2025-09-12 21:10

LATEST DEVELOPMENTS US joins allies in statement of concern about incursion Poland hopes US will take action to show solidarity NATO is still assessing the intent behind the drone attack, Secretary General Mark Rutte says NATO's top commander says 'Eastern Sentry' will bolster defences along the entire eastern flank BRUSSELS/WARSAW/UNITED NATIONS, Sept 12 (Reuters) - NATO announced plans to beef up the defence of Europe's eastern flank on Friday, two days after Poland shot down drones that had violated its airspace in the first known action of its kind by a member of the Western alliance during Russia's war in Ukraine. At the United Nations, the United States called the airspace violations "alarming" and vowed to "defend every inch of NATO territory," remarks that appeared aimed at assuaging Washington's NATO allies after President Donald Trump said Russia's drone incursion could have been a mistake. Sign up here. Warsaw has portrayed the drone incursions as an attempt by Russia to test the capabilities of Poland and NATO to respond. On Friday, Poland rejected Trump's suggestion that the incursions could have been a mistake, a rare contradiction of the U.S. president from one of Washington's closest European allies. Its foreign minister told Reuters Poland hoped Washington will take action to show solidarity with Warsaw. Later on Friday, the U.S. joined Western allies in a statement to express concern about the drone incursion and to accuse Moscow of violating international law and the founding U.N. Charter. Russia said its forces had been attacking Ukraine at the time of the drone incursions and that it had not intended to hit targets in Poland. Russia's U.N. Ambassador Vassily Nebenzia said the maximum range of the drones used did not exceed 700 km "which makes it physically impossible for them to have reached Polish territory." NATO Secretary General Mark Rutte called the incursions "reckless and unacceptable." "We can't have Russian drones entering allied airspace," he told a press conference announcing operation "Eastern Sentry." , opens new tab NUMBER OF ALLIES TO JOIN MISSION NATO's top military official, Supreme Allied Commander Europe Alexus Grynkewich, a U.S. Air Force general, said it was a flexible operation to bolster defences along NATO's entire eastern flank, which stretches from the Baltic states in the north to Romania and Bulgaria in the south. Grynkewich said "Poland and citizens from across the alliance should be assured by our rapid response earlier this week and our significant announcement here today." The mission, which begins on Friday evening, will involve a range of assets integrating air and ground bases. NATO already has substantial forces in eastern Europe, including thousands of troops. It did not specify how many additional troops would be involved in the new operation. Rutte said allies, including Denmark, France, Britain, and Germany, have committed to the mission with others set to join. He said NATO was still assessing the possible intent behind the Russian incursion. NATO's announcement detailed a modest number of additional military assets - including two F-16 fighter jets and a frigate from Denmark, three Rafale fighter jets from France, and four Eurofighter jets from Germany. Spain said it would provide air assets and Britain said it would detail its contribution soon. Trump told Fox News on Friday that his patience with Russian President Vladimir Putin was "sort of running out and running out fast," but stopped short of threatening new sanctions over the war. Trump has repeatedly set deadlines for Moscow to agree to a ceasefire or face new sanctions, only to row back. Germany said it had extended air policing over Poland and it and France summoned the Russian ambassadors to their countries over the drone incident. QUESTIONS ABOUT EUROPEAN DEFENCES For Polish leaders to directly contradict Trump is almost unheard of and a sign of Europe's alarm at the U.S. president's willingness to give weight to Moscow's account. This week's incident has raised questions about NATO's ability to respond to the sort of mass drone attacks - often involving hundreds of unmanned aerial vehicles - that have been a feature of the war in Ukraine following Russia's 2022 invasion. A subsidiary of Russian nuclear corporation Rosatom said on Friday that a Ukrainian drone attacked one of the buildings of the Smolensk nuclear power station , opens new tab, but it was downed and no damage or casualties were reported. European leaders say the incident in Poland again shows Moscow has no interest in a peace deal in Ukraine, weeks after Trump hosted Putin in Alaska and dropped a demand that Russia accept an immediate ceasefire. European officials have been in Washington this week, hoping to coordinate sanctions on Russia. Announcing such sanctions in tandem was previously standard practice, but has not taken place since Trump returned to office. Kremlin spokesman Dmitry Peskov said on Friday peace negotiations were on pause and that "the Europeans are hindering this" peace process. Ukrainian officials said U.S. special envoy Keith Kellogg and national security advisers from Britain, Germany, France and Italy were in Kyiv. President Volodymyr Zelenskiy said many details on security guarantees for Ukraine were already on paper, and that foreign troops on the ground would signal political support for Kyiv. Russia and its close ally Belarus began a long-planned joint military exercise on Friday involving drills in both countries and in the Baltic and Barents seas. Dismissing concerns abroad about the exercise, Peskov said Western European countries were suffering "emotional overload" and that Russia did not pose a threat to them. https://www.reuters.com/business/aerospace-defense/nato-beef-up-defence-europes-eastern-flank-after-poland-shot-down-drones-2025-09-12/

