2025-09-24 03:07

MUMBAI, Sept 24 (Reuters) - The Indian rupee is poised to hit another all-time low at open on Wednesday as the fallout from the U.S. H-1B visa fee hike, coupled with weakness in other Asian currencies, compounds pressure on the currency. The 1-month non-deliverable forward indicated the rupee will open in 88.85-88.90 range versus the U.S. dollar, dipping past the record low of 88.7975 hit on Tuesday. Sign up here. The rupee on Tuesday suffered its steepest one-day drop in a month. The currency has been under sustained pressure from hefty U.S. tariffs on Indian goods, and sentiment worsened further after Washington raised H-1B visa fees, which could disrupt the deployment of Indian IT talent to the U.S., potentially slowing IT services export growth. Analysts at Emkay Global warn that this could drag IT services export growth below 4% in fiscal year 2026, down from an earlier projection of 5%. Further, the higher fees could lead fewer Indian professionals to take up U.S. assignments, potentially reducing remittance inflows. "I reckon that the visa fee hike by itself is not responsible" for the rupee's decline, said a Mumbai-based currency trader at a bank. It is an incremental headwind, "layering onto an already vulnerable" rupee and amplifying existing downside pressures rather than the main catalyst, he said. WEAK ASIAN CUES The rupee is set to face added headwinds on Wednesday amid a mildly souring risk sentiment. Slippage in other Asian currencies is intensifying the pressure, making it harder for the rupee to mount a recovery. U.S. equities fell on Tuesday, with most Asian shares following suit, while regional currencies slipped. Market attention remains squarely on the Federal Reserve and how many more rate cuts it may deliver later this year. Fed Chair Jerome Powell said on Tuesday that the central bank must continue weighing the competing risks of persistent inflation against a softening labour market in its upcoming interest rate decisions. https://www.reuters.com/world/india/rupee-heads-all-time-low-fallout-us-visa-fee-hike-persists-2025-09-24/

2025-09-24 00:41

Kurdistan, Chevron export issues supporting oil prices API data shows U.S. crude and gasoline stocks fell last week Iran says crude sales to China should continue irrespective of UN sanctions snap-back LONDON, Sept 24 (Reuters) - Oil prices rose over 1% on Wednesday as an industry report showed U.S. crude inventories declined last week, adding to a sense in the market of tightening supplies amid export issues in Kurdistan and Venezuela and disruptions to Russian supplies. Brent futures were up 77 cents, or 1.1%, to $68.40 a barrel at 1215 GMT. U.S. West Texas Intermediate crude futures were up 75 cents, or nearly 1.2%, to $64.16. Sign up here. "The market is expecting supply excess and stock builds globally in the last quarter of the year, but the focus recently has shifted back to Eastern Europe and the possible introduction of fresh sanctions on Russia," said PVM Oil Associates analyst Tamas Varga. The stalled resumption of Kurdish oil exports along with Chevron's curbed oil exports from Venezuela due to U.S. permit issues added to short-term bullishness in the market, he added. Both benchmarks climbed by more than $1 a barrel on Tuesday as a deal to resume exports from Iraq's Kurdistan stalled, halting pipeline shipments of what would have been 230,000 barrels per day of oil from the region to Turkey, as two key producers asked for debt repayment guarantees. Pipeline flows have been stopped since March 2023. Meanwhile, U.S. President Donald Trump on Tuesday said he believed Ukraine could retake all the territory captured by Russia, marking a sudden rhetorical shift in Ukraine's favour. The Trump administration earlier this month urged European Union countries to phase out Russian oil and gas more quickly. Russia is seeing shortages of certain fuel grades as Ukrainian drone attacks reduce refinery runs, according to traders and retailers, after Ukraine stepped up drone attacks on energy infrastructure to reduce Moscow's export revenues. Iran's oil minister Mohsen Paknejad said "new burdensome restrictions" on Iran's oil sales wouldn't be added and sales to China would continue, as Tehran and European powers struggle to reach a deal to prevent the return of U.N. sanctions this week. American Petroleum Institute figures showed U.S. crude and gasoline stocks fell, while distillate stocks rose last week, according to market sources, citing API data. Official U.S. government energy data is due on Wednesday. A Reuters poll of eight analysts ahead of the inventory data, however, estimates that crude oil and gasoline stockpiles rose in the week to September 19 while distillate inventories likely fell. Overall, the global oil market is bracing for elevated supply and slowing demand. In its latest monthly report, the International Energy Agency said world oil supply would rise more rapidly this year and a surplus could expand in 2026. https://www.reuters.com/business/energy/oil-rises-us-crude-stockpile-drop-adds-sense-tighter-supply-2025-09-24/

