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☆ Indonesia approves $3 bln development plan for South China Sea gas block
▼ + stars: | 2023-01-02 | by ( ) www.reuters.com time to read: +2 min

JAKARTA, Jan 2 (Reuters) - Indonesia has approved the first plan of development for the Tuna offshore gas field with total estimated investment of $3.07 billion up to the start of production, upstream oil and gas regulator SKK Migas said on Monday. The Tuna field, located in the South China Sea between Indonesia and Vietnam, is expected to reach peak production of 115 million standard cubic feet per day (MMSCFD) in 2027, SKK Migas spokesperson Mohammad Kemal said. SKK Migas chairman Dwi Soetjipto on Monday said that aside from economic benefits, development of the project would underline Indonesia's maritime entitlements. "The Indonesian navy will also participate in securing the upstream oil and gas project so that economically and politically, it becomes an affirmation of Indonesia's sovereignty." China claims sovereignty over almost the entire South China Sea citing its own historical maps, claims that an international arbitration tribunal in 2016 ruled have no legal basis.

☆ Indonesia eyes $11 bln in capital market fundraising this year
▼ + stars: | 2023-01-02 | by ( ) www.reuters.com time to read: +1 min

JAKARTA, Jan 2 (Reuters) - Indonesia is targeting 170 trillion rupiah ($10.92 billion) in capital market fundraising for this year, including from initial public offerings and debt instruments, its financial regulator said on Monday, well below the amount raised in 2022. About 260 trillion rupiah was raised through the capital market last year, including the IPO of top tech firm PT GoTo Gojek Tokopedia (GOTO.JK), which raised $1.1 billion in April. Inarno Djajadi, head of capital market supervision at the Financial Services Authority, said there were 84 offerings in the pipeline with 81.41 trillion rupiah ($5.23 billion) in total estimated value. About 54.5 trillion rupiah of that would be from 58 potential IPOs. Among firms expected to go public in 2023 are two units of state energy firm Pertamina, Pertamina Geothermal Energy and Pertamina Hulu Energi.

☆ EU to discuss coordinated response to China COVID situation on Wed
▼ + stars: | 2023-01-02 | by ( ) www.reuters.com time to read: +2 min

BRUSSELS, Jan 2 (Reuters) - European Union government health officials will hold talks on Wednesday on a coordinated response to the surge in COVID-19 infections in China, the Swedish EU presidency said on Monday, after December talks concluded with no decisions on the matter. At a similar meeting on Dec. 29, held online among over 100 representatives from EU governments, EU health agencies and the World Health Organisation, Italy urged the rest of the EU to follow its lead and test travellers from China for COVID, with Beijing poised to lift travel restrictions on Jan. 8. "There is a scheduled Integrated Political Crisis Response meeting on Wednesday, January 4, for an update of the COVID-19 situation in China and to discuss possible EU measures to be taken in a coordinated way," a spokeswoman for the Swedish presidency of the EU said. Kyriakides said the bloc should be "very vigilant" as reliable epidemiological and testing data for China were scarce, advising EU health ministers to assess their current practices on genomic sequencing of the coronavirus "as an immediate step". The European Centre for Disease Prevention and Control said last week it did not currently recommend measures on travellers from China.

☆ Marvel actor Jeremy Renner in 'critical condition' after snow plow accident
▼ + stars: | 2023-01-02 | by ( ) www.reuters.com time to read: 1 min

Jan 2 (Reuters) - Marvel actor Jeremy Renner is in "critical but stable" condition after being injured in an accident while plowing snow, entertainment magazine Variety reported on Monday. Oscar-nominated Renner, 51, has owned a home in Washoe County, Nevada for several years, according to the Reno Gazette Journal. That area in northern Nevada received heavy snowfall on New Year's Eve. The actor has starred in multiple Marvel projects. He won best actor for the 2008 film "The Hurt Locker" and has received two Oscar nominations for the crime drama film "The Town".

