2025-07-16 12:20
Shares rise 15% as ether extends gains Bitmine raised $250 mln to add ether to balance sheet July 16 (Reuters) - Bitmine Immersion Technologies (BMNR.A) , opens new tab shares jumped nearly 15% in early trading on Wednesday after tech billionaire Peter Thiel disclosed a 9.1% stake in the crypto mining and services company. Thiel has publicly praised bitcoin, a currency based on blockchain technology, and his Silicon Valley venture capital firm Founders Fund was among the early investors in the digital currency. Sign up here. The stake, which would make the Palantir (PLTR.O) , opens new tab co-founder the biggest investor in Bitmine based on the latest data, was revealed in a regulatory filing after markets closed on Tuesday. Bitmine shares were trading at $46.07, also boosted by bitcoin hovering near record highs and ether hitting a five-and-a-half month high. The stock has gained more than five-fold so far this year through last close, compared with the nearly 27% gain in bitcoin. The company held about 154 bitcoins as of June 6 and 163,142 ether as of , opens new tab July 14 , opens new tab on its balance sheet, collectively worth about $535.5 million at current prices. In June, Bitmine announced a $250 million private placement to start an ethereum treasury strategy and said Fundstrat Global Advisors head of research, Thomas Lee, would serve on its board. The $2 billion market value firm engages in proprietary bitcoin mining and provides hosting services for third-party digital asset mining equipment. A few other small-cap companies such as SharpLink (SBET.O) , opens new tab, Bit Digital have added ether to their corporate treasuries, mirroring MicroStrategy's (MSTR.O) , opens new tab high-profile bitcoin strategy. Ether has doubled in value in the past three months amid growing institutional interest in the cryptocurrency. https://www.reuters.com/business/bitmine-immersion-jumps-after-palantir-co-founder-peter-thiels-stake-reveal-2025-07-16/
2025-07-16 12:15
LONDON, July 16 (Reuters) - Egypt's Finance Minister Ahmed Kouchouk said on Wednesday he is confident Egypt is hitting targets set by the International Monetary Fund over the country's $8 billion loan programme and expects the next review to be completed by September or October. The fund announced earlier this month that it would combine the fifth and sixth reviews of Egypt's support program to give authorities more time to meet critical objectives of its economic reform program. Sign up here. "Both sides, are working on the expectation that this should be happening in September, October," Kouchouk said on the sidelines of an event at the London Stock Exchange. "The IMF is after certain targets - and that's what's important." A successful agreement on a review and subsequent sign off by the Fund's executive board triggers payment of a tranche. Kouchouk also said he expected the government to complete three to four privatisation transactions before the end of the current financial year that started earlier this month. The IMF has made increasing the role of the private sector in the economy a requirement of an expanded $8 billion loan, and Egypt's cabinet said earlier this year it would offer stakes in military-owned companies through its sovereign wealth fund to help comply with the Fund's requirements. "It will be across a lot of sectors, but we have shared also a very strategic plan, a medium-term plan with the international institutions, including the IMF and others, with a very clear, visible timeline," added Kouchouk. https://www.reuters.com/world/africa/egypt-finance-minister-expects-combined-imf-review-be-completed-by-october-2025-07-16/
2025-07-16 12:00
LAUNCESTON, Australia, July 16 (Reuters) - China accelerated the pace at which it is building crude oil stockpiles in June as the strongest imports in almost two years outweighed a rise in refinery processing. China's surplus crude amounted to 1.42 million barrels per day (bpd) in June, up from 1.40 million bpd in May and the fourth straight month above the 1 million bpd level, according to calculations based on official data. Sign up here. For the first half of 2025 China's surplus crude amounted to 1.06 million bpd, as strong second quarter oil imports overcame a soft start to the year. The volume of crude flowing into inventories gives Chinese refiners options in coming months, as they can choose to trim imports if they deem that oil prices have risen too quickly as a result of the Israel-Iran conflict last month. China does not disclose the volumes of crude flowing into or out of strategic and commercial stockpiles, but an estimate can be made by deducting the amount of oil processed from the total of crude available from imports and domestic output. Refiners processed 15.15 million bpd in June, according to Reuters calculations based on official data released on Tuesday, up 8.8% from May and the highest rate since September 2023. The world's largest importer of crude oil saw arrivals of 12.14 million bpd in June, the highest daily rate since August 