2025-09-01 20:57

ARLINGTON, Virginia, Sept 1 (Reuters) - President Donald Trump's administration plans new measures to tackle the high cost of housing in the coming weeks, U.S. Treasury Secretary Scott Bessent told Reuters in an interview on Monday. Emphasizing the urgency of the situation, Bessent described it as an "all hands on deck" challenge. Sign up here. Bessent told the Washington Examiner in a separate interview that Trump may declare a national housing emergency this fall to address rising prices and dwindling supply. The housing market has been hardest hit by the U.S. central bank's tight monetary policy stance and high housing costs are a top concern for many Americans. The Treasury secretary told Reuters rents were now dropping, which was important for Americans who do not own their homes. He said he was expecting an increase in real estate transactions and home sales once interest rates began falling, which could encourage people who were locked into low mortgages to put their existing homes on the market. Bessent said the Trump administration was also exploring ways to simplify permitting and encourage standardization to boost construction, which would boost housing supply and help to bring high costs down. Affordability would be a big focus for the administration, Bessent said, noting Trump's push to drive down prescription prices. https://www.reuters.com/world/us/bessent-says-trump-administration-will-tackle-high-housing-costs-with-new-2025-09-01/

2025-09-01 19:30

NEW YORK, Sept 1 (Reuters) - The digital tokens backing the Trump family's cryptocurrency venture, World Liberty Financial, fell in value on Monday in their first day of trading. The World Liberty tokens, known as $WLFI, were sold to investors after the Trump family and its business partners last year launched the venture, a decentralized finance platform that has also issued a stablecoin. Sign up here. Investors in the tokens voted in July to make them tradable, paving the way for their sale and purchase - and potentially boosting the value of the president's holdings of them. Early investors can sell up to 20% of their holdings, World Liberty has said. The tokens initially traded above $0.30 in their Monday debut but later fell in price. They were down about 12% at $0.246 as of 1840 GMT, according to CoinGecko data. That gave the token a total market capitalisation of just below $7 billion, making WLFI the 31st largest crypto token in circulation, CoinGecko data showed. Several of the world's biggest cryptocurrency exchanges, including Binance, OKX and Bybit, are offering the tokens on their platforms. Since World Liberty's launch last year, the Trump family has made around $500 million from the project, according to Reuters calculations based on the company's terms and conditions, transactions traced by crypto analysis firms, and publicly disclosed deals. The tokens were not made tradable at their initial sale. Instead, they gave holders the right to vote on some changes to the business, such as its underlying code. Early investors have said the primary draw of $WLFI was the connection to Trump and their expectations that the tokens would grow in value due to his backing. Making the tokens tradable allows investors to determine their price, enabling speculation, earning trading fees for exchanges that list them, and likely stoking interest from a wider swath of crypto investors. World Liberty and Trump's other crypto businesses have faced criticism from Democratic lawmakers and government ethics experts who say the Trump family's forays into the cryptocurrency businesses, at the same time as the president reshapes the regulatory framework that governs digital currencies, represent profound conflicts of interest. The White House has said repeatedly that Trump's assets are in a trust managed by his children and that there are no conflicts of interest. https://www.reuters.com/business/trumps-world-liberty-token-falls-first-day-trading-2025-09-01/

2025-09-01 19:05

JOHANNESBURG, Sept 1 (Reuters) - Glencore (GLEN.L) , opens new tab said on Monday that a retrenchment process has been initiated at its joint-venture Rustenburg ferrochrome smelter and vanadium operations in South Africa as significant economic pressures continue to impact the businesses. South Africa holds approximately 80% of the world's known chrome ore reserves, according to Glencore, positioning the country as a key player in global ferrochrome production. Sign up here. However, problems with power cuts, rising electricity prices and economic pressures forced the miners to suspend production at the venture's ferrochrome Boshoek, Wonderkop and Lion smelters in May. The smelters are operated by the Glencore and Merafe Resources (MRFJ.J) , opens new tab joint-venture. "The (retrenchment) consultation process is as a result of the continuing economic pressures facing the South African ferrochrome industry and the lack of sustainable industry solutions that could alleviate the pressures in the near to medium term," Merafe said in a separate statement. The process will affect the Boshoek and Wonderkop smelters in Rustenburg. In addition, the Lion smelter is currently being evaluated and may potentially see a reduction to half of its operating capacity, Glencore said in a statement. The London-listed miner also said its Rhovan vanadium operations in the North West province and its carbon division in Emalahleni, will also be affected. As part of this process, Glencore will also proceed with further streamlining and restructuring of support functions within the mining division at Rustenburg and Lydenburg smelters, head office and shared services functions as anticipated, it added. "It is important to note that the process is not a forgone conclusion. A notice has been sent to all recognised unions, affected employees and other stakeholders," Glencore said without saying how many jobs are affected. Willie Venter, deputy general secretary of Solidarity union, said Glencore has already been hit hard with 10 of its 22 furnaces permanently or temporarily closed. He warned that if the remaining furnaces are also forced to shut down, some 2,425 direct jobs and more than 17,000 indirect jobs will be affected. https://www.reuters.com/business/world-at-work/glencore-plans-job-cuts-south-african-ferrochrome-vanadium-operations-2025-09-01/

