2025-07-22 19:54
TOKYO, July 23 (Reuters) - The dollar held losses against the yen on Wednesday after U.S. President Donald Trump announced a trade deal with Japan ahead of an impending tariff deadline. Trump said the agreement will result in Japan investing $550 billion into the United States and a tariff rate of 15% was set on U.S. imports from Japan. Sign up here. With an August 1 deadline looming before the imposition of sweeping import duties on trade partners, U.S. Treasury Secretary Scott Bessent said on Monday the administration is more concerned with the quality of trade agreements than the timing. Asked whether the deadline could be extended for countries engaged in productive talks with Washington, Bessent said Trump would make that decision. Uncertainty over the eventual state of tariffs globally has been a huge overhang for the foreign exchange market, leaving currencies trading in a tight range for the most part, even as stocks on Wall Street have scaled fresh highs. The dollar index was down 0.4% to 97.423. The greenback traded at 146.65 yen , little changed from the previous session when it slid 0.5%. In a post on Truth Social, Trump said Japan would open to trade for U.S. cars, trucks, rice and certain agricultural products, among other items. Trump's announcement follows a meeting with Japan's top tariff negotiator, Ryosei Akazawa, at the White House on Tuesday, according the Asahi newspaper. The euro stood at $1.1745 , down 0.1% so far in Asia. Sterling was little changed at $1.35285 . The Australian dollar fetched $0.65555 , flat in early trade. New Zealand's kiwi dollar traded at $0.6007 , up 0.07%. Also weighing on investors' minds were worries about Federal Reserve independence, given Trump has repeatedly railed against Chair Jerome Powell and urged him to resign because of the central bank's reluctance to cut interest rates. Bessent on Monday took a softer stance, saying there is no need for Powell to step down immediately, adding that he should see through the end of his term in May if he wants. https://www.reuters.com/world/africa/dollar-holds-losses-against-yen-after-trump-announces-japan-trade-deal-2025-07-22/
2025-07-22 19:50
July 22 (Reuters) - Hershey (HSY.N) , opens new tab has told retailers it will be taking a double-digit price increase on average across its confection portfolio due to a surge in costs of cocoa, a company spokesperson said on Tuesday. The maker of Reese's Peanut Butter Cups declined to comment on the specifics of the pricing action as discussions with its retail partners are underway. Sign up here. "This change is not related to tariffs or trade policies. It reflects the reality of rising ingredient costs including the unprecedented cost of cocoa," the spokesperson said. Cocoa prices have risen sharply in the last two years and touched a record in December due to supply problems in Ghana and the Ivory Coast. Since then, the price of cocoa has fallen to an eight-month low, though it remains above levels seen earlier in the decade. During Hershey's quarterly earnings call in May, CEO Michele Buck said the company was working to absorb high input costs by adjusting the pack size and pricing together, especially on seasonal items. These actions would lead to higher prices in the second and third quarter, she had said. https://www.reuters.com/business/hershey-raise-chocolate-prices-cocoa-costs-remain-high-2025-07-22/
2025-07-22 19:45
July 22 (Reuters) - PNC Bank (PNC.N) , opens new tab is working with cryptocurrency exchange Coinbase (COIN.O) , opens new tab to offer crypto trading to the bank's customers, the companies said on Tuesday, in a sign that crypto is moving toward becoming increasingly interconnected to mainstream finance. PNC will use Coinbase's institutional "crypto-as-a-service" platform to develop an offering that will allow PNC clients to buy, hold and sell cryptocurrencies. The Pittsburgh-based financial institution will also offer certain banking services to Coinbase. Sign up here. WHY IT'S IMPORTANT The PNC-Coinbase partnership is a stark shift for the banking sector, which crypto companies at one point had accused of being hostile to their industry. Lawmakers earlier this year held a hearing to scrutinize U.S. banks and their regulators in response to claims they deny services to particular industries. Republicans and Democrats agreed that banks may be improperly denying services to some clients, but disagreed on the root cause. The banking industry has fiercely resisted accusations it denies services based on ideological reasons. It has instead argued that onerous, outdated and opaque rules make it difficult for banks to sometimes provide services, or explain why they cannot. CONTEXT The partnership announcement comes as U.S. President Donald Trump and his administration have embraced cryptocurrencies and enacted industry-friendly policies. Trump signed a law on Friday to create a regulatory regime for dollar-pegged cryptocurrencies known as stablecoins, a major milestone for the digital asset sector, which has long lobbied for such a framework. Several banks including Bank of America and Citibank have said that they are exploring issuing their own stablecoins. KEY QUOTE "Partnering with Coinbase accelerates our ability to bring innovative, crypto financial solutions to our clients," William Demchak, PNC CEO, said in a statement. "This collaboration enables us to meet growing demand for secure and streamlined access to digital assets on PNC's trusted platform." https://www.reuters.com/legal/government/pnc-taps-coinbase-create-crypto-trading-offering-bank-customers-2025-07-22/
2025-07-22 19:45
