2025-03-11 20:52
BUENOS AIRES , March 11 (Reuters) - Argentine oilseed workers union SOEA will launch a national strike on Wednesday at soybean processing plants belonging to exports conglomerate Vicentin due to a wage dispute, a union leader said on Tuesday. SOEA secretary Martin Morales said the strike will be done together with the Federacion Aceitera organization, adding that Vicentin only paid 30% of wages owed to workers last month. "Today we initiated a measure in all Vicentin plants in San Lorenzo and Ricardone (in Rosario's port area)," he said, stating that on Wednesday the strike will expand nationwide. The measure will be indefinite, a union source told Reuters. Once the country's largest marketer of processed soybeans, which for years have been Argentina's most valuable export, Vicentin has been in bankruptcy proceedings since 2020. The company did not immediately respond to a request for comment from Reuters. Sign up here. https://www.reuters.com/world/americas/argentine-oilseed-workers-go-strike-vicentin-plants-over-wages-2025-03-11/
2025-03-11 20:52
HOUSTON, March 11 (Reuters) - Guyana is considering a plan to export crude oil to the United States for refining and to bring back fuel for domestic supply and possibly for sale to nearby countries, Guyanese President Irfaan Ali said at a conference in Houston on Tuesday. Guyana has one of the world's fastest-growing economies thanks to rapidly rising oil output at the country's prolific offshore oilfields, which are operated by a consortium led by U.S. oil major Exxon Mobil (XOM.N) , opens new tab. The government is entitled to a portion of output as profit oil, which it exports through trading firms that allocate cargoes in different markets, particularly Europe. Guyana does not have refineries, but is discussing projects with companies and the Dominican Republic to build a small refinery. Guyana would do anything to keep regional peace, Ali also said at the CERAWeek conference in Houston, when asked about tension with Venezuela. The South American neighbors are involved in a long-running dispute about which country owns the 160,000-square-km (62,000-square-mile) Esequibo area, which is the subject of an ongoing case at the International Court of Justice "We just ask that Venezuela respect the ICJ and the rule of law," he said. Sign up here. https://www.reuters.com/business/energy/ceraweek-guyana-considers-plan-refine-oil-us-import-fuel-2025-03-11/
2025-03-11 20:49
HOUSTON, March 11 - BP (BP.L) , opens new tab is set to ramp up U.S. natural gas production in its onshore shale operations following the recent rise in domestic gas prices, CEO Murray Auchincloss said on Tuesday. "With rising gas prices, the time has come for the Haynesville" basin in eastern Texas, Auchincloss told the CERAWeek conference in Houston. Benchmark U.S. natural gas prices have more than doubled over the past year to around $4.4 per million British thermal units (mmBtu) as new liquefied natural gas (LNG) export terminals along the Gulf Coast ramped up. Last year, BP produced 434,000 barrels of oil equivalent per day in its onshore U.S. shale operations. Of that, 264,000 boepd was natural gas, mostly associated with crude oil output, according to full-year results. It operated two rigs in the Haynesville basin compared with four rigs in the oil-rich Permian and four more in the Eagle Ford basins. It has 5.5 billion cubic feet of natural gas reserves in the U.S. onshore shale basin. Last month, Auchincloss announced plans to slash investments in renewable energy and increase annual spending on oil and gas to $10 billion, a major strategy shift aimed at boosting earnings and investor confidence. BP now aims to grow oil and gas production to between 2.3 million and 2.5 million boepd in 2030, after scrapping a previous goal to reduce output during the decade. The U.S. will play a central role in the renewed focus on oil and gas, along with the Middle East, Auchincloss said. Last year, BP gave the green light for the development of the Kaskida oilfield in the Gulf of Mexico, which lies in a highly complex geological structure called the Paleogene. BP plans to go ahead with a second Paleogene development, Tiber, later this year, Auchincloss said. "We have a fabulous position here in the Gulf of America. In the Paleogene we have 10 billion barrels (of oil and gas resource) in place," he said. BP plans to explore for further resource in the basin, he said. "We think this is the next wave of development in the Paleogene in the Gulf of America." Sign up here. https://www.reuters.com/business/energy/ceraweek-time-has-come-ramp-up-us-gas-output-bp-ceo-says-2025-03-11/
