2025-09-22 04:08

Sept 22 (Reuters) - Hong Kong International Airport will suspend all passenger flights for 36 hours from Tuesday evening, Qantas Airways said, as the Asian financial hub prepares for one of its strongest super typhoons in years. Hong Kong's Airport will be closed from 8 p.m. (1200 GMT) on September 23 to 8 a.m. on September 25, Qantas said in a statement, adding that it would contact customers who are affected. Sign up here. A spokesperson for Airport Authority Hong Kong said it is closely monitoring the developments regarding the super typhoon, named Ragasa, and has commenced preparations to deal with the storm. But it has not made an official announcement on the closure. Hong Kong's Observatory said it would issue the lowest typhoon signal at noon on Monday, upgrading it to the second highest on Monday night between 8 p.m. and 10 p.m. The weather is expected to deteriorate rapidly from Tuesday and gale-force to storm-force winds will impact the densely populated city on Wednesday, with winds expected to reach hurricane force offshore and on high ground. Across the city, residents started stockpiling daily necessities on Monday morning. Long queues formed at supermarkets where products like milk had already sold out, while vegetables were being sold for more than triple their normal price at fresh markets, according to Reuters witnesses. Cathay Pacific Airways, the city's largest carrier, said on Sunday it was closely monitoring the potential impact of the storm and while its flights were not currently affected, that could change as the situation developed. The Civil Aviation Department did not immediately respond to a Reuters request for comment. The Philippines suspended work and classes across Metro Manila and large parts of the country on Monday as Ragasa moved toward northern Luzon, threatening destructive winds and heavy rain. https://www.reuters.com/business/environment/hong-kong-airport-may-shut-36-hours-super-typhoon-nears-bloomberg-news-reports-2025-09-22/

2025-09-22 02:55

MUMBAI, Sept 22 (Reuters) - The Indian rupee is poised for a weaker open on Monday, pressured by a post-Federal Reserve decision dollar rally and soft risk sentiment denting demand for the currency. The 1-month non-deliverable forward indicated the rupee will open in the 88.18 to 88.22 range versus the U.S. dollar, compared with 88.09 in the previous session. Sign up here. The rupee saw volatile moves last week amid Fed's decision, lingering concerns over hefty U.S. tariffs and modest debt inflows. The currency traded in a 87.70 to 88.30 band through the week. The odds are that range should largely persist, with risks skewed towards a break past 88.50 rather than a dip to 87.50, a currency trader at a Mumbai-based bank said. The dollar/rupee's topside will continue to meet central bank resistance, while the downside remains supported by underlying demand, he said. The dollar index inched up to 97.80 in Asian trading, extending its post-Fed climb. The index had slipped to 96.22 immediately after Wednesday's decision before staging a steady rally. Analysts attribute the move to Fed Chair Jerome Powell’s cautious tone on rates, the run higher in U.S. yields and unwinding of short dollar positions. The 10-year U.S. yield, which briefly slipped below 4% on the day of the Fed decision, was last at 4.14%. Asian currencies were mostly down while equities were mixed. TEPID RISK Adding pressure on the rupee on Monday will be a weak beginning for Indian equities, with focus on IT companies after the U.S. introduced a $100,000 fee for new H-1B visa applications. Foreign inflows into Indian equities have been subdued, and the news is unlikely to improve sentiment, traders said. Overseas investors have taken out $900 million from Indian equities so far this month. KEY INDICATORS: ** One-month non-deliverable rupee forward at 88.30; onshore one-month forward premium at 13.50 paise ** Dollar index up at 97.78 ** Brent crude futures up 0.5% at $67 per barrel ** Ten-year U.S. note yield at 4.14% ** As per NSDL data, foreign investors bought a net $89.1mln worth of Indian shares on Sep. 18 ** NSDL data shows foreign investors bought a net $75.3mln worth of Indian bonds on Sep. 18 https://www.reuters.com/world/india/rupee-poised-weaken-dollars-post-fed-rally-risk-aversion-2025-09-22/

