2025-09-11 07:26
KYIV, Sept 11 (Reuters) - Ukrainian private energy firm DTEK has launched the country's largest battery storage facility to ensure stable power supplies in the face of Russian attacks on Ukraine's energy sector, the company said on Thursday. Russia, which launched a full-scale war against Ukraine in 2022, is attacking its energy system, depriving Ukraine's industry and millions of residents of power. Sign up here. DTEK said its total investment in the project amounted to 125 million euros ($146.13 million). Six battery storage systems have been connected to the power grid in the capital Kyiv and Dnipropetrovsk regions in eastern Ukraine, it said. The combined facilities, which were constructed in partnership with U.S.-based Fluence (FLNC.O) , opens new tab, a global leader delivering intelligent energy storage, have the capacity to store 400 megawatt hours of electricity - enough to power 600,000 Ukrainian households for two hours. DTEK said the new systems would increase the security of the electricity supply and reduce the risk of outages and accidents, especially in the event of a breakdown in some power generation. "In the context of large-scale attacks on Ukraine's energy system, the role of energy storage systems has become just as fundamental as energy generation itself," said energy minister Svitlana Grinchuk. ($1 = 0.8554 euros) https://www.reuters.com/business/energy/ukraines-dtek-invests-major-battery-storage-bolster-energy-security-2025-09-11/
2025-09-11 07:15
LONDON, Sept 11 (Reuters) - Britain's finance minister Rachel Reeves said on Thursday she would look at reforming business rate taxes to support small businesses to open new premises, by making changes to avoid sudden jumps in rates which can hamper expansion. "Tax reforms such as tackling cliff-edges in business rates and making reliefs fairer are vital to driving growth," she said in a statement. Sign up here. https://www.reuters.com/world/uk/uk-finance-minister-promises-tax-reform-help-small-business-expansion-2025-09-11/
2025-09-11 06:55
MUMBAI, Sept 11 (Reuters) - The Indian rupee slipped on Thursday, tracking weakness in Asian currencies and under pressure from import-related dollar demand in the lead-up to U.S. inflation data that could shape the Federal Reserve’s next policy move. The rupee was quoting at 88.26 to the U.S. dollar at 12:20 pm IST, down form 88.10 on Wednesday. The currency is not far away for the all-time low of 88.36 hit last Friday. Sign up here. Currency traders said dollar demand from importers for immediate payments was keeping the rupee pinned near its record low, while weak Asian cues offered little support. Asian currencies were down between 0.1% to 0.3% on the day. A Mumbai-based FX trader said he was surprised the rupee is flirting with a new all-time low. "With momentum thin, I didn’t expect it to test 88.35 again so quickly. Importers are feeding the dollar demand." The rupee’s struggles come amid lingering concerns over U.S. tariffs on Indian goods, which have heightened uncertainty for exporters and are expected to weigh on capital flows. Persistent unease over U.S. tariffs is driving corporates to fortify their dollar liabilities, bankers said. ALL EYES ON US INFLATION Thursday's U.S. consumer price data will be closely watched for clues on the Fed's next policy move, coming against the backdrop of softer-than-expected labour market indicators. Weakness in the U.S. labour market has led to investors nearly fully pricing in a 25-basis-point rate cut next week, though a softer-than-expected inflation print could boost bets on a larger 50-basis-point move, influencing dollar flows. MUFG Bank said in a note that the possibility of a 50-basis-point cut remains a high bar. The inflation data is the last big data point before the Fed meets on September 16-17. https://www.reuters.com/world/india/import-payments-weak-asia-weigh-rupee-before-us-inflation-data-2025-09-11/
2025-09-11 06:53