2025-03-11 20:48
US job openings rise to 7.74 million in January Kohl's slides on bleak annual sales forecast Airlines weigh on Dow transports Indexes down: Dow 1.14%, S&P 0.76%, Nasdaq 0.18% NEW YORK, March 11 (Reuters) - U.S. stocks fell on Tuesday, adding to the biggest selloff in months, as investors worried about the impact of the latest tariff threats on the global economy. Trading was volatile, following conflicting tariff updates, while progress toward a ceasefire between Ukraine and Russia briefly lifted equities. The S&P 500 index (.SPX) , opens new tab dropped as low as 5,528.41 points, briefly marking a 10% fall from its record closing high of 6,144.15 on February 19, which is commonly known as a market correction. President Donald Trump said he would double tariffs set to take effect within hours on all imported Canadian steel and aluminum products to 50%. The latest tariff threat added to investor unease that Trump's trade policies, which include tariffs against Canada, Mexico and China, could trigger an economic slowdown or cause a recession. On Monday, the S&P 500 recorded its most significant one-day drop since December 18, wiping out just over $1.3 trillion in market value, and a staggering $4 trillion from its recent peak. The tech-heavy Nasdaq confirmed a 10% correction late last week. The benchmark S&P index is down more than 3.4% over the past two sessions, its largest drop since early August. "That creates just angst and nervousness in the market, so you're going to continue to get the 'shoot first, ask questions later' type of reaction, which is exactly what you're getting," said Ken Polcari, chief market strategist at SlateStone Wealth in Jupiter, Florida. Stocks gained some traction after the U.S. agreed to resume military aid and intelligence sharing with Ukraine immediately after talks in Saudi Arabia in which Kyiv voiced readiness to accept a U.S. proposal for a 30-day ceasefire in its conflict with Russia, the countries said in a joint statement. Adding to the positive momentum, Ontario's premier said he had agreed to suspend the Canadian province's 25% surcharge on exports of electricity to Michigan, New York and Minnesota. "The market's looking for something to get hopeful about after the last week or so, but we always say it's hard to make changes based on something that might happen," said Chris Fasciano, chief market strategist at Commonwealth Financial Network in Waltham, Massachusetts. "So until you see an idea, whether it's Russia, Ukraine, or whether you see what tariffs are finally going to be or what government spending is finally going to be, it's hard to make wholesale changes in portfolios." The Dow Jones Industrial Average (.DJI) , opens new tab fell 478.23 points, or 1.14%, to 41,433.48, the S&P 500 (.SPX) , opens new tab lost 42.49 points, or 0.76%, to 5,572.07 and the Nasdaq Composite (.IXIC) , opens new tab lost 32.23 points, or 0.18%, to 17,436.10. Global markets have been upended since Trump sparked back-and-forth tariff moves against major trading partners while recent economic data has indicated the economy may be softening. A reading on consumer prices on Wednesday will show if progress is being made on tamping down inflation. Meanwhile, a U.S. Labor Department report showed job openings increased in January. Each of the 11 major S&P sectors was lower, although technology (.SPLRCT) , opens new tab and consumer discretionary (.SPLRCD) , opens new tab sectors, the two worst performing sectors on the year, saw the smallest declines. Tariff uncertainty has also weighed on consumer sentiment, with company executives increasingly flagging the impact it can have on upcoming earnings. Kohl's (KSS.N) , opens new tab forecast a bigger-than-expected drop in annual comparable sales, sending the retailer's shares plummeting 24.1%. Dick's Sporting Goods (DKS.N) , opens new tab dropped 5.7% after the retailer forecast downbeat annual results. Delta Air Lines (DAL.N) , opens new tab stumbled 7.3% after the carrier slashed its