2025-09-15 20:41
EU struggles to agree on 2040 climate target, delaying 2035 submission Draft suggests range for 2035 emissions reductions but no fixed target Under the draft, EU would miss global deadline for new climate goals BRUSSELS, Sept 15 (Reuters) - The European Union does not expect to reach an agreement on its new U.N.-mandated climate target in time for a key deadline this month, and has instead drafted plans to submit a temporary goal, which could change later, an EU negotiating document seen by Reuters showed. EU countries are struggling to reach a deal on their new climate target for 2040, which has derailed plans for the bloc to submit a 2035 target to the United Nations by a deadline this month for all countries to do so. The EU had planned to derive its 2035 climate target from the 2040 goal. Sign up here. The draft EU document, seen by Reuters, showed the bloc is now instead considering submitting a "statement of intent" to the U.N. about what its 2035 goal will be - indicating it will be between a 66.3% and a 72.5% emissions reduction by 2035, from 1990 levels. The EU will decide its final 2035 target later, after it reaches a deal on its 2040 climate goal, the document said. EU countries' ambassadors will on Tuesday discuss the draft, which could still change during the negotiations. The move aims to avoid the EU being empty-handed at the U.N. general assembly next week, where U.N. Secretary-General Antonio Guterres has asked countries to announce their climate targets, to drum up momentum for the global COP30 climate negotiations in November. But it leaves open the question of how ambitious the EU's final target will be - and increases the likelihood that the EU will lag behind other major emitters, including China, in setting its new climate goal. Manon Dufour, an executive director at think tank E3G, said the plan could allow the EU to agree on a more ambitious target later, ahead of COP30 - but that it raised questions about EU leadership on climate change. "It does very little to dispel doubts about the EU's domestic transition, or galvanise global partners ahead of the UN General Assembly, in such a critical year for global climate action," she said. The higher end of the target range reflects a pathway towards a 90% emissions reduction by 2040 - which is what EU countries are negotiating as their 2040 climate goal, the document said. The lower end is calculated by drawing a straight line between the EU's existing 2030 and 2050 climate goals. Countries including Poland have backed a range starting at the lower end, while countries including Spain and Denmark want a more ambitious goal, EU diplomats said. Denmark, which holds the rotating EU presidency, drafted the document. It declined to comment. https://www.reuters.com/sustainability/cop/eu-set-miss-un-deadline-new-climate-targets-draft-shows-2025-09-15/
2025-09-15 20:26
NEW YORK, Sept 15 (Reuters) - The U.S. Securities and Exchange Commission agreed to settle a lawsuit that accused an exchange run by billionaire twins Tyler and Cameron Winklevoss of failing to register a cryptocurrency asset lending program before offering it to retail investors. In a letter filed on Monday in Manhattan federal court, lawyers for the SEC and the exchange now known as Gemini Space Station (GEMI.O) , opens new tab said the settlement in principle would "completely resolve" the lawsuit over Gemini Earn, subject to approval by the commission. Sign up here. The lawyers asked U.S. District Judge Edgardo Ramos to give them until December 15 to submit final paperwork, and to put all deadlines on hold. Neither the SEC nor Gemini's lawyers immediately responded to requests for comment. The settlement was disclosed four days after Gemini raised $425 million in an initial public offering, valuing the New York-based company at about $3.3 billion. Shares of Gemini closed up 52 cents at $32.52 on Monday, 16% above the $28 IPO price. Gemini Earn let customers lend bitcoin and other crypto assets to the cryptocurrency lender Genesis Global Capital in exchange for interest payments, with Gemini Trust taking fees as high as 4.29%. Genesis halted withdrawals in November 2022, the same month Sam Bankman-Fried's FTX cryptocurrency exchange collapsed, and filed for bankruptcy two months later. It held $900 million of assets from about 340,000 Gemini Earn customers at the time. The SEC sued Gemini and Genesis in January 2023, saying they bypassed disclosure requirements for Gemini Earn that were meant to protect investors. Genesis accepted a $21 million fine to settle, without admitting wrongdoing. Gemini has denied wrongdoing. The SEC has eased oversight of the cryptocurrency industry since Donald Trump became president in January. Tyler and Cameron Winklevoss, 44, are each worth $4.6 billion according to Forbes magazine. The case is SEC v Gemini Trust Co et al, U.S. District Court, Southern District of New York, No. 23-00287. https://www.reuters.com/sustainability/boards-policy-regulation/sec-billionaire-winklevoss-twins-resolve-lawsuit-over-gemini-earn-2025-09-15/
2025-09-15 20:08
