2025-11-19 12:19
Bitcoin falls to seven-month low Investor jitters pressure risk assets Lack of speculative spirit weighing, analyst says Nov 19 (Reuters) - Investors pulled roughly $523 million from BlackRock's flagship iShares Bitcoin Trust (IBIT.O) , opens new tab on Tuesday, according to data from Farside Investors, marking the fund's largest single-day withdrawal since its launch. Bitcoin , a bellwether for crypto markets, fell below $90,000 this week, its lowest level in seven months. Sign up here. IBIT, the largest spot bitcoin ETF, has attracted strong investor demand since its launch in January 2024 and has been central to the crypto ETF boom. The fund outflows highlight the severity of the selloff in bitcoin, which has corrected sharply after hitting a record high in October, and underscore how deep the pullback has been across risk assets. In contrast, gold has remained resilient, calling into question bitcoin's status as a hedge or as a replacement for the yellow metal. Some analysts have said the moves point to investors swapping bitcoin exposure for gold. "The crypto market entered a hangover in August," said Kraken's Global Economist Thomas Perfumo, adding a lot of that demand was driven by borrowed money. "Momentum seemingly peaked during the summer. But the truth is this hangover trend started months ago," he added. Analysts have also pointed to profit-taking by long-term shareholders as well as growing caution among bitcoin treasury firms, which had stepped up their purchases earlier in the year. "Bitcoin treasury companies purchased nearly $50 billion of bitcoin over the past year. Recently, many of these firms have begun trading at a discount to net asset value, which weighs on near-term market expectations for net new bitcoin purchases by these firms," said Brian Vieten, research analyst at Siebert Financial. The shift comes at a time when several heavyweight investors have raised concerns about stretched valuations across asset classes. "An ongoing lack of speculative spirits is weighing on bitcoin," said José Torres, senior economist at Interactive Brokers. IBIT, which has over $73 billion in assets, has fallen 19% quarter-to-date. https://www.reuters.com/markets/wealth/investors-pull-record-523-million-blackrocks-flagship-bitcoin-etf-2025-11-19/
2025-11-19 12:16
KAMPALA, Nov 19 (Reuters) - About three-quarters of a $5 billion pipeline crucial for exporting crude oil from Ugandan fields through neighbouring Tanzania has been built, Uganda's state-run sector regulator said on Wednesday. After nearly two decades of delay, Uganda has now set the second half of next year as the target for starting production from oilfields in its Albertine rift basin in the west of the country. Sign up here. The 1,443-kilometer (897-mile) East African Crude Oil Pipeline (EACOP) must be finished before production at the $15 billion oil project owned by France's Total Energies (TTEF.PA) , opens new tab and China's CNOOC kicks off. EACOP will connect the Ugandan oilfields to Tanzania's Indian Ocean Tanga port and has been described as the world's longest electrically heated crude pipeline. Ernest Rubondo, chief executive of the Uganda Petroleum Authority which overseas the country's hydrocarbons sector, said in a statement that all the pipes for the project had been delivered to various stations along the EACOP route. So far, at least $3.3 billion has been invested in the project, which is 62% owned by TotalEnergies, Rubondo said. Other shareholders include state-owned petroleum firms in Uganda and Tanzania, and CNOOC. Over $4 billion is being invested in Uganda's petroleum sector including on activities in the Kingfisher and Tilenga discoveries between 2025-2027 in "preparation for production", Rubondo said. Drilling and associated development activity at Tilenga and Kingfisher projects ahead of start of crude production is 60% and 74% complete, respectively, Rubondo said. https://www.reuters.com/business/energy/three-quarters-5-billion-east-africa-crude-pipeline-built-uganda-says-2025-11-19/
2025-11-19 12:08
Dutch government suspends intervention at Nexperia Move follows talks with Chinese government Dutch Economy Minister cites goodwill gesture Talks between Netherlands and China to continue Nexperia chip shortages hit auto supply chains, production AMSTERDAM, Nov 19 (Reuters) - The Dutch government said on Wednesday it was suspending its intervention at computer chipmaker Nexperia after what it said were constructive talks with China over a dispute which has led to shortages of chips needed by car manufacturers. Although the move will give some comfort to customers that the clash over Nexperia between China and the Netherlands is easing, supply chain issues have not yet been resolved. Sign up here. Nor has a dispute between Nexperia's European headquarters and its Chinese parent Wingtech (600745.SS) , opens new tab which