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/
2025-07-11 11:45
PARIS, July 11 (Reuters) - France's public health authority said on Friday that more than 100 people had died from drowning between June 1 and July 2 this year, an increase of 58% over the same period last year, blaming it on unusually warm weather at the end of June. Sante Publique, the French authority, said 429 total drownings had occurred in France between June 1 and July 2, an increase of 95% over that period last year. Sign up here. "These increases occurred in a context of high temperatures in the second half of June 2025, which led to an increase in people going to swimming areas to cool off," the agency said in a bulletin. Large swaths of Europe, including France, sweltered over a 10-day heatwave ending July 2. Scientists said 2,300 people died of heat-related causes across 12 European cities during the extreme weather. https://www.reuters.com/business/environment/drowning-deaths-france-spiked-by-58-during-heat-wave-authorities-say-2025-07-11/
2025-07-11 11:43
MOSCOW, July 11 (Reuters) - The price of Russia's Urals crude oil remained $2 per barrel below the $60 per barrel limit imposed by Western nations amid weak Brent prices, Reuters calculations based on traders' data showed on Friday. Oil prices edged up on Friday, as investors weighed a tight prompt market against a potential large surplus this year, according to the International Energy Agency, while U.S. tariffs and possible further sanctions on Russia were also in focus. Sign up here. Urals oil cargo loadings from Russia's Baltic and Black Sea ports were priced around $58 per barrel on Thursday on a free-on-board basis, which excludes charter costs and insurance, according to Reuters calculations. Reuters calculates Urals oil prices based on the previous business day's data. Oil prices fell on Thursday as investors weighed the potential impact of U.S. President Donald Trump's tariffs on global economic growth, but prices steadied on Friday. The United States, other Group of Seven countries and Australia imposed the price cap in late 2022, seeking to reduce Russia's revenue from seaborne oil exports as part of wide-ranging sanctions imposed over Moscow's invasion of Ukraine. Under the terms of the cap, suppliers of Russian oil are only able to use Western services such as shipping and insurance when Russian crude trades below $60 per barrel. The European Commission is expected to propose a floating Russian oil price cap as part of a new draft sanctions package, in an attempt to overcome opposition from some member states, four EU diplomats told Reuters this week. The plan to lower the price cap was prompted by a fall in global oil prices, which made the current cap largely irrelevant. The Commission proposed lowering the Group of Seven (G7) nations' price cap from $60 a barrel to $45 a barrel in June in its 18th package of sanctions. Russian Urals oil has been priced below $60 per barrel since April 2, except for a short jump above the price cap level in June on a rally in Brent. The Urals oil price is linked to the Brent price, making it dependent on changes in the benchmark's value. https://www.reuters.com/business/energy/russian-urals-oil-prices-hold-below-price-cap-weaker-brent-reuters-calculations-2025-07-11/
2025-07-11 11:39
BRASILIA, July 11 (Reuters) - The Brazilian government secured 10.2 billion reais ($1.8 billion) in revenue from the first round of tax debt renegotiations with major companies this year, the Treasury's attorney general and the Federal Revenue Service said. As part of the initiative, which is included in a broader effort to reduce Brazil's fiscal deficit to zero by 2025, the government is finalizing technical details to launch another three public notices to renegotiate tax debts, Treasury Attorney General Anelize Almeida told Reuters. Sign up here. The first-round agreements include an immediate collection of 7.6 billion reais and future payments of 2.6 billion reais. These kinds of tax debt transactions were originally created to grant discounts on debt renegotiation for companies in serious financial situations. They were made more flexible by a 2024 regulation that allowed the government to seek agreement with large companies to avoid costly and potentially unsuccessful court actions. "We're moving to a new focus of the transaction, which is the legal criteria and the litigation involved, how much it costs to maintain the litigation," Almeida said. "The economic cost of this litigation is very significant for the government and for the company." The first round primarily involved large banks. Companies agreed to drop judicial and administrative challenges, concluding 188 lawsuits. https://www.reuters.com/world/americas/brazil-collect-18-billion-debt-renegotiation-with-big-companies-2025-07-11/
2025-07-11 11:31
