Latest News
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Environment change reveals 'claws' with rising expenses for disasters, Munich Re says
Hurricanes, storms, floods and other natural catastrophes caused an estimated $140 billion in insured losses in 2024, up from 2023 and among the costliest years on record, Munich Re said on Thursday. The year's tally of losses from natural catastrophes covered by insurance coverage compares with $106 billion recorded in 2023 and is well above long-lasting averages. It is likewise greater than a similar anticipated by Swiss Re published in December. Munich Re, the world's largest insurance company, stated the development shows that environment modification is revealing its claws as worldwide temperature levels continue to rise, adding to more regular and severe weather occasions. One record-breaking high after another-- the effects are ravaging. The destructive forces of climate change are becoming significantly apparent, stated Thomas Blunck, a member of Munich Re's management board. The 2024 insured losses were the third most costly year because 1980, Munich Re said. Overall losses from natural disasters, including those not covered by insurance, were $320 billion in 2024. That is up from $ 268 billion in 2023 and above longer-term averages. The costliest catastrophes were typhoons Helene and Milton, which struck the United States hard. Though concentrated on 2024, the report comes as 10s of countless individuals leave their homes as wildfire rips through upscale locations of Los Angeles. No one is really safe from the consequences of environment modification, stated Tobias Grimm, Munich Re's chief environment scientist.
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Indian temple stampede: 6 dead as thousands jostle for free passes
A minimum of 6 people were killed and 35 hurt in a stampede near one of India's busiest, and richest, temples, after countless devout Hindus gathered to protect free check out passes, authorities said on Thursday. The period from Friday to Jan. 19 is thought about auspicious for sees to the deity at the Sri Venkateswara Swamy Temple, popularly referred to as Tirupati, in the southern state of Andhra Pradesh, the site of Wednesday's event. The stampede occurred when the gate was opened, S. Venkateswar, the district collector, or leading income official, told press reporters on Thursday. About 2,500 people simply pressed through the gate ... a couple of fell. Authorities were still attempting to figure out the reasons behind the stampede, he included. Tickets for visits to the nearly 2,00-year-old temple normally cost 300 rupees ($ 3.50) each and are offered online. A police grievance revealed the event happened between 7:30 p.m. and 8:30 pm outside a school a few kilometres from the temple, where state authorities had set up counters in preparedness to release tickets from Thursday. Video images show police struggling to manage the crowd that had gathered for the passes, in clips tape-recorded by news firm ANI in which Reuters holds a minority stake. Individuals who started queuing early for the passes pushed and scrambled each other, causing the stampede, Venkateswar stated, including that about a lots of the 35 hurt who were required to health center are still being treated. Temple operator the Tirumala Tirupati Devasthanams (TTD). apologised for the event and guaranteed action versus anyone. found responsible. Prime Minister Narendra Modi offered condolences in a post. on X, adding, My thoughts are with those who have actually lost their. near and darlings.
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Environment change shows 'claws' with rising expenses for catastrophes, Munich Re states
Hurricanes, storms, floods and other natural catastrophes caused an estimated $140 billion in insured losses in 2024, up from 2023 and one of the costliest years on record, Munich Re stated on Thursday. The year's tally of losses from natural catastrophes covered by insurance coverage compares with $106 billion taped in 2023 and is well above long-term averages. It is also greater than a similar anticipated by Swiss Re released in December. Munich Re, the world's biggest insurance provider, said the advancement programs that environment modification is showing its claws as international temperature levels continue to rise, adding to more regular and severe weather condition occasions. One record-breaking high after another-- the consequences are devastating. The damaging forces of environment modification are ending up being significantly apparent, stated Thomas Blunck, a member of Munich Re's management board. The 2024 insured losses were the 3rd most pricey year given that 1980, Munich Re stated. Overall losses from natural catastrophes, including those not covered by insurance, were $320 billion in 2024. That is up from $ 268 billion in 2023 and above longer-term averages. The costliest disasters were typhoons Helene and Milton, which hit the United States hard. Though focused on 2024, the report comes as 10s of countless people evacuate their homes as wildfire rips through upscale areas of Los Angeles. No one is truly safe from the consequences of environment change, said Tobias Grimm, Munich Re's primary environment researcher.