2025-09-01 18:31

Zelenskiy vows more strikes deep inside Russia Dollar weakens ahead of US labor market report China manufacturing activity expands in August OPEC+ due to meet on September 7 NEW YORK, Sept 1 (Reuters) - Global benchmark Brent crude oil settled 1% higher on Monday, as concerns mounted that intensifying airstrikes in Russia and Ukraine could lead to supply disruptions, and as a weaker dollar lent additional support. Brent crude futures settled up 67 cents, or 1%, at $68.15 a barrel. The U.S. benchmark, the West Texas Intermediate futures contract , was up 67 cents, or 1.1% at $64.68 by 2:15 p.m. ET. Sign up here. There will be no settlement for WTI futures on Monday due to Labor Day holiday in the U.S. Trading volume for both Brent and WTI was also muted due to that reason. Ukrainian President Volodymyr Zelenskiy on Sunday vowed to retaliate against Russian drone strikes on power facilities in his country's north and south, and ordered more strikes deep inside Russia. Three and a half years into the war, both Russia and Ukraine have intensified airstrikes in recent weeks, even as efforts are underway to resolve the crisis. Markets remain concerned about Russian oil flows, with weekly shipments from its ports dropping to a four-week low of 2.72 million barrels per day (bpd), according to tanker tracker data cited by ANZ analysts. Elsewhere, the U.S. labour market report this week will give a read on the economy's health and test investor confidence that interest rate cuts are coming soon, a view that has strengthened appetite for riskier assets such as commodities. Ahead of the data, the dollar was close to a five-week low on Monday, making oil less expensive for buyers using other currencies. Investors were also focused on Beijing, where Chinese President Xi Jinping, Russian counterpart Vladimir Putin and Indian Prime Minister Narendra Modi are attending a regional summit. China's manufacturing activity expanded at the quickest pace in August in five months, a private-sector survey showed on Monday. That helped lend support to oil and copper prices, SEB commodities analyst Bjarne Schieldrop said in a note to clients on Monday. Also on the radar was an OPEC+ meeting on September 7. "The next key fundamental question is whether OPEC+ oil producers will continue to raise the group's output targets beyond September, with a decision due within days," analyst Tim Evans said in the newsletter Evans on Energy. Coming out of the summer season, oil inventories should rise in the last quarter of 2025 and the first quarter of 2026, HSBC analysts said in a note, with a surplus of 1.6 million barrels per day in the fourth quarter. Higher OPEC+ supply and rising stockpiles could keep pressure on oil prices after both Brent and WTI registered their first monthly declines in four months in August, losing 6% or more. "Oil practitioners will continue to curb their enthusiasm," PVM analyst John Evans said in a note, citing the increased OPEC+ supply. https://www.reuters.com/business/energy/oil-settles-higher-weaker-dollar-russian-supply-disruptions-2025-09-01/

2025-09-01 18:16

Some 600,000 barrels of oil sold to trading firm B Serve Energy, energy ministry official says US lifted sanctions after December fall of Assad and end of Syria's civil war Firms developing master plan to help explore and extract Syrian oil and gas TARTUS, Syria, Sept 1 (Reuters) - Syria exported 600,000 barrels of heavy crude oil on Monday from the port of Tartus as part of a deal with a trading firm, a Syrian energy official told Reuters, the first known official export of Syrian oil in 14 years. Syria exported 380,000 barrels of oil per day (bpd) in 2010, a year before protests against Bashar al-Assad's rule spiralled into a nearly 14-year war that devastated the country's economy and infrastructure - including crude production. Sign up here. Assad was toppled in December last year and the Islamist-led government that replaced him pledged to revive Syria's economy. Riyad al-Joubasi, assistant director for oil and gas at Syria's energy ministry, told Reuters the heavy crude oil had been sold to B Serve Energy. B Serve is linked to BB Energy, a global oil trading firm. BB Energy did not immediately reply to a request for comment. Syria's energy ministry said in a written statement the oil was exported on the Nissos Christiana tanker. Joubasi said it had been extracted from several Syrian fields but did not say which ones. Most Syrian oil fields lie in the northeast, in territory held by Kurdish-led authorities. Those authorities began providing oil to the central government in Damascus in February, but ties have deteriorated since then over fears about inclusivity and rights for minorities, including Kurds. Oilfields changed hands multiple times during Syria's war and U.S. and European sanctions complicated both legitimate exports and imports. Sanctions remained in place for several months after Assad's ouster, making energy imports difficult for Syria's new administration. But after U.S. President Donald Trump issued an executive order in June to lift American sanctions on Syria, U.S.-based firms began developing a master plan to help explore and extract Syrian oil and gas. Syria has also signed an $800 million memorandum of understanding with DP World to develop, manage and operate a multi-purpose terminal at Tartus, after Syria canceled a contract with a Russian firm that had operated the port under Assad. https://www.reuters.com/business/energy/syria-exports-first-crude-oil-shipment-14-years-official-says-2025-09-01/

