2025-07-11 22:10

NEW YORK, July 11 (Reuters) - A British man pleaded not guilty on Friday in New York to charges he helped mastermind a nearly $100 million fraud whose victims invested in loans meant for wealthy wine collectors -- except that neither the collectors nor their wine existed. James Wellesley, 58, entered his plea to wire fraud, wire fraud conspiracy and money laundering conspiracy charges before U.S. Magistrate Judge Robert Levy in Brooklyn. Sign up here. Wellesley, also known as Andrew Fuller, was ordered detained without bail at Brooklyn's Metropolitan Detention Center, after unsuccessfully fighting extradition from Britain. A lawyer for Wellesley did not immediately respond to a request for comment. Stephen Burton, 60, another Briton charged with running the fraud, is being held at the same Brooklyn jail. He was extradited from Morocco to face the same charges, and pleaded not guilty in December 2023. Both defendants face up to 20 years in prison if convicted. Prosecutors said that from June 2017 to February 2019, Wellesley and Burton convinced victims to invest $99.4 million of loans brokered by their company Bordeaux Cellars, with interest payments coming from the wine collectors. The men allegedly told victims the loans were backed by an inventory of more than 25,000 bottles of wine, including from Domaine de la Romanee-Conti in Burgundy and Chateau Lafleur in Bordeaux. But prosecutors said Bordeaux Cellars actually controlled thousands fewer bottles than the loan documents showed, including just 217 bottles in March 2018. Prosecutors said the defendants used loan proceeds to pay interest to some investors, or for personal expenses. The scheme collapsed when victims stopped receiving interest payments, prosecutors said. The case is US v Burton et al, U.S. District Court, Eastern District of New York, No. 22-cr-00079. https://www.reuters.com/legal/government/uk-man-pleads-not-guilty-new-york-99-million-wine-fraud-2025-07-11/

2025-07-11 21:53

Trump threatens to impose 30% tariffs on imports from EU and Mexico Analysts say market complacency over trade will be tested Citi strategist warns positive trade developments needed by August 1 to sustain market gains S&P 500 ends week down 0.3%, near record highs, European stocks fall NEW YORK/LONDON, July 11 (Reuters) - Global investors got a harsh reminder of the risks around trade tariffs and U.S. President Donald Trump's deal-making on Saturday after he threatened fresh tariffs on his biggest trading partners in Europe and Mexico. Trump said in social media posts on Saturday he would impose a 30% tariff on imports from Mexico and the European Union starting on August 1. Sign up here. The announcement comes after weeks of talks with key U.S. trading allies that failed to reach a more comprehensive trade deal, and a week marked by heightened trade tensions after Trump issued new tariff announcements for a number of other countries, including Japan, South Korea, Canada and Brazil, as well as a 50% tariff on copper. The European Union is the United States' largest trade and investment partner and had hoped to reach a comprehensive trade agreement with the U.S. for the 27-country bloc. Three EU officials told Reuters on Saturday that Trump's 30% tariff threat is a negotiating tactic. Michael Brown, a senior market strategist at Pepperstone in London, said it seemed to be a "escalate to de-escalate" strategy by Trump aimed at getting trading partners to negotiate and extract concessions. The EU had been facing the threat of 50% U.S. tariffs on its steel and aluminium exports, 25% on cars and car parts and 10% on most other products. The U.S. had also been looking into further tariffs on pharmaceuticals and semiconductors. Brown said the risk was the European Union takes the new tariffs poorly and announces countermeasures that escalate trade tensions to levels in early April, when markets were whipsawed by Trump's initial Liberation Day tariffs. "Depending on what happens in the next 24 hours or so, I imagine that the knee-jerk move is euro-negative, eurozone asset-negative. And then, as calmer heads prevail, it comes back to the fact that, is it just a negotiating gambit?," he said. Despite some modest rockiness this week, the benchmark S&P 500 (.SPX) , opens new tab ended down just 0.3% on the week and not far from record-high levels. European stocks took a slight hit on Friday as markets waited for the promised letter on tariffs. The pan-European STOXX 600 index (.STOXX) , opens new tab lost 1% and snapped a four-day winning streak, clocking its biggest single-day decline in over three months. Mexico has more to lose, given the United States is its largest export market and the economy is already feeling the impact of the uncertainty over trade. U.S. stocks have rebounded after plunging in April following Trump's "Liberation Day" announcement of sweeping global tariffs. Trump had paused many of those steep tariffs but issued new levies this week with an August 1 date for them to go into effect. The CBOE Volatility Index (.VIX) , opens new tab, Wall Street's "fear gauge," closed on Thursday at 15.78, its lowest closing level in nearly five months, although it moved back above 16 on Friday. Karl Schamotta, chief market strategist with payments company Corpay in Toronto, said the stream of tariff announcements could reignite market concerns. “At some point soon, it will become clear that Trump’s protectionist agenda has not been appropriately discounted in currencies, in asset prices, or in measures of volatility." "A moment of capitulation is coming, in financial markets, or in the White House itself,” Schamotta said. While markets are less sensitive to headlines than a few months ago, "we will need some positive trade developments by the White House's August 1 deadline to hold recent equity market gains," Citi strategist Scott Chronert said in a note on Friday. The current weighted average tariff in the U.S. is about 16%, up from 2.5% at the start of the year, UBS economists said on Friday. The rate would rise to about 18%, including the country tariffs announced in this week's letters, UBS said in a note. https://www.reuters.com/business/investors-anxiously-await-next-steps-trade-between-us-eu-2025-07-11/

