2025-07-11 17:27

July 11 (Reuters) - Venezuelan state-run PDVSA's oil sales abroad in 2024 stood at $17.52 billion, according to a results document seen by Reuters on Friday, as exports jumped due to U.S. licenses allowing foreign partners to operate in the sanctioned OPEC member. There are no comparative figures from previous years because PDVSA has not published its results since 2016, and it did not immediately respond to a request for comment. Sign up here. Venezuela has some of the world's largest reserves of oil, but its crude output remains at a fraction of what it was a decade ago after a lack of investment, mismanagement at PDVSA and U.S. sanctions on Venezuela's energy industry since 2019. The licenses to U.S. oil major Chevron (CVX.N) , opens new tab and other foreign firms in Venezuela have allowed a slight recovery in oil output and exports since 2023. In late May, however, Washington revoked those licenses to take Venezuelan crude bound for U.S. and European refineries. PDVSA's crude oil and fuel exports averaged 805,500 barrels per day (bpd) last year, according to preliminary data from its 2024 financial and operational results. That would be an over 15% hike from almost 700,000 bpd in 2023, according to data and documents viewed by Reuters. According to PDVSA's results, the OPEC member produced an average of 952,000 bpd in 2024, compared with 783,000 bpd in 2023 reported by OPEC. President Nicolas Maduro and his government have always rejected sanctions by the United States and others, saying they are illegitimate measures that amount to an "economic war" designed to cripple Venezuela. Maduro and his allies have cheered what they say is the country's resilience despite the measures, though they have historically blamed some economic hardships and shortages on sanctions. Crude production was above 1 million bpd in the first quarter of 2025, according to the results documents, and authorities have said that exports continue to perform normally. In June, crude and fuel exports were 844,000 bpd, and were directed to China, according to shipping data and documents. https://www.reuters.com/business/energy/venezuelas-pdvsa-oil-sales-abroad-hit-175-billion-2024-exports-jump-2025-07-11/

2025-07-11 17:00

BUENOS AIRES, July 11 (Reuters) - Argentina's monthly inflation likely ticked up to 1.9% in June, according to the median forecast of a Reuters poll, after May's rise marked the lowest monthly increase since 2020. The month of May had marked the smallest monthly increase in five years for South America's No. 2 economy, with consumer prices rising just 1.5%, data from the official INDEC statistics agency showed, as the government of President Javier Milei works to tame painful price hikes. Sign up here. For June, estimates from 15 local and foreign analysts ranged from 1.4% to 2.0%. Consulting firm C&T Economic Advisors said their survey showed a 2% rise in June, slightly above their May estimate of 1.8% and the official 1.5% figure, but still one of the lowest monthly rates since 2020. May's unusually low inflation was driven by factors that did not recur in June, they added. "No disinflation process is linear, so it is natural to observe some months with slightly higher inflation than the previous one," said Eugenio Mari, chief economist at Fundacion Libertad y Progreso(LyP). This is especially relevant "when we consider that these are the first months after the exchange rate unification and several relative prices are still seeking equilibrium," he added. For July, early analyst estimates predict a lower inflation rate than that projected for June. "The rate of depreciation of our currency has been very slow," said Aldo Abram, economist and executive director at LyP, saying this contributed to his estimates that July inflation would be lower than in June, at around 1.7%, even though July typically experiences seasonal price increases. INDEC is scheduled to publish data for June on Monday at 1900 GMT. https://www.reuters.com/world/americas/argentina-inflation-seen-accelerating-june-after-may-slowdown-2025-07-11/

2025-07-11 14:07

US consumers face highest tariff rate since early 1900s Rate is currently 16%, the highest since the 1930s Companies 'acutely concerned' about tariffs, business group says LONDON, July 11 (Reuters) - U.S. consumers face an effective U.S. tariff rate of more than 20%, the highest since the early 1900s, the International Chamber of Commerce has estimated following President Donald Trump's import levy announcements this week. Rates are already around 16%, their highest since the 1930s. Sign up here. The calculation is based on the tariffs included in letters sent by Trump's administration this week to trading partners, 50% copper tariffs, and the threat of duties as high as 200% on pharmaceutical tariffs, Andrew Wilson, ICC deputy secretary general told Reuters on Friday. The ICC represents 45 million companies in more than 170 countries. Wilson said it was notable that financial markets were "pretty sanguine" even after the raft of tariff threats this week. "I think what's particularly interesting this week is the disconnect between the reaction of the financial markets (...) and the reaction of companies, who I think remain acutely concerned about the direction of tariffs, U.S. trade policy, the inherent risks of that," he told Reuters. The relative market calm this week was in contrast to the selloff across equities and Treasuries in April after Trump announced sweeping tariffs and then hit pause for 90 days until July 9. This week he extended the deadline for trade deals until August 1. Investors seem to have accepted a 10% baseline tariff, Wilson said, although Trump floated the idea late on Thursday that it could go up to 20% for some countries. The ICC sees the latest moves as a way for the administration to test "in real time" the financial market's sensitivity to hefty tariffs. "Our view right now, based on what we've seen over the past few days, is the Administration is very much set on achieving the highest possible effective tariff rate for the U.S.," said Wilson. "There's no doubt they're sensitive to the equities market and the performance of US Treasuries. But basically, how high can they get the number without freaking out the financial markets?" he said. Wilson noted that the administration has been touting tariffs as a significant revenue source. Treasury Secretary Scott Bessent said Washington had taken in about $100 billion so far and could collect $300 billion by the end of the year. https://www.reuters.com/world/china/us-tariff-rate-may-be-more-than-20-after-latest-round-global-business-group-says-2025-07-11/

