2025-03-25 20:41

MOSCOW, March 25 (Reuters) - Oil refineries, oil and gas pipelines and nuclear power stations are among the targets on which Russia and Ukraine agreed to temporarily suspend strikes, the Kremlin said on Tuesday. A list appearing on the Kremlin's Telegram channel also included fuel storage facilities, pumping stations, electricity generation and transmission infrastructure, such as power plants, substations, transformers, distributors and hydroelectric dams. Sign up here. The Kremlin statement said the list had been "agreed between the Russian and American sides". In Kyiv, Ukrainian President Volodymyr Zelenskiy said Kyiv had presented U.S. officials during talks with a list of facilities to be covered. According to the statement, the temporary moratorium on strikes on energy infrastructure starts from March 18 and is valid for 30 days, but it could be extended by mutual agreement. If the agreement is breached by one party, the other party is also released from compliance, the Kremlin added. https://www.reuters.com/world/europe/russia-ukraine-agree-suspend-strikes-energy-facilities-kremlin-says-2025-03-25/

2025-03-25 20:40

March 25 (Reuters) - Activist investor Elliott Investment Management on Tuesday sued Phillips 66 (PSX.N) , opens new tab to protect shareholders rights and force the oil refiner to comply with its own charter. The complaint, filed in the Delaware Chancery Court, seeks to have four directors stand for election at the company's annual meeting this year. Sign up here. The lawsuit comes less than four weeks after Elliott, which owns a $2.5 billion stake in Phillips 66, nominated seven directors to the company's board. The board currently has 14 members but will shrink to 12 after the company's annual meeting in May. https://www.reuters.com/business/energy/elliott-sues-phillips-66-order-nomination-four-board-members-2025-03-25/

2025-03-25 20:39

EU, India negotiating with Trump team to avoid April 2 tariffs EU's Sefcovic says US tariffs unjustified, 'hard work goes on' Canada not rushing to table, wants serious talks, Carney says White House cautious about early relief from reciprocal tariffs WASHINGTON, March 25 (Reuters) - The European Union's trade commissioner Maros Sefcovic met with U.S. President Donald Trump's top trade officials on Tuesday to try to avoid steep U.S. tariffs on EU goods next week, but results of the talks were unclear. Sefcovic said he held "substantive talks" with Commerce Secretary Howard Lutnick, U.S. Trade Representative Jamieson Greer and top White House economic adviser Kevin Hassett. Sign up here. Two previous discussions with the Trump officials had yet to alter Trump's plans to raise U.S. import duties to match the rates charged by major trading partners and counteract their non-tariff trade barriers. "The hard work goes on. The EU's priority is a fair, balanced deal instead of unjustified tariffs," Sefcovic said in a post on X , opens new tab. "We share the goal of industrial strength on both sides." A USTR spokesperson did not respond to a request for comment on the discussions. The meetings come as some countries are preparing tariff concessions ahead of Trump's April 2 announcement of the reciprocal tariff plan, a day he has dubbed "Liberation Day" for the U.S. economy from unfair trade practices. Reuters reported on Tuesday that India is open to cutting tariffs on more than half of U.S. imports, valued at $23 billion, in the first phase. India has among the highest trade-weighted average tariff rates at 12.1%, compared to 2.5% for the U.S., according to the World Trade Organization. A U.S. delegation led by Assistant U.S. Trade Representative Brendan Lynch is in New Delhi this week for trade talks with Indian officials from Tuesday through Saturday, the U.S. embassy in New Delhi said. Trump said on Monday he may give "a lot of countries" breaks on tariffs, but provided no details. Trump also said that separate tariffs on autos, pharmaceuticals and aluminum were coming in "the very near future." EU officials have struggled to talk Trump back from a trade war as he embarks on a multi-front tariff offensive expected to draw strong retaliatory measures. Sefcovic said last week that little progress has been made in talks with Washington after Trump imposed 25% tariffs on steel and aluminum imports earlier this month. "They will discuss much of the same issues they've been discussing for the past few weeks, which is EU-U.S. trade relations, and from our perspective, why we should be making every effort on both sides to avoid harmful tariffs and build rather than tear down the EU-U.S. trade and economic relationship, which is the strongest in the world," European Commission spokesman Olof Gill told reporters on Monday. Sefcovic has said that the EU was willing to discuss reducing automotive tariffs on both sides of the Atlantic, including the EU's 10% car tariff and the U.S. 25% truck tariff. NO RUSH FOR CANADA Canadian Prime Minister Mark Carney told reporters in Halifax that Canada was prepared to add retaliatory trade measures against the U.S., depending on Trump's April 2 trade actions. Trump has also threatened to end a month-long tariff reprieve for goods compliant with the U.S.-Mexico-Canada free trade agreement. But Carney said that Canada was not rushing to the negotiating table with Trump, with whom he has not spoken since taking office, adding that he wants "substantive discussions" between sovereign nations -- a reference to Trump's frequent demands that Canada should be annexed by the U.S. "We're not rushing to the table to take something," Carney said. "Serious discussions, sovereign nation to sovereign nation, comprehensive 'Canada strong' against America as equals, and that's when we will get the best deal for Canada." CAUTION ON RELIEF But White House officials have cautioned that countries rushing for early tariff relief were unlikely to avoid them completely, because Trump's reciprocal duty calculations will include non-tariff barriers, currency policies and other factors that are harder to roll back. The EU will delay its first set of counter-measures to mid-April, including a 50% tariff on U.S. bourbon. In response, Trump threatened to slap a 200% tariff on all wines and other alcoholic products from the EU if the bloc imposes retaliatory tariffs. Trump officials, including Treasury Secretary Scott Bessent, have said that much of the reciprocal tariff focus will be on 15 countries that have the highest goods trade surpluses with the U.S. Bessent has referred to these partners as the "Dirty 15." They did not name these, but according to U.S. Census Bureau data, the following trade partners had the largest trade surpluses with the U.S.: China, the EU (as a bloc), Mexico, Vietnam, Taiwan, Japan, South Korea, Canada, India, Thailand, Switzerland, Malaysia, Indonesia, Cambodia and South Africa. In a request for public comments , opens new tab on reciprocal tariffs, the Office of the United States Trade Representative expressed particular interest in submissions for the largest U.S. trade partners, and those with the highest goods trade surpluses. USTR named Argentina, Australia, Brazil, Canada, China, the European Union, India, Indonesia, Japan, Korea, Malaysia, Mexico, Russia, Saudi Arabia, South Africa, Switzerland, Taiwan, Thailand, Turkey, U.K. and Vietnam as being of particular interest, adding that they cover 88% of total goods trade with the U.S. https://www.reuters.com/world/eu-trade-chief-meets-with-trump-officials-try-head-off-harmful-tariffs-2025-03-25/

