2025-03-04 00:13

March 3 (Reuters) - U.S. President Donald Trump has named five cryptocurrencies he wants to be part of a new strategic reserve - in other words, crypto holdings owned by the U.S. government. In a post on Truth Social on Sunday, Trump announced that his January executive order on digital assets would create a stockpile of XRP , SOL and ADA currencies, surprising traders by choosing three lesser-known tokens and sending their prices soaring. Later on Sunday, Trump added that bitcoin and ether , the two biggest cryptocurrencies, would be included in the reserve. Here is what we know about the tokens, in the order Trump named them: 1. XRP Created by the U.S. crypto company Ripple, XRP is the world's third-biggest cryptocurrency, with $140 billion of the tokens in circulation, and each token worth around $2.40, according to CoinGecko data. Ripple has touted XRP as a way to help transfer funds around the world faster and more cheaply than other cryptocurrencies including bitcoin. Like other tokens, its price has been volatile. Ripple is a major player when it comes to crypto lobbying. It donated $45 million to a lobbying group that tried to influence the U.S. elections in favour of the crypto industry, according to OpenSecrets. In January, its CEO Brad Garlinghouse posted a photo of himself alongside Trump, saying they had enjoyed a "Great dinner". For years, the company was locked in a legal battle with the U.S. Securities and Exchange Commission over whether its sales of XRP in 2012 counted as an unregistered securities offering. Ripple mostly won that case, though the SEC did have a partial victory. Asked for comment on Monday, a Ripple spokesperson referred Reuters to a tweet Garlinghouse published on X on Sunday in which he said he appreciated Trump's "vision of a govt digital asset reserve representative of the industry." Ripple's President Monica Long told Reuters in June that the PAC that Ripple had donated to was bipartisan and focused on supporting candidates who back the regulations desired by the crypto industry. 2. SOL SOL is the name of the token that runs on a blockchain called Solana. That blockchain is often used to launch meme coins - including Trump's own cryptocurrency, which the president unveiled in January. With around $73 billion worth of tokens in circulation, CoinGecko data puts it as the sixth-biggest cryptocurrency. It has been volatile and lost most of its value in 2022, hurt by its association with former FTX CEO Sam Bankman-Fried. Although Solana was not directly related to the now-collapsed crypto exchange, Bankman-Fried frequently praised the token. A relatively newer player in crypto, Solana saw the price of its token soar in 2021 when it was talked up as a rival to ether and because of its use in the then-booming market in non-fungible tokens (NFTs). Solana's website says it is managed by "Solana Foundation", which describes itself as a non-profit foundation based in Zug in Switzerland. Lily Liu and Daniel Albert are listed as the foundation's executive directors. Reuters was not able to immediately reach those connected with Solana. 3. ADA ADA runs on a blockchain called Cardano. It was founded in 2015 by Charles Hoskinson, a well-known U.S. tech entrepreneur and co-founder of the Ethereum blockchain project. There is $31.4 billion worth of ADA tokens in circulation, according to CoinGecko, making it the eighth-biggest cryptocurrency. The token's price was the biggest gainer after Trump's announcement, briefly soaring more than 70% above its level on Friday. Cardano's website lists five entities, including a Switzerland-based non-profit, called the Cardano Foundation, and a for-profit arm, called Emurgo. Cardano did not immediately respond to a request for comment. 4. Bitcoin The first and biggest cryptocurrency, bitcoin started circulating in 2009, created by a mysterious figure identified only as Satoshi Nakamoto. Just like other cryptocurrencies, bitcoin is primarily a way to move money between people without using intermediaries such as banks. One individual bitcoin costs around $86,000 and there are around $1.7 trillion worth of the tokens in circulation, CoinGecko data shows, meaning it accounts for more than half of the $3 trillion in nominal value of all digital currencies. Bitcoin surged last year, helped by the U.S. SEC in January 2024 allowing it to be included in exchange-traded funds and by Trump's election in November, which raised expectations for a wave of pro-crypto regulation. 5. Ether Ether is the cryptocurrency of the Ethereum blockchain, which seeks to be a major player in decentralised finance (DeFi) - the name given to the use of blockchain technology to offer financial services without intermediaries. Founded in 2013-2014 by Vitalik Buterin and others to compete with bitcoin, its token, ether, trades at a fraction of bitcoin's price but is still the second-biggest cryptocurrency. World Liberty Financial, a crypto company Trump and his sons announced last year, has issued digital tokens on the Ethereum blockchain that it has so far sold for over $500 million. World Liberty said in February it was unveiling a strategic token reserve designed to bolster bitcoin, ethereum and other cryptocurrencies "that are at the forefront of reshaping global finance." The Ethereum Foundation did not immediately respond to a request for comment. Sign up here. https://www.reuters.com/technology/five-cryptocurrencies-trump-wants-us-hold-reserve-2025-03-04/

