2025-04-08 21:45
BRUSSELS, April 8 (Reuters) - The European Commission has invited the sectors most impacted by U.S. tariffs to an in-person meeting on Thursday, an invitation letter seen by Reuters showed, as the commission weighs new trade partnerships and further countermeasures. The meeting led by the Commission industry chief Stephane Sejourne will include participants from the steel and autos industries. The meeting follows calls held by Commission President Ursula von der Leyen with executives in the metals, pharmaceutical and auto industries. Sign up here. The meeting is meant to find out what impact EU companies are already seeing in the "short and medium term" and the best responses in terms of "sector-specific policies as well as counter-tariffs and non-tariff counter measures," the invitation letter said. On top of reciprocal tariffs, Washington has introduced sector-specific duties on steel, aluminium and vehicles. The Commission is concerned about the forthcoming measures on "pharmaceuticals, copper, semiconductors, lumber, energy products, and certain minerals" and knock-on effects across supply chains. The Commission pointed to possible extra tariffs that may hit some EU companies that still use Venezuelan oil "directly or indirectly." As the Commission looks to diversify its trade away from the U.S., it is seeking input from industry on the best tools to use whether they be free trade or partnerships. "The two-hour meeting will be an opportunity to share views on the impact of the tariffs on various industrial sectors as well as the measures the EU could take to mitigate their effect," the letter said. https://www.reuters.com/world/europe/eu-commission-discuss-trade-us-tariff-strategy-with-industries-2025-04-08/
2025-04-08 21:27
April 8 (Reuters) - The U.S. Treasury Department's Office of the Comptroller of the Currency said on Tuesday , opens new tabthat emails of executives and other employees of the agency were hacked, blaming longstanding vulnerabilities for the breach. The U.S. financial regulator said it had told Congress the breach involved unauthorized access to highly sensitive information relating to the financial condition of federally regulated financial institutions. Sign up here. The regulator said it first learned of the breach on February 11 and disclosed the incident , opens new tababout two weeks later. At the time, the OCC said the breach involved an administrative account in the agency's email system and that there was no indication of any impact on the financial sector. The agency regulates and supervises all national banks and federal savings associations as well as the federal branches and agencies of foreign banks. The OCC said on Tuesday it was launching an immediate and thorough evaluation of its current IT security policies and procedures to improve its ability to prevent, detect and remediate potential future security incidents. Acting Comptroller of the Currency Rodney E. Hood said in a statement that "long-held organizational and structural deficiencies" had contributed to the incident and that there would be accountability for the vulnerabilities and missed opportunities that led to the hack. The OCC's statement did not lay out the specific weaknesses that led to the hack or identify who was thought to be behind it. The agency didn't immediately return an email seeking further detail on the breach. https://www.reuters.com/technology/cybersecurity/us-regulator-occ-notifies-congress-major-security-breach-2025-04-08/
2025-04-08 21:24
April 8 (Reuters) - A prominent energy research firm slashed its five-year outlook for new U.S. wind energy projects by 40% on Tuesday, citing Trump administration policies and concerns about the economy. Wood Mackenzie expects the United States to install 45.1 gigawatts of wind, both onshore and offshore, through 2029. It had originally forecast installations of 75.8 GW over that period, the firm said in a statement. Sign up here. U.S. power consumption is expected to rise to record highs in 2025 and 2026, jumping nearly 3% this year from 2024's all-time high, the Energy Information Administration said last month amid growing demand from data centers dedicated to artificial intelligence. Wind energy was already facing a slowdown in the United States before President Donald Trump in January issued an order to pause new federal wind leasing and permitting, calling wind turbines ugly, expensive and harmful to wildlife. "We're not going to do the wind thing. Big, ugly wind mills. They ruin your neighborhood," he said. Former President Joe Biden saw wind power as vital to his strategy of decarbonizing the U.S. power sector to fight climate change. The U.S. wind market was the smallest it has been in a decade last year with the installation of 5.2 GW compared with 7 GW in 2023. Wind installations had been almost double that amount in 2021 and 2022 ahead of the expected expiration of a federal tax credit for clean energy, which was later extended for a decade in the Inflation Reduction Act in August 2022. "While we expect the market to rebound somewhat, ongoing uncertainty around future US wind policy and economic pressures will likely constrain growth in the near-term compared to previous forecasts, despite sustained demand for power," Wood Mackenzie research analyst Stephen Maldonado said in a statement. https://www.reuters.com/business/energy/wood-mackenzie-cuts-5-year-us-wind-energy-outlook-40-trump-policies-2025-04-08/
2025-04-08 21:21
