2024-09-09 06:53

NUSA DUA, Indonesia, Sept 9 (Reuters) - Indonesia is still waiting for cheaper financing to hasten early retirement of coal-fired power plants under a pact with the rich nations of the G7 grouping, senior government officials said on Monday, in the transition to cleaner electricity. The Southeast Asian nation of more than 275 million had been promised $20 billion in funds as part of the G7's Just Energy Transition Partnership (JETP), unveiled in 2022, but very little money has been disbursed. Luhut Pandjaitan, a senior minister overseeing mining, said the current financing mechanism did not include any grants, and did not fix existing issues such as high costs of retirement. "If you push us to retire our coal plants early, how do we finance it? The interest on the finance needs to be attractive," Luhut told the Coaltrans Asia conference. "If they give a commercial (rate of) interest, what's the point?" Indonesia, which has sought interest rates cheaper than those offered by markets, requires $94.6 billion by 2030 to develop clean power transmission and generation infrastructure to phase down coal power. Grant funding identified in the JETP document amounted to just $153.8 million of the total pledged. The lack of progress on the plan, described as the "single largest climate finance transaction" by a U.S. treasury official when first announced, has stalled efforts by the world's seventh-largest producer of coal-fired power to cut emissions. Indonesia is now trying to shut its 660-MW Cirebon-1 power plant in West Java, but Septian Hario Seto, a deputy minister for investment affairs, said the final deal had yet to be delivered. "Too many promises, nothing delivered," Seto told Reuters on the conference sidelines. The government is considering shutting down 13 coal-fired power plants owned by state utility Perusahaan Listrik Negara (PLN), but has not set a timetable, citing energy security and affordability concerns. Luhut urged other nations not to lecture Indonesia on decarbonisation, citing a presentation in which he advised U.S. Treasury Secretary Janet Yellen that Indonesia's emissions per head were far lower than those of the United States. At 2.3 metric tons, Indonesia's emission of carbon dioxide is far outstripped by the equivalent U.S. figure of 14.7 tons per capita and below the global average of 4.5 tons. Sign up here. https://www.reuters.com/business/energy/indonesia-says-seeking-global-help-accelerate-coal-power-plant-retirement-2024-09-09/

2024-09-09 06:51

Vietnam death toll rises to 46, government says One bridge collapses, as landslide and flood risks remain Factories damaged, walls at LG Electronics plant collapse HANOI/HAIPHONG, Sept 9 (Reuters) - Typhoon Yagi, Asia's most powerful storm this year, left dozens dead in northern Vietnam and widespread damage to infrastructure and factories as it churned westwards, preliminary government estimates showed on Monday. Forty-six people have died and 22 are missing, mostly because of landslides and floods triggered by the typhoon, Vietnam's disaster management agency said. The typhoon made landfall on Saturday on Vietnam's northeastern coast, home to large manufacturing operations of domestic and foreign companies. It was downgraded to a tropical depression on Sunday but the meteorological agency warned on Monday of further floods and landslides. Yagi cut power to millions of households and companies, flooded highways, disrupted telecommunications networks, downed a medium-sized bridge and thousands of trees and brought economic activity in many industrial hubs to a halt. Managers and workers at industrial parks and factories in Haiphong, a coastal city of two million, said on Monday they had no electricity and were trying to salvage equipment from plants where metal sheet roofing had been blown away, as more rain was expected. "Everyone is scrambling to make sites safe and stocks dry," said Bruno Jaspaert, head of DEEP C industrial zones, which host plants from more than 150 investors in Haiphong and the neighbouring province of Quang Ninh. The walls of a factory in Haiphong of South Korea's LG Electronics (066570.KS) , opens new tab collapsed, according to pictures and a Reuters witness. LG Electronics, a major maker of appliance and consumer electronics, said there were no casualties among its employees and acknowledged damages at its production site noting a warehouse with refrigerators and washing machines had been flooded. "Lots of damages," said Hong Sun, the chairman of the South Korean business association in Vietnam when asked about the typhoon's impact on Korean factories in coastal areas. A manager of leased factories confirmed widespread damages to roofs and prolonged power cuts in northern provinces. A bridge in the province of Phu Tho collapsed on Monday, authorities said. "This is normally a busy bridge, a key bridge in the province," a senior official of the province's transport department said, adding there were no reports yet on casualties. Authorities said their initial investigations suggested there were eight vehicles on the bridge when it collapsed. The weather agency warned of more floods and landslides, and said heavy rain and strong winds were expected late on Monday in the capital Hanoi, a city of 8.5 million people. State-run power provider EVN said that more than 5.7 million customers lost power during the weekend as dozens of power lines were broken, but electricity was restored on Monday to nearly 75% of those affected. Sign up here. https://www.reuters.com/world/asia-pacific/vietnams-death-toll-typhoon-yagi-rises-24-govt-says-2024-09-09/

