2025-03-28 20:38
March 28 (Reuters) - (This March 28 story has been corrected to say that the co-founders failed to implement a Bank Secrecy Act-compliant anti-money laundering program, not violating the Bank Secrecy Act, in paragraph 3) U.S. President Donald Trump has pardoned the three co-founders of cryptocurrency exchange BitMEX, a White House official said on Friday. Sign up here. In addition, former employee Gregory Dwyer and an entity owning and operating the crypto exchange received full and unconditional pardons, BitMEX confirmed in an emailed statement to Reuters. Trump granted pardons to co-founders Benjamin Delo, Arthur Hayes and Samuel Reed, who had pleaded guilty in 2022 for failing to implement a Bank Secrecy Act-compliant anti-money laundering program. The pardons come at a time of optimism in the crypto industry about looser regulation under Trump, who courted crypto donors during his campaign and promised support. Prosecutors had accused BitMEX and founders Delo, Hayes and Reed of willfully violating the Bank Secrecy Act between 2015 and 2020 by failing to adopt anti-money-laundering and "know your customer" programs, Reuters reported in January. Also pardoned this week by Trump was Trevor Milton, the founder of bankrupt electric and hydrogen-powered truckmaker Nikola (NKLAQ.PK) , opens new tab, who had been convicted of fraud. https://www.reuters.com/world/us/trump-pardoned-bitmex-co-founders-white-house-official-says-2025-03-28/
2025-03-28 20:31
US core inflation firmer in February UBS Global Wealth Management cuts S&P 500 year-end target Lululemon shares slide after bleak annual outlook S&P 500 -1.97%, Nasdaq -2.70%, Dow -1.69% March 28 (Reuters) - Wall Street stocks ended sharply lower on Friday, with selloffs in Amazon, Microsoft and other technology heavyweights, after U.S. data stoked fears of weak economic growth and high inflation as the Trump administration ratchets up tariffs. U.S. consumer spending rebounded less than expected in February while a measure of underlying prices increased the most in 13 months. Sign up here. Adding to concerns, a University of Michigan survey showed consumers' 12-month inflation expectations soared to the highest in nearly 2-1/2 years in March, and they expect inflation to remain elevated beyond the next year. That data fueled fears that a rush of tariff announcements from U.S. President Donald Trump since taking office in January will boost prices of imported goods, drive inflation and deter the Federal Reserve from cutting interest rates. Inflation and tariff worries sent shares of Wall Street's most valuable companies sharply lower, with Apple (AAPL.O) , opens new tab falling 2.7%, Microsoft (MSFT.O) , opens new tab losing 3% and Amazon (AMZN.O) , opens new tab off 4.3%. "One of the other big cautionary points for investors is that the inflation impact of tariffs has yet to show up in the data, which is why we believe this is the calm before the tariff storm, with inflation likely to head more north than south in the coming months," said Greg Bassuk, CEO at AXS Investments in New York. The S&P 500 declined 1.97% to end at 5,580.94 points. The Nasdaq fell 2.70% to 17,322.99 points, while the Dow Jones Industrial Average dropped 1.69% to 41,583.90 points. Ten of the 11 S&P 500 sector indexes declined, led lower by communication services (.SPLRCL) , opens new tab, down 3.81%, followed by a 3.27% loss in consumer discretionary (.SPLRCD) , opens new tab. Interest rate futures suggest traders see a 76% likelihood that the Fed will cut interest rates by 25 basis points by its June meeting, according to CME FedWatch. With Friday's losses, the S&P 500 is down about 9% from its record high close on February 19. The Nasdaq is down around 14% from its record high close on December 16. "The problem is we don't know the rules and businesses really struggle with that," said Bob Doll, chief executive officer of Crossmark Investments. "Part of the economic weakness we're experiencing and likely to see more of is a function of individuals and businesses saying, 'I'm not quite sure what tomorrow's going to bring, so I'll just be a little more cautious.'" An index tracking interest rate-sensitive banks (.SPXBK) , opens new tab fell 2.3%. The CBOE volatility index (.VIX) , opens new tab rose almost 3 points to a one-week high. CoreWeave's shares opened nearly 3% below their offer price in the Nvidia-backed artificial intelligence infrastructure company's Nasdaq debut on Friday. That weak debut could crush hopes of a meaningful recovery in stock market listings, especially as equity markets with tariff-related turmoil. Trump's steadfast commitment to a 25% tariff on auto imports, set to take effect next week, weighed on auto stocks