2025-03-04 00:09

LONDON, March 4 (Reuters) - British retailers will likely push up their prices in the coming months in response to higher employment costs in April, according to a survey on Tuesday which showed a rebound in prices in February after the end of January sales. The British Retail Consortium said shop prices in February were 0.7% lower than a year earlier - the same annual fall as in January. But prices rose by 0.4% in monthly terms in February following a 0.4% fall in January - the biggest month-on-month increase in a year after a rise in food prices and an end to seasonal sales promotions for electrical goods and furniture. BRC chief executive, Helen Dickinson, said shop prices will likely rise further as retailers face a 7 billion pound ($8.88 billion) rise in annual costs this year due to a nearly 7% rise in the minimum wage, packaging levies and an increase in payroll taxes announced in finance minister Rachel Reeves' October budget. The changes, which will come into effect on April 1, have raised questions about how far the higher costs for firms will feed into prices. Britain's headline rate of inflation hit a 10-month high of 3.0% in January and the Bank of England forecasts it will reach 3.7% in the third quarter of this year. The BRC said food inflation rose to 2.1% last month, its highest rate since September last year when it stood at 2.3%, reflecting higher prices for foodstuffs including butter, cheese, eggs, bread and cereals. Climbing global coffee prices looked set to push up prices next, it added. "We expect food prices to be over 4% up by the second half of the year," Dickinson said. "If government wants to keep inflation at bay, enable retailers to focus on growth, and help households, it must mitigate the swathe of costs facing the industry." Prices of non-food items fell by 2.1%, a bigger annual drop than January's 1.8% decrease despite a 0.5% rise in prices on the month. ($1 = 0.7885 pounds) Sign up here. https://www.reuters.com/world/uk/uk-prices-rise-retailers-pass-higher-employment-costs-brc-says-2025-03-04/

2025-03-04 00:03

Stocks fall further after Trump announces tariffs ISM manufacturing PMI at 50.3 in February Intel erases early gains, closes lower Indexes end down: Dow -1.48%; S&P -1.76%; and Nasdaq -2.64% NEW YORK, March 3 (Reuters) - Wall Street's main stock indexes closed sharply lower on Monday after President Donald Trump announced the start of 25% tariffs on Canada and Mexico, with the S&P 500 posting its biggest daily percentage decline since December 18. Stocks had already slipped after an ISM survey, and they extended losses after Trump said 25% tariffs on Canada and Mexico will go into effect on Tuesday with reciprocal tariffs starting April 2. He said the North American countries had "no room left" to avert the tariffs. "Markets were looking for another 11th hour deal to further delay tariffs, but aren't going to get one this time," said Jamie Cox, managing partner at Harris Financial Group. "The threat of tariffs has run its course for now, so the next phase is to endure them. Markets have to price that reality, and those numbers are painted red." The ISM survey showed manufacturing PMI slipped to 50.3 last month from 50.9 in January, while the forward-looking new orders index contracted to 48.6 in February from 55.1 in January. The dip in the PMI mirrored declines in other sentiment measures as investors worried about tariffs. "I think it's just more of a continuation of a string of bad economic news that tends to put a little bit of a dampener on the optimism that we saw from the fourth quarter earnings that were getting released, which were pretty good," said James St. Aubin, chief investment officer at Ocean Park Asset Management in Santa Monica, California. Energy (.SPNY) , opens new tab and technology (.SPLRCT) , opens new tab sectors led declines among the S&P 500's 11 sectors, with most megacap growth sectors ending down including chip giant Nvidia (NVDA.O) , opens new tab - which is down 8.7%. Amazon (AMZN.O) , opens new tab closed down 3.4%. Defensive sectors such as Real estate (.SPLRCR) , opens new tab, healthcare (.SPXHC) , opens new tab, Utilities (.SPLRCU) , opens new tab and consumer staples (.SPLRCS) , opens new tab finished higher. The Dow Jones Industrial Average (.DJI) , opens new tab fell 649.67 points, or 1.48%, to 43,191.24, the S&P 500 (.SPX) , opens new tab lost 104.78 points, or 1.76%, to 5,849.72 and the Nasdaq Composite (.IXIC) , opens new tab lost 497.09 points, or 2.64%, to 18,350.19. Recent reports of softening consumer demand have spurred fears of an economic slowdown and higher inflation. Trump is also expected on Tuesday to raise fentanyl-related tariffs on Chinese imports to 20% from 10% currently, unless Beijing ends fentanyl trafficking into the U.S. U.S.-listed shares of Chinese companies fell, with Nio tumbling 8.6% and JD.com dropping nearly 4%. Worries about sticky inflation have made the Federal Reserve more cautious on interest rate cuts, but this week's employment and business activity data could change the central bank's view. Traders have been betting on at least two interest rate cuts of 25 basis point each from the Fed by December, according to data compiled by LSEG. Tesla (TSLA.O) , opens new tab erased early gains and ended down 2.84%. Morgan Stanley had reinstated the stock as "top pick" among U.S. autos. Chipmaker Intel (INTC.O) , opens new tab closed lower by 4%, erasing gains that came in early trade after a report that chip designers Nvidia (NVDA.O) , opens new tab and Broadcom (AVGO.O) , opens new tab were running manufacturing tests with the company. Declining issues outnumbered advancers by a 1.91-to-1 ratio on the NYSE. There were 195 new highs and 316 new lows on the NYSE. The S&P 500 posted 57 new 52-week highs and 27 new lows while the Nasdaq Composite recorded 58 new highs and 453 new lows. The CBOE Volatility Index (.VIX) , opens new tab, also known as Wall Street's fear gauge, rose as high as 24.31 points, touching its highest since December 20. Sign up here. https://www.reuters.com/markets/us/futures-edge-up-with-economic-data-tariffs-focus-2025-03-03/