2025-03-25 20:30

SAO PAULO/RIO DE JANEIRO, March 25 (Reuters) - Brazil is set to face inflationary pressure from rising corn prices, which could overshadow a sharp drop in rice, as President Luiz Inacio Lula da Silva's administration struggles to contain public discontent over high food inflation. Corn prices in the Campinas region have surged past 90 reais ($15.80) per 60-kg bag, the highest nominal level in nearly three years, marking a more than 23% jump year-to-date, according to the widely followed Cepea index from the University of Sao Paulo. Sign up here. That contrasts with paddy rice prices, which have dropped below 80 reais per 50-kg bag in Rio Grande do Sul for the first time since October 2022. Rice prices have slumped due to an expected 15% rise in Brazilian production driven mainly by a recovery of Rio Grande do Sul's harvest, and improved global supply. Conversely, corn prices have climbed amid low starting stocks, robust demand from the ethanol and meat industries, and the development of Brazil's second corn crop amid weather uncertainty. "A major risk for food (inflation) is corn, the main input for poultry, pork, and cattle feed, including both meat and dairy production," consultancy Datagro said on Tuesday. Datagro expects inflation to exceed the 3% official target with a 4.5% upper tolerance band, as food prices weigh on Lula's declining approval ratings. The consultancy estimates corn's surge could push food inflation up by 1.07 percentage points over six months, with a broader impact on consumer prices of up to 0.47 percentage points. A further drop in rice prices, the fifth most significant food item in Brazil's inflation index, could help ease inflation, but the cereal has already declined 3.99% over the past 12 months, economist Andre Braz of FGV IBRE noted. Meanwhile, poultry, beef, and pork prices - which are all impacted by corn costs - have jumped 10.95%, 21.47%, and 20.22%, respectively, he stressed. ($1 = 5.6945 reais) https://www.reuters.com/world/americas/brazil-faces-inflation-risks-surging-corn-prices-eclipse-rice-plunge-2025-03-25/

2025-03-25 20:27

March 25 (Reuters) - GameStop (GME.N) , opens new tab said on Tuesday that its board has unanimously approved the addition of bitcoin as a treasury reserve asset. The decision echoes that of Strategy (MSTR.O) , opens new tab, the largest corporate holder of bitcoin, which in February dropped the word "Micro" from its name and unveiled a new logo, to emphasize its commitment to the cryptocurrency space. Sign up here. Strategy said that the rebranding was "a natural evolution" as it seeks to integrate bitcoin — the world's biggest and best-known cryptocurrency — into the heart of its business operations. The move by GameStop comes shortly after U.S. President Donald Trump's executive order, signed earlier this month, to establish a strategic reserve of cryptocurrencies using tokens already owned by the government. GameStop said it will use a portion of its cash or future debt or equity issuances to be invested in bitcoin, but did not specify the maximum amount of bitcoin it might buy, according to its quarterly filing. It also posted a rise in fourth-quarter profit, helped by its efforts to reduce costs, as it continues to grapple with a slow turnaround in its mainstay of retailing videogame hardware and merchandise. GameStop's fourth-quarter net income more than doubled to $131.3 million, compared to the same period last year, when it posted $63.1 million. The company, once at the center of the "meme stock" trading frenzy, has been struggling with its primary business due to an exodus towards digital downloads, game streaming and e-commerce shopping. However, it has been aggressively cutting costs. It closed 590 stores in the United States in fiscal 2024 and anticipates closing a "significant number" of additional stores in fiscal 2025. It reported fourth-quarter revenue of $1.28 billion, compared to $1.79 billion a year earlier. https://www.reuters.com/technology/gamestop-board-approves-adding-bitcoin-treasury-reserve-asset-reports-rise-2025-03-25/

