2025-09-16 07:54

SEOUL, Sept 16 (Reuters) - South Korea's monetary policy board said the economy needs more policy interest rate cuts in the coming weeks to address the hit to growth from U.S. tariffs, minutes from the bank's meeting showed, although household debt growth remains a concern. The Bank of Korea's monetary policy board voted at its August 28 meeting by 6-1 to keep its benchmark interest rate (KROCRT=ECI) , opens new tab unchanged at 2.50%, in line with expectations. Sign up here. "As the impact of tariff policies becomes more apparent towards the end of the year, growth is expected to gradually slow down," said board member Shin Sung-hwan, who had voted for a 25 basis point cut, according to the minutes. South Korea is currently weighing up painful trade concessions in a bid to finalise a U.S. trade deal that aims to cap tariffs on U.S. imports from South Korea at 15%. The talks have stalled for the time being as details around a $350 billion investment fund have not been hammered out yet. While Shin was the sole dissenter on the seven-member board at the meeting, most other members also said a rate cut should be necessary in coming months to "aid growth that is seen hovering significantly below (the economy's) potential growth rate," another member said. Only dissenting members are identified in the minutes of the bank's monetary policy board meetings. The bank also revised up its economic growth forecast for this year to 0.9% from 0.8% previously, which would still mark the slowest expansion since 2020. https://www.reuters.com/world/asia-pacific/majority-bok-board-members-back-future-policy-easing-given-growth-headwinds-2025-09-16/

2025-09-16 07:50

BANGKOK, Sept 16 (Reuters) - Thailand's central bank governor said four rate cuts since last year had made monetary policy more accommodative amid slower economic growth, and were intended to ease financial conditions rather than just be a short-term stimulus. However, Sethaput Suthiwartnarueput, who finishes his term as governor at the end of September, warned at a news conference on Tuesday that structural fixes were needed to resolve a surge in private debt and reverse the decline in Thailand's fiscal position. Sign up here. "Fiscal ammunition is limited and there is risk of a ratings downgrade," he said, adding that spending was higher than revenues. When Sethaput's term ends, former state-owned bank head Vitai Ratanakorn will take over. He is is seen as an inflation dove who will advocate for rate cuts to support growth. https://www.reuters.com/world/asia-pacific/thailand-central-bank-previous-cuts-rates-ease-financial-strain-2025-09-16/

2025-09-16 07:40

UK pay growth slows a bit but remains strong Payroll numbers fall for 7th month in a row BoE, worried about inflation, set to keep rates on hold Vacancies edge up in hint at hiring recovery LONDON, Sept 16 (Reuters) - Britain's jobs market has lost a little more steam, official data showed on Tuesday, potentially easing worries at the Bank of England about persistent inflation pressures. The Office for National Statistics figures showed the number of workers on firms' payrolls falling for a seventh month in a row and broader wage growth edging down. But there was also a hint that employers might be ready for some more hiring. Sign up here. The BoE is expected to keep interest rates on hold this week, having cut them in August. Many of its policymakers remain wary about inflation heat in the jobs market. Tuesday's figures showed the number of payrolled employees fell by a provisional 8,000 in August. July's drop was revised to 6,000 from a previously reported reduction of 8,000. TAX INCREASE, CONCERNS OF FURTHER RISES WEIGH ON STAFFING Employers have blamed a tax increase ordered by finance minister Rachel Reeves for their cautious stance on staffing and many are worried about a possible further hit in her next budget due in November. "Some businesses may be choosing to delay recruitment decisions until there is more clarity on potential tax changes," said Yael Selfin, chief economist at KPMG UK. 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. Overall average weekly earnings, excluding bonuses, grew by 4.8%, weaker than the previous reading of 5.0% but still above the roughly 3% level seen as consistent with the BoE's 2% inflation target. "Today’s data release won’t do much to alleviate the Bank of England’s concerns over the upside risks to inflation," said Ashley Webb, UK economist at Capital Economics. Investors do not expect another BoE rate cut for at least six months. There were some signs in the ONS data of an improvement in employers' appetite for hiring. The number of job vacancies in the three months to August rose to 728,000 after touching its lowest in the previous month's release since early 2021. It was the first increase in the number of vacancies from one month's job report to the next since the three months to February last year, the ONS said. Sanjay Raja, Deutsche Bank’s chief UK economist, said a wave of staffing cuts by employers was now probably complete although budget uncertainty was likely to weigh on hiring, and pay settlements would edge lower over the rest of the year. "This should give some comfort that the path ahead may be less bumpy than perhaps some of the survey data suggests," Raja said. Britain's unemployment rate in the three months to July held at 4.7%, its highest since the second quarter of 2021, although that figure is based on a survey of households that the ONS has said is not currently reliable. Surveys published last week showed that employers had offered the lowest pay settlements in more than three-and-a-half years in July and hiring had continued to slow - albeit by less than in previous months. https://www.reuters.com/sustainability/sustainable-finance-reporting/uk-jobs-market-slows-again-offering-some-inflation-relief-bank-england-2025-09-16/

