2025-07-14 19:36
SAO PAULO, July 14 (Reuters) - Brazilian pension fund Previ said on Monday it sold its minority stake in Brazilian meat processor BRF (BRFS3.SA) , opens new tab for 1.9 billion reais ($340.31 million), ending a 31-year investment in the group, according to a statement on its website. Previ, which represents workers from state-run lender Banco do Brasil (BBAS3.SA) , opens new tab, said the move aims to avoid potential negative impacts from the ongoing merger between BRF and Marfrig (MRFG3.SA) , opens new tab. The pension fund added it will use the resources to buy long-term local bonds from the Brazilian government. Sign up here. ($1 = 5.5832 reais) https://www.reuters.com/markets/commodities/pension-fund-previ-sells-stake-brazils-brf-ahead-marfrig-deal-2025-07-14/
2025-07-14 19:31
July 14 (Reuters) - Arizona's governor has demanded an investigation into why a wildfire that destroyed a historic lodge and dozens of other structures on the North Rim of the Grand Canyon was allowed to burn for a week before federal firefighters tried to put it out. The wind-driven wildfire burned down the Grand Canyon Lodge late on Saturday night or in the early hours of Sunday, according to Stefan La-Sky, a spokesperson for the team fighting the blaze. Sign up here. The lightning-sparked fire, which began on July 4, has destroyed up to 80 other structures including cabins, park administrative buildings and visitor facilities, according to the National Park Service, which runs the Grand Canyon National Park. In a post on X on Sunday night, Arizona Governor Katie Hobbs demanded an independent enquiry into why the National Park Service carried out what she called a "controlled burn during the driest, hottest part of the Arizona summer." The fire was initially managed with a "confine and contain" strategy, firefighters creating containment lines to protect the lodge, first opened in 1928, according to the U.S. government InciWeb fire site. "The fire is being allowed to fulfill its natural role within a defined area," the Grand Canyon National Park wrote July 9 on its Facebook page, listing reduction of fuels and stimulation of new plant growth as benefits. Firefighters switched to a "full suppression" strategy after strong northwest wind gusts uncommon to the area caused the blaze to grow rapidly and jump multiple containment features on July 11, the InciWeb site said. "Arizonans deserve answers for how this fire was allowed to decimate the Grand Canyon National Park," Hobbs wrote in an X post on Sunday. The Department of the Interior, which oversees the National Park Service, said federal firefighters made decisions based on real-time data, local conditions and fire science. "The allegation that this fire was managed as a controlled burn is not at all accurate and our wildland fire experts certainly know the difference," Interior Department spokesperson Elizabeth Peace said in a statement. The North Rim of the park will remain closed for the rest of the 2025 season and inner canyon trails and campgrounds are closed until further notice, the National Park Service said. The South Rim of the park remains open to visitors. https://www.reuters.com/business/environment/wildfire-guts-historic-grand-canyon-lodge-governor-demands-probe-2025-07-14/
2025-07-14 19:21
BUENOS AIRES, July 14 (Reuters) - Argentina's monthly inflation rate slightly ticked up in June after slowing to its lowest in five years, official data showed on Monday. Prices during the month rose 1.6% from the month before, national statistics agency INDEC said, just above the 1.5% recorded in May and below the 1.9% estimate from analysts polled by Reuters. Sign up here. In May, monthly inflation hit its lowest since the same month in 2020, marking the lowest yet for libertarian President Javier Milei. June's data is more good news for Milei, whose austerity measures have tamped down on once eye-popping triple-digit annual inflation and have inspired confidence from investors. "Let's go, Toto!" Milei posted on X, referring to his economy minister, Luis "Toto" Caputo. "Good Argentines will cheer about 1.6% inflation, while my haters cry." Early analyst estimates predict inflation slowing further in July, despite the month typically facing seasonal price increases. Argentina had previously held the top spot for highest inflation in the region, though the No. 1 title likely now goes to Venezuela - which has stopped publishing economic data - followed by Bolivia. In the 12 months through June prices rose 39.4%, slowing from the previous month's 43.5% rate and a tad below the 39.8% rate predicted by analysts. Analysts polled by the central bank see annual inflation falling to 27% by the year's end. https://www.reuters.com/world/americas/argentina-inflation-ticks-up-less-than-expected-june-2025-07-14/
2025-07-14 19:10
July 14 (Reuters) - Starbucks (SBUX.O) , opens new tab CEO Brian Niccol said the coffee giant will require many of its employees to work out of office for a minimum four days a week, from the current three, as part of a new policy expected to kick in later this year. The policy would include common days of work from Monday to Thursday, applicable to Seattle and Toronto support centers as well as regional officers in North America, Niccol said in a message shared , opens new tab with partners on the company's website on Monday. Sign up here. Niccol, who will complete a year in the job in less than two months, has been steering Starbucks back to its coffeehouse roots by focusing on enhancing in-store experience and reducing dependence on mobile and to-go orders. "Being in person also helps us build and strengthen our culture. As we work to turn the business around, all these things matter more than ever," Niccol said. "We want leaders and people managers to be physically present with their teams," he added. The four-day office work policy is expected to take effect from September 29. In February, the coffee chain operator asked the remotely working vice president level leadership to begin relocating to Seattle or Toronto. It is now extending this requirement to all support center people leaders, who are expected to move within 12 months. Starbucks has been accelerating the roll out of new staffing and service model across company-owned North American stores to revive sales growth after struggling in the face of rising inflation and economic uncertainty. https://www.reuters.com/business/world-at-work/starbucks-shift-four-day-work-office-three-says-ceo-2025-07-14/
