2025-09-01 04:14

Metaplanet shares surged 760% in past year Metaplanet plans to sell up to 550 million shares for about $884 million Eric Trump named adviser to Metaplanet in March TOKYO, Sept 1 (Reuters) - Eric Trump is expected to attend a shareholder meeting of Japanese bitcoin treasury company Metaplanet (3350.T) , opens new tab in Tokyo on Monday, as the U.S. president's family expands its crypto ventures internationally. The second son of President Donald Trump was named in March as an adviser to Metaplanet, which holds more than $2 billion in bitcoin, and his attendance would follow an appearance last week at the Bitcoin Asia conference in Hong Kong. Sign up here. Metaplanet stockholders were asked to approve a plan that would sell up to 550 million new shares overseas for 130.3 billion yen ($884.41 million), with the bulk of the proceeds to be spent on buying more bitcoin. Three people who came out of the meeting held in the Shibuya area of central Tokyo said the capital-raising plan was approved, and that Eric Trump was due to speak at a fireside chat at the same venue later in the day. Metaplanet declined to comment on Eric Trump's involvement in the meeting, when Reuters contacted the company before the meeting began. A representative for him did not respond to requests for comment. Donald Trump has promised to be the "crypto president", saying he backs the asset class because it can improve the banking system and increase the dominance of the U.S. dollar. Some of Trump's businesses in areas such as crypto, which have added substantially to his wealth, benefit from U.S. policy shifts under him and have invited criticism. American Bitcoin, a miner of the cryptocurrency founded by Eric Trump and his brother Donald Trump Jr., is aiming to list on the Nasdaq this month. Asher Genoot, CEO of the company that presently holds 80% of American Bitcoin, said Eric Trump would attend the Metaplanet event, which was previously reported by Bloomberg. COSTUMES AND FOOD TRUCKS At the meeting venue, it was a festive scene, with people in costumes lined up at the entrance, food trucks assembled, and a K-Pop band due to perform. Media were not allowed to observe the meeting, which is due to run till late afternoon. Previously a hotel operator, Metaplanet's pivot into crypto has paid off handsomely. Citing Michael Saylor's bitcoin treasury firm Strategy MSTR.O , opens new tab as an inspiration, founder and chief executive Simon Gerovich liquidated most of Metaplanet's hotel assets, already in the doldrums due to the COVID-19 pandemic, and piled into the cryptocurrency. Selling bonds and warrants, Metaplanet has continued to buy bitcoin and is now the seventh-largest holder among public treasuries globally, according to BitcoinTreasuries.net. It announced on Monday it added another 1,009 coins to bring its total hoard to 20,000. Its shares have surged nearly 760% in the past 12 months, compared with a 14% advance in the Topix (.TOPX) , opens new tab. The stock was down 3.9% in Monday afternoon trading in Tokyo. Metaplanet appointed Eric Trump earlier this year to a newly formed board of advisers, calling him a "leading voice and advocate of digital asset adoption worldwide". The company, which trades on the Standard section of the Tokyo Stock Exchange, was previously known as Red Planet Japan and focused on hotel operations. Before that, it was a wholesaler of music CDs. The company's subsidiary, Red Planet Hotels Japan, filed for bankruptcy in May 2024. ($1 = 147.3300 yen) https://www.reuters.com/world/asia-pacific/eric-trump-advised-japanese-bitcoin-firm-metaplanet-vote-capital-raising-plan-2025-09-01/

