2025-07-30 11:42

Fraud involving farmers, officials suspected at least since 2019 Opposition criticizes government's handling Opposition fears statute limitations could protect ex-ministers ATHENS, July 30 (Reuters) - Greek parliament has voted in favour of setting up a committee that will investigate a government agency handling EU agricultural subsidies since 1998, following a scandal in which Greek farmers for years faked land ownership to receive the aid. European prosecutors have found indications that farmers and state officials allegedly defrauded the European Union of subsidies for the use of pastureland at least since 2019. Sign up here. In June, they referred the case to parliament - the only body that can investigate politicians - on suspicion that two former agriculture ministers from the ruling, centre-right New Democracy party, were involved in the case. They have both denied wrongdoing. The case is hurting the popularity of Prime Minister Kyriakos Mitsotakis' government, which came to power in 2019 and was re-elected in 2023 with a majority, polls show. Greek media reports have pointed to clientelism, or the trading of resources for political loyalty, as possibly motivating the fraud. Late on Tuesday, parliament approved the government's proposal to set up the committee to investigate the agency OPEKEPE, founded in 1998. The government controls 155 lawmakers in the 300-seat parliament. The main opposition, the Socialist PASOK party, which has 33 seats, and other leftist parties rejected the plan, accusing the government of stalling and digging up the past to cover up its responsibility. They want a more powerful committee set up, that can directly charge ex-ministers and will focus on the European prosecutors' case, instead of OPEKEPE's operations over the years. They fear that delays could lead to the write-off of potential crimes under a statute of limitations. Mitsotakis told parliament Greece has paid nearly 3 billion euros in EU fines related to the misuse of the farm subsidies over the past decades, calling OPEKEPE an "open wound" whose ills were timeless. https://www.reuters.com/world/greek-parliament-set-probe-agency-linked-eu-farm-aid-fraud-2025-07-30/

2025-07-30 11:37

DHAKA, July 30 (Reuters) - Bangladesh's government has approved the purchase of about 220,000 metric tons of wheat from the United States as part of efforts to cool U.S. trade tensions and reduce steep import tariffs imposed by the Trump administration, a Dhaka official said on Wednesday. Bangladesh has approved the purchase from the United States under a government-to-government deal at a price of $302.75 per ton, the food ministry official said. It will be supplied by a Singapore-based trading house. Sign up here. Earlier in July, Bangladesh signed a memorandum of understanding to import 700,000 tons of wheat annually from the United States over the next five years. Bangladesh currently relies heavily on imports from the Black Sea region for lower-cost wheat, while importing smaller volumes of higher-grade grain from countries like the United States and Canada for blending purposes. However, a Dhaka-based trader said U.S. wheat won’t replace imports from the Black Sea. “Previously, the Bangladeshi government was importing lower-cost wheat from the Black Sea region to run programmes like food-for-work,” he said. “But now that they’re bringing in U.S. high-protein wheat, it’ll eventually find its way into the local market and when it does, it will directly compete with the high-protein Canadian wheat that private millers rely on.” There was about a $30 to $40 price difference between U.S. and Black Sea wheat, but "that premium is for the protein and gluten that’s essential in good flour”, he said. “So the price makes sense if you want quality.” On July 27, Bangladesh also ordered 25 aircraft from Boeing (BA.N) , opens new tab and ramped up imports of key American goods in an effort to defuse trade tensions. A Bangladesh government delegation is in the United States for trade talks this week, officials in Dhaka said. https://www.reuters.com/world/asia-pacific/bangladesh-buy-220000-t-wheat-us-bid-tariff-relief-official-says-2025-07-30/