☆ Jeremy Renner, Marvel's Hawkeye, hospitalized after snow plow accident
▼ + stars: | 2023-01-02 | by ( Kanishka Singh | ) www.reuters.com time to read: +1 min

Jan 2 (Reuters) - Actor Jeremy Renner, who played Hawkeye in the Marvel "Avengers" movies, was in "critical but stable" condition in the hospital in Nevada, on Monday, the day after suffering a "traumatic injury" plowing snow, his publicist and local officials said. Oscar-nominated Renner, 51, has owned a home in Washoe County, Nevada for several years, according to the Reno Gazette Journal. Local officials said the actor suffered a "traumatic injury" on Sunday morning and was transported to a local area hospital in a care flight. The Washoe County Sheriff's Office said in a statement that it "responded to a traumatic injury in the area of Mt. It said Renner was the only involved party in the incident, which was being investigated.

☆ Indonesia aim to export natural gas to Vietnam in 2026
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: 1 min

Companies Harbour Energy PLC FollowJAKARTA, Dec 23 (Reuters) - Indonesia aims to export natural gas to Vietnam starting 2026 from the Tuna offshore block located near the Indonesian and Vietnamese maritime border, the country's energy minister said on Friday. Southeast Asia's biggest economy may deliver 100 to 150 million standard cubic feet per day (MMSCFD) of gas through a gas pipeline from the Tuna block operated by Harbour Energy (HBR.L), energy minister Arifin Tasrif told reporters. The Tuna oilfield, with around 100 million barrels of oil equivalent, was discovered in April 2014, the company's website shows. Reporting by Bernadette Christina, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Indonesia, BP sign 20-yr contract extension for LNG operations in Papua
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +2 min

The extension would allow BP and its partners to operate on the fields until 2055, BP said in a statement. The working areas supply to Tangguh liquefied natural gas (LNG) plant. Indonesia usually extends a PSC two to 10 years before it expires, but BP needed to secure a longer contract to guarantee its long-term investment plan, according to Dwi Soetjipto, chairman of Indonesia's upstream regulator SKK Migas. Output from LNG Tangguh plant is estimated to drop before 2030 if there is no new exploration. Energy minister Arifin Tasrif said Tangguh gas production is needed to supply Indonesia's increasing energy demand as the country will rely on gas while transitioning to cleaner energy.

☆ Indonesia central bank raises key policy rate by 25 bps
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: 1 min

JAKARTA, Dec 22 (Reuters) - Indonesia's central bank raised its key policy rate on Thursday, its fifth rate hike since August and widely expected by markets, as it aims to bring inflation back within target next year. Bank Indonesia (BI) hiked the benchmark 7-day reverse repurchase rate (IDCBRR=ECI) by 25 basis points (bps) to 5.50%, as expected by the majority of economists polled by Reuters. It also raised its deposit facility (IDCBID=ECI) and lending facility (IDCBIL=ECI) rates by the same amount to 4.75% and 6.25%, respectively. Reporting by Gayatri Suroyo, Fransiska Nangoy and Bernadette Christina Munthe; Editing by Martin PettyOur Standards: The Thomson Reuters Trust Principles.

☆ Indonesia confirms bauxite export ban to proceed as scheduled
▼ + stars: | 2022-12-21 | by ( Fransiska Nangoy | Bernadette Christina | ) www.reuters.com time to read: +3 min

The timing of Indonesia’s ban, however, is in line with its current mining law. The measure, which led to a dispute at the World Trade Organization (WTO), also helped boost the value of Indonesia’s exports. China was the biggest importer of Indonesia’s bauxite until Jakarta introduced a mineral export ban in 2014, which it lifted in 2017. Indonesia’s bauxite reserves are enough for up to 100 years production, he said. He said there was a possibility that legal action could be pursued against Indonesia for banning bauxite exports, but it would not deter him.

☆ Indonesia's 2022 fiscal deficit seen at 2.49% of GDP-president
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +1 min

JAKARTA, Dec 21 (Reuters) - Indonesia's fiscal deficit for the whole of 2022 will likely be 2.49% of gross domestic product, much smaller than deficits in 2021 and 2020, President Joko Widodo said on Wednesday. The deficit forecast was also below authorities' latest projection of a gap of around 3% of GDP and compared with a 4.5% deficit target in the revised 2022 budget. Last year's fiscal deficit was 4.6%, while 2020's was 6.1%. Economic recovery from the pandemic and a hike in value added tax (VAT) rate have also supported government revenues, Sri Mulyani said. The president also said with COVID-19 cases declining, Indonesia may lift all of its remaining pandemic-related mobility restrictions by year-end.

