GERMAN GOVERNMENT: WELCOMES THE NOBEL COMMITTEE'S DECISION TO AWARD THIS YEAR'S NOBEL PEACE PRIZE TO MARIA CORINA MACHADO
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(Reuters) -Several cargoes of BHP iron ore were put up for sale in China on Thursday and at least one was sold to a local trader, potentially defusing concerns in Australia that Beijing had imposed a ban on iron ore sales from the world's biggest miner. BHP sold a 170,000-metric-ton cargo to a Chinese trader on Thursday, the first day of trading after China's week-long national holiday, according to two traders with direct knowledge of the matter. The cargo was paid for in dollars, they said. The same day, the Shanghai branch of China Mineral Resources Group (CMRG) – set up in 2022 to centralise iron ore purchasing and win better terms from miners – offered eight cargoes of BHP iron ore totaling 1.14 million tons to steelmakers, according to an offer sheet reviewed by Reuters. AUSTRALIAN FEARS OF CHINESE BAN ON ITS IRON EXPORTS Bloomberg reported last month that CMRG had told major steelmakers and traders to temporarily halt purchases of all new BHP cargoes, escalating an earlier pause on purchases of BHP's Jimblebar fines product, a type of iron ore, during a standoff in negotiations over new term contracts. That news triggered fears in Canberra that China was preparing a ban on Australia's most profitable export, much as it did with coal and other commodities in 2020. While CMRG told steelmakers last month during negotiations with BHP not to buy BHP's Jimblebar fines, purchases of other grades of iron ore can be made with permission from CMRG, two other sources with direct knowledge of the matter told Reuters. TRADE IN BHP'S JIMBLEBAR FINES STILL FROZEN None of the cargoes sold or offered on Thursday were Jimblebar fines, whose trade remains frozen according to all four sources. Reuters could not determine when CMRG bought its cargoes from BHP or how many cargoes have been sold. CMRG did not respond to Reuters' emailed request for comment. A BHP spokesperson said that BHP does not comment on commercial negotiations. Jimblebar is a small but liquid product, with roughly 40 million tons a year produced, for which a limited shortage would be unlikely to trigger a rally in iron ore prices, the two trader sources said. Rio Tinto's flagship Pilbara fines product could also act as a substitute, they added. Last week, BHP CEO Mike Henry doused concerns about CMRG's decision in talks with Australian Treasurer Jim Chalmers, according to local media, saying the move was part of commercial negotiations. The Treasurer's office did not respond to a request for comment. (Reporting by Reuters staff in Beijing and Melbourne; Editing by Joe Bavier)
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(Updates to market close) By Jaspreet Kalra MUMBAI, Oct 10 (Reuters) – The Indian rupee nudged higher on Friday, easing away from its all-time low after spending much of the week pinned near it, as persistent central bank defence of the currency spurred interbank dollar sales. The rupee closed at 88.6850 against the U.S. dollar, up from 88.7825 in the previous session. The currency was up 0.1% week-on-week. While the currency started the session on a weak note and appeared at risk of falling past its record low of 88.80, traders flagged likely intervention by the central bank which blunted the pressure. Broad-based interbank dollar sales picked up later in the session, spurred by positional adjustments and merchant flows, an FX salesperson at a foreign bank said. Analysts are split on what comes next for the South Asian currency, with some predicting that its rough patch may extend while others reckon that the worst may be over as valuations turn supportive. FX advisory firm IFA Global holds a moderately bearish view on the rupee in the medium term with an implied range of 88.40-89.30 over the next 6 weeks, per a Friday note. Elsewhere, the dollar was steady against a basket of peers. The Japanese yen was headed for its steepest weekly drop in a year, while the euro languished near a two-month low on the back of fading hopes of rate hikes by the Bank of Japan and political developments in France. On the week, the dollar index was up over 1.5%, its best performance since November 2024. Traders say that a meaningful turnaround in the rupee's trajectory is unlikely in the absence of a bounceback in portfolio flows or positive developments in U.S.-India trade negotiations. Foreign investors have net sold about $500 million worth of Indian stocks in October so far. India's benchmark equity gauges, the BSE Sensex and Nifty 50 ended 0.4% higher each. (Reporting by Jaspreet Kalra; Editing by Ronojoy Mazumdar)
