2025-05-26 17:20
May 26 (Reuters) - U.S. President Donald Trump's social media firm, Trump Media & Technology Group (DJT.O) , opens new tab, plans to raise about $3 billion to spend on cryptocurrencies such as bitcoin, the Financial Times reported on Monday, citing people familiar with the matter. Trump Media aims to raise $2 billion in fresh equity and $1 billion more through a convertible bond, the report said. Sign up here. The terms, timing and size of the company's capital raise could still change, the FT report said. Trump Media Group responded to a Reuters request for comment by calling both Reuters and the Financial Times "fake news" outlets. The White House did not immediately respond to a request for comment. The company behind Truth Social, a streaming and social media platform, has been exploring potential mergers and acquisitions as it aims to diversify into financial services. Last month, Trump Media reached a binding agreement to launch various retail investment products, including crypto and exchange-traded funds aligned with Trump's America First policies. This, however, has attracted scrutiny from government ethics and regulatory authorities. The company's capital raise is expected to be announced ahead of a major crypto investor and advocate meeting this week, the FT report said, adding that Vice President JD Vance and Trump's sons Donald Jr. and Eric are expected to speak. Bitcoin was up 1.5%, its biggest move up or down in three days and largest gain in four days. https://www.reuters.com/business/trump-media-raise-3-billion-spend-cryptocurrencies-ft-reports-2025-05-26/
2025-05-26 17:00
QUITO, May 26 (Reuters) - A fire that erupted in a fuel oil tank on Monday at Ecuador's biggest oil refinery is under control, state oil company Petroecuador and the country's energy minister said, with the company adding that operations have halted as a precaution. All personnel at Petroecuador's Esmeraldas refinery were safely evacuated with no injuries reported, and investigations into the cause and infrastructure damage are under way, the company said. Sign up here. "The Esmeraldas refinery has stopped operation as a precaution for the security of the installations and personnel," the company said in a statement. https://www.reuters.com/business/energy/fire-ecuadors-biggest-oil-refinery-under-control-company-says-2025-05-26/
2025-05-26 16:38
Trade package was proposed during Ramaphosa's White House visit Package also includes duty-free proposals for South African-made vehicles and auto parts Government website down because of technical issues CAPE TOWN, May 26 (Reuters) - South Africa has offered to buy liquefied natural gas from the United States over a 10-year period as part of proposals to secure a trade deal, according to a ministerial statement posted on the South African government news agency website. The document, signed by Minister in the Presidency Khumbudzo Ntshavheni and posted late on Sunday, said that South Africa aims to import 75-100 petajoules, roughly 75 to 100 million cubic metres, of LNG per year from the United States, the world's biggest LNG exporter. Sign up here. The minister said that would "unlock approximately $900 million to $1.2 billion in trade per annum and $9 billion - $12 billion for 10 years based on applicable price". The trade package was proposed by South Africa during President Cyril Ramaphosa's visit to the White House on May 21, when President Donald Trump confronted him over government policies, such as land reform and Black economic empowerment, and made false claims of a "genocide" against whites. Ramaphosa had hoped to use the meeting to reset his country's relationship with the U.S., after Trump cancelled much-needed aid to South Africa, offered refugee status to white minority Afrikaners, expelled the country's ambassador and criticised its genocide court case against Israel. Ntshavheni, a senior member of the government who is also the cabinet spokesperson, was part of the government delegation that accompanied Ramaphosa to Washington. She said South Africa would work with the U.S. to explore areas of cooperation in technologies, including fracking, to help unlock gas production in South Africa. The proposed package also includes a duty-free quota of 40,000 vehicles per year to be exported from South Africa and duty-free access for automotive components sourced from the country for production in the United States. A duty-free quota of 385 million kilograms for steel per year and 132 million kg of aluminium per year was also proposed, according to the document. TECHNICAL ISSUES The government news agency website, where the