☆ Tesla may announce Mexico plant in coming days - report
▼ + stars: | 2022-12-19 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, Dec 19 (Reuters) - Electric carmaker Tesla (TSLA.O) could announce the construction of a "Gigafactory" in the northern Mexican state of Nuevo Leon as soon as Friday, local newspaper Reforma reported Monday. The initial investment is projected at between $800 million and $1 billion, sources told the newspaper. A source told Reuters then that Musk had met with Nuevo Leon Governor Samuel Garcia and U.S. The Mexican Gigafactory, planned on the outskirts of the city Monterrey, would start by building components for current Tesla models, a source told Reforma, later possibly building a new model at a lower cost than other factories. Mexican Foreign Minister Marcelo Ebrard said earlier this month that Musk had toured three states in Mexico scouting locations for the factory.

☆ Tesla may announce $800 mln to $1 bln in Mexico plant in coming days - report
▼ + stars: | 2022-12-19 | by ( ) www.reuters.com time to read: +1 min

The total investment, taking into account future expansions, could eventually reach $10 billion, sources told the newspaper. The announcement would follow Chief Executive Elon Musk's visit to the state, which borders Texas, in October. A source told Reuters then that Musk had met with Nuevo Leon Governor Samuel Garcia and U.S. A federal official told Reuters Tesla would announce news of its planned investment when it was ready to do so, but that it would not necessarily be before Christmas. Mexican Foreign Minister Marcelo Ebrard said earlier this month that Musk had toured three states in Mexico scouting locations for the factory.

☆ Jesuit abuse case widens as victim speaks, order seeks witnesses
▼ + stars: | 2022-12-19 | by ( Philip Pullella | ) www.reuters.com time to read: +3 min

Rupnik is at the centre of scandal that has engulfed the Jesuits, a Catholic order of priests and brothers, of which Pope Francis is a member. Some top Jesuits have called for a full review of how the order and the Vatican have handled the case. It said it had commissioned an unnamed non-Jesuit to investigate Rupnik, 68, after the Vatican received a complaint last year. The Jesuits gave the results to the Vatican doctrinal department, which closed the case in October, citing the statute of limitations. On Dec. 7, Jesuit leader Father Arturo Sosa said nothing had been hidden, but later contradicted himself.

☆ Electric vehicles confront the leap to the mass market
▼ + stars: | 2022-12-15 | by ( Joseph White | ) www.reuters.com time to read: +4 min

Industry executives and forecasters do not agree on how rapidly electric vehicles could take over half the global vehicle market, let alone all of it. In China, the world's largest single automotive market, battery electric vehicles have captured about 21% of the market. By 2029, electric vehicles could account for a third of the North American market, and about 26% of vehicles produced worldwide, according to AutoForecast Solutions, a consultancy. Electric vehicle sales likely will not increase in a smooth, ever-ascending curve, said AFS President Joe McCabe. The next few years will determine whether the 21st Century's crop of electric vehicle brands will follow a similar path.

☆ Dollar to rebound, accumulate safe-haven strength in 2023: Reuters poll
▼ + stars: | 2022-12-07 | by ( Indradip Ghosh | ) www.reuters.com time to read: +4 min

BENGALURU, Dec 7 (Reuters) - The dollar will rebound against most currencies over the coming months, with the growing threat of recession in the U.S. and elsewhere keeping it firm in 2023 through safe-haven flows, according to market strategists polled by Reuters. Nearly two-thirds or 33 of 51 strategists who answered an additional question said the greater dollar risk over the coming month was that it would rebound rather than falling further. "We foresee volatility levels remaining high in the coming months and expect it is too early for USD bulls to fully capitulate." Most major central banks, including the Fed, are expected to end their tightening campaigns in early 2023. An overwhelming 80% majority, or 42 of 51 respondents, said there was not much scope for dollar upside based on monetary policy.