Sept 11 (Reuters) - Asian equities saw sharp outflows in August as worries over U.S. President Donald Trump's tariffs weighed on the outlook for the region's exporters, while a weaker dollar added to margin pressures and competitiveness concerns. Foreigners sold a net $8.8 billion of equities across India, Taiwan, South Korea, Thailand, Indonesia, Vietnam and the Philippines last month, according to data compiled by LSEG, ending a three-month buying streak. Sign up here. Trump last month imposed tariffs of 10% to 50% on importing goods from major trading partners, including 50% on India, 20% on Taiwan, 19% on Thailand and 15% on South Korea. While Asian exporters had passed most of the tariff costs to the U.S., margin compression is likely in the months ahead as reciprocal tariffs rise further, Nomura said in a report. Indian equities led the regional outflows as foreigners ditched local shares worth approximately $4 billion, the most for a month since January. Some analysts expect India's consumption-focused tax rate cuts this month in response to U.S. tariffs would help revive demand for Indian equities. Foreign investors sold Taiwanese stocks worth $2.05 billion, $1.63 billion of Vietnamese shares, $1.06 billion of South Korean equities and $709 million of Thai stocks last month. Indonesian equities, however, bucked the trend with $676 million of net foreign inflows. Asian shares rallied this week, led by technology stocks on bets that U.S. inflation data will be tame enough to ensure a rate cut next week by the Federal Reserve and possibly two more by 2025-end. However, analysts flagged concerns over stretched valuations in regional stocks after a recent rally pushed them above 10-year averages. At end-August, the MSCI Asia ex-Japan index was trading at a forward price-to-earnings ratio of 14, a four-year high. "Although the Fed rate-cut cycle is a tailwind, we expect a pause in market re-rating on waning incremental support from the dollar. Upside should mostly come from earnings growth," Societe Generale's head of Asia equity strategy Frank Benzimra said. https://www.reuters.com/world/india/asian-equities-see-first-monthly-foreign-outflow-four-months-august-2025-09-11/
2025-09-11 06:50
Sept 11 (Reuters) - British gas producer Energean (ENOG.L) , opens new tab cut its annual production forecast for the second time in nearly four months on Thursday, hurt by the temporary suspension of production in Israel in June. Production for 2025 is now expected at 145,000 to 155,000 barrels of oil equivalent per day (boepd). In May, it was cut to 155,000 to 165,000 boepd from 160,000-175,000 boed. Sign up here. The conflict between Israel and Iran briefly rattled global energy markets and forced Energean to suspend its offshore operations at the Karish gas field off the coast of northern Israel for nearly two weeks. Energean reported an 11% fall in adjusted EBITDAX (Earnings Before Interest, Taxes, Depreciation, Amortisation, and Exploration Expense) at $505 million for the six months ended June 30. https://www.reuters.com/business/energy/uks-energean-cuts-output-forecast-second-time-key-gas-field-suspension-2025-09-11/
2025-09-11 06:46
JAKARTA, Sept 11 (Reuters) - The death toll from this week's floods on the Indonesian island of Bali has risen to 14 people from nine, a government official said on Thursday, though the rain has stopped and water levels are receding in most areas. Two people are missing in the tourist hub's capital of Denpasar and 125 rescuers have deployed in the search for them, disaster mitigation agency spokesperson Abdul Muhari said. He added that more than 500 people have been evacuated to schools and mosques. Sign up here. Torrential rains on Tuesday and Wednesday caused floods in Denpasar and six of Bali's eight regions, blocking major roads, including access to the island's international airport. There were also landslides in some areas. Most of the deaths occurred when people were swept away after rivers burst their banks, Abdul said. No foreigners were among the casualties, the agency said. There were no reports of flight cancellations on Thursday. Rescuers are still pumping water out of several flooded buildings and around 500 military personnel have been deployed to clear streets of mud, debris and rocks. "The peak of the rain has passed and generally the waters have receded. Now, we are focusing on clearing mud from the streets," Abdul said. Heavy rain also caused flooding in Indonesia's East Nusa Tenggara where four people were killed. https://www.reuters.com/business/environment/bali-floods-kill-14-search-continues-two-missing-2025-09-11/
