2025-04-25 19:38
DUBAI, April 25 (Reuters) - An Iraqi delegation met with Syrian President Ahmed al-Sharaa in Damascus on Friday to discuss restoring an Iraqi oil pipeline through Syria to Mediterranean ports, the Iraqi state news agency reported. The Iraqi delegation, led by the head of the National Intelligence Service, and al-Sharaa also discussed counter-terrorism cooperation, border security and ways to expand bilateral trade. Sign up here. Earlier this month, Iraqi Prime Minister Mohammed Shia al-Sudani held talks with al-Sharaa in Qatar, their first meeting since the ousting of former Syrian President Bashar al-Assad in December after more than 13 years of civil war. Syria, grappling with an energy crisis due to the collapse of its oil industry due to the civil war, has been seeking oil imports through local intermediaries. Attempts to secure oil through public tenders have been largely unsuccessful due to international sanctions and financial risks. Damascus used to receive the bulk of its oil for power generation from Iran, but supplies have been cut off since Islamist Hayat Tahrir al-Sham led the ouster of Tehran-allied Assad in December. Syria's economy collapsed during nearly 14 years of war when the United States, UK and European countries placed tough sanctions on Syrian people and businesses in a bid to pressure Assad. https://www.reuters.com/world/middle-east/iraq-sends-delegation-damascus-study-restoring-oil-pipeline-via-syria-2025-04-25/
2025-04-25 19:37
April 25 (Reuters) - The California Department of Motor Vehicles said Friday it is proposing to allow testing of self-driving heavy-duty trucks and other large vehicles on state public roads. California currently allows self-driving light-duty passenger vehicles for testing on public roads but not heavy-duty vehicles weighing more than 10,001 pounds, which manufacturers are testing in states like Texas, Arizona, and Arkansas. Sign up here. The state would limit autonomous heavy-duty commercial motor vehicles driverless testing on specified routes that are legal for the size, weight and loading of the vehicle or vehicle combination and would largely ban operation on city streets. California would not allow testing of certain heavy-duty operations including household movers, commercial vehicles used to transport passengers, oversize loads, hazardous materials, and bulk liquids. The state plans a public hearing on June 10 on the proposal. The state is also proposing to update light-duty testing requirements. All manufacturers will be required to initially hold a permit to test with a safety driver in the vehicle and then apply in subsequent phases for driverless testing permit and deployment permits. To apply for a driverless testing permit for light-duty vehicles, manufacturers will be required to conduct testing within the proposed operational design domain for a minimum of 50,000 miles. Heavy-duty manufacturers would be required to conduct at least 500,000 autonomous miles of testing; up to 400,000 of these miles may occur outside California. California is proposing to expand both the frequency and type of data reported to the department during testing and deployments requiring monthly reporting on disengagements, vehicle immobilizations and hard braking events. The proposal comes as the Trump administration said Thursday it is easing some reporting requirements for self-driving and advanced driver assistance system incidents. Heavy-duty truck manufacturers face other issues. In 2024, the Federal Motor Carrier Safety Administration denied Aurora Innovation's (AUR.O) , opens new tab application to pilot modernized roadside warning systems in autonomous trucking, prompting the automaker to file suit in January. Aurora has said it plans to launch driverless trucks in April in Texas. https://www.reuters.com/business/autos-transportation/california-proposes-allow-self-driving-heavy-duty-truck-testing-2025-04-25/
2025-04-25 19:31
WASHINGTON, April 25 (Reuters) - The new head of the U.S. Securities and Exchange Commission on Friday said that the agency has stifled innovation for the cryptocurrency sector by fostering "regulatory uncertainty" in prior years. "Market participants engaging in this technology deserve clear regulatory rules of the road," Paul Atkins said in his first remarks since being sworn in as chairman of the agency as chairman earlier this week. Sign up here. He spoked at the SEC's crypto roundtable, which the Republican leadership launched weigh how securities laws may apply to digital assets, an area of tension between the sector and the agency under previous leadership. Atkins, who has worked with crypto