2025-11-10 19:02

BRASILIA, Nov 10 (Reuters) - Brazil's central bank on Monday released long-awaited rules for trading virtual assets, including cryptocurrencies, that will extend existing rules against money laundering and terrorism financing to virtual-asset service providers. Latin America's largest economy approved a legal framework for cryptocurrencies in 2022, but its rollout hinged on complementary regulation from the central bank, which later held four public consultations on the matter. Sign up here. Meanwhile, crypto use has surged, prompting central bank governor Gabriel Galipolo to raise concerns over the growing use of stablecoins, pegged to real-world assets like the U.S. dollar, often linked to illicit activity. "New rules will reduce the scope for scams, fraud, and the use of virtual asset markets for money laundering," the central bank's director of regulation Gilneu Vivan said at a press conference. NEW RULES TO COME INTO EFFECT IN FEBRUARY Effective February, the regulations will cover authorization processes for foreign-exchange and securities brokers, distributors, and virtual-asset service providers, according to a statement on the central bank's website. Policymakers have said that stablecoins, which are less volatile than cryptocurrencies such as bitcoin, are used more for payments than investments, with many users seeking to bypass more heavily supervised and taxed traditional payment systems. Under the new rules, any purchase, sale or exchange of virtual assets pegged to fiat currency will be considered a foreign exchange operation. The same classification applies to international payments or transfers using virtual assets, including those made to settle obligations via cards or other electronic payment methods. The regulation also extends existing rules on customer protection, transparency, anti-money-laundering and counter-terrorism financing to virtual-asset service providers, the central bank said. It added that the framework includes governance and security requirements, internal controls, reporting duties and other compliance obligations. https://www.reuters.com/world/americas/brazil-central-bank-tightens-rules-virtual-assets-cryptocurrency-2025-11-10/

2025-11-10 18:54

Renault considers Chinese stator supplier for cost saving Motor to be made in France, even if uses Chinese component Valeo still developing magnet-free motor with Germany's Mahle PARIS, Nov 10 (Reuters) - France's Renault (RENA.PA) , opens new tab has ended a project with Valeo (VLOF.PA) , opens new tab to develop a new rare-earth-free electric vehicle motor and is looking instead for a cheaper Chinese supplier, two sources familiar with the matter told Reuters. Automakers including Renault, General Motors (GM.N) , opens new tab and (BMWG.DE) , opens new tab and suppliers such as ZF, BorgWarner (BWA.N) , opens new tab and Valeo have been developing EV motors which do not require rare earths. Sign up here. Renault said in late 2023 it was working with Valeo on a new, more powerful and more compact EV motor without rare earths, which it described as "an innovation made in France". China controls 70% of global rare earths mining and 85% of refining and Beijing's decision to impose growing exports curbs on rare earths has sent the industry scrambling for supplies. Renault has used rare-earth-free motors since 2012, while Valeo brought expertise on the stator, the fixed part where the rotor is housed, using new copper wire technology. "The E7A engine project is no longer being done with Valeo," one of the two sources said, adding: "It will be done entirely in-house across the entire value chain, except for the stator which could be bought from a Chinese supplier." Renault's decision to end Valeo's involvement in the rare-earth free motor project and the French carmaker's search for a lower-cost Chinese supplier have not previously been reported. The move was driven by the need to cut costs, both sources said, with Chinese suppliers offering very competitive prices. "A Chinese partner is a possibility," a spokeswoman for Ampere, Renault's EV subsidiary, said, adding that a decision has not been made and "the process is still ongoing". Valeo declined to comment. 'MADE IN FRANCE' OBJECTIVE REMAINS Even if a Chinese company does contribute to the stator, the motor would still be made in Renault's plant in Cleon, France, with silicon carbide modules provided by Franco-Italian firm STMicro for the inverter, another central EV component. "We are studying the possibility of locating (the stator) in France," the Ampere spokeswoman said. Renault is the smaller of the mainstream legacy carmakers and has built numerous partnerships over the last few years to help it manage the costs associated with developing EVs. It has also turned to suppliers in China, which has been at the forefront of EV technology. A Chinese engineering team helped it develop its new electric Twingo in just two years. The new rare-earth-free motors will drive Renault's next generation of compact EVs by 2028. These will be at the heart of a strategic plan CEO Francois Provost is due to share in March. The E7A motor will have 200 kW of power, 25% more than the current generation such as the Scenic, and a much shorter charging time thanks to its 800-volt system, which is twice the voltage of current Renault EV models. Valeo is still working with German supplier Mahle to develop its own magnet-free "iBEE" EV motor, which will deliver power of up to 350 kW and is also due to go on the market in 2028. https://www.reuters.com/business/autos-transportation/renault-seeking-chinese-rare-earth-free-motor-supplier-sources-say-2025-11-10/