was sparked by the Dutch state taking control of Nexperia on September 30. DUTCH POSITIVE ABOUT MEASURES TAKEN BY CHINA The Dutch government said intervention was needed to prevent Nexperia's former CEO from moving its operations to China. Beijing responded by halting exports of Nexperia's finished products on October 4, a measure it has since partly relaxed. Dutch Economy Minister Vincent Karremans said in a statement on Wednesday that the decision was a gesture of goodwill, adding that talks will continue. "We are positive about the measures already taken by the Chinese authorities to ensure the supply of chips to Europe and the rest of the world," he said in a statement. Meanwhile, European Union trade chief Maros Sefcovic welcomed the move, saying it would help stabilize supply chains. Nexperia is a major supplier of basic computer chips to the car industry, and shortages have threatened automotive supply chains, leading to production slow downs and halts. BMW (BMWG.DE) , opens new tab, Bosch and Aumovio (AMV0n.DE) , opens new tab all said they welcomed the development but that it is too early to judge what impact it will have, while Mercedes-Benz (MBGn.DE) , opens new tab and Volkswagen (VOWG.DE) , opens new tab declined to comment. Nexperia manufactures most of its wafers in Hamburg, Germany, and then sends them to Dongguan, China to be packaged and sent on to customers. STALEMATE CONTINUES TO THREATEN SUPPLIES After the Dutch state intervention, Nexperia's Chinese arm declared itself no longer subject to control by European management and on Oct. 26, the European side of the company stopped shipping wafers to it, citing non-payment. That stalemate continues to threaten supplies, although the Chinese side is now selling down stockpiles of chips it has previously processed, offering temporary relief to customers. Nexperia said it was preparing a reaction. Separately, a Dutch court in October ordered the removal of ex-Nexperia CEO and Wingtech founder Zhang Xuezheng, citing alleged mismanagement. A spokesperson for Wingtech, which oversees Nexperia's Chinese operations, said it "strongly rejects these accusations" and the Dutch government should end participation in the case, which was brought by the company's European managers. "The ministry should now file a letter with the (court), explicitly withdrawing its support for the proceedings," the spokesperson added. The next step in the legal process will be hearings on a formal investigation into mismanagement, a spokesperson for Amsterdam's Enterprise Court said. No date has been set. https://www.reuters.com/business/retail-consumer/dutch-government-suspends-state-intervention-chipmaker-nexperia-statement-2025-11-19/
2025-11-19 12:07
MOSCOW, Nov 19 (Reuters) - Russia is set to reach its OPEC+ oil production quota by the end of 2025 or early 2026, Deputy Prime Minister Alexander Novak told reporters on Wednesday. "I think this (will happen) in the next few months, maybe by the end of the year or early next year. We'll see how companies do," Novak said when asked when Russia would reach its quota. Sign up here. Russia's quota for November is approximately 9.5 million barrels per day. Novak said Russia was steadily increasing oil production in November and the growth rate was slightly higher than in October, when the country fell short of its quota by 70,000 barrels per day. Novak said Russia has not changed its liquid hydrocarbon production forecast for the current year, maintaining it at 510 million tons. He said that U.S. sanctions against Rosneft and Lukoil, imposed in October in retaliation for the stalling of peace talks on Ukraine, have not impacted oil production in Russia. He said that Russia has fully completed compensating for its previous oil overproduction under the OPEC+ deal and that it does not plan to voluntarily reduce output. Domestic fuel prices have stabilised thanks to export curbs, reduced demand and refineries returning from maintenance, while retail prices have begun to decline, Novak added. https://www.reuters.com/business/energy/russia-set-reach-opec-quota-by-end-2025-or-early-2026-novak-says-2025-11-19/
2025-11-19 11:52
LONDON, Nov 19 (Reuters) - Ocean Winds, a joint venture between Portugal's EDP Renewables and France's Engie (ENGIE.PA) , opens new tab, has won seabed lease rights to build a 1.5 gigawatt floating wind farm in the Celtic Sea off the coast of Wales and South West England, Britain's Crown Estate said on Wednesday. Britain is aiming to largely decarbonise its electricity sector by 2030 to reduce its reliance on fossil fuels and drive down cost, and is seeking to increase offshore wind capacity to 43-50 gigawatts (GW) by the end of the decade, from around 16 GW at present. Sign up here. “Floating offshore wind in the Celtic Sea will drive growth across Wales and the South West, create thousands of skilled jobs in places like Port