2025-08-08 04:41
MADRID, Aug 8 (Reuters) - Binance is working with Spanish bank BBVA (BBVA.MC) , opens new tab to allow customers to hold their assets off the cryptocurrency exchange, Financial Times reported on Friday. The Spanish bank is working as one of only a small number of independent custodians for the world's biggest crypto exchange, the report added, citing two people familiar with the matter. Sign up here. The move comes as Binance, the world's leading digital asset exchange, faces heightened regulatory scrutiny worldwide and as crypto exchanges seek to reassure investors about fund safety in the wake of FTX's 2022 collapse. Reuters could not immediately verify the report. A BBVA spokesperson said the bank does not comment on current or potential clients, adding that although it acts as a cryptocurrency custodian for individual customers in markets such as Turkey and Switzerland, where it offers the service for institutional investors. Binance could not be immediately reached. Last February, U.S. authorities fined Binance more than $4.3 billion for violating federal anti-money laundering and sanctions laws through lapses in internal controls at the company, while its founder and chief executive Changpeng Zhao was sentenced to four months in prison. https://www.reuters.com/business/finance/binance-teams-up-with-bbva-let-customers-keep-assets-off-exchange-ft-reports-2025-08-08/
2025-08-08 04:32
A look at the day ahead in European and global markets from Rae Wee With U.S. President Donald Trump's nomination to fill a newly vacant seat at the Federal Reserve now out of the way, investors are awaiting a Senate confirmation to see if Stephen Miran would have a vote at the central bank's September meeting. Sign up here. Trump on Thursday picked the Council of Economic Advisers Chairman to serve out the final few months of an open spot on the Fed Board, following Fed Governor Adriana Kugler's surprise resignation last week. The news hardly elicited a response from markets on Friday, with Miran's chances of winning Senate confirmation still uncertain. The economist has called for a complete overhaul of the Fed's governance. But one thing's for sure - should Miran join the Fed, he would most certainly vote to lower rates. And even in a placeholder role, his appointment would give Trump a potentially more direct route to pursue his desire for easier monetary policy and sway over the world's most influential central bank. Trump also said that the White House continues to search for someone to serve in the 14-year Fed Board seat that opens February 1 and is also weighing options for a successor to Fed Chair Jerome Powell, whose term ends May 15, 2026. Bloomberg News reported on Thursday that Fed Governor Christopher Waller is emerging as a top candidate to be the central bank's next chair and has met with members of Trump's team, who are impressed with him. In other tariff news, the U.S. government on Thursday promised to amend a presidential executive order to remove overlapping tariffs on Japanese goods, Tokyo's trade negotiator said, after talks in Washington to fix what he called a "regrettable" oversight. In those discussions, Ryosei Akazawa urged U.S. Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent to ensure that a 15% levy agreed last month on Japanese imports was not stacked on goods, such as beef, that are subject to higher tariffs. The removal of the tariff overhang lifted stocks in Tokyo and sent the Topix index climbing above the key psychological mark of 3,000 points for the first time on Friday, further buoyed by a streak of strong earnings reports. Shares of SoftBank Group (9984.T) , opens new tab rose nearly 11% after the technology investor reported a swing back to profit in the first quarter. Key developments that could influence markets on Friday: - St. Louis Fed President Alberto Musalem speaks - Under Armour Q1 earnings Trying to keep up with the latest tariff news? Our new daily news digest offers a rundown of the top market-moving headlines impacting global trade. Sign up for Tariff Watch here. https://www.reuters.com/business/global-markets-view-europe-2025-08-08/
2025-08-08 04:32