2025-09-01 03:02

MUMBAI, Sept 1 (Reuters) - The Indian rupee is likely to remain under stress on Monday after falling past the 88-per-dollar barrier last week, with traders saying the move has emboldened speculators to press harder against the currency and keep downside risks alive. The 1-month non-deliverable forward suggests the rupee will open little changed from 88.1950 on Friday, when the currency sank to a record low of 88.3075. Sign up here. The rupee's slip past 88 on Friday surprised most market participants, who had expected the Reserve Bank of India to step in more forcefully following the imposition of additional U.S. tariffs last week. One banker said the RBI may have opted against defending the 88 level too aggressively in the wake of heavy equity outflows and dollar demand from speculators. Another suggested the central bank may have been signalling that it would not defend particular levels at any cost. Nearly $950 million of equity sales by foreign investors on Friday, coupled with heavy importer and speculative dollar demand, plus "macro considerations" may have led the RBI to allow the rupee to drop past 88, a senior treasury official at a mid-sized private sector bank said. With the breach behind it, the risk-reward on the rupee is now decisively skewed to the downside, he said. "The next focus for markets is identifying the level where the RBI signals it will not tolerate further losses." Meanwhile, India’s June-quarter GDP beat forecasts, though traders said the surprise is unlikely to aid the rupee. Madhavi Arora, lead economist at Emkay Global, said the upside reflected exceptionally soft deflators, front-loaded government spending and pre-tariff export frontloading, warning these supports may reverse in coming quarters. ASIA WEAK Most Asian currencies weakened at the beginning of the week, offering little support to the rupee. The focus this week is on a raft of U.S. labour data that will guide expectations for how deep the Federal Reserve cuts rates this year. Investors will parse U.S. job openings and private payrolls before Friday’s critical nonfarm payrolls data. https://www.reuters.com/world/india/rupee-likely-stay-under-pressure-after-breach-critical-88usd-mark-2025-09-01/

2025-09-01 02:35

MUMBAI, Sept 1(Reuters) - The Indian rupee, after falling to a lifetime low last Friday, will likely remain under pressure this week with U.S. tariffs and sluggish portfolio flows piling on the pressure, while government bonds brace for fiscal developments. The rupee hit an all-time low of 88.3075 against the U.S. dollar last Friday, sliding past the 88 mark — a level widely seen as an important technical support and likely to draw heavy intervention from the Reserve Bank of India. Sign up here. The rupee's drop past 88 followed Washington’s imposition of additional tariffs on India, a move expected to hurt portfolio flows, impact growth, and widen India's trade deficit. Foreign outflows from Indian equities have accelerated after the additional U.S. tariffs amid worries over slower earnings for export-oriented sectors and the macro outlook. "Till the uncertainties around US tariffs settle down, it will continue being a rupee-negative event," Dipti Chitale, CEO at Mecklai Financial Services, said. "We feel that Reserve Bank of India will let the rupee depreciate in the interest of maintaining competitiveness in the market." Meanwhile, India's 10-year benchmark 6.33% 2035 bond yield settled at 6.5678% on Friday, up 2 basis points through Friday, after rising 15 bps in the previous week. Traders anticipate the yield will remain in the 6.52% to 6.65% band this week, with major focus on developments in New Delhi's fiscal picture as well as a meeting of the goods and services tax council towards the end of the week. "Monetary policy has already played its role and has limited fire power left, but the fiscal should act now and calm markets," said Niraj Kumar, chief investment officer at Generali Central Life Insurance. Bond market sentiment has weakened on fears of fiscal slippage after Prime Minister Narendra Modi unveiled sweeping goods and services tax reforms on August 15. India plans to slash the levy by October and has proposed a move to a two-rate structure of 5% and 18%, scrapping the 12% and 28% rates in place currently. The GST council will meet on Wednesday and Thursday. Meanwhile, India's economy unexpectedly expanded 7.8% year-on-year in the April-June quarter, picking up from 7.4% in the previous three months. Economists polled by Reuters had forecast growth likely cooled to 6.7%. "Going forward, we could see some slowdown in the second quarter due to spillovers from the tariff impact. For now, our full-year GDP growth estimate for FY26 is retained at 6.3%, with a downward bias," Sakshi Gupta, principal economist at HDFC Bank said. KEY EVENTS: India ** August HSBC manufacturing PMI - September 1, Monday (10:30 a.m.) ** August HSBC services PMI - September 3, Wednesday (10:30 a.m.) U.S. ** August S&P Global manufacturing PMI final - September 2, Tuesday (7:15 p.m. IST) ** August ISM manufacturing PMI - September 2, Tuesday (7:30 p.m. IST) ** July factory orders - September 3, Wednesday (7:30 p.m. IST) ** July international trade - September 4, Thursday (6:00 p.m. IST) ** Initial weekly jobless claims for week to August 25 - September 4, Thursday (6:00 p.m. IST) ** August S&P Global composite PMI final - September 4, Thursday (7:15 p.m. IST) ** August S&P Global services PMI final - September 4, Thursday (7:15 p.m. IST) ** August ISM non-manufacturing PMI - September 4, Thursday (7:30 p.m. IST) ** August non-farm payrolls and unemployment rate - September 5, Friday (6:00 p.m. IST) https://www.reuters.com/world/india/rupee-may-weaken-further-tariffs-outflows-bonds-eye-fiscal-clarity-2025-09-01/

