2025-11-12 20:20

Nov 12 (Reuters) - Cryptocurrency exchange Coinbase (COIN.O) , opens new tab is departing Delaware and reincorporating itself in Texas, the company said in a regulatory filing on Wednesday, citing the new business hub's growing attractiveness for innovative companies. Texas is establishing itself as the new darling of Corporate America by drawing companies with its favorable business environment, friendlier tax rules, lighter regulatory requirements, and new legislation aimed at establishing specialized business courts. Sign up here. Several companies with a valuation of over $1 billion have moved their legal home out of Delaware since last year, in what some have nicknamed "Dexit." Tesla (TSLA.O) , opens new tab shifted its headquarters to Texas last year in a high-profile relocation, while Trump Media & Technology (DJT.O) , opens new tab, the owner of Truth Social, moved its base to Florida in April. Coinbase, with a market capitalization of nearly $82 billion, according to LSEG, will be one of the largest companies to move base. "For decades, Delaware was known for predictable court outcomes, respect for the judgment of corporate boards and speedy resolutions," Coinbase Chief Legal Officer Paul Grewal said in a opinion piece in the Wall Street Journal on Wednesday. Delaware judges, however, have expanded the court's most stringent legal standard to a growing range of situations involving controllers, increasing the risk of shareholder lawsuits. The decisions culminated with the blockbuster ruling last year that rescinded Musk's $56 billion pay package from Tesla. "Never incorporate your company in the state of Delaware," Musk had said on X after the ruling. "It's a shame that it has come to this, but Delaware has left us with little choice," Grewal added. Texas has stepped up efforts to attract cryptocurrency firms, touting regulatory clarity and lower operating costs, with recent legislation positioning the state as a growing hub for blockchain development amid uncertainty in other jurisdictions. Coinbase in the largest publicly traded cryptocurrency exchange in the U.S. https://www.reuters.com/business/coinbase-set-reincorporate-texas-2025-11-12/