2025-09-01 17:48

Rescuers comb rubble of homes in remote mountainous area Impassable roads, rough terrain Helicopters ferry the injured to hospital Midnight quake hit at a depth of 10 km (6 miles) Taliban-ruled Afghanistan struggling with sharp drop in foreign aid KABUL, Sept 1 (Reuters) - One of Afghanistan's worst earthquakes killed more than 800 people and injured at least 2,800, authorities said on Monday, as rescuers struggled to reach remote areas due to rough mountainous terrain and inclement weather. The disaster will further stretch the resources of the war-torn nation's Taliban administration, already grappling with crises ranging from a sharp drop in foreign aid to deportations of hundreds of thousands of Afghans by neighbouring countries. Sign up here. Sharafat Zaman, spokesperson for the health ministry in Kabul, called for international aid to tackle the devastation wrought by the quake of magnitude 6 that struck around midnight local time, at a depth of 10 km (6 miles). "We need it because here lots of people lost their lives and houses," he told Reuters. The quake killed 812 people in the eastern provinces of Kunar and Nangarhar, administration spokesperson Zabihullah Mujahid said. Ziaul Haq Mohammadi, a student at Al-Falah University in the eastern city of Jalalabad, was studying in his room at home when the quake struck. He said he tried to stand up but was knocked over by the power of the tremor. "We spent the whole night in fear and anxiety because at any moment another earthquake could happen," Mohammadi said. MUDBRICK HOMES COLLAPSE Rescuers were battling to reach remote mountainous areas cut off from mobile networks along the Pakistani border, where mudbrick homes dotting the slopes collapsed in the quake. "The area of the earthquake was affected by heavy rain in the last 24-48 hours as well, so the risk of landslides and rock slides is also quite significant - that is why many of the roads are impassable," Kate Carey, an officer at the U.N. Office for the Coordination of Humanitarian Affairs (UNOCHA), told Reuters. Rescue teams and authorities are trying to dispose of animal carcasses quickly so as to minimise the risk of contamination to water resources, Carey said. Casualties could rise as rescue teams access more isolated locations, authorities said. "All our ... teams have been mobilised to accelerate assistance, so that comprehensive and full support can be provided," said health ministry spokesperson Abdul Maten Qanee, citing efforts in areas from security to food and health. Reuters Television images showed helicopters ferrying out the affected, while residents helped security forces and medics carry the wounded to ambulances in an area with a long history of earthquakes and floods. Military rescue teams fanned out across the region, the defence ministry said, with 40 flights carrying away 420 wounded and dead. The quake razed three villages in Kunar, with substantial damage in many others, authorities said. At least 610 people were killed in Kunar with 12 dead in Nangarhar, they added. Some villagers sat weeping amid the piled ruins of their homes. Others began laboriously clearing the debris by hand, or carried out the injured on makeshift stretchers. “This is Mazar Dara in Nurgal district. The entire village has been destroyed,” one victim told reporters. “Children and elders are trapped under the rubble. We need urgent help.” Another survivor said: "We need ambulances, we need doctors, we need everything to rescue the injured and recover the dead.” It was Afghanistan's third major deadly quake since the Taliban took over in 2021 as foreign forces withdrew, triggering a cut to the international funding that formed the bulk of government finances. Diplomats and aid officials say crises elsewhere in the world, along with donor frustration over the Taliban's policies towards women, including curbs on those who are aid workers, have spurred the cuts in funding. Even humanitarian aid, aimed at bypassing political institutions to serve urgent needs, has shrunk to $767 million this year, down from $3.8 billion in 2022. APPEALS FOR FUNDING Humanitarian agencies say they are fighting a forgotten crisis in Afghanistan, where the United Nations estimates more than half the population is in urgent need of humanitarian aid. "So far, no foreign governments have reached out to provide support for rescue or relief work," a spokesperson of Afghanistan's foreign office said on Monday. Later, a spokesperson for China's foreign ministry said it was ready to provide disaster relief assistance "according to Afghanistan's needs and within its capacity". Meanwhile, Foreign Minister Subrahmanyam Jaishankar of India said it had delivered 1,000 family tents to Kabul and was moving 15 tonnes of food material to Kunar, with more relief material to be sent from India starting on Tuesday. The U.S. State Department's Bureau of South and Central Asian Affairs posted its condolences on X , opens new tab on Monday for the loss of life in the earthquake, but did not immediately respond when asked if the United States would provide any assistance. Afghanistan has been badly affected since U.S. President Donald Trump's administration in January began slashing funding to its humanitarian arm, USAID, and aid programs worldwide as part of a broader plan to end what it deems wasteful spending. U.N. Secretary General Antonio Guterres said its mission in Afghanistan was preparing to help those in areas devastated by the quake. Pope Leo also sent condolences for the dead. Afghanistan is prone to deadly earthquakes, particularly in the Hindu Kush mountain range, where the Indian and Eurasian tectonic plates meet. A 6.1-magnitude earthquake that killed 1,000 people in the eastern region in 2022 was the first major natural disaster faced by the Taliban government. https://www.reuters.com/world/asia-pacific/afghanistan-earthquake-kills-800-injures-2800-taliban-asks-world-help-2025-09-01/