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By Nora Eckert STANTON, Tenn (Reuters) -Stanton, Tennessee – population 450 – welcomed a massive new neighbor a few years ago: a Ford electric-truck and joint venture battery plant slated to employ 6,000 workers. Ford’s 2022 groundbreaking triggered an influx of construction activity into the former cotton-and-soybean farmlands outside of Memphis. Hard-hatted workers filled local diners. Developers scrambled to build homes and fire stations. Stanton is quieter these days. Ford over the past 18 months repeatedly delayed phases of the project. The EV truck plant is slated to begin initial production in 2027 and start sending deliveries the next year, a timeline delayed several times from the original plan of coming online in 2025. Ford said it "will be nimble in adjusting our product launch timing to meet market needs and customer demand while targeting improved profitability." The Ford complex is part of the so-called Battery Belt, a swath of factories stretching across the U.S. heartland that spans from Georgia to Indiana. Roughly two dozen battery projects worth tens of billions in investment have been announced this decade, promising to inject tens of thousands of jobs in Republican-dominated states like Georgia and Kentucky. By last year, though, Americans’ waning enthusiasm for electric cars led automakers to delay or scrap some factory projects. Now, the additional fallout from U.S. President Donald Trump’s recent policy changes is descending on the Battery Belt. Ford CEO Jim Farley last week offered the prediction that electric-car sales could fall by around 50% following the Sept. 30 expiration of a $7,500 tax credit for buyers, echoing other gloomy forecasts for the EV market. The uncertain fate of these massive, high-tech factories and their employment has rattled the small rural communities that spent years hitching their economic futures to these projects. "That's on everybody's mind, quite frankly," said Allan Sterbinsky, who retired as mayor of Stanton in December and advocated for the site for years before Ford came to town. Some residents worry that Ford will never follow through on the plant, the former mayor says. Others hope the company will repurpose the 3,600-acre site if demand doesn't increase for EVs. A Ford spokesperson pointed to the automaker's community work in Stanton, including grants to public safety organizations as part of a broader $9 million commitment to the area. A Reuters review of U.S. battery-investment plans shows those worries are justified. The industry appears headed toward a huge glut of factory capacity, if all those projects were to move ahead as planned. By 2030, the planned battery plants would provide the capacity to produce 13 million to 15 million EVs annually, according to figures provided to Reuters by research firm Benchmark Intelligence. But the industry now might only need about one-quarter of that factory space. S&P Global Mobility predicts only around 3 million EVs will be produced that year, and some would likely use batteries imported from other countries. Some of that excess roughly 10 million-EV worth of battery capacity would likely be used for hybrids and extended-range EVs as well as the booming energy storage industry, but there is still a sizable gulf, said Stephanie Brinley, S&P Global Mobility automotive analyst. The demise of the $7,500 tax credit – which had been in place for more than 15 years to persuade Americans to try green cars – is only the highest profile of several anti-EV measures put forth by the Trump administration. Combined, they further jeopardize battery projects and other electric-car-related investments, experts say. In the last few months, several automakers have canceled, delayed or downsizedEV projects. Meanwhile, a pot of tens of billions of dollars available to companies that make EV batteries domestically has tighter restrictions that will likely reduce the amount of federal money that flows to the battery sites. “All of a sudden, much of what was originally going to benefit from these credits now no longer can to a large degree,” said Jennifer Stafeil, tax auto sector lead for KPMG. Trump has said he is not anti-EV, but prefers that consumers decide what cars to buy, without government influence. He also has criticized EV-friendly regulations implemented under former President Joe Biden, which Trump has said were costly and threatened American auto jobs. One of the nation’s largest EV projects, Hyundai Motor’s $12.6 billion assembly plant and joint-venture battery factory near Savannah, Georgia, is moving ahead. Last month the project suffered a setback when federal law enforcement raided it. Hyundai has said the fallout would delay the battery plant by at least two to three months. In the three years since Hyundai announced the megasite, 21 suppliers have opened operations near the site. "Hyundai is committed to offering a diverse product lineup, including internal combustion, hybrid, plug-in hybrid, and EV models. We understand that every customer is unique, and we strive to meet a wide range of needs," a spokesperson said. The complex is gearing up to hire 8,500 employees by 2031, and is paying wages 25% above the county average, said Trip Tollison, president of the Savannah Economic Development Authority. Tollison acknowledged that some in the community worry about the uncertain future of the nascent EV industry that underpins all that development. He is hopeful Hyundai can flexibly shift to hybrid production if the EV market doesn’t take off. “That's how you provide opportunities like this to lift people out of poverty,” he said. (Editing by Mike Colias and Anna Driver)
