2025-10-05 05:54

Oct 5 (Reuters) - Bitcoin, the world's largest cryptocurrency by market value, hit a record high on Sunday and was up nearly 2.7% at $125,245.57 at 0512 GMT. Bitcoin's previous record was $124,480 in mid-August, buoyed by friendlier regulations from U.S. President Donald Trump's administration and strong demand from institutional investors. Sign up here. The cryptocurrency had risen on Friday for an eighth straight session, bolstered by recent gains in U.S. equities and inflows into bitcoin exchange-traded funds. In contrast, the U.S. dollar retreated on Friday, posting multi-week losses against major currencies, as uncertainty surrounding a U.S. government shutdown clouded the outlook and delayed key data releases, such as payrolls, critical for gauging the economy's direction. https://www.reuters.com/world/asia-pacific/bitcoin-hits-all-time-high-above-125000-2025-10-05/

2025-10-05 05:28

Rescue efforts in Nepal are ongoing, officials say In West Bengal in India, seven dead due to landslides, local media report Several roads blocked in Nepal and bordering areas KATHMANDU, Oct 5 (Reuters) - Heavy rains triggered landslides and flash floods blocking roads, washing away bridges and killing at least 47 people since Friday in Nepal, officials said on Sunday. Thirty-five people were killed in separate landslides in the Ilam district in the east bordering India, said Kalidas Dhauboji, a spokesperson for the Armed Police Force. Sign up here. Nine people were missing after being washed away by floods and three others were killed in lightning strikes elsewhere in Nepal, he added. “Rescue efforts for the missing persons are going on,” said Shanti Mahat, a National Disaster Risk Reduction and Management Authority spokesperson in Nepal. Across the border in the eastern Indian hill region of Darjeeling in West Bengal, at least seven people were killed due to landslides following heavy rainfall, according to local media reports. "Seven dead bodies have already been recovered from the debris. We have information about two more people. Work is being done to recover their bodies too," Abhishek Roy, a Darjeeling district police official said on Sunday, according to a post from Indian news agency ANI on social media platform X. Several highways have been blocked by landslides and washed away by floods, stranding hundreds of passengers, authorities said. "Domestic flights are largely disrupted but international flights are operating normally,” said Rinji Sherpa, a spokesperson for Kathmandu airport, Nepal's biggest international gateway. In southeastern Nepal, the Koshi River, which causes deadly floods in the eastern Indian state of Bihar almost every year, was flowing above the danger level, a district official said. Dharmendra Kumar Mishra, district governor of Sunsari district, said all 56 sluice gates of the Koshi Barrage had been opened to drain out water compared with about 10 to 12 during a normal situation, adding that authorities had banned vehicular traffic on the bridge. In hill-ringed Kathmandu, several rivers have flooded roads and inundated many houses, cutting the temple-studded capital off from the rest of the country by road. Hundreds of people die every year in landslides and flash floods that are common in mostly mountainous Nepal during the monsoon season, which normally starts in mid-June and continues through mid-September. Weather officials said rains were likely to lash the Himalayan nation until Monday and authorities said they were taking “maximum care and precautions” to help people affected by the disaster. https://www.reuters.com/business/environment/heavy-rains-kill-least-22-nepal-block-roads-2025-10-05/

