2025-07-31 21:00

By Chris Takudzwa Muronzi HARARE, July 31 (Reuters) - Zimbabwe is on track to achieve a forecasted 6% economic growth in 2025 helped by good agricultural output and strong commodity prices, Finance Minister Mthuli Ncube said on Thursday. Sign up here. The Southern African country's economy has shown signs of recovery in the first half of the year following a severe drought and currency turbulence in 2024 that pushed GDP growth down to 2%. "Given the positive economic developments during the period January to June, we are confident that the projected economic growth of 6% alluded to in the 2025 National Budget is achievable," Ncube told parliament in a mid-year budget review. "All sectors of the economy are expected to record positive growth in 2025, mainly on account of a favourable agriculture season, improved electricity generation, stable exchange rate and inflation rate," he said. He did not give an update on the budget deficit, which was seen at 0.4% of gross domestic product in 2025 during the budget forecast last November. Zimbabwe's fiscal position remains under strain from grain imports, drought relief spending and the public sector wage bill. While the government has collected more revenue than in the same period last year, analysts say containing the deficit may prove difficult without new fiscal measures. The local currency, the ZiG, launched in April 2024 to replace the Zimbabwe dollar, has largely remained stable against the U.S. dollar but is still overshadowed by widespread use of the dollar in everyday transactions. Ncube reiterated the government's commitment to the gold-backed unit and said the currency had benefited from tight monetary and fiscal policies. https://www.reuters.com/world/africa/zimbabwe-track-6-growth-economy-recovers-drought-2025-07-31/

2025-07-31 20:57

July 31 (Reuters) - Coinbase Global (COIN.O) , opens new tab reported a drop in adjusted profit for the second quarter on Thursday, as gains in subscription and services revenue were offset by weaker trading activity amid reduced cryptocurrency volatility. Retail crypto trading volumes remained sluggish in the second quarter as investor appetite remained muted amid market uncertainty and inflationary pressures, despite a rebound in crypto prices. Sign up here. A bullish crypto market also prompted many retail investors to hold on to their digital assets in anticipation of higher returns, limiting trading activity. Crypto asset volatility was down 16% on a sequential basis, the company said. Transaction revenue fell 2% to $764.3 million from a year earlier. However, revenue from the company's subscription and services unit — which includes businesses outside of trading — rose 9.5% to $655.8 million. Shares of the company, which have gained nearly 54% in 2025 on crypto enthusiasm and its addition to the benchmark S&P 500 index, fell 6.8% in extended trading. Adjusted net income came in at $33.2 million, or 12 cents per share, in the three months ended June 30, compared with $294.4 million, or $1.10 apiece, a year earlier. Net profit, which surged compared to the year-ago period, was largely driven by gains from the fair value remeasurement of the company's investment in stablecoin issuer Circle (CRCL.N) , opens new tab and gains from its crypto asset investment portfolio, Coinbase said. REGULATORY BOOST A portion of Coinbase's subscription and services revenue is derived from stablecoin holdings and related platform activities. The company also benefited from optimism surrounding the stablecoin legislation passed during the quarter. Stablecoin revenue came in at $332.5 million in the second quarter, up from $240.4 million in the year earlier. The U.S. House of Representatives passed the "Guiding and Establishing National Innovation for U.S. Stablecoins Act," or the GENIUS Act, earlier this month, sending the bill to President Donald Trump, who signed it into law. The Genius Act aims to create a regulatory framework for stablecoins and promote broader adoption. "These bills provide a clear regulatory foundation for stablecoins and digital assets, potentially unlocking new opportunities for Coinbase," the company said in a letter to shareholders, referring to the Genius Act and the Clarity Act. The Clarity Act, if enacted, would help define whether a cryptocurrency qualifies as a security or a commodity — clarifying the jurisdiction of the Securities and Exchange Commission (SEC) over the sector. "And they’re still sitting on a war chest of $9.3 billion in USD resources and another $1.8 billion in crypto investment assets. That’s not dry powder — that’s a full-blown arsenal," said David Bartosiak, stock strategist at Zacks Investment Research https://www.reuters.com/business/coinbase-quarterly-profit-falls-trading-dip-shares-fall-2025-07-31/

2025-07-31 20:46

NEW YORK, July 31 (Reuters) - New York Governor Kathy Hochul and her acting counterpart in New Jersey said they were declaring states of emergency for areas facing the threat of extreme flash floods forecast on Thursday for much of the Eastern Seaboard. The National Weather Service posted flash flood warnings along parts of the Northeast urban corridor stretching from the Washington-Baltimore region north through Philadelphia, Wilmington, Delaware, and into the New York City metropolitan area. Sign up here. Severe thunderstorm watches were also in effect across much of the Interstate-95 corridor. Up to 5 inches (12.7 cm) of rain was forecast in the heaviest bands of showers expected across New York City, Long Island and the Hudson River Valley, with rainfall rates that could exceed 2 inches per hour, according to a statement from Hochul. "I am urging all New Yorkers to stay vigilant, stay informed, and use caution as we expect excessive rainfall with the potential for flash flooding," Hochul said. New Jersey was bracing for rainfall totals of 1 to 3 inches generally with localized downpours that could produce 5 to 7 inches, acting New Jersey Governor Tahesha Way said in her declaration. She warned that the extreme rainfall could trigger landslides, rock slides and flash flooding of roadways across New Jersey, with additional hazards posed by damaging winds from thunderstorms. "Residents should remain off the roads and indoors unless absolutely necessary," Way, the lieutenant governor, said in a statement. She is temporarily serving as the state's chief executive while Governor Phil Murphy was out of the state on vacation with his family. The Weather Service attributed the storm threat to a cold front that was bringing a combination of unstable air mass and exceptional amounts of atmospheric moisture to the region. (This story has been corrected to change the state location of Wilmington to Delaware, instead of New Jersey, in paragraph 2) https://www.reuters.com/business/environment/flash-flood-threat-prompts-emergency-declarations-new-york-new-jersey-2025-07-31/

