2026-01-23 20:09

Jan 23 (Reuters) - U.S. President Donald Trump's administration is considering imposing a total blockade on oil imports to Cuba as part of possible new tactics to drive leadership change in the Caribbean country, Politico reported on Friday, citing three people it said were familiar with the plan. While no decision has been made, such a move has been sought by some critics of the Cuban government in the Trump administration and backed by Secretary of State Marco Rubio, Politico reported. Sign up here. The White House did not immediately respond to a request for comment on the report. If the reported plan materializes, it would represent further escalation in Trump's move to bring regional powers in line with the United States and underscore the seriousness of the administration's ambition to dominate the Western Hemisphere. Earlier in January, Trump vowed to stop oil and money from longtime backer Venezuela from reaching Cuba after the January 3 operation that captured Venezuelan President Nicolas Maduro, a measure that analysts say could be catastrophic for Cuba's already ailing fuel supply, electrical grid and economy. Emboldened by his ousting of Maduro and seizing control of that country's oil, Trump has talked of acting against Cuba and Colombia. He has suggested Cuba should strike a deal with Washington, ramping up pressure on the long-time U.S. nemesis and provoking defiant words from the Communist-run island's leadership. https://www.reuters.com/business/energy/trump-administration-weighs-naval-blockade-halt-cuban-oil-imports-politico-2026-01-23/

2026-01-23 20:04

Jan 23 (Reuters) - California's attorney general on Friday said the state was suing the Trump administration for asserting federal authority over two in-state pipelines and permitting their owner, Sable ‌Offshore (SOC.N) , opens new tab, to restart pumping oil through them. The lawsuit is the latest turn in a dispute between Houston-based Sable and California officials over a drilling project off the coast of Santa Barbara that was shut down following a 2015 spill that dumped more than 100,000 gallons of crude oil ‌into the ocean and onto beaches. Sign up here. Sable shares fell nearly 16% to close at $10.43 on the New York Stock Exchange following the announcement. The matter is among the slew of conflicts between U.S. President Donald Trump, who wants to supercharge domestic fossil fuel production, ‍and California Governor Gavin Newsom, a Democrat who has championed his state's ambitious climate change agenda and is among Trump's harshest critics. At a press conference on a Los Angeles beach, California Attorney General Rob Bonta said ⁠the administration broke the law by reclassifying the Las Flores pipelines last month as "interstate," ‍at Sable's request, even though they run between two California counties. The reclassification allowed the federal Pipeline and ‌Hazardous Materials ‌Safety Administration, which regulates interstate pipelines, to issue an emergency permit last month to restart operations. "Sable said 'jump,' and Trump said 'how high?'," Bonta said. He added: "All of this is a pretext for usurping state oversight." In a statement, the PHMSA said the pipeline had been regulated for ⁠decades as interstate ⁠and that returning it to federal jurisdiction was appropriate. "Restarting the Las Flores Pipeline will bring much-needed American energy to a state with the highest gas prices in the country," the agency said in an email. "We look forward ‍to a swift resolution in this case to provide the operator with regulatory certainty and Californians with affordable American energy." Sable justified its request for an emergency permit by citing the national energy emergency Trump declared when he took office a year ago. Sable representatives did not ‍respond to a request for comment. The petition will be filed in the U.S. Court of Appeals for the Ninth Circuit, the attorney general's office said. https://www.reuters.com/legal/litigation/california-suing-trump-administration-over-sable-oil-pipeline-restart-2026-01-23/

