2025-05-21 20:41

WASHINGTON/NEW YORK, May 21 (Reuters) - Democratic commissioner Kristin Johnson on Wednesday said she plans to resign from the U.S. Commodity Futures Trading Commission, becoming the latest of the currently four-person commission to announce a plan to leave the regulator. The commission, which is awaiting congressional approval of Trump appointee Brian Quintenz to lead the agency, currently consists of an evenly-split commission, all of whom have said they plan to leave the agency in the near future. Johnson on Thursday became the last of the commissioners to announce her exit. Sign up here. "Having served my full term, I have notified the President of my intent to step down as a CFTC Commissioner later this year," Johnson said in a statement on Wednesday, calling the regulator a "small-but-mighty" agency. Johnson was nominated to be a commissioner by former President Joe Biden and was sworn into the role in 2022. Her term expired last month. She has been on leave from Emory University while in government service, and will be returning to academia after she leaves the government. The Biden administration last year had nominated Johnson for a top Treasury Department role, but that move and other Democratic nominations stalled after President Donald Trump won the White House in November. During her time at the CFTC, Johnson advocated for stronger rules to protect consumers from fraud in cryptocurrency markets after the collapse of crypto exchange FTX, and focused on the ways artificial intelligence could be used both to commit financial crimes and to police them. All of the four current CFTC commissioners have resigned or have announced their forthcoming resignations, including Christy Goldsmith Romero -- a Democrat -- and Republican commissioner Summer Mersinger, who is departing the regulator at the end of the month to lead a crypto trade group. Trump's pick to lead the commission, Brian Quintenz, has yet to have a congressional hearing to examine his nomination. Republican commissioner Caroline Pham is leading the CFTC on an acting basis, but she has said she intends to depart the agency once Quintenz is sworn in. The planned exits leave the CFTC potentially with a single-person commission at a time when the regulator is expected to take on increased oversight of new markets, including cryptocurrency. President Donald Trump, whose family is building a crypto business, has pledged to turn the U.S. into the world's crypto capital. https://www.reuters.com/world/us/another-commissioner-resigns-small-but-mighty-us-commodities-regulator-2025-05-21/

2025-05-21 20:26

Democrats say it will cost $1 billion or more to convert the plane to Air Force One standards Trump said it would be 'stupid' not to accept gift Pentagon has not said how much it will cost to retrofit the plane WASHINGTON, May 21 (Reuters) - The United States has accepted a luxury Boeing 747 jetliner as a gift from Qatar and the Air Force has been asked to find a way to rapidly upgrade it for use as a new Air Force One to transport President Donald Trump, the Pentagon said on Wednesday. Secretary of Defense Pete Hegseth accepted the jet for use as Trump's official plane, the Pentagon said. Sign up here. Pentagon spokesperson Sean Parnell said the Defense Department "will work to ensure proper security measures and functional-mission requirements are considered." Legal experts have questioned the scope of laws relating to gifts from foreign governments that aim to thwart corruption and improper influence. Democrats have also sought to block the handover. "Today marks a dark day in history: the president of the United States of America officially accepted the largest bribe from a foreign government in American history," Senate Democratic Leader Chuck Schumer said. The "unprecedented action is a stain on the office of the presidency and cannot go unanswered," he added. Qatar has dismissed concerns about the aircraft deal. Trump has also shrugged off ethical concerns, saying it would be "stupid" not to accept the 747-8 jet. When new, the jet had a $400 million list price, but analysts at Cirium said a second-hand 747-8 might fetch a quarter of that. Retrofitting the 13-year-old plane, which has a luxurious interior, will require significant security upgrades, communications improvements to prevent spies from listening in and the ability to fend off incoming missiles, experts say. The plane might need fighter jet escorts and could be restricted to flying inside the U.S. unless costly security upgrades were made, aviation experts and industry sources said previously. Democratic Senators Mazie Hirono and Tammy Duckworth said on Tuesday it could cost more than $1 billion to retrofit the plane and it raised dramatic security risks. Duckworth said the United States has two fully operational Air Force One jets and has no need to retrofit the Qatari plane. "Any civilian aircraft will take significant modifications," Air Force Secretary Troy Meink said at a Senate hearing on Tuesday. "We will make sure we do what's necessary to ensure security of the aircraft." He said the Air Force had been directed to begin planning to address modifications to the plane. The Pentagon has not said how much it will cost or how long it will take. The costs could be significant given the cost for Boeing's (BA.N) , opens new tab current effort to build two new Air Force One planes is over $5 billion. The current Air Force One airplanes entered service in 1990. The Air Force One program has faced chronic delays over the last decade, with the delivery of two new 747-8s slated for 2027, three years behind the previous schedule. Boeing in 2018 received a $3.9 billion contract to build the two planes for use as Air Force One, though costs have since risen. Boeing has also posted $2.4 billion in charges from the project. Trump toured the Qatari Boeing plane in February at a Florida airport. CNN reported this week the Trump administration first approached Qatar to ask about acquiring a Boeing 747 that could be used as Air Force One. Trump has said Qatar reached out and offered the jet as a "gift." Reuters reported earlier this month the military has tapped L3 Harris Technologies (LHX.N) , opens new tab to overhaul the 747. The Qatari plane is currently in San Antonio, Texas, Senator Dick Durbin said on Wednesday. https://www.reuters.com/business/aerospace-defense/us-formally-accepts-luxury-jet-qatar-trump-new-york-times-2025-05-21/

