2025-07-30 13:33
LONDON, July 30 (Reuters) - Hedge fund Man Group (EMG.L) , opens new tab posted a more than 40% fall in first-half core profit on Wednesday as fee income dropped, even as its assets under management rose 14% to a record $193.3 billion. The company's shares fell by as much as 5.75% at the market open, before reversing track to stand more or less steady on the day. Sign up here. Hedge fund returns so far this year show a stark divide between those that have been able to navigate U.S. President Donald Trump's erratic decision-making and switch tactics quickly and those hemmed in by algorithmic strategies. "During a particularly volatile first half of 2025, we delivered positive investment performance overall and achieved net inflows of $17.6 billion," said Robyn Grew, CEO of Man Group, which runs funds spanning a range of strategies. Net inflows surged 1,855% in the twelve months to June 30, driven by the hedge fund's long-only products betting on rising asset values, it said in a statement. The bulk of the new client money came from one customer who invested $13 billion in the hedge fund's systematic strategy, Numeric, chief financial officer Antoine Forterre confirmed to Reuters in a phone call. The company also saw inflows into its credit strategies, where it runs roughly $43 billion, he added. Man reported a six-month core profit before tax collected from management and performance fees of $146 million, down 43% from $257 million in June last year. Systematic hedge funds, where algorithms ride market trends until they peter out, are down roughly 10% so far this year to the end of June, according to Societe Generale. "It proved to be one of the most challenging periods for trend-following strategies in 25 years," CEO Grew said in the statement. Man Group confirmed recently two high-profile executives would be leaving while promoting others, in order to streamline operations, part of a programme launched by Grew when she became the company's first female CEO in 2023. Grew told Reuters the restructuring at Man Group would "reduce friction" in the organisation and confirmed that its two flagship systematic divisions, Numeric and AHL, though still separate, would be managed under one roof. (This story has been corrected to say that the two senior executives will be leaving the firm, and were not let go, in paragraph 11) https://www.reuters.com/business/finance/man-groups-half-year-profit-slumps-even-assets-under-management-hit-record-193-2025-07-30/
2025-07-30 13:04
MEXICO CITY, July 30 (Reuters) - Mexico's economy grew 0.7% in the second quarter from the previous three-month period, a preliminary estimate from national statistics agency INEGI showed on Wednesday, beating market expectations. Latin America's second-largest economy notched its second consecutive quarter of growth and exceeded the 0.4% expansion forecast by economists in a Reuters poll. Sign up here. Secondary and tertiary activities, respectively covering manufacturing and services, grew 0.8% and 0.7% on a sequential basis, offsetting a 1.3% contraction in primary activities, which includes farming, fishing and mining. Gabriela Siller, head of analysis at Banco Base, noted that the figures "clearly show" that Mexico is not in recession, but that "does not mean the economy is doing well." "There is still a risk of recession for Mexico, especially if the United States begins to strictly enforce tariffs or adds more sectors to the sectoral tariffs," she said. Year-on-year growth in the second quarter hit 0.1%, while economists expected a 0.2% expansion. https://www.reuters.com/world/americas/mexicos-economy-grows-more-than-expected-q2-previous-quarter-2025-07-30/
2025-07-30 12:55
WASHINGTON, July 30 (Reuters) - President Donald Trump said on Wednesday the United States will impose a 25% tariff on goods imported from India starting on Aug. 1. He said India, which has the world's fifth largest economy, will also face an unspecified penalty on Aug. 1, but did not elaborate on the amount or what it was for. Sign up here. "While India is our friend, we have, over the years, done relatively little business with them because their Tariffs are far too high, among the highest in the World, and they have the most strenuous and obnoxious non-monetary Trade Barriers of any Country," Trump wrote in a Truth Social post. "They have always bought a vast majority of their military equipment from Russia, and are Russia’s largest buyer of ENERGY, along with China, at a time when everyone wants Russia to STOP THE KILLING IN UKRAINE — ALL THINGS NOT GOOD!" India's commerce ministry, which is leading the trade negotiations with the United States, did not immediately respond to a request for comment. Trump's decision dashes hopes of a limited trade agreement between the two countries, which had been under negotiation for several months. U.S. and Indian trade negotiators had held multiple rounds of discussions to resolve contentious issues, particularly over market access for American agricultural and dairy products. Despite progress in some areas, Indian officials resisted opening the domestic market to imports of wheat, corn, rice and genetically modified soybeans, citing risks to the livelihood of millions of Indian farmers. The new tariffs are expected to impact India’s goods exports to the U.S., estimated at around $87 billion in 2024, including labour-intensive products such as garments, pharmaceuticals, gems and