2025-09-21 22:59

Investors fret about Bank Indonesia's independence under Prabowo Analysts say BI focus on supporting growth over FX stability Fed's rate cuts could cushion the blow as dollar stays weak Rupiah down 3.0% against the dollar, remains at risk SINGAPORE, Sept 19 (Reuters) - Bank Indonesia's rate cut this week stunned markets for all the wrong reasons - investors fear the central bank is bowing to pressure from President Prabowo Subianto to juice the economy, compromising its independence and risking a rupiah selloff. Global investors have been increasingly nervous about Indonesian assets following protests in many cities since late August, while the abrupt sacking of respected finance minister Sri Mulyani Indrawati last week stoked fiscal worries. Sign up here. The interest rate cut on Wednesday, a move not expected by any of the 31 economists surveyed by Reuters, is now raising concerns about the central bank's independence and bringing Prabowo's growing influence into focus as the president pushes ahead with an ambitious goal of lifting growth to 8% from the current 5% pace. Bank Indonesia's (BI) shock decision comes as investors worldwide grapple with the rising threat to the independence of central banks, an issue that has been brought to the fore , opens new tab by the repeated attacks on the Federal Reserve and its policymakers by President Donald Trump and his administration. Southeast Asia's largest economy has been struggling to push ahead with Prabowo's populist and costly spending plans since he came to power last year. The worry for investors is that the hard-won fiscal credibility risks being sacrificed by the president's push to speed up growth, leading to a worsening in the current account position and higher inflation, with a politicized central bank unable to keep a lid on it. "Indonesia is leaning hard on growth," said Howe Chung Wan, head of Asian fixed income at Principal Asset Management. "Policymakers know a sluggish economy and weak jobs market could stoke discontent, so the bias is toward running the economy hot." "The question for investors isn't whether Indonesia wants growth, but whether it can balance that against currency stability. The rupiah remains the main pressure point, since the country still relies heavily on imports and foreign capital." The rupiah has slipped 3% in 2025, making it the worst performing currency in Asia and leading to multiple interventions by the Indonesian central bank during the year to defend it. The currency touched a record low of 16,970 per U.S. dollar in April on fiscal and tariff worries and was last at 16,585. It is one of the few currencies in Asia that has not made gains against the fragile greenback this year. Indonesia's central bank, Prabowo's office and the finance ministry did not respond to Reuters request for comments. 'POLITICAL PRESSURE' Mark Ledger-Evans, portfolio manager at Ninety One in London, said fortunately for Indonesia its macro-economic stability places it in a strong position. Ledger-Evans likes Indonesian bonds but is underweight on the currency. "The fiscal deficit, government debt, current account deficit and inflation are at low and stable levels... we think the central bank will continue cutting the policy rate." BI has now cut its main interest rate by a total of 150 basis points in the past one year, with markets expecting further aggressive cuts. "Indonesia's economic growth needs to be further enhanced to match the capacity of the economy," BI Governor Perry Warjiyo said in a statement on Wednesday. The timing of the cut also stands to benefit the rupiah, analysts say, as the Federal Reserve has just resumed its rate-cutting cycle, which will weigh on the dollar in the near term, providing policy room for BI. "When the trade-offs between growth and currency stability become more explicit then BI will need to make harder choices," said Chris Kushlis, chief EM macro strategist at T. Rowe Price "The market will likely worry that political pressure means it will shift the balance of its mandate toward growth at the sacrifice of currency stability." 'DOUBTS ARE RISING' In Indonesia, a "burden sharing" deal with BI has jolted investors. Under the agreement, BI will help fund government programmes but markets also worry about bill amendment discussions that could expand the bank's mandate to support economic growth and empower parliament to remove its governor. Howie Schwab, portfolio manager for emerging markets growth at Driehaus Capital, said there is a clear risk to central bank independence and proactive communication about the policy shifts is lacking. "I do not think the risk premium will revert anytime soon. Indonesia needs to take measures to reassure investors quickly otherwise they risk indefinitely handicapping their markets." The markets so far have taken in stride the many changes in Indonesia although cracks are appearing under the hood. The gap between Indonesia short and long-dated bond yields has been widening since April as a cocktail of worries about tariffs, fiscal policies and economic growth unnerve investors. The spread between 1 year bond yields and 10 year bond yields is at 120 basis points, just shy of levels last seen in January 2023 and way above the 37 basis points in early April. Indonesia has had a great reputation for fiscal prudence and a central bank that prioritises FX stability over quick growth, said Trinh Nguyen, senior economist for emerging Asia at Natixis Corporate & Investment Banking. "Doubts are rising for both." https://www.reuters.com/world/asia-pacific/indonesias-surprise-rate-cut-growth-gambit-put-rupiah-crosshairs-2025-09-19/

