2025-09-17 06:43

Lee pledges to speed development of district next to Shenzhen Says improving people's livelihoods a top priority Eager to provide better housing for residents HONG KONG, Sept 17 (Reuters) - Hong Kong leader John Lee pledged on Wednesday to boost the city's economy, improve livelihoods and cement its role as an international centre, unveiling measures including developing a gold trading market. A former deputy head of police, Lee reaffirmed the city's economic growth forecast of 2% to 3% for 2025 and highlighted Hong Kong's role as a springboard for mainland China enterprises looking to expand abroad. It was the fourth policy address of his term. Sign up here. Lee said his "ultimate objective" was to improve livelihoods, "with better housing for members of the public, higher income for workers, enhanced care for the elderly, and greater prospects for young people." Hong Kong's small and open economy has felt the ripple effects of an economic slowdown in China and trade tensions between Beijing and Washington. The policy address comes amid Beijing's push to bolster flagging economic growth amid sluggish consumer demand and a years-long property crisis. His presentation, which lasted nearly three hours, was thin on new major initiatives including housing but went into detail on government accountability and national security. Lee said the government was "expediting the development of new growth areas" by building an international gold trading market, developing fintech and green and sustainable finance. The city's monetary authority, the HKMA, will encourage the banking sector, especially in mainland China, to establish regional headquarters in Hong Kong and expand into Southeast Asia and the Middle East, Lee said. The government will also expand its aviation industry by providing recycling and trading services of high-value parts, as well as developing a sustainable aviation fuel industry chain. The city will also attract more pharmaceutical companies to set up and conduct clinical trials and medical treatments for rare disease drugs, high-end cancer drugs and advanced therapy products. GREATER INTEGRATION Lee said the government would accelerate the development of the Northern Metropolis project, which aims to provide homes for around 2.5 million people and create a new business district near the border with the mainland. Sandwiched between Shenzhen and Hong Kong, the Northern Metropolis was a focus of former leader Carrie Lam in 2021 when she announced plans to develop the area into an innovation and technology hub. The development will be a stone's throw from the Greater Bay Area, a Chinese government scheme to link Hong Kong, Macau and nine cities in the southern province of Guangdong. Lee also said that as part of measures to build Hong Kong into a global education hub, the number of non-funded places for non-local students would be increased to 50% from 40% of local student places. The government will also introduce licensing for eateries to permit customers to bring their dogs, with more than 240,000 households keeping 400,000 cats and dogs as pets, he said. This presents "an enormous consumption market", he said, adding that pet-friendly restaurants will create new business opportunities. To boost births, Lee said taxpayers can claim a total of HK$260,000 in allowance for each child in the first two years following childbirth. https://www.reuters.com/world/hong-kong-leader-pledges-boost-economy-livelihoods-2025-09-17/

2025-09-17 06:38

Concerns over potential Russian supply disruption support prices Markets eye Fed meeting for clues on economy US crude stockpiles fell last week, industry data shows SINGAPORE, Sept 17 (Reuters) - Oil prices eased slightly on Wednesday, after rising more than 1% in the previous session, though ongoing geopolitical jitters provided a floor for the market while traders also awaited an expected interest rate cut from the U.S. Federal Reserve. Brent crude futures dipped 8 cents, or 0.1%, to $68.39 a barrel by 0630 GMT, while U.S. West Texas Intermediate crude futures fell 6 cents, or 0.1%, to $64.46 a barrel. Sign up here. The benchmarks settled more than 1% higher in the last trading session due to concerns that Russian supplies may be disrupted. Reuters reported on Tuesday that three industry sources said Russia's oil pipeline monopoly Transneft (TRNF_p.MM) , opens new tab has warned producers they may have to cut output following Ukraine's drone attacks on critical export ports and refineries. "The market has a laser focus on the geopolitical volatility and potential Russian supply disruptions. Market jitters are still keeping prices elevated," said Emril Jamil, a senior oil analyst at the London Stock Exchange Group. Investors are also awaiting the outcome of the Federal Reserve's September 16–17 meeting, with a new governor, Stephen Miran, on leave from the Trump administration, joining the deliberations, and a second policymaker, Lisa Cook, still facing efforts by President Donald Trump to oust her. The central bank is widely expected to cut interest rates by 25 basis points on Wednesday, which should stimulate the economy and boost fuel demand. "Markets are betting on a 25-basis-point Fed rate cut tonight, which traders believe could ease borrowing costs and boost fuel demand," said Priyanka Sachdeva, a senior market analyst at Phillip Nova. She added that the rally has also been buoyed by geopolitical jitters and supply risks from conflicts. "That said, I remain cautious. The global supply overhang for the rest of 2025 looks almost certain as OPEC+ is raising output," Sachdeva added. IG market analyst Tony Sycamore said the market's focus will be on "how many members join Stephen Miran in dissenting in favour of a 50-basis point rate cut", whether its outlook indicates two or three 25-basis point cuts and "the tone of Fed Chair Powell during the press conference". Any "buy-the-rumour, sell-the-fact" reaction in risk assets, including crude oil, will be short-lived, given the possibility of follow-up 25-basis point rate cuts in October and December, Sycamore said. In a potentially bullish sign, data on Tuesday showed U.S. crude and gasoline stocks fell last week, while distillate stocks rose, market sources said, citing American Petroleum Institute figures. Crude stocks fell by 3.42 million barrels, and gasoline inventories fell by 691,000 barrels in the week ending September 12, while distillate inventories rose by 1.91 million barrels from the prior week, the sources said. The market will be watching to see whether data from the U.S. Energy Information Administration on Wednesday matches that. A Reuters poll showed analysts estimated crude inventories fell by about 900,000 barrels last week, distillate stockpiles rose by about 1 million barrels and gasoline stockpiles rose by about 100,000 barrels. https://www.reuters.com/business/energy/oil-retreats-geopolitical-jitters-cap-declines-2025-09-17/

