2025-04-23 21:58
Twenty One Capital to go public through SPAC deal Crypto venture will launch with over 42,000 bitcoins SoftBank will have a minority ownership April 23 (Reuters) - Cantor Fitzgerald is launching a crypto venture with Tether and Japanese technology investor SoftBank Group (9984.T) , opens new tab to buy bitcoin, wagering that interest in the digital currency will expand under U.S. President Donald Trump. The deal, announced on Wednesday, has blank-check vehicle Cantor Equity Partners (CEP.O) , opens new tab merging into newly formed Twenty One Capital. Sign up here. The combined vehicle is valued at $3.6 billion, based on a bitcoin price of nearly $85,000 and Twenty One launching with more than 42,000 bitcoins, which will make it the world's third-largest bitcoin treasury, Twenty One said. The venture deepens ties between the Wall Street brokerage — chaired by Brandon Lutnick, son of the former Cantor boss and current U.S. commerce secretary — and Tether, the company behind the world's largest stablecoin. "We're not here to beat the market, we're here to build a new one. A public stock, built by Bitcoiners, for Bitcoiners," said Twenty One Co-Founder and CEO Jack Mallers. The new business will seek to replicate the success of Michael Saylor's bitcoin acquirer Strategy (MSTR.O) , opens new tab, whose market value surged late last year as crypto prices jumped following Trump's presidential election victory. Trump has promised to support the crypto industry by easing regulations for digital assets. Strategy, the biggest corporate holder of bitcoin, held 538,200 units of the world's biggest cryptocurrency as of April 20, and has a market cap of around $91 billion. Tether will contribute $1.6 billion worth of bitcoin to the venture, while Bitfinex, a crypto exchange linked to Tether, and SoftBank will put up $600 million and $900 million, respectively, according to an investor presentation. The companies will raise $585 million in additional capital through a combination of convertible bonds and equity financing. Some analysts have touted bitcoin , currently trading at $93,780, as a hedge against global economic risks. It has gained more than 40% in the past six months but fell this month along with stock markets and other asset prices when Trump sparked a global trade war. Matt Mena, crypto research strategist at 21Shares, said macro and global conditions highlighted the need for a "digital, next-generation store of value", and claimed bitcoin was stepping into that role. However, gold has been among the biggest beneficiaries of a flight to safety during the trade war, with the precious metal's price soaring to record highs while bitcoin's price is down this year. TETHER-CANTOR TIES Twenty One will be majority owned by Tether and cryptocurrency exchange Bitfinex. SoftBank will have a minority ownership. Tether and Cantor have long-standing ties from when Howard Lutnick was the brokerage's boss. Cantor holds much of the dollar-denominated reserves Tether says it has for every token it creates for its stablecoin. Of the U.S. Treasury bills Tether holds, 99% are held with Cantor, Tether CEO Paolo Ardoino told Reuters last month. Twenty One will trade on the Nasdaq under the symbol "XXI" after the deal closes. https://www.reuters.com/technology/softbank-backed-consortium-partners-with-spac-36-billion-crypto-venture-2025-04-23/
2025-04-23 21:47
SAO PAULO, April 23 (Reuters) - Brazil's central bank said on Wednesday it would hold auctions starting on April 28 to roll over $18.4 billion in traditional currency swaps expiring on June 2. The central bank said in a statement that daily traditional swap auctions would be held as long as necessary for the expiring stock to be fully renewed. Sign up here. In a traditional currency swap, the bond pays the buyer the currency variation plus an interest rate. In return, the central bank receives the variation in the Brazilian benchmark interest rate, the Selic. The central bank usually seeks to provide currency hedging and maintain liquidity conditions for the market with its rolling policy. https://www.reuters.com/markets/brazil-central-bank-announces-rollover-184-billion-swaps-maturing-june-2025-04-23/
2025-04-23 21:14
April 23 (Reuters) - Utility firm FirstEnergy (FE.N) , opens new tab beat Wall Street estimates for first-quarter adjusted profit on Wednesday, as the utility was helped by rate hikes. Amid extreme weather conditions and demand growth, U.S. electric utilities are increasing investments in infrastructure to cope with the demand and also improve resiliency. Sign up here. Regulated utilities use rate case proceedings to determine the amount that customers need to pay for electricity, natural gas, private water and steam services according to the investments they make. Power bills are expected to go up as fresh electricity supply struggles to keep up with rising demand from AI data centers, increased domestic manufacturing and the electrification of industries. The company said its quarterly total distribution deliveries rose more than 4% compared to last year, when its areas experienced mild weather. Quarterly adjusted profit from its distribution and integrated segments rose 10 cents per share each from a year earlier. FirstEnergy serves about 6 million customers in the areas of Ohio, Pennsylvania, New Jersey, West Virginia and Maryland through its three segments — distribution, integrated and stand-alone transmission. The Akron, Ohio-based firm posted an adjusted profit of 67 cents per share in the first quarter, compared with analysts' estimate of 61 cents per share, according to data compiled by LSEG. https://www.reuters.com/business/energy/firstenergy-beats-first-quarter-profit-estimates-higher-electricity-rates-2025-04-23/