2025-09-12 20:56

TSX ends down 0.4% at 29,283.82 Industrials lose 1%, tech ends 0.8% lower For the week, the index advances 0.8% Sept 12 (Reuters) - Canada's main stock gave back some of its weekly gain on Friday, with declines for technology and industrial shares, as investors braced for interest rate decisions next week by the Bank of Canada and the Federal Reserve. The S&P/TSX composite index (.GSPTSE) , opens new tab ended down 124.07 points, or 0.4%, at 29,283.82, pulling back from a record closing high on Thursday. Sign up here. For the week, the index advanced 0.8%, its sixth straight weekly gain as gold's record-setting run bolstered metal mining shares. "It's still a momentum-driven market," said Michael Dehal, a senior portfolio manager at Dehal Investment Partners at Raymond James. "We could see some volatility next week ... If we do correct for the next couple of weeks after the Fed announcement, the BoC announcement, I do think investors will probably snap up those equities going into Q4." Both the Bank of Canada and the Federal Reserve are expected to resume their easing campaigns next Wednesday. The Canadian central bank has been on hold since lowering its benchmark rate to 2.75% in March. Technology (.GSPTTMT) , opens new tab fell 0.8%, industrials (.GSPTTIN) , opens new tab lost 1% and heavily weighted financials ended 0.5% lower. Three of 10 major sectors avoided declines, with energy (.SPTTEN) , opens new tab barely changed as the price of oil settled 0.5% higher at $62.59 a barrel. Canada's government is in discussions with energy companies and the oil-producing province Alberta about eliminating a federal cap on emissions from the country's oil and gas sector if the industry and province reduce their carbon footprint in other ways, three sources with knowledge of the talks said on Thursday. https://www.reuters.com/markets/europe/tsx-posts-sixth-straight-weekly-gain-ahead-expected-central-bank-rate-cuts-2025-09-12/

2025-09-12 20:52

Fashion brand Chrome Hearts filed suit in Los Angeles It seeks money damages and order blocking use of name Sept 12 (Reuters) - Rock legend Neil Young and his latest band the Chrome Hearts have been sued for trademark infringement by Los Angeles luxury fashion brand Chrome Hearts. The lawsuit , opens new tab, filed on Thursday in federal court in Los Angeles, said the band's name and merchandise will confuse consumers into believing they are connected with the fashion brand. The complaint sought an unspecified amount of monetary damages and a judicial order blocking Young from using the name Chrome Hearts. Sign up here. Representatives for Young at his label Warner Records (WMG.O) , opens new tab did not immediately respond to a request for comment on Friday. Attorneys and spokespeople for Chrome Hearts also did not respond to requests for comment. The Canadian-born Young, 79, was inducted into the Rock and Roll Hall of Fame as a solo artist in 1995 and as a member of the band Buffalo Springfield in 1997. He was also a member of the supergroup Crosby, Stills, Nash & Young and has toured for decades with backing from the band Crazy Horse. Young announced a tour with a new backing band called the Chrome Hearts last year. The fashion brand Chrome Hearts told the court that the band's name has confused vendors into thinking that the band's merchandise was part of a collaboration. The brand said it has previously collaborated with musicians including the Rolling Stones and Drake, which it said increased the risk of confusion from Young's band name. The brand said it sent Young's representatives a cease-and-desist letter in July, but the band has since continued to tour under the Chrome Hearts name. Young's band is scheduled to play in Mountain View, California, on Friday and at the Hollywood Bowl in Los Angeles on Monday. https://www.reuters.com/legal/litigation/neil-young-hit-with-trademark-lawsuit-over-band-name-chrome-hearts-2025-09-12/