2025-09-21 21:19

Sept 21 (Reuters) - Tropical storm Gabrielle has strengthened into a hurricane, becoming the second of the 2025 hurricane season in the Atlantic Ocean, the U.S. National Hurricane Center said on Sunday. Gabrielle is located about 320 miles (515 km) southeast of Bermuda with maximum sustained winds near 75 mph (120 km/h) and higher gusts. Sign up here. To be classified a hurricane, a storm must have sustained winds of at least 74 mph. "The center of Gabrielle is expected to pass east of Bermuda on Monday evening," NHC added in its latest advisory. The NHC forecast Gabrielle would undergo steady to rapid intensification in the coming day, forecasting it to become a major hurricane early next week. https://www.reuters.com/business/environment/storm-gabrielle-gains-hurricane-strength-nhc-says-2025-09-21/

2025-09-21 21:05

Commercial feasibility of $350 bln investments main trade obstacle with US, Lee tells Reuters President says talks with North Korea unlikely for now Lee frets tensions between democratic, socialist states Lee to be first South Korean president to chair UN Security Council meeting Lee doesn't think Trump directed Hyundai immigration raid SEOUL, Sept 22 (Reuters) - South Korea's economy could fall into crisis rivalling its 1997 meltdown if the government accepts current U.S. demands in stalled trade talks without safeguards, President Lee Jae Myung told Reuters. Seoul and Washington verbally agreed to a trade deal in July in which the U.S. would lower President Donald Trump's tariffs on South Korean goods in exchange for $350 billion in investment from South Korea, among other measures. Sign up here. They have yet to put the agreement to paper because of disputes over how the investments would be handled, Lee said. "Without a currency swap, if we were to withdraw $350 billion in the manner that the U.S. is demanding and to invest this all in cash in the U.S., South Korea would face a situation as it had in the 1997 financial crisis," he said through a translator. In an interview in his office on Friday, Lee also spoke about a huge U.S. immigration raid that detained hundreds of Koreans, as well as Seoul's relations with rival North Korea, neighbouring giant China and Russia. But trade and defence talks with the U.S., South Korea's military ally and a top economic partner, are overshadowing a trip Lee makes from Monday to New York, where he will address the United Nations General Assembly and be the first South Korean president to chair a meeting of the Security Council. PRAISES TRUMP'S HANDLING OF HYUNDAI RAID Lee, a liberal, took office in a June snap election after his conservative predecessor, Yoon Suk Yeol, was removed from office and jailed for briefly imposing martial law. Lee has sought to calm the country and its economy and said he plans to use his U.S. visit to tell the world that "democratic Korea is back". Lee met Trump for their first summit in August, saying he had built a strong personal tie with the U.S. leader, despite not agreeing on a joint statement or concrete announcement. This month Trump's administration rocked South Korea with the arrest of more than 300 South Korean workers at a Hyundai Motor battery plant in Georgia, with federal officials accusing them of immigration violations. Lee said South Koreans were naturally angered by the "harsh" treatment of the workers - the Trump administration published images of them in shackles - and has warned it could make companies wary of investing in the United States. But he said the raid would not undermine the bilateral alliance, praising Trump for offering to let the workers stay. Lee said he did not believe it was directed by Trump but was the result of overzealous law enforcement. "I do not believe this was intentional, and the U.S. has apologised for this incident, and we have agreed to seek reasonable measures in this regard and we are working on them," he said. Lee's office says there is no plan for him to meet Trump in New York and that the trade talks are not on the visit's agenda. STUMBLING BLOCK IN TRADE TALKS Commerce Secretary Howard Lutnick has said South Korea should follow Japan's deal with the United States. He said Seoul either needs to accept the deal or pay the tariffs, using the Trump administration's depiction of foreign governments paying the levies, which are instead paid by U.S. importers. Lee, asked if he would walk away from the deal, said: "I believe that between blood allies, we will be able to maintain the minimum amount of rationality." South Korea has proposed a foreign exchange swap line with the U.S. to reduce the shock of the investments on the local market for the won currency. Lee did not address how likely the U.S. was to agree or whether that would be enough for the deal to go forward. He said South Korea is different from Japan, which struck a trade deal with the U.S. in July. Tokyo has more than double South Korea's $410 billion foreign exchange reserves, an international currency in the yen and a swap line with the United States, Lee said. Seoul and Washington have said in writing that any investment projects must be commercially viable, but working out the details is proving difficult, he said. "Reaching detailed agreements that guarantee commercial reasonableness is now the central task - yet it also remains the biggest obstacle," Lee said. Proposals during working level talks provide no assurance of commercial viability, making it hard to bridge the gap, he said. Trump says the investments will be "selected" by him and controlled by the U.S., meaning Washington would have discretion over where the money will be invested. But Lee policy adviser Kim Yong-beom said in July that South Korea had added a safety mechanism to reduce financing risk, including supporting commercially feasible projects rather than providing unconditional financial support. Lee said South Korea and the United States do not disagree on increasing Seoul's contributions toward its own defence, bolstered by 28,500 U.S. troops on the Korean peninsula, but that Washington wants to keep security and trade talks separate. "We should end this unstable situation as soon as possible," he said, when asked whether talks could extend into next year. TENSIONS WITH NORTH KOREA, CHINA, RUSSIA Lee has sought to reduce tensions with nuclear-armed North Korea. Pyongyang has rebuffed the South's overtures, and Lee said he was not optimistic about the prospect of inter-Korean talks for the time being. During their meeting, Lee encouraged Trump to try to meet again with North Korean leader Kim Jong Un during Trump's trip next month for an Asia-Pacific summit Lee will host in the South. Lee told Reuters his government does not have detailed information on the status of any talks between Washington and Pyongyang. "It is our judgement that they are not engaging in concrete conversations," he said. He said he shares his predecessor Yoon's view that North Korea's military cooperation with Russia is a significant threat to South Korea's security. But he said it is not enough to respond in a simplistic way to the issue, which must be addressed through dialogue and coordination. The North Korean leader and Russian President Vladimir Putin stood shoulder to shoulder this month in Beijing when Chinese President Xi Jinping hosted them at a massive military parade and summit. Lee said there is increasing confrontation between a socialist camp of countries and a capitalist, democratic camp that includes Seoul, and South Korea's geography threatens to place it on the frontier of any conflict with the other camp. He said there is an escalatory spiral of rivalry and tensions where South Korea, Japan and the United States deepen cooperation and China, Russia, and North Korea work more closely together. "This is a very dangerous situation for Korea, and we must find an exit ramp out of the escalating military tensions," Lee said. "We must find a way for peaceful coexistence." https://www.reuters.com/world/china/south-koreas-president-lee-says-us-investment-demands-would-spark-financial-2025-09-21/