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Saudi petroleum supply to China set to fall in Feb vs Jan, sources state
Saudi Arabia's crude oil supply to China is set to decrease in February from the month in the past, trade sources said on Thursday, after the kingdom treked its prices and as OPEC+ prolonged production cuts in the very first quarter. State oil firm Saudi Aramco will deliver about 43.5 million barrels to China in February, a tally of allocations to Chinese refiners revealed, down from January's 46 million barrels, a three-month high. China's state majors CNOOC and PetroChina and personal refiner Hengli Petrochemical will be lifting less unrefined in February, while Saudi Aramco will increase its supply to Sinopec and Sinochem, they said. Aramco decreased to comment on its February allocation to China. OPEC+, which pumps about half the world's oil, chose in early December to push back the start of oil output increases by three months until April and extended the complete relaxing of cuts by a year until completion of 2026 due to weak need and growing production outside the group. With tighter supply, Aramco has likewise increased official selling costs to Asia for the first time in three months. Earlier this week, it raised the main market price ( OSP) for flagship Arab Light crude by 60 cents to $1.50 per barrel above the Oman/Dubai benchmark average, slightly above market expectations. Asian refineries, mainly China and India, are wanting to buy more Middle East grades after wider sanctions by Western nations tightened up materials and rose the costs of Russian and Iranian oil. Saudi Arabia is the No. 2 unrefined provider to China after Russia. China's crude imports from Saudi Arabia amounted to 72.27 million heaps (1.44 million barrels each day) for the very first 11 months of 2024, down 9.6% from the same period a year previously, Chinese custom-mades information showed in December.
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India to sign mining pact with Mongolia soon, govt source states
India is anticipated to sign a. preliminary contract with Mongolia soon in the area of geology. and exploration, a senior Indian government official with direct. knowledge of the matter said. Landlocked Mongolia is abundant in deposits of copper and coking. coal, and India is mainly based on imports to satisfy increasing. demand for the red metal used in power, building and. electrical cars in addition to coking coal for steelmaking. India's cabinet has actually approved the MoU (memorandum of. understanding) and both countries are expected to sign it quickly,. the source said, declining to be determined as the considerations. are not yet public. India's federal mines ministry did not respond to a Reuters. email seeking remark. Mongolia's Ministry of Mining and Heavy Industry did not. right away respond to a Reuters e-mail seeking comments. Business such as Adani, Hindalco and Vedanta have actually revealed. an interest in sourcing copper from Mongolia, the source said. All 3 business did not respond to e-mails from Reuters. seeking comment. Both Indian and Mongolian officials are working out supply. paths for Indian companies to source copper and coking coal,. with India choosing the route from Vladivostok in Russia. in spite of the longer range, the official said. China is convenient but we prefer the route from Russia,. the official said. Relations between Asian giants India and China were strained. after a lethal military clash on their contested border in 2020. however have actually been on the repair since they reached an arrangement in. October to draw back troops from their last two stand-off points. in the western Himalaya mountains. Unlike China, India has typically maintained close ties. with Russia. Resource-rich Mongolia can provide superior grades of coking. coal, industry officials state. In November, India's JSW Steel and state-run Steel. Authority of India
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Dalian iron ore rebounds on Chinese stimulus, growing seasonal stockpiles
Dalian iron ore futures costs snapped a fourday losing streak on Thursday, assisted by China's latest stimulus measure and sped up purchases by steel mills. The most-traded May iron ore agreement on China's Dalian Commodity Exchange (DCE) ended daytime trade 0.53%. higher at 754.50 yuan ($ 102.91) a metric heap. The benchmark February iron ore on the Singapore. Exchange closed 0.78% higher at $97.20 a lot. Leading customer China has expanded the scope of a customer. products trade-in plan in an effort to boost suppressed domestic. demand, according to a main policy document launched. Wednesday. There is ... some good news ... Recent policy communication. suggests that there will be a higher concentrate on supporting. intake this year, ING analysts said in a note. Still, commercial metals have had a muted start to 2025 in the middle of. geopolitical tensions, the uncertain course for China's economic. healing and rising protectionism, ING analysts said in a. different note. Authorities data on Thursday showed China's consumer inflation. slowed in December, while factory-gate deflation extended into a. 2nd year. A combination of task insecurity, a prolonged housing. decline, high financial obligation and tariff threats from U.S. President-elect. Donald Trump has actually hit need, even as Beijing ramps up stimulus. to restore its customer sector. On the supply side, deliveries from leading producers Australia. and Brazil have actually decreased, while overall delivery volumes to the. country have dropped, Chinese consultancy Hexun Futures said in. a note. Meanwhile, Chinese steel mills have accelerated their. pre-holiday buying of imported iron ore, whose stocks have. touched a ten-month high, Chinese consultancy Mysteel said on. its website. Other steelmaking components on the DCE published losses, with. coking coal and coke down 1.48% and 0.79%,. respectively. Many steel benchmarks on the Shanghai Futures Exchange. declined. Rebar dipped 0.65%, hot-rolled coil. ticked down 0.57%, wire rod lost about 0.6% and. stainless-steel got nearly 1.6%.
