2025-05-09 18:12

SAN FRANCISCO, May 9 - A computer outage knocked out train service in the San Francisco Bay area for about four hours on Friday morning, causing headaches for some commuters in the high-tech capital. The Bay Area Rapid Transit agency suspended train service systemwide around 5 a.m. PDT and resumed a little after 9 a.m. PDT. The network connects San Francisco, Oakland, both cities' airports, Berkeley and the East Bay area. Sign up here. BART attributed the shutdown to an unspecified computer problem. Officials advised commuters to take buses, trams and ferries instead. A prolonged pandemic-related slump in the number of people working in downtown San Francisco probably limited potential snarls. BART train ridership has been less than half of what it was in 2019. Downtown San Francisco's commercial buildings have among the lowest occupancy rates in the nation for business property, and many people work from home on Fridays. Google Maps showed car traffic into the city was about normal with no major delays. The city transport service in San Francisco, called Muni, and its classic cable cars, mostly used by tourists, were running as usual. The Bay Area is one of the largest metropolitan regions on the U.S. West Coast of the United States with a population of about 7 million. https://www.reuters.com/world/us/san-franciscos-commuter-trains-stopped-four-hours-by-computer-outage-2025-05-09/

2025-05-09 16:48

LONDON, May 9 (Reuters) - Bank of England Governor Andrew Bailey said the trade deal concluded between the United States and Britain was a good thing but still left tariffs on most British goods exports to the U.S. higher than they were before last month. Before details of the deal were announced on Thursday, the BoE published estimates showing U.S. President Donald Trump's tariff plans as of April 29 would shrink Britain's economy by about 0.3% over three years. Sign up here. Around two thirds of the hit was due to the direct impact of tariffs in reducing demand for British exports in the United States and elsewhere, while the remainder reflected the impact of trade policy uncertainty in lowering global growth. Under the deal agreed on Thursday, the United States will continue to impose a new 10% tariff on imports of most British goods but will reduce higher tariffs on imports of British cars, steel and aluminium. "It's good news. I have to say, it's 'good news' in a world where it will leave the effective tariff rate higher than it was before all of this started. I do think we need to bear that in mind," Bailey said in a question and answer session at an economics conference in Reykjavik. Bailey has spoken repeatedly of his wish to preserve an open global trading system while tackling the persistent large trade surpluses run by some countries. Earlier on Friday the BBC published an interview with Bailey where he said Britain should do "everything we can" to reverse the fall in goods exports to the European Union which followed Britain's 2020 departure from the bloc. While goods exports do not form as big a share of Britain's economy as for some other countries, Britain was more exposed than many to the health of the global economy, Bailey said. "The impact of all these developments on the trade front on the UK outlook, is conditional therefore not only on the UK trade agreement, but also what the rest of the world agrees as well," he added in Reykjavik. (This story has been corrected to fix the description of tariff impact in paragraph 3) https://www.reuters.com/sustainability/sustainable-finance-reporting/us-uk-trade-deal-good-news-still-means-higher-tariffs-bank-england-governor-says-2025-05-09/

2025-05-09 15:53

Trump suggests higher taxes on the wealthy Taxing the rich gets boost from leading hardline Republican House speaker may scale back tax cut package, aide says WASHINGTON, May 9 (Reuters) - U.S. President Donald Trump said on Friday he was "OK" with raising taxes on the wealthiest Americans, as his fellow Republicans consider scaling back the scope of the ambitious tax-cut package they aim to pass this year. "Republicans should probably not do it, but I'm OK if they do!!!" Trump wrote in a post on his social media platform. Sign up here. Speaking to reporters later at the White House, Trump gave a stronger endorsement. "I would love to do it, frankly," he said in the Oval Office. "What you're doing is you're giving up something up top in order to make people in the middle income and the lower income brackets save more. So it's really a redistribution, and I'm willing to do it if they want." Trump, a wealthy businessman with properties all over the world, indicated he would be willing to pay more in taxes himself. "I would love to be able to give people in a lower bracket a big break by giving up some of what I have." The Senate's top Republican, John Thune, said he was not enthusiastic about the idea. "We don't want to raise taxes on anybody. I mean, we're about lowering taxes on Americans," he said on Fox News. Trump's message comes as U.S. House of Representatives Speaker Mike Johnson weighs whether to reduce the total tax package. Johnson told some House Republicans on Thursday that he is now looking at $4 trillion in tax cuts, rather than an initial $4.5 trillion, according to a Republican aide. Republicans are also fighting over spending cuts needed to pay for Trump's "one big beautiful bill," jeopardizing the goal of making all of the expiring provisions of his 2017 Tax Cuts and Jobs Act permanent. Trump privately urged Johnson this week to raise the tax rate and close the carried-interest loophole for Wall Street investors, sources told Reuters on Thursday. The Republican president suggested an increase to 39.6% from 37% for individuals earning $2.5 million or higher and joint filers earning at least $5 million, with carve-outs for small businesses, one source said. "I don't think they're going to be doing it, but I actually think it's good politics to do it," Trump said. Spending cuts to Medicaid and other programs are likely to fall short of a $2 trillion goal over a decade. Johnson and other top Republicans have resisted the idea of raising taxes on the wealthy. But Representative Andy Harris, who chairs the ultraconservative House Freedom Caucus, said a higher top tax bracket would help pay for the Trump agenda. "Personally, I've always believed that if we can’t find spending reductions elsewhere, we should look at restoring the pre TCJA tax bracket on million dollar income," the Maryland Republican wrote on X. Trump views higher taxes on the rich as a way to help pay for massive middle and working-class tax cuts, and to protect Medicaid, the healthcare program for lower-income Americans. But the president warned on Friday that Democrats would seize on "even a 'TINY' tax increase for the 'RICH,'" citing former Republican President George H.W. Bush, who lost his 1992 re-election bid after breaking his promise not to hike taxes. Trump and Republican lawmakers have cited the potential extension of the 2017 tax cuts as relief for Americans and an economic boost amid Trump's tariffs on imported goods. They have vowed to enact the extension as part of a larger budget bill that would also fund border security, the deportation of undocumented immigrants, energy deregulation and a plus-up in military spending. https://www.reuters.com/world/us/trump-says-he-is-ok-with-republicans-raising-taxes-rich-2025-05-09/