2025-09-21 18:15

DUBLIN, Sept 21 (Reuters) - Jordan Cox marked his return to international cricket in spectacular fashion by blasting a quickfire fifty despite a knee problem to guide England to a six-wicket victory over Ireland and seal a 2-0 series triumph at a sold-out Malahide on Sunday. The 24-year-old, who had not played for England for over a year and was not even named in the original squad, smashed 55 off 35 deliveries at number four to help his side chase down a modest target of 155 with 17 balls to spare. Sign up here. Cox was injured while taking the catch when he seemed to jar his knee in the turf at deep midwicket, forcing him to go off the field for treatment, but that did not stop him from coming out to bat when England needed him at 33-2. His sudden recall to the England setup came after his heroics in The Hundred, where he finished as both the tournament's top scorer and player of the series. England had won the first match by chasing down 197 while the second match was rained out. As they wrapped up the series 2-0, it gave 21-year-old Jacob Bethell a first trophy as the country's youngest captain in any format. "I couldn't have dreamed it any better. The rained out game was unfortunate but to come out 2-0 winners in my first series as captain is a great feeling," Bethell told TNT Sports. "We were nice and aggressive throughout the whole week." Ireland had built a platform through Ross Adair (33) and Harry Tector (28) at the top of the order but they crumbled against England's spin twins Adil Rashid (3-29) and Liam Dawson (2-9). Jamie Overton also picked up two wickets in one over to leave the hosts reeling at 58-4 but Gareth Delany played a cameo in the middle order to finish unbeaten on 48 off 29 balls. England's chase stuttered when Jos Buttler fell for a duck but Phil Salt (29) and Cox stitched together a 57-run partnership before Tom Banton (37 not out) helped the tourists get over the line. "Credit to Ireland, they bowled well defending 150-odd," said Rashid, who was named the player of the match. "You've got to adapt to the ground, wherever you go. I thought as a group we did that really well." https://www.reuters.com/sports/cricket/cox-smashes-comeback-fifty-england-win-t20-series-ireland-2025-09-21/