2025-10-09 20:48

Most World Bank directors signed the statement Statement calls for continuing 45% pledge for climate finance IMF, World Bank preparing for annual meetings next week WASHINGTON, Oct 9 (Reuters) - Nineteen of the World Bank's 25 executive directors issued a joint statement this week affirming their support for the bank's continued work on climate change, defying the U.S., the bank's largest shareholder, and several other countries. The executive directors for the U.S., Russia, Kuwait and Saudi Arabia declined to sign the document; Japan and India - both negotiating trade deals with the U.S. - abstained, a source familiar with the matter said. Sign up here. The directors, who represent 120 countries, issued the statement after a board meeting with World Bank management, underscoring their expectation that the bank will stick to its climate change action plan goals, including a pledge to devote 45% of its annual financing to climate-related projects. The document, a copy of which was viewed by Reuters, reflects the deep divide separating most other countries from the U.S. and a handful of allies over climate change. It comes days before the start of the annual meetings in Washington of the World Bank and International Monetary Fund. The U.S. is the largest shareholder in both institutions and plays a big role in shaping their work and agendas. Reuters reported this week that the European Union will double down on its support for reforming global development banks to do more to fight climate change. In April, at the last IMF-World Bank meetings, U.S. Treasury Secretary Scott Bessent called on both institutions to refocus on their core mandates and said they were devoting too much time and resources to topics like climate change. The leaders of both institutions have gone largely silent on climate change since U.S. President Donald Trump took office, and the issue is not highlighted in next week's agenda. Trump last month dismissed climate change as a "con job." The statement also called for aligning the bank's work with the Paris climate accord, from which U.S. President Donald Trump withdrew shortly after taking office in January. It also called for continuing to factor climate change into its core diagnostic work. "We reaffirm our support for the World Bank Group's leadership role across the (International Financial Institutions) on climate and nature action, advocating for and supporting countries' demand for low carbon, climate resilient, and nature positive pathways," the statement said. The directors also called for further work in some areas under the bank's current Climate Change Action Plan, supporting workers as their countries transition away from coal, a shift described as "complex but essential for energy transition." More work was also needed in helping countries design and implement long-term national climate and development plans, and developing effective carbon markets, the letter said. The statement listed several areas that were being demanded by client countries but are not covered by the bank's current climate change plan, including addressing pollution, mainstreaming nature and scaling adaptation and resilience efforts. https://www.reuters.com/sustainability/cop/us-declines-sign-world-bank-directors-joint-statement-climate-agenda-2025-10-09/

2025-10-09 20:43

Venture Global breached obligations at Calcasieu Pass plant, ICC rules BP seeking over $1 billion in damages from Venture Global Venture Global shares drop 10% after arbitration ruling HOUSTON, Oct 9 (Reuters) - BP (BP.L) , opens new tab has won its arbitration case against Venture Global (VG.N) , opens new tab over the U.S. supplier's failure to deliver liquefied natural gas under a long-term contract that was due to start in late 2022, Venture Global said on Thursday. The International Chamber of Commerce International Court of Arbitration found that Venture Global breached its obligations to declare commercial operations had begun at the Calcasieu Pass plant in a timely manner and act as a "reasonable and prudent operator," Venture Global said in a regulatory filing. Sign up here. The BP ruling contrasts with a decision in August that saw Venture Global prevail in a similar complaint from Shell (SHEL.L) , opens new tab. It was not immediately clear why the two cases resulted in different results. BP is seeking damages of more than $1 billion plus interest, costs and attorneys' fees. "The company is disappointed by the arbitration tribunal’s decision in the proceeding with BP, which it believes contradicts the decisive findings in the prior arbitration involving Shell," Venture Global said in its filing. Shares of Venture Global were down more than 10% in after-hours trade, shaving off nearly $3.3 billion from the company's market capitalization. HEARING TO DETERMINE DAMAGES NEXT YEAR A separate hearing is expected in 2026 to determine the extent of the damages the U.S. operator will have to pay BP, and the amount may exceed a cap on how much BP and other customers could claim that is contained in the original sales agreement, Venture Global said. BP said it was pleased with the outcome of this phase of the arbitration and looked forward to the determination of how much it would be paid as a result of Venture Global's breach of contract. Venture Global said it was evaluating all available options in response to the tribunal's ruling and it would continue to vigorously defend its position. The company also reported on Thursday that it reached a resolution with another Calcasieu Pass customer that had taken it to arbitration, without naming the company. That settlement has no material impact on Venture Global, it said in the filing. Other companies, including Edison (EDNn.MI) , opens new tab and Galp (GALP.LS) , opens new tab, have also filed claims against Venture Global, accusing it of profiting from the sale of LNG on the spot market after Russia's 2022 invasion of Ukraine, rather than shipping previously contracted LNG cargoes to them from the Calcasieu Pass export facility in Louisiana at much lower prices. Throughout the dispute, Venture Global has argued it was allowed to conduct the spot sales after the start of official commercial operations was delayed by a faulty power island. The company officially started commercial operations at Calcasieu Pass in April 2025 and has since earned significantly lower prices from selling LNG to BP and other customers at contracted prices. Venture Global's average fees collected fell around 70% from the first quarter of the year to the second, after it started honoring the longer-term contracts and stopped the contested spot sales. Over that period, the Dutch Title Transfer Facility that determines gas prices in Europe, where Venture Global sells most of its cargoes, dropped 24%. https://www.reuters.com/business/energy/bp-wins-arbitration-case-against-venture-global-over-lng-cargoes-2025-10-09/

