2025-10-08 15:22
Traders estimate Treasury has sold $2 billion in recent sessions 75% of hard currency from export scheme sold off -consultancy Soy sales to China brought in cash but raised ire of US farmers BUENOS AIRES, Oct 8 (Reuters) - Argentina's Treasury is rapidly depleting its dollar reserves to defend the peso, straining financial markets on Wednesday as funds from a special deal with agricultural exporters run low weeks before midterm elections. Traders estimate the Treasury, under the Economy Ministry, has sold around $2 billion in recent sessions to support the weakening peso. The ministry does not publicly report its market operations. Sign up here. The interventions have rapidly depleted the Treasury's hard currency holdings. According to a report from Portfolio Personal Inversiones, dollar deposits held at the central bank plunged from $1.44 billion last Friday to just $680 million, leaving only "a few more days" of intervention capacity at the current pace. The Treasury has now sold off over three-quarters of the hard currency it raised from the export scheme, according to consultancy Wise Capital. Late last month, the government suspended export taxes on grains and their byproducts. Within a few days, traders committed to selling some $7 billion worth of crops, largely soybeans to China. Cash poured in, but the deal has stoked tensions with Washington, as U.S. farmers have been frozen out of the Chinese market due to a tariff standoff. The pressure is mounting ahead of Argentina's legislative elections on October 26, seen as a crucial test for libertarian President Javier Milei's administration. In a bid to calm markets, Economy Minister Luis Caputo is in Washington negotiating a potential $20 billion currency swap , opens new tab deal. An announcement could follow a planned meeting between Milei and U.S. President Donald Trump next week. IMF Managing Director Kristalina Georgieva told Reuters the fund is working closely with the U.S., the World Bank and the Inter-American Development Bank to develop an aid package for Argentina. On Wednesday, the wholesale peso held at 1,430 per dollar, but the parallel rate used for moving money abroad climbed to 1,556 per greenback, widening the exchange-rate gap to nearly 9%. The consensus among economists is that the current intervention strategy is a temporary bridge until the election. A new, freer foreign-exchange regime is widely expected afterward, with its implementation dependent on the election results and securing U.S. financial support. In asset markets, sovereign bond prices fell by an average of 1%. In contrast, the S&P Merval stock index (.MERV) , opens new tab reversed early losses to close up 1.42%. Meanwhile, shares in aluminum producer Aluar (ALUAm.BA) , opens new tab jumped 2.93% after the government temporarily suspended export tariffs on the metal. https://www.reuters.com/business/finance/argentine-treasury-struggles-contain-peso-slide-awaits-us-support-2025-10-08/
2025-10-08 12:46
LISBON, Oct 8 (Reuters) - The U.S. government shutdown hasn't significantly disrupted domestic commercial flights nor has it stopped the recruitment of new air traffic controllers, Willie Walsh, director general of airline lobby group IATA said on Wednesday. "There were no significant impacts to date. I would say there wasn't any major damage," Walsh said at the World Aviation Festival in Lisbon. Sign up here. On Monday, the Federal Aviation Administration (FAA) said that staffing issues were causing delays at several airports, including Newark and Denver. During a 35-day shutdown in 2019 the FAA was forced to slow air traffic in New York, which put pressure on lawmakers to quickly end the standoff. Some 13,000 air traffic controllers are set to miss their first paycheck on October 14 but must still turn up for work during the shutdown despite not being paid, along with about 50,000 Transportation Security Administration officers. One positive from the shutdown was that it hasn't stopped the recruitment of new air traffic controllers, Walsh said. "That's a significant change from past events and a very positive development. So hopefully we'll see this issue resolved quickly," he said. On a global scale IATA continues to see strong demand from passengers and for cargo, he said. It forecasts passenger traffic growth to decelerate to 5.8% year-on-year in 2025, from 10.6% in 2024. Year-to-date it was 5%. https://www.reuters.com/business/aerospace-defense/us-shutdown-not-creating-significant-flight-disruptions-iatas-chief-says-2025-10-08/
2025-10-08 12:40