2025-09-23 23:59

Sept 24 - Anson Resources (ASN.AX) , opens new tab signed on Wednesday an offtake deal with South Korea's LG Energy Solution (373220.KS) , opens new tab for battery-grade lithium carbonate supply from the Australian miner's project within the Paradox Basin in southern Utah. Under the agreement, the South Korean battery manufacturer will acquire up to 4,000 dry metric tons annually of lithium carbonate, with supply anticipated to commence in 2028, featuring an initial five-year term with a potential five-year extension. Sign up here. The deal represents nearly 40% of the project's start-up production capacity, estimated at around 10,000 tons annually, with the partnership anticipated to support Anson's debt funding efforts at the final investment decision stage. "This definitive offtake agreement establishes the foundation for a long-term partnership and we are proud that we will be supplying low-cost U.S.-made lithium from the Paradox Basin to LG Energy Solution," said Anson's CEO, Bruce Richardson. Lithium carbonate serves lithium iron phosphate battery production, with electric vehicle sales utilizing these batteries experiencing acceleration across China. https://www.reuters.com/business/energy/anson-resources-lg-energy-solution-sign-five-year-lithium-offtake-deal-2025-09-23/

2025-09-23 23:54

Flood from overflowing barrier lake kills 14, 152 missing Taiwan hit by outer bands of Super Typhoon Ragasa Rescuers rush to disaster zone in mountainous east Taiwan's semiconductor industry not affected HUALIEN, Taiwan, Sept 24 (Reuters) - Residents in an eastern Taiwan town where flooding from a strong typhoon killed 14 people took to shelters on Wednesday fearing further disaster, as Premier Cho Jung-tai called for an inquiry into what went wrong with evacuation orders. Sub-tropical Taiwan, frequently hit by typhoons, normally has a well-oiled disaster mechanism that averts mass casualties by moving people out of potential danger zones quickly. Sign up here. But many residents in Guangfu, an inundated town in the beauty spot of Hualien thronged by tourists, said there was insufficient warning when the lake overflowed during Tuesday's torrential rains brought by Super Typhoon Ragasa. Cho said the immediate priority was to find the 129 still missing - a number that climbed to 152 after he spoke - but questions remained. "For the 14 who have tragically passed away, we must investigate why evacuation orders were not carried out in the designated areas," he told reporters in Guangfu. "This is not about assigning blame, but about uncovering the truth." The barrier lake, formed by landslides triggered by earlier heavy rain in the island's sparsely populated east, burst its banks to send a wall of water into Guangfu. As heavy rain continued on and off in Hualien, police cars sounded sirens for a new flood warning in Guangfu on Wednesday, sending people scrambling for safer areas as residents and rescuers shouted, "The flood waters are coming, run fast." "We will not return until the overflow is finished or the risk of it bursting is reduced. It's too dangerous," said a woman who gave her family name as Tsai from a packed emergency shelter in an elementary school. Deputy disaster command centre chief Huang Chao-chin said with rainfall easing and much of the water from the lake already released, he did not expect a repeat of Tuesday's mass flooding. Lamen Panay, a Hualien councillor, said government evacuation requests before the flood had not been mandatory. Referring to guidance for people to head to higher floors, she said, "What we were facing wasn't something 'vertical evacuation' could resolve." Taiwan has been lashed since Monday by the outer rim of Typhoon Ragasa, which was downgraded from a super typhoon and is now hitting China's southern coast and the Asian financial hub of Hong Kong. LIKE A 'TSUNAMI' The water hit like a "tsunami", said Guangfu postman Hsieh Chien-tung, who was able to flee to the second floor of the post office just in time. Later, he got home to find his car had been swept into the living-room. Fire officials said all the dead and missing were in Guangfu, where the waters destroyed a major road bridge across a river. Regions across Taiwan have dispatched rescue teams to Hualien, with the military sending 340 troops to help. In Guangfu, soldiers operating from an armoured personnel carrier to keep clear of thick mud in the streets went door-to-door handing out water and instant noodles. Wrecked cars and scooters were littered around. About 5,200 people, or 60% of the population, sought shelter on the higher floors of their own homes while most of the rest left to stay with families, government data showed. The government said the overflow of the barrier lake released about 60 million tonnes of an estimated 91 million tonnes of water, enough to fill about 36,000 Olympic-sized swimming pools. China's Taiwan Affairs Office offered condolences, in a rare sign of goodwill from Beijing, which has a deep dislike of Taipei's government. China views Taiwan as its own territory, despite the strong objections of the island's democratically-elected government. Besides the wilderness beauty that makes it one of Taiwan's top tourist draws, Hualien is also home to many members of the island's indigenous groups, including the Amis. The typhoon brought about 70 cm (28 inches) of rain to Taiwan's east, though the populous west coast, home to the crucial semiconductor industry, was not affected. In 2009, Typhoon Morakot brought destruction to Taiwan's south, killing about 700 and causing damage of up to $3 billion. https://www.reuters.com/world/asia-pacific/14-dead-eastern-taiwan-after-typhoon-unleashes-flood-2025-09-23/