2025-07-14 18:45
Deadline for YPF turnover now July 17 Judge faults Argentina for continued delay Argentina has said a turnover could destabilize economy NEW YORK, July 14 (Reuters) - A U.S. judge on Monday temporarily spared Argentina from turning over its 51% stake in oil and gas company YPF (YPFDm.BA) , opens new tab to partially satisfy a $16.1 billion judgment, while criticizing the South American country for resisting payment. U.S. District Judge Loretta Preska in Manhattan pushed back Monday's deadline to complete the turnover to July 17, solely to let Argentina continue seeking relief in the 2nd U.S. Circuit Court of Appeals. Sign up here. Preska rejected a longer stay, saying Argentina "continues to delay and circumvent its obligations" under the $16.1 billion judgment, and cited legislation in the country to prohibit the YPF turnover. "The Republic has abused the court's accommodations and thus will not be given additional ones," the judge wrote. A spokesperson for the government of Argentine President Javier Milei said the country "is not failing to comply" with the turnover order. Argentina on July 10 filed an emergency motion with the appeals court to delay the turnover to Petersen Energia Inversora and Eton Park Capital Management, which won the $16.1 billion judgment. On Monday, it proposed giving them until July 17 to oppose a longer delay, with Argentina's reply due by July 22. Argentina has warned its economy could be destabilized if it gave up its controlling stake in YPF, the country's largest energy company. Milei has been seeking to bolster foreign currency reserves and rein in soaring inflation, while dealing with a heavy government debt burden. The dispute arose from Argentina's 2012 decision to seize the YPF stake from Spain's Repsol (REP.MC) , opens new tab without making a tender offer to minority shareholders Petersen and Eton Park. Those shareholders are represented by litigation funder Burford Capital (BURF.L) , opens new tab, which has said it expected to receive 35% and 73% of Petersen's and Eton Park's respective damages. Burford and its U.S.-based lawyer did not immediately respond to requests for comment on Monday's order. In September 2023, Preska ordered Argentina to pay $14.39 billion to Petersen and $1.71 billion to Eton Park. Argentina is appealing that judgment. The country has argued that the YPF shares were immune from turnover under the U.S. Foreign Sovereign Immunities Act, and that a turnover would irreparably harm its sovereignty, violate international law and wrongly expand U.S. courts' power. Argentina also said it would be unfair to give up its YPF stake, because doing so would likely be irrevocable even if it ultimately won the case. Burford said a commercial activity exception to sovereign immunity, plus years of evasion by Argentina, justified a YPF turnover. https://www.reuters.com/world/americas/us-appeals-court-delays-turnover-argentinas-51-ypf-stake-2025-07-14/
2025-07-14 17:51
July 14 (Reuters) - Crypto-focused asset manager Grayscale said on Monday it has confidentially submitted paperwork with the Securities and Exchange Commission, signaling potential plans for a U.S. listing as bitcoin scales new highs. The move coincides with the start of the "crypto week" in Washington, where lawmakers are set to debate three major bills that could offer long-awaited clarity to the industry. Sign up here. Investor enthusiasm around the bills, which are expected to pave the way for digital assets to potentially be further integrated into traditional finance, has pushed bitcoin above $120,000 for the first time. "All the previous crypto cycles were led by retail in absence of regulatory clarity. However, this cycle has been led by institutions," analysts at Bernstein wrote in a note. Grayscale's announcement comes more than a month after stablecoin giant Circle's (CRCL.N) , opens new tab blockbuster debut, and could add to a growing cohort of high-profile IPO candidates looking to list in the coming months. Gemini, a crypto exchange run by billionaire twins Tyler and Cameron Winklevoss, is also preparing to go public. Crypto firms have seen a surge of interest since President Donald Trump returned to the White House. So far this year, shares of crypto giants Coinbase (COIN.O) , opens new tab and Strategy (MSTR.O) , opens new tab have jumped 56% and 50%, respectively. Grayscale, founded in 2013, manages over $33 billion of assets across more than 35 investment products. A prominent player in the crypto space, the Stamford, Connecticut-based company also oversees a leading spot bitcoin exchange-traded fund. The company's legal challenge against the SEC was instrumental in paving the way for the approval of spot bitcoin ETFs last year. Confidential filings allow companies to withhold details about their finances and offering terms until closer to the actual listing. https://www.reuters.com/markets/us/crypto-focused-grayscale-confidentially-files-us-listing-2025-07-14/