2025-09-16 07:24

LARNACA, Cyprus Sept 16 (Reuters) - Soccer players are lining up for a fiery kick - not on the pitch, but in the form of a searing shot of olive oil from Cyprus. The peppery, throat-burning liquid is part of a performance revolution driven by a small plant in Cyprus that produces early-harvest olive oil packed with inflammation-busting polyphenols. Sign up here. Soccer players taking the shot are convinced it helps them recover faster and play harder, says olive oil producer Nick Schizas, who used to be a FIFA-licenced agent representing soccer players from across the world. "They were coming back with much more energy. They were recovering quicker between their games, between their training and without me pushing them they were coming back asking for more," Schizas said of his old life in soccer. He has teamed up with soil engineer Nicolas Netien to start a small business marketing oil pods under the Oleaphen brand. They supply sportspeople including soccer players in England's prestigious Premier League and a cycling team participating in the Tour de France. The anti-inflammatory and antioxidant benefits come from picking the olives before they are ripe, when they still contain high levels of polyphenols. Netien and Schizas are producing such oils at an interesting time. Researchers from two Cypriot universities will this year launch clinical studies on the performance of Cypriot soccer players taking doses of high phenolic olive oil, hoping to add to a growing body of evidence on its health potential. They will also measure the benefits to gut microbiome. At an olive mill in the Larnaca district, Netien, who says that he has produced oil with the highest recorded polyphenol content, closely follows the extraction process. Churning produces a polyphenol called Oleocanthal, which he calls "the most natural, powerful anti-inflammatory in the world". This early harvest oil contains 30 times more polyphenols than extra virgin olive oil, and 100 times more Oleocanthal. To keep those compounds intact, Oleaphen uses single-dose seaweed-based pods instead of bottles, preventing oxidation and waste. Netien says what they are doing is a modern revival of an old practice. "There's a tradition in the Mediterranean, especially in Greece and Cyprus, of doing some olive oil really early in the season ... and this oil was kept at home to be used as a medicine," he said. "It's not new. It's thousands of years old." https://www.reuters.com/sports/soccer/olive-oil-with-kick-seeks-energise-cypriot-players-2025-09-16/

2025-09-16 07:20

LAGOS, Sept 16 (Reuters) - Nigeria's finance ministry has ordered the immediate suspension of a levy on all imported goods, which companies had said would raise the cost of doing business and crimp economic recovery efforts. Finance Minister Wale Edun said in a directive issued late on Monday that the 4% Free on Board (FOB) levy, introduced by the Nigeria Customs Service (NCS) last month, should be suspended to address the concerns raised by businesses. Sign up here. "Following extensive consultations with industry stakeholders, trade experts, and relevant government officials, it has become clear that the implementation of the 4% FOB charge poses significant challenges to Nigerian trade facilitation, the business environment, and economic stability," Edun said in a statement. Importers and business groups had warned that the levy would increase the cost of goods, fuel inflation, and hurt Nigeria's trade competitiveness at a time when the country was trying to end currency volatility and sluggish growth. The suspension will allow for a comprehensive review of the levy's framework and its broader economic implications, the ministry said, adding that it would work with the customs service and other stakeholders to develop a more "equitable and efficient revenue structure". Nigeria, Africa's largest economy, has been seeking to boost non-oil revenues amid declining crude output and mounting fiscal pressures. But businesses have pushed back against what they see as arbitrary levies that complicate trade and raise costs. https://www.reuters.com/world/africa/nigeria-suspends-fob-levy-imports-after-industry-backlash-2025-09-16/

2025-09-16 06:56

Sept 16 (Reuters) - Kuwait Petroleum Corporation is seeking to revive the Shahin project to lease and re-lease crude oil pipelines, a presentation by the company showed on Tuesday. Last week, media reports citing people familiar with the matter said the company is considering leasing part of its pipeline network to help fund a $65 billion investment plan that covers everything from upstream to petrochemicals. Sign up here. Kuwait Oil Company is the country's main crude producer, alongside Kuwait Gulf Oil Company, which operates in the Neutral Zone shared with Saudi Arabia. https://www.reuters.com/business/energy/kuwait-petroleum-corporation-seeks-revive-pipeline-lease-re-lease-project-2025-09-16/