2025-03-04 00:01

NEW YORK, March 3 (Reuters) - The maker of Reynolds Wrap aluminum foil must face a proposed class action claiming it misled consumers who wanted to "buy American," by falsely claiming that its foil was "Made in USA," a U.S. judge ruled on Monday. U.S. District Judge Andrew Carter in Manhattan said consumers can try to prove that Reynolds Consumer Products (REYN.O) , opens new tab violated New York state consumer protection laws by using false and misleading packaging for its namesake foil. Reynolds and its lawyers did not immediately respond to requests for comment. According to the complaint filed last March, substantially all bauxite in Reynolds' foil comes from outside the United States, where little of the ore is produced, and much of it is eventually transformed into aluminum outside the United States. This made Reynolds' "Foil Made in USA" claim false and misleading to reasonable consumers, because they would spend more on products "made in America," the complaint said The plaintiff, Anaya Washington of Bronx, New York, said she bought Reynolds Wrap at Target and other stores, believing the brand as trustworthy and familiar as Kleenex and Vaseline, and wouldn't have bought the foil had she knows where it came from. In seeking a dismissal, Reynolds said Washington relied on generic "overpayment" accusations rather than show harm. It also called the case "another lawyer-driven class action seeking to profit from a truthful 'Made in the USA' statement." But the judge said Washington plausibly alleged she paid more than she would have but for the "Foil Made in USA" label. The lawsuit seeks at least $5 million of damages. Many lawsuits accuse companies of using imprecise labeling that induces shoppers to pay more, including through appeals to their patriotism. In 2021, the U.S. Federal Trade Commission adopted a "Made in USA Labeling Rule , opens new tab" to protect businesses and consumers from being misled over product origins. U.S. President Donald Trump, meanwhile, is encouraging global businesses to manufacture more products in the United States. Washington's lawyer did not immediately respond to a request for comment. The case is Washington v Reynolds Consumer Products LLC, U.S. District Court, Southern District of New York, No. 24-02327. Sign up here. https://www.reuters.com/legal/reynolds-wrap-maker-must-face-lawsuit-over-made-usa-claim-2025-03-03/