US Congress to debate key legislation next week Bitcoin hits record high on crypto optimism Skeptics cite likely volatility ahead to warn of hype July 11 (Reuters) - Crypto investors are betting that a slew of long-sought policy wins for the industry, expected next week, could invite new investment in the asset class. Those hopes helped propel bitcoin to another high on Friday and gave a boost to U.S.-listed crypto stocks. Sign up here. Starting on Monday, the House of Representatives will debate a series of crypto bills to provide the digital asset industry with the U.S. regulatory framework it has long demanded. Those demands have resonated with U.S. President Donald Trump, who has called himself the "crypto president" and urged policymakers to revamp rules in favor of the industry. Trump himself is involved in several crypto ventures, including World Liberty Financial, a platform that his sons Eric and Don Jr. run. Members of Congress are set to vote on the Genius Act, the Clarity Act, and the Anti-CBDC Surveillance State Act during "crypto week," as the industry's strained ties with Washington continue to thaw. The most significant bill is the Genius Act, which would create federal rules for stablecoins. "Even if final passage stalls, the optics of legislative engagement are bullish," said Jag Kooner, head of derivatives at crypto exchange Bitfinex. Bitcoin's surge has triggered a broader rally in the crypto market, with strong and sustained inflows into the related spot exchange-traded funds driving prices higher, said Nicolai Sondergaard, research analyst at Nansen. The world's largest cryptocurrency was last up 3.3% at $117,333.32, taking its gains for the year to 26%. The digital asset has surged nearly 41% in the last three months. Bitcoin buyer and holder Strategy (MSTR.O) , opens new tab rose 1.9%, while crypto miners Riot Platforms (RIOT.O) , opens new tab, Hut 8 (HUT.O) , opens new tab, and Mara Holdings (MARA.O) , opens new tab gained between 0.7% and 1.6%. "Investors are racing to take positions ahead of the extra publicity this event could attract," said Dan Coatsworth, investment analyst at AJ Bell, referring to "crypto week." Rising confidence in bitcoin is resulting in investors chasing higher returns in smaller tokens. Ether , the second-largest token, was last up 5.13%, while XRP and solana gained 9.7% and 0.8%, respectively. The sector's total market value has swelled to about $3.67 trillion, according to data from CoinMarketCap. 'CRYPTO WEEK' The House of Representatives is set to pass a series of crypto-related bills next week, including a bill that would establish a regulatory framework for stablecoins after Trump subsequently approves it. Stablecoins, a type of cryptocurrency designed to maintain a constant value, usually a 1:1 dollar peg, are commonly used by crypto traders to move funds between tokens. Their use has grown rapidly in recent years, and proponents say they could be used to send payments instantly. The bill, dubbed the Genius Act, received bipartisan support in the Senate, with several Democrats joining most Republicans to back the proposed federal rules. It is expected to pass the House and would then head to Trump, who has said he will sign the bill into law. The bill would require tokens to be backed by liquid assets - such as U.S. dollars and short-term Treasury bills - and for issuers to publicly disclose the composition of their reserves on a monthly basis. Crypto proponents say those rules could legitimize stablecoins, making banks, retailers, and consumers more comfortable with using them to transfer funds. The House next week is also expected to pass a bill that aims to develop a regulatory regime for cryptocurrencies and would expand the Commodity Futures Trading Commission's oversight of the digital asset industry. That bill, called the Clarity Act, has yet to be considered in the Senate, where it would need to pass before heading to Trump for final approval. If signed into law, the bill would define when a cryptocurrency is a security or a commodity and clarify the Securities and Exchange Commission's jurisdiction over the sector, something crypto companies disputed during the Biden administration. Crypto companies have argued that most crypto tokens should be classified as commodities instead of securities, which would enable platforms to more easily offer those tokens to their customers. SKEPTICS RAISE RED FLAGS Bitcoin's sharp rally has drawn caution from some corners of the market. As crypto gets embedded in the traditional financial system, some analysts warned the hype may be outpacing reality. "The (regulatory) backdrop has supported prices, and attention has turned to bitcoin's role in portfolios, with some likening the crypto-asset to 'digital gold.' This moniker is likely premature," said Dirk Willer, Citi's global head of macro, asset allocation, and emerging market strategy. With likely volatility ahead, some analysts have cautioned investors to pause and weigh their time horizons before jumping in. "It's hard not to be optimistic about bitcoin at this moment in time, but the risk of a fall in price or short-term pullback still exists," said Simon Peters, crypto analyst at online brokerage eToro. Critics have argued the Trump administration is conceding too much to the crypto industry at the expense of protecting consumers and retail investors. "I'm concerned that what my Republican colleagues are aiming for is another industry handout that gives the crypto lobby exactly its wish list," Democratic Senator Elizabeth Warren said this week. Trump has faced criticism from political rivals and ethics experts over the potential for conflicts of interest regarding his family's crypto ventures. The White House has said there are no conflicts of interest present for Trump and that his assets are in a trust managed by his children. https://www.reuters.com/business/bitcoins-record-high-lifts-crypto-stocks-renewed-regulatory-optimism-2025-07-11/