first-quarter profit estimates by half. American Airlines (AAL.O) , opens new tab slumped 8.3% after the carrier forecast a bigger-than-expected first-quarter loss. Weakness in the airlines helped send the Dow transportation index (.DJT) , opens new tab down 3.1%. Oracle (ORCL.N) , opens new tab lost 3.1% after the cloud company missed quarterly revenue estimates. Citi became the latest brokerage to revise its stance on U.S. stocks, downgrading its recommendation to "neutral." Declining issues outnumbered advancers for a 1.6-to-1 ratio on the NYSE and by a 1.1-to-1 ratio on the Nasdaq. The S&P 500 posted four new 52-week highs and 17 new lows, while the Nasdaq Composite recorded 22 new highs and 352 new lows. Volume on U.S. exchanges was 19.01 billion shares, compared with the 16.56 billion average for the full session over the last 20 trading days. Sign up here. https://www.reuters.com/markets/us/futures-edge-higher-after-wall-st-selloff-jobs-data-awaited-2025-03-11/
2025-03-11 20:47
TSX ends down 0.5% at 24,248.20 Posts lowest closing level since October 31 Consumer-related stocks lead declines Resource shares rally March 11 (Reuters) - Canada's main stock index extended its recent declines on Tuesday, including losses for financial and consumer-related shares, as the implementation of U.S. tariffs grew more unpredictable and investors prepared for a slowdown in economic growth. The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) , opens new tab ended down 132.51 points, or 0.5%, at 24,248.20, its lowest closing level since October 31. U.S. stocks also closed lower as a threat of fresh U.S. tariffs contributed to volatility. U.S. President Donald Trump ramped up a burgeoning trade war with Canada, vowing to double tariffs set to take effect within hours on all imported steel and aluminum products from America's northern neighbor to 50%, although he later said he would likely lower them after Canadian officials agreed to talks. "The market is anticipating a slowdown in future growth and it's trying to price it in," said Allan Small, senior investment advisor at Allan Small Financial Group with iA Private Wealth. A Reuters poll on Friday found that recession risks were mounting for the U.S., Mexico and Canada. The Bank of Canada has lowered its benchmark interest rate by two percentage points since June to support the domestic economy. Investors expect the central bank to ease by a further 25 basis points on Wednesday. The consumer staples sector fell 2.8%, with shares of food retail company Empire Company Ltd (EMPa.TO) , opens new tab down 3.4%. Consumer discretionary was down 1.8%, industrials lost 1.4% and heavily weighted financials ended 1.4% lower. Resource shares helped limit the TSX's losses. The materials sector, which includes fertilizer companies and metal mining shares, added 2.7% as gold and copper prices rallied. Energy rose 0.7% as the price of oil settled 0.3% higher at $66.25 a barrel. Sign up here. https://www.reuters.com/markets/tsx-futures-rise-after-mondays-selloff-2025-03-11/
2025-03-11 20:41
March 11 (Reuters) - The U.S. Department of Agriculture will comply with the Wednesday deadline issued by a federal board to temporarily reinstate its fired probationary employees, according to an agency statement. The Merit Systems Protection Board, an agency that hears appeals from federal employees when they are fired or disciplined, on March 5 told the USDA that it must temporarily reinstate nearly 6,000 probationary workers who were fired as part of President Donald Trump's cuts to the federal workforce. The order required the workers to be reinstated for 45 days. "By Wednesday, March 12, the Department will place all terminated probationary employees in pay status and provide each with back pay, from the date of termination," the statement said. "The Department will work quickly to develop a phased plan for return-to-duty, and while those plans materialize, all probationary employees will be paid," it said. More than half of the fired workers were in the Forest Service, a USDA agency that manages national forests and responds to wildfires. Federal agencies are required this week to submit plans to further reduce staffing. Sign up here. https://www.reuters.com/world/us/usda-says-it-will-reinstate-fired-probationary-workers-by-wednesday-deadline-2025-03-11/
