2025-02-13 22:42
MELBOURNE, Feb 14 (Reuters) - Global Lithium Resources (GL1.AX) , opens new tab has appointed Dianmin Chen to run the company, after its executive chairman stepped down and shareholders approved a new board that wants to go ahead with developing its key lithium project in Western Australia. Former Executive Chairman Ron Mitchell had turned to regulators to try to stop what he alleged was an undisclosed association among China-linked shareholders unlawfully seeking to take control of the company and its Manna lithium project. Management froze development of the project late last year amid a protracted downturn in the battery raw material market, but some of Global Lithium's biggest shareholders opposed the company's strategy. The battle posed a test for the Australian government which is pushing for critical minerals projects to drive economic growth and boost security links with the United States, its key global ally, while not wanting to anger its top resources customer, China. Following Thursday's board overhaul, the company said it will prioritise finalising a native title mining agreement with the Kakarra Part B Native title group, ahead of seeking a mining lease and completing a financial feasibility study. It said it is also seeking a new chairman as it looks to "rebuild trust" with potential project partners. A 10-year supply agreement with China lithium chemicals maker Canmax Technologies (300390.SZ) , opens new tab expired in December. Mitchell tendered his resignation and former chief financial officer Matthew Allen withdrew his nomination for director on Thursday after it became apparent the Australian government was not going to intervene to stop the vote. He had alleged China-linked shareholders may have violated Australia's takeover laws and the foreign takeovers act in reports to Australia's Treasury last year as well as in filings to the Australian Securities Exchange, the Western Australian Supreme Court, and Australia's Takeovers Panel. The Takeovers Panel twice declined to review the allegations, but Australia's Treasurer was still keeping a close eye on the situation, The Australian newspaper reported. The Treasurer's office did not immediately respond to a request for comment. Global Lithium shareholders backed Perth-based businessman Liaoliang (Leon) Zhu, who controls the company's third largest shareholder Sincerity Group, and mining executive Xiaoxuan (David) Sun, to join the board, the company said in an exchange filing. Both Chen and Zhu are Australian citizens, the filing said. Sign up here. https://www.reuters.com/markets/commodities/global-lithium-resources-says-dianmin-chen-appointed-managing-director-ceo-2025-02-13/
2025-02-13 21:48
Feb 14 (Reuters) - A look at the day ahead in Asian markets. A rally in U.S. stocks and bonds looked counterintuitive after PPI headlines appeared to be the second hot inflation read this week, but, under the hood, key components looked more like they were moving the direction the Fed and Wall Street want. But even while investors in New York markets lifted the S&P 500 (.SPX) , opens new tab a percent and the Nasdaq (.IXIC) , opens new tab more than that on Thursday, continued gains on Asia bourses Friday are hardly assured, given the challenge of navigating the twists and turns from President Donald Trump as he pushes for a peace deal in Ukraine while setting up for a global trade war. The prospect of Russia-Ukraine peace talks helped foster the risk-on mood in stocks, while the inflation news with potential dovish implications for Fed officials reversed Wednesday's bond slump and the yield on the 10-year Treasury note fell almost 10 basis points to around 4.53%. The bigger-than-forecast 0.4% rise in January's Producer Price Index followed Wednesday's news that consumer prices accelerated by the most in nearly 1-1/2 years in January. But some details suggested a more moderate increase in January in the PCE price index that is closely tracked by the U.S. central bank for its 2% target. For instance, physician's office and hospital prices were either broadly unchanged or rose just slightly. Healthcare, with a nearly 20% weighting in the core PCE, declined 0.06%. Portfolio management prices, another important item on core PCE, posted a modest 0.4% increase. Following the PPI data, U.S. rate futures priced in 31 bps of easing this year, compared with 27 bps late on Wednesday, according to LSEG calculations. The next rate reduction is expected either at the October or December meeting. Russia said on Thursday that Ukraine would "of course" be involved in talks to end the war, but there would be a separate U.S.