2025-09-16 12:21

FRANKFURT, Sept 16 (Reuters) - Thyssenkrupp (TKAG.DE) , opens new tab on Tuesday said it has received a non-binding bid for its steel division from India's Jinal Steel (JINT.NS) , opens new tab, without disclosing any further details. Thyssenkrupp said it would closely examine the offer for Thyssenkrupp Steel Europe (TKSE) "particularly with regard to economic sustainability, the continuation of the green transformation and employment at our steel sites". Sign up here. Shares in Thyssenkrupp turned positive after the news and traded 2.1% higher. Thyssenkrupp last year sold a 20% stake in TKSE, to Czech billionaire Daniel Kretinsky, with the aim of eventually selling a further 30% stake to create a 50-50 joint venture. Powerful labour union IG Metall criticised the move, saying Kretinsky had not provided information about his strategic plans as a co-shareholder. Thyssenkrupp's deputy supervisory board chairman and senior IG Metall member Juergen Kerner said the news about the offer by Jindal Steel was good news. "It is now important to enter into substantive discussions quickly in order to gain clarity on the most important open questions as soon as possible," he said. https://www.reuters.com/world/india/thyssenkrupp-receives-non-binding-bid-steel-unit-indias-jindal-steel-2025-09-16/

2025-09-16 12:16

Pipeline monopoly Transneft is restricting oil storage Warns oil firms it may accept less oil Ukraine steps up attacks on Russian ports, refineries LONDON, Sept 16 (Reuters) - 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, three industry sources said on Tuesday. Kyiv has stepped up attacks on Russian energy assets since August in a bid to impede Moscow's war effort in Ukraine and reduce the Kremlin's revenues as attempts to secure an end to the conflict through peace talks have stalled. Sign up here. Oil and gas revenues have accounted for between a third and half of Russia's total federal budget proceeds over the past decade, making the sector the single most important source of financing for the government. Ukrainian drones have hit at least 10 refineries - cutting Russia's refining capacity by almost a fifth at one point - and damaged its leading Baltic Sea ports of Ust-Luga and Primorsk, Ukrainian military officials and Russian industry sources said. Russian authorities have not publicly commented on the extent of the damage or its impact on production and exports. However, Transneft, which handles more than 80% of all the oil extracted in Russia, has in recent days restricted oil firms' ability to store oil in its pipeline system, two industry sources close to Russian oil firms told Reuters. Transneft has also warned producers it may have to accept less oil if its infrastructure sustains further damage, the two sources said. The attacks could force Russia, which accounts for 9% of global oil production, to ultimately cut output, said the two sources and a third source familiar with oil pumping operations. The three sources asked not to be named due to sensitivity of the issue. Transneft did not answer requests for comment. DRONE STRIKES: 'THE FASTEST WORKING SANCTIONS'? The West has imposed successive waves of sanctions on Russia over its invasion of Ukraine, focusing heavily on its oil and gas sector. But Moscow has managed to re-route most oil exports to Asia, where India and China are its primary buyers. Last week, Ukrainian drones hit Russia's biggest oil port of Primorsk for the first time since the war began in 2022, temporarily forcing operations there to shut down. Primorsk has capacity to export more than 1 million barrels of oil per day, or more than 10% of Russia's total oil production. Ukrainian President Volodymyr Zelenskiy said the strikes had inflicted significant damage and called attacks on Russian oil infrastructure "the sanctions that work the fastest". Reuters could not verify the extent of the damage from the strikes. Russia, unlike leading OPEC producer Saudi Arabia, does not have significant capacity to stockpile oil. Primorsk partially resumed operations on Saturday, though it remained unclear how long it may take to complete full repairs, the two sources said. Russian had already lost some oil exporting capacity following another drone attack targeting the Ust-Luga oil terminal on the Baltic Sea in August, according to industry sources. The Organization of the Petroleum Exporting Countries and its allies including Russia - a group known as OPEC+ - have been increasing production since April after years of cuts aimed at supporting the oil market. Under the latest OPEC+ agreement, Russia's oil production quota is due to rise to 9.449 million barrels per day this month from 9.344 million bpd in August. "Russia's ability to ramp up oil production is now under threat due to limited storage capacity," U.S. bank J.P. Morgan said in a note. Refinery outages, meanwhile, will also weigh on production due to crude storage congestion from lower refinery runs, Goldman Sachs wrote. Both banks said production will decline only modestly as Asian buyers still had appetite for Russian crude. https://www.reuters.com/business/energy/russia-close-cutting-oil-output-due-drone-attacks-sources-say-2025-09-16/

