2025-10-07 07:04
MUMBAI, Oct 7 (Reuters) - India will allow users to approve payments made through popular domestic payments network, the Unified Payments Interface, using facial recognition and fingerprints starting October 8, three sources directly familiar with the matter said on Tuesday. Authentications will be done using biometric data stored under the Government of India's unique identification system - Aadhar, one of the sources said. Sign up here. The move follows recent guidelines from the Reserve Bank of India permitting alternative methods of authentication and will mark a departure from the current system, which requires a numeric PIN for payment authentication. The National Payments Corporation of India, which operates UPI, plans to showcase this new biometric feature at the ongoing Global Fintech Festival in Mumbai, the sources said on condition of anonymity as they are not authorised to speak to the media. NPCI did not immediately respond to a Reuters' request for comment. https://www.reuters.com/world/india/india-roll-out-biometric-authentication-instant-digital-payments-wednesday-2025-10-07/
2025-10-07 07:02
JAKARTA, Oct 7 (Reuters) - Indonesia's mining ministry has issued a new regulation that shortens the validity of mining production quotas to one year from three years, a move intended to offer the government more control over output levels and support commodity prices. The change will be effective immediately, the ministry said when it published the regulation on Tuesday. Quotas for 2025 remain valid but miners will need to re-apply for quotas previously issued for 2026 and 2027. Sign up here. The plan to change the quota system was announced in July by Bahlil Lahadalia, the mining minister, who said it would help control the country's mining output and support prices of commodities such as coal and nickel. Nickel miners group APNI had called on the government to maintain the validity of the quotas at three years to ensure a consistent business climate. https://www.reuters.com/world/asia-pacific/indonesia-cuts-mining-quota-validity-one-year-2025-10-07/
2025-10-07 06:46
COPENHAGEN, Oct 7 (Reuters) - Danish offshore wind developer Orsted (ORSTED.CO) , opens new tab maintains a plan to complete its offshore Sunrise Wind project in the United States in the second half of 2027, the company's CEO Rasmus Errboe told reporters on Tuesday. Orsted has meanwhile fully resumed work on the 80% complete U.S. Revolution Wind project, after a federal judge last month lifted a work-stop order the company had received from the administration of President Donald Trump in August. Sign up here. Orsted still expects Revolution Wind to be operational by the second quarter of 2026, Errboe said. https://www.reuters.com/business/energy/offshore-wind-developer-orsted-still-plans-us-sunrise-wind-project-h2-2027-2025-10-07/
2025-10-07 06:44
OPEC+ to raise output by 137,000 bpd in November Oversupply outlook keeps prices in check US crude stocks rose, fuel inventories fell, according to API HOUSTON, Oct 7 (Reuters) - Oil prices steadied on Tuesday as investors weighed a smaller-than-expected increase to OPEC+ output in November against signs of a potential supply glut. Brent crude futures settled down 2 cents, or 0.03%, to $65.45 a barrel. U.S. West Texas Intermediate crude was up 4 cents, or 0.06%, to $61.73. Sign up here. Both contracts settled more than 1% up in the previous session after the Organization of the Petroleum Exporting Countries plus Russia and some smaller producers, together known as OPEC+, decided to increase collective oil production by 137,000 barrels per day, starting in November. The move was in contrast to market expectations for a more aggressive increase, a sign that the group remains cautious in light of predictions for a global supply surplus in the fourth quarter as well as next year, said ING analysts. Market sentiment remains subdued, in particular after Saudi Arabia opted to keep the official selling price of its flagship crude to Asia unchanged, defying analyst expectations for an increase, StoneX analyst Alex Hodes said in a note on Tuesday. The Abu Dhabi National Oil Company has set the November official selling price of its benchmark Murban crude at $70.22 a barrel, it said on Tuesday, up from October's OSP of $70.10. On the demand side, India's fuel demand rose 7% year-on-year in September, according to data from the Petroleum Planning and Analysis Cell of the country's Oil Ministry. On the supply side, U.S. oil production is expected to hit a larger record of 13.53 million bpd this year, up from a prior forecast of 13.44 million bpd, the Energy Information Administration said on Tuesday. Global oil inventories are also expected to rise through next year as non-OPEC+ countries lead oil output growth, according to the EIA, putting significant downward pressure on commodity prices in the months ahead. JPMorgan said global oil inventories, including crude stored on water, have risen every week in September, adding 123 million barrels during the month. In the U.S., crude stocks rose while gasoline and distillate inventories fell last week, market sources said, citing American Petroleum Institute figures on Tuesday. Crude stocks