Sept 15 (Reuters) - New York's Metropolitan Transportation Authority said on Monday that unions had backed off from a threat to launch a strike later this week at the Long Island Rail Road, which serves nearly 300,000 passengers daily. A group of unions said at a press conference they had asked President Donald Trump to appoint an emergency board to conduct mediation after previously threatening to launch a strike at the railroad serving New York commuters. Sign up here. "This action does not mean a strike won't happen. But it does mean it won't happen now," said Gil Lang, general chairman for the BLET's LIRR engineers. Union leaders said the appointment of a White House board would trigger a 120-day period during which the board would make a recommendation, and no work stoppage could occur in that time. If no deal is reached, the White House could then name a second board with a cooling-off period until May 2026. The LIRR is one of the largest commuter railroads in the United States. "The five unions decided to be the grownup in the room and request President Trump to appoint a presidential emergency board," said Jim Louis, national vice president of the Brotherhood of Locomotive Engineers and Trainmen. The MTA criticized the unions. "If these unions wanted to put riders first, they would either settle or agree to binding arbitration... This cynical delay serves no one." The White House did not immediately respond to a request for comment. New York Governor Kathy Hochul called on the White House for direct mediation. "There is a fair offer on the table, and I have directed the MTA to be ready to negotiate anytime, anywhere," she said. "Both sides must return to negotiations and keep working around the clock until this is resolved." https://www.reuters.com/sustainability/sustainable-finance-reporting/unions-back-off-threat-launch-strike-against-new-york-rail-agency-2025-09-15/
2025-09-15 20:02
France considers refusing crypto licence 'passports' France, Italy, Austria push for EU-level supervision Application of new crypto rules fragmented, regulator says PARIS, Sept 15 (Reuters) - France has warned it may try to block some crypto firms licenced in other EU countries from operating domestically as part of a push to get oversight transferred to the bloc’s central securities regulator, the head of its financial watchdog told Reuters. France's securities watchdog, the AMF, is concerned that under the EU's new regulatory regime, crypto companies are seeking out jurisdictions with more lenient licensing standards, its president, Marie-Anne Barbat-Layani, said. Sign up here. MiCA, a landmark set of digital asset rules which came into force this year, allows crypto companies to apply for licences from individual EU members, which they can use as a "passport" to operate throughout the 27-nation bloc. The legislation has already exposed inconsistencies in how national regulators apply the rules, raising questions about whether some licences are being granted too quickly and whether cross-border firms are being adequately supervised. OVERSIGHT GAPS RAISE ALARM At stake is oversight of the multi-trillion-dollar crypto industry, which regulators globally have long warned could destabilise markets and harm investors if not properly supervised. On Monday, France joined Italy and Austria in calling for the European Securities and Markets Authority (ESMA), based in Paris, to take over supervision of major crypto firms, according to a position paper seen by Reuters. In its strongest warning yet, the AMF told Reuters that France would not rule out the possibility of using the "atomic weapon" of challenging the "passporting" of a license granted by a different member state. A hallmark of the EU's single market for financial services, "passporting" allows companies authorised by one member state to operate across the bloc. The AMF did not give details about which companies' licences it could consider challenging, or on what basis. "We do not exclude the possibility of refusing the EU passport," Barbat-Layani said. "It's very complex legally and not a very good signal for the single market - it's a bit like the 'atomic weapon' ... but it's still a possibility we hold in reserve." Crypto platforms "are doing their regulatory shopping all over Europe, trying to find a weak link that will give them a licence with fewer requirements than the others," she added, without providing specific examples. MAJOR DIFFERENCES BETWEEN REGULATORS In Monday's paper, France's AMF, Italy's Consob and Austria's FMA called on European lawmakers to introduce a mechanism to transfer powers to ESMA. "The first few months of the application of the Regulation have revealed major differences in how crypto-markets are being supervised by national authorities," the three regulators said. Direct European supervision would better protect investors, they said. A spokesperson for ESMA said the regulator would keep "working intensely" to ensure the authorisation and supervision of crypto companies was consistent across the EU. The spokesperson also referred to a paper ESMA published last year in which it encouraged lawmakers to consider pan-EU supervision for the sector. Malta's financial regulator faced scrutiny over its licence-granting process earlier this year. An ESMA review found that Malta did not do enough to assess the risk when granting a licence to one particular unnamed crypto company. Malta said it was proud of its role as an "early adopter" of digital asset regulation. The French, Italian and Austrian regulators did not give examples of where regulators had interpreted the rules differently. Crypto companies are in the process of applying for MiCA licences during a transition period. Luxembourg granted a licence to U.S.-listed exchange Coinbase (COIN.O) , opens new tab and Malta gave a licence to the Winklevoss-founded exchange Gemini. France, Italy and Austria also called for MiCA revisions, including stricter rules for crypto companies’ activities outside of the EU, better cybersecurity supervision, and a review of how authorities manage new crypto token offerings. France has long been pushing for ESMA to be given greater power. ESMA head Verena Ross has said she would welcome the move, but it faces resistance from some EU members. https://www.reuters.com/sustainability/boards-policy-regulation/france-threatens-block-crypto-licence-passporting-eu-regulatory-fight-2025-09-15/