2025-04-23 21:13
WASHINGTON, April 23 (Reuters) - Argentina's Deputy Central Bank Governor Vladimir Werning said on Wednesday he expected the peso currency to hit the lower end of its recently implemented trading band. "(In) all successful emerging market stabilization programs, at the end of the day, you have a stronger currency," said Werning, speaking at a conference of the Institute of International Finance on the sidelines of the IMF/World Bank Spring meetings in Washington. Sign up here. Argentina this month abandoned a crawling peg to the U.S. dollar on its peso currency in favor of a constantly-widening trading band. "For us, it's a very good process, and we expect the currency to hit the lower band," Werning said. Werning added that this posed an interesting monetary policy dilemma, and the bank stood ready to purchase at that point in time all the dollars in excess that are making the local currency stronger and issue pesos. He also noted that spreads on Argentina's debt - or the premium demanded by investors to hold the bonds - are tightening, though he said the government was in no rush to tap capital markets. "At reasonable spread levels," he said, the country could "roll-over debt, and that would relieve an additional pressure we're still working with. But we're not in a rush to go to market." https://www.reuters.com/world/americas/argentina-peso-expected-hit-lower-band-says-deputy-central-bank-governor-2025-04-23/
2025-04-23 21:13
April 23 (Reuters) - The UK government and Italian energy company Eni (ENI.MI) , opens new tab are set to approve a 38-mile pipeline to collect carbon dioxide from industrial facilities in Liverpool and Manchester for offshore storage, the Financial Times reported on Wednesday. Both the parties will announce the pipeline approval on Thursday in London during a two-day energy security summit, the report said, citing two sources familiar with the project. Sign up here. Eni and the UK government did not immediately respond to Reuters' requests for comments. The energy company said in February that it would expand its low-carbon activities as part of its 2025-2028 strategy, creating a new company for its carbon capture and storage activities, and offering power for data centres. Last year, Britain said it will provide funding of up to 21.7 billion pounds ($28.76 billion) over 25 years to develop carbon capture and storage (CCS) projects to curb emissions from industry and create new jobs in northern England, as part of its climate target to reach net zero emissions by 2050. ($1 = 0.7546 pounds) https://www.reuters.com/sustainability/cop/uk-eni-approve-38-mile-carbon-capture-pipeline-ft-reports-2025-04-23/
2025-04-23 21:08
Marketing of the ships indicates Chevron will not load all cargoes this month One Venezuelan crude cargo still pending return Vessels chartered by Vitol, Reliance and Maurel & Prom departing on schedule HOUSTON, April 23 (Reuters) - Some tankers Chevron had chartered to move crude from Venezuela to the U.S. this month are now being marketed for spot contracts elsewhere, sources said, after state company PDVSA canceled loading permits and ordered the firm to return cargoes amid payment uncertainty related to sanctions. The marketing of the vessels indicates that Chevron does not expect to load all the cargoes it typically ships from Venezuela in a month even if it eventually finds a way to resolve the disagreement with PDVSA. Sign up here. Tanker Sea Dragon, which had discharged Venezuela's Boscan heavy crude in Philadelphia, was being marketed by Agelef Maritime Services, two sources familiar with the matter said. Chevron was marketing vessel Andromeda, which earlier this month discharged Venezuelan Hamaca crude at Port Arthur, the sources added. At least six more tankers Chevron had chartered to carry Venezuelan crude to the U.S. in coming weeks as part of the wind down of its U.S. license through May 27 were stalled in the Caribbean Sea waiting for directions after PDVSA last week ordered two cargoes to be returned and canceled loading permits to others, cutting the deadline short. As of Wednesday, Chevron-chartered tanker Dubai Attraction, which finished loading some 300,000 barrels of Venezuelan Boscan crude in early April, was still awaiting customs paperwork to return its cargo, according to ship tracking data and sources. Carina Voyager, managed by a Chevron unit, was near Aruba after returning its 500,000-barrel cargo to PDVSA last week, LSEG shipping data showed. Sea Jaguar's loading window at Venezuela's Jose terminal, originally scheduled for mid-April, was canceled by PDVSA, according to a document seen by Reuters. The ship was on Wednesday hovering around Aruba, according to tracking data. Chevron and PDVSA did not reply to requests for comment. Venezuela Oil Minister Delcy Rodriguez said in a social media post that PDVSA "maintains its commitments with Chevron," but Chevron is the "victim" of U.S. sanctions. Other tankers chartered by trading house Vitol (VITOLV.UL) were loading and discharging normally at Venezuelan ports, according to the data and documents, while vessels chartered by Reliance Industries (RELI.NS) , opens new tab for India delivery and Maurel & Prom (MAUP.PA) , opens new tab for Europe departed on schedule, ahead of the May 27 deadline to wind down cargoes and operations. https://www.reuters.com/business/energy/tankers-chartered-by-chevron-move-venezuelan-crude-seek-other-business-2025-04-23/