2025-07-11 21:29

Both parties claim victory after 213-page ruling Ecuador, Chile state miners had planned to partner on mine Ecuador to pay $25 mln of $568 mln claim, retain ownership Codelco says it is analyzing next steps QUITO/SANTIAGO, July 11 (Reuters) - The Ecuador attorney general's office and Chilean state miner Codelco both claimed victory on Friday after an international arbitration court ordered Ecuador to pay some $25 million of a $568 million claim regarding a major copper project. Codelco and Ecuadorean state miner Enami EP had in 2016 signed agreements to jointly develop the Llurimagua mining project in northern Ecuador, but Codelco in 2021 launched an arbitration process with the International Chamber of Commerce, accusing Ecuador of failing to fulfill its obligations. Sign up here. This included not finalizing a plan to form a joint venture to operate the project, in which Codelco would have held 49% to Enami's 51%. "Of a claim of $567.7 million, the Court only ordered the reimbursement (to Codelco) of $25.3 million," Ecuador's attorney general's office said in a statement, adding that the ruling would save the state some $540 million. "All of this constitutes a resounding legal victory for Ecuador." Under the ruling, Enami is set to retain full ownership and control of the project. Codelco, however, said in its own statement that the court had ruled against Ecuador, citing the payment ordered to cover costs incurred by Codelco during the project's exploration phase, as well as maintenance costs and interest payments. "The court determined that Ecuador incurred a civil responsibility for failing to comply with several agreements," Codelco said, adding that the ruling said Ecuador had also failed to negotiate with shareholders in good faith. "The court also rejected Ecuador and Enami EP's request that Codelco hand over the geological information Codelco generated in Llurimagua, which is the property of the corporation," it added. "Codelco is reviewing this judgment and analyzing the next steps it will take." Codelco in 2022 launched a separate arbitration procedure against Ecuador regarding the project with the International Centre for Settlement of Investment Disputes. This process remains ongoing. The ICC did not immediately respond to a request for comment. https://www.reuters.com/en/ecuador-wins-llurimagua-arbitration-case-against-chiles-codelco-2025-07-11/

