2024-09-20 00:08
TOKYO, Sept 20 (Reuters) - China will revisit its ban on marine imports from Japan and work towards resuming imports following an expansion of regulatory monitoring of radioactive wastewater from the Fukushima nuclear plant, Japan's Prime Minister Fumio Kishida said on Friday. China had banned purchases of seafood originating in Japan citing risk of radioactive contamination after Tokyo Electric Power (9501.T) , opens new tab started releasing treated water from the wrecked Fukushima nuclear power plant into the Pacific Ocean last year. "We conveyed that we are ready to conduct additional monitoring on the treated water, and China said it will begin to revisit its import restrictions on Japanese marine products, and will steadily increase imports for products that meet Chinese standards," Kishida said to reporters in Tokyo on Friday. The Chinese criteria that the Japanese products must meet are not targeted at any specific country and apply to all imports, Kishida added. Japan has maintained that the water release is safe, noting the International Atomic Energy Agency (IAEA) has also concluded the impact it would have on people and the environment was "negligible". China's foreign ministry said on Friday it will continue to hold talks with Japan on the handling of the radioactive water discharge. China urges Japan to properly handle concerns, and its opposition of Japan's discharge of the contaminated water has not changed, Mao Ning, a spokesperson at the Chinese foreign ministry, said at a regular news conference. Before the ban, China was the biggest market for Japanese seafood exports. Japan's exports of agricultural, forestry and fishery products in the first half of 2024 fell for the first time since 2020, hit by China's ban. Japan's position that the ban must be lifted immediately remains unchanged, foreign ministry official Hiroyuki Namazu said at a briefing following Kishida's announcement. There was no clear date or timeline for when the restrictions may be lifted, or what steps may be taken for that to happen, he added. Japan began pumping more than a million metric tons of treated radioactive water from the destroyed Fukushima Daiichi nuclear power plant in 2023, a process that will take decades to complete, triggering a diplomatic spat with China. The water was distilled after being contaminated from contact with fuel rods at the reactor, destroyed in a 2011 earthquake and tsunami. Sign up here. https://www.reuters.com/markets/asia/final-preparations-underway-china-resume-japan-seafood-imports-nhk-says-2024-09-19/
2024-09-19 23:45
Sept 19 (Reuters) - Energy equipment maker GE Vernova (GEV.N) , opens new tab said on Thursday it planned to slash the size of its struggling offshore wind business, a move that could cut 900 jobs around the world. The company blamed cost inflation and supply chain challenges that have been a drag on the sector over the last year. "The proposal reflects industry wide challenges for wind and aims to transform our Offshore Wind business into a smaller, leaner and more profitable business within GE Vernova," a company spokesperson said in an emailed statement. But the company has also suffered delays to two major projects it is supplying because of incidents involving its turbine blades. In July, a manufacturing flaw led to a turbine blade failure at the Vineyard Wind project off the coast of Massachusetts, and that facility has not yet returned to full construction. The company also experienced two separate turbine blade failures at the Dogger Bank project in the United Kingdom this year. Last week, company CEO Scott Strazik said its wind segment would lose $300 million this quarter as it seeks to complete a $3 billion order backlog. GE Vernova said it would allocate resources to existing projects, including quality control. It did not say where the 900 jobs would be cut. Sign up here. https://www.reuters.com/business/energy/ge-vernova-plans-leaner-offshore-wind-unit-will-cut-hundreds-jobs-2024-09-19/
2024-09-19 22:34
Poland's Wroclaw looks to have withstood flood wave for now EU's von der Leyen pledges billions of euros in support Central Europe floods the worst in at least two decades Rain leaves devastation from Romania to Poland WROCLAW, Poland, Sept 19 (Reuters) - The European Union will make billions of euros available to help central Europe recover from severe floods, European Commission President Ursula von der Leyen said on Thursday, as she pledged support for regions that have been devastated by the deluge. The worst floods to hit central Europe in at least two decades have caused widespread damage from Romania to Poland, killing at least 24 people, destroying bridges, submerging cars and leaving towns caked in mud and debris. The flooding was caused by torrential rain that began last week and lasted for several days, causing rivers to burst their banks in several parts of the region. "I am here to reassure you that Europe stands by your side," she