Lawmakers say 450 meteorologists and other experts to be hired Hiring turnaround would restore most of positions cut by DOGE NWS job vacancies drew scrutiny amid summer of extreme weather Aug 7 (Reuters) - The Trump administration is allowing the U.S. National Weather Service to restore most of the hundreds of jobs eliminated by the cost-cutting Department of Government Efficiency once led by Elon Musk, several members of Congress said on Tuesday. The National Oceanic and Atmospheric Administration, parent agency of the NWS, plans to hire 450 weather service meteorologists, hydrologists and radar technicians, U.S. Representatives Mike Flood, a Nebraska Republican, and Eric Sorensen, an Illinois Democrat, said in a joint statement on Thursday. Sign up here. The two lawmakers have sponsored legislation to exempt weather service employees from DOGE-imposed layoffs and early retirement by reclassifying those positions as critical to public safety. Musk was originally named by President Donald Trump to spearhead the DOGE program, but the billionaire entrepreneur resigned from the administration months later. Flood and Sorensen said they welcomed the hiring turnaround but would keep pressing for passage of their bill to ensure the newly hired staff will remain permanent, protecting them from any future reductions. "Hundreds of unfilled positions have caused NWS offices across the country to cancel weather balloon launches, forego overnight staffing and force remaining meteorologists to overwork themselves," Sorensen said. A third lawmaker, Republican Mark Alford of Missouri, also hailed the administration's "move to hire 450 front-line mission critical staff" at the NWS. CNN, which broke the news before statements emerged from lawmakers on Capitol Hill, reported that the new hiring figure included 126 positions previously approved by NOAA, a U.S. Commerce Department agency. Representatives of the NWS and NOAA could not immediately be reached for comment. Layoffs and early retirement "buyouts" had reduced the NWS workforce by more than 550 positions from levels before Trump's second term, leaving fewer than 4,000 employees remaining, according to CNN. Thursday's announcement of a reversal comes during a summer of weather extremes, including flash floods , opens new tab that ravaged Texas Hill Country last month, claiming at least 137 lives. The devastation raised questions about whether job vacancies at local NWS offices were a factor in the scale of the disaster. Senate Democratic leader Chuck Schumer urged the Commerce Department's acting inspector general last month to investigate whether staffing vacancies at the NWS's San Antonio office contributed to "delays, gaps, or diminished accuracy" in forecasts of the flooding. In May, the National Weather Service chief Ken Graham said large staffing and budget cuts at NOAA, including his agency, would not hinder the government's ability to forecast devastating storms and warn the public. At the same time, NWS forecasters were predicting an above-normal 2025 hurricane season. https://www.reuters.com/world/us/us-national-weather-service-restore-hundreds-jobs-cut-under-trump-2025-08-08/
2025-08-08 04:19
Aug 8 (Reuters) - China's state-owned shipping giant Cosco (601919.SS) , opens new tab aims to secure at least 20%-30% stake in a $23 billion ports deal involving strategic assets in the Panama Canal, as Beijing moves to renegotiate the terms of a sale previously praised by U.S. President Donald Trump, the Financial Times reported on Friday. Reuters could not immediately verify the report. Sign up here. https://www.reuters.com/world/china/cosco-seeks-least-20-stake-23-billion-panama-canal-ports-deal-ft-reports-2025-08-08/
2025-08-08 03:02
MUMBAI, Aug 8 (Reuters) - The Indian rupee is poised to appreciate at open on Friday after traders unwound short positions in the non-deliverable forward (NDF) market, following the central bank's firm defence of a key level. The 1-month non-deliverable forward indicated the rupee will open in the 87.48 to 87.52 range versus the U.S. dollar, higher than 87.7025 on Thursday. Sign up here. The Indian currency had rallied in the NDF market after local trading closed at 3:30 p.m. IST. The 1-month USD/INR NDF dropped nearly 30 paisa within half an hour and largely held that decline through the U.S. trading session. During Thursday’s onshore session, the currency traded in a narrow range and posted a modest advance despite additional U.S. tariffs on Indian goods announced by President Donald Trump. A currency trader at a private sector bank said the Reserve Bank of India may have played a role in the rupee’s muted reaction to the news. The RBI has been active in the NDF market, and has made it evident that they do not want a new high in USD/INR, at least for now, the trader said, referring to the 87.95 level. The RBI’s defence of that threshold, along with a recovery in Indian equities, likely triggered a "mini rush" to unwind long USD/INR positions, a Singapore-based portfolio manager at a hedge fund said. "Weak hands probably decided to exit," the person said. India’s equity indices wiped intraday losses to finish flat on Thursday. The announcement of a U.S.