Ukrainian drones have damaged Russian oil infrastructure Gasoline shortages reported in several regions Russia's oil output rose to 9.173 million bpd in August MOSCOW, Oct 8 (Reuters) - Russia has been gradually raising its oil production and was close last month to meeting the output quota agreed by the OPEC+ group of leading oil producers, Deputy Prime Minister Alexander Novak said on Wednesday, the Interfax news agency reported. Russia's energy sector has been under serious strain in the past two months due to a wave of Ukrainian drone attacks on its oil and gas infrastructure, mainly targeting oil refineries. Sign up here. The attacks, along with disruption to logistics chains, have led to shortages of some popular types of gasoline in several regions, prompting the government to extend a gasoline export ban and declare a partial ban on diesel exports. Novak was cited as saying that there was no need to further restrict diesel exports and that domestic oil refineries had increased fuel production. "Overall, there is a balance between supply and demand. And today, we're addressing any logistical issues that arise as usual. So, there are no major problems," Novak was quoted as saying when discussing domestic fuel supplies. The Organization of the Petroleum Exporting Countries and its allies, led by Russia, a group known as OPEC+, have been unwinding previously agreed oil production cuts to regain market share from rivals such as U.S. shale producers. According to OPEC, Russian oil production increased in August to 9.173 million barrels per day, up 50,000 bpd from July. Russia's OPEC+ production quota stood at 9.415 million bpd in September. No last-month production data has been available. https://www.reuters.com/business/energy/russia-has-been-gradually-increasing-its-oil-output-deputy-pm-novak-says-2025-10-08/
2025-10-08 12:37
Oct 8 (Reuters) - The Reserve Bank of India (RBI) on Wednesday launched a retail sandbox for its central bank digital currency (CBDC), allowing fintech firms to build and test solutions as part of the ongoing pilot, Suvendu Pati, chief general manager at the Reserve Bank of India, said. The RBI's first retail e-rupee pilot, its version of a CBDC, began on December 1, 2022. Sign up here. Total CBDC users in India are about 7 million. https://www.reuters.com/world/india/indias-central-bank-launches-digital-currency-retail-sandbox-2025-10-08/
2025-10-08 12:30
Oct 8 (Reuters) - NextDecade said on Wednesday CFO Brent Wahl will step down on October 20 to join a digital infrastructure company and will be replaced by the U.S. liquefied natural gas producer's senior vice president, Mike Mott, on an interim basis. Wahl, who has served as NextDecade's CFO since 2021, will continue in a consulting capacity through the end of the year to support a smooth transition, the company said. Sign up here. NextDecade has launched a search for a permanent successor. Mott, who currently leads the company's enterprise transformation program, previously headed Carbon Solutions and corporate strategy at NextDecade. https://www.reuters.com/business/energy/nextdecade-cfo-brent-wahl-resigns-2025-10-08/
2025-10-08 12:20
BELGRADE, Oct 8 (Reuters) - The U.S. has postponed sanctions on Serbia's Russian-owned NIS (NIIS.BEL) , opens new tab oil company, which runs Serbia's only oil refinery, for one week until October 15, Belgrade-based Nova Ekonomija news portal reported on Wednesday, citing sources. The reported extension comes as the U.S. extended a license for Croatian oil pipeline operator JANAF (JANF.ZA) , opens new tab to transport crude to Serbia for another week, as it seeks to complete the delivery of contracted volumes, JANAF said on Wednesday. Sign up here. NIS did not respond to a request for comment. The U.S. imposed the sanctions on NIS in January, part of a wider move to isolate Russian energy assets. A series of waivers delayed the measures until October 9, when deliveries were finally expected to stop. But on Wednesday, JANAF said in a statement that the U.S. Treasury's Office of Foreign Assets Control (OFAC) extended it for another week upon JANAF's request. NIS is one of Russia's last remaining energy assets in Europe. Gazprom Neft (SIBN.MM) , opens new tab holds a 44.9% stake, and an investment unit of Gazprom (GAZP.MM) , opens new tab has around 11.3%. The Serbian government has 29.9%. While NIS says that in the near term it has enough stocks to supply the domestic market with oil and oil products, the sanctions will complicate longer term efforts to secure deliveries, experts said. JANAF, which transports crude from the Croatian coast to Serbia, said the license extension would allow it to carry out "activities that are customary and necessary for oil transportation, with the aim of completing all activities undertaken under the previously mentioned crude oil transportation contract by October 15." The next crude cargo set to arrive at Croatia's Omisalj for transport through the JANAF network to NIS is the tanker Maran Helios, carrying approximately 1 million barrels of Kazakh crude oil. It is due to arrive overnight on 8-9 October, according to a person familiar with the matter. https://www.reuters.com/business/energy/us-postpones-sanctions-serbias-russian-owned-nis-oil-company-one-week-2025-10-08/