rose by 2.78 million barrels in the week ended October 3, the sources said on condition of anonymity. Gasoline inventories fell by 1.25 million barrels, while distillate inventories dropped by 1.82 million barrels, the sources said. China is building oil reserve sites at a rapid clip as part of a campaign to boost stockpiles, according to public data, traders and industry experts. Geopolitical factors have kept a floor under prices, with conflict between Russia and Ukraine affecting energy assets and creating uncertainty over Russian crude supply. Russia's Kirishi oil refinery halted its most productive distillation unit after a drone attack and subsequent fire on October 4, with recovery likely to take about a month, two industry sources said on Monday. https://www.reuters.com/business/energy/oil-steady-market-chews-over-opec-output-hike-supply-glut-fear-2025-10-07/
2025-10-07 06:40
Gold hits all-time high of $3,977.19/oz Bullion may reach $4,300/oz over next 6 months, analyst says China's central bank extends gold buying for 11th month Oct 7 (Reuters) - Gold prices touched another record high on Tuesday, driven by strong investment demand amid broader geopolitical and economic uncertainty, with additional support from expectations of further U.S. interest rate cuts. Spot gold held its ground at $3,959.82 per ounce by 1111 GMT, after hitting an all-time high of $3,977.19 earlier in the session. Sign up here. U.S. gold futures for December delivery were up 0.2% at $3,983.10. "Strong ETF demand remains key, driven by 'FOMO' and eroding trust in traditional safe havens," said Ole Hansen, head of commodity strategy at Saxo Bank, adding that ongoing central bank demand and lower funding costs were also supporting bullion. The White House on Monday eased back on President Donald Trump's claim that layoffs of government employees were underway due to the ongoing shutdown but warned that job losses could occur as the impasse entered its seventh day. The shutdown has postponed the release of key economic indicators, forcing investors to rely on secondary, non-government data to gauge the timing and extent of Fed rate cuts. Markets continue to price in a 25 basis-point cut at this month's meeting and a similar-sized reduction in the December meeting. USDIRPR/ Non-yielding gold thrives in a low interest rate environment and during economic uncertainty. Gold has climbed 51% so far this year on sizable central bank buying, increased demand for gold-backed exchange-traded funds, a weaker dollar and growing interest from retail investors seeking to hedge amid rising trade and geopolitical tensions. "I see gold reaching $4,300/oz over the next 6 months. As the USD is expected to continue to depreciate," with the overall macro and geopolitical scenario positive for gold price appreciation, said Michael Langford, chief investment officer at Scorpion Minerals. Goldman Sachs on Monday raised its December 2026 price forecast for gold to $4,900 per ounce from $4,300. China's central bank added gold to its reserves in September for the 11th straight month, data from the People's Bank of China showed. Meanwhile, political upheaval in Japan and France gripped currency and bond markets for a second day running on Tuesday. Elsewhere, spot silver was down 0.2% at $48.43 per ounce, platinum fell 1% to $1,611.56 and palladium was steady at $1,320.06. https://www.reuters.com/world/india/gold-all-time-high-safe-haven-demand-fed-rate-cut-bets-2025-10-07/
2025-10-07 06:39
LONDON, Oct 7 (Reuters) - Shell (SHEL.L) , opens new tab expects a $600 million hit in the third quarter from abandoning its biofuels project in Rotterdam, it said on Tuesday while flagging higher liquefied natural gas production and better gas trading results. Shell had approved development of the 820,000 metric tons per year biofuels plant in 2021, but paused construction last year and scrapped it entirely last month because it would not have been competitive. Sign up here. The company raised its third-quarter outlook for LNG production to a range of 7 million to 7.4 million metric tons and it expects trading results to be significantly higher in its integrated gas division, it said in a quarterly trading update released on Tuesday. Shell previously expected LNG production of about 6.7 million to 7.3 million tons, the oil major said in July, compared to 6.7 million tons in the second quarter. Lower gas trading results and lower oil prices weighed on Shell's second quarter net profit, which dropped by about a third. Shell, which is looking to find new partners or to sell some of its chemicals assets, expects its chemicals division to record a loss in the quarter. It also flagged a $200 million to $400 million hit from the "rebalancing of participation interests" in its Brazilian Tupi field. Shell sees its indicative refining margin in the third quarter rising to $11.6 per barrel from $8.9 in the previous three months. Global benchmark Brent crude prices averaged around $68 a barrel during the July-to-September quarter, compared with $67 in the second quarter and $79 in the same period of last year. https://www.reuters.com/business/energy/shell-expects-600-million-hit-rotterdam-biofuels-project-cancellation-2025-10-07/