2025-07-11 12:32

PARIS, July 11 (Reuters) - Europe's securities regulator warned crypto companies on Friday not to mislead customers about the extent to which their products are regulated - the latest sign of European authorities trying to limit crypto-related risks. The European Union's crypto regulation, MiCA, includes various measures to protect investors, such as rules around how client assets are safeguarded and requirements for handling complaints, the European Securities and Markets Authority (ESMA) said in a statement. Sign up here. But the practice of crypto asset service providers (CASPs) offering both regulated and unregulated products through the same platform "gives rise to investor protection risks", ESMA said, because customers might not be aware which products do not come with MiCA's protections. "Some CASPs may even use their regulated status under MiCA as a marketing argument and encourage confusion between regulated and unregulated products and services," ESMA said. ESMA said that crypto companies should not use their regulatory status as a "promotional tool" or imply that crypto products and services are regulated if they actually fall outside the scope of the EU's rules. Products and services not regulated by MiCA include direct investment in commodities, such as gold, and crypto-asset lending. Regulators around the world have long been concerned about the risks faced by crypto investors. The collapse of various crypto platforms, including FTX, in 2022, left millions of investors out of pocket. Under the EU's new crypto rules, companies offering crypto services must obtain a CASP licence from a national regulator, which can then be used as a passport to operate across the bloc. ESMA also on Friday issued guidelines about the level of knowledge and competence staff need to have in order to assess crypto companies. ESMA's statements come a day after it published a peer review into Malta's licence-granting process, which found that Malta's Financial Services Authority was not thorough enough in assessing the risk of one particular unidentified crypto company. The review found that while the Maltese regulator had enough expertise and resources to authorise and supervise crypto companies, its authorisation process only "partially" met expectations. The Maltese regulator said in a statement on Thursday that it was proud of its role as an "early adopter" of digital asset regulation and did not directly address ESMA's criticisms. Some regulators had raised concerns in closed-door meetings about the speed with which crypto licences were being granted by some EU member states, Reuters has previously reported. https://www.reuters.com/sustainability/boards-policy-regulation/european-securities-regulator-warns-about-crypto-firms-misleading-customers-2025-07-11/

2025-07-11 12:26

BRASILIA, July 11 (Reuters) - Brazil's finance ministry raised its forecast for economic growth this year, while projecting a slight slowdown in 2026 in face of the central bank's tight monetary policy, a report showed on Friday. The ministry's economic policy secretariat now expects Brazil's gross domestic product to grow 2.5% in 2025, up from the 2.4% estimated in May. For 2026, the forecast was revised down to 2.4% from 2.5%. Sign up here. The fresh estimates do not take into account the 50% tariff on Brazilian goods announced by U.S. President Donald Trump earlier this week, the government said, while noting its effects would be limited. "The impact of the tariffs tends to be of little significance on 2025 growth, although some manufacturing sectors may be particularly hit," the finance ministry added. https://www.reuters.com/world/americas/brazil-raises-forecast-2025-gdp-growth-sees-slowdown-next-year-2025-07-11/

2025-07-11 11:52

LONDON, July 11 (Reuters) - London hedge fund manager Andrew Law's Caxton Associates, which wagers on macro economics, finished June with a 2% positive return, bringing its half-year return to 14%, according to a source familiar with the matter. Tailwinds to the hedge fund's performance included a negative outlook on the UK economy, the source said. By Friday, the firm had not responded to Reuters requests for comment. Sign up here. https://www.reuters.com/markets/europe/caxton-associates-finishes-half-year-with-positive-14-return-says-source-2025-07-11/