2025-09-09 20:26

Sept 9 (Reuters) - GameStop (GME.N) , opens new tab reported a nearly 22% rise in second-quarter revenue on Tuesday, as the videogame retailer's efforts to revive its struggling business began to pay off, sending its shares up about 3% in extended trading. The company's revenue increased to $972.2 million during the period, compared with $798.3 million a year ago. Sign up here. Once a dominant force in physical retail, GameStop has seen its market share erode over the years due to its slow shift toward digital purchases, while e-commerce giants such as Amazon have become go-to destinations for gaming and general merchandise. Still, the company's collectibles business has shown resilience, with revenue surging 63% in the second quarter, as a strong merchandising strategy centered on pop culture attracted a diverse consumer base. https://www.reuters.com/business/gamestop-reports-rise-second-quarter-revenue-2025-09-09/

2025-09-09 20:21

MEXICO CITY, Sept 9 (Reuters) - Mexico's government will propose a bill to impose import tariffs on some sectors, including automotives and manufacturing, in a bid to address trade imbalances, a top official said on Tuesday. The move would also bring an additional 70 billion pesos ($3.76 billion) to state coffers, the official said. Sign up here. Deputy Minister for Revenues Carlos Lerma told a press conference, following publication of the country's draft 2026 budget, that the Economy Ministry would submit a bill to Congress focused on trade imbalances in some sectors. Lerma did not give details on how tariffs might be adjusted. "It is important to highlight that all this will come within the framework of the international treaties," Lerma added. Lerma did not name any countries, but Finance Minister Edgar Amador said the new tariffs would apply to countries with which Mexico does not currently have trade agreements. President Claudia Sheinbaum has previously said tariffs on China were being considered. Mexico's top trade partner is the United States, with which it shares a free trade agreement, along with Canada. The bulk of its trade with the U.S. falls under this agreement, which has been largely spared from the tariffs imposed by its northern neighbor. The Trump administration has pressured countries in Latin America to limit their ties with economic rival China, which competes with the United States for influence in the region. This includes measures to prevent Chinese goods from avoiding steep U.S. tariffs by passing through another country such as Mexico as a back door to the U.S. market. Mexico already imposes various tariffs on goods from China, including on cars, e-commerce, clothing, shoes, and some manufactured goods. Following reports last month that Mexico could raise tariffs on Chinese goods, Chinese Foreign Ministry spokesperson Guo Jiakun said China opposed restrictions made "under the coercion of others" and that it believed countries would "remain independent." Analysts have warned new tariffs could fuel Mexican inflation, which sped up in August, although it remained within the central bank's target range. "If tariffs on imports from China to Mexico materialize, there will be greater inflationary pressures, both for the consumer and the producer," Banco BASE economic analysis director Gabriela Siller said in a post on X in late August. "A large amount of industrial inputs come from China," she added. ($1 = 18.6350 Mexican pesos) https://www.reuters.com/world/americas/mexico-seeks-impose-tariffs-auto-manufacturing-imports-2025-09-09/

2025-09-09 20:09

SAO PAULO, Sept 9 (Reuters) - Brazilian coffee exports to the United States fell 46% in August while sales to Latin American neighbors surged, coffee exporters group Cecafe reported on Tuesday, even as industry leaders said re-exporting Brazilian beans via third countries was not an alternative for getting past U.S. import tariffs. Despite a drop in total exports to Germany, the European country took the top spot as the biggest importer of Brazilian coffee - accounting for 414,109 60-kilogram bags - in August, while to Mexico and Colombia rose by 90% and 578% respectively to 251,166 and 112,948 bags, Cecafe said. Sign up here. Brazil is the world's largest producer and exporter of coffee, while the United States is the world's largest consumer. President Donald Trump's decision to impose a 50% levy since the start of August on most Brazilian goods, including coffee, has roiled international coffee markets. U.S. imports of Brazilian coffee fell to 301,099 bags, Cecafe said, down from 562,723 in the same month last year. "The tariffs disrupted the market and opened the door to speculative movements," Cecafe President Marcio Ferreira said in a statement. Ferreira told journalists earlier on Tuesday that there was little possibility of re-exporting coffee beans to the United States via third countries. Though some finished coffee products are exported from other countries to the United States, sending raw beans via third countries would be "very easy for the American government to spot," Ferreira said. Tariffs imposed by the United States on Brazilian goods have hit the country's instant coffee industry hard, Aguinaldo Lima, executive director at ABICS, an organization representing Brazil's instant coffee producers, said during the press conference. According to numbers from ABICS, Brazil's instant coffee exports to the United States in August fell 59.9% to 24,460 60-kilogram bags, versus the 65,914 bags exported in the same month last year. "This is detrimental not only to our industries, but also to our trading partners in the United States," Lima said. The U.S. tariffs on Brazilian goods came into effect on Aug. 6. Since then, the International Coffee Organization and Brazil's national crop agency Conab have both warned that the tariffs could push prices higher. With Brazil the world's second-largest coffee consumer, that could begin to impact inflation at home, Celirio Inacio, executive director at the Brazilian coffee industry association (ABIC) said. "Coffee is becoming more expensive for consumers again, and this is causing complaints from consumers and will directly contribute to inflation here in Brazil," Inacio said. https://www.reuters.com/world/americas/brazil-coffee-exports-us-fall-august-surge-elsewhere-industry-says-2025-09-09/

