2024-10-21 20:59

CHICAGO, Oct 21 (Reuters) - The CDC is deploying a team to Washington state to assess the health of farm workers who culled poultry suffering from bird flu after four workers are presumed to have been infected by the virus, U.S. and state health officials said on Monday. The infections would make Washington the sixth state to identify human cases this year. The cases fuel growing concern among public health experts, as infections of U.S. dairy cattle and more than two dozen farm workers have worried scientists and federal officials about the risks to humans. California and Washington have said they are seeking to administer seasonal flu vaccines to farm workers to reduce their risk of being infected with both bird flu and seasonal influenza. Infections with both types of virus simultaneously could increase the risk of changes that could make bird flu spread more easily in people and potentially cause a pandemic, virologists say. "We don't have evidence yet of transmission between people," said Roberto Bonaccorso, spokesperson for the Washington State Department of Health. The Centers for Disease Control and Prevention is awaiting specimens for testing from Washington and sending a team to support the state's assessment of farm workers, an agency spokesperson said. The risk to the public from the outbreak in cattle remains low, but those with exposure to infected animals are at heightened risk, according to the CDC. The four tested presumptively positive after working at an infected egg farm, Washington's health department said, adding their use of protective gear was inconsistent. The workers suffered mild respiratory symptoms and conjunctivitis, and were given antiviral medication, officials said. The workers were removing carcasses and litter and cleaning facilities where about 800,000 chickens were culled, the health department said. The farm was hit by a strain of the virus from wild birds, according to Washington's agriculture department. Nationwide, 27 people had tested positive for the virus in 2024 before the cases in Washington. All but one had known exposure to infected poultry or dairy cattle. More than 100 million U.S. chickens, turkeys and other birds have been eliminated by the virus since the nation's outbreak began in 2022. Sign up here. https://www.reuters.com/world/us/bird-flu-cases-presumed-four-washington-farm-workers-state-says-2024-10-21/

2024-10-21 20:39

Oct 21 (Reuters) - Stripe will buy stablecoin infrastructure provider startup Bridge, the fintech said in a tweet on Monday without disclosing the deal value. The deal is valued at $1.1 billion, Forbes reported , opens new tab last week, citing people familiar with the matter. Stripe declined to comment on the transaction's value when contacted by Reuters. Stripe, founded by billionaires John Collison and Patrick Collison in 2010, was valued at $65 billion earlier this year and is among the highest valued private startups in the U.S. Digital currencies are gaining traction after the U.S. Securities and Exchange Commission allowed bitcoin spot exchange-traded funds earlier this year, easing scrutiny and paving way for cryptocurrencies to be accepted by major firms. Last year, PayPal launched a U.S. dollar stablecoin to become the first major financial technology company to adopt digital currencies for payments and transfers. Sign up here. https://www.reuters.com/markets/deals/fintech-giant-stripe-buy-crypto-startup-bridge-2024-10-21/

2024-10-21 20:28

Nebius emerged after $5.4 billion deal to split Yandex's assets Shares gain, recovering from 26% slump at market opening Mostly Western investors holding 78.1% free float Nebius anticipates revenue of $500-$700 million in 2025 Oct 21 (Reuters) - Amsterdam-based Nebius Group (NBIS.O) , opens new tab closed 5.6% higher on Monday, recovering from huge early losses when trading for the first time since February 2022, as the AI infrastructure firm's Nasdaq listing, formerly held by Yandex, often dubbed "Russia's Google", went live. Trading was suspended soon after Russia's invasion of Ukraine, when the stock traded under Yandex's ticker through its Amsterdam-based parent company. In July, Nebius emerged following a $5.4 billion deal to split Yandex's Russian and international assets. The stock, which had last traded at $18.94 per share in February 2022, slumped 26% in pre-market trading, but recovered all losses to gain 5.6% on the day and close at $20 per share. Yandex once reached a market capitalisation of more than $30 billion, but with revenue-generating businesses in online search, advertising and ride-hailing siphoned off in Russia, Nebius, which targets a slice of the growing AI cloud market, presents a very different proposition. With a free float of 78.1%, mainly held by Western investors and funds, extremely high volatility is likely in the first few days, said Denis Buivolov, a personal investor in Nebius and head of research at BCS' venture capital and pre-IPO department. In an analysis published on financial website Seeking Alpha, Buivolov valued the company at $4.6 billion, or $23 per share, based on company plans and comparisons with firms such as CoreWeave, Lambda Labs and Sacra. Dr Jan-Oliver Strych, adviser to his family fund which invested in Nebius, said the stock's value would be determined by the positive liquidity shock from hyped AI investor demand versus the negative impact of impatient sellers. Nebius, whose core business involves providing Nvidia (NVDA.O) , opens new tab graphics processing units (GPUs) and AI cloud as services, is anticipating sharp growth in those markets in coming years. The company expects its revenue to grow by three to four times in 2025 to $500-$700 million, it said on Friday, as it plans to spend between $600 million and $1.5 billion on capital expenditure to increase capacity at data centres in Finland, France and North America. Sign up here. https://www.reuters.com/technology/artificial-intelligence/investors-expect-volatile-nasdaq-return-ai-firm-split-russias-yandex-2024-10-21/

