended September 30, missing the Visible Alpha estimate of $1.18 billion. The Adelaide-based company also narrowed its annual sales volume forecast to 93 to 95 mmboe from 92 to 99 mmboe previously expected. The mid-point of the range also fell short of the Visible Alpha consensus of 96 mmboe. Shares of Santos ended 0.8% higher at A$6.38, in line with the benchmark S&P/ ASX 200 index's (.AXJO) , opens new tab gain, after rising as much as 1.7% earlier in the session. https://www.reuters.com/business/energy/australias-santos-narrows-full-year-production-forecast-posts-sequential-fall-q3-2025-10-15/