2025-05-21 19:52

Santa Catarina commercial farm case remains under investigation for bird flu Meat lobby seeks permission to use more cold storage space at ports WOAH recommends disease controls on only affected regions to allow trade SAO PAULO/PARIS, May 21 (Reuters) - Preliminary tests indicate a commercial chicken farm in Brazil's state of Tocantins is free from bird flu, the state's farm agency said on Wednesday, a reassuring result following confirmation of Brazil's first such outbreak. The initial test results are a boon to the world's top chicken exporter, which is reeling from regional and countrywide trade embargoes after bird flu was found on a commercial farm in the country's southernmost state of Rio Grande do Sul. Sign up here. On Wednesday, meat lobby ABPA, which represents global food processors including JBS SA (JBSS3.SA) , opens new tab and BRF SA (BRFS3.SA) , opens new tab, requested the government's permission to expand use of cold storage capacity at ports as a way to mitigate the impact of the current trade disruptions. A chicken farm in Tocantins state and another in Santa Catarina state reported suspect bird flu contamination after confirmation of that first outbreak last Friday. Both remain listed as "under investigation" on the Agriculture Ministry's website. "Even with this reassuring initial result, the agriculture ministry continues to carry out additional tests," said Adapec, as the Tocantins farm agency is known. Santa Catarina did not reply to requests for comment. The World Organisation for Animal Health on Wednesday encouraged the use of zoning, a method focusing disease controls on affected regions rather than the entire country, to contain the spread of bird flu in Brazil and enable international trade. Under WOAH rules, if a country detects a bird flu outbreak in one region, it can declare that region a disease control zone and maintain disease-free status - and trade - from other zones that are unaffected. Adapec said authorities started the investigation on a local commercial chicken farm after seven animals, out of about 40,000, presented "torticollis" symptoms, the statement said. The agency said samples were taken from the animals and sent to a federal laboratory in Sao Paulo state immediately. The Tocantins tests have indicated low pathogenicity, or mild, influenza A. The samples tested negative for highly pathogenic avian influenza - the type of bird flu that had been spreading across U.S. dairy and poultry farms - and for Newcastle Disease, which are the most worrying diseases in birds, local authorities said. Zoning was used by the United States after it discovered bird flu outbreaks on farms, with countries like Canada, Mexico and the European Union permitting imports from disease-free regions within the U.S. "This is particularly relevant because Brazil is a huge country. As long as a country can guarantee that it is complying with the rules, what is happening on one side of the country may have no impact on the other side," WOAH Director General Emmanuelle Soubeyran told Reuters in an interview. https://www.reuters.com/business/healthcare-pharmaceuticals/brazils-tocantins-rules-out-highly-pathogenic-avian-influenza-commercial-flock-2025-05-21/

2025-05-21 19:51

SIRNAK, Turkey, May 21 (Reuters) - Turkey is in talks with Canada's Candu Energy and other companies regarding plans to build its second and third nuclear power plants, Turkish Energy Minister Alparslan Bayraktar said. Speaking to reporters during a visit to southeast Turkey on Monday, Bayraktar said Turkey wants to "put a name" to the projects for its additional planned plants this year. Sign up here. "Russia, South Korea and China are interested in the second and third power plant. But in addition to these, there are also other countries and companies we are negotiating with," he said. "One of them is Canada, for example. The Candu company," he added. Candu Energy Inc., a wholly owned subsidiary of AtkinsRéalis (ATRL.TO) , opens new tab, is engaged in ongoing discussions with stakeholders around the world about Canadian nuclear technology, said Daniela Pizzuto, a director of external communications at AtkinsRéalis. "Candu Energy Inc. welcomed the preliminary discussions with the Turkish Minister of Energy and his colleagues. We look forward to increasing our engagement in the coming days and weeks," Pizzuto said in emailed comments in response to Reuters questions. Pizzuto said CANDU technology is owned by the Government of Canada and AtkinsRéalis is the exclusive license holder. Rosatom, Russia's state nuclear energy company, is building Turkey's first nuclear power station at Akkuyu in the Mediterranean province of Mersin under a $20 billion accord from 2010. Turkey plans to build a second nuclear power plant in the Black Sea region of Sinop and a third nuclear plant in the northwestern region of Thrace. https://www.reuters.com/business/energy/turkey-nuclear-plant-talks-with-candu-energy-minister-says-2025-05-21/