Talbot and Bristol, bolster our energy security, and power industrial renewal,” Britain’s energy secretary Ed Miliband said in a statement. Ocean Winds will pay 350 pounds ($468.55) per megawatt per year for the lease, Crown Estate said, meaning it will pay 525,000 pounds per year for the sites, excluding VAT. The lease is the third offered at the site, with Equinor and Gwynt Glas, a joint venture between EDF Renewables UK and ESB, awarded leases earlier this year. The three projects combined could generate enough electricity to power four million homes and create over 5,000 jobs, the Crown Estate said. Floating wind projects can be installed in deeper waters than fixed-bottom foundations, harnessing stronger and more continuous wind to generate more power. The Crown Estate is an independently run commercial business whose profits go to the Treasury and are used as the benchmark for the level of public funding for the royal family. https://www.reuters.com/sustainability/climate-energy/edp-engies-ocean-winds-win-rights-develop-celtic-sea-floating-wind-farm-2025-11-19/
2025-11-19 11:48
Selig, Trump's nominee to head CFTC, faces Senate scrutiny over crypto plans Senate is debating CLARITY Act to establish jurisdiction over crypto Bill could hand CFTC more authority over crypto markets Nov 19 (Reuters) - U.S. senators on Wednesday pressed Michael Selig, President Donald Trump's nominee to lead the Commodity Futures Trading Commission, about his plans to overhaul cryptocurrency regulations and election betting, among other hot-button issues. Selig is currently chief counsel for the Securities and Exchange Commission's crypto task force and an adviser to Trump's Republican SEC Chair Paul Atkins. Sign up here. Appearing before the Senate Agriculture Committee, Selig advocated for "clear, simple guidelines" for cryptocurrency. "This is a real opportunity to develop a framework that can allow for software developers to thrive, for new exchanges that are going to crop up that are going to protect investors ... and make sure that we have the right disclosure and requirements that we have typically in our financial markets," he said. Trump courted crypto cash on the campaign trail with promises to be a "crypto president," and his administration has pushed industry-friendly policies, dropped probes into crypto firms, and signed into law a new regulatory framework for stablecoins, a type of cryptocurrency pegged to the U.S. dollar. Trump's family is building a crypto enterprise. WHITE HOUSE WITHDREW PREVIOUS NOMINEE The CFTC, which oversees commodity derivatives markets, would take a more active role overseeing the crypto industry if Congress passes a bill, dubbed the CLARITY Act, that includes proposed changes in crypto market supervision. The White House withdrew its previous nominee for CFTC head, former Republican CFTC Commissioner Brian Quintenz, who said in September that influential crypto entrepreneurs Cameron and Tyler Winklevoss urged Trump to stall his nomination. The pair, who donated to Trump's campaign, have not commented on Quintenz's statement. Selig, in a post on X after his nomination, said he would "help the President make the United States the Crypto Capital of the World." Prior to joining the SEC, Selig was a partner at law firm Willkie Farr & Gallagher, according to his LinkedIn page. The CLARITY Act, passed by the House of Representatives in July and now under consideration in the Senate, would clear up a longstanding debate by defining when a cryptocurrency is considered a commodity versus a security. That would give the CFTC the authority to oversee crypto spot markets. Lawmakers pressed Selig on whether the CFTC would need more funding and resources to adequately deal with the potential new authority should Congress pass such a bill. Selig declined to say, and maintained that it would "be irresponsible to prejudge that issue." "I don't know why it's hard to say, 'We need more staff ... we need the investment,'" said Democratic Senator Ben Ray Luján. "This is a whole new space that we're building in the United States of America." The CFTC is traditionally led by a bipartisan group of five commissioners nominated by the president. The agency currently has only one commissioner, Republican Caroline Pham, who is also serving as its acting chair. Pham has indicated she plans to depart the agency once Trump's nominee for chair is confirmed. "We are excited to see Mike Selig's nomination for CFTC chairman moving so swiftly," said Cody Carbone, CEO of crypto trade group The Digital Chamber. "This is a great sign for the industry and the U.S. regulatory system, not only to have a digital asset expert leading the efforts at CFTC on a number of fronts, but specifically for informing ongoing market structure legislative debates." https://www.reuters.com/world/us/senate-grill-trumps-pick-cftc-head-crypto-regulation-2025-11-19/