2025-05-09 12:04

MUMBAI, May 9 (Reuters) - India's foreign exchange reserves (INFXR=ECI) , opens new tab declined by $2.07 billion, to $686.06 billion as of May 2, snapping an eight-week gaining streak that had lifted reserves to a near six-month high, data released by the central bank on Friday showed. The reserves had risen by nearly $50 billion in the nine weeks preceding the reporting week and are now about $19 billion below the all-time high of $704.89 billion hit in late September 2024. Sign up here. Changes in foreign currency assets, expressed in dollar terms, include the effect of appreciation or depreciation of other currencies held in its reserves. For the week to which the reserves data pertains, the rupee had risen about 1%, bolstered by inflows into Indian equities and optimism about a U.S.-India trade deal. The rupee closed at 85.37 per dollar on Friday, down 0.9% on the week on the back of depreciation pressure sparked by the conflict between India and Pakistan. Foreign exchange reserves include India's Reserve Tranche position in the International Monetary Fund. FOREIGN EXCHANGE RESERVES (in millions of U.S. dollars) --------------------------------------------------------- May 02 April 25 2025 2025 --------------------------------------------------------- Foreign currency assets 581,177 580,663 Gold 81,820 84,365 SDRs 18,558 18,589 Reserve Tranche Position 4,509 4,512 ---------------------------------------------------------- Total 686,064 688,129 ---------------------------------------------------------- Source text: (https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx , opens new tab) ((India Headline News Team; +91 80 6749 1310)) https://www.reuters.com/markets/asia/indias-forex-reserves-drop-2-billion-snap-8-week-streak-gains-2025-05-09/

2025-05-09 11:49

May 9 (Reuters) - Enbridge (ENB.TO) , opens new tab surpassed market estimates for first-quarter profit on Friday, driven by higher earnings from its Mainline system and gas distribution unit, and said that U.S. tariffs were not expected to materially impact its current operations. Canada is the leading supplier of imported oil to the United States, delivering about 4 million barrels per day, primarily to Midwest refineries designed to process its specific grades. Sign up here. In addition to its liquid pipeline operations, Enbridge acquired three utilities from U.S.-based Dominion Energy (D.N) , opens new tab last year, expanding its gas distribution business. This led to a rise in earnings from its gas distribution unit to C$1.60 billion ($1.15 billion), from C$765 million last year. Meanwhile, the company's Mainline system, which moves nearly half of the crude in the U.S., saw a rise in first-quarter adjusted core profit to C$1.45 billion, from C$1.34 billion last year. "The Mainline was apportioned the entire quarter, delivering a first quarter record of 3.2 million barrels per day, and illustrating its critical role in the transportation of oil to key demand centers," Enbridge CEO Greg Ebel said in a statement. "The continued need for efficient, reliable service underpins the sanctioning of up to C$2 billion of Mainline capital investment," Ebel said. Earlier in April, the U.S. Army Corps of Engineers granted national energy emergency status for a tunnel proposed by Enbridge for its Line 5 oil pipeline, fast-tracking a key federal permitting process. The pipeline tunnel is among the first to get an emergency designation after U.S. President Donald Trump declared a national energy emergency in a January executive order. The company reported adjusted profit of C$1.03 per share for the quarter ended March 31, beating analysts' average expectation of 96 Canadian cents per share, according to data compiled by LSEG. ($1 = 1.3917 Canadian dollars) https://www.reuters.com/business/energy/enbridge-beats-q1-profit-estimates-2025-05-09/