2025-07-11 20:57

Mars challenges add to tightening gulf coast oil supply Exxon to borrow crude from US emergency stash Chevron sees no impact to current production guidance HOUSTON, July 11 (Reuters) - The start-up of an offshore well caused zinc contamination in Mars crude, Chevron (CVX.N) , opens new tab said on Friday, leading to the tightening crude oil supply in the key Gulf Coast refining hub and the government releasing barrels from its emergency stockpile. Inventories of crude oil along the U.S. Gulf Coast had fallen to their lowest seasonally in seven years at the end of last week, thanks to recent wildfires in Canada that cut supplies and cancellations of licenses that allowed for U.S. import of Venezuelan crude. Sign up here. The U.S. Department of Energy on Friday said it would provide up to 1 million barrels of crude oil from the Strategic Petroleum Reserve to Exxon Mobil's (XOM.N) , opens new tab Baton Rouge refinery in Louisiana, citing an offshore supply disruption. Exxon told its trading counterparts that it will not buy the Mars crude oil grade until the zinc contamination issue is fixed, Reuters reported on Thursday. The oil major requested the barrels from the SPR after the zinc contamination was identifiecrud in Mars crude, two sources familiar with the matter said. Mars, a medium sour crude produced off the coast of Louisiana, is preferred by refineries along the Gulf Coast because of its properties and proximity. Refiners are typically configured to run certain grades of oil for ideal yields of different types of fuels. Switching to other crude grades can be operationally challenging and limit production, shrinking margins. The exchange of oil was authorized to help maintain stable regional supply of transportation fuels across Louisiana and the broader Gulf Coast, the DOE said, adding that the exchange will not impact or delay the department's ongoing efforts to refill the reserve. Exxon will resupply the crude, along with additional barrels to the SPR, the department added. Exxon declined to provide additional details. Zinc does not typically occur naturally in crude oil and industry sources said they worried that running crude with zinc could cause damage to refining units and to catalysts used in processing oil. TIGHT SUPPLY, STRONG DEMAND The Mars crude stream is a mix of oil from various platforms off the Gulf Coast. About 575,000 barrels per day of oil move on the Mars system to the coast, according to research firm Energy Aspects. Prices for Mars traded on Friday at a 15-cent a barrel premium to U.S. crude at the Cushing, Oklahoma, hub. It had eased to as little as a 10-cent discount earlier in the week, compared with a $1 premium at the end of June. Chevron said it was working to resolve issues and it does not expect an impact to current production guidance. Supplies of medium and heavy crude oil along the U.S. Gulf have tightened in recent months as Washington in late May terminated a group of licenses that had authorized partners of oil company PDVSA to take Venezuelan crude bound for U.S. and European refineries. Declining oil production in Mexico has also reduced exports to the U.S., while the recent wildfires in Canada also cut supplies that are usually imported. The opening of the expanded Trans Mountain pipeline last year has also redirected some Canadian oil flows to China and the U.S. West Coast, rather than the U.S. Gulf Coast. Meanwhile, demand for refined products, including gasoline and distillates, rose to 20.9 million bpd last week, the highest seasonally in five years thanks to strong driving demand. https://www.reuters.com/business/energy/us-oks-exchange-with-exxon-mobil-aid-gulf-coast-supplies-2025-07-11/

2025-07-11 20:46

July 11 (Reuters) - Canada's main stock index pulled back on Friday from a record high as investors weighed the prospect of increased U.S. tariffs on Canadian goods and after domestic jobs data clipped expectations the Bank of Canada would resume its easing campaign. The S&P/TSX composite index (.GSPTSE) , opens new tab ended down 59.05 points, or 0.22%, at 27,023.25, after notching a record closing high on Thursday. For the week, the index was barely changed, posting a decline of 0.05%. Sign up here. U.S. President Donald Trump ramped up his tariff assault on Canada on Thursday, saying the U.S. would impose a 35% tariff on imports next month, up from the current 25% rate. An exclusion for goods covered by the United States-Mexico-Canada Agreement on trade was expected to stay in place. "Clearly, the U.S. is pushing for more concessions," said Ian Chong, a portfolio manager at First Avenue Investment Counsel. "They're playing a little bit of hardball here, so not good for Canada and the TSX." The Canadian economy added 83,100 jobs in June and the unemployment rate surprisingly dipped to a level of 6.9% from 7% in May. Money markets see a 13% chance the BoC cuts its benchmark interest rate at the next policy decision on July 30, down from 27% before the jobs data. The technology sector fell 1.6%, with shares of software company Open Text Corp (OTEX.TO) , opens new tab down 4.0%. Consumer staples lost 0.9% and heavily weighted financials ended 0.6% lower. Four of the 10 major sectors ended higher. Energy added 1.2% as the price of oil settled up 2.8% at $68.45 a barrel. The price of gold also rose, climbing 1%. The materials group, which includes metal mining shares, gained 0.9%. Aritzia Inc (ATZ.TO) , opens new tab reported first-quarter results that beat expectations. Shares of the fashion retailer ended 1.5% higher. https://www.reuters.com/markets/europe/tsx-futures-dip-after-trump-slaps-tariffs-canada-2025-07-11/