2023, and up 7.1% from May. Domestic oil production was 4.43 million bpd in June, up from 4.35 million bpd in May. Putting June imports and domestic output together gives a total of 16.57 million bpd of crude available to refiners, leaving a surplus of 1.42 million bpd once refinery throughput of 15.15 million bpd is subtracted. It is worth noting that not all of this surplus crude is likely to have been added to storage, with some being processed in plants not captured by the official data. But even allowing for gaps in the official data, it is clear that from March onwards China has been importing crude at a far higher rate than it needs to meet its domestic fuel requirements. PRICE MOVES China has built up a track record of importing more crude than it needs when it believes prices are low, but pulling back when prices rise. The surge in imports in the second quarter came against a backdrop of declining crude prices when the cargoes would have been arranged. Global benchmark Brent futures dropped from a high of $75.47 a barrel on April 2 to a four-year low of $58.50 on May 5, a period during which cargoes that arrived in the second quarter would have been secured. Conversely, China's soft crude imports in the first quarter came after prices were rising during the window when those cargoes would have been bought. Brent went from a low of $70.85 a barrel on December 6 to a six-month high of $82.63 on January 15, meaning China's refiners were facing rising import costs for cargoes arriving in the first quarter. Brent prices have been volatile in recent weeks amid the brief conflict between Israel and Iran in June, which was later joined by the United States. Brent reached a six-month high of $81.40 a barrel on June 23 and has since moderated to end at $68.71 on Tuesday, as concern mounts over the global economic impact of the higher import tariffs promised by U.S. President Donald Trump. This volatility may result in China's refiners easing back on import volumes in August and September, but much still depends on whether the June spike remains a brief blip higher amid an overall declining price trend. Enjoying this column? Check out Reuters Open Interest (ROI), your essential new source for global financial commentary. ROI delivers thought-provoking, data-driven analysis of everything from swap rates to soybeans. Markets are moving faster than ever. ROI can help you keep up. Follow ROI on LinkedIn , opens new tab and X , opens new tab. The views expressed here are those of the author, a columnist for Reuters. https://www.reuters.com/markets/commodities/chinas-surplus-crude-oil-surges-june-giving-refiners-options-2025-07-16/
2025-07-16 11:45
Sefcovic to meet US officials for tariff discussions Trump's tariff threats disrupt global trade and markets ASML warns of investment delays due to tariff uncertainty If talks fail, EU tariff list includes Boeing, bourbon, cars European companies expected to report weak earnings BRUSSELS, July 16 (Reuters) - EU trade chief Maros Sefcovic will head to Washington on Wednesday for tariff talks, an EU spokesperson told Reuters, adding that he will meet U.S. Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer. President Donald Trump has threatened a 30% tariff on imports from the EU from August 1, a level Europe says is unacceptable and would end normal trade between two of the world's largest markets. Sign up here. ASML (ASML.AS) , opens new tab, the world's biggest supplier of computer chip-making equipment, warned on Wednesday that uncertainty in tariff negotiations is spurring chipmakers in the U.S. to delay finalising investments, clouding its outlook for the full year. Its shares sank as much as 7.3% in early trading. The European Commission, which oversees trade for the EU, has prepared to target 72 billion euros ($83.6 billion) worth of U.S. goods - from Boeing (BA.N) , opens new tab aircraft and bourbon whiskey to cars - for possible tariffs if trade talks with Washington fail. The list, sent to EU member states and seen by Reuters on Tuesday, pre-dated Trump's move over the weekend to ramp up pressure on the 27-nation bloc and was a response to U.S. duties on cars and car parts and a 10% baseline tariff. The package also covers chemicals, medical devices, electrical and precision equipment as well as agriculture and food products - a range of fruits and vegetables, along with wine, beer and spirits - valued at 6.35 billion euros. Trump's roll-out of his tariff policies has often been chaotic. His moves have upended decades of reductions in global trade barriers, unsettling financial markets, threatening a new wave of inflation and hitting European businesses hard. European companies are expected to report a drop of 0.7% in earnings and a 3% fall in revenue in the upcoming earnings season covering the second quarter, their weakest in more than a year. Shares in European carmakers, including Germany's Volkswagen, were lower after Renault's profit warning late on Tuesday, which stirred worries about the health of the auto industry as it struggles with 