2025-05-09 11:42

World stocks barely higher ahead of key trade talks U.S. deal with UK this week was first since Trump tariff pause China/U.S. weekend negotiations in focus Bitcoin touches highest since January; oil rises 1% U.S. dollar, Treasury yields pull back NEW YORK/LONDON, May 9 (Reuters) - MSCI's global equities index barely rose on Friday and the dollar lost ground as a U.S. trade deal with Britain fueled guarded optimism for U.S. tariff negotiations with China and other countries. U.S. President Donald Trump pushed back against the idea that the UK deal could be a template for other trade negotiations. Traders await a meeting Saturday in Geneva, Switzerland, between the U.S. Treasury Secretary and chief trade negotiator with China's economic tsar. Sign up here. India offered to slash its tariff gap with the U.S. to less than 4% from nearly 13% now, in exchange for an exemption from "current and potential" tariff hikes, Reuters reported. Trump said setting 80% tariffs on Chinese goods "seems right". It was his first suggestion of an alternative to the 145% levies he has imposed. Signaling the U.S. is willing to make any cut on tariffs was incrementally positive, according to Matt Stucky, chief portfolio manager for equities at Northwestern Mutual Wealth Management. "With the Geneva meeting this weekend, there's a little bit of anxiety and certainly a fair amount of profit taking given the strength we've had," said Michael James, managing director at Rosenblatt Securities, adding that people wary of anything potentially negative coming from the meetings. "We've all become accustomed in the last month to the impact negative and positive from any social media headlines coming from the White House. While it's certainly been more pleasant the last few weeks with the market trending higher ... there's still a fair amount of uncertainty," James said. MSCI's broadest index of world shares (.MIWD00000PUS) , opens new tab rose 0.95 points, or 0.11%, to 846.80 and was eyeing a drop of about 0.3% for the week. Earlier in the day the pan-European STOXX 600 (.STOXX) , opens new tab index finished up 0.44% while Germany's Dax stock index (.GDAXI) , opens new tab ended up 0.63% for a record closing high. On Wall Street, the Dow Jones Industrial Average (.DJI) , opens new tab fell 119.07 points, or 0.29%, to 41,249.38, the S&P 500 (.SPX) , opens new tab fell 4.03 points, or 0.07%, to 5,659.91 and the Nasdaq Composite (.IXIC) , opens new tab rose 0.78 points, to 17,928.92. For the week, the S&P 500 fell 0.5% while the Dow lost 0.2% and the Nasdaq slipped 0.3%. In currencies, the dollar was down on the day, but eyeing a weekly gain against major currencies, including the Swiss franc, yen and euro on optimism about upcoming U.S.-China talks. The dollar index , which measures the greenback against a basket of currencies including the yen and the euro, fell 0.28% to 100.37. The euro was up 0.25% at $1.1255 while against the Japanese yen , the dollar weakened 0.42% to 145.3. Sterling strengthened 0.45% to $1.3305 while against the Swiss franc , the dollar weakened 0.12% to 0.831. In cryptocurrencies, bitcoin eyed its fourth straight day of gains, touching its highest level since January after Thursday's advance, which was the biggest in a month. On Friday, bitcoin gained 0.58% to $103,224.04. Ethereum rose 6.71% to $2,331.16. U.S. Treasury yields were little changed, with thinner volume than usual and sentiment still uncertain, as investors looked ahead to talks between the U.S. and China. The yield on benchmark U.S. 10-year notes rose 1.3 basis points to 4.386%, from 4.373% late on Thursday. The 30-year bond yield rose 1.3 basis points to 4.8444%. The 2-year note yield, which typically moves in step with Federal Reserve interest rate policy expectations, fell 0.8 basis points to 3.887%, from 3.895% late on Thursday. Mike Venuto, co-founder and chief investment officer at Tidal Financial Group in New York, was not optimistic about the upcoming China talks. "It will take more time than we want to. I would expect further uncertainty because trade deals even when you have good partners which are working in good faith will take a year to work out," Venuto said. "What we have seen so far is simply symbolic. There's a lot of wood to chop. People are just looking for any piece of good news that is more or less sustainable." Oil futures rose more than $1 on the day and notched their first weekly gains since mid-April as investors were hopefully ahead of trade talks between top officials from the U.S. and China, the two biggest consumers of the commodity. U.S. crude settled up 1.85% or $1.11 at $61.02 a barrel and Brent rose to $63.91 per barrel, up 1.7%, or $1.07 on the day. Gold prices rose as the dollar weakened, while investors digested the remarks from Trump ahead of the weekend talks. Spot gold rose 0.67% to $3,327.53 an ounce. U.S. gold futures rose 0.81% to $3,323.30 an ounce. https://www.reuters.com/markets/global-markets-repeat-wrapup-3-2025-05-09/