2025-10-05 04:42

Takaichi win reduces chance of Oct BOJ rate hike, analysts say Takaichi government unlikely to squelch rate hikes altogether Japan needs demand-driven inflation, Takaichi says 'Abenomics' acolyte Takaichi more dovish than predecessors Delaying rate hike too long could unleash unwelcome yen fall TOKYO, Oct 5 (Reuters) - With Sanae Takaichi set to become Japan's prime minister, advancing expansionist economic policies, chances have risen that the central bank will avoid raising interest rates this month, though the pause may not last if it batters the yen. Takaichi, likely to become Japan's first female leader next week after winning the presidency of the ruling party on Saturday, stood out in the race as the only proponent of big spending and loose monetary policy. Sign up here. Parliament is expected to vote the conservative nationalist in as premier on October 15 since her Liberal Democratic Party is the largest in parliament, though this is not assured as the LDP's coalition lost its majorities in both houses under her predecessor, Shigeru Ishiba. NEW LEADER COMPLICATES BOJ RATE HIKES Upon winning the race, Takaichi made clear the government will take the lead in setting fiscal and monetary policy - and that her priority would be to reflate demand and the broader economy. Describing recent price rises as driven by higher raw-material costs, Takaichi warned it was premature to declare victory over deflation as companies start to feel the pain from President Donald Trump's U.S. tariffs. "What would be best would be to achieve demand-driven inflation, where wages would rise and drive up demand, which in turn causes moderate price rises that boost corporate profits," she told a press conference after her victory. Her ascension makes it more likely the Bank of Japan will refrain from raising rates on October 30, analysts say. "Takaichi is not seen as supportive of interest rate hikes, which could make it more difficult for the BOJ to proceed with tightening," said Kazutaka Maeda, an economist at Meiji Yasuda Research Institute. "While rate hikes may not be ruled out entirely, the central bank could adopt a more cautious and gradual approach," he said, adding the next increase may be delayed until early next year. Some analysts, however, doubt whether Takaichi will push back too hard against the BOJ's plan for slow, moderate tightening as inflation - rather than Japan's long-time curse of deflation - is now the bigger economic problem, costing Ishiba's LDP a huge election loss in July. The BOJ ended decades of massive stimulus last year, raising its policy rate to 0.5% in January on the view Japan was on the cusp of durably achieving its 2% inflation target. Before Takaichi's victory, markets were pricing in more than a 60% probability of a rate hike this month, with inflation above target for more than three years, a hawkish board split at the September policy meeting and calls for a near-term rate hike by a dovish policymaker. But Governor Kazuo Ueda kept markets guessing last week, warning of global uncertainties that could discourage firms from raising wages. "Ueda appeared to be in no rush hiking interest rates anyway. Takaichi's win will make it even more likely the BOJ will take a wait-and-see mode and hold off raising rates in October," said Mari Iwashita, executive rates strategist at Nomura Securities. At the same time, former central bank official Nobuyasu Atago said, "The BOJ faces a new challenge of creating a channel of trust and communication with Takaichi's administration, which might take some time." 'THINGS HAVE CHANGED' SINCE ABE Takaichi has been a vocal advocate of "Abenomics", a hefty mix of government spending and monetary stimulus deployed by her mentor, then-premier Shinzo Abe, to pull Japan out of deflation and ease the pain of a surging yen on the export-reliant economy. Although she has toned down comments such as calling last year's rate hike "stupid", Takaichi has retained ties with reflationist-minded lawmakers and economists who advise her on policy. Her stance contrasts with that of Ishiba and his predecessor Fumio Kishida, who nodded to the BOJ's efforts to roll back stimulus as accelerating food inflation - partly caused by higher import costs from a weak yen - hit households. With markets fully pricing in another rate increase by early next year, delaying a hike for too long could unleash sharp yen falls that would boost import prices, exacerbating inflation. Some investors expect Takaichi's win to push the dollar, now around 147 yen, above 150 yen - a level of yen weakness that drew verbal warnings from Japanese authorities in the past. "Given her reflationist streak, there's a chance Takaichi could meddle in monetary policy," said former BOJ board member Takahide Kiuchi, who expects no rate hike this month. "But I don't think her administration would force the BOJ to overhaul its rate-hike plans altogether, unless the U.S. economy weakens significantly." Diplomatic considerations could also affect Takaichi's stance on monetary policy, some analysts say. The Trump administration, which favours a weaker dollar to boost U.S. exports, has signalled displeasure over the yen's softness, with Treasury Secretary Scott Bessent saying in August the BOJ was "behind the curve" in tackling inflation. Trump is expected to visit Japan this month, with some media reporting he could arrive days before the BOJ's October 29-30 meeting. "In the past the yen was strong, so low interest rates were acceptable. Now that higher inflation is causing difficulties, it's probably harder for Takaichi to criticise monetary policy as much as before," said Tomohisa Ishikawa, chief economist at Japan Research Institute. "Things have changed from when Takaichi used to work together with Abe." https://www.reuters.com/world/asia-pacific/takaichi-win-japan-leader-may-delay-not-derail-boj-rate-hikes-2025-10-05/