2025-10-09 20:37

Fourth round of US Iran sanctions that target a China refinery US also sanctions first Chinese petrochemical terminal Trump says would like Iran to be able to rebuild Iran oil exports hit year high in September -Tanker tracker UANI WASHINGTON, Oct 9 (Reuters) - The U.S. imposed sanctions on about 100 individuals, entities and vessels, including a Chinese independent refinery and terminal, that helped Iran's oil and petrochemicals trade, the administration of President Donald Trump said on Thursday. The Treasury Department sanctioned the Shandong Jincheng Petrochemical Group, which it said is an independent teapot refinery in Shandong Province that has purchased millions of barrels of Iranian oil since 2023. Sign up here. It also sanctioned China-based Rizhao Shihua Crude Oil Terminal, which operates a terminal at Lanshan Port. Treasury said it has accepted more than a dozen of Iran's so-called shadow fleet vessels that evade the sanctions. The tankers included Kongm, Big Mag, and Voy, which Treasury said transported several million barrels of Iranian oil to Rizhao. The U.S. believes Iran's oil networks help Tehran fund its nuclear and missile programs and support militant proxies throughout the Middle East. Iran says its nuclear program is for peaceful purposes. The sanctions came even as Israel and Hamas signed a Gaza ceasefire and hostage deal, which if fully implemented, would bring the two sides closer than any previous effort to halt a war that had evolved into a regional conflict, drawing in countries such as Iran, Yemen and Lebanon. Treasury said it was the fourth round of sanctions in which the administration targeted China-based refineries that continue to purchase Iranian oil. "The Treasury Department is degrading Iran's cash flow by dismantling key elements of Iran's energy export machine,” said Treasury Secretary Scott Bessent. Trump, at a Cabinet meeting in the White House after the sanctions were released, said Iran told the administration it was in favor of the Israel-Hamas ceasefire and hostage deal and that the U.S. would work with Tehran. "We'd like to see them be able to rebuild their country too, but they can't have a nuclear weapon," said Trump, who said on Thursday he will be leaving for the Middle East soon. Despite waves of U.S. sanctions, Iran continues to export large amounts of oil. United Against a Nuclear Iran, which tracks the country's petroleum shipments, said Iran's oil exports in September set a new high for the year of about 63.2 million barrels, worth about $4.26 billion. UANI said September's growth in sales was likely due to stockpiling ahead of the resumption of U.N. sanctions on Iran. The State Department said the U.S. also designated the first China-based terminal, Jiangyin Foreversun Chemical Logistics, for receiving Iranian-origin petrochemical products. The Chinese embassy in Washington and Iran's mission to the United Nations in New York did not immediately respond to requests for comment. https://www.reuters.com/business/energy/us-imposes-sanctions-china-refinery-others-iran-oil-purchases-2025-10-09/