☆ Citadel celebrates banner year at Disney as Wall Street nurses losses
▼ + stars: | 2022-12-06 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +4 min

NEW YORK, Dec 6 (Reuters) - For much of Wall Street, trading this year has been like riding a wild roller coaster. For thousands of employees of Citadel and Citadel Securities, the hedge fund and trading business founded by Ken Griffin, last weekend was spent riding the real things. This year is shaping up to be a record for Citadel and Citadel Securities, Ahmed confirmed. Across Wall Street, firms are preparing for leaner times by cutting jobs and bonuses, while many Americans are struggling with rising prices for food, gasoline and rents. After the 2008 financial crisis, Wall Street firms that were criticized for their excesses have sometimes shied away from lavish gatherings or held them in private.

☆ Citadel celebrates banner year at Disney while Wall Street nurses losses
▼ + stars: | 2022-12-06 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +4 min

NEW YORK, Dec 6 (Reuters) - For much of Wall Street, trading this year has been akin to riding a wild roller coaster. This year is shaping up to be a record for Citadel and Citadel Securities, the spokesman confirmed. The Citadel Global Fixed Income Fund is up 28.1% for the year, while Citadel Tactical Trading is up 22.4% and Citadel Equities Fund is up 17.8%, an investor said. Across Wall Street, firms are preparing for leaner times by cutting jobs and bonuses. After the 2008 financial crisis, Wall Street firms that were criticized for their excesses have sometimes shied away from lavish gatherings or held them in private.

☆ Global airlines see return to profitability in 2023
▼ + stars: | 2022-12-06 | by ( Emma Farge | ) www.reuters.com time to read: +4 min

[1/2] Global airline industry body International Air Transport Association (IATA) Director General Willie Walsh attends an interview with Reuters in Doha, Qatar, June 19, 2022. Airlines lost tens of billions of dollars in 2020 and 2021 due to the pandemic, but air travel has partially recovered and some airports have struggled to cope. DOWNSIDE RISKIATA believes global air traffic levels will return to pre-COVID or 2019 levels by 2024, led by the United States and with Asia-Pacific "notably lagging." If China does not loosen restrictions, airlines' profitability would be affected. Walsh said airlines had survived the worst of the downturns, though Europe's fragmented market remained an area to watch.

☆ Analysis: Investors face dilemma as capital increases fill IPO void
▼ + stars: | 2022-12-06 | by ( Pablo Mayo Cerqueiro | Oliver Hirt | ) www.reuters.com time to read: +4 min

"This is a test as to whether shareholders want to support a company they know well already," he said. In contrast with a drought of initial public offerings (IPO), EMEA companies have raised an overall 33.3 billion euros ($34.99 billion) through capital increases so far this year. Meanwhile, fund managers' cash holdings stand at a near 21-year peak, according to poll data from Bank of America. "However, the market could see more firms turn to shareholders for funding given the rising cost of debt and changing outlook," he added. ($1 = 0.9517 euros)Reporting by Pablo Mayo Cerqueiro and Oliver Hirt; Editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

☆ Canada exports rose in October helped by weak dollar
▼ + stars: | 2022-12-06 | by ( Ismail Shakil | ) www.reuters.com time to read: +2 min

Exports rose 1.5%, helped by higher exports of medicinal products as well as gold bars and coins to the United States, Statscan said. "Canada's merchandise trade surplus widened in October, with a weaker Canadian dollar providing a helping hand. When expressed in U.S. dollars, Canadian exports were down 1.3% in October, and imports decreased 2.2%, Statscan said. Exports of farm, fishing and intermediate food products rose 10.2% in October to a record-high C$5.5 billion, helped by canola and wheat. The Canadian dollar was trading at 1.3625 to the greenback, or 73.39 U.S. cents, down 0.3% on the day.

☆ Russia to sell discounted crude to Pakistan -minister
▼ + stars: | 2022-12-05 | by ( Asif Shahzad | ) www.reuters.com time to read: +2 min

ISLAMABAD, Dec 5 (Reuters) - Russia will sell crude oil to Pakistan at a discounted price, Pakistan's state minister for petroleum said on Monday, days after he led a government team to Moscow to negotiate the deal. Russia will also supply discounted petrol and diesel to Pakistan, Musaddiq Malik told a news briefing in Islamabad. He did not specify the price of the discounted Russian oil or say whether the imports would comply with a $60 per barrel cap imposed by the G7 rich nations and the EU on Russian seaborne oil from this week over Russia's invasion of Ukraine. Local media has also reported that oil supplies remain tenuous owing to difficulties in paying for imports. Moscow and Islamabad have also long been working on a gas pipeline project with not much success.