told a news conference in the Polish city of Wroclaw, standing alongside leaders of the affected countries. "This is a moment of need, of... natural disaster and we have all to stand together to overcome the challenge." Von der Leyen said that 10 billion euros ($11.16 billion) would be made available from EU cohesion funds and that some of the conditions usually attached to such funds, such as co-financing by member states, would be lifted to make the response quicker. She also said that money from the EU's Solidarity Fund, which supports member states hit by natural disasters, would be used to rebuild infrastructure. Polish Prime Minister Donald Tusk told private broadcaster Polsat News that Poland could get 5 billion euros. "What we need now is to quickly build, repair infrastructure, it will cost huge amounts of money, it would be tough to handle it from national budgets," said Czech Prime Minister Petr Fiala, adding he was grateful for von der Leyen's concrete proposals for help. Czech Finance Minister Zbynek Stanjura said earlier on Thursday that the government would provide 30 billion crowns ($1.3 billion), about 0.38% of GDP, in a 2024 budget amendment and earmark 10 billion crowns more in the 2025 budget to help with flood damage. Czech Interior Minister Vit Rakusan said most power supply should be reconnected by Friday. The country is holding regional elections this weekend and authorities said a satellite connection had been set up in places where mobile signal is lacking, to allow the vote to go ahead. DEFENCES Meanwhile, flood defences in Poland's third-largest city, Wroclaw, looked to have held firm on Thursday. The flood wave that has inundated the Polish-Czech border region since the weekend reached Wroclaw overnight, but there were no signs of serious damage. "The urban system withstood and absorbed the main wave of the floods that have been hitting Lower Silesia and neighbouring regions for a week," local authorities said in a statement on Facebook. However, authorities warned that larger than usual levels of water would keep flowing through the city in the coming days. Agnieszka Popow-Wozniak, 44, an employee at an infertility clinic who had cycled through the city, told Reuters the situation seemed to be better than expected, adding: "There is no flooding in the city centre at the moment." The army said 16,000 soldiers were helping out in the region, alongside police and thousands of volunteers. Prime Minister Tusk said officers from Poland's Internal Security Agency (ABW) had arrested a person who had dressed up in a soldier's uniform and falsely told members of the public that flood defences were going to be blown up. Poland has warned citizens to be alert for disinformation about the floods. In Hungary, towns were dealing with the rising Danube River, and Prime Minister Viktor Orban said the water level in Budapest was expected to peak on Saturday afternoon or evening, but that it would be lower than record levels seen in 2013. ($1 = 22.5260 Czech crowns) ($1 = 0.8964 euros) Sign up here. https://www.reuters.com/world/europe/polands-third-largest-city-braces-peaking-floods-2024-09-19/
2024-09-19 22:34
WASHINGTON, Sept 19 (Reuters) - The U.S. Trade Representative's office said on Thursday it will accept public comments starting on Monday on its plans for steep tariff increases on Chinese polysilicon, silicon wafers and tungsten products. The tariff increases were added to the Biden administration's final determination on "Section 301" tariffs on Chinese electric vehicles, batteries, steel, semiconductors and solar cells announced last week. After reviewing public comments on those tariff hikes, many of which are due to start on Sept. 27, including the 100% duty on Chinese EVs, USTR said it would add five product categories. These include 50% duties on polysilicon used in solar cells and silicon wafers used in semiconductors and 25% duties on three categories of processed tungsten, including unwrought and bars, plates, rods, sheets and foil. In a Federal Register notice , opens new tab, USTR said the docket for public comments will open on Monday and close on Oct. 22. Sign up here. https://www.reuters.com/markets/commodities/ustr-take-comments-tariff-hikes-chinese-polysilicon-wafers-tungsten-2024-09-19/
2024-09-19 21:51