-Russian strand to the negotiations. Ukraine and its European allies meanwhile demanded that they be included in any peace negotiations. The markets took in stride Trump's oft-promised roadmap for charging reciprocal tariffs on every country that puts duties on U.S. imports, his latest trade salvo directed at American friends and foes. The dollar pared losses a tad on the tariff headlines and against the yen it was trading at 152.97 yen late in the day, down about 0.9%. The stronger yen in recent weeks has been a negative for the Nikkei (.N225) , opens new tab but weakness in Asia Thursday was cited as a reason for the index's 1.28% gain. Meanwhile, Indian Prime Minister Narendra Modi will meet Trump on Thursday, hoping concessions on tariffs, fresh business deals and the prospect of cooperation on China will win the U.S. president's favor. Here are key developments that could provide more direction to markets on Friday: - South Korea unemployment (Jan) - Malaysia GDP (Q4) - US Retail Sales (Jan) Sign up here. https://www.reuters.com/markets/asia/global-markets-view-asia-2025-02-13/
2025-02-13 21:42
Feb 13 (Reuters) - A federal judge in Washington, D.C., on Thursday put the U.S. Securities and Exchange Commission's civil lawsuit against Binance on hold for 60 days, granting a joint request by the regulator and the world's largest cryptocurrency exchange. U.S. District Judge Amy Berman Jackson issued her order after both parties on Monday said a new SEC task force to review cryptocurrency regulation may "impact and facilitate the potential resolution of this case." Created last month, the SEC task force is led by Republican Commissioner Hester Peirce, a strong cryptocurrency supporter. The SEC sued Binance and founder Changpeng Zhao in June 2023, accusing the exchange of artificially inflating trading volumes, diverting customer funds and misleading investors about its surveillance controls. President Donald Trump, a Republican, has pledged to make the United States a global hub for the cryptocurrency industry. He has nominated Paul Atkins, a Washington lawyer seen as crypto-friendly, to become SEC chair. Atkins would replace Gary Gensler, who drew much industry opposition for favoring greater cryptocurrency regulation and reining in what he called the industry's "Wild West" mentality. Sign up here. https://www.reuters.com/legal/us-sec-case-against-crypto-exchange-binance-put-hold-2025-02-13/
2025-02-13 21:42
NEW YORK, Feb 13 (Reuters) - U.S. senators reintroduced a bipartisan bill on Thursday that would allow nationwide sales of gasoline with a higher blend of ethanol year-round, a plan that has the support of a leading oil trade group. Senator Deb Fischer, a Republican from Nebraska, introduced the bill with senators including Tammy Duckworth, a Democrat from Illinois, and said it would do away with patchwork regulations that would have the blend containing 15% ethanol, known as E15, only available in certain areas of the U.S. Year-round sales of E15 have been long sought by the biofuel industry and corn farmers, who would benefit from the increased market. Fischer and Democratic Senator Amy Klobuchar from Minnesota first introduced the bill in 2023. The government currently restricts sales of E15 gasoline in summer months due to environmental concerns over smog, which the biofuel industry says are unfounded. The legislation, if passed, would likely nullify a request from Midwestern governors that would allow expanded sales of E15 in their states, starting later this year. That request, approved in February 2024 by the Biden administration, is less appealing to industry players than the nationwide legislation, as some groups fear it could prompt localized fuel price spikes and supply issues. The American Petroleum Institute, an oil trade group that has at times been at odds with the biofuel industry, said it supported Fischer's legislation. "Year-round, nationwide E15 sales will prevent a confusing patchwork of state regulations and give consumers reliable access to the fuels they use every day," said Will Hupman, API's vice president of downstream policy. The biofuel industry was pleased. "This bill would bring long-overdue certainty to the marketplace, save consumers money, drive growth across the heartland, and reinforce American energy dominance," said Emily Skor, CEO of U.S. biofuel trade association Growth Energy. Sign up here. https://www.reuters.com/business/energy/us-senators-reintroduce-bill-allow-year-round-nationwide-e15-sales-2025-02-13/
2025-02-13 21:41
