2025-02-07 19:12

Feb 7 (Reuters) - U.S. liquefied natural gas (LNG) company Venture Global's (VG.N) , opens new tab proposed CP2 export plant in Louisiana moved a step closer to construction after U.S. Federal Energy Regulatory Commission staff released a draft environmental report on Friday. The U.S. became the world's biggest LNG supplier in 2023, ahead of recent leaders Australia and Qatar, as much higher global prices fed demand for more exports, due in part to new projects built by Venture Global and others, and supply disruptions and sanctions linked to Russia's 2022 invasion of Ukraine. Shares of Venture Global, which hit an all-time low of $16.00 earlier in the session, were trading down about 4.0% to around $16.78 per share. The shares, which have only been trading since January 24, pared earlier losses since the release of the FERC news on CP2. Earlier in the week, Reuters reported that TotalEnergies(TTEF.PA) , opens new tab rejected opportunities to become a long-term customer of Venture Global's U.S. terminals because the French energy firm did not trust the U.S. LNG company due in part to disputes Venture Global was having with some of its customers. In a filing on Friday, FERC said its staff prepared a draft supplement environmental impact statement to address FERC's November 27 order addressing arguments raised about emissions from the plant. After taking another look at the plant's expected air emissions, the FERC staff concluded in the current draft EIS that the project's emissions impacts "are not significant." FERC said the draft supplemental EIS is not a decision document. "It presents Commission staff’s independent analysis of the environmental issues for the Commission to consider when addressing the merits of issues in this proceeding." FERC asked those interested in commenting on the draft EIS to submit comments by March 31. This environmental report is one step in a long process to get the LNG export plant approved and built. In December 2021, Venture Global filed with FERC to build and operate CP2 and the related CP Express natural gas pipeline. FERC staff issued the final EIS in July 2023 and FERC issued an order approving the project in June 2024. But in July 2024, a coalition filed for a rehearing and stay of the project approval due in part to air emission concerns. FERC granted that rehearing in November 2024 so the Commission could take another look at air quality impacts from the plant. Venture Global has about 100 million tonnes per annum (MTPA) of LNG export capacity in operation, construction or development in Louisiana, including the 10-MTPA Calcasieu (operation), 20-MTPA Plaquemines (operation and construction), 20-MTPA Delta (development), 20-MTPA CP2 (development) and 30-MTPA CP3 (development). Sign up here. https://www.reuters.com/business/energy/venture-global-cp2-lng-export-plant-louisiana-moves-forward-with-environmental-2025-02-07/

2025-02-07 19:03

BRASILIA, Feb 7 (Reuters) - Brazil's trade surplus plummeted 65.1% in January compared to the same month last year, official data showed on Friday, as imports rose by double digits while exports fell. Latin America's largest economy posted a $2.2 billion surplus for the month, down from $6.2 billion a year earlier, according to the Ministry of Development, Industry, Trade, and Services. Economists polled by Reuters had expected a $3 billion surplus. The result followed a 5.7% drop in exports from January last year, totaling $25.2 billion, dragged down by significant price declines in key Brazilian exports such as crude oil and iron ore. Meanwhile, imports rose 12.2% to $23 billion, driven mainly by higher purchases of fuels, fertilizers, non-electric engines and machinery, and automotive parts and accessories. Last month, the government projected that the trade surplus would range between $60 billion and $80 billion this year, compared to $74.2 billion in 2024, which the government revised on Friday after initially reporting $74.6 billion. Sign up here. https://www.reuters.com/world/americas/brazils-trade-surplus-misses-estimates-january-with-65-drop-imports-surge-2025-02-07/

2025-02-07 18:49

NEW YORK, Feb 7 (Reuters) - Coinbase (COIN.O) , opens new tab must face a lawsuit by customers who accused the largest U.S. cryptocurrency exchange of illegally selling securities without registering as a broker-dealer, a federal judge ruled on Friday. U.S. District Judge Paul Engelmayer in Manhattan rejected Coinbase's argument it did not qualify as a "statutory seller" under federal securities law because it never passed title to 79 tokens that the customers traded. The judge cited the accusation that "customers on Coinbase transact solely with Coinbase itself," necessitating a conclusion that Coinbase was a seller. Engelmayer also refused to dismiss claims under the laws of California, Florida and New Jersey, saying customers adequately alleged that Coinbase was a direct seller of the tokens. "Coinbase does not list, offer, or sell securities on its exchange," Coinbase said in a statement. "We look forward to vindicating the remaining claims in the district court." Lawyers for the customers did not immediately respond to requests for comment. Engelmayer had dismissed the lawsuit in February 2023, but the 2nd U.S. Circuit Court of Appeals in Manhattan revived parts of it last April. Friday's decision lets those parts proceed. Customers have sought unspecified damages. The U.S. Securities and Exchange Commission is also suing Coinbase, claiming that the exchange illegally permitted trading of tokens that should have been registered as securities. Last month, another Manhattan federal judge put that case on hold so Coinbase could immediately ask the 2nd Circuit whether, under a 1946 Supreme Court precedent, digital token trades were investment contracts that needed to be regulated as securities. In a Jan. 17 court filing, Coinbase told the appeals court that its decision could "clear away the cloud that currently hangs over the cryptocurrency market." The case is Underwood et al v Coinbase Global Inc et al, U.S. District Court, Southern District of New York, No. 21-08353. Sign up here. https://www.reuters.com/legal/coinbase-must-face-customer-lawsuit-new-york-2025-02-07/