Court official seeks new delay to negotiate sale terms Proposed schedule pushes sale decision back to Dec. 3 HOUSTON, Sept 19 (Reuters) - Canadian miner Gold Reserve (GRZ.V) , opens new tab said on Thursday it has dropped out of a U.S. court-organized bidding for shares in a parent of Venezuela-owned oil refiner Citgo Petroleum, citing court delays, and uncertainty over the sales process. The move came on the same day the court official overseeing the bidding asked the federal court in Delaware to grant him additional time to conclude discussions with a bidder on sale terms. Creditors filing parallel lawsuits against Venezuela have affected the talks, the official said in a filing. Houston-based Citgo, the seventh largest U.S. refiner by volume, is the crown jewel of Venezuela's companies overseas and has been the target of creditors seeking compensation for late President Hugo Chavez' nationalization wave and President Nicolas Maduro's failed debt payments. The court found the Citgo parent liable for debt defaults and expropriations and 18 creditors holding rulings totaling $21.3 billion are pursuing proceeds from the auction of shares in PDV Holding that was launched last October. Offers are not expected to cover that amount entirely. Gold Reserve had submitted a bid on June 11 for shares in PDV Holding. However, the company, which has a more than $1 billion claim, said in a statement it was concerned by a stay motion filed this week by Venezuela and PDV Holding, given the three extensions to naming a winner to date. "We have worked with many great partners during this prolonged process but now, given the elapsed time, uncertainty and lack of visibility on the outcome, we are on our own and outside of the bidding,” said Paul Rivett, executive vice chair, in a statement. He said the company hopes the court officer overseeing the bidding "will recommend a fair deal to the court and judgment creditors soon." Robert Pincus, the court official overseeing the sale, on Thursday sought a fourth delay to complete his negotiations on sale terms in a filing with the court. He asked to be given until Sept. 26 to continue talks and proposed the court now schedule a hearing on the recommendation for Dec. 3. The court officer overseeing the auction "has not disclosed any specifics concerning the status of the negotiations" with the remaining bidders, Gold Reserve said. The court also has not provided "any specifics concerning the procedures for other potential bidders to submit topping bids after the sales motion is filed," it added. Sign up here. https://www.reuters.com/markets/commodities/gold-reserve-drops-out-bidding-shares-citgo-petroleum-parent-2024-09-19/
2024-09-19 21:48
Sept 20 (Reuters) - A look at the day ahead in Asian markets. A bumper week of central bank meetings that included the U.S. Federal Reserve on Wednesday and the Bank of England on Thursday rounds off on Friday with attention fixed on Asia, and policy decisions from the Bank of Japan and People's Bank of China. Investors in Asia go into these meetings in buoyant mood, fired up by the Fed's half percentage point rate cut and signal that rates will continue to fall over the next couple of years. Concerns over the U.S. labor market, the nature of the U.S. economy's 'landing', and the wisdom of easing policy so much when financial conditions are already the loosest in years will surely return at some point. But that's for another day. Right now, animal spirits are coursing through markets, and risky assets in Asia are set to close the week on a high. The MSCI World, S&P 500 and Dow all hit new highs on Thursday, the Nasdaq jumped 2.5%, and the Russell 2000 index of U.S. small caps rose for a seventh day to register its longest winning stretch since March, 2021. Nikkei futures are pointing to a rise of 1.6% at the open on Friday, and the MSCI Asia ex-Japan index is 1.5% away from its highest level since April 2022. The BOJ is widely expected to stand pat and wait to see how inflation dynamics play out before deciding when to raise rates again, and as fate would have it, Japanese consumer inflation figures for August will also be released on Friday. Economists expect the annual core rate to tick up to 2.8% from 2.7% in July. That would mark the fourth consecutive rise and lift inflation further above the BOJ's 2% target. Political influence may be factoring into BOJ officials' thinking. Sanae Takaichi, Japan's minister in charge of economic security and a leading candidate in the ruling party's leadership race, has warned the BOJ against raising rates. The PBOC, meanwhile, is expected to trim its main policy and benchmark lending rates on Friday, emboldened by the Fed's outsized rate cut that removed some of the risks around sharp yuan declines. The economic challenges facing Chinese authorities are well known by now. They include a property sector crash that may take years to play out, fanning flames of deflation, and GDP growth that will probably fall well short of Beijing's 5% target. For growth, investor sentiment and asset prices to meaningfully recover, huge monetary and fiscal stimulus will be needed. But the signs are that won't happen, and Beijing is opting for piecemeal efforts over any 'bazooka'. Shanghai stocks are set for a rare weekly rise - only the fourth of the last 18 - but are barely 1% away from falling to levels last seen in January 2019. Here are key developments that could provide more direction to Asian markets on Friday: - Japan central bank decision - Japan inflation (August) - China central bank decision Sign up here. https://www.reuters.com/markets/asia/global-markets-view-asia-graphic-pix-2024-09-19/