2024-10-21 20:28

Oct 21(Reuters) - Major banks expect gold to extend its record-breaking price rally into 2025 because of a revival in large inflows to exchange-traded funds (ETFs) and expectations of additional interest rate cuts from prominent central banks around the world, including the U.S. Federal Reserve. "Gold is expected to remain strong, as the US economy is clearly late cycle - with further labor market deterioration anticipated... and numerous central banks remain keen buyers. Gold should also benefit in the scenario that oil spikes on near-term Middle East escalation," Citi said in a note. "We reiterate our long gold recommendation due to the gradual boost from lower global interest rates, structurally higher central bank demand and gold's hedging benefits against geopolitical, financial, and recessionary risks," Goldman Sachs said in a note on Sep. 30. Moderating but still significant central bank purchases on the London OTC market could drive about two-thirds of the expected rise of the gold price to $2,900 per ounce in early 2025. Meanwhile, the gradual rise in exchange-traded fund flows following the Fed rate cuts are expected to drive the remaining one-third of price upside, analysts at Goldman Scahs said. Non-yielding gold has gained nearly $652 an ounce, or 31.6%, so far this year, putting it on track for its biggest annual rise since 2007 and positioning itself as one of the standout assets of 2024. The precious metal hit a record high of $2,740.37/oz on Monday and has notched record highs several times this year. "Strong physical demand from China and central banks supported gold prices over the past two years, but investor flow, and retail-focused ETF builds in particular, continue to hold the key to a further sustained rally over the upcoming Fed cutting cycle," analysts at J.P. Morgan said in a note on Sep. 23. The Fed began its easing cycle on Sep. 18 with a half-percentage-point rate cut, and forecast another 50 basis points of cuts by the end of this year and a full percentage point of cuts next year. Zero-yielding bullion tends to be a preferred investment in a low-interest rate environment and during geopolitical turmoil. The Nov. 5 U.S. presidential election could also boost gold prices further as potential market volatility may drive investors towards safe-haven gold, analysts said. The following is a list of the latest brokerage forecasts for 2024 and 2025 prices for gold (in $ per ounce): *end-of-period forecasts Sign up here. https://www.reuters.com/business/finance/most-banks-expect-golds-bull-run-persist-into-2025-2024-09-24/

