2025-11-10 19:24
Court upholds order for full SNAP funding during shutdown USDA had directed states to halt full SNAP benefits issuance SNAP benefits cost $8.5 billion to $9 billion monthly, funding uncertainty remains BOSTON, Nov 10 (Reuters) - The availability of food aid for 42 million low-income Americans remained in question on Monday as legal wrangling over the benefits continued even as lawmakers took steps toward ending the record-long government shutdown. In the latest twist, the administration of President Donald Trump indicated to the U.S. Supreme Court on Monday it would continue to fight an order requiring it to fully fund food benefits known as the Supplemental Nutrition Assistance Program, or SNAP. Sign up here. The administration has blamed Congress for the crisis and said it was up to lawmakers to solve it. A letter from the administration to the Supreme Court on Monday came hours after a federal appeals court in Boston rejected a bid by the Trump administration to halt a decision on Thursday by a Rhode Island judge requiring the U.S. Department of Agriculture to spend $4 billion to fully fund SNAP benefits, often referred to as food stamps. The status of the program's funding for November has been thrown into confusion by a series of legal victories and setbacks for nonprofits and Democratic-led states and cities fighting to restore food aid. As the legal battles played out, the Senate was moving forward on a measure to end the shutdown, although any deal would need approval of the House and the president and could take days. STRAINED FOOD PANTRIES, DONATIONS SNAP recipients have turned to already strained food pantries and made sacrifices like forgoing medications to stretch tight budgets. Community organizations, churches and schools across the country have been ramping up appeals for food donations. SNAP provides a monthly benefit to eligible Americans whose income is less than 130% of the federal poverty line. The maximum monthly benefit for the current fiscal year is $298 for a one-person household and $546 for a two-person household. Thursday's court order from U.S. District Judge John McConnell directing the administration to fully fund SNAP benefits set off a chaotic chain of events. The USDA told states on Friday it was working to comply with McConnell's order and fully fund benefits. However, also on Friday U.S. Supreme Court Justice Ketanji Brown Jackson put a temporary hold on McConnell's order and that hold remains in place. On Saturday, the USDA told states they had to "undo" efforts to pay full monthly benefits, or face potential penalties. Some states were already working before McConnell's order to use state funds to issue full November benefits. Others had moved on Friday to issue full benefits but paused after the Supreme Court order. For example, North Carolina, which issued partial benefits on Friday morning, was prepared to issue the remainder over the weekend, but stopped after the USDA directive, according to the North Carolina Department of Health and Human Services. LEGAL BATTLE GOES ON On Monday, a federal judge in Boston temporarily blocked the USDA from carrying out its directive that states undo benefits. The judge, Indira Talwani, scheduled a hearing for later on Monday. The administration has argued that judges cannot force it to find money in the "metaphorical couch cushions" to pay for full SNAP benefits while the shutdown continues. The White House and USDA did not respond to requests for comment on Monday. The 1st Circuit Court of Appeals in Boston said the evidence showed the administration sat on its hands and did not address the looming crisis as the shutdown lingered. “We do not take lightly the government’s concern that money used to fund November SNAP payments will be unavailable for other important nutrition assistance programs,” U.S. Circuit Judge Julie Rikelman wrote for the three-judge panel. But Rikelman, who like the other judges was appointed by a Democratic president, wrote that a ruling for the administration would have led to "widespread harm" by "leaving tens of millions of Americans without food as winter approaches." https://www.reuters.com/world/us/trump-administration-cannot-withhold-4-billion-food-aid-us-appeals-court-rules-2025-11-10/
2025-11-10 19:02
BRASILIA, Nov 10 (Reuters) - Brazil's central bank on Monday released long-awaited rules for trading virtual assets, including cryptocurrencies, that will extend existing rules against money laundering and terrorism financing to virtual-asset service providers. Latin America's largest economy approved a legal framework for cryptocurrencies in 2022, but its rollout hinged on complementary regulation from the central bank, which later held four public consultations on the matter. Sign up here. Meanwhile, crypto use has surged, prompting central bank governor Gabriel Galipolo to raise concerns over the growing use of stablecoins, pegged to real-world assets like the U.S. dollar, often linked to illicit activity. "New rules will reduce the scope for scams, fraud, and the use of virtual asset markets for money laundering," the central bank's director of regulation Gilneu Vivan said at a press conference. NEW RULES TO COME INTO EFFECT IN FEBRUARY Effective February, the regulations will cover authorization processes for foreign-exchange and securities brokers, distributors, and virtual-asset service providers, according to a statement on the central bank's website. Policymakers have said that stablecoins, which are less volatile than cryptocurrencies such as bitcoin, are used more for payments than investments, with many users seeking to bypass more heavily supervised and taxed traditional payment systems. Under the new rules, any purchase, sale or exchange of virtual assets pegged to fiat currency will be considered a foreign exchange operation. The same classification applies to international payments or transfers using virtual assets, including those made to settle obligations via cards or other electronic payment methods. The regulation also extends existing rules on customer protection, transparency, anti-money-laundering and counter-terrorism financing to virtual-asset service providers, the central bank said. It added that the framework includes governance and security requirements, internal controls, reporting duties and other compliance obligations. https://www.reuters.com/world/americas/brazil-central-bank-tightens-rules-virtual-assets-cryptocurrency-2025-11-10/
2025-11-10 18:54
Renault considers Chinese stator supplier for cost saving Motor to be made in France, even if uses Chinese component Valeo still developing magnet-free motor with Germany's Mahle PARIS, Nov 10 (Reuters) - France's Renault (RENA.PA) , opens new tab has ended a project with Valeo (VLOF.PA