2025-06-18 00:46
SYDNEY, June 18 (Reuters) - Australia Prime Minister Anthony Albanese said on Wednesday the country would commence negotiations on a security and defence partnership with the European Union, and was also hopeful of a "symbolically important" trade deal. Albanese met with the European Commission President Ursula von der Leyen and European Council President Antonio Costa on the sidelines of the G7 summit where they discussed the EU proposal for a defence partnership. Sign up here. "We see this as an important framework for our current and future cooperation in areas like defence industry, cyber and counter-terrorism," Albanese told a news conference in Kananaskis where he is attending the G7 summit. Ministers from both sides will progress the talks in the coming weeks, Albanese said, adding he expected discussions to be concluded "pretty quickly". The EU struck defence partnerships with Japan and South Korea in November. EU officials have previously said these are not military alliances. Albanese said he was hopeful that recently revived negotiations for a separate free trade agreement with the European Union would result in a deal. "At this time its also symbolically important to see an outcome of an expansion of trade, because that is something that is going through difficult times at the moment," he told reporters. Albanese said "half" of the outstanding issues had been resolved, although Australia wanted to see greater access for its sheep and beef exports to Europe. Albanese met with senior U.S. trade officials, after the Australian leader's scheduled meeting with President Donald Trump was cancelled when Trump left the G7 a day early. Australia has highlighted its abundance of critical minerals in negotiations with the United States as it seeks to have U.S. tariffs lifted. https://www.reuters.com/world/asia-pacific/australia-commence-negotiations-security-defence-with-eu-2025-06-17/
2025-06-17 23:17
LONDON, June 18 (Reuters) - Britain's National Electricity System Operator said on Wednesday it expects to have sufficient supplies this winter, giving an early outlook of the supply and demand balance for the season. The growth in battery storage capacity on the electricity network systems, more available gas-fired power generation, more renewable energy and the commissioning of the Greenlink electricity interconnector between Ireland and Wales have increased the amount of power available. Sign up here. "Our early view of the winter ahead shows a positive outlook with sufficient margins throughout the colder winter months," said Deborah Petterson, NESO's director of resilience and emergency management. The NESO expects a de-rated margin, which is a measure of the amount of excess capacity expected above peak electricity demand, at 6.6 gigawatts (GW). That is the highest forecast margin since the 2019/20 winter period and is over 1 GW higher than last year’s winter outlook figure of 5.2 GW. This assumes total electricity demand of 60.5 GW. There could be some days when supply is tight, likely to occur in early December or mid-January, but NESO said it has tools in place such as market notices for backup generation to be made available. The full winter outlook will be published in October. https://www.reuters.com/sustainability/climate-energy/britain-will-have-enough-energy-supply-this-winter-grid-operator-says-2025-06-17/
2025-06-17 23:13
ORLANDO, Fla, June 17 (Reuters) - The Club World Cup clash between South Korea's Ulsan and African Champions League runners-up Mamelodi Sundowns of South Africa got underway more than an hour late after the players were taken from the field seconds from the start because of the threat of lightning. The two teams had come out onto the pitch to start their first match at the competition, but as they were ready to kick off the Group F clash, French referee Clement Turpin took the teams off the pitch. Sign up here. They were off for 50 minutes before returning for a brief warm-up and then beginning the game at 7.05pm local time. The match was scheduled for a 6pm local time kick off. Officials said there was a threat of lightning although there was no rain over the stadium but dark clouds could be seen in the distance and the wind had picked up noticeably. The threat of lightning within a 10-mile (16-km) radius is common cause to halt events in central Florida, where inclement weather can close in rapidly and prove devastating. Spectators were also told to leave their seats and take shelter on the concourse around the Inter & Co Stadium while the side of the field was cleared of all personnel, save for security guards. The weather forecast had been for passing showers in the afternoon in downtown Orlando. The city, like many parts of the United States, has been in the midst of a sweltering heat wave. https://www.reuters.com/sports/soccer/threat-lightning-delays-start-club-world-cup-clash-2025-06-17/
2025-06-17 22:52
Solar stocks drop as US Senate proposes to phase out tax credits Eli Lilly to acquire Verve Therapeutics for up to $1.3 bln Retail sales post biggest drop in four months in May Indexes: Dow down 0.7%, S&P 500 down 0.8%, Nasdaq down 0.9% NEW YORK, June 17 (Reuters) - U.S. stocks finished with losses on Tuesday as the Israel-Iran conflict raged on for a fifth day and kept investor anxiety high, with the U.S. military moving fighter jets to the Middle East. Indexes added to losses in afternoon trading, and the Cboe Volatility index (.VIX) , opens new tab rose to end at 21.6, its highest close since May 23. Sign up here. Reuters reported, citing three U.S. officials, that the U.S. military is deploying more fighter aircraft to the Middle East and extending the deployment of other warplanes. President Donald Trump called for Iran's "unconditional surrender." The war began on Friday when Israel attacked Iran's nuclear facilities. "We're in a period where visibility is not great, uncertainty is high, and the wall of worry is under construction," said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management in Minneapolis, Minnesota. Besides the Middle East conflict, investors are closely watching for any new information on Trump's tariffs, his tax-cut bill and U.S. interest rates. A Federal Reserve monetary policy decision is expected on Wednesday, with policymakers widely seen leaving rates unchanged. All of the major S&P 500 sectors were lower except for energy (.SPNY) , opens new tab, which gained along with sharply higher oil prices. Investors have worried