article was originally posted, was down on Monday. Its editor told Reuters that the document, seen by Reuters, was posted on Sunday and added that the website was down because of technical reasons. Ntshavheni had posted a link to the document on her X account on Sunday. Her spokesperson did not immediately respond to Reuters' queries and it was not clear if the document posted was a final version. The presidency spokesperson did not reply. Ntshavheni said LNG imports would be augmented with U.S. investment in gas infrastructure, as Africa's most advanced economy pivots towards natural gas and away from coal-fired power stations. Trump, who unleashed global trade tensions by announcing tariffs on all of his trade partners last month, has made energy one of the bargaining chips. For South Africa, which imports most of its gas via a pipeline from Mozambique, and could run out of gas within a few years as its neighbour's supplies dwindle, U.S. LNG would fill a need. South Africa's Karoo region is thought to hold significant quantities of gas but a moratorium on shale gas exploration over environmental concerns has held up exploration in the area. "(South Africa) and the U.S. will negotiate an arrangement to facilitate LNG imports from the U.S. at the appropriate price. This will not replace our current suppliers of gas but complement those supplies," Ntshavheni said. https://www.reuters.com/business/energy/south-africa-proposes-buying-us-lng-seeks-trade-deal-2025-05-26/
2025-05-26 15:31
MOSCOW, May 26 (Reuters) - Russian President Vladimir Putin said on Monday that foreign service providers like Microsoft (MSFT.O) , opens new tab and Zoom (ZM.O) , opens new tab that act against Russian interests should be "throttled". Putin said it was important for Russia to develop domestic software solutions. Sign up here. https://www.reuters.com/technology/putin-says-services-like-microsoft-zoom-should-be-throttled-russia-2025-05-26/
2025-05-26 15:04
RABAT, May 26 (Reuters) - Morocco's largest mining group Managem (MNG.CS) , opens new tab reported on Monday a 20% rise in its first-quarter revenue to 2.32 billion dirhams ($250 million), driven by higher gold, silver, copper, and cobalt prices. The Casablanca-listed firm invested 1.5 billion dirhams in the first three months of 2025, with 65% allocated to its Tizert copper mine in Morocco and the Boto gold project in Senegal, Managem said in a statement. Sign up here. Commercial production at both sites is expected to begin in the second half of the year, the company said. Managem diversified its portfolio into the natural gas sector last year through the acquisition of Sound Energy's assets in eastern Morocco. The company's debt rose to 11.9 billion dirhams by the end of March, up 13.6% from December 2024. In 2024, Managem posted an annual revenue of 8.85 billion dirhams, up 18%, and a net profit of 620 million dirhams, up 17% year-on-year. https://www.reuters.com/world/africa/moroccan-miner-managem-reports-20-rise-q1-revenue-2025-05-26/
2025-05-26 14:55
BEIJING, May 26 (Reuters) - Rainfall in China through next Tuesday is expected to ease drought conditions in key wheat-growing provinces like Henan and Shaanxi, according to the National Meteorological Center. Most of China's major wheat regions will experience clear, harvest-friendly weather this week, the Xinhua news agency reported. Sign up here. The agriculture ministry has urged local authorities to speed up harvesting and ensure timely grain drying and machinery support to secure the summer crop ahead of expected rains, Xinhua added. The ministry pledged in a meeting on Monday to effectively manage disaster prevention and mitigation during the flood season, and guard against abrupt shifts between drought and flooding, according to a ministry statement. It also called for early warnings, preparations and responses against disasters to minimise losses, vowing to push forward with summer planting and increase yields, the statement showed. Chinese authorities earlier this month issued multiple weather alerts as high temperatures threatened crops in Henan, whose wheat production accounted for about 27% of China's total wheat output in 2024. A decline in production could prompt China to increase wheat imports to address potential shortfalls. Reuters previously reported that Chinese buyers recently purchased 400,000 to 500,000 metric tons of wheat from Australia and Canada, as concerns grow over the impact of heat on crops in China's agricultural heartland. https://www.reuters.com/business/environment/rainfall-ease-drought-chinas-key-wheat-areas-national-meteorological-center-says-2025-05-26/