2025-09-01 00:55

Russian drones knock out power facilities in Ukraine Zelenskiy vows more strikes deep inside Russia Asia manufacturing data mixed, clouds economic outlook OPEC+ to meet on September 7 SINGAPORE, Sept 1 (Reuters) - Oil prices traded in a tight range on Monday as worries about rising output and the impact of U.S. tariffs on demand offset supply disruptions stemming from intensified Russia-Ukraine airstrikes. Brent crude fell 30 cents, or 0.44%, to $67.18 a barrel by 0500 GMT, while U.S. West Texas Intermediate crude was at $63.73 a barrel, down 28 cents, or 0.44%. Trading is expected to be muted due to a U.S. bank holiday. Sign up here. Ukrainian President Volodymyr Zelenskiy vowed on Sunday to retaliate by ordering more strikes deep inside Russia after Russian drone attacks on power facilities in northern and southern Ukraine. Both countries have intensified airstrikes in recent weeks, targeting energy infrastructure and disrupting Russian oil exports. Markets remained concerned about Russian oil flows, with weekly shipments from its ports dropping to a four-week low of 2.72 million barrels per day, according to tanker tracker data cited by ANZ analysts in a note. However, Russian oil exports to India are set to rise in September, traders said, despite secondary tariffs imposed on New Delhi by the U.S. for buying oil from Moscow. "Modi’s meeting with Putin in China will be closely watched, particularly in light of U.S. pressures," Michael McCarthy, CEO of Moomoo Australia, said, referring to the Indian and Russian presidents who are attending the Shanghai Cooperation Organisation regional security bloc in China. A Reuters poll on Friday showed that oil prices are unlikely to gain much traction from current levels this year, as rising output from top producers adds to the risk of a surplus and U.S. tariff threats weigh on demand growth. The week started with a slew of manufacturing and export data from China, Japan and South Korea, among the world's biggest crude oil importers. Factory activity in China unexpectedly grew in August but weakened for other Asian economies as companies began to feel the pain from U.S. tariffs, private surveys showed on Monday, clouding the outlook for the region's fragile recovery. Brent and WTI crude posted their first decline in four months in August, down 6% or more on OPEC+ supply concerns. Investors are eyeing the September 7 meeting between members of the Organization of the Petroleum Exporting Countries and their allies for further supply cues. Meanwhile, U.S. crude oil production hit a record high in June, rising 133,000 barrels per day to 13.58 million bpd, according to data released by the Energy Information Administration on Friday. A U.S. labor market report this week will give a crucial read into the economy's health and test investors' confidence that interest rate cuts are coming soon, a view that has lifted their appetite for riskier assets such as commodities. https://www.reuters.com/business/energy/oil-holds-tight-range-rising-output-offsets-russia-supply-disruptions-2025-09-01/