2025-05-21 16:30

Reuters poll graphic on impact of Trump's policies on U.S. economy: BENGALURU, May 21 (Reuters) - The outlook for the U.S. economy remains weak despite a temporary cooling of the U.S.-China trade war, a Reuters poll of economists showed, with a debate over the country's fiscal health hanging in the balance. A 90-day truce to temporarily slash steep U.S.-China import duties has marginally reduced U.S. recession risks, but the fiscal outlook is worsening ahead of an imminent vote in Congress on President Donald Trump's sweeping tax-cut bill following a sovereign credit rating downgrade from Moody's on Friday. Sign up here. Economists in a May 14-21 Reuters poll were unanimous the Trump administration's policies have hurt the economy, with over 55% saying "significantly hurt". But after big downgrades to their growth and upgrades to inflation forecasts in April, economists kept these broadly unchanged in May. "Moody's is likely sending a message that the proposed tax bill is fiscally profligate... unless there is an abrupt move, the risk is that by the time Washington gets serious about the U.S.'s fiscal problems, tariffs might be the only available lever to meaningfully reduce the deficit," noted Aditya Bhave, a senior U.S. economist at Bank of America. "Another round of large tariff hikes would probably be more painful for the economy than a less expansionary fiscal package." The economy, which contracted 0.3% last quarter largely due to a record surge in imports, is forecast to grow 1.5% this quarter. It would grow just 1.4% this year, a sharp slowdown from last year's 2.8%. Next year, it was forecast to expand 1.5%. The median probability of a U.S. recession over the coming year did, however, decline to 35% from 45% in April. Economists barely changed their views on inflation, expected to average above the Fed's 2% target until at least 2027, echoing consumer expectations which are already at a multi-decade high. "The bad news is the detente virtually locks in a slow growth, sticky inflation environment as the base case for the U.S. economy. The effective tariff rate at 13% is still substantially higher than where it was coming into the year (around 2%)... Policy uncertainty is high and recession risks remain elevated," said Michael Gapen, chief U.S. economist at Morgan Stanley. Fed officials have highlighted elevated risks of a resurgence in inflation, primarily due to U.S. tariff policies and appear to be in no hurry to cut rates anytime soon. The federal funds rate has stayed in a 4.25%-4.50% range since the start of this year. Just over half of economists, 52 of 103, predicted the Federal Open Market Committee (FOMC) would resume cutting its key interest rate next quarter, most likely in September. That was in line with interest rate futures pricing. A significant minority, 25, expected the reduction in the final quarter and 18 saw no cuts this year. Only eight forecast a June cut, compared to nearly 40% expecting at least one reduction by end-Q2 in the April survey. There was no clear consensus on where the rate would be by end-2025. But about three-quarters of economists, 74 of 103, predicted it in a 3.75%-4.00% range or higher, a bigger majority compared to two-thirds in April. "The two pauses (on tariffs) add a new degree of uncertainty to the outlook for both growth and inflation," said Chris Low, chief economist at FHN Financial. "FOMC participants insist on seeing all of the inflation directly attributable to tariffs before cutting rates so they might have to wait until the fourth quarter, or even early next year, before they have sufficient clarity to do anything." (Other stories from the Reuters global economic poll) https://www.reuters.com/world/china/weak-us-economic-outlook-persists-despite-brief-trade-truce-with-china-2025-05-21/

2025-05-21 15:46

LONDON/NEW YORK, May 21 (Reuters) - Bitcoin rose to its highest level on record on Wednesday, eclipsing the previous high from January, as risk sentiment continues to improve after last month's tariff-induced selloff. The world's largest cryptocurrency touched a high of $109,760.08, and was last up 1.1% at $108,117. Sign up here. Its ascent was driven by a combination of factors including easing trade tension between the United States and China and Moody's downgrade of U.S. sovereign debt which has prompted investors to seek alternative investment sources to the dollar. "Now that January's high has been surpassed - and the 50 percent upside from April's lows has been achieved - bitcoin enters blue sky territory with tailwinds in the form of institutional momentum and a favorable U.S. regulatory environment," Antoni Trenchev, co-founder of digital asset trading platform Nexo, said in an emailed comment. Bitcoin at times trades in a similar fashion to tech stocks and other assets that rise in value when investor sentiment is high. The tech-heavy Nasdaq (.IXIC) , opens new tab is up 30% from its early April low. That has also coincided with continued weakness in the dollar (.DXY) , opens new tab, a further boost for bitcoin's exchange rate against the U.S. currency. Crypto market participants often point to increased involvement from traditional financial firms as reasons for its gains. This week they have referenced JPMorgan CEO Jamie Dimon, a longtime crypto skeptic, who said the bank will let clients buy bitcoin. Earlier this month, crypto exchange Coinbase (COIN.O) , opens new tab was added to the S&P 500 index. Coinbase said on Monday the U.S. Department of Justice has opened a probe into a recent data breach at the company. "We're still in year four of the bitcoin price cycle - the year after the bitcoin halving when miner rewards are slashed in half - which historically means its best days are still ahead of it and - while macro uncertainty and the threat of further volatility remains, a target of $150,000 in 2025 is still very much on the cards," Trenchev said. Meanwhile, ether, the second-largest cryptocurrency, surprisingly did not rise in tandem with bitcoin. It was last down 0.5% at $2,513 . https://www.reuters.com/markets/currencies/bitcoin-rises-new-record-high-eclipses-january-top-2025-05-21/