2026-01-23 20:01

Newmont holds first refusal rights on Barrick's Nevada Gold Mines stake Barrick's restructuring includes IPO of North American assets Barrick seeks new CEO amid investor confidence restoration efforts TORONTO, Jan 23 (Reuters) - Canadian miner Barrick's efforts to spin off its North American assets will hinge on the company's joint venture partner Newmont, according to documents seen by Reuters and former Barrick executives that demonstrate a reversal of fortunes for two global mining companies. Denver-based Newmont's power over Barrick’s strategy is a significant change from a few years ago when the Canadian miner had hoped to buy Newmont’s minority stake in the Nevada mines. A decade earlier, Barrick tried to acquire Newmont. Sign up here. Newmont has the first right of refusal if Barrick tries to sell its stake in Nevada Gold Mines (NGM), the company's main North American asset, the documents show. Barrick owns 61.5% and Newmont 38.5% in the mine. Last year, Barrick announced a restructuring of operations to carve out the North America business from riskier operations in the rest of the world, following formerCEO Mark Bristow's departure , opens new tab. Barrick's proposed initial public offering of North American assets includes NGM, Pueblo Viejo mine in the Dominican Republic and the underdeveloped Fourmile mine, also in Nevada. In filings made with the U.S. Securities and Exchange Commission, the joint venture agreement between Barrick and Newmont specifies that either party must offer its Nevada joint venture interest to the other member before it considers selling to a third party. Any transfer of shares requires the consent of the other party, the documents seen by Reuters show. Barrick will also need Newmont to fund the capital for Fourmile, according to a person aware of the development which the miner has been touting as its future flagship asset and will also become part of the IPO. During a call with analysts in October 2025, Newmont's incoming CEO Natasha Viljoen said the company was waiting for some information from Barrick before committing additional capital. Barrick’s effort to restructure, potentially by splitting into two entities, is one of the most anticipated mining stories of 2026, given strong investor interest in gold bullion with prices hitting successive record highs. The company is expected to outline its plans in February during its Q4 earnings. In an email response, Barrick said it respects the joint venture with Newmont and abides by all the terms. Newmont spokesperson said the company’s Nevada Gold Mines joint venture agreement has not changed from what is publicly available. “Regarding Barrick’s potential IPO of its North American gold assets, Newmont does not have any information above and beyond what is in the public domain,” Newmont spokesperson said. The company did not comment on whether it will fund the Fourmile expansion. Although Barrick shares jumped 130% in 2025, the company's returns have been lower than its peers in the last five years, gaining 52% over the period while rival Agnico Eagle jumped 142%. Barrick is still considered undervalued. Newmont’s say over the sale of the Nevada mines despite having only a minority stake in them is unusual, according to three executives aware of the restructuring efforts. The current contract was set up after years of back and forth between the companies, where Barrick in 2019 was keen to buy Newmont. The merger did not happen, and both companies struck a joint venture for Nevada. "Newmont has done a really good job of being able to call the shots, it was not long ago that Barrick wanted to buy Newmont," said a former executive of Barrick aware of the joint venture details. Barrick had a tumultuous year in 2025. Mali's military government seized its mine there and incarcerated its employees before the company negotiated a deal to get the mine back and its employees released. Barrick's CEO left, and the company is looking to restore investor confidence under the leadership of chairman John Thornton. Interim CEO Mark Hill is running the company while Barrick hunts for a new CEO, who must deal with large institutional investors such as BlackRock and activist firm Elliott. This month, Barrick appointed Helen Cai as new chief financial officer. The North America business is valued at around $42 billion and analysts expect the new company could trade better than the current combined entities. On Friday shares of Barrick were trading up by 1.90% at the Toronto Stock Exchange and Newmont shares were trading up 1.52% at New York Stock Exchange. https://www.reuters.com/business/barricks-north-america-spin-off-hinges-newmonts-approval-documents-show-2026-01-23/

2026-01-23 19:37

SAO PAULO, Jan 23 (Reuters) - Arabica coffee growers in Brazil expect this year's harvest to match or slightly exceed 2025's crop, while canephora growers in Espirito Santo state forecast yields will fall, farmers told Reuters. According to forecasts from Brazil's national crop agency Conab in December, arabica coffee production in 2025 was seen declining by 9.7% to 35.8 million 60-kilogram bags, while canephora output, including robusta and conilon varieties, rose 42% to 20.8 million bags. Sign up here. Arabica farmers in the Cerrado Mineiro region could see a better performance in this year's crop as long as weather conditions remain favorable, Simao Pedro de Lima, president and executive director of cooperative Expocacer, said in an interview. "In the 2025 harvest, the average productivity was around 26 sacks per hectare," Lima said. "In the 2026 harvest, the average productivity could be around 32 sacks at the high end; around 28 sacks at the low end, and around 30 in the midrange." He cautioned that there were many months and variables to consider before any concrete estimates could be given. Arabica plants are vibrant and beautiful because of recent rains, coffee agronomist Jonas Ferraresso said in an interview, adding that rains in January have not been uniform. "Some producers report that the sprouting of pruned coffee plants is not very good, probably related to the uneven distribution of rainfall throughout the month," Ferraresso said. Based on his observations, Ferraresso expects production this year in line with last year's output, or slightly greater. CONILON OFF YEAR Conilon coffee output in 2026 will be lower than last year, said Luiz Carlos Bastianello, president of Cooabriel, Brazil's biggest canephora coffee cooperative. "The productive potential of crops that produced in 2025 is lower in this cycle, due to physiological issues in the plants," he said in a written response, adding that conilon coffee plants, like arabica coffee, follow biennial patterns and experience off years. While new crops will raise production numbers, it should not be enough to offset the plants' off year, Bastianello said, adding that it was still too early to provide an estimate for potential output this year. https://www.reuters.com/business/environment/brazil-arabica-farmers-eye-crop-improvements-conilon-growers-expect-decline-2026-01-23/