2025-09-23 23:48

17 people dead in Taiwan, 17 missing after lake overflows Roads, beaches, hotel flooded in Hong Kong Hundreds of south China flights cancelled, shelters open Ragasa to hit China's Guangdong Province HONG KONG/SHENZHEN, China, Sept 24 (Reuters) - Typhoon Ragasa, the world's most powerful tropical cyclone this year, struck the southern Chinese city of Yangjiang on Wednesday after killing 17 people in Taiwan and lashing Hong Kong with ferocious winds and heavy rains. The typhoon was tracking towards Maoming, one of China's biggest oil refining cities, in Guangdong province. Sign up here. In Taiwan, 17 people were missing in the eastern Hualien county after a barrier lake overflowed and sent a wall of water into a town, while Ragasa brought Hong Kong to a standstill. More powerful typhoons are likely to hit southern China due to climate change, said Benjamin Horton, dean of the School of Energy and Environment at the City University of Hong Kong, after a summer of record-breaking rainfall. "The weather experienced in Hong Kong this summer is only a taste of what is to come," Horton said. GUANGDONG GIVEN RED STORM SURGE WARNING Officials in Taiwan are used to moving people out of potential danger zones swiftly as the island is frequently hit by typhoons, but many residents in the tourist town of Guangfu said they were given insufficient warning when a lake overflowed during Tuesday's torrential rains brought by Ragasa. In Hong Kong, where huge waves crashed over areas of the Asian financial hub's eastern and southern shoreline, some roads and residential properties were submerged. At the Fullerton Hotel on the island's south, videos on social media showed seawater surging through glass doors. No injury has been reported, the hotel told Reuters. China's marine authority issued its highest red wave warning for the first time this year, forecasting storm surges of up to 2.8 metres (9 feet) in parts of Guangdong province, as Ragasa headed towards the densely populated Pearl River Delta. Ragasa formed over the Western Pacific last week. Fuelled by warm seas and favourable atmospheric conditions, the tropical cyclone rapidly intensified to become a Category 5 super typhoon on Monday with winds exceeding 260 kph (162 mph). It has since weakened, but was still powerful enough to bring down trees and power lines. "Authorities have taken lessons from Hato and Mangkhut, which both caused billions of dollars in damage in 2017 and 2018," said Chim Lee, a senior energy and climate change specialist at the Economist Intelligence Unit. "The Pearl River Delta is one of the best-prepared regions for typhoons, so we're not expecting major disruptions. One change this year is that the Hong Kong stock market has stayed open during typhoons - a sign of how resilient the infrastructure has become," he said. That said, Zijin Gold International (2259.HK) , opens new tab delayed its $3.2 billion IPO in Hong Kong on Wednesday. MILLIONS OF PEOPLE IN STORM'S PATH After passing around 100 km (60 miles) south of Hong Kong, Ragasa made landfall along the south Chinese coast. Guangzhou, Shenzhen, Foshan and Dongguan, the largest cities in the storm's path, are home to around 50 million people. More than 2 million people have been evacuated across Guangdong and the ministry for emergencies dispatched tens of thousands of tents, folding beds, lighting equipment and other rescue supplies, Chinese state media reported. Some shops and restaurants in the province parked large