2026-02-03 21:18

Feb 3 (Reuters) - Chipotle Mexican Grill (CMG.N) , opens new tab said on Tuesday it expected to raise menu prices this year as it wrestled with higher raw material costs and a tough labor market, and forecast margins would remain under pressure as customers pulled back on dining out amid ongoing economic uncertainty. Shares of the company, which said it expects to raise menu prices in the 1% to 2% range this year, were down about 7% after the bell. Sign up here. Persistently rising food prices and a soft labor market are curbing demand for discretionary spending like dining out, with lower‑income households struggling the most to keep up, even as higher‑income consumers keep up their expenditure. "Margins in 2026 will be under pressure, and it's mostly due to our investment of taking less price compared to the inflation that we're experiencing," finance chief Adam Rymer said in a post-earnings call. Chipotle now expects fiscal 2026 same-store sales to be about flat, compared with analysts' estimate of a 1.86% rise, according to data compiled by LSEG. "Coupled with brand investment, it (pricing strategy) should stand to benefit the firm's value proposition in the eyes of consumers, but also crimp near-term margins, given the firm won't fully offset labor and food inflation in the coming year," said Ari Felhandler, analyst at Morningstar. Chipotle warned in October that consumer spending would remain pressured through early 2026, noting pullbacks among U.S. households earning less than $100,000 a year - a group that accounts for about 40% of its sales. Prices of beef, which makes up the biggest commodity for Chipotle, hit record highs in the U.S. as drought forced ranchers to shrink the cattle herd to its smallest size in 75 years. However, it reported quarterly sales of $2.98 billion, compared with analysts' estimate of $2.96 billion. It earned adjusted profit of 25 cents per share, edging past an estimate of 24 cents per share. https://www.reuters.com/business/chipotle-beats-quarterly-sales-estimates-2026-02-03/

2026-02-03 21:05

WASHINGTON/MEXICO CITY, Feb 3 (Reuters) - Mexico has agreed to deliver at least 350,000 acre-feet of water per year to the United States, the U.S. secretaries of state and agriculture said in a joint statement on Tuesday, after U.S. and Mexican officials met recently to negotiate deliveries under a water treaty. "The agreement reached makes it possible to strengthen the orderly management of water resources in the Rio Grande basin and to move toward planning with greater predictability and shared responsibility in the face of the effects of drought," the Mexican foreign ministry said in a statement. Sign up here. As a result of negotiations, Mexico has also committed to a detailed plan to fully repay all outstanding water debt accrued during the previous cycle, according to the U.S. Mexico and the U.S. will hold monthly meetings to ensure timely, consistent deliveries and prevent future deficits. Mexico said it agreed to guarantee delivery of a minimum annual volume of water, noting that deliveries will depend on hydrological conditions and that human consumption and agriculture would be prioritized. "The Department of State, Department of Agriculture, and the U.S. International Boundary and Water Commission have worked to secure Mexico’s commitment to meet its obligations under the 1944 Water Treaty, while also providing a plan to eliminate the deficit from the prior cycle, strengthening water security for Texas communities and U.S. agriculture," U.S. Secretary of State Marco Rubio said. In December, U.S. President Donald Trump accused Mexico of violating the 1944 agreement governing water sharing through a network of dams and reservoirs. The treaty requires Mexico to deliver 1.75 million acre-feet of Rio Grande water to the United States every five years. The Latin American country, the largest trading partner of the U.S. in 2024, has at times struggled to make its deliveries, citing drought conditions fueled by climate change and local demand. U.S. officials said Trump and Mexican President Claudia Sheinbaum discussed the treaty when they spoke last week and reaffirmed their commitment to resolving longstanding water management challenges and supporting communities and producers on both sides of the border, according to the joint statement. https://www.reuters.com/world/us/mexico-send-us-minimum-water-volume-per-year-us-officials-say-2026-02-03/

2026-02-03 20:49

Feb 3 (Reuters) - ChatGPT was back online after a brief outage for thousands of users in the U.S. on Tuesday, according to outage tracking website Downdetector.com. At the peak of the disruption, more than 13,000 users reported problems with the chatbot, before reports fell to 309 as of 4:33 p.m. ET, Downdetector data showed. The site tracks outages by aggregating user-submitted reports from multiple sources. Sign up here. "We have identified the issue, applied the necessary mitigations and are monitoring the recovery," ChatGPT parent OpenAI said. The actual number of affected users may differ from what's shown on Downdetector as these reports are user-submitted. https://www.reuters.com/technology/chatgpt-down-thousands-users-us-downdetector-shows-2026-02-03/