2025-09-09 19:54

Brent, US crude rise 0.6% US assurance to Qatar, fears of supply glut cap oil's gains Oil also supported by smaller-than-expected OPEC+ output hike EIA says oil prices to drop sharply in months ahead on rising inventories NEW YORK, Sept 9 (Reuters) - Oil prices settled higher on Tuesday after the Israeli military said it carried out an attack on Hamas leadership in the Qatari capital Doha, an expansion of its military actions in the Middle East. Brent crude futures settled 37 cents, or 0.6%, higher at $66.39 a barrel, while U.S. West Texas Intermediate crude futures also climbed 37 cents, or 0.6%, to close at $62.63 a barrel. Sign up here. Both benchmarks had gained almost 2% shortly after the Israeli attack on Qatar, but gave up the majority of those gains later as the United States assured Doha that such a thing would not happen again on its soil. "Both the U.S. and Qatar have made it clear they are not seeking further escalation, while the muted reaction from other (Gulf Cooperation Council) members reinforces the view that the risk of a wider regional flare-up remains contained," said Jorge Leon, head of geopolitical analysis at Rystad Energy. "For now, geopolitical risk premiums are easing rather than building," Leon said. Oil prices also pared some gains because the attack did not create any immediate supply disruption, UBS analyst Giovanni Staunovo said. The oil benchmarks were trading higher prior to the attack on Qatar, supported by the latest oil output increase from OPEC+ being smaller than anticipated, expectations that China will continue stockpiling oil and concerns over potential new sanctions against Russia. Capping oil's gains, the U.S. Energy Information Administration said it expects global crude prices to be under significant pressure in the months ahead due to rising inventories. Physical oil markets also appeared to be softening, with prompt spreads weakening heavily in the Atlantic basin, StoneX analyst Alex Hodes said. Softer prompt physical markets are typically an indicator of weak demand. "The fact that the market did not respond with such an escalation (in the Middle East) is an indication of how weak the market is in my opinion," Hodes said. U.S. crude oil inventories rose last week, market sources said, citing a report by the American Petroleum Institute. Official EIA data on U.S. stockpiles is due on Wednesday at 10:30 am ET. Traders are also expecting the Federal Reserve, which meets next week, to cut U.S. interest rates. Lower rates reduce consumer borrowing costs and can boost economic growth and demand for oil. U.S. employment data for the 12 months through March was revised lower more sharply than expected on Tuesday, prompting traders to bet that the Fed will cut short-term rates next week and continue, with more in store this year to shore up the labor market. https://www.reuters.com/business/energy/oil-settles-higher-after-israeli-attack-qatar-2025-09-09/

2025-09-09 19:52

LOS ANGELES, Sept 9 (Reuters) - More than 50 shipping containers fell from a berthed ship into the water at California's Port of Long Beach on Tuesday morning, a spokesman for the nation's second-busiest seaport said. No injuries were reported. Sign up here. The containers fell from the Portugal-flagged Mississippi while it was berthed at the Pier G container terminal. The Mississippi arrived in Long Beach from China's Yantian port. Cargo operations at the terminal were temporarily suspended as crews worked to secure the containers, public information officer Art Marroquin said. The incident is being investigated, Marroquin said. https://www.reuters.com/world/us/dozens-containers-tumble-into-sea-california-port-2025-09-09/

2025-09-09 19:47

WASHINGTON, Sept 9 (Reuters) - The U.S. Federal Aviation Administration issued a safety alert on Tuesday to airlines over risks from lithium batteries in aircraft passenger compartments, citing a large number of serious incidents. The FAA recommended airlines adopt risk mitigation strategies, including clear messaging to address potential fire risks tied to lithium batteries carried by passengers and crew members and review firefighting procedures and training. Sign up here. There have been 50 lithium-ion battery smoke, fire or extreme heat incidents reported this year in the U.S., the FAA said, and some of those have resulted in diversions or injuries. An Aug. 5 incident involved a passenger cell phone on an American Airlines (AAL.O) , opens new tab flight to Madrid from Dallas that overheated and began emitting smoke. The passenger sustained injuries, and there was damage to the aircraft floor and the flight was delayed, the FAA said. During a July 12 flight from Chicago to Portland, Oregon, a passenger’s laptop overheated and began emitting smoke. The laptop was placed in a bag in a bathroom but the flight was diverted to Casper, Wyoming. Others have involved cargo planes with laptops or other batteries in shipments. The FAA last week proposed a $60,000 fine against LG Energy Solution (373220.KS) , opens new tab for allegedly violating the hazardous materials regulations. The FAA cited a January 2024 undeclared and improperly packaged shipment of five lithium-ion batteries from Seoul to Los Angeles. FedEx (FDX.N) , opens new tab personnel discovered the shipment when it emitted flames in its sorting facility in Irvine, California.  https://www.reuters.com/business/aerospace-defense/us-faa-issues-safety-alert-risks-posed-by-passenger-lithium-batteries-planes-2025-09-09/