2025-09-17 06:17

Sept 17 (Reuters) - India's steel industry will not see much direct impact from U.S. tariffs, but the European Union's carbon tax will affect steel exports, the country's steel secretary Sandeep Poundrik said at the FT Live Energy Transition Summit India on Wednesday. Roughly two-thirds of India's steel exports go to Europe, while exports to the U.S. are negligible. Sign up here. India has sought an exemption from the carbon border adjustment mechanism (CBAM), which could impose a higher tax on imports of high-carbon goods, including steel, aluminium and cement. "The limits of carbon emission, which are proposed in CBAM, will definitely impact the exports," Poundrik said. Indian steel is predominantly produced using blast furnaces, where emissions are high, Poundrik said, adding that further addition of blast furnace capacity is an area of concern. Poundrik also said that India remains concerned about cheap imports and he expects the government to take a decision on the import tariffs, locally known as safeguard duty, in line with the proposed duty rate. Last month, the country proposed a three-year import tariff of 11%-12% on some steel products to curb shipments from top producer China. https://www.reuters.com/world/india/india-steel-exports-face-eu-carbon-tax-hit-us-tariffs-impact-minimal-official-2025-09-17/

2025-09-17 06:13

HONG KONG, Sept 17 (Reuters) - Hong Kong leader John Lee delivered his fourth annual policy address on Wednesday pledging to boost the financial hub's economy and enhance people's livelihoods. Some of the highlights include: Sign up here. ECONOMY - This year's economic growth is projected at 2% – 3%, compared with 2.5% in 2024. - To accelerate development of Northern Metropolis Area close to mainland China borders. - "We will also introduce dedicated legislation to accelerate the development of the Northern Metropolis." - To promote the development of AI+ with strong emphasis on safety risk prevention. - To formulate preferential policy packages to attract more enterprises. - The government will explore the establishment of a more flexible mechanism to introduce tax incentives that comply with international standards. - To attract more top-notch international and mainland pharmaceutical companies to set up operations in Hong Kong. - To promote the development of the new energy industry, and Hong Kong is working to achieve carbon neutrality before 2050. - To construct Hong Kong's first large-scale electric vehicle (EV) battery recycling facility, which is expected to commence operation in the first half of 2026. - To set up task force on supporting mainland China enterprises in going global and to encourage mainland enterprises to use Hong Kong in expanding their businesses overseas. - To optimise the regimes for listing on the Main Board and issuing structured products, consider enhancements to the listing requirements for companies with weighted voting right structures. - To press ahead with the inclusion of an yuan trading counter under Stock Connect's Southbound trading for Hong Kong stocks. - To promote Hong Kong as international gold trading market. - To support the Airport Authority Hong Kong and financial institutions to establish Hong Kong's gold storage facilities, with a target gold storing capacity of over 2,000 tonnes in three years, propelling Hong Kong into a regional gold reserve hub. - To explore signing of new investment agreements with Saudi Arabia, Bangladesh, Egypt and Peru. - To invite expressions of interest in development of a yacht bay and its ancillary facilities early next year. The facilities will be completed in phases, starting in 2028. - "Hong Kong is well-positioned to become a yacht hub in Asia. We will enhance amenities for the yacht industry and promote prime yacht tourism." - To promote development of insurance products. - To build Hong Kong into a global premium arts trading hub, attracting more international auction houses, galleries to establish presence in the city. - To develop "mega events + tourism" to attract visitors and to offer tailor-made luxury tours for high-spending visitors. - Three areas will be approved this year for autonomous vehicles trials to accelerate development of driverless autonomous driving in Hong Kong, facilitating industry's expansion to right-hand-drive markets overseas. - To launch licence for pet-friendly restaurants POLITICS/NATIONAL SECURITY - The government will continue to steadfastly safeguard national sovereignty, security and development interests - "We will continue to enhance the legal system and enforcement mechanism for safeguarding national security ... so as to prevent, suppress and impose punishment for acts and activities endangering national security." TALENT - To build an international education hub, accelerating construction of the Northern Metropolis University Town. - To increase quota of non-local students attending universities from 40% to 50% LIVELIHOOD - Safeguarding the basic housing needs of people of Hong Kong is the top priority. - "We will increase the supply of flats under the Home Ownership Scheme and the Green Form Subsidised Home Ownership Scheme, optimise the sale and alienation restriction arrangements..." - To facilitate Hong Kong elderly recipients retiring in Guangdong and Fujian Provinces. - To implement further measures to promote fertility. - Taxpayers can claim a total of HK$260,000 allowance for each child in the first two years following childbirth. ($1 = 7.7789 Hong Kong dollars) https://www.reuters.com/markets/asia/highlights-hong-kong-leader-john-lees-fourth-policy-address-2025-09-17/