firms in recent years, has widely been expected to take a softer tack with the industry. The agency's previous chair, Gary Gensler, had targeted what he described as widespread noncompliance of the industry with U.S. securities laws. Even before Atkins' arrival, the SEC has dramatically shifted its position on crypto in recent months, seeking to create new regulations for the sector and pausing or altogether walking away from enforcement cases. When asked about the potential for the SEC to suspend trading of Chinese companies as trade tensions rise between the world's two largest economies, Atkins said that the agency will take action if companies do not abide by U.S. laws. https://www.reuters.com/sustainability/boards-policy-regulation/new-us-sec-chair-says-crypto-sector-deserves-clear-regulations-2025-04-25/
2025-04-25 19:23
WASHINGTON, April 25 (Reuters) - China's central bank governor on Friday criticized the U.S. for threatening global financial stability with its "recent abuse" of tariffs, in the wake of recent moves seen by both sides as efforts to de-escalate their trade war. "The recent abuse of tariffs by the United States has severely violated the legitimate rights and interests of other countries, seriously undermined the rules-based multilateral governance system, dealt a heavy blow to the global economic order, and hurt the long-term stability and growth of the global economy," People's Bank of China Governor Pan Gongsheng said in a statement at the conclusion of the International Monetary Fund's steering committee meeting. Sign up here. "It has also triggered sharp fluctuations in global financial markets," which has threatened global financial stability and posed challenges to emerging and developing nations, he said. Pan added that there was an urgent need for countries to strengthen policy coordination and promote trade liberalisation. China exempted some U.S. imports from its steep tariffs in a sign the trade war between the world's top two economies could be easing, though Beijing quickly knocked down U.S. President Donald Trump's assertion that negotiations were under way. In the statement, Pan also said China's central bank will lower the reserve requirement ratio and policy rate "as warranted by economic and financial developments at home and abroad, as well as financial market performance." "We will adopt a policy mix to keep liquidity abundant, lower the liability cost of banks, and persistently bring down the overall financing costs for the real economy," he said. On exchange rates, Pan said China will "continue to let the market play a decisive role in the formation of exchange rate, while maintaining exchange rate flexibility." "At the same time, we will better guide expectations and keep the RMB exchange rate basically stable at an adaptive and equilibrium level," he said. https://www.reuters.com/world/china/china-criticizes-us-recent-abuse-tariffs-2025-04-25/
2025-04-25 19:21
ByteDance in partnership talks with wind power producer Casa dos Ventos Project at Pecem port could eventually require 900 MW or more Brazil aims to be a global data center hub using renewable energy SAO PAULO/BRASILIA, April 25 (Reuters) - ByteDance, the Chinese parent company of TikTok, is weighing a major investment in a data center in Brazil, three people familiar with the matter told Reuters, tapping abundant wind energy on the country's northeast coast. The company is in talks to partner with renewable energy producer Casa dos Ventos to develop a facility in the Pecem port complex in the state of Ceara, two of the sources said, requesting anonymity to comment on confidential negotiations. Sign up here. The discussions come as Latin America's largest economy seeks to position itself as a global hub for the fast-growing data center industry, leveraging its ample renewable energy. One of the sources said initial talks are focused on a 300-megawatt (MW) data center, but the project could eventually expand to 900 MW in a second phase. A second source said total demand for the project could approach 1 gigawatt. The project would make Brazil a pillar of the Chinese company's operations in the Western Hemisphere. In February, ByteDance announced plans to invest $8.8 billion in data centers in Thailand over five years. TikTok declined to comment on its plans in Brazil. Pecem is considered a location for Brazilian data centers due to nearby submarine cable landing stations and the concentration of renewable power generation in the region. Casa dos Ventos, which partnered in 2022 with TotalEnergies (TTEF.PA) , opens new tab on its wind power portfolio, has already requested grid connection