2025-03-03 23:56

Over 1,000 protest NOAA layoffs in Boulder, Colorado Cuts jeopardize weather forecasts and warnings, say NOAA scientists Protesters argue NOAA cuts should be bipartisan issue BOULDER, Colorado, March 3 (Reuters) - Over 1,000 protesters gathered outside a National Oceanic and Atmospheric Administration building in Boulder, Colorado, on Monday, decrying Trump administration layoffs of what two current employees said were upward of 10% of scientists there. The protest was organized by former U.S. Congressman David Skaggs, a Colorado Democrat for whom the NOAA building in Boulder is named. He said amid the boisterous demonstration that he had expected perhaps 100 people to show up, but police at the rally put the figure at over 1,000. Skaggs said the far larger turnout represented the angst Americans are feeling as President Donald Trump's administration abruptly remakes the federal government, cutting staff and costs across the bureaucracy. "I was in church yesterday and I wept for my country, it is overwhelmingly sad and distressing," Skaggs said. "We need to take a deep breath and gather our courage and stand up for what we know is right." The Trump administration last week fired over 800 NOAA workers, according to Congressional sources. At the rally in Boulder, two current NOAA employees who have not been fired estimated that 10% of the roughly 800 NOAA employees in Boulder were dismissed last week. The two employees asked not to be named, citing fears that they would lose their jobs. The two and other scientists say cuts to NOAA put into jeopardy the quality and timeliness of everything from space weather forecasts used to predict disruptions to satellite operations and power grids, among other things, to life-saving wildfire, tornado and hurricane warnings. Susan McLean, a retired manager at NOAA in Boulder, was at the protest and said the summary dismissal of NOAA workers would make it more difficult to attract talented scientists to federal jobs. "We used to attract people even with our lower pay because we had a good mission and it was a mission valued by the public," McLean said. McLean said that she was at NOAA during the last serious effort at downsizing the federal workforce, under former President Bill Clinton. At that time, the cutbacks were done in tandem with managers at the various federal agencies and carried out over a number of years to avoid disruptions to vital services. "Those cuts were done with a scalpel," McLean said. "This is being done with a wrecking ball. It's indiscriminate and it's without thought." The governor's seat and both houses of the state legislature in Colorado are controlled by Democrats, and 76.5% of Boulder County voters picked former Vice President Kamala Harris versus 20.8% Trump in last year's election. "This protest is a manifestation of how frustrated people are," said Brenna Raeder, a demonstrator holding a "National Weather Service Saves Lives" sign. "It's completely insane that we would defund these vital services, including the wildfire forecasts that save lives right here in Colorado." Demonstrators said the defense of science against the Trump administration's aggressive cuts in the federal workforce should be a bipartisan cause. NOAA did not reply to an emailed request for comment on the layoffs nor how many people at its Boulder offices had been fired. Project 2025, a series of detailed conservative policy proposals whose ideas and thinkers have surfaced repeatedly as the Trump administration takes shape, says NOAA "has become one of the main drivers of the climate change alarm industry and, as such, is harmful to future U.S. prosperity." Project 2025 called for NOAA to be broken up and downsized. In Silver Spring, Maryland, at another NOAA location, another 1,000 protesters were asking for the reinstatement of fired NOAA scientists. "NOAA is critical to safe seafood that we eat, to weather forecasts involving dangerous hurricanes. A million different ways NOAA is a critical part of our lives and we need to keep this agency strong," demonstrator Mike Tidwell said. Sign up here. https://www.reuters.com/markets/commodities/over-1000-protest-noaa-scientist-layoffs-colorado-2025-03-03/

2025-03-03 23:21

WASHINGTON, March 3 (Reuters) - The United Nations Environment Programme on Monday said a new round of negotiations toward a global plastics treaty will take place from August 5 to 14 in Geneva, Switzerland, after countries failed to agree on the parameters of a final agreement last December in Busan, South Korea. The fifth U.N. Intergovernmental Negotiating Committee (INC-5) meeting intended to yield a legally binding global treaty in Busan was meant to be the final one, but countries remained far apart on the basic scope of a treaty and could agree only to postpone key decisions to the new session that will be dubbed INC 5.2. The most divisive issues that prevented a final deal in Busan included capping plastic production, managing plastic products and chemicals of concern, and financing to help developing countries implement the treaty. More than 100 countries backed a treaty draft that would have created a path for a global plastic production reduction target, while a competing proposal backed by oil and petrochemical-producing states omitted production caps. Achieving agreement could face more headwinds when countries reconvene in Switzerland under a geopolitical landscape that has been transformed by strained diplomacy. The U.S. under President Donald Trump withdrew from the Paris climate agreement. Washington under Trump also cut off financing to other countries for programs to fight climate change, and has begun implementing tariffs on countries including allies like Canada and Mexico. The EU has shown signs of weakening some of its climate-focused policies, such as giving automakers more time to comply with new emissions targets, relaxing sustainability reporting requirements and widening exemptions for its border carbon levy. The last round of UN climate talks in Baku, Azerbaijan showed that climate cooperation was already fraying, with countries managing to agree on $300 billion a year global finance target that was panned by several countries like India. Sign up here. https://www.reuters.com/sustainability/climate-energy/un-sets-date-extra-session-finalize-plastics-treaty-2025-03-03/