☆ 'Immoral' for Hungary to hold up EU financing deal for Ukraine -Lithuania
▼ + stars: | 2022-12-05 | by ( Jan Strupczewski | ) www.reuters.com time to read: +3 min

BRUSSELS, Dec 5 (Reuters) - It is "immoral" for Hungary to hold up a European Union deal on 2023 financing for Ukraine to extract approval for Budapest's recovery plan and billions from the EU budget, Lithuanian Finance Minister Gintare Skaiste told Reuters on Monday. Hungary has been blocking an EU plan to provide 18 billion euros next year in financial help to war-torn Ukraine through the EU budget, which would make disbursements regular and predictable, allowing the Kyiv administration to plan ahead. EU officials say that to remove its veto, one of the things Budapest wants is EU approval for its plan (RRP) to spend 5.8 billion euros from the EU post-pandemic recovery fund. Another thing Budapest may want, EU diplomats and officials say, is for EU finance ministers to freeze a smaller amount of EU funds for Hungary than the 7.5 billion recommended by the Commission last week. She said that if Hungary continued to bloc financing for Ukraine through the EU budget, other EU governments could agree to provide the money in some other way, like they did this year.

☆ Mexico to hike minimum wage by 20% in 2023, raising inflation worries
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +2 min

MEXICO CITY, Dec 1 (Reuters) - Mexico will raise the minimum wage by 20% next year after employers, labor representatives and the government reached an agreement, officials said on Thursday, although some critics warned the move could fuel inflation. The latest minimum wage increase was calculated taking inflation into account, particularly price increases for basic goods, Lopez Obrador told reporters, playing down inflation concerns. Gabriela Siller, an economist at Banco BASE, pointed to three reasons why she believes the planned wage increase will pressure inflation further, even if some salary hike was already baked into inflation forecasts. Luis Munguia, head of Mexico's National Minimum Wage Commission (CONASAMI), said prices are expected to stay virtually flat because labor costs are already low in Mexico. Salaries in Mexico remain far below U.S. levels, where the federal minimum wage stands at $7.25 an hour.

☆ Ukraine says Russia 'distracting' air defences with dud nuclear-capable missiles
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +2 min

KYIV, Dec 1 (Reuters) - Ukraine's military said on Thursday it had found fragments of Russian-fired nuclear-capable missiles with dud warheads in west Ukraine, and that their apparent purpose was to distract air defences. It is primarily intended to carry nuclear warheads and to be launched from bomber aircraft. Danyliuk said the missiles were fitted with non-explosive warheads, one of which was exhibited on the stage of the briefing centre in Kyiv where he was speaking. "This is evidenced by... the impact of a Kh-55 missile into a residential building," he said. Danyliuk also said that all the Kh-55 missiles that had been discovered had their serial numbers scratched out.

☆ Exclusive: India to offer incentives to boost shipbuilding industry - sources
▼ + stars: | 2022-12-01 | by ( Manoj Kumar | ) www.reuters.com time to read: +3 min

NEW DELHI, Dec 1(Reuters) - India plans to offer cash subsidies, lower taxes and other incentives to bolster its shipbuilding industry, two government sources said, as part of an effort to reduce the pain of high freight rates for the nation's manufacturers. RISK TO EXPANDING TRADEThe Federation of Indian Export Organisations (FIEO) and the shipbuilding industry have sought the concessions, arguing that India needs to build its shipping industry due to growing risks of expanding trade with sanctions-hit Russia. India could save at least $25 billion annually in foreign exchange if government incentives helped private companies to develop the local shipping industry, he added. India has around 35 shipbuilding companies, including some state-owned firms. Its maritime freight industry consists of about 1,500 vessels with a gross tonnage capacity of around 13 million tonnes.

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