2024-09-09 06:46

China starts anti-dumping probe into Canadian rapeseed imports Canada to impose 100% tariffs on Chinese EVs from Oct 1 China's probe follows similar probes on EU dairy, pork imports BEIJING, Sept 9 (Reuters) - China announced on Monday the start of a one-year anti-dumping investigation into imports of rapeseed from Canada, just weeks before Ottawa's 100% tariffs on Chinese-made electric vehicles and other products come into force. There has been growing trade tension between Beijing and the West in recent weeks after Canada, the United States and the European Union opted to impose tariffs on imports of electric vehicles from China. The inquiry will examine imports from Jan. 1 to Dec. 31, 2023, China's commerce ministry said in a statement, adding that preliminary evidence and information showed dumping of the oilseed, also known as canola, had taken place. While noting that Canada adheres to "rules-based trade," Canadian Minister of Agriculture Lawrence MacAulay said the country's products meet the highest standards and its inspection systems are robust. "I am deeply concerned by this announcement, and I want to be clear that our government will always support the agriculture sector as they pursue market access for their world-class products," he said. Chinese President Xi Jinping met with Spanish Prime Minister Pedro Sanchez on Monday in a bid to avoid a broad trade war. China has already launched an anti-subsidy investigation into dairy imports from the European Union and an anti-dumping investigation into EU pork imports. "A trade war would benefit no-one," Sanchez said, adding he was seeking to create a level playing field in cooperation with Chinese companies. China's commerce ministry said there was a causal relationship between the dumping of Canadian canola imports and actual damage to domestic industry following significant rises in the imports and falling prices. More than half of rapeseed exported by Canada makes its way to China. The world's biggest oilseed importer purchased 5.5 million metric tons of canola in 2023, valued at $3.72 billion. Imports from Canada accounted for 94% of the total. The investigation is "fundamentally different" from the discriminatory measures taken by Canada in violation of WTO rules, a spokesperson from the commerce ministry said in a Q&A session on Monday. Canada, following the lead of the United States and European Union, will on Oct 1 impose a 100% tariff on imports of Chinese electric vehicles and a 25% tariff on imported steel and aluminium from China. The announcement of Beijing's plan on an anti-dumping probe last week sent prices of Chinese rapeseed oil futures to a one-month peak. The investigation will start effectively immediately, and should be completed before Sept. 9, 2025, although it may be extended for another six months under special circumstances, the ministry said. The probe will also examine the industrial damage from these Canadian imports covering the period from Jan. 1, 2021 to Dec. 31, 2023, it said. MacAulay had previously said China's move was "deeply concerning". China has also said it will initiate an anti-dumping investigation into some Canadian chemical products. Sign up here. https://www.reuters.com/markets/commodities/china-commerce-ministry-begins-anti-dumping-investigation-into-canadian-canola-2024-09-09/

2024-09-09 06:40

SINGAPORE, Sept 9 (Reuters) - Singapore will enhance security at its land, air and sea checkpoints this week due to an unspecified "heightened security situation in the region", its immigration authority said, warning of delays and additional clearance time. The beefing-up of security will coincide with a visit by Pope Francis to the city-state from Wednesday to Friday, during which a papal mass will be held for 50,000 attendees. The immigrations authority in its message, posted on social media late on Sunday, did not mention the pope's visit or elaborate on the security situation. It did not immediately respond to a request for comment. Sign up here. https://www.reuters.com/world/asia-pacific/singapore-increases-checkpoint-security-ahead-pope-visit-2024-09-09/