2025-11-10 18:41

Nov 10 (Reuters) - President Volodymyr Zelenskiy said on Monday that anyone involved in corruption would be held accountable, and vowed the country's nuclear power operator would be run free from graft. "Everyone who put together a corrupt scheme must receive a clear legal response. There must be criminal verdicts," Zelenskiy said in his nightly video address, commenting on an investigation into a kickback scheme in Ukraine's energy sector. Sign up here. "The inevitability of punishment is needed ... Energoatom currently provides Ukraine with the largest share of power generation. Cleanliness within the company is a priority. As it is in the energy sector and every industry." https://www.reuters.com/world/zelenskiy-anyone-involved-corruption-scheme-will-be-held-accountable-2025-11-10/

2025-11-10 18:36

BRASILIA, Nov 10 (Reuters) - Brazil's finance minister said on Monday there is room for interest rates to fall, after the central bank last week kept borrowing costs unchanged for a third consecutive meeting. "There is indeed room for rate cuts," Fernando Haddad told CNN Brasil, adding that he had heard the same view from banks during a meeting earlier with industry group Febraban. Sign up here. But while many may have views on interest rates, the decision ultimately lies with the central bank, Haddad said. Policymakers last week kept Brazil's benchmark Selic rate at 15%, the highest in nearly 20 years, and maintained a hawkish stance, signaling rates would stay at that level for a "very prolonged" period to bring inflation back to its 3% target. Haddad said Gabriel Galipolo, who was previously his deputy at Brazil's finance ministry, was "doing a good job" as governor at the central bank, which is tackling a range of issues beyond interest rates. These included measures to curb abuses in the financial system inherited from the previous administration, he said. Galipolo, who was appointed by President Luiz Inacio Lula da Silva, has led the central bank since January. Haddad said Lula's government expects to close the year with a primary budget result close to zero. The official target is a zero primary deficit, with a tolerance margin of 0.25% of GDP either way. https://www.reuters.com/world/americas/brazil-finmin-says-room-rate-cuts-cenbank-chief-doing-good-job-2025-11-10/