2026-01-23 19:31

Trump's threats prompt Mexico to reconsider Cuba oil aid, sources say Mexico fears US unilateral action after Venezuelan incident Cuban doctors agreement under scrutiny amid US pressure MEXICO CITY, Jan 23 (Reuters) - The Mexican government is reviewing whether to keep sending oil to Cuba amid growing fears within President Claudia Sheinbaum's administration that Mexico could face reprisals from the United States over the policy, which is a vital lifeline for the Communist-run Caribbean island, according to three sources familiar with the discussions. A U.S. blockade of oil tankers in Venezuela in December and the dramatic capture of President Nicolas Maduro this month have halted Venezuelan oil shipments to Cuba, leaving Mexico as the single-largest supplier to the island that suffers from energy shortages and mass blackouts. Sign up here. Mexico's pivotal role in sending oil to Cuba has also put the U.S.' southern neighbor in Washington's crosshairs. President Donald Trump has stressed Cuba is "ready to fall" and said in a January 11 Truth Social post: "THERE WILL BE NO MORE OIL OR MONEY GOING TO CUBA - ZERO!" Publicly, Sheinbaum has said Mexico will continue oil shipments to Cuba, saying they are based on longterm contracts and considered international aid. But the senior Mexican government sources said the policy is under internal review as anxiety grows within Sheinbaum's cabinet that the shipments could antagonize Trump. Mexico is trying to negotiate a review of the USMCA North American trade pact, while also persuading Washington it is doing enough to combat drug cartels and that U.S. military action against the groups on Mexican territory is neither welcome nor needed. The government review of Cuban oil shipments has not been previously reported, and the sources requested anonymity to discuss the sensitive matter. It remains unclear what ultimate decision the Mexican government might take, with sources saying a complete halt, a reduction, and a continuation in full are all still on the table. The Mexican presidency told Reuters the country "has always been in solidarity with the people of Cuba" and added that shipping oil to Cuba and a separate agreement to pay for the services of Cuban doctors "are sovereign decisions." The Cuban government did not respond to a request for comment. A White House official said: “As the President stated, Cuba is now failing on its own volition ... there will be no more oil or money going to Cuba from Venezuela, and he strongly suggests Cuba makes a deal before it is too late.” LAND ATTACKS ON CARTELS In recent weeks, Trump has ratcheted up pressure on Mexico, saying the country is run by the cartels and that ground attacks against them could be imminent. Sheinbaum has repeatedly stressed that any unilateral U.S. military action in Mexican territory would be a grave breach of the country's sovereignty. "There is a growing fear that the United States could take unilateral action on our territory," one of the sources added. During a phone call last week, Trump questioned Sheinbaum about crude and fuel shipments to Cuba and the presence of thousands of Cuban doctors in Mexico, two of the sources said. Sheinbaum responded that the shipments are "humanitarian aid" and that the doctors deal "is in full compliance" with Mexican law, the sources familiar with the call said. They added Trump did not directly urge Mexico to halt the oil deliveries. The three sources said officials in Sheinbaum's government are also increasingly concerned about a growing presence of U.S. Navy drones over the Gulf of Mexico since December. Local media have reported, using flight-tracking data, that at least three U.S. Northrop Grumman MQ-4C Triton drones have conducted a dozen flights over the Bay of Campeche, roughly following the route taken by tankers carrying Mexican fuel to Cuba. These same reconnaissance aircraft were spotted off the Venezuelan coast in December, days before the U.S. attack on the South American country. Sheinbaum has spearheaded an offensive against the notorious Sinaloa Cartel and approved three unprecedented mass transfers of nearly 100 drug kingpins to the United States. These measures have been praised by high-ranking U.S. officials, but Sheinbaum has repeatedly stated that unilateral U.S. action on Mexican soil represents a red line. "Very little of the crude oil produced in Mexico is sent to Cuba, but it is a form of solidarity in a situation of hardship and difficulty," Sheinbaum said on Wednesday. "That doesn't have to disappear," she added. CUBA'S MEXICAN OIL LIFELINE Trump's pressure campaign against Cuba dates back to his first term when he reversed much of the historic rapprochement orchestrated by former Democratic President Barack Obama, and has only increased since the Republican returned to office a year ago. Secretary of State Marco Rubio, a Cuban American, has been a driving force behind Trump's Venezuela policy, which he and other U.S. officials also see as potentially weakening Maduro's Cuban allies. But the constraints on Trump's approach to Cuba are more daunting, given Havana's regional and international support, the entrenched nature of Cuba's leadership and security forces, and the ability the country has shown to withstand decades under a tough U.S. economic embargo. The largest island in the Caribbean relies heavily on fuel imports of refined products to meet its demand for electricity generation, gasoline, and aviation fuel. U.S. sanctions and a deep economic crisis have prevented the Communist government from purchasing enough fuel for years, forcing it to depend on a small group of allies. Within Sheinbaum's government, the three sources said, there is a belief that Washington's strategy of cutting off Cuba's oil could push the country into an unprecedented humanitarian disaster, triggering mass migration to Mexico. For this reason, they added, some in the government are pushing to maintain some fuel supplies to the island. With Venezuelan supplies to Cuba stopped, it appears unlikely that other oil producers would step in to make up the shortfall, given the U.S. focus and heavy military presence in the region. The U.S. has seized tankers that had been involved in the Venezuelan oil trade, vessels in the shadow fleet that supply crude from countries under U.S. sanctions, including Iran and Russia. Between January and September last year, Mexico shipped 17,200 barrels per day of crude oil and 2,000 bpd of refined petroleum products to Cuba worth approximately $400 million, according to information reported by Mexican state oil company Pemex to the U.S. Securities and Exchange Commission. https://www.reuters.com/business/energy/mexico-weighs-stopping-oil-shipments-cuba-amid-concerns-trump-retaliation-2026-01-23/