Absolutely would expect tighter sanctions on Iran, Wright says Boosting coal production essential for AI data centers, industrial activity - Wright Europeans won't want to depend on Russia for energy after Ukraine war- Wright WASHINGTON, April 8 (Reuters) - U.S. Energy Secretary Chris Wright said on Tuesday that Iran can expect tighter sanctions if it does not come to an agreement with President Donald Trump on its nuclear program. "So absolutely, I would expect very tight sanctions on Iran, and hopefully drive them to abandon their nuclear program," Wright said in an interview with CNBC. Sign up here. Wright on Wednesday will launch a nearly two-week tour of three Middle East countries, including Saudi Arabia, marking his first visit as a U.S. official to the de facto leader of the Organization of the Petroleum Exporting Countries, a source familiar with the matter told Reuters. Wright also defended Trump's executive order, expected later on Tuesday, to boost the coal industry as essential for artificial intelligence data centers, as well as steel production and other industrial activities. "We need a growing supply of electricity to hit the AI boom and also for this re-industrializing of the United States. If we want to grow America's electricity production meaningfully over the next five or 10 years, we've got to stop closing coal plants," Wright said in the interview. Asked about Trump's comment that the European Union should buy more energy from the United States, Wright said he has had countries in Asia, in Europe and elsewhere reach out to express interest in buying more American energy." Wright said he does not think European countries will want to return to Russia for their energy supplies when the war in Ukraine ends. "As I talk to European leaders, one thing they all share is a regret that they bet their energy future on Russia," he said. "So I don't think there's a huge desire right now that, when the war is over, we're going to we're going to re-count on Russia for a dominant share of our energy supply. I think that's very unlikely to unfold." https://www.reuters.com/world/us-energy-secretary-sees-tighter-sanctions-iran-without-deal-2025-04-08/
2025-04-08 21:14
BRASILIA, April 8 (Reuters) - Brazilian federal prosecutors are opening a preliminary inquiry into the acquisition of Banco Master's assets by government-controlled bank BRB (BSLI3.SA) , opens new tab for a potential "crime against the national financial system," a person with direct knowledge of the matter told Reuters on Tuesday. The source at the federal prosecutors' office declined to give details of the preliminary probe, which has not been made public. Prosecutors typically have 30 days to decide whether to turn such an inquiry into a criminal investigation. Sign up here. Representatives for BRB and Banco Master did not immediately respond to requests for comment. The acquisition, announced last month and still pending central bank approval, sent BRB shares soaring last week but raised questions about some 23 billion reais ($3.8 billion) of Banco Master assets left out of the deal, including financial products associated with the bank's aggressive growth strategy. Brazil's central bank is assessing whether BRB, a lender controlled by the government of the Federal District, has sufficient capacity to support the new capital structure, sources familiar with the matter told Reuters. The transaction involves BRB acquiring 49% of Master's common shares and 100% of its preferred shares, totaling 58% of the bank's capital. The deal has drawn scrutiny as it involves two similarly sized banks, and Master had expanded rapidly in recent years through an aggressive funding model reliant on high-yield debt distributed via investment platforms. On Monday, Moody's placed BRB's ratings under review for downgrade, citing heightened execution risks and likely pressure on profitability due to Master's higher funding costs and limited overlap between the two banks' operations. The agency also warned BRB would need substantial investment to bolster its risk and compliance infrastructure, particularly as the size of the acquired business is expected to attract greater regulatory scrutiny. BRB said it selected for acquisition only assets from Master aligned with its strategy. Heavyweight lender BTG Pactual (BPAC3.SA) , opens new tab has been eyeing assets that BRB passed over, according to sources. ($1 = 6.00 reais) https://www.reuters.com/business/finance/brazil-prosecutors-open-initial-probe-brb-banco-master-deal-source-says-2025-04-08/
2025-04-08 21:11
WASHINGTON, April 8 (Reuters) - U.S. President Donald Trump said on Tuesday the United States is taking in $2 billion per day from tariffs. He made the comment without providing details during an event at the White House. Sign up here. Trump has imposed an array of tariffs on other countries since taking office in January. The Treasury Department's daily statement of deposits into and withdrawals from the its general account, the federal government's main operating account, shows "Customs and Certain Excise Taxes" deposits have on average totaled around $200 million a day so far this month. For the entire month of February, the latest full month available, the Treasury netted about $7.25 billion in customs duties. The monthly budget statement for March will be released on Thursday, which will show the latest monthly figures. https://www.reuters.com/world/us/trump-says-us-taking-2-billion-day-tariffs-2025-04-08/
