2025-06-23 18:49
US court recognition needed to enforce English court judgments IMF has GDP-linked debt on its records, said negotiations were under way Funds argued in 2022 that Argentina had a “propensity” to manipulate economic data NEW YORK, June 23 (Reuters) - Holders of Argentina's 1.5 billion-euro-denominated GDP warrants filed on Monday for U.S. courts to recognize English court judgments that hold Argentina liable for that debt, ramping up the heat as Argentina reforms open a path toward capital market access. Hedge funds holding around 48% of the output-linked securities issued between 2005 and 2010 sued Argentina in 2019 and English courts ruled in their favor last October and in April 2023, leaving Argentina on the hook. Funds argued in 2022 that Argentina had a “propensity” to manipulate economic data to save billions of dollars -including in its payment to GDP warrant holders. Sign up here. "While the claimants remain open to finding a consensual resolution with respect to the sums outstanding under the English Judgments ... they intend to vigorously enforce their rights in any and all appropriate forums," said a statement from law firm Quinn Emanuel Urquhart & Sullivan, which represents certain holders. In order to be able to enforce the judgments against Argentine assets in the United States, the U.S. court would have to recognize the outcome of the process in the English courts. The statement says that to secure a $20 billion program with the International Monetary Fund announced in April, "it appears that Argentina evidently made representations to the Fund that it was engaged in active, good-faith efforts to resolve the English Judgments to address the Fund's lending into arrears guidelines. No negotiations are ongoing, and to the extent Argentina represented that they were, that representation was incorrect." In its staff report on Argentina from April, the IMF mentions final judgment on the GDP warrant debt for 1.6 billion euros "where negotiations are underway to define a repayment schedule." The IMF did not respond to a request for comment on whether Argentina reported that negotiations were ongoing or if the fund made its own checks. The Argentine government did not respond to a request for comment. The Quinn Emanuel statement also cites the IMF program target of Argentina regaining access to international capital markets. "There should not be, nor can there be in practice, any market access until and unless Argentina resolves its default under the English Judgments," the statement said. https://www.reuters.com/legal/litigation/holders-argentina-15-billion-euro-gdp-warrants-file-us-recognition-english-2025-06-23/
2025-06-23 18:47
OTTAWA, June 23 (Reuters) - Canada and the United States have a chance to strike a new economic and defense relationship but nothing is assured, Canadian Prime Minister Mark Carney said on Monday. Last Monday, Carney said he had agreed with U.S. President Donald Trump that their two nations should try to wrap up talks on a new deal within 30 days. Sign up here. "We're working hard to get a deal, but we'll only accept the right deal with the United States. The right deal is possible, but nothing's assured," he told a televised news conference in Brussels after talks with senior European Union officials. https://www.reuters.com/world/americas/right-canada-us-deal-possible-nothing-assured-carney-says-2025-06-23/
2025-06-23 18:26
WASHINGTON, June 23 (Reuters) - No Iranian missiles hit the U.S. military's al Udeid airbase in Qatar, a U.S. official told Reuters on Monday. The initial assessment follows an attempted attack by Iran on the base using short- and medium-range missiles. Sign up here. https://www.reuters.com/business/aerospace-defense/no-iranian-missiles-hit-us-base-qatar-us-official-tells-reuters-2025-06-23/
2025-06-23 15:43
June 23 (Reuters) - Brent crude oil prices could hit $110 a barrel if the Strait of Hormuz is blocked, Goldman Sachs analysts have forecast, while HSBC analysts see prices topping above $80. Prices for Brent could average around $95 in the fourth quarter of 2025, Goldman Sachs said in a note dated June 22. Sign up here. Their assumptions included oil flows through the critical waterway halving for a month and remaining down by 10% for the following 11 months. Oil prices on Monday jumped to their highest since January after Washington joined Israel over the weekend in attacking Iran's nuclear facilities. Prediction markets, despite limited liquidity, reflect a 52% probability of Iran closing the strait this year, Goldman said, citing data from Polymarket. About a fifth of the world's oil consumption passes through it. "While the events in the Middle East remain fluid, we think that the economic incentives, including for the U.S. and China, to try to prevent a sustained and very large disruption of the Strait of Hormuz would be strong," Goldman Sachs said. HSBC in a note on Monday said that oil prices are set to rise on the higher probability of a closure, or other Iranian retaliatory actions following U.S. military strikes against Iran's nuclear sites. If there is no disruption, prices should trend down by the fourth quarter as OPEC+ adds supply and demand drops, HSBC analysts wrote. They forecast Brent at $67 in second and third quarter and at $65 from fourth quarter onwards, but sees upside risks. https://www.reuters.com/business/energy/goldman-sachs-warns-rising-risks-energy-supply-sees-potential-surge-oil-prices-2025-06-23/
2025-06-23 15:19
BUENOS AIRES, June 23 (Reuters) - A technical mission from the International Monetary Fund is expected to arrive in the Argentine capital Buenos Aires on Tuesday for the first review of a funding program worth some $20 billion, an IMF source told Reuters on Monday. The IMF had in April approved the four-year Extended Fund Facility deal with Argentina's government, which had prepared for the deal by dismantling key parts of the country's years-long currency controls. Sign up here. A $12 billion disbursement was set for April and another $2 billion was made available for June. Under the deal, Argentina must build up some $4 billion in net foreign reserves by the end of this year compared to the end of 2024, but pressure on the peso has hampered the government's efforts. The IMF source said the mission would be led by economist Bikas Joshi and that more information on the next steps would be shared in due course. https://www.reuters.com/world/americas/imf-mission-travel-argentina-review-20-bln-program-tuesday-2025-06-23/
2025-06-23 15:14
June 23 (Reuters) - Fiserv (FI.N) , opens new tab on Monday unveiled plans to launch a stablecoin, joining a growing number of U.S. companies exploring the technology as the crypto asset moves into the mainstream. The announcement comes after the U.S. Senate passed a landmark stablecoin bill last week, which analysts said could mark a turning point in the crypto oversight debate and a breakthrough for a sector long mired in regulatory uncertainty. Sign up here. The financial technology firm said its stablecoin, FIUSD, will be integrated into its existing banking and payments infrastructure by year-end. The company added that FIUSD will rely on stablecoin infrastructure provided by Paxos and Circle Internet (CRCL.N) , opens new tab. Shares of Circle, which issues the second-largest stablecoin by market value, rose 15%, while Fiserv and PayPal were last up 2.3% and 1.7%, respectively. Stablecoins are pegged to currencies such as the U.S. dollar and designed to hold a steady value backed by reserves. Once a niche corner of crypto, they have gained popularity for offering protection from price swings. Fintechs and traditional financial firms are increasingly turning to stablecoins to streamline cross-border payments, speed up settlements, and broaden access to digital finance. "We view it (the launch) as a positive indicator of Fiserv's ability to innovate rapidly and leverage central positioning between financial institutions and merchants to bridge traditional and emerging payment systems," analysts at TD Cowen said. Analysts say the stablecoin bill, known as the GENIUS Act, could lend greater legitimacy to the sector, but the Republican-led House must first pass its version before it goes to President Donald Trump for approval. "It's a timely series of announcements with passage of GENIUS Act appearing increasingly imminent," the brokerage added. Fiserv said it has partnered with PayPal (PYPL.O) , opens new tab to build future interoperability between FIUSD and PayPal USD (PYUSD), to allow consumers and businesses to move funds domestically and internationally. Interoperability typically allows different stablecoins to function across platforms, enabling users to send, receive or convert between tokens without disruption. https://www.reuters.com/technology/fiserv-shares-rise-stablecoin-launch-plans-2025-06-23/