2025-10-09 20:29

Oct 9 (Reuters) - The United States purchased Argentine pesos and finalized a $20 billion currency swap framework with Argentina's central bank after a meeting between the two countries' top finance officials in Washington this week, U.S. Treasury Secretary Scott Bessent said on Thursday. The market for Argentine pesos was closed when the news came out but the peso strengthened right before trading stopped at 2:00 pm ET/1800 GMT and was last quoted at 1,418 per dollar. Argentine dollar bonds also rose sharply. Sign up here. Argentina's markets are closed on Friday. COMMENTS: MARC CHANDLER, CHIEF MARKET STRATEGIST, BANNOCKBURN CAPITAL MARKETS, NEW YORK "We're not just giving them dollars. we're getting an asset in exchange for that. What we're trying to do is give them enough money so it can stabilize the peso until after this month's elections. And then after the elections, they'll adjust policy. So we're protecting somebody, not because the U.S. has a national security interest in Argentina. We're helping them for ideological reasons, and we're trying to influence the outcome of their election. The US is doing this to try to influence the election in Argentina, because the person that the Trump administration likes is under a lot of pressure now having lost a Buenos Aires municipal elections earlier last month." "It looks like it's a relatively modest amount of money from the US Treasury's point of view. I think the economic impact on the US is if we're giving them dollars they're giving us pesos and down the road we're going to swap back. The way this is structured I'm afraid it might be a long time before we get the dollars back because the peso, by most people's reckoning, is overvalued. The government does not want to let the peso sink .. if it would sink, it would make Argentine inflation go up." "What are they going to do with the money we give them? Part of it's going to be used to buy back government bonds, but part of it, like the money that the IMF gave Argentina, could be used to try to support an overvalued currency. If you support an overvalued currency when the music's over the peso is likely to be weaker than it is now, and that's going to make it harder for them to pay us back the dollars they owe us." JUAN PEREZ, DIRECTOR OF TRADING, MONEX USA, WASHINGTON: "It makes sense for the Argentinian peso to jump as it has after a currency swap of $20 billion to alleviate the financial crisis Argentina is going through. And this goes along with the U.S. administration's policy of aiding those who are aligning with its agenda on trade, diplomacy, and other American interests. It seems some headlines are suggesting though that Argentina may not see a direct impact on the real economy. There are also doubts regarding the Argentine President Milei's ability to get things accomplished regardless of the aid as his popularity and effectiveness seem to be waning." EDUARDO ORDONEZ BUESO, EMERGING MARKETS DEBT PORTFOLIO MANAGER, BANKINVEST "If they hadn't come through with a promise they made … we would be talking about a complete collapse of Argentina. When they first announced it markets rallied initially. But since then people were hungry for the details. We're just waiting for all the little dotting of the I’s and crossing of the T’s to get all the final details for people to feel comfortable and calm and stop challenging the exchange rates. "You can see less volatility every day and something more normal. The Argentinian authorities have been traveling to the U.S. the last few days, they much camped in Washington to finalize their conversations. So it's been the only driver of the of the valuations the last few days." JIM CRAIGE, CO-CHIEF INVESTMENT OFFICER AND HEAD OF EMERGING MARKETS, STONE HARBOR INVESTMENT PARTNERS "It matches pretty closely with expectations. I didn't think the US Treasury would be directly buying pesos, but the peso is responding accordingly. (Bessent) said he was going to do something and do something significant, and they really have. All very positive from a pricing standpoint." https://www.reuters.com/world/americas/view-us-purchased-argentine-pesos-after-finance-officials-meet-bessent-says-2025-10-09/

2025-10-09 20:29

TSX ends down 0.8% at 30,269.98 Posts lowest closing level since last Thursday Materials sector loses 2.8% as gold pulls back Consumer discretionary ends 1.2% lower TORONTO, Oct 9 (Reuters) - Canada's main stock index fell to a one-week low on Thursday as a pullback in the price of gold weighed on metal mining stocks and ahead of domestic jobs data that could offer clues on prospects for additional interest rate cuts by the Bank of Canada. The S&P/TSX composite index (.GSPTSE) , opens new tab ended down 232.01 points, or 0.8%, at 30,269.98, its lowest closing level since last Thursday and its biggest decline since August 1. Sign up here. Still, the index has advanced 22.4% since the start of the year and posted a record closing high as recently as Monday. Wall Street also ended lower as the market consolidated some recent gains ahead of third-quarter earnings season. The Toronto market's materials sector (.GSPTTMT) , opens new tab, which includes fertilizer companies and metal mining shares, lost 2.8% as gold dipped below the $4,000/oz milestone breached for the first time in the previous session. "Keep in mind, the materials sector has driven a good chunk of the outperformance of the TSX this year," said Devin Cattelan, a portfolio manager at Verecan Capital Management. "So it is temporary ... Our philosophy is you can't ever really ever take too much away from a couple of days of market movements." Industrials (.GSPTTIN) , opens new tab fell 1.1% and consumer discretionary (.GSPTTCD) , opens new tab was down 1.2%. Shares of auto parts manufacturer Magna International (MG.TO) , opens new tab declined 3.1%. Among the sectors that gained ground was technology (.SPTTTK) , opens new tab. It rose 0.8%, adding to the previous session's strong gains. Canada's employment report for September, due on Friday, is expected to show the economy adding 5,000 jobs and the unemployment rate increasing to 7.2%. Investors are leaning toward an interest rate cut at the BoC's next policy announcement on October 29, after the central bank eased rates last month for the first time since March to support the economy. 0#CADIRPR , opens new tab https://www.reuters.com/business/tsx-futures-flat-investors-await-powells-comments-2025-10-09/

2025-10-09 20:25

LONDON, Oct 9 (Reuters) - Citi said on Thursday it was going long into Argentina's BONTE 30 bonds following intervention by the U.S. Treasury to shore up the country's currency, adding it saw room for local assets to continue gains ahead of a key legislative vote. "Markets rally not only on the possible future announcement, but on the news that U.S. Treasury intervention has begun," Citi's Ivan Riveros said in a note to clients, noting that the upcoming midterm elections on October 26 still pose a risk. Sign up here. Citi was betting on Argentina's BONTE 30s, the note said, referring to a 30-month note denominated in pesos but subscribed in U.S. dollars. "While local markets will remain vulnerable to the mid-term election risk, the U.S. Treasury intervention means there will be room for local assets to continue decompressing risk prior to October’s elections," Citi said. https://www.reuters.com/world/americas/citi-is-going-long-argentina-bonte-30-after-us-treasury-intervention-2025-10-09/