25% U.S. import tariffs. The only acceptable tariff on EU exports to the United States would be zero as the bloc is already facing a detrimental exchange rate, the head of Italy's business lobby said on Wednesday. "The real issue is that, to date, not only do we have to consider the burden of tariffs ... we must add to that the euro's appreciation against the dollar," said Confindustria President Emanuele Orsini. The euro has risen by more than 12% against the dollar since the start of the year. The August 1 deadline gives targeted countries time to negotiate about lower tariff rates. Some economists have also noted Trump's pattern of backing off his tariff threats. ($1 = 0.8610 euros) https://www.reuters.com/business/eu-trade-chief-have-trade-talks-washington-dc-says-eu-spokesperson-2025-07-16/
2025-07-16 11:40
Analysts hold forecasts broadly steady amid geopolitical risks Analysts expect EU carbon prices to rise as emissions cap tightens US tariffs could impact EU industrial output and carbon demand LONDON, July 16 (Reuters) - Analysts have kept their forecasts for prices in the European Union’s carbon market roughly steady with the spectre of tariffs from the United States and weak industrial output weighing on expectations. The EU's Emissions Trading System (ETS) is Europe’s main tool for curbing emissions. It forces manufacturers, power companies and airlines to pay for the carbon dioxide they emit by surrendering carbon allowances. Sign up here. According to a survey of ten analysts, EU Allowances (EUAs) are forecast to average 73.54 euros/metric ton for the third quarter of 2025, slightly down from the 76.10 euros/metric ton forecast made in April. “EU carbon prices have struggled through 2025 due to geopolitical uncertainty and trade turmoil, which have limited upside potential”, said Veyt carbon market analyst Henry Lush. Trade tariff announcements from the United States have stoked fears of stalling economic growth in Europe which could dent industrial output and along with it demand for carbon allowances. The benchmark EU carbon contract traded at 71.30 euros a metric ton on Wednesday, down around 15% from 2025's intra-day peak of 84.50 euros/ton in late January. The average forecast for 2025 was 75.15 euros/ton, slightly up from 74.89 euros/ton. All the analysts surveyed expected carbon prices to rise in the coming years as the cap on the amount of emissions that a sector, or group of sectors, can produce decreases under the ETS. “The market should get substantially tighter from 2026, with both auction and free allocation supply dropping away that year. Investors should start to price in some of that upcoming tightness as we get closer to 2026,” said Energy Aspects analyst Ben Lee. Free allocations are given to businesses to help them compete with international competitors that are not subject to the same carbon costs. However, these will be reduced from next year when the EU launches its carbon border tax forcing importers to pay equivalent carbon costs. The average EUA forecast for 2026 was 91.08 euros/ton, down from 91.37 euros/ton in April. The average forecast for 2027 was 108.70 euros/ton, down from 109.62 euros. https://www.reuters.com/sustainability/climate-energy/analysts-eu-carbon-price-forecasts-steady-us-tariff-concerns-linger-2025-07-16/
2025-07-16 11:39
MILAN, July 16 (Reuters) - Venture Global (VG.N) , opens new tab will supply 2 million metric tons a year of liquefied natural gas to Italian state-controlled energy group Eni (ENI.MI) , opens new tab, the two companies said on Wednesday. The deal is Eni's first long-term contract for LNG coming from the United States after Italian prime minister Giorgia Meloni told President Donald Trump in April that Rome would increase imports of U.S. LNG as a way to improve trade relations with North America. Sign up here. Last month Venture Global said it would supply an additional 0.75 million metric tons per annum of LNG to Germany-based distributor SEFE Energy GmbH, in another deal with a European offtaker. The European Union is currently in negotiations with Washington over 30% trade tariffs on its exports towards North America. "We do not comment on the ongoing negotiations between the EU and the U.S. administration on tariffs," an Eni spokesperson told Reuters, calling Wednesday's agreement "highly advantageous" for both the company and its American partner, which would become an important supplier for the group. Eni said the gas would come from Venture Global's Calcasieu Pass 2 project, under development in Louisiana, starting from the end of the decade. Part of the volume will contribute to the diversification of Europe's gas supplies, the energy giant added. Eni said the deal would support the group's ambitions to grow its LNG portfolio to approximately 20 million tons per annum of contracted volumes by 2030, and to expand its trading business. Italian utility Edison also buys LNG from the United States. https://www.reuters.com/business/energy/venture-global-signs-20-year-contract-supply-lng-italys-eni-2025-07-16/