rented trucks in front of storefronts in a bid to shield them from the storm, local media reported. "We live on an upper floor and saw there wasn't too much danger, so I brought the kids out to experience this heavy rain and wind," a 40-year-old Shenzhen resident surnamed Liang said. "We walked along the open road to make sure to stay safe." A crowd chasing the storm under Shenzhen Bay Bridge was moved on by traffic police. "The typhoon was really intense, but I've not been out long," said an electric scooter delivery driver who goes by the name of Tim and was using his vehicle to assess the damage. China's marine authority warned of a high risk of flooding in Shenzhen, especially in low-lying areas, with a storm surge alert expected to remain in effect until Thursday. A woman and her five-year-old son were swept into the ocean on Tuesday after watching the typhoon from the Hong Kong waterfront, according to the South China Morning Post, which said they were now in intensive care. Hong Kong will lower its typhoon signal to 3 from 8 after 1220 GMT on Wednesday, the city's weather forecast agency said. The hospital authority said at least 90 people had been injured by the typhoon, while the government had opened 50 temporary shelters, within which 885 sought refuge. In the gambling hub of Macau, next to Hong Kong, casinos were forced to shutter their gambling areas. One user on China's Xiaohongshu app showed videos of doors being sealed at a casino resort for protection against gales and debris. https://www.reuters.com/business/environment/super-typhoon-lashes-hong-kong-with-hurricane-force-winds-heavy-rain-2025-09-23/

2025-09-23 23:06

LONDON, Sept 24 (Reuters) - Pay settlements granted by British employers held at 3% in the three months to August but many firms are now offering smaller rises in response to their higher labour costs, according to figures from data firm Brightmine. Wednesday's figures extended the run of 3% pay awards that start in early 2025, the longest period of no change since 2019, Brightmine said. Sign up here. BoE policymakers are watching for signs that inflation pressure in Britain's labour market is abating sufficiently for it to resume reducing borrowing costs. It held interest rates at 4% last week. "With inflation still elevated and recruitment slowing, employers remain cautious in their approach to pay, balancing workforce needs against ongoing economic uncertainty," said Sheila Attwood, HR insights and data lead at Brightmine. British finance minister Rachel Reeves, who ordered employers to pay higher social security contributions from April this year, is expected to raise taxes again in her annual fiscal statement on November 26 in order to remain on course to meet her budget targets. Britain's consumer price index held at 3.8% in August. The BoE expects it to peak at 4% in September and stay above its 2% target until the spring of 2027. The economy grew just 0.2% in the three months to July, and average weekly earnings, excluding bonuses, cooled slightly to 4.8% in the three months to July from 5% in the April-to-June period. Brightmine said nearly 11% of pay settlements in the three months to August resulted in a pay freeze, after none were reported in the three months July. The data firm analysed 34 pay settlements effective in the three months to August 31, covering more than 600,000 employees. https://www.reuters.com/business/world-at-work/uk-pay-deals-hold-3-with-employers-cautious-mood-brightmine-says-2025-09-23/