for a second day, with General Motors (GM.N) , opens new tab down 1.1% and Ford (F.N) , opens new tab losing 1.8%. For the week, the S&P 500 fell 1.5%, the Nasdaq declined 2.6%, and the Dow fell about 1%. Attention now turns to a fresh round of tariffs the Trump administration is set to unveil on April 2, with Trump recently hinting that these measures might diverge from the straightforward tit-for-tat duties previously pledged. Shares of Lululemon Athletica (LULU.O) , opens new tab plunged 14% after the sportswear maker lowered its annual forecasts, citing unpredictability surrounding tariffs. Mining companies Harmony Gold and Gold Fields rallied 9.5% and 4.5%, respectively, on higher gold prices related to trade war concerns. The S&P 500 is on track for its first quarterly decline in six quarters, while the tech-centric Nasdaq is set for its deepest quarterly drop since 2022. UBS Global Wealth Management lowered its year-end target for the S&P 500 to 6,400 from 6,600. Wolfspeed's (WOLF.N) , opens new tab slumped 52% a day after the chipmaker appointed a new CEO amid its struggles to improve its financial position. Declining stocks outnumbered rising ones within the S&P 500 (.AD.SPX) , opens new tab by a 4.5-to-one ratio. The S&P 500 posted 10 new highs and 23 new lows; the Nasdaq recorded 35 new highs and 358 new lows. Volume on U.S. exchanges was relatively light, with 14.3 billion shares traded, compared to an average of 16.2 billion shares over the previous 20 sessions. https://www.reuters.com/markets/us/wall-st-futures-edge-lower-tariff-woes-inflation-data-tap-2025-03-28/
2025-03-28 20:28
TSX ends down 1.6% at 24,759.15 Posts biggest decline since March 4 Technology sector falls 3% Aya Gold & Silver tumbles 15.8% March 28 (Reuters) - Canada's main stock index fell on Friday by the most in three weeks as U.S. data and an expanding trade war raised fears of a global economic slowdown. Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) , opens new tab ended down 401.91 points, or 1.6%, at 24,759.15, its lowest closing level since March 18 and its biggest decline since March 4. For the week, the index was down 0.8%. Sign up here. Major U.S. benchmark, the S&P 500, posted an even steeper decline. "When the president of the United States tries to shut down the global economy it can be problematic for stock markets," said Matt Skipp, president of SW8 Asset Management. "How can any business leader make an impactful decision, whether it's purchasing for their businesses, when the government changes its mind every day." U.S. consumer spending rebounded less than expected in February while a measure of underlying prices increased by the most in 13 months, stoking fears the economy was facing a period of tepid growth and high inflation amid an escalation in trade tensions. Canadian GDP rose 0.4% in January but a preliminary estimate showed activity flatlining in February. U.S. President Donald Trump and Prime Minister Mark Carney had a conversation that both men described as productive, although the Canadian leader said Ottawa would be imposing retaliatory tariffs next week as promised. On Wednesday, Trump announced a 25% tax on imported vehicles. Autos are Canada's second-largest export. The technology sector was the biggest decliner, falling 3%, with e-commerce company Shopify Inc (SHOP.TO) , opens new tab ending 5.7% lower. The materials group, which includes metal mining shares, fell 1.7%. It was weighed down by a 15.8% drop in the shares of Aya Gold & Silver Inc (AYA.TO) , opens new tab after the company reported quarterly results. Consumer discretionary fell 2.2%, with auto parts suppliers adding to their recent declines and shares of Restaurant Brand International (QSR.TO) , opens new tab losing 6.1%. Industrials were down 2.2% as railroad shares declined and heavily weighted financials ended 1.6% lower. https://www.reuters.com/markets/tsx-futures-flat-investors-await-tariff-clarity-economic-data-2025-03-28/
2025-03-28 20:16
RIO DE JANEIRO, March 28 (Reuters) - Brazil's state-run nuclear company Eletronuclear would be able to complete its Angra 3 plant even after energy giant Eletrobras (ELET6.SA) , opens new tab sells its minority stake in the firm, Eletronuclear CEO Raul Lycurgo told Reuters on Friday. The remarks come as formerly state-run Eletrobras moves to sell the 35% common-share stake it maintained in Eletronuclear after transferring control of the nuclear firm to state-owned ENBPar as part of its privatization process in 2022. Sign up here. On Friday, Eletrobras announced it would no longer invest in Angra 3, a nuclear power plant in Rio de Janeiro state that has been decades in the making and will cost an estimated 23 billion reais ($4 billion) to be completed. There