jeweler, and petrochemicals. The United States currently has a $45.7 billion trade deficit with India. India now joins a growing list of countries facing higher tariffs under Trump’s "Liberation Day" trade policy, aimed at reshaping U.S. trade relations by demanding greater reciprocity. The White House had previously warned India about its high average applied tariffs — nearly 39% on agricultural products, with rates climbing to 45% on vegetable oils and around 50% on apples and corn. The setback comes despite earlier commitments by Prime Minister Narendra Modi and Trump to conclude the first phase of a trade deal by autumn 2025 and expand bilateral trade to $500 billion by 2030, up from $191 billion in 2024. U.S. manufacturing exports to India, valued at around $42 billion in 2024, as well as energy exports such as liquefied natural gas, crude oil, and coal, could also face retaliatory action if India chooses to respond in kind. Indian officials have previously indicated that they view the U.S. as a key strategic partner, particularly in counterbalancing China. But they have emphasized the need to preserve policy space on agriculture, data governance, and state subsidies. https://www.reuters.com/world/india/trump-says-us-impose-25-tariff-india-aug-1-2025-07-30/
2025-07-30 12:51
WASHINGTON, July 30 (Reuters) - President Donald Trump on Wednesday again called on the Federal Reserve to lower benchmark rates after data showed U.S. economic growth rebounded more than expected in the second quarter. "2Q GDP JUST OUT: 3%, WAY BETTER THAN EXPECTED! “Too Late” MUST NOW LOWER THE RATE. No Inflation! Let people buy, and refinance, their homes!" Trump wrote on Truth Social as the central bank prepared to release its policy statement. Sign up here. https://www.reuters.com/business/trump-pushes-rate-cut-fed-meets-second-quarter-data-released-2025-07-30/
2025-07-30 12:43
MOSCOW, July 30 (Reuters) - Russia said on Wednesday it was concerned about the threat of new strikes on Iran's nuclear facilities, and that a deal on Tehran's nuclear programme could be reached through dialogue. Israel and the United States bombed Iranian nuclear sites in June with the stated aim of preventing Tehran from acquiring a nuclear weapon. Iran denies any such intention. Sign up here. "Regular threats towards Iran to launch new missile and bomb strikes on its nuclear facilities cannot but cause serious concern. The cynicism of such statements is added by the fact that they are made under the guise of imaginary concern for the non-proliferation of nuclear weapons," Russian Foreign Ministry spokeswoman Maria Zakharova told reporters. "Bombing nuclear facilities should not become commonplace, routine international practice. The catastrophic risks associated with this cannot be ignored, much less justified." Russia has cultivated closer ties with Iran since the start of its war in Ukraine, and this year signed a strategic partnership treaty with the Islamic Republic. Zakharova said a sustainable peace settlement and a promise not to conduct new strikes on Iran were prerequisites for normalising cooperation between Tehran and the U.N. nuclear watchdog agency. https://www.reuters.com/world/russia-says-its-worried-about-threat-new-strikes-iranian-nuclear-facilities-2025-07-30/
2025-07-30 12:42
ANKARA, July 30 (Reuters) - Turkey will start providing Syria with natural gas from August 2, Energy Minister Alparslan Bayraktar told state-owned Anadolu news agency on Wednesday, adding Azerbaijan would also be involved in the exports running through Turkey's Kilis province. Ankara, which supported rebel forces in neighbouring Syria throughout the 13-year civil war that ended in December with the ousting of Bashar al-Assad, has become one of the new Syrian government's main foreign allies while positioning itself to be a major player in Syria's reconstruction. Sign up here. Syrian Energy Minister Mohammed al-Bashir provided further details on the supply in a statement released by his ministry: "Starting August 2, Syria will begin receiving 3.4 million cubic metres of gas from Azerbaijan to Aleppo Governorate via Turkey," Bashir said. He said this would contribute to generating some 900 megawatts of electricity and help enhance the stability of the electricity grid in Syria. During a visit to Damascus in May, Bayraktar had said Turkey would provide Syria with 2 billion cubic metres of natural gas annually, in addition to 1,000 megawatts of electricity. He had said this month that Azerbaijan's SOCAR may be a partner in the project as well. On Wednesday, he said the natural gas provision would help Syria address its electricity needs as well, adding this would be used as fuel in electricity production at Syria's existing power plants. "We made a swap agreement with Azerbaijan, and the gas that will come from Azerbaijan will be exported to Aleppo, Syria, via Kilis," he said, adding Qatar would also be involved in terms of financing, and that ministers from the three countries would mark the start of the gas flow in a ceremony on Saturday. "With the 6 million cubic metres of gas that we are planning to send there, we will be able to realise 1,200 megawatts of electricity production," he added. Bayraktar said Ankara would also be supplementing that with 500 megawatts of its own to help address Syria's energy issues. https://www.reuters.com/business/energy/turkey-start-providing-syria-with-natural-gas-august-2-minister-says-2025-07-30/
