2025-02-20 21:53

WASHINGTON, Feb 20 (Reuters) - The U.S. Department of Agriculture has suspended a college scholarship program for students from rural and underserved backgrounds who attend historically Black colleges and universities (HBCUs), according to the program website. The 1890 scholars program aims to increase the number of agriculture students at the country's 19 historically Black land-grant universities, which are federally funded and tend to have significant agricultural programs. The website for the program now has a banner saying it is "suspended pending further review." The USDA did not immediately respond to a request for comment on Thursday. The administration of President Donald Trump has issued sweeping executive orders rescinding federal diversity and inclusion efforts. The program provides full tuition, room and board to participants, and the agency spent $19.2 million on scholarships for 94 students in 2024, according to the USDA website. "This is a clear attack on an invaluable program that makes higher education accessible for everybody," said Representative Alma Adams of North Carolina, who founded and co-chairs a congressional HBCU caucus, in a statement. "This program is a correction to a long history of racial discrimination within the land-grant system, not an example of it." It was not immediately clear when the program was suspended. The website banner noting the program's suspension has been on the program site since at least February 16, according to a Reuters review of archived versions of the pages. Sign up here. https://www.reuters.com/world/us/usda-suspends-scholarship-program-historically-black-colleges-website-shows-2025-02-20/

2025-02-20 21:44

Shares on TSX fell by close to half a percent Shares down partly on Walmart's demand concerns Technology, industrial companies drag index down TSX main index up 3% in 2025, climbed 18% in 2024 Feb 20 (Reuters) - Shares on Canada's Toronto Stock Exchange slid on Thursday as Wall Street indexes eased from record highs seen a day before and renewed tariff threat from U.S. President Donald Trump kept investors on edge. The S&P/TSX Composite index (.GSPTSE) , opens new tab fell by 0.44% or 113.24 points to 25,513.61, giving away most of the gains earned this week. Technology and industrial stocks led the drop, even as investors digested solid earnings from some firms. "I think it's really been driven by the Walmart report in the United States," said Jeff Sayer, Portfolio Manager at Ninepoint Partners on the losses seen in TSX. Wall Street's S&P 500 fell on Thursday after heavyweight retailer Walmart (WMT.N) , opens new tab warned of waning consumer demand. The decline infected other big U.S. retailers Costco Wholesale (COST.O) , opens new tab and Target (TGT.N) , opens new tab. Walmart and Costco also operate in Canada. Walmart indicated that consumers were facing an uncertain macroeconomic environment and that pushed many investors, including in Canada, to book profits, Sayer said. The TSX, which gained 18% last year, has already risen by 3% this year, but the journey has been choppy due to a constant threat of tariffs from the U.S. Trump late on Wednesday fired a fresh salvo of tariff threats saying that he would impose duties on imports of lumber and forest products over the next month or sooner, a day after announcing tariffs on cars, computer chips and pharmaceuticals. While investors have been jittery with every new tariff announcement fearing an all-out trade war, Sayer said the market was beginning to discount the threat of future tariffs. Shares in technology companies on the TSX were the biggest losers of the day with the index (.SPTTTK) , opens new tab falling almost 2.17%, dragged down by heavyweight Shopify (SHOP.TO) , opens new tab which fell 3.7% and BlackBerry Ltd (BB.TO) , opens new tab which was down 5.04%. Transportation company TFI International (TFII.TO) , opens new tab lost over a fifth of its market value after it said it would shift headquarters to the U.S. and did not give an earnings forecast. This pulled down the industrial index (.GSPTTIN) , opens new tab by almost 1%. Other main movers were Cenovus Energy (CVE.TO) , opens new tab which lost 2.8% after the oil and gas giant reported a decline in fourth-quarter profits. Nutrien (NTR.TO) , opens new tab gained 0.9% after the top potash producer reported its fourth-quarter results. Manulife Financial (MFC.TO) , opens new tab gained 6.7% after the company saw a 6% increase in quarterly profit and uranium miner Cameco was down 0.4% even as its earnings beat expectations. Globally, investors continued to rush to the refuge of safe-haven gold on concerns of a trade war and the bullion rose by 0.1% to notch a record high of $2,936.38 an ounce. The pan-European stock index (.STOXX) , opens new tab fell 0.2% to a one-week low. Sign up here. https://www.reuters.com/markets/tsx-futures-flat-amid-trumps-new-tariff-threats-2025-02-20/

2025-02-20 21:42

Feb 20 (Reuters) - Newmont (NEM.N) , opens new tab beat analysts' estimate for fourth-quarter profit on Thursday, as the world's biggest gold miner benefited from a rally in bullion prices and higher production. Average price of gold has been rising over the past few quarters and hit multiple all-time highs during the October to December period, as uncertainties surrounding the U.S. presidential election and the Middle East tensions fueled demand for the safe-haven asset. Newmont's quarterly gold production increased 9.2% over the year earlier to 1.90 million ounces, while price was up 31.9% at $2,643 per ounce. All-in-sustaining-costs for gold, an industry metric reflecting total expenses, were down 1.5% at $1,463 per ounce, also aiding the company's earnings. Newmont now expects gold production of about 5.9 million ounces in the current year, above Wall Street estimate of 5.87 million ounces. After buying Australia-based Newcrest for $17.14 billion, Newmont announced in February 2024 that it would divest non-core assets and trim its workforce to cut debt, which was at $5.31 billion as of December 31. Late last year, the company said it would sell its Eleonore mine in Canada to UK-based miner Dhilmar Ltd for $795 million and sell its Musselwhite Gold Mine in Ontario to Orla Mining (OLA.TO) , opens new tab in a deal valued at $850 million. Last month, Gold miner Discovery Silver (DSV.TO) , opens new tab said it would acquire Newmont's stake in Porcupine Operations in Ontario, Canada, for $425 million. On an adjusted basis, Newmont earned $1.40 per share for the quarter ended December 31, compared with analysts' average estimate of $1.08 per share, according to data compiled by LSEG. Sign up here. https://www.reuters.com/markets/commodities/newmont-beats-fourth-quarter-profit-estimate-2025-02-20/