2026-02-03 20:24

WASHINGTON, Feb 3 (Reuters) - The U.S. Transportation Department on Tuesday approved a license for oil transportation and storage company Sentinel Midstream's planned deepwater oil export project off the Texas coast. Transportation Secretary Sean Duffy said in a statement to Reuters the Texas GulfLink project is part of the Trump administration's effort to boost the U.S. oil industry and production and allow for the export of up to 1 million barrels of crude oil per day. The Texas GulfLink deepwater port will be located approximately 26.6 nautical miles off the coast of Brazoria County, Texas. Sign up here. President Donald Trump is pushing for faster approvals of projects that will help bolster the U.S. energy industry, including fossil fuel production. Sentinel Midstream did not immediately respond to a request for comment. In September, the Environmental Protection Agency issued a Clean Air Act permit that allows for the use of an offshore support vessel to control volatile organic compound emissions at the company's proposed Texas GulfLink deepwater port. Currently, only one U.S. port, the Louisiana Offshore Oil Port, can fully load supertankers. Other facilities can only load a supertanker partially due to draft restrictions, requiring them to use smaller ships to ferry crude to the larger vessel to fill it. The Texas project will enhance the United States’ ability to accommodate Very Large Crude Carriers, Duffy said, which will significantly reduce vessel congestion, improving navigational safety. The process is faster, cheaper, and more efficient than transferring cargo in nearshore waters, he added. "The Texas GulfLink project is proof that when we slash unnecessary red tape and unleash our fossil fuel sector, we create jobs at home and stability abroad," Duffy said. "This critical deepwater port will allow the U.S. to export our abundant resources faster than ever before.” The USDOT Maritime Administration coordinated with the U.S. Coast Guard, Texas and numerous federal agencies in the review of the Texas GulfLink application to ensure it meets strict safety and security standards. Duffy said last month MARAD would take over and streamline the deepwater port licensing process , opens new tab. In October, U.S. crude exports rose to an average of 4.4 million barrels per day in September, the highest since February 2024, according to the U.S. Energy Department. https://www.reuters.com/business/energy/us-approves-license-texas-deepwater-oil-export-port-2026-02-03/

2026-02-03 20:09

DOHA, Feb 3 (Reuters) - Malaysia's state-owned firm Petronas is set to sign a liquefied natural gas supply deal with QatarEnergy as the southeast Asian nation seeks more supplies of the super-chilled fuel, two sources familiar with the matter told Reuters. Petroliam Nasional, or Petronas, will sign a contract for up to 2 million metric tons per annum of LNG, one of the sources said. Sign up here. Qatar is the world's second-largest LNG exporter after the United States, shipping out 81.07 million tons of the fuel last year, according to Kpler data. QatarEnergy signed a massive LNG deal with Japan's Jera on Tuesday. Its massive North Field expansion project will produce its first LNG in the second half of 2026. When at full production, the project is expected to produce 126 million metric tons of LNG per annum by 2027, boosting QatarEnergy's output by some 85% from its current 77 mtpa. Neither company responded to a request for comment outside of working hours. Petronas is up against dwindling domestic gas reserves while local demand for the fuel rises, prompting it to actively pursue new gas opportunities abroad and form partnerships with other energy firms while seeking new long-term LNG import deals. The firm said last year it is working to get a third regasification plant up and running in Malaysia. In recent years, Petronas has signed LNG import deals with Woodside Energy, Commonwealth LNG, Venture Global and ADNOC. https://www.reuters.com/business/energy/malaysias-petronas-set-sign-lng-supply-deal-with-qatarenergy-sources-say-2026-02-03/

2026-02-03 19:37

Kim, Gasser, Ledecka aim for third straight golds Freestyle events include halfpipe, slopestyle, and big air Thirteen nations represented on World Cup podiums LIVIGNO, Italy, Feb 3 (Reuters) - American Chloe Kim will aim for a third straight halfpipe gold medal as the Olympic snowboarding competitions begin on Thursday, promising breathtaking tricks and intense racing in the northern Italian town of Livigno. Snowboarders at the Milano Cortina Games will compete in 11 medal events across the freestyle disciplines of halfpipe, slopestyle and big air followed by the racing contests of snowboard cross and parallel giant slalom. Sign up here. Earlier concerns about snow conditions on the slopes have dissipated. Livigno, which stands at an elevation of more than 1,800 metres in the Alps, was white-capped on Tuesday as workers finished preparations ahead of races. "We finally have a lot of snow and overall the venues are looking good," Uwe Beier, director for snowboard alpine and snowboard cross for the International Ski and Snowboard Federation (FIS), told Reuters. Freestyle competition will centre on high-flying tricks in the halfpipe and big air, with established performers expected to steal the show next to new talent, all on Livigno's revamped slopes. Kim, 25, could become the first snowboarder to win three consecutive gold medals in the women's halfpipe, which features riders sliding across a 22-foot-tall, U-shaped ramp and performing acrobatic tricks in the air. She was a heavy favourite before a recent shoulder injury disrupted her training. Two other women also have the chance to earn their third straight gold medals, big air Austrian Anna Gasser and dual-discipline Olympic champion Ester Ledecka in the parallel giant slalom. New Zealand's Zoi Sadowski‑Synnott, the first woman to land a triple cork in a slopestyle contest, will aim for her second gold after her triumph in Beijing. On the men's side, Australian Scotty James is a top halfpipe contender, alongside triple‑cork innovator and 2022 Olympic champion Ayumu Hirano of Japan. In the racing events, Canadian powerhouse Eliot Grondin, who dominated the recent snowboard cross World Cup circuit, is the man to beat. He faces stiff competition from reigning Olympic champion Alessandro Haemmerle, from Austria. Thirteen nations were represented on World Cup podiums at events this season, reflecting an increase in diversity. "The biggest thing we've seen this season is the number of nations producing athletes that are in the mix at the top level," FIS Park & Pipe Contest Director Roby Moresi said. Host country Italy has assembled a 17-strong snowboard team led by Olympic medallists Michela  Moioli and Omar Visintin who will be banking on home advantage. https://www.reuters.com/sports/snowboard-tricks-speed-show-livigno-kim-goes-third-gold-2026-02-03/