2025-09-15 19:45
MILAN, Sept 15 (Reuters) - Italiana Petroli's founding family has agreed to sell the oil refiner to State Oil Company of Azerbaijan (SOCAR) in a deal that will hand the group control of one of Italy's largest petrol station networks, two sources said. The deal was signed on Monday, the sources said, without disclosing the financial terms of the agreement. Sign up here. People close to the matter had previously told Reuters Italy's Brachetti-Peretti family was seeking an enterprise value of around 2.5 billion euros ($2.9 billion) for their company, which holds some 500 million euros in cash. SOCAR and Italiana Petroli did not respond to requests for comment outside business hours. SOCAR is being advised by Italy's Intesa Sanpaolo IMI CIB with UniCredit advising the owner of IP. IP has a total refining capacity of around 200,000 barrels per day and operates a network of more than 4,500 fuel stations. It also owns important storage and transport assets in Italy, including for jet fuel. Last year it posted an adjusted core profit of nearly 500 million euros. The deal follows the sale by Italy's Moratti family of its controlling stake in oil refiner Saras to global commodity trading house Vitol last year. These transactions underscore a broader trend of private investors retreating from Europe's refining sector, which has become increasingly volatile. The acquisition would boost SOCAR's presence in the Mediterranean fuel market. The company already owns the 200,000 bpd STAR refinery in Turkey. IP currently owns a refinery in Ancona in eastern Italy, as well as the SARPOM refinery in Trecate in the north. It also has a tolling contract for the Alma refinery in Ravenna. IP increased its refining and fuel storage capacity in 2023 when it finalised the acquisition of Exxon Mobil's (XOM.N) , opens new tab Italian assets. ($1 = 0.8524 euros) https://www.reuters.com/business/energy/socar-agrees-buy-oil-refiner-italiana-petroli-sources-say-2025-09-15/
2025-09-15 19:38
Series of central bank meetings on deck, focus on Fed Fed expected to cut by 25 bps; BOJ, BOE tipped to hold steady Euro largely unmoved by Fitch's downgrade of France's credit rating NEW YORK, Sept 15 (Reuters) - The dollar weakened across the board on Monday as investors wait for the Federal Reserve to resume interest rate cuts at this week's meeting and as President Donald Trump renewed calls for faster monetary policy easing. Trump on Monday called for Fed Chair Jerome Powell to enact a "bigger" cut , opens new tab to benchmark interest rates and pointed to the housing market in a social media post ahead of the U.S. central bank's meeting this week. Sign up here. Traders are fully pricing in a 25 basis point cut at the Federal Open Market Committee meeting on September 16 and 17, and about a 5% chance of a 50 basis point cut, according to the CME FedWatch Tool. "What we see is just a broad-based lack of conviction, with traders relatively happy to sit on the sidelines and wait until the outcome of Wednesday's FOMC meeting is known," Michael Brown, market analyst at online broker Pepperstone in London, said. "In the meantime, it's likely just positions being squared up to drive things for the next day or so," Brown said. The dollar index (.DXY) , opens new tab, which measures the currency's strength against a basket of six peers, slipped 0.4% to a nearly one-week low of 97.273. Against the Japanese currency, the dollar was 0.2% lower at 147.335 yen, while the euro advanced 0.3% to $1.1771. The U.S. dollar has steadied since a record slide earlier this year, but many currency market players still view the greenback as locked in a bearish trend. Investors will parse Fed members' "dot plot" projections for rates and guidance from Fed Chair Jerome Powell to gauge the extent and pace of further easing. "The economic projections and press conference are likely to emphasize that this is an 'insurance' cut, with the pace of easing remaining gradual," Nomura analysts said in a note on Monday. Investors are also monitoring rate decisions this week in Japan, Britain, Canada and Norway. Both the Bank of England and the Bank of Japan are expected to keep rates unchanged, with analysts focusing on the BoE's plans to slow its reduction of government bond holdings and on BOJ commentary that might indicate the likelihood of a rate hike over the remainder of the year. On Monday, the euro was little swayed by Fitch Ratings' late-Friday downgrade of France's sovereign credit score due to concerns over the government's rising debt burden. The move stripped the euro zone's second-largest economy of its AA- status. The downgrade was largely priced in by the markets in advance, said Nick Rees, head of macro research at Monex Europe. Analysts say that, while fiscal worries in France could limit the euro's gains in the near term, they are unlikely to spur a meaningful decline in the currency. Data shows that speculative net long positions in the euro against the U.S. dollar continue to hold strong, ticking up to $18.4 billion as of the week ended September 8, near a two-year peak. The euro's resilience is underpinned by expectations of Federal Reserve policy easing alongside diminishing prospects for further European Central Bank rate cuts. Sterling was 0.4% higher at $1.3606 on Monday, its strongest since early July. Cryptocurrency bitcoin was down 0.5% at $115,323, slipping for a third straight session. https://www.reuters.com/world/middle-east/dollar-slips-traders-await-fed-interest-rate-decision-2025-09-15/