2025-11-10 18:21

Fuel prices gain on refinery outages, Russian supply disruptions Crude oil oversupply concerns persist on rising output US Senate advances bill to end federal shutdown Flight delays, cancellations in the US accelerate NEW YORK, Nov 10 (Reuters) - Oil prices settled higher on Monday as analysts focused on potential fuel supply disruptions from fresh U.S. sanctions and Ukrainian drone attacks on Russian refineries, although predictions of a crude supply surplus kept gains in check. Brent crude futures rose 43 cents, or 0.7%, to settle at $64.06 a barrel, while U.S. West Texas Intermediate crude futures advanced 38 cents, or 0.6%, to close at $60.13 a barrel. Sign up here. Fuel futures led gains in the oil complex as U.S. gasoline futures closed over 1% higher and diesel futures rose close to 1%. A string of refinery issues in the U.S. and drone strikes on Russian refineries have helped lift fuel prices, analysts said. "Refinery issues in the Great Lakes and West Coast have kept prices elevated," GasBuddy analyst Patrick De Haan wrote in a blog post. He added that thousands of U.S. flight cancellations due to the federal government shutdown could also create more gasoline demand ahead of the Thanksgiving holiday. Airlines canceled more than 2,800 U.S. flights and delayed more than 10,200 on Sunday in the worst day for disruptions since the start of the shutdown. RUSSIAN SUPPLY CONCERNS In Russia, oil major Lukoil's (LKOH.MM) , opens new tab Volgograd refinery halted operations last Thursday after it was struck by Ukrainian drones, three sources familiar with the matter said on Thursday. On Monday, Russian forces destroyed four drone boats near the country's Black Sea port of Tuapse, a local task force said. Lukoil also declared force majeure at Iraq's giant West Qurna-2 oilfield, four sources with knowledge of the matter said on Monday, after Western sanctions on the Russian oil major hampered its operations. Lukoil's operations faced mounting disruptions as a U.S. deadline for companies to cut off business with the Russian company looms on November 21 and after an agreement to sell the operations to Swiss trader Gunvor collapsed. FUEL LEADS, OIL LAGS The oil market is split between rising volumes of crude stored at sea weighing on oil prices and limited availability of Russian refined products sustaining fuel prices, PVM analyst Tamas Varga said. The volume of oil stored aboard ships in Asian waters has doubled in recent weeks after tightening Western sanctions curtailed imports into China and India, and onshore inventories were also on the rise in the U.S.. Both crude oil benchmarks fell about 2% last week, their second consecutive weekly decline, on expectations that crude oil supply will exceed demand in the months ahead due to higher OPEC+ production and record U.S. output. This month, OPEC+, or the Organization of the Petroleum Exporting Countries and allied producers, agreed to increase output slightly in December. While the group also paused further hikes in the first quarter, that may not limit supplies enough to support prices. "Even with the prospect of reduced Russian supply and the 1Q26 freeze on OPEC+ production quotas, the global crude oil market may run a smaller supply/demand surplus rather than a more supportive deficit," Evans said. RISK APPETITE RETURNS Oil prices were also supported by investors' increasing willingness to hold so-called risk assets as signs emerged of progress towards ending the U.S. government shutdown. The U.S. Senate moved forward on Sunday on a measure aimed at reopening the federal government and ending the shutdown that has sidelined federal workers, delayed food aid and snarled air travel. U.S. lawmakers' first step toward ending the shutdown boosted investors' risk appetite, PVM's Varga said. https://www.reuters.com/business/energy/oil-gains-optimism-us-government-reopen-soon-2025-11-10/

2025-11-10 17:00

Nov 10 (Reuters) - Coinbase Global (COIN.O) , opens new tab said it will launch a new platform that will allow individual investors buy digital tokens before they are listed on the cryptocurrency exchange, sending its shares up 4% in morning trading. Growing interest from retail and institutional investors have boosted trading in digital assets, resulting in established players in the sector looking to expand their services to tap the multi-trillion dollar market. Sign up here. Coinbase will host about one token sale a month on its new platform using an algorithm to determine how tokens are allocated to investors. Investors will be able to submit purchase requests during a one-week window. "Token issuers coming to market today struggle to get their tokens into the hands of real users while building deep exchange liquidity. Coinbase is changing that," the crypto exchange said in a blogpost , opens new tab. The platform launch will mark the first broad opportunity since 2018 for U.S. users to take part in public token sales, Coinbase said. Initial coin offerings were a popular fundraising method during the 2017 crypto boom, allowing companies to sell new tokens to investors, but the trend slowed after regulators raised concerns about investor protection and disclosure. Coinbase is planning to add features to the token sales platform in the coming months, including limit orders and higher allocations for issuers' target user bases. Investor purchases of tokens will be paid in USD Coin, a dollar pegged stablecoin issued by Circle Internet Group (CRCL.N) , opens new tab, according to the Wall Street Journal, which first reported the launch. Blockchain startup Monad will be the first project to offer its token through the platform next week, the WSJ report , opens new tab said. https://www.reuters.com/business/coinbase-launches-new-platform-early-access-digital-tokens-2025-11-10/