2026-01-23 17:24

DAVOS, Switzerland, Jan 23 (Reuters) - Lower valuations, government support and loose fiscal policy set against a cyclical backdrop in China is encouraging investors to rotate into technology and diversify away from the U.S., UBS fund managers told Reuters this ‌week in Davos, Switzerland. "We like China tech in particular because there's some success there. There also seems to be government support," Mark Haefele, chief investment officer of UBS Global Wealth Management told the Reuters Global Markets Forum , opens new tab. Sign up here. Haefele said clients in the U.S., Europe and Asia are seeking hedges against the ‌dollar and growing confidence in China's tech sector is encouraging them to invest more there. China is rapidly closing the tech gap with the U.S., while strong market debuts by MiniMax and Zhipu AI underscore rising investor confidence as Beijing cultivates homegrown champions. While the U.S. ‍still holds an advantage in computing power and infrastructure, researchers say China's progress is driven by innovation under tight budgets. Ulrike Hoffmann-Buchardi, Americas CIO and head of global equities at UBS, sees a broader cyclical backdrop ⁠as the main driver of markets. Fiscal stimulus will lift all regions, creating opportunities in ‍markets that are trading at more attractive valuations, she said. "We are optimistic, but also cognizant of downside risks, ‌in ‌particular in those countries and areas where capital has gone; (the) U.S. of course has been a big recipient of those inflows," Hoffmann-Buchardi added. Mega-cap tech earnings and a U.S. Federal Reserve meeting next week give investors a chance to switch focus from the geopolitics that have dominated since ⁠the start of the ⁠year. "With tech earnings expected to grow over two times the growth rate of the S&P 500, I still think the U.S. is going to be the leader," Saira Malik, chief investment officer of U.S. asset manager Nuveen, told ‍Reuters GMF this week. Nuveen has a target of 7,500 points on the S&P 500 (.SPX) , opens new tab, an upside of around 8.5% from its Thursday close of 6,913. "As long as inflation remains somewhat benign and the employment markets are slowing, that opens the door to a couple of ‍rate cuts ... in the second-half of this year," she said. (Join GMF, a chat room hosted on LSEG Messenger for live interviews: https://lseg.group/3KFHrhe , opens new tab) https://www.reuters.com/business/davos/china-tech-seen-dollar-hedge-with-focus-earnings-fed-2026-01-23/