2024-10-21 20:16

WASHINGTON, Oct 21 (Reuters) - Dozens of U.S. Representatives from both political parties urged the Biden administration to toughen sanctions on Russian oil shipments and questioned an exception issued to the world's largest oilfield company SLB (SLB.N) , opens new tab to operate in the country. Since Russia's 2022 invasion of Ukraine, the U.S. and European countries have sought to cut Moscow's energy revenue for fighting the war through sanctions. That prompted several oilfield service companies to leave Russia but SLB has remained operating in the country, helping keep Russian oil production flowing. The 52 lawmakers, including Democratic Representatives Jake Auchincloss and Lloyd Doggett and Republican Representative Brian Fitzpatrick, said that since the invasion in February 2022, SLB has signed new contracts, recruited hundreds of staff, and imported nearly $18 million in equipment into Russia. "This U.S.-based company is keeping (Russian President) Vladimir Putin’s war machine well-oiled with financing for the barbaric invasion of Ukraine. We urge you to continue supporting our Ukrainian allies by pursuing more rigorous oil sanctions to effectively restrict Putin’s profits," the lawmakers said in a letter to Treasury Secretary Janet Yellen and Secretary of State Antony Blinken. The lawmakers said President Joe Biden's administration has pointed to a Treasury Department general license that authorizes U.S. persons to process energy-related transactions that involves certain sanctioned Russian financial institutions. "We are cognizant of the arguments often cited that Russian oil provides a critical and irreplaceable segment of the global oil supply," the lawmakers said. "However, allowing Russia to benefit from Western technology and expertise only increases the resiliency of their oil and gas sector against Western sanctions and prolongs its ability to finance its illegal offensive." The U.S. Treasury Department is "committed to using all our tools to reduce the Kremlin’s revenues and make it harder for Russia’s war machine to operate," a spokesperson said. "U.S firms are prevented from making any new investments in Russia and we plan to enforce all our sanctions against companies within our jurisdiction." The U.S. State Department did not immediately respond to a request for comment. SLB did not immediately respond to a request for comment. In May, Assistant Secretary of State Geoffrey Pyatt told Reuters that SLB had not violated sanctions against Russia. SLB last year received 5% of its revenue from Russia. It had 10,000 employees in Russia helping energy firms pump oil and gas when the war began in 2022. Sign up here. https://www.reuters.com/markets/commodities/us-lawmakers-question-oil-service-companys-slbs-exception-russian-sanctions-2024-10-21/

2024-10-21 20:07

Tropical Storm Oscar exacerbates grid issues, causing localized damage Cuban government closes schools, non-essential industry to manage crisis Cuba blames US embargo and sanctions for fuel and parts shortages HAVANA, Oct 21 (Reuters) - Cuba's power-grid operator said it had restored electricity to most of the capital Havana on Monday even as Tropical Storm Oscar lashed the island's eastern end, downing trees and power lines. Strong winds raked the region as the storm stalled over land, uprooting banana plants and tearing roofs off homes, according to footage from state-run television. More than 10 inches (254 mm) of rain fell in spots, causing landslides and flash floods and cutting off outlying areas. Most of Cuba's eastern tip remained without power and communications in the latest of multiple grid collapses during the past four days. Energy and Mines Minister Vicente de la O Levy said technicians were working carefully to avoid another electrical collapse given "complex" circumstances. "The last thing we want is that, as a consequence of a fallen power line, we suffer another collapse of the system," de la O Levy said. Cuban energy officials said they had restored power to 89% of Havana by mid-afternoon. Technicians had also re-established service to some outlying provinces as the island's largest power plant, Antonio Guiteras, came online, providing a significant boost to generation. Cuba's Communist-run government closed schools and non-essential industry through Wednesday as work continued on restoring the grid. Top electricity official Lazaro Guerra said workers were making important headway, but warned against too much optimism. "We should not expect that when the system comes back online the blackouts will end," he said, noting that the system would still generate significantly less than the country's total demand. Cuba's national electrical grid first crashed on Friday, before Oscar's arrival, after the island's largest power plant shut down and dire fuel shortages sent the system into disarray, leaving 10 million people without electricity. Cuba's grid has fully or partially failed three times since, underscoring the precarious state of the country's infrastructure and putting on edge many Cubans, who already suffer from dire shortages of food, fuel and medicine. TENSIONS RISE Havana was largely quiet overnight. But a Reuters witness saw several scattered protests in poor, outlying neighborhoods, as well as residents banging pots in frustration after days of blackouts and food and water shortages. President Miguel Diaz-Canel spoke on national television late on Sunday, telling Cubans to air their grievances with discipline and civility. "We are not going to accept nor allow anyone to act with vandalism and much less to alter the tranquility of our people," Diaz-Canel said. Cubans have for months endured prolonged blackouts of 10 to 20 hours a day across much of the country, spoiling precious food stocks and complicating access to fuel and water. The government and independent experts say the grid, long near collapse, has reached a critical point as obsolete infrastructure deteriorates and fuel runs short. Cuba blames the U.S. trade embargo, as well as sanctions instituted by former President Donald Trump for difficulties in acquiring fuel and spare parts to operate and maintain its oil-fired plants. The U.S. has denied any role in the grid failures. Cuban allies Russia, Mexico and Venezuela have all slashed exports to the island in recent months. Sign up here. https://www.reuters.com/world/americas/cuba-restoring-power-again-after-multiple-grid-failures-2024-10-21/