2025-09-16 12:10

Sri Lanka considering Sinopec's demand to sell more fuel locally Sri Lanka to raise capacity of separate state-run refinery Sinopec, Indian, Qatari firms interested in expansion project COLOMBO, Sept 16 (Reuters) - Sri Lanka expects Chinese state energy giant Sinopec (600028.SS) , opens new tab to start work on a $3.7 billion refinery this year and is considering the company's long-standing demand to sell more fuel locally, the energy minister said on Tuesday. The Sinopec refinery, approved in 2023, will have capacity to process 200,000 barrels of crude oil per day and will be located near the Chinese-built and operated Hambantota port in southern Sri Lanka, Energy Minister Kumara Jayakody said in an interview at his office. Sign up here. "The land we already have allocated for them, and they have done the other facilities too," he said. "The government ... we all have the same idea and the same expectation on this project (that it will start this year)." Sri Lanka's deputy economic development minister, Anil Jayantha Fernando, separately told Reuters that Sinopec could take about three years to complete the project. A Chinese industry executive with direct knowledge of the project said Sinopec has been waiting for months for the latest proposal from the Sri Lankan government on access to the local fuel market. Previously, Sri Lanka had wanted Sinopec to sell only 20% of the refinery's output locally and export the rest, but it is now considering a proposal allowing the company to sell up to 40% domestically, the minister and another official said. A Sinopec spokesperson declined to comment. "From what they tell us, if they don't have greater market access, feasibility and viability in the current context (could be challenging)," said Arjuna Herath, chair of the Board of Investment of Sri Lanka. "That's the point that's being negotiated as to what it should be - whether it should be 30, 40 (percent) or other points. So there is a lot of commitment to see whether we can work this out." Sri Lanka imports most of its fuel. For energy security, Sri Lanka also plans to invest about $3 billion to expand its state-run 38,000 bpd refinery near Colombo to up to 150,000 bpd, Jayakody said. Sinopec is among companies from countries including China, India and Qatar that have shown interest in the project, he said. Expansion work at the refinery, run by Ceylon Petroleum, will start next year and finish in two to three years, he added. Sinopec participated in Sri Lanka's tender briefing early this month on the refinery expansion and has until September 26 to submit a letter of interest, said the Chinese executive, declining to give further details. The executive declined to be identified as he was not authorised to speak with media. Details of the projects have not previously been reported. Sri Lanka's proximity to major maritime routes connecting Asia, Africa, and Europe has made it a focal point in the rivalry between China and India, with both investing heavily in infrastructure and energy projects to expand their influence in the Indian Ocean island nation of 22 million people. India said earlier this year it was working on establishing an energy hub on Sri Lanka’s eastern coast. "Our country's location is very, very important for the geopolitical aspect, especially since most sea routes go nearby," said Jayakody. "On one side, we have India, and the other countries are also going through the same route, you know, so our country automatically and naturally gains some important geopolitical advantages." https://www.reuters.com/sustainability/boards-policy-regulation/sri-lanka-sees-sinopec-starting-work-37-billion-refinery-soon-bidding-another-2025-09-16/

2025-09-16 12:00

Dollar falls to 2-month low vs euro, sterling; 10-month low vs Aussie Focus on Fed rate decision on Wednesday BoE announces rate decision on Thursday, Bank of Japan on Friday LONDON, Sept 16 (Reuters) - The dollar slid to a more than two-month low against sterling and the euro and a 10-month trough versus the Australian dollar on Tuesday as investors firmed bets for a Federal Reserve interest rate cut this week. The U.S. dollar index , which tracks the currency against a basket of six major rivals, fell to 97.044, after hitting its lowest since July 7 with U.S. President Donald Trump renewing calls for aggressive monetary easing. Sign up here. Markets expect a 25-basis-point rate cut on Wednesday, with rapidly softening labour market data being the key driver of the ramp-up in easing bets in recent weeks. In a social media post on Monday, Trump called on Fed Chair Jerome Powell to enact a "bigger" cut, pointing to the housing market. "Focus remains on the Fed meeting on Wednesday," said Mohit Kumar, strategist at Jefferies. "Key would be Powell's tone." "If Powell puts more emphasis on inflation risks or the uncertainty surrounding the growth and inflation outlook, we could see the market paring back some of the rate cut expectations," he added. Elsewhere, sterling rose 0.28% to $1.3636, hitting its highest since July 8. Data showed on Tuesday that Britain's jobs market has lost a little more steam, potentially easing worries at the Bank of England about persistent inflation pressures. The Office for National Statistics figures showed the number of workers on companies' payrolls falling for a seventh month in a row, while basic wage growth in the private sector - watched closely by the BoE - slowed to 4.7% between May and July from 4.8% in the three months to June. The BoE is expected to keep interest rates on hold this week, having cut in August. "Until inflation convincingly cools, the BoE is stuck holding rates high, keeping pressure on growth,” said Lale Akoner, global market analyst at eToro. The euro rose as much as 0.4% against the weakening dollar to $1.1809, a level not seen since July 1. Data showed on Tuesday that euro zone industrial production inched higher in July, confirming views that the sector is holding up despite trade tensions, even if its rate of expansion is anaemic. German investor morale unexpectedly rose in September, the ZEW research institute said on Tuesday, in a sign of cautious optimism. The Australian dollar edged 0.06% lower to $0.6674, after climbing to $0.6677, its strongest level since November 8. Versus the Swiss franc, the dollar fell 0.5% to 0.7905 Against the yen, the dollar slipped 0.3% to 146.950, to its lowest since July 3 ahead of the Bank of Japan policy meeting on Friday, with money markets expecting the central bank to keep rates at 0.5%. Japan's farm minister and the chief government spokesperson joined the race on Tuesday to lead the ruling party and replace outgoing Prime Minister Shigeru Ishiba, who announced his resignation last month. https://www.reuters.com/world/africa/dollar-falls-multi-month-lows-ahead-fed-rate-decision-2025-09-16/