that the conflict could create bottlenecks for oil exports from the oil-rich Middle East. Defense shares also rose, including Lockheed Martin (LMT.N) , opens new tab, which was up 2.6%. The Dow Jones Industrial Average (.DJI) , opens new tab fell 299.29 points, or 0.70%, to 42,215.80, the S&P 500 (.SPX) , opens new tab lost 50.39 points, or 0.84%, to 5,982.72 and the Nasdaq Composite (.IXIC) , opens new tab lost 180.12 points, or 0.91%, to 19,521.09. Sandven said the market could trade sideways until investors get more clarity, but earnings and other factors are likely to remain favorable for equities. Solar stocks fell after U.S. Senate Republicans late on Monday unveiled proposed changes to Trump's tax-cut bill, including a phase-out of solar, wind and energy tax credits by 2028. Shares of Enphase Energy (ENPH.O) , opens new tab fell 24% and Sunrun (RUN.O) , opens new tab dropped 40%. Eli Lilly (LLY.N) , opens new tab shares eased 2% after the company agreed to acquire Verve Therapeutics (VERV.O) , opens new tab for up to $1.3 billion. Shares of Verve surged. Earlier Tuesday, data showed U.S. retail sales dropped more than expected in May, while factory production barely rose last month. "The resilient consumer is getting skittish," said Brian Jacobsen, chief economist at Annex Wealth Management. Declining issues outnumbered advancers by a 2.07-to-1 ratio on the NYSE. There were 97 new highs and 77 new lows on the NYSE. On the Nasdaq, 1,325 stocks rose and 3,130 fell as declining issues outnumbered advancers by a 2.36-to-1 ratio. Volume on U.S. exchanges was 15.71 billion shares, compared with the 17.98 billion average for the full session over the last 20 trading days. https://www.reuters.com/business/wall-street-futures-edge-lower-mideast-conflict-continues-2025-06-17/
2025-06-17 22:32
SAO PAULO, June 17 (Reuters) - Japan suspended imports of fertile eggs and day-old chicks coming from the Brazilian states of Goias and Mato Grosso after bird flu cases in subsistence farms had been reported in both states, the Brazilian Agriculture Ministry said on Tuesday. In a statement, the ministry added that Japan also suspended all poultry meat imports from the cities where the cases were reported, Santo Antonio da Barra in Goias and Campinapolis in Mato Grosso. Sign up here. https://www.reuters.com/business/healthcare-pharmaceuticals/japan-suspends-imports-fertile-eggs-day-old-chicks-two-brazilian-states-2025-06-17/
2025-06-17 22:28
Stablecoin bill requires tokens backed by liquid assets Concerns over big tech and foreign stablecoin issuers House must pass its version before reaching Trump's desk Crypto industry spent $119 million backing pro-crypto candidates June 17 (Reuters) - The U.S. Senate on Tuesday passed a bill to create a regulatory framework for U.S.-dollar-pegged cryptocurrency tokens known as stablecoins, in a watershed moment for the digital asset industry. The bill, dubbed the GENIUS Act, received bipartisan support, with several Democrats joining most Republicans to back the proposed federal rules. It passed 68-30. The House of Representatives, which is controlled by Republicans, needs to pass its version of the bill before it heads to President Donald Trump's desk for approval. Sign up here. "It is a major milestone," said Andrew Olmem, a managing partner at law firm Mayer Brown and the former deputy director of the National Economic Council during Trump's first term. "It establishes, for the first time, a regulatory regime for stablecoins, a rapidly developing financial product and industry." 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 that they could be used to send payments instantly. If signed into law, the stablecoin 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. The crypto industry has long pushed for lawmakers to pass legislation creating rules for digital assets, arguing that a clear framework could enable stablecoins to become more widely used. The sector spent more than $119 million backing pro-crypto congressional candidates in last year's elections and had tried to paint the issue as bipartisan. The House of Representatives passed a stablecoin bill last year but the Senate - in which Democrats held the majority at the time - did not take that bill up, and it died. Trump has sought to broadly overhaul U.S. cryptocurrency policies after courting cash from the industry during his presidential campaign. Bo Hines, who leads Trump's Council of Advisers on Digital Assets, has said the White House wants a stablecoin bill passed before August. Tensions on Capitol Hill over Trump's various crypto ventures at one point threatened to derail the digital asset sector's hope of legislation this year as Democrats have grown increasingly frustrated with Trump and his family members promoting their personal crypto projects. “In advancing these bills, lawmakers forfeited their opportunity to confront Trump’s crypto grift – the largest, most flagrant corruption in presidential history,” said Bartlett Naylor, financial policy advocate for Public Citizen, a consumer rights advocacy group. Trump's crypto ventures include a meme coin called $TRUMP, launched in January, and a business called World Liberty Financial, a crypto company owned partly by the president. 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. Other Democrats expressed concern that the bill would not prevent big tech companies from issuing their own private stablecoins, and argued that legislation needed stronger anti-money laundering protections and prohibitions on foreign stablecoin issuers. "A bill that turbocharges the stablecoin market, while facilitating the president’s corruption and undermining national security, financial stability, and consumer protection is worse than no bill at all," said Senator Elizabeth Warren, a Democrat, in remarks on the Senate floor in May. The bill could face further changes in the House of Representatives. In a statement, the Conference of State Bank Supervisors called for “critical changes” to mitigate financial stability risks. “CSBS remains concerned with the dramatic and unsupported expansion of the authority of uninsured banks to conduct money transmission or custody activities nationwide without the approval or oversight of host state supervisors,” said Brandon Milhorn, president and CEO of the Conference of State Bank Supervisors, in a statement. https://www.reuters.com/sustainability/boards-policy-regulation/us-senate-passes-stablecoin-bill-milestone-crypto-industry-2025-06-17/