2025-11-12 20:17

Each penny costs 3.69 cents to make, Treasury says US Mint to announce auction of final pennies Gold pennies also produced, source says Pennies remain legal tender and will stay in circulation Halting penny production to save US Mint $56 million a year, Treasury says PHILADELPHIA, Nov 12 (Reuters) - U.S. Treasurer Brandon Beach visited the Philadelphia Mint on Wednesday to strike the final five circulating one-cent coins or pennies, ending 232 years of penny production in the United States. U.S. President Donald Trump in February ordered Treasury to halt what he called the "wasteful" minting of pennies, prompting gas stations, fast-food chains and big-box stores to adjust prices and round cash transactions. Sign up here. Treasury said rising production costs and rapidly changing consumer habits and technology had made production of pennies "financially untenable" and unnecessary, noting that it costs 3.69 cents to make each penny, up from 1.42 cents a decade ago. Production of circulating pennies was suspended months ago, Mint officials said, but an unspecified number of additional one-cent coins - marked with an Omega symbol to signify the last of their kind - were made to be auctioned off in December. The five pennies pressed on Wednesday will be part of that batch, said Robert Kurzyna, superintendent of the Philadelphia Mint. Details of the auction will be released shortly, he said. Those pennies could technically be used for circulation, unlike collector coins, which are shinier and made differently. The Philadelphia Mint produced 232 of Omega-stamped coins for the auction, one for each year the penny was produced, plus three for display at Treasury and other institutions, a source familiar with the matter said. It also produced 235 gold pennies, the source said. It was unclear whether additional pennies were pressed for the auction at the Denver Mint, where pennies were also made. U.S. Mint Acting Director Kristie McNally said the first and last of the coins to be auctioned could fetch around $100,000. All proceeds will be used to fund Mint operations, with any excess to be transferred to the U.S. Treasury, she said. Suspending production of the penny is expected to save the U.S. Mint about $56 million a year, Treasury said. Pennies will remain legal tender, with an estimated 300 billion of them in circulation, "far exceeding the amount needed for commerce," Treasury said. "Sad to see the penny go, but it was inevitable given rising costs," said American University professor Gabriel Mathy, adding the iconic American coin would "stick around for a while, though people may start hoarding pennies." U.S. Treasury Secretary Scott Bessent was slated to attend the event, but canceled his appearance due to travel delays after a speech in New York. The U.S. is joining other countries, including Canada, Australia, Ireland and New Zealand, in phasing out their lowest-value coins, rounding cash transactions up or down to the nearest five cents while keeping electronic payments exact. The penny was first issued by the government in 1793. Since 1909, the profile of President Abraham Lincoln has adorned the obverse side of the coin made of zinc and copper. In fiscal 2024, pennies accounted for 57% - or 3.2 billion - of the Mint's total production of 5.61 billion circulating coins. The Mint will continue to produce collector versions of the penny in limited quantities, Treasury said. A Mint official said some gold pennies were also planned. Supporters of the penny have argued that it helps keep consumer prices lower and is a source of income to charities. For many Americans, however, the coin has become a nuisance that ends up being discarded in drawers, jars and piggy banks. The American Bankers Association said last month a slowdown in penny circulation this year had created localized supply issues, especially in areas where terminals used by banks to deposit excess coins have been shut down. It said the banking industry was encouraging consumers to check their home, car and coin jars for pennies and bring them to banks, retailers or coin kiosks to help ease the slowdown. A decision on whether to eliminate the penny would be up to Congress and the president, the banking group said, noting the U.S. Constitution gave Congress the authority to coin money. Republican Representative Frank Lucas said he has been working with House Conference Chair Lisa McLain on bipartisan legislation to address the high cost of producing coins. “This is the 19th consecutive year the United States government has lost money producing the one-cent piece and the nickel," Lucas said in a statement to Reuters. "Our bipartisan bill is working its way through the House to answer President Trump’s call and bring costs down for the taxpayer.” https://www.reuters.com/business/retail-consumer/bessent-us-treasurer-strike-final-penny-philadelphia-mint-2025-11-12/

2025-11-12 20:16

LONDON, Nov 12 (Reuters) - The U.S. ambassador to London on Wednesday attacked Britain's approach to nuclear power in an unusually strong criticism on the eve of an expected decision on the development of a site in north Wales. Britain is expected on Thursday to announce its first small modular reactor (SMR) nuclear power station will be located in Wylfa on Anglesey, an island in North Wales, where there was an old nuclear power station that closed down in 2015. Sign up here. But the United States had been pushing for a large-scale nuclear project, and on Wednesday ambassador Warren Stephens issued a strongly-worded rebuke of Britain for its decision. "We are extremely disappointed by this decision, not least because there are cheaper, faster, and already-approved options to provide clean, safe energy at this same location," Stephens said, adding that while he wanted Britain to be the strongest possible ally to the United States, "high energy costs are an impediment to that." "If you want to get shovels in the ground as soon as possible and take a big step in addressing energy prices and availability, there is a different path, and we look forward to decisions soon on large scale nuclear projects." British Prime Minister Keir Starmer has cited his close relationship with U.S. President Donald Trump as helping on a range of fronts, from securing the first deal to relieve some U.S. tariffs to working together on conflicts in Ukraine and the Middle East. But Trump has been outspoken in his criticism of Britain's energy policy and efforts to reach net zero by 2050, calling on the government to drill more oil from the North Sea and criticising the country's windfarms. https://www.reuters.com/business/energy/us-criticises-britain-over-nuclear-reactor-proposals-2025-11-12/