2025-09-12 20:47

Tether to launch USAT stablecoin for US residents by year-end Bo Hines appointed CEO of new venture, aims for significant US expansion USAT to comply with GENIUS Act, to be issued by Anchorage Digital Bank Sept 12 (Reuters) - Crypto company Tether, the creator of the world's largest stablecoin, plans to launch a U.S.-based stablecoin designed for U.S. residents called USAT, the company's CEO Paolo Ardoino said on Friday. Former White House official Bo Hines will be the CEO of the new venture, which aims to launch by the end of the year, Ardoino said at a press conference in New York. Sign up here. The move is the latest sign of Tether, which is based in El Salvador, looking to bolster its presence in the U.S., where crypto companies have benefited from U.S. President Donald Trump's pro-crypto stance. “I think it’s a very exciting moment because we were under severe pressure from competitors that want to create a monopolistic environment in the United States,” Ardoino said. “We believe that Tether is the best product in the market." Tether's dollar-pegged cryptocurrency, known as USDT, has a market capitalization of more than $169 billion, according to crypto data provider CoinGecko. Trump in July signed a law dubbed the GENIUS Act to create a regulatory regime for stablecoins, a huge win for crypto supporters who had long lobbied for such a regulatory framework in a bid to gain greater legitimacy. The new law requires stablecoins to be backed by liquid assets - such as U.S. dollars and short-term Treasury bills - and for issuers to disclose publicly the composition of their reserves monthly. USDT still plans to comply with the GENIUS Act and remain a foreign stablecoin issuer, Ardoino said, adding that the law provides a way for foreign stablecoins to receive reciprocity. "We want people to know that Tether is here to participate in the U.S. economy in a huge way," said Hines, who was appointed as a strategic advisor to Tether in August after he departed his position as executive director of the President's Council of Advisers on Digital Assets. "I think our expansion will be exorbitant over the course of the next 12 to 24 months," Hines said. Ardoino said USAT will be issued by Anchorage Digital Bank, which has a national trust bank charter with the U.S. Office of the Comptroller of the Currency. Anchorage will be one of the shareholders of the new venture, Ardoino said, declining to name the other shareholders. Cantor Fitzgerald will serve as USAT's custodian and preferred primary dealer, Tether said in a press release. USAT will be headquartered in Charlotte, North Carolina, Hines said. The move by Tether comes just three months after rival stablecoin firm Circle (CRCL.N) , opens new tab went public in the U.S. in a blockbuster IPO raised more than $1 billion. Shares in Circle were last down 5.8%. Tether said it bought more than $33.1 billion of U.S. Treasury bills in 2024, making it the seventh largest buyer of U.S. government debt. In an April research note, JP Morgan analysts estimated that stablecoin issuers could become the third-largest buyer of Treasury bills in the coming years. U.S. Treasury Secretary Scott Bessent had encouraged lawmakers to pass legislation to create federal rules for stablecoins, arguing that it could lead to a surge in demand for U.S. government debt. Tether has previously come under scrutiny in the U.S. The company agreed to publish quarterly reserve reports under a 2021 settlement with the New York Attorney General's office, which accused Tether and its sister company Bitfinex of commingling client and corporate funds to cover up $850 million that went missing. The Wall Street Journal reported last year that U.S. authorities were probing potential violations by the cryptocurrency firm of sanctions or anti-money laundering rules, but Ardoino said he had not seen any indication that Tether was under investigation. https://www.reuters.com/sustainability/boards-policy-regulation/tether-unveils-usat-stablecoin-boost-us-market-presence-2025-09-12/