2024-09-09 06:02

Focus on US CPI due on Wednesday, PPI on Thursday Traders see 73% chance of 25-basis-point Fed rate cut this month Palladium up over 3% Sept 9 (Reuters) - Gold prices held their ground on Monday, as investors awaited the U.S. inflation report for further clues on the potential size of the Federal Reserve's interest-rate cut. Spot gold was little changed at $2,499.79 per ounce by 1:54 p.m. ET (1754 GMT). U.S. gold futures settled 0.3% higher at $2,532.70. Bullion "will probably be fairly consolidated, perhaps a little bit choppy in the established range in gold," said Peter A. Grant, vice president and senior metals strategist at Zaner Metals, who expects gold to hit all-time highs. Bullion hit a record high of $2,531.60 on Aug. 20. Traders now see a 73% chance of a 25-basis-point cut at the Fed's meeting next week, and a 27% chance of a 50 bp reduction, according to the CME FedWatch tool , opens new tab. "The market seems to be reconciling that the Fed is probably more likely to do the smaller 25-basis-point cut and that's been my position all along," Grant added. Lower interest rates reduce the opportunity cost of holding the zero-yield bullion. Last week, a report showed U.S. employment increased less than expected in August, but a drop in the jobless rate to 4.2% suggested the labour market was not falling off a cliff to warrant a half-point cut. Investors will now watch out for August U.S. consumer price data on Wednesday and the producer price index on Thursday. "If inflation numbers come much lower than expected and raise hopes for a 50-bp cut, then gold could hit all-time highs. But even if the consensus stays for a 25-bp cut, gold wouldn't see a dramatic loss in prices as the Fed is definitely cutting rates," Kinesis Money market analyst Carlo Alberto De Casa said. The U.S. public's outlook for inflationary pressures was little changed last month, according to a report released on Monday by the New York Federal Reserve. Spot silver rose 1.2% to $28.26 per ounce, platinum gained 2.3% to $942.45 and palladium was up more than 3% at $945.72. Sign up here. https://www.reuters.com/markets/commodities/gold-prices-subdued-traders-await-fed-rate-outlook-cues-2024-09-09/

2024-09-09 05:54

BEIJING, Sept 9 (Reuters) - China's exports likely grew at the slowest pace in four months in August, as cooling global demand and mounting trade barriers threaten to dim a bright spot in the world's second-largest economy. Trade data on Tuesday is expected to show outbound shipments grew 6.5% year-on-year by value, according to the median forecast of 34 economists in a Reuters poll, down from a 7.0% pace recorded in July. Inbound shipments likely increased by 2% last month, marking a steep drop from the 7.2% growth recorded in July that was bumped up by a low base from the previous year and a rush to stockpile chips ahead of expected U.S. tech curbs. South Korea, a leading index for China's tech imports, saw exports to China rise at a slower pace in August, after it soared to a 21-month high in July. The likely downbeat August data adds to a string of recent economic indicators suggesting China is struggling to regain momentum after a rocky start to the second half of the year. Manufacturing activity shrank for the sixth consecutive month in August, with factory gate prices falling to their worst in 14 months. Moreover, the expected deceleration in imports highlights weak domestic demand, as the economy is weighed down by a prolonged housing market slump and rising job insecurities. Analysts believe the economy could regain some ground in the rest of the year, as fiscal spending is set to ramp up and exports retain some resilience. However, significant risks remain, with escalating trade tensions and looming tariff hikes casting a shadow over growth prospects. Canada last month announced a 100% tariff on imports of Chinese electric vehicles, joining the U.S. and European Union in tightening trade measures against China. In Asia, India's steel ministry is pushing to raise tariffs on steel imports from countries including China, while Malaysia has launched an anti-dumping probe into Chinese and Indonesian plastic products. "The peak of Chinese export momentum is likely over," Oxford Economics said in a recent note, warning that supportive price factors could fade as tariffs take effect. China's August trade surplus is forecast at $82.05 billion, according to the poll, down slightly from $84.65 billion in July. Sign up here. https://www.reuters.com/world/china/chinas-exports-likely-slowed-further-august-trade-tensions-mount-2024-09-09/