for a data center project in Pecem. Brazil's national grid operator ONS initially denied it due to stability concerns, given the heavy demands of such facilities. Brazil's Mines and Energy Ministry is now assessing the possibility of allowing more grid capacity for data center projects in Pecem and other areas, two of the sources said. TikTok and the ministry did not immediately respond to a request for comment. ByteDance could not be reached. Casa dos Ventos declined to comment on the talks with ByteDance, but said in a statement that it is "committed to turning the Pecem port into a hub for technological innovation and energy transition." "The company is developing the country's largest data center and green hydrogen project, which will be powered by renewable energy from its portfolio. In developing both projects, it is evaluating partnership opportunities with companies that can support their implementation," the company said. https://www.reuters.com/sustainability/climate-energy/tiktok-owner-weighs-data-center-project-brazil-sources-say-2025-04-25/
2025-04-25 19:16
Reeves discusses trade deal with US's Bessent UK minister also meets German, Chinese counterparts UK seeking to speed up economic growth Reeves says EU trade ties perhaps even more important than US WASHINGTON, April 25 (Reuters) - British finance minister Rachel Reeves met U.S. Treasury Secretary Scott Bessent on Friday to discuss a trade deal, shortly after saying that improving business ties with the European Union was "arguably even more important." Reeves held discussions with Bessent at a gathering of world finance chiefs at the International Monetary Fund that has been dominated by concerns about U.S. President Donald Trump's import tariffs. Sign up here. "The UK-U.S. relationship has delivered prosperity for businesses and working people on both sides of the Atlantic," Reeves said in a brief statement on social media. "Today I met with Secretary Scott Bessent to discuss the UK-U.S. economic prosperity deal and our goal of reaching an agreement that is in both our national interests," she added. The U.S. Treasury said in a readout that Bessent noted the need for progress on fair and reciprocal trade and that the two also "held positive discussions on taxation, financial innovation, and technology partnerships." Britain, like many other countries, wants to ease the impact of Trump's tariffs - which would be particularly high for British car and metals exporters - by striking an economic agreement with his administration that could also foster more tech investment. Reeves sought to show Trump's team during her trip to Washington that she shares the president's concerns about the world economy - in particular China's export-heavy model - but she has also said that high tariffs are not the answer. At the same time, Reeves and Prime Minister Keir Starmer are hoping to remove some post-Brexit trade barriers with the EU. The United States is Britain's single biggest trading partner but the EU as a bloc buys more of the country's exports. "I understand why there's so much focus on our trading relationship with the U.S., but actually our trading relationship with Europe is arguably even more important, because they're our nearest neighbours and trading partners," Reeves told the BBC. Earlier this week, she said Britain would not rush to secure a deal with Washington and ruled out making concessions on food standards which could jeopardise London's ability to boost food exports to the EU. Reeves met German Finance Minister Joerg Kukies earlier on Friday in Washington to prepare for a gathering of European leaders that will seek to improve ties between Britain and the bloc which were strained by the 2016 Brexit vote. "We discussed the upcoming UK-EU Summit in May, marking an important moment in the reset between the United Kingdom and the European Union," Reeves said. She and Starmer promised voters last year they would speed up Britain's economy which the IMF this week said looked set to grow by 1.1% in 2025, still faster than in Germany and France but down from a previous forecast of 1.6% partly due to the hit to the world economy from Trump's tariffs. Reeves also held talks on Friday with China's finance minister Lan Foan after this week announcing tougher customs controls and strengthening Britain's anti-dumping system, which could impact Chinese exporters. "Our clear-eyed reengagement with China ensures we grasp opportunities when it's right for the UK," she posted on X, adding the two sides would continue cooperation. https://www.reuters.com/world/uk/uks-reeves-says-she-met-uss-bessent-discuss-trade-deal-2025-04-25/