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Bond selloff reduces in Asia, stocks fall with eyes on UK gilts, US policy
A global bond thrashing relieved on Thursday and the dollar held steady near its greatest levels in more than a year, although stocks continued to fall with many Asian indexes down on the day. The benchmark 10-year U.S. Treasury yield reduced to 4.6648% in Asia from an overnight peak of 4.73%, which was the greatest level because April 2024. Equivalent-maturity Japanese government bond yields started the day by rising 1 basis point to the greatest considering that May 2011 at 1.185%, but later followed the wider pattern and were flat since 0537 GMT. Similar-dated Australian sovereign yields matched Wednesday's peak of 4.546%, which is also the highest level since late November, but were last at 4.491%. All eyes are now turning to UK bonds, which have been at the centre of the selloff, with growing issue about Britain's. financial and fiscal health, despite no obvious trigger for this. week's 20-bps rise in 10-year gilt yields. Plainly there is reason to enjoy the UK bond market. intently, and the recent trend is certainly worrying, Chris. Weston, head of research study at Pepperstone, stated. However, we can. take some assurances that the BoE (Bank of England) is more. prepared this time around. Sterling drooped 0.26% to $1.23325, extending its. 0.9% downturn from Wednesday. The U.S. dollar index, which gauges the currency. versus sterling, the euro and 4 other significant peers, edged up. to 109.07, sitting not too far from the greatest level because. November 2022 of 109.54, reached a week earlier. PRESSURE POINTS The most recent increase for the dollar and U.S. Treasury yields. follows current indications of strength in the U.S. economy and. inflation, which had triggered markets to minimize expectations for. Federal Reserve rate cuts this year. Minutes of the Fed's December policy conference, launched on. Wednesday, revealed officials were worried that President-elect. Donald Trump's proposed tariffs and immigration policies may. prolong the fight versus inflation. Selling in Treasuries on Wednesday accelerated after a CNN. report Trump was thinking about stating a national financial. emergency to supply a legal validation for a series of. universal levies on allies and adversaries. Markets are fully pricing in just one 25-bp rate cut in. 2025, and see around a 60% chance of a second. All that has combined to make global stock market sentiment. vulnerable, and Asian equities were mostly at a loss on Thursday. Japan's Nikkei dropped 1.2%, with the extra. headwind of a rebounding yen, which included about 0.2% to 158.08. per dollar following its slide to a nearly six-month. trough of 158.55 per dollar on Wednesday. Australia's stock benchmark slipped 0.5%, while. Taiwanese shares lost 1.1%. Hong Kong's Hang Sang and mainland Chinese blue chips. were both little bit changed. U.S. S&P 500 futures pointed 0.2% lower, after the. money index eked out a 0.2% gain over night. Pan-European STOXX 50 futures were a little lower,. though UK FTSE futures added 0.2%. U.S. stock exchange are closed on Thursday and Treasuries. have a shortened session to mark a nationwide day of mourning. following the death of former President Jimmy Carter. On Friday, the closely watched U.S. month-to-month payrolls report. will provide hints on the Fed policy outlook. China's yuan steadied near a 16-month low against the dollar. as the country's central bank revealed a record amount of. offshore yuan expense sales to support the currency. This relocation underscores Chinese policymakers' unwavering. choice for currency stability, stated Shoki Omori, a. strategist at Mizuho Securities, anticipating the Chinese currency. will firm to 7.22 per dollar by year-end. The onshore yuan traded bit altered at 7.3310. per dollar, however was not far from the previous day's low of. 7.3322, the weakest considering that September 2023. Oil prices edged lower, pushed by recent dollar strength. and large builds in U.S. fuel inventories recently. Brent unrefined futures reduced 4 cents to $76.11 a. barrel. U.S. West Texas Intermediate crude fell 8 cents. to $73.24. Gold costs edged down 0.1% to around $2,659 an ounce. from an overnight peak of $2,670.10, its highest level given that. Dec. 13. Leading cryptocurrency bitcoin was stable around. $ 94,508, following a two-day slide of 7%.