EPA chief targets $20bln Biden-era climate fund Zeldin requests Inspector General, Congress, DOJ to end contracts Democrats argue dismantling funding needs Congressional approval WASHINGTON, Feb 13 (Reuters) - The head of the U.S. Environmental Protection Agency is seeking to end contracts agreed by the previous administration to distribute $20 billion in grants to fund clean energy and transportation projects in disadvantaged communities, he said on Thursday. EPA Administrator Lee Zeldin said in a message posted on X that he will ask the Inspector General, Congress, and Justice Department to work with the agency to end the contracts agreed with eight regional organizations that were named financial agents, and to rescind grant money awarded under the Biden EPA's Greenhouse Gas Reduction Fund. Last April, the Biden EPA said the organizations would oversee the awarding of grants to groups and communities for projects ranging from home energy retrofitting to off-grid renewable energy in communities that have lacked access to green financing. As part of the actions authorized by the Inflation Reduction Act and bipartisan infrastructure bill, the aim was to kickstart projects over the next seven years to reduce or avoid up to 40 million metric tons of climate pollution annually. Under the Trump administration, the EPA has been attempting to freeze funding related to climate change and environmental justice, and has been met with legal challenges. Across the government, Trump's orders have restrained at least tens of billions of dollars of funding for clean energy projects, conservation initiatives and transportation projects across the country, even violating a court order that required the funding freeze to be lifted. Democratic lawmakers and groups suing the administration say that dismantling the funding will likely require Congressional backing. "If Donald Trump wants to gut funding that is creating good-paying energy jobs all over our country, he can come to Congress and win the votes he needs to do that," Washington State Democratic Senator Patty Murray said on a press call. Zeldin in a video on X criticized the way the money was being disbursed under former President Joe Biden. "It was purposefully designed to obligate all of the money in a rush job with reduced oversight," he said. The eight funding organizations declined to comment as they await more details about the EPA's actions. On Thursday, Zeldin also announced the cancellation of a $50 million grant to a group called the Climate Justice Alliance, citing its pro-Palestinian messaging on its website. The CJA said on Wednesday it would sunset its $50 million UNITE_EJ grantmaking program because it had not been able to access the funding that the Biden EPA had obligated to the group but not yet disbursed. Sign up here. https://www.reuters.com/business/environment/epa-chief-seeks-claw-back-20-billion-climate-funding-2025-02-13/
2025-02-13 21:40
Feb 13 (Reuters) - Crypto exchange Coinbase (COIN.O) , opens new tab beat estimates for fourth-quarter profit on Thursday, driven by higher trading volumes in bitcoin and other digital tokens following the U.S. election. Unprecedented interest in crypto, fueled by Donald Trump's victory in the November presidential election, pushed bitcoin beyond $100,000 in the quarter as investors anticipated more crypto friendly policies under the new administration. Trump has promised to make the U.S. the "crypto capital of the planet". Paul Atkins, his pick to lead the Securities and Exchange Commission, is known for his pro-crypto views - a sharp contrast to former Chair Gary Gensler, who likened the industry to the "Wild West". "We're really entering a golden age for crypto here. The opportunity in front of us is unprecedented to update the financial system and increase economic freedom around the world, the regulatory overhang is lifting," CEO Brian Armstrong said on a post-earnings call. Coinbase earned $4.68 per share for the three months ended December 31, while analysts were expecting a profit of $1.81 per share, according to data compiled by LSEG. The profit included $476 million in pre-tax gains on its crypto asset investment portfolio. Its transaction revenue rose 172% to $1.6 billion. Revenue from the subscription and services unit, which houses businesses outside of trading, rose 15% to $641 million. Total revenue rose to $2.3 billion from $953.8 million a year earlier. "Compared to Robinhood, whose earnings we saw yesterday, Coinbase has a much greater number of tokens available to trade and already has a number of value-added services like staking and stablecoin access," Ava Labs President John Wu said. Its offering will only get richer as we see more regulatory clarity around crypto in the U.S., but to defend its market share it must continue to diversify away from retail and make inroads into the institutional trading community, he added. Competition in the crypto trading market is intensifying, with rival Robinhood (HOOD.O) , opens new tab cementing itself as a popular option for traders looking to bet on digital currencies. Though it lists fewer tokens than Coinbase, the company has been steadily gaining market share and is poised to gain ground further under a crypto-friendly Securities and Exchange Commission, according to a note from Bernstein last month. On Wednesday, Robinhood reported a 700% jump in fourth-quarter transaction-based revenue from crypto trading. Sign up here. https://www.reuters.com/technology/coinbase-reports-strong-fourth-quarter-profit-crypto-rally-2025-02-13/