2025-07-30 11:33

SAO PAULO, July 30 (Reuters) - Banco Santander Brasil's (SANB3.SA) , opens new tab second-quarter net profit rose 9.8% from a year earlier but landed slightly below market expectations, a securities filing showed on Wednesday, amid global trade tensions and high local interest rates. WHY IT'S IMPORTANT Brazil is a key market for Spanish parent Banco Santander (SAN.MC) , opens new tab, which reported its own quarterly results earlier in the day, maintaining its guidance for higher profits this year despite some weakness in Latin America. Sign up here. BY THE NUMBERS Santander Brasil's net profit reached 3.66 billion reais ($656.6 million) in the April-June quarter, the bank said, while analysts polled by LSEG expected it to come in at 3.73 billion reais. Net interest income - earnings on loans minus deposit costs - rose 4.4% to 15.4 billion reais. Return on average equity (ROAE), a gauge of profitability, hit 16.4%, up from 15.5% a year earlier but slowing from the first quarter's 17.4%. Allowance for loan losses grew 16.4% on a yearly basis to 6.86 billion reais, while the expanded loan portfolio rose 1.5% to 675.5 billion reais. KEY QUOTES CEO Mario Leao said in a statement that a "more challenging macroeconomic environment" led Santander Brasil's net profit and return on equity to expand versus 2024 but decline compared to the previous three-month period. "Non-performing loan ratios are still challenged by the macro environment, but are already showing improvement this quarter," he added. Leao pledged to keep a "disciplined approach to capital allocation". ($1 = 5.5741 reais) https://www.reuters.com/business/finance/santander-brasils-second-quarter-net-profit-up-98-slightly-below-forecasts-2025-07-30/

2025-07-30 11:31

JDE Peet's CEO sees small direct impact from US tariffs Its coffee supplies are less exposed to Brazil than peers Shares soar 11% after earnings beat and outlook hike July 30 (Reuters) - The CEO of JDE Peet's (JDEP.AS) , opens new tab said on Wednesday that U.S. coffee prices would have to go up if President Donald Trump's threatened tariffs on Brazil included coffee from the world's top exporter. However, the direct impact from U.S. tariffs on the Jacobs coffee maker would be small, CEO Rafael Oliveira told analysts in a post-earnings call. Sign up here. Trump said earlier this month that he would raise duties on Brazilian imports to 50%, effective August 1, prompting Brazil's government to plead with the U.S. administration to exclude food products. U.S. Commerce Secretary Howard Lutnick said on Tuesday that natural resources that are not grown in the United States, including coffee and cocoa, could be exempt from the tariffs. JDE Peet's, also known for its L'Or, Tassimo and Douwe Egberts brands, is less exposed to these risks than many of its rivals, as its supplies are less dependent on Brazil, and it has no plans to change suppliers. "The proportion that we use of Brazilian coffee is significantly smaller than most other coffee players ... less than 30% of what we consume," added Oliveira, who became the CEO of the Dutch coffee and tea company last October. JDE Peet's lifted its annual forecasts on Wednesday after reporting consensus-beating half-year adjusted operating earnings of 709 million euros ($813.33 million), thanks to sales growth that defied already high coffee prices. It expects 2025 organic sales to grow in a high-teens percentage, compared with a previous forecast for high single-digit growth. It also forecast stable adjusted operating profit for the year. Soaring coffee prices are a thorn in the side of both suppliers and retailers, with JDE Peet's flagging an average yearly rise of 60% in green coffee prices in the first half of 2025. "Price volatility (is) expected to remain high, due to supply concerns ... and speculative activity," JDE Peet's said in its half-year presentation. Its shares rose more than 11% by early afternoon in Amsterdam, leading gains on Europe's benchmark STOXX 600 index (.STOXX) , opens new tab. ($1 = 0.8656 euros) (This story has been refiled to remove an extraneous word in paragraph 1) https://www.reuters.com/markets/europe/jde-peets-sees-small-impact-tariffs-duties-hang-over-brazil-coffee-2025-07-30/