2025-09-17 06:07

CANBERRA, Sept 17 (Reuters) - The Australian government said on Wednesday it would invest A$1.1 billion ($735 million) in the development of a low-carbon fuels industry, a move welcomed by farm groups, who hope it will boost demand for biofuel feedstocks like canola and sugarcane. The money, to be released over 10 years from 2028, is intended to stimulate private investment in products like biodiesel and sustainable aviation fuel, the government said. Sign up here. Australia is a major producer of crops such as canola, sugarcane, sorghum and tallow, that can be used to make fuel. It currently exports the vast majority of those goods and imports most of its gasoline. Australian canola is a major feedstock for Europe's biodiesel industry. "Thanks to our advanced farming practices and access to cheap and reliable renewable energy, Australia is in an enviable position to produce cleaner, low-carbon liquid fuels that jets, ships, construction machines and heavy trucks need to reach net zero," the government said in a statement. "This is a down payment on developing an entirely new industry in Australia," said Finance Minister Jim Chalmers. "It's about making Australians and our economy big beneficiaries of the global net zero transformation." "More Aussie jobs, more profitable Australian farms and lower emissions. That's the win-win-win," said Climate and Energy Minister Chris Bowen. Private investors would be able to bid for government support for projects which would have to be producing fuel by 2029, he said. Australian farm groups have been lobbying for investment in biofuels for years, saying that without government help, an industry won't get off the ground. "The economic opportunities it will bring are enormous for regional jobs," said Su McCluskey, interim CEO of the National Farmers' Federation. The government is expected in the coming days to announce an emissions reduction target for 2035. Australia aims to reach net zero by 2050, but an increasing number of opposition, right-of-centre politicians say that goal should be abandoned. ($1 = 1.4952 Australian dollars) https://www.reuters.com/sustainability/climate-energy/australia-promises-735-million-launch-biofuel-industry-2025-09-17/

2025-09-17 05:41

NEW DELHI, Sept 17 (Reuters) - HPL Global, the Singapore unit of India's Haldia Petrochemicals, plans to boost its trade volume by 30% to up to 2 million metric tons and double the number of traders in 2026, two industry sources familiar with the matter said on Wednesday. The Singapore trading arm, which is led by Chief Executive Officer Shailendra Srivastava, has hired four traders since launching in late 2023 to trade naphtha, gasoline blendstocks, and petrochemical products such as aromatics and olefins, one of the sources said. Sign up here. In addition to trading, HPL Global manages vessel chartering and risk management for its parent company. The firm relocated to a larger office in Singapore's central business district in June. "More traders will be joining the team next year," the source said, adding that the company plans to expand into trading butadiene and methyl tert-butyl ether (MTBE), a gasoline-blending component. The communications office of Haldia Petrochemicals did not respond to a Reuters request for comment. Haldia Petrochemicals operates a 700,000 metric tons-per-year ethylene plant, with chemical processing capacity of 491,000 tons annually, and approximately 1 million tons per year of polymer processing capacity at its manufacturing facility in India's Haldia in the eastern state of West Bengal. The company is majority-owned by U.S.-based private equity firm The Chatterjee Group (TCG). https://www.reuters.com/business/energy/indias-haldia-petrochemicals-trading-arm-plans-scale-up-asia-sources-say-2025-09-17/