2025-07-31 20:43

TSX ends down 0.4% at 27,259.78 For July, the index advances 1.5% Energy falls 1.2% as oil settles lower Canada Goose tumbles 14.3% after quarterly loss July 31 (Reuters) - Canada's main stock index gave back on Thursday some of its monthly gain, with energy and technology shares declining as investors assessed corporate earnings and uncertain prospects for a trade deal between Canada and the United States. The S&P/TSX composite index (.GSPTSE) , opens new tab ended down 110.18 points, or 0.4%, at 27,259.78, extending its pullback from a record closing high on Tuesday. For the month, the index was up 1.5%, its third straight monthly gain. Sign up here. "While corporate profits are in the spotlight this week and today ... we still have a relatively favorable backdrop as the U.S. and Canadian economies are holding up ok despite some of the trade uncertainty that still persists, especially in Canada," said Angelo Kourkafas, senior global investment strategist at Edward Jones. Canadian decreased by 0.1% in May on a monthly basis but preliminary estimates showed the economy regaining the lost ground in June and posting annualized growth of 0.1% for the second quarter. The Bank of Canada has projected a second-quarter contraction of 1.5%. U.S. President Donald Trump has intensified his trade war with Canada ahead of his August 1 deadline for a tariff agreement, saying it would be "very hard" to make a deal with Canada after it gave its support to Palestinian statehood. The energy sector fell 1.2% as the price of oil settled 1.1% lower at $69.26 a barrel. Technology lost 1% and industrials were down 0.8%. Bombardier (BBDb.TO) , opens new tab shares dipped 0.7%. The business jet maker reported a slight drop in second-quarter revenue, though its net income beat analyst expectations. Luxury goods maker Canada Goose Holdings (GOOS.TO) , opens new tab posted a bigger-than-expected quarterly loss. Its shares tumbled 14.3%, while shares of Bausch Health Companies (BHC.TO) , opens new tab ended 7.7% lower after the pharmaceutical firm reported its quarterly results. Of ten major sectors, only materials (.GSPTTMT) , opens new tab, which includes metal mining shares, ended higher. It rose 0.5% as the price of gold clawed back some recent declines. https://www.reuters.com/markets/europe/tsx-pares-monthly-gain-tech-energy-shares-fall-2025-07-31/

2025-07-31 20:39

NEW YORK, July 31 (Reuters) - U.S. gasoline demand in May fell to the lowest for that month since the coronavirus pandemic of 2020, data from the Energy Information Administration showed on Thursday, indicating consumers cut back on fuel purchases despite lower prices. Product supplied of finished motor gasoline, the EIA's proxy for demand, averaged about 9.06 million barrels-per-day in May, down 3.6% from last year, marking a major reversal in fuel consumption in the world's largest gasoline market. Sign up here. U.S. President Donald Trump has credited himself for lowering gasoline prices, which had surged to a record high in 2022 due to supply disruptions caused by Russia's invasion of Ukraine. Analysts, however, have said a slow start to the U.S. summer driving season, partly due to economic uncertainty from Trump's economic policies, is driving the decline. Gasoline prices fell 8.3% over the 12-month period ended June, the latest Consumer Price Index report showed, as U.S. crude prices tumbled more than 20% amid concerns over lackluster demand and a trade war with China. "Uncertainty, in my opinion, is the larger issue," said Patrick De Haan, head of petroleum analysis at market tracker GasBuddy. "The tariff/trade situation has left consumers feeling a bit pessimistic," he said. "Look for a rebound in June/July from the May figures, though I doubt they'd be better than 2024." Gasoline demand averaged 9.40 million bpd in May last year, which was the highest for any month since the pandemic, data from the EIA showed. https://www.reuters.com/business/energy/us-gasoline-demand-may-hits-lowest-seasonal-level-since-2020-eia-says-2025-07-31/

2025-07-31 20:34

July 31 (Reuters) - Railroad operator CSX (CSX.O) , opens new tab is working with Goldman Sachs (GS.N) , opens new tab to explore strategic options following a merger between its two major rivals, Bloomberg News reported on Thursday, citing people familiar with the matter. Union Pacific (UNP.N) , opens new tab said on Tuesday it would buy smaller rival Norfolk Southern (NSC.N) , opens new tab in an $85 billion deal to create the first U.S. coast-to-coast freight rail operator and reshape the movement of goods from grains to autos across the country. Sign up here. Reuters reported last week that CSX was in talks to bring on financial advisers. "We welcome all opportunities that would allow us to deliver value for our shareholders, drive pro-growth and serve our customers better," CSX CEO Joe Hinrichs said on a post-earnings call last week. Goldman Sachs did not immediately respond to a Reuters request for comment. CSX declined to comment. https://www.reuters.com/business/csx-working-with-goldman-sachs-explore-strategic-options-bloomberg-news-reports-2025-07-31/