2025-08-31 21:59

Negotiations slowed despite handshake agreement and summit Tariff and defence issues remain unresolved, impacting progress $350 billion investment fund and agriculture market disagreements persist SEOUL, Aug 29 (Reuters) - Negotiations ranging from tariffs to defence between South Korea and the United States were bogged down, overshadowing a handshake agreement and a promising presidential summit, officials in Seoul said. South Korean President Lee Jae Myung met U.S. President Donald Trump for the first time on Monday, and emerged declaring success after displaying personal chemistry and avoiding any public split between the two long-time allies. Sign up here. Behind the scenes, however, the two sides were unable to agree on a joint statement or even a fact sheet, and a month after announcing a deal on tariffs, the agreement still has not been finalised on paper. Lee's national security adviser, Wi Sung-lac, said on Friday that the two countries did not produce documents covering security, economy, trade or investments because progress remained slow in some areas while large strides had been made in other areas. More discussions and reviews were needed to hash out their details, he added, without providing specific details. South Korean presidential chief of staff Kang Hoon-sik told reporters on Thursday that it was a "very difficult negotiation" because issues ranging from investments to security are closely intertwined. "If the negotiations for one minister doesn't go well, they put a break on another negotiation that is going well," he said. "We've overcome a significant obstacle, but there is still a long way to go." Kang added that Washington could leverage several issues such as tariffs on cars, chips, and pharmaceuticals, as well as defence costs and around U.S. forces stationed in Korea. Speaking to his cabinet after the summit, Trump acknowledged a "problem with South Korea" but that Seoul had ultimately "kept the same deal." Neither Seoul nor Washington has elaborated. The U.S. Embassy in Seoul did not immediately respond to questions about the talks. 'BIG LOSSES' Even before Lee and Trump's meeting, disagreements over a $350 billion investment fund, as well as a U.S. push to open up South Korea's agriculture market, were hampering negotiations. Meanwhile, cuts to tariffs on automobiles are yet to be finalised and Seoul has not secured assurances on chip levies, both expected to be capped at 15% - the same rate as Europe. An auto industry official said the summit has done little to ease uncertainty: "We are really worried... We are having big losses." South Korean newspaper JoongAng Ilbo said the U.S. wanted to use the summit to produce documents detailing the $350 billion investments in return for accepting Seoul's demand for formalising 15% tariffs on cars and chips, and ruling out the opening of rice and beef imports. A South Korean official said Seoul has asked that loans and equity only account for a fraction of the fund. After the summit, Seoul said it was in talks with the U.S. to work out a non-binding deal on the fund. Japan, the only other country to propose such a large investment fund, is also facing delays in finalising its deal over unresolved issues with Washington. It remains unclear what payments Trump will demand from South Korea for maintaining the 28,500 American troops based there. He has also raised a fresh demand for the U.S. to own the land on which its bases are located. South Korean officials have said it is a political non-starter and there has been no such formal request from Washington. https://www.reuters.com/world/asia-pacific/south-korean-negotiators-struggle-close-gaps-with-us-despite-summit-tariff-deal-2025-08-29/

2025-08-31 21:16

CAIRO, Aug 31 (Reuters) - British maritime security firm Ambrey said on Sunday that a Liberia-flagged Israeli-owned tanker reported an explosion nearby, southwest of Saudi Arabia's Red Sea port city of Yanbu. A vessel reported "a splash in close proximity from an unknown projectile and heard a loud bang", the United Kingdom Maritime Trade Operations (UKMTO) said, adding that the vessel's crew were all safe and it was continuing to its next voyage. Sign up here. In a later update, Ambrey said it assessed the vessel to be "aligned with" the targets of Yemen's Iran-aligned Houthis' profile given that it was publicly Israeli-owned. Since 2023, the Houthis have been attacking vessels in the Red Sea that they deem to be affiliated with Israel in what they describe as support of Palestinians in Gaza. It was not immediately clear if the Houthis were involved, and the group did not provide immediate comment on the reported incident. UKMTO did not identify the party responsible, but said authorities were investigating. Yanbu is a port city located on Western Saudi Arabia's Red Sea coast. Saudi Arabia led a coalition that launched a military campaign in Yemen from early 2015 to support the Gulf-backed government against the Houthis, who had seized the capital Sanaa in 2014. The coalition has in the past foiled attempted assaults using explosive-laden boats it says were launched by the Houthis. https://www.reuters.com/world/middle-east/british-maritime-agency-ambrey-reports-blast-near-liberia-flagged-tanker-off-2025-08-31/