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Japan's Seven & i Holdings reports 24% y/y drop in third-quarter revenue
Japan's 7 & & i Holdings, operator of the 7Eleven convenience store chain, reported on Thursday a drop of 24% in quarterly operating revenue, missing out on analysts' price quotes. Profit was up to 128 billion yen ($ 809.41 million) in the duration from September to November versus 169 billion in the matching duration a year earlier. The outcomes compared to a typical earnings estimate of 138 billion yen from seven experts polled by LSEG. The poor showing contributes to pressure on the vast seller to show it can improve business worth as it fends off a. proposed $47-billion buyout deal from Canada's Alimentation. Couche-Tard (ACT). The company has actually hastened plans to focus on its core convenience. shop service by unloading its series of non-core properties, amongst. them a number of supermarket chains and expert sellers. Nevertheless, operating profit dropped at its domestic and. overseas convenience store arms as inflation weighs on consumer. spending in Japan and North America, the group's 2 biggest. markets. Seven & & i maintained its profit forecast of 403 billion yen.
Northvolt owners vote to remain running while seeking monetary rescue
The owners of Northvolt voted to continue operations on Wednesday, the business stated, while the Swedish electrical automobile battery maker scrambles to discover new backers and funding in coming weeks.
Northvolt went from Europe's best shot at an EV battery champion to seeking bankruptcy protection in 2015 as production problems, diminishing financing and competition from China took their toll.
Owners, consisting of Volkswagen and Goldman Sachs, met in Stockholm to vote on whether to liquidate the group or permit the Chapter 11 restructuring managed by a U.S. court to continue.
This is a favorable result that shows the assistance of our investors as we seek to realise our aspiration and increase our value, the business said in a declaration.
Northvolt continues to make progress in the restructuring process while ramping production and executing on its change, it added.
Northvolt has actually gotten more than $10 billion in equity, debt and public funding given that its founding in 2016.
At the time of its Chapter 11 filing in November the lithium-ion battery maker had 6,600 workers and debts of $5.8. billion, and just $30 million in money. It said it expects to. finish its restructuring by the first quarter.
Co-founder and recently left CEO Peter Carlsson said the. business needs to raise in between $1 billion and $1.2 billion to. restore its company. Those funds are most likely to come from a mix. both monetary and tactical financiers, and a mix of. existing and brand-new stakeholders, an individual with knowledge of the. circumstance said. The individual was speaking on condition of. privacy because the matter is private.
A Northvolt representative said the company would not comment. on possible structures however said its talks with possible. investors were continuous.
Swedish firms are required by law to look for a mandate from. If their equity value is, shareholders to continue operations. estimated to have dropped below half that of their signed up. share capital.
We chose to vote in line with the Northvolt board's. proposition as the company's operations continue, stated a. representative at insurance company Folksam, which has a 0.7% stake in the. startup.
Folksam's focus is now on the outcome of the restructuring,. the representative added.
A Northvolt representative had actually stated in advance that the. company expected owners to support the board's proposal to. continue operations.
Northvolt went into the Chapter 11 proceedings with a. $ 100-million loan from investor and client Scania, and has. stated it expects to line up more financing by late January.
(source: Reuters)