2025-11-12 20:12

WASHINGTON, Nov 12 (Reuters) - The head of the U.S. Securities and Exchange Commission said on Wednesday the agency would soon consider establishing a classification for digital assets to help determine when they can be considered securities. "In the coming months, I anticipate that the Commission will consider establishing a token taxonomy" anchored in legal reasoning that distinguishes securities from commodities, SEC Chair Paul Atkins said, according to prepared remarks. This will recognize that there are "limiting principles to our laws and regulations," he added. Sign up here. The statement in an address to an annual financial technology gathering at the Philadelphia Federal Reserve Bank promised to deliver on key demands of the ascendant crypto sector, which, under the prior administration, had long clamored for greater clarity about the SEC's jurisdiction. U.S. President Donald Trump has embraced cryptocurrency after courting cash from the industry on the campaign trail, and has pledged to overhaul regulations that top crypto companies have long decried. In his speech, Atkins also said he expected the Commission would consider a "package" of exemptions allowing for a "tailored offering regime" for digital assets legally considered securities because they are subject to investment contracts. This would match legislation currently being drafted in Congress. Atkins also echoed President Donald Trump's call for lawmakers to adopt crypto market structure legislation before the end of this year. https://www.reuters.com/sustainability/boards-policy-regulation/wall-st-regulator-consider-crypto-token-classification-chair-says-2025-11-12/

2025-11-12 19:53

US oil output to hit record 13.59 million bpd this year, EIA says Agency raises global oil output, demand forecasts Still sees large surplus in global oil market US fuel prices to decline this year and next, EIA says NEW YORK, Nov 12 (Reuters) - U.S. oil production is expected to set a larger record this year than previously forecast, even as global oil supply outpaces fuel demand, the Energy Information Administration said in its Short-Term Energy Outlook report on Wednesday. The Department of Energy's statistical arm expects U.S. oil output to average 13.59 million barrels per day this year and then decline marginally to about 13.58 million bpd next year, the EIA said. Sign up here. The agency had earlier forecast U.S. oil output would post a slightly steeper decline from about 13.53 million bpd in 2025 to 13.51 million in 2026. It said the revisions to its forecasts were due to higher-than-expected production in August. Oil output averaged 13.23 million bpd last year, which was the prior record. Global crude oil and liquid fuels output is now expected to average 106 million bpd this year, the EIA said, up 100,000 bpd from its prior forecast. Global consumption is now forecast to average 104.1 million bpd, also up by a similar amount as the production forecast. RISING INVENTORIES Global oil inventories will grow through 2026 as production is increasing faster than demand for petroleum fuels, the EIA said, expecting it to pressure crude oil prices. Global crude oil stocks will rise to 2.93 billion barrels in the fourth quarter, up 52 million barrels from the third quarter, the EIA said. Inventories will reach 3.18 billion barrels by the final quarter of next year, the agency said. The changes to EIA's monthly forecasts were mostly neutral, but the agency continues to point to a large market surplus this year and next, UBS analyst Giovanni Staunovo noted. Global benchmark Brent crude is set to fall to an average of $68.76 per barrel this year, from an average of $80.56 last year, the EIA said. U.S. West Texas Intermediate crude futures are expected to average about $65.15 a barrel this year, down from $76.60 last year. FUEL PRICES TO FALL Petroleum fuel prices will fall as the price of oil comes down. U.S. retail gasoline prices are expected to fall to an average of $2.98 a gallon next year, which would mark the first time prices have averaged less than $3 a gallon since 2020. Retail diesel prices will drop to $3.50 per gallon in 2026, down over 4% from this year, the EIA said. https://www.reuters.com/business/energy/eia-raises-us-oil-output-forecast-says-oversupply-will-weigh-prices-2025-11-12/