2025-03-25 19:59

Zelenskiy to ask Trump for weapons if Moscow breaks deals Agreements cover attacks on energy facilities and at sea Ukraine says it does not trust Russia, but will honour accords KYIV, March 25 (Reuters) - Ukrainian President Volodymyr Zelenskiy said a truce with Russia covering the Black Sea and energy strikes was effective immediately on Tuesday, but warned that Moscow was already manipulating and distorting the accords. He said he would ask U.S. President Donald Trump to supply weapons and sanction Russia if Moscow broke the deals. Sign up here. The United States said earlier it had made separate agreements with Kyiv and Moscow to ensure safe navigation in the Black Sea and to implement a ban on attacks on energy facilities in the two countries. "The U.S. side considers that our agreements come into force after their announcement by the U.S. side," Zelenskiy told reporters at a news conference in Kyiv, adding that he did not trust Russia to honour the arrangements. The Ukrainian president, speaking later in his nightly video address, said Russia was already deceiving the world. "Unfortunately, even now, even today, on the very day of negotiations, we see how the Russians have already begun to manipulate," Zelenskiy said. "They are already trying to distort agreements and, in fact, deceive both our intermediaries and the entire world." He said the Kremlin was lying when it said accords on Black Sea shipping were linked to sanctions imposed on Moscow. Ukraine, he said, would do everything to implement the accords, but Russia had to understand that it would "receive a strong response" if it launched strikes. The accords are the first aimed at halting energy strikes since Russia launched its full-scale invasion in February 2022, triggering Europe's biggest conflict since World War Two. The fighting rages on across a 1,000-km (600-mile) front line. 'NO FAITH' In his comments to reporters, the Ukrainian leader said the agreements set out no course of action if Russia broke them and that he would appeal to Trump if that happened. "We have no faith in the Russians, but we will be constructive," he said. He said U.S. officials saw the energy ceasefire as covering attacks on other civilian infrastructure too and that ports should be covered by the Black Sea agreement. Nightly Russian drone attacks have been a feature of life in big Ukrainian cities for months. So have power outages as missiles hammered the power grid. Kyiv has used drones to hit Russian oil refineries to raise the costs for its larger foe. Ukraine, Zelenskiy said, presented U.S. officials during talks with a list of facilities that should be covered by the moratorium on energy strikes. The Kremlin issued a list of Russian and Ukrainian facilities subject to the moratorium on strikes, including oil refineries, oil and gas pipelines and nuclear power plants. The deals were announced following two days of talks in Saudi Arabia between U.S. and Ukrainian officials on the one hand and U.S. and Russian officials on the other. The White House said in a joint statement with Russia that it would help Moscow restore its access to the world market for agricultural and fertiliser exports. Zelenskiy said Ukraine had not agreed to put that in its statement with the U.S. side. "We believe that this is a weakening of position and sanctions," he said. Kyiv will regard any movement of Russian naval vessels beyond the east of the Black Sea as a violation of the spirit of the agreements, said Ukrainian Defence Minister Rustem Umerov on X. In such an event, Kyiv will have the right to self-defence, he said, implying that Ukraine could retaliate. Kyiv, which has used naval drones and missiles to push Russia's fleet back towards the east of the Black Sea, would welcome third countries supporting the implementation of the accords, Umerov said. "The American side really wanted all of this not to fail, so they did not want to go into many details. But in any case we will have to understand answers to each of the details," Zelenskiy said. Zelenskiy said Turkey could potentially be involved in monitoring in the Black Sea while Middle Eastern countries could track the energy truce, though he noted that had not been discussed yet with those countries. Separately, Zelenskiy said the United States had presented Ukraine with an expanded version of a bilateral minerals deal that went beyond the initial framework agreement that the two sides agreed earlier but never signed following an acrimonious Oval Office meeting last month. Zelenskiy said he had not been able to fully review the new proposal in detail yet, but that it did not include greater U.S. involvement in Ukraine's nuclear power sector, something that has been floated by Washington in recent days. https://www.reuters.com/world/europe/ukraine-says-it-agrees-ceasefire-accords-brokered-by-us-2025-03-25/