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* Concerns in Australia over possible Chinese ban on iron exports * 170,000-ton BHP seaborne cargo sold on Thursday, sources say * Trade of BHP's Jimblebar fines ore still frozen, sources say Oct 10 (Reuters) – Several cargoes of BHP iron ore were put up for sale in China on Thursday and at least one was sold to a local trader, potentially defusing concerns in Australia that Beijing had imposed a ban on iron ore sales from the world's biggest miner. BHP sold a 170,000-metric-ton cargo to a Chinese trader on Thursday, the first day of trading after China's week-long national holiday, according to two traders with direct knowledge of the matter. The cargo was paid for in dollars, they said. The same day, the Shanghai branch of China Mineral Resources Group (CMRG) – set up in 2022 to centralise iron ore purchasing and win better terms from miners – offered eight cargoes of BHP iron ore totaling 1.14 million tons to steelmakers, according to an offer sheet reviewed by Reuters. AUSTRALIAN FEARS OF CHINESE BAN ON ITS IRON EXPORTS Bloomberg reported last month that CMRG had told major steelmakers and traders to temporarily halt purchases of all new BHP cargoes, escalating an earlier pause on purchases of BHP's Jimblebar fines product, a type of iron ore, during a standoff in negotiations over new term contracts. That news triggered fears in Canberra that China was preparing a ban on Australia's most profitable export, much as it did with coal and other commodities in 2020. While CMRG told steelmakers last month during negotiations with BHP not to buy BHP's Jimblebar fines, purchases of other grades of iron ore can be made with permission from CMRG, two other sources with direct knowledge of the matter told Reuters. TRADE IN BHP'S JIMBLEBAR FINES STILL FROZEN None of the cargoes sold or offered on Thursday were Jimblebar fines, whose trade remains frozen according to all four sources. Reuters could not determine when CMRG bought its cargoes from BHP or how many cargoes have been sold. CMRG did not respond to Reuters' emailed request for comment. A BHP spokesperson said that BHP does not comment on commercial negotiations. Jimblebar is a small but liquid product, with roughly 40 million tons a year produced, for which a limited shortage would be unlikely to trigger a rally in iron ore prices, the two trader sources said. Rio Tinto's flagship Pilbara fines product could also act as a substitute, they added. Last week, BHP CEO Mike Henry doused concerns about CMRG's decision in talks with Australian Treasurer Jim Chalmers, according to local media, saying the move was part of commercial negotiations. The Treasurer's office did not respond to a request for comment. (Reporting by Reuters staff in Beijing and Melbourne; Editing by Joe Bavier)
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(For a Reuters live blog on U.S., UK and European stock markets, click or type LIVE/ in a news window.) * Futures up: Dow 0.08%, S&P 500 0.05%, Nasdaq 0.07% Oct 10 (Reuters) – U.S. stock index futures edged higher on Friday, signaling a rebound after a brief pause as investors refocused on AI-driven momentum that has steered markets this year, while awaiting consumer sentiment data for fresh clues on the economy. While the earnings season that begins next week will be a crucial litmus test for U.S. stock markets, traders so far have brushed off concerns about a bubble in equities. Some analysts believe the AI trade, so far mostly concentrated in tech, will spill over into energy and construction firms as demand for data center buildout accelerates. "I feel pretty confident that AI will broaden out to other areas of the market. Investors are going to realize that the companies that provide or create AI are one thing, but companies that will be the beneficiaries are equally, if not more, important," said Franics Gannon, co-chief investment officer at Royce Investment Partners. Also adding to the run is the fear of missing out, as some analysts say the nearly three-year-old bull market still has room to run, especially if the Federal Reserve continues to lower interest rates. Recent data has reinforced expectations for easing. The government shutdown has delayed official releases but proxies point to a weakening labor market, with layoffs tied to the impasse likely to deepen the strain. At 05:20 a.m. ET, Dow e-minis were up 37 points, or 0.08%, U.S. S&P 500 E-minis rose 3.5 points, or 0.05% and Nasdaq 100 E-minis inched up 16.5 points, or 0.07%. A preliminary reading of the University of Michigan's consumer sentiment survey, which is due at 10:00 a.m. ET, will be in focus. It could carry extra weight because of the official data blackout. Investors are also weighing developments in the Middle East, where Israeli troops began pulling back from some parts of Gaza on Friday under a ceasefire deal with Hamas. Signs of easing tensions could lift sentiment by removing a long-standing overhang on equities. Among stocks, Intel rose 1.7% premarket after TD Cowen raised its price target on the stock, while data center operator Applied Digital surged 24.3% a day after posting better than expected revenue for the first quarter. Levi Strauss shares slipped 7.2% after its annual profit forecast fell short of expectations. (Reporting by Niket Nishant in Bengaluru; Editing by Anil D'Silva)