2025-11-12 19:41

Bessent says no decisions yet on $2,000 rebate check Trump told Fox News that US would lower tariffs on coffee Bessent says other tax measures will boost incomes WASHINGTON, Nov 12 (Reuters) - U.S. President Donald Trump plans more domestic travel to sell his administration's efforts to drive down the cost of living, two people with knowledge of the matter said, as a top aide promised big moves to lower the price of coffee, bananas and other goods. Trump has focused intensely on the issue of affordability after a string of defeats for Republican candidates in last week's elections, while insisting that any higher costs were triggered by policies enacted by former President Joe Biden, and not his own sweeping tariffs. Sign up here. Democratic wins in New Jersey, New York and Virginia, driven in part by cost-of-living concerns, revealed concerns among voters over ongoing inflation, which economists say has been fueled in part by high import tariffs imposed by Trump. More than half of the line items reported in the monthly Consumer Price Index from the Labor Department were rising at more than a 3% annualized rate as of the latest report for September, according to analysis by Apollo Global Management Chief Economist Torsten Slok. “Cleaning up Joe Biden’s inflation and economic disaster has been a top focus for President Trump since Day One, when he signed an array of executive orders to unleash American energy and slash costly regulations," said White House spokesman Kush Desai, citing ongoing efforts to reduce prices for gasoline, eggs, medicines and other goods. "The Trump administration will continue to implement and emphasize these and other economic policies that are cutting costs, raising real wages, and securing trillions in investments to make and hire in America," he said. It was not immediately clear where or when Trump planned to travel to discuss his economic agenda. Treasury Secretary Scott Bessent told Fox News' "Fox and Friends" program earlier Wednesday that "substantial announcements" were planned in coming days to lowering the prices of products like coffee, bananas and other items not grown in the U.S. He gave no details, but said the measures would bring down prices "very quickly," adding that people would start feeling better about the economy in the first half of 2026. Coffee prices fell sharply on Wednesday amid signs that the U.S. will cut selected import tariffs, potentially easing supply tightness in the world's top consuming country. After last week's election defeats, Trump once again floated the prospect of giving households rebate checks funded by tariffs, and raised the prospect of a 50-year mortgage to encourage more people to buy homes. Bessent, asked about those ideas, said a $2,000 rebate check proposed by Trump would benefit those earning less than $100,000 per year, but no decisions had been made. He did not address the 50-year mortgage idea, which has sparked criticism from conservative allies, business leaders and lawmakers. LOWERING TARIFFS Trump, in an interview aired on Fox News' "The Ingraham Angle" show on Tuesday, said the U.S. would lower some tariffs on coffee imports, repeating comments he first made in late October during his trip to Asia. Coffee roasters in the U.S. have been plowing through their stockpiles as they await the outcome of ongoing U.S.-Brazil trade negotiations. Brazilian coffee, which accounts for a third of the beans consumed in the U.S., has been priced out of that market by the 50% import tariffs that Trump imposed in August. Asked about Trump's comments about lowering tariffs on coffee producers Vietnam and Brazil, Bessent said, "It's tough to do a lot of specific things, but I can tell you ... you're going to see some specific announcements in coming days in terms of things we don't grow here in the United States, coffee, coffee being one of them, bananas, other fruits, things like that." In September, U.S. consumers paid nearly 19% more than a year earlier for roasted coffee and nearly 22% more for instant coffee, according to that month's CPI report. Banana prices were up nearly 7% year over year compared with essentially no change for fresh fruit more widely. The U.S. grows bananas in Hawaii and Florida, but commercial production is limited and most bananas are imported from countries where labor is cheaper and land costs are lower. Bessent said other measures already taken by the Trump administration, including reducing taxes on overtime and tips, would kick in early next year, as well as moves to boost domestic manufacturing through foreign investment. "Real wages are going to increase," Bessent said. "I would expect in the first quarter, second quarter of next year .... Americans are going to start feeling better." Many households will see large tax refunds next year given changes in tax law, allowing deductions for car loans and ending taxes on Social Security benefits for some seniors. Parents of children born after December 31, 2024 and before January 1, 2029 could also receive a $1,000 initial deposit if they opened a Trump account, Bessent said. https://www.reuters.com/world/americas/bessent-says-substantial-moves-coming-cut-us-prices-coffee-other-items-2025-11-12/