2025-09-12 20:34

Sept 12 (Reuters) - The Trump administration asked a federal judge to cancel the 2024 approval of a wind farm off the coast of Maryland, saying former U.S. President Joe Biden's administration had underestimated threats it would cause to search and rescue operations and commercial fisheries, according to court documents filed on Friday. If approved by the court, the motion would invalidate a years-long federal process that permitted US Wind's Maryland Offshore Wind Project. The facility was expected to generate enough electricity to power 718,000 homes at a time of soaring U.S. demand. Sign up here. The action is the latest in a series of moves the Trump administration has made to stymie development of offshore wind and other clean energy facilities. Attorneys for the Interior Department filed the motion in U.S. District Court in Maryland in a lawsuit brought by the mayor and city council of Ocean City, Maryland, that challenged the agency's approval of the US Wind project. Ocean City officials were not immediately available for comment. In its 2024 complaint, the city alleged the project would threaten its tourism and fishing industries. In justifying its motion, the administration said the project's approval had relied on a Biden-era legal interpretation of the Outer Continental Shelf Lands Act that gave the government broad discretion in managing multiple activities in federal waters. That interpretation was withdrawn by Trump Interior Department attorneys this year. US Wind said it would defend the project's permits in court. "After many years of analysis, several federal agencies issued final permits to the project," spokesperson Nancy Sopko said in a statement. "We intend to vigorously defend those permits in federal court, and we are confident that the court will uphold their validity and prevent any adverse action against them." US Wind is a subsidiary of Renexia SpA, the renewable development arm of Italian infrastructure firm Toto Holding. https://www.reuters.com/legal/litigation/us-asks-federal-court-cancel-permit-maryland-offshore-wind-farm-2025-09-12/

2025-09-12 20:29

US corn supplies expected to swell 59% to 7-year high US corn exports also seen reaching record levels Farmers brace for low corn prices even as costs surge CHICAGO, Sept 12 (Reuters) - U.S. farmers will reap a record corn crop this autumn, eclipsing the previous record set two years ago by nearly 1.5 billion bushels after harvesting their largest acreage in 92 years, the Department of Agriculture said on Friday. The massive crop is due to swell U.S. supplies of the grain by 59% to a seven-year high even as exports are projected to reach record levels, the USDA said in a monthly supply-and-demand report. Sign up here. The grain glut is likely to weigh on the farm economy. U.S. growers have already been struggling with low crop prices and rising costs for inputs such as fertilizer and seeds. Cash crop receipts adjusted for inflation are forecast at the lowest level since 2007. Heftier supplies, however, would benefit livestock producers that use the crop for feed, along with ethanol producers. The USDA lowered its corn yield forecast on Friday but total production rose as it increased its estimate for how many acres will be harvested. In August it surprised grain traders with a large acreage increase. "It didn't matter that USDA reduced the corn yield, because of the amount of corn acreage they found," said Susan Stroud, founder and analyst at No Bull Agriculture. Chicago Board of Trade corn futures shrugged off the harvest outlook as traders anticipated that the USDA could trim its forecasts in upcoming reports. The USDA raised its 2025 U.S. corn production estimate to a record 16.814 billion bushels. It projected a record average yield of 186.7 bushels per acre, down from 188.8 bushels per acre in August. Both figures were above analysts' expectations. Favorable crop weather for much of the summer growing season boosted yield prospects until pockets of disease and dry late-season weather clipped potential, analysts said. End-of-season U.S. corn stocks for the 2025/26 marketing year were projected at 2.11 billion bushels, down slightly from the USDA's forecast a month earlier but still the largest since the 2018/19 season. For soybeans, the USDA projected U.S. yield at a slightly higher-than-expected 53.5 bushels per acre, compared with 53.6 bushels in August. It pegged production at 4.301 billion bushels, up from 4.292 billion bushels a month earlier as the agency increased harvested acres. The agency raised its U.S. soybean ending stocks forecast by 10 million bushels after cutting its export projection to the lowest since a U.S. trade war with top-importer China during President Donald Trump's first term. Export sales have slumped again due to a renewed trade dispute with Beijing, which has not yet booked any new-crop purchases from the U.S. https://www.reuters.com/sustainability/climate-energy/usda-projects-record-us-corn-crop-most-harvested-acres-since-1933-2025-09-12/