2025-09-16 11:36

WASHINGTON, Sept 16 (Reuters) - U.S. Treasury Secretary Scott Bessent said on Tuesday he had a good session with former Fed official James Bullard as part of his search for a new Fed chairman. "Mr. Bullard and I had a very good approximately two-hour session. He has incredible experience from the St. Louis Fed. He is an expert on monetary policy, deep academic background, and knows the institution of the Fed very well," Bessent said in an interview with CNBC. Sign up here. Bullard, the former president of the Federal Reserve Bank of St. Louis, said Monday he had spoken last week with Bessent about becoming central bank chair when current Chair Jerome Powell finishes his term in May. Bullard said in an interview with Reuters , opens new tab he would want to defend the reserve currency status of the dollar, keep inflation low and stable and protect the independence of the institution. Bessent, speaking from London before President Donald Trump's state visit to the UK, said if Trump thought inflation was a problem he would be willing to have interest rate hikes from the Fed. He said he expected to see inflation start to come down in the country. He said the administration was bringing in money from Trump's new tariffs, saying many exporters were "eating the tariffs." https://www.reuters.com/world/us/us-treasury-secretary-bessent-praises-bullard-search-fed-chief-2025-09-16/

2025-09-16 11:22

Dollar at over two-month low ahead of Fed meet Investors betting Fed will cut rates in 2026 as well - analyst Healthy correction on cards before gold breaches $4,000 in 2026 - traders at India Gold Conference Sept 16 (Reuters) - Gold rose to a record-high on Tuesday, helped by a softer dollar ahead of the U.S. Federal Reserve's policy meeting later in the day, where the monetary authority is widely expected to cut interest rates. Spot gold rose 0.4% to $3,692.87 per ounce, as of 0945 GMT. It hit a record high of $3,698.86 earlier in the session. U.S. gold futures for December delivery rose 0.3% to $3,730.50. Sign up here. The dollar (.DXY) , opens new tab fell to a more than two-month low against rivals. "The weaker dollar plays a role but it is all connected to the expectation that the Fed will cut rates this week," UBS analyst Giovanni Staunovo said. Traders are pricing in a near-certain 25-basis-point rate cut at the end of the two-day meeting on September 17, with a small chance of a 50-bp reduction, per the CME FedWatch tool , opens new tab. U.S. President Donald Trump in a social media post on Monday called for Fed Chair Powell to enact a "bigger" rate cut. Traders are betting that the Fed will continue to cut interest rates next year, which is also supporting gold, said Carlo Alberto De Casa, an external analyst at banking group Swissquote. Non-yielding bullion tends to do well in a low-interest rate environment. "Around the Fed statement release, we should see higher volatility, particularly if market participants perceive the rate cut coming with a hawkish statement. But with Trump's desire to see lower rates, I believe gold is likely to move higher from here over the coming months," Staunovo added. Meanwhile, a U.S. appeals court on Monday refused to allow Trump to fire Fed Governor Lisa Cook - the latest step in a legal battle that threatens the Fed's longstanding independence. Gold's stellar rally to successive record highs shows all signs of continuing for the rest of 2025, but a healthy correction is on the cards before breaching $4,000/oz in 2026, traders and industry experts said on the sidelines of the India Gold Conference in New Delhi. Elsewhere, spot silver held stead at $42.73 per ounce, platinum fell 0.2% to $1,398.41 and palladium rose 0.5% to $1,190.18. https://www.reuters.com/world/india/gold-record-highs-dollar-dips-ahead-key-fed-meet-2025-09-16/