2025-10-05 04:22

Oct 5 (Reuters) - Saudi Arabia's non-oil private sector expanded at its fastest pace in six months in September, driven by a surge in new orders and increased output, a survey showed on Sunday. The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index (PMI) climbed to 57.8 in September from 56.4 in August, indicating the strongest improvement in operating conditions since March. Sign up here. New orders saw a marked increase, with firms benefiting from strong market conditions, new customer acquisitions, and competitive pricing. This led to a rise in new work from international clients for the second consecutive month. Robust domestic and international demand helped the new order subindex jump to 63.3 in September from August's 60.1. Output growth experienced the quickest rate of increase since February. "Overall, September’s survey highlights a resilient private sector that is navigating cost pressures while benefiting from firm demand and steady hiring," said Naif Al-Ghaith, Riyad Bank's chief economist. Saudi Arabia's government is forecasting real GDP growth of 4.4% in 2025, with estimated non-oil sector growth of 5%, supported by increased domestic demand and improved rates of employment, according to a pre-budget statement. Employment growth remained strong in September, driven by higher demand and the need to manage workloads efficiently. Companies increased hiring steadily, although the related subindex saw a slight downward tick from the previous month. Input price inflation, driven by higher wages and supplier costs, edged down to a six-month low. Optimism for future activity improved, with firms confident about increased demand and upcoming large-scale infrastructure projects. https://www.reuters.com/world/middle-east/saudi-arabias-non-oil-private-sector-growth-strongest-six-months-pmi-shows-2025-10-05/

2025-10-04 19:23

Oct 4 (Reuters) - Chevron (CVX.N) , opens new tab said on Saturday that it will be making operational adjustments to its 285,000 barrel-per-day El Segundo refinery to meet Southern California's fuel demands after a large fire erupted on Thursday night at the refinery. The El Segundo refinery is the second-largest in California and Chevron's second-biggest refinery in the United States. The facility supplies a fifth of all motor vehicle fuels and 40% of the jet fuel consumed in Southern California. Sign up here. An unplanned flare event occurred at the El Segundo refinery on Saturday following the extinguishing of the fire. "Future intermittent flaring is a possibility as these operational adjustments occur," a Chevron spokesperson said. https://www.reuters.com/business/energy/chevron-make-adjustments-los-angeles-refinery-following-large-fire-2025-10-04/

2025-10-04 17:11

QUITO, Oct 4 (Reuters) - Ecuador's government has revoked the environmental license granted to Canadian mining company DPM Metals (DPM.TO) , opens new tab for the development of Loma Larga, a gold project in an environmentally sensitive area, the government said on Saturday. The decision follows strong opposition from residents and local authorities in Azuay province, where Loma Larga is located, who argue that its development would affect the Quimsacocha water reserve, posing significant health risks to local communities. Sign up here. Ecuador's Environment and Energy Ministry said in a statement the decision resulted from technical reports submitted by authorities in Cuenca and Azuay that are responsible for the area's drinking water and irrigation systems. "The national government reaffirms its commitment to the rights of nature, the defense of water sources, and, under the precautionary principle, the protection of the health and well-being of the people of Cuenca and Azuay," it said. Cuenca Mayor Cristian Zamora, one of the leading voices opposing the mine, spoke at a public event thanking the authorities for listening and revoking the license for the project that he said would seriously threaten levels of water available for local residents. "It has been a decades-long struggle," he said. DPM, which acquired the project in 2021, did not immediately respond to a request for comment. The Loma Larga project was expected to receive investments of $419 million for an average annual production of about 200,000 ounces of gold during its first five years of operation, according to DPM. In August, the Ecuadorean government had already suspended activities related to the project until the company released an environmental management plan, despite having granted it a license a month earlier to begin construction. Despite having significant gold and copper deposits, Ecuador has halted mining projects due to recent legal rulings and local opposition. Currently, only two mining companies operate in the country. The Quimsacocha Reserve spans more than 3,200 hectares and encompasses the Andean "paramo" ecosystem, a type of highland moor. Its springs form one of the main water sources in the South American country. https://www.reuters.com/sustainability/climate-energy/ecuador-revokes-environmental-license-canadas-dpm-develop-gold-project-2025-10-04/