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(Reuters) -Venture Global shares slumped 17% in premarket trading on Friday after BP won its arbitration case against the U.S. supplier over its failure to deliver liquefied natural gas under a long-term supply deal that was due to start in late 2022. The International Chamber of Commerce International Court of Arbitration found that it had breached its obligations to declare commercial operations had begun at the Calcasieu Pass plant in a timely manner and act as a "reasonable and prudent operator," Venture Global said on Thursday. BP, Shell, Edison and Galp had filed arbitration claims accusing the U.S. company of profiteering by selling LNG commissioning cargoes at higher spot market prices, rather than at long-term contracted prices. The ruling marks a setback for Venture Global, which had previously prevailed in the arbitration brought by Shell. RBC Capital Markets analyst Elvira Scotto said the unfavorable result in the BP case was "somewhat of a surprise" and could rekindle investor concerns associated with the pending arbitration proceedings. BP is seeking to recover damages of more than $1 billion plus interest, costs and attorneys' fees, which will be determined at a separate hearing expected in 2026. Venture Global's shares have dropped about 48% since its January 24 debut, giving it a market capitalization of roughly $30.5 billion as of last close. (Reporting by Vallari Srivastava in Bengaluru; Editing by Sriraj Kalluvila)
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(Reuters) -China has intensified enforcement of its import restrictions on U.S. chips, including Nvidia's artificial intelligence processors, the Financial Times reported, as Beijing sharpens its focus on promoting home-grown semiconductor production. Chinese customs officials were dispatched to key ports to conduct strict checks on semiconductor shipments, the newspaper said on Friday, citing unidentified sources. China customs officials did not immediately respond to a Reuters' request for comment, while an Nvidia spokesperson declined to comment on the report. The newspaper said the inspections targeted Nvidia's H20 and RTX Pro 6000D, designed to adhere to U.S. export controls, initially. The checks have been extended to include all advanced semiconductor products that breach U.S. export curbs, the report said. Reuters could not immediately verify the report. The extent to which China has access to Nvidia's world-leading chips has been a key point of friction between the U.S. and China. The Financial Times newspaper had previously reported that at least $1 billion worth of Nvidia's top AI chips were smuggled and sold in China in the three months from May. Reuters could not independently verify the report. Nvidia has a new AI chip 'RTX6000D' tailored for the Chinese market, Reuters reported last month, but it has seen only lukewarm demand with some major tech firms opting not to place orders. In August, U.S. President Donald Trump flagged the possibility of allowing Nvidia to sell more advanced chips in China. Authorities in China have previously accused Nvidia of violating anti-monopoly law. They have also ordered top tech firms to halt purchases of Nvidia's AI chips and cancel existing orders, FT reported in September. Despite advances by Huawei and other Chinese chip firms in recent years, people involved in engineering operations at Chinese tech firms say Nvidia's chips perform better. (Reporting by Ananya Palyekar in Bengaluru; Editing by Mrigank Dhaniwala, Sherry Jacob-Phillips and Subhranshu Sahu)
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GENEVA, Oct 10 (Reuters) – The United Nations human rights office on Friday congratulated Nobel Peace Prize winner Maria Corina Machado. "This recognition reflects the clear aspirations of the people of Venezuela for free and fair elections, for civil and political rights and for the rule of law," said OHCHR spokesperson Thameen al-Kheetan. (Reporting by Olivia Le Poidevin, Editing by Friederike Heine)
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Oct 10 (Reuters) – Agile Group Holdings Ltd: * SEPTEMBER PRE-SOLD VALUE ABOUT RMB0.46 BILLION Further company coverage:
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