2025-07-11 20:28

Farm worker dead from injuries sustained during raid, worker group says Some 200 unauthorized workers arrested, says Department of Homeland Security Judge orders temporary halt to some administration tactics WASHINGTON, July 11 (Reuters) - A California farm worker died on Friday after U.S. immigration agents raided a cannabis nursery and arrested hundreds of workers, a worker advocacy group said, while a federal judge ordered the Trump administration to temporarily halt some of its most aggressive tactics in rounding up undocumented immigrants. Dozens of migrant-rights activists faced off with federal agents in rural Southern California on Thursday during the operation, the latest escalation of President Donald Trump's campaign for mass deportations of immigrants in the U.S. illegally. Sign up here. A California judge on Friday blocked the Trump administration from racially profiling immigrants as it seeks deportation targets and from denying immigrants' right to access to lawyers during their detention. The Trump administration has made conflicting statements about whether immigration agents will target the farm labor workforce, about half of which is unauthorized to work in the U.S., according to government estimates. The Department of Homeland Security said approximately 200 people in the country illegally were arrested in the raid, which targeted two locations of the cannabis operation Glass House Farms. Agents also found 10 migrant minors at the farm, the department said in an emailed statement. The facility is under investigation for child labor violations, Customs and Border Protection Commissioner Rodney Scott posted on X. The company did not immediately respond to a request for comment. The scene at the farm on Thursday was chaotic, with federal agents in helmets and face masks using tear gas and smoke canisters on angry protesters, according to photos and videos of the scene. Several farm workers were injured and one died on Friday from injuries sustained after a 30-foot (9-meter) fall from a building during the raid, said Elizabeth Strater, national vice president of the United Farm Workers. The worker who died was identified as Jaime Alanis on a verified GoFundMe page created by his family, who said they were raising money to help his family and for his burial in Mexico. "He was his family's provider. They took one of our family members. We need justice," Alanis' family wrote on the GoFundMe page. U.S. citizens were detained during the raid and some are still unaccounted for, Strater said. DHS said its agents were not responsible for the man's death, saying that "although he was not being pursued by law enforcement, this individual climbed up to the roof of a green house and fell 30 feet." Agents immediately called for a medical evacuation, DHS said. "MOUNTAIN OF EVIDENCE" HALTS AGGRESSIVE TACTICS The melee in southern California came as the Trump administration faces dozens of lawsuits across the country over its controversial tactics in tracking down undocumented immigrants for deportation. U.S. District Court Judge Maame Frimpong granted two temporary restraining orders blocking the administration from detaining immigrants suspected of being in the country illegally based on racial profiling and from denying detained people the right to speak with a lawyer. The ruling, made in response to a lawsuit from immigration advocacy groups, says the administration is violating the Fourth and Fifth Amendments to the Constitution by conducting "roving patrols" to sweep up suspected undocumented immigrants based on their being Latinos, and then denying them access to lawyers. "What the federal government would have this Court believe -in the face of a mountain of evidence presented in this case - is that none of this is actually happening," Frimpong wrote in her ruling. WARNINGS ON FOOD SUPPLY California Rural Legal Assistance, which provides legal services and other support to farm workers, is working on picking up checks for detained Glass House workers, said directing attorney Angelica Preciado. Some Glass House workers detained during the raid were only able to call family members after they signed voluntary deportation orders, and were told they could be jailed for life because they worked at a cannabis facility, Preciado said. DHS spokeswoman Tricia McLaughlin rejected those allegations, saying in an emailed statement that "allegations that ICE or CBP agents denied detainees from calling legal assistance are unequivocally false." Some citizen workers who were detained reported only being released from custody after deleting photos and videos of the raid from their phones, UFW President Teresa Romero said in a statement. "These violent and cruel federal actions terrorize American communities, disrupt the American food supply chain, threaten lives and separate families," Romero said. Farm groups have warned that mass deportation of farm workers would cripple the country's food supply chain. In her most recent comments, Agriculture Secretary Brooke Rollins said there would be "no amnesty" for farm workers from deportation. Trump, though, has said migrant workers should be permitted to stay on farms. https://www.reuters.com/legal/government/one-california-worker-dead-hundreds-arrested-after-cannabis-farm-raid-2025-07-11/