-Russia presidential meeting may have been a possible driver of the late-session recovery, analysts said. While Indian equities recovered, foreign investors were net sellers on Thursday, offloading around $600 million worth of shares, according to preliminary exchange data. Meanwhile, the rupee’s Asian peers were slightly lower on the day, while the dollar index was little changed and on track for a weekly decline. KEY INDICATORS: ** One-month non-deliverable rupee forward at 87.59; onshore one-month forward premium at 10.75 paise ** Dollar index at 98.10 ** Brent crude futures flat at $66.4 per barrel ** Ten-year U.S. note yield at 4.25% ** As per NSDL data, foreign investors sold a net $501.5mln worth of Indian shares on Aug. 6 ** NSDL data shows foreign investors bought a net $38mln worth of Indian bonds on Aug. 6 https://www.reuters.com/world/india/rupee-likely-rise-after-central-bank-rattles-short-ndf-bets-2025-08-08/
2025-08-08 00:41
AMESPAC seeks formal group to clarify 2025 investment vehicle Espino highlights lack of 2024 debt payment plan in Pemex meeting Suppliers owed 65 billion pesos for un-invoiced work, Espino says MEXICO CITY, Aug 7 (Reuters) - The head of an association representing global oilfield service firms in Mexico said on Thursday that a new business plan for state oil company Pemex lacks concrete measures to address its massive debt with suppliers, despite official promises to speed up payments. Rafael Espino, president of the AMESPAC association, told Reuters that in a Tuesday meeting with officials from the finance and energy ministries and Pemex, there was no mention of how the company would pay down debts for work already performed in 2024 and the first half of 2025. Sign up here. As of the end of June, Espino said, AMESPAC members were owed about 65 billion pesos ($3.49 billion) for work that has not yet even been invoiced. "It was a disappointment because there was no specific reference to the 2024 debts," Espino said in an interview. "If we have to wait for it to be paid with future cash flow... this debt will continue to go unpaid and the immediate effect will be on production." However, Espino added that officials at the meeting said Pemex would speed up payments, not let invoices age beyond two months, and that it expects to have more cash on hand. This would come from a lower tax burden, a recent $12 billion debt issuance, and a new $13 billion special fund for 2025 projects. Pemex is saddled with supplier debts of around $23 billion and financial debt of nearly $100 billion, despite receiving billions in government support in recent years to meet its obligations. While making some payments and frequent promises, the debts have continued to accumulate, creating an unprecedented payment crisis for service providers. Espino said AMESPAC welcomes the plan but is seeking to establish a formal working group with authorities to understand the rules, timeline and eligibility for the new 2025 investment vehicle and its associated service payments. The association argues that paying off outstanding debts is necessary to reactivate idled equipment and help meet Mexico's national crude production target of 1.8 million barrels per day (bpd), a goal heavily reliant on Pemex. AMESPAC members include four of the world's largest energy services firms Baker Hughes (BKR.O) , opens new tab, Halliburton (HAL.N) , opens new tab, Weatherford (WFRD.O) , opens new tab, and SLB (SLB.N) , opens new tab, and mining and transportation conglomerate Grupo Mexico (GMEXICOB.MX) , opens new tab. Recently, Grupo Carso (GCARSOA1.MX) , opens new tab - controlled by tycoon Carlos Slim - reported that Pemex owes it more than $700 million for various services, with some debts dating back two years. A subsidiary of Grupo Mexico reported it had temporarily halted four platforms due to non-payment, and Halliburton has stated its payment issues with Pemex remain unresolved. ($1=18.6360 Mexican pesos) https://www.reuters.com/business/energy/pemex-plan-disappoints-suppliers-awaiting-billions-overdue-payments-2025-08-07/