LNG carrier would be built in Korea, flagged in US Deal lands as US works to revive shipbuilding New US rules would require transport on US-built ships July 22 (Reuters) - Hanwha Shipping, a U.S. subsidiary of Korean shipbuilder Hanwha Ocean (042660.KS) , opens new tab, on Tuesday said it ordered a liquefied natural gas carrier (LNG) valued at roughly $252 million from its own Pennsylvania-based unit Hanwha Philly Shipyard. Under the agreement, the ship will be built in Korea and flagged in the United States. It is slated for delivery in the first half of 2028. Sign up here. The deal comes as the United States works to revive domestic shipbuilding and expand its fleet of commercial and military vessels. Hanwha Systems (272210.KS) , opens new tab and Hanwha Ocean bought Philly Shipyard for $100 million in December. "This agreement looks to be a 'first step' in building out U.S. shipyard capacity," said Jefferies shipping analyst Omar Nokta, who noted that the U.S. is the largest LNG exporter with a market share of nearly 25%. Most of the vessel will be built at Hanwha Ocean's plant in Geoje, South Korea, the companies said. Workers from Philly Shipyard will travel to Geoje for training, a Hanwha Shipping spokesperson said. Philly Shipyard will oversee regulatory compliance and safety certifications required for U.S. registry. Earlier this year, the United States Trade Representative said LNG producers would be required to transport 1% of their exports on U.S.-built ships starting in April 2029. That percentage would escalate to 15% in April 2047 and beyond. Hanwha Ocean said the contract is valued at 348 billion South Korean won ($252.03 million) and has an option for an additional vessel. ($1 = 1,380.8100 won) https://www.reuters.com/business/energy/hanwha-build-us-flagged-lng-carrier-2025-07-22/
2025-07-22 19:31
HOUSTON, July 22 (Reuters) - U.S. oilfield service provider Halliburton (HAL.N) , opens new tab on Tuesday said Mexico's oil production decline rates are creating pressure for a reactivation of business amid long delays from state-run Pemex to pay its suppliers. Output of crude and condensate by Pemex, the largest producer in the country, fell 8.4% in May to 1.64 million barrels per day, according to official figures. Sign up here. Oilfield service companies have significantly decreased activities because of the lack of payments from Pemex, the world's most indebted energy company. Halliburton said issues related to payments from Pemex have not been resolved yet. Last week, larger rival service firm SLB (SLB.N) , opens new tab said the government and Pemex must address critical issues before there can be a rebound. "We believe we're there. We're just waiting now to see what are the next steps that could help unlock the value of obviously the assets in Mexico and the dynamic of Pemex to rebound from this," SLB's chief executive Olivier Le Peuch said during the company's earnings call. SLB is ready to work closely with Pemex to solve the issues, he added. Last month, the Mexican association that groups foreign oil services companies warned that many of these firms may have to stop operations as early as July. Pemex has an outstanding debt with an extensive list of suppliers and contractors of about $20 billion, in addition to its financial debt of $101 billion, despite the government's billions of dollars in recent years to cover amortizations. In a letter in June, the Mexican Association of Oil Service Companies urged Pemex to process and release billing for services provided last year; guarantee regular billing and timely payment for services this year; and design a payment plan to settle all historical debts owed to companies in the sector. Mexico's oilfield services sector has shrunk significantly due to Pemex's lack of payments, the association said, adding it would not be able to guarantee operational continuity due to cash flow problems. Halliburton, which posted second-quarter earnings on Tuesday, said it expects its full-year international revenue to decline by mid-single digits, year on year, primarily driven by activity reductions in Saudi Arabia and Mexico. https://www.reuters.com/business/energy/halliburton-says-mexico-oil-output-decline-rates-will-pressure-reactivation-2025-07-22/
2025-07-22 19:24
July 22 (Reuters) - Indonesia will drop tariffs to zero on more than 99% of its trade with the United States and will also eliminate all non-tariff barriers for American goods in a deal that cuts threatened U.S. tariffs on Indonesian products to 19% from an initial 32%, a senior Trump administration official said on Tuesday. Indonesia will immediately drop its plans to levy tariffs on internet data flows and will support renewal of a longstanding World Trade Organization moratorium on e-commerce duties, the official told reports on a conference call held a week after the deal was first announced on July 15. Sign up here. Indonesia also will remove recently enacted pre-shipment inspection and verifications of U.S. exports, which have posed problems for U.S. agricultural exports and contributed to a growing U.S. farm trade deficit, the official said. In a win for U.S. automakers, the official said that Indonesia has agreed to accept U.S. Federal Motor Vehicle Safety Standards for vehicles exported from the United States to the growing country of 280 million people. Indonesia also has agreed to remove export restrictions on critical minerals and remove local content requirements products using these commodities shipped to the U.S. Keywords: USA TRUMP/TARIFFS INDONESIA https://www.reuters.com/business/autos-transportation/indonesia-cut-tariffs-non-tariff-barriers-us-trade-deal-trump-official-says-2025-07-22/