2025-02-07 18:21

Canadian dollar gains 0.2% against the greenback For the week, the loonie advances 1.7% Canada adds 76,000 jobs in January Bond yields climb across the curve TORONTO, Feb 7 (Reuters) - The Canadian dollar strengthened against its U.S. counterpart on Friday, adding to its weekly gain, as stronger-than-expected domestic jobs data kept expectations in check for another Bank of Canada interest rate cut in March. The loonie was trading 0.1% higher at 1.4288 per U.S. dollar, or 69.99 U.S. cents, after moving in a range of 1.4274 to 1.4345. For the week, the currency was up 1.7%, its biggest weekly advance since March 2023, after Canada escaped the immediate implementation of U.S. trade tariffs. Canada's economy added 76,000 jobs in January, eclipsing expectations for a gain of 25,000, and the unemployment rate unexpectedly dipped to 6.6%. "On paper, this lowers the odds of the Bank of Canada cutting interest rates again at its March meeting," Thomas Ryan, North America economist at Capital Economics, said in a note. "But, with tariffs still scheduled to take effect next month, we remain of the view the Bank will err on the dovish side of caution and reduce the policy rate by a further 25 bp (basis points)." Investors see a 62% chance the Canadian central bank will ease in March, down from 64% before the data. BoC Governor Tiff Macklem said on Thursday that the threat of tariffs is already affecting business and household confidence. Among Group of Ten currencies, only the Canadian dollar and the yen strengthened against the U.S. dollar (.DXY) , opens new tab. A slowdown in U.S. job growth likely gives the U.S. Federal Reserve cover to hold off cutting interest rates until at least June. The price of oil , one of Canada's major exports, settled 0.55% higher at $71 a barrel, clawing back some of its recent losses. Canadian bond yields moved higher across the curve. The 10-year was up 11.6 basis points at 3.077%. Sign up here. https://www.reuters.com/markets/currencies/jobs-data-helps-canadian-dollar-pad-big-weekly-gain-2025-02-07/

2025-02-07 18:11

Consumer sentiment drops to seven-month low, inflation expectations rise Sentiment drop spans age, wealth, and political groups, Trump plans new tariffs, impacting inflation and sentiment Feb 7 (Reuters) - U.S. consumer sentiment dropped unexpectedly in February to a seven-month low and inflation expectations rocketed as households feared it may be too late to avoid the negative effects on their purchasing power from President Donald Trump's threatened tariffs. The University of Michigan Surveys of Consumers on Friday said its Consumer Sentiment Index dropped to 67.8 from January's final reading of 71.1, which was also the consensus expectation among economists polled by Reuters. Meanwhile households saw inflation over the next year surging to 4.3% - the highest since November 2023 - from 3.3% last month. Over the next five years they saw inflation running at 3.3% - the highest since June 2008 - from 3.2% in January. The drop occurred across age and wealth groups and weakened regardless of political affiliations, survey Director Joanne Hsu said in a statement. Even Republicans, whose sentiment soared after Trump's election victory in November, expressed a more dour view of their economic situation, with their measure of sentiment the lowest in three months. "The decrease was pervasive," Hsu said. "Furthermore, all five index components deteriorated this month, led by a 12% slide in buying conditions for durables, in part due to a perception that it may be too late to avoid the negative impact of tariff policy." "Expectations for personal finances sank about 6% from last month, again seen across all political affiliations, reaching its lowest value since October 2023," she said. "Many consumers appear worried that high inflation will return within the next year." The one-percentage-point rise in one-year inflation expectations was highly unusual, Hsu said, and marked just the fifth time in 14 years it has jumped as much. The surge is likely to be seen as a unwelcome development by Federal Reserve policymakers who are finding it harder than expected to return annual inflation to their 2% target. The survey period for the first reading of sentiment for the month of February ended on Feb. 4, the day Trump had announced a temporary suspension of 25% tariffs on goods from Mexico and Canada that he had unveiled over the weekend. A final reading on sentiment for February will be released in two weeks. Trump said on Friday that next week he plans to announce a round of reciprocal tariffs to match the levies imposed by other countries on U.S. exports, confirming an earlier report by Reuters. Sign up here. https://www.reuters.com/markets/us/us-consumer-sentiment-drops-inflation-expectations-surge-2025-02-07/

2025-02-07 17:24

WASHINGTON, Feb 7 (Reuters) - U.S. President Donald Trump said on Friday that he wants to work on reducing the trade deficit with Japan, as he met with Japanese Prime Minister Shigeru Ishiba at the White House. Ishiba said during the meeting that Toyota (7203.T) , opens new tab and Isuzu (7202.T) , opens new tab were planning additional investments in the United States. Sign up here. https://www.reuters.com/world/trump-says-he-wants-reduce-trade-deficit-with-japan-2025-02-07/