are alternatives for the state-owned nuclear company to remain strong and to maintain the Angra 3 project going even without Eletrobras' backing, said Lycurgo. Eletronuclear is set to finance about 90% of the cost of the plant, with partners financing the remaining 10%, said Lycurgo. The Angra 3 project, which dates back to the 1980s, has been stopped several times over the years, and is currently on hold as it waits for a green light from the government. Even without work being done to develop it, Angra 3 has a significant weight in Eletronuclear's strained budget. The estimate is that the project costs the nuclear company over 200 million reais per year. ($1 = 5.7561 reais) https://www.reuters.com/business/energy/brazils-angra-3-nuclear-power-project-still-viable-without-eletrobras-backing-2025-03-28/
2025-03-28 19:46
March 28 (Reuters) - Social media platform X on Friday recovered after a short outage that impacted thousands of users in the U.S., according to outage tracking website Downdetector.com. The disruptions eased around 3:10 p.m. ET, according to Downdetector, which tracks outages by collating status reports from various sources. Sign up here. There were more than 53,000 incidents of people reporting issues with the Elon Musk-owned platform as of 2:46 p.m. ET. Downdetector's numbers are based on user-submitted reports. The actual number of affected users may vary. Social media companies Reddit and X experienced outages on Thursday as well. Earlier in March, Musk had blamed a cyberattack after X went down intermittently. X did not immediately respond to Reuters' request for comment. https://www.reuters.com/technology/musks-x-down-tens-thousands-us-users-downdetector-shows-2025-03-28/
2025-03-28 19:05
DUBAI, March 28 (Reuters) - Talks to restart Kurdish oil exports through the Iraq-Turkey pipeline have hit a snag as a lack of clarity over payments and contracts persists, two sources with direct knowledge of the matter told Reuters, speaking on condition of anonymity. The negotiations, which started in late February, have so far failed to end a nearly two-year stand-off that has halted flows from Iraqi Kurdistan in the north of the country to Turkey's Mediterranean port of Ceyhan. Sign up here. Washington has been pressuring Iraq to resume shipments, with Reuters reporting last month that U.S. President Donald Trump's administration had asked Iraq to allow the flows to restart or face sanctions. The Ministry of Oil did not immediately respond to Reuters' requests for comment on the talks. The two sources said the oil ministry had sent a letter to the Kurdish authorities on Thursday asking for an independent consultant to be appointed to assess the cost of production and transportation from each field to determine prices. Given that Baghdad is still in negotiations with international oil companies about the scope of work the consultant will undertake, the sources said that had shed doubt on Baghdad's commitment to honor the companies' existing contracts with the Kurdistan region. "There is no agreed methodology for this yet and so the fear is at some point companies wouldn't know how much they would be paid for their production as that consultant could change the whole expectation of payment," one of the sources said. APIKUR, a grouping of eight oil firms operating in Iraqi Kurdistan, said in a statement shared with Reuters it would not resume exports until Baghdad gave a firm commitment to honour existing contracts and provide surety of payment for past and future exports. In an apparent reference to the letter, the APIKUR statement said the oil ministry had demonstrated it was "unwilling to negotiate a solution that honors IOC contract sanctity", and was attempting to establish a separate process unilaterally. "These actions by the Ministry of Oil are not acceptable," the statement said. Oil producers working in Kurdistan include DNO (DNO.OL) , opens new tab, Genel Energy (GENL.L) , opens new tab, Gulf Keystone Petroleum (GKP.L) , opens new tab and Shamaran Petroleum (SNM.V) , opens new tab. Washington wants the flows via Turkey restarted partly to boost global supply and therefore help lower prices. At the same time the U.S. administration wants to halt financial ties between Iraq and neighbouring Iran as it applies pressure on Tehran over its oil exports and nuclear program. Iraq is an important ally to the U.S. and Iran, and vital to helping the latter support its economy amid international sanctions. Baghdad is wary of getting caught in the crosshairs of the U.S. president's policy of squeezing Tehran, sources have told Reuters. https://www.reuters.com/business/energy/negotiations-resuming-iraqi-kurdish-oil-exports-hit-snag-two-sources-say-2025-03-28/