2025-07-30 11:25

Investors watch for signs of internal dissent within the Fed Euro on track for first monthly drop since December 2024 Jefferies says trade deal is welcome for the euro area Yen firms as investors await BOJ meeting July 30 (Reuters) - The U.S. dollar struggled for direction on Wednesday after a four-day winning streak, as investors shifted their focus to the outcome of the Federal Reserve's policy meeting later in the session and to upcoming economic data. Meanwhile, the euro was poised to record its first monthly drop since December 2024,, following a sharp reaction to a U.S.-European Union trade deal earlier this week. Sign up here. Investors were hesitant to place bets before crucial economic reports and central bank meetings in Canada, Japan and the United States. “Markets will be paying attention to (Fed Chair) Jerome Powell’s remarks, regarding any signs of internal dissent within the committee and the chair’s stance amid ongoing tensions with the White House,” said Julien Lafargue, chief market strategist at Barclays Private Bank and Wealth Management. “A rate cut in September remains a strong base case, much will depend on incoming data, starting with the U.S. jobs report due this Friday,” he added. The U.S. central bank, to President Donald Trump's chagrin, will likely leave interest rates unchanged on Wednesday. The dollar index was up 0.02% at 98.774. It hit a 5-week high at 98.923 on Tuesday and was on course to post its first month of gains this year. Analysts noted the selloff in U.S. assets — including Treasuries and the dollar — began in early April, when the U.S. appeared poised to launch a trade war against its major allies. Trade agreements struck with Japan last week and the EU over the weekend signalled a renewed U.S. commitment to global engagement, easing investor concerns. Investors' focus is now on negotiations between China and the U.S. after officials agreed to seek an extension of their 90-day tariff truce. China and the U.S remain important trade and economic partners, the Chinese commerce minister told a U.S. business delegation on Wednesday, according to his ministry. The euro was down 0.03% to $1.1540 after dropping for the first two days of the week and hitting a one-month low of $1.15185 on Tuesday. The euro is up 11.7% since the start of the year but on course for its first monthly drop in 2025. "The stark divergence in growth news between the U.S. and Europe should underpin the euro bearish momentum," said Francesco Pesole, forex strategist at ING. Data showed on Wednesday that the German economy contracted in the second quarter, while France's economy beat forecasts. Some analysts expressed concern about the economic impact of tariffs and their implications for the European Central Bank’s rate outlook. However, markets adjusted their expectations for the ECB’s easing path, pushing back the timing of a potential rate cut to March 2026 last week, following the U.S.-Japan trade deal and an ECB hawkish tilt after its policy meeting. “On a comparative basis, the outcome (of trade negotiations) is welcome, if not wholly reassuring (for the euro area),” said Modupe Adegbembo, economist at Jefferies. “The EU has successfully avoided escalation and has not lost significant ground relative to other major exporters,” Adegbembo added, noting the 5% baseline tariff is more favourable than the 30% applied to Chinese goods and is on par with Japan's 15%. The yen firmed 0.33% to 147.98 against the dollar. The spotlight will be on comments from BoJ Governor Kazuo Ueda as investors hope the recent trade deal between Japan and the U.S. paves the way for the central bank to raise rates. Analysts flagged that a divergence in tone from Ueda this week relative to Deputy Governor Shinichi Uchida last week, who was perceived as being hawkish, could be a catalyst for further yen selling over the near-term. https://www.reuters.com/world/middle-east/dollar-mixed-after-four-day-rally-fed-meeting-focus-2025-07-30/

2025-07-30 11:25

US Fed statement due at 1800 GMT Fed expected to keep rates steady July 30 (Reuters) - Gold prices inched higher on Wednesday, helped by a slight pullback in the dollar as investors awaited the Federal Reserve's policy decision and comments that could offer more cues on the timing of the U.S. central bank's next moves. Spot gold was up 0.1% at $3,328.15 per ounce, as of 1056 GMT. U.S. gold futures edged 0.1% higher to $3,325.10. Sign up here. The dollar index (.DXY) , opens new tab eased 0.1% after hitting more than a one-month high on Tuesday, making gold less expensive for holders of other currencies. "There are a range of features that taken together are keeping gold prices moribund. From a geopolitical standpoint we appear to be making progress in the tariff negotiations, but no-one is really prepared to commit one way or the other," StoneX analyst Rhona O'Connell said. Developments between China and the United States will in focus after officials agreed to seek an extension of their 90-day tariff truce, following two days of what both sides described as constructive talks in Stockholm. Trade agreements with Japan last week and the European Union over the weekend eased investors' jitters and lifted risk sentiment in the market this week. Meanwhile, the Fed is widely expected to keep rates steady on Wednesday, despite U.S. President Donald Trump's persistent calls to lower them. Markets will be paying attention to Fed Chair Jerome Powell's remarks for more cues on the rate path. "The markets are pricing in two cuts before year-end which is probably too benign. The Fed will not give in to political pressure but it will be interesting to see whether the vote today is unanimous," O'Connell said. Gold tends to do well in a low-interest rate environment. Elsewhere, spot silver fell 0.6% to $37.97 per ounce, platinum slipped 0.5% to $1,388.59 and palladium was up 0.3% to $1,262.19. https://www.reuters.com/world/china/gold-firms-dollar-eases-run-up-fed-verdict-2025-07-30/