2025-02-20 21:38

WASHINGTON, Feb 20 (Reuters) - The Trump administration said on Thursday it is opening a review into whether to rescind about $4 billion awarded to California's High-Speed Rail project. Voters approved $10 billion for the project in 2008 but the costs have risen sharply and President Donald Trump has sharply criticized the effort. The Transportation Department under former President Joe Biden awarded the project about $4 billion. The full project was initially estimated to cost around $40 billion but has now jumped from $89 billion to $128 billion. California High-Speed Rail Authority CEO Ian Choudri said the agency welcomes the investigation. "With multiple independent federal and state audits completed, every dollar is accounted for, and we stand by the progress and impact of this project," he said. "California’s high-speed rail is 171 miles under active construction, with over 50 major structures completed, 14,700 jobs created, and more than 880 small businesses engaged." In 2021, Biden restored a $929 million grant for California's high-speed rail Trump revoked in 2019, calling the project a "disaster." The Federal Railroad Administration said it had initiated the review at the direction of Transportation Secretary Sean Duffy over the funds to build the segment in the California Central Valley between Merced and Bakersfield. The entire San Francisco-to-Los Angeles project was initially supposed to be completed by 2020 for $33 billion, USDOT said, but the Merced-to-Bakersfield segment alone will cost more than the original total, USDOT said. "For too long, taxpayers have subsidized the massively over-budget and delayed California High-Speed Rail project," Duffy said. "If not, I will have to consider whether that money could be given to deserving infrastructure projects elsewhere in the United States." USDOT cited a report that the Merced-to-Bakersfield segment alone has a funding gap of at least $6.5 billion. Duffy separately praised the $12 billion Brightline West Las Vegas to Southern California high-speed rail project that received $3 billion in USDOT grants under Biden. The Las Vegas to Los Angeles project aims to finish before the 2028 Los Angeles Olympics. Sign up here. https://www.reuters.com/business/autos-transportation/us-opens-probe-into-whether-rescind-4-billion-california-high-speed-rail-grants-2025-02-20/

2025-02-20 21:22

Feb 20 (Reuters) - Block's (XYZ.N) , opens new tab fourth-quarter profit fell short of estimates as spending growth during the holiday season and gains from a post-election surge in bitcoin lagged expectations, sending the payment firm's shares down 8% in extended trading on Thursday. While a robust labor market and steady wage growth have supported consumer spending - bolstered further by holiday travel and retail splurges - uncertainty surrounding trade policy under a new administration and the Federal Reserve's rate cuts has kept sentiment in check. Block's results come on the same day that retail giant Walmart (WMT.N) , opens new tab fueled concerns over consumer spending with a sales and profit forecast for the current year that fell short of Wall Street estimates. Block CEO Jack Dorsey, however, emphasized the payments company's attempts to streamline operations and said investing in artificial intelligence tools was a top priority. "Our number one initiative on our strategic roadmap ... is to invest heavily in building applied AI tools to remove the toil of mechanical tasks," he said. The company reported a profit of 71 cents per share, excluding one-time costs. Analysts had expected a figure of 87 cents per share, according to estimates compiled by LSEG. Its transaction-based revenue was $1.68 billion, compared with the expectations of $1.70 billion. Bitcoin revenue of $2.43 billion also missed estimates of $2.62 billion. Block facilitates bitcoin purchases on its platform by acquiring the cryptocurrency through private broker dealers and reselling it at a small premium. Founded in 2009 as Square before rebranding in 2021, the company is expanding into crypto mining while also deepening its presence in the buy now, pay later market. Sign up here. https://www.reuters.com/business/blocks-profit-jumps-robust-consumer-spending-2025-02-20/

2025-02-20 20:32

WASHINGTON, Feb 20 (Reuters) - Staff at the U.S. farm, environment and interior agencies have been instructed by the Trump administration not to speak with the U.S. Congress, Representative Chellie Pingree said in a letter sent to the agency administrators on Thursday. Pingree, a Democrat, said the disruption in communication strayed from longstanding relationships with agency staff that provide information critical to Congressional decision-making. "These staff have always conducted themselves in a professional way with integrity. Unfortunately, nearly all communication has stopped since President (Donald) Trump took office. My understanding is that these staff have been directed not to communicate with Congress," Pingree wrote in letters sent to Agriculture Secretary Brooke Rollins, Interior Secretary Doug Burgum, and Environmental Protection Agency Administrator Lee Zeldin. Interior Department spokesperson J. Elizabeth Peace said the agency does not comment on congressional communications. An EPA spokesperson said the agency was reviewing the letter. The USDA did not immediately respond to requests for comment. Pingree is the top Democrat on the House of Representatives appropriations subcommittee that oversees the Interior, Environment and related agencies. The letters expressed "outrage" at the firings of thousands of federal workers across the three agencies and requested information by February 27 on the number of terminations and a breakdown by program office, location and other details. "The chaotic manner in which these mass firings were executed will only make the federal government more inefficient," the letters said. Elon Musk's Department of Government Efficiency has fired thousands of federal workers in a matter of days. Sign up here. https://www.reuters.com/world/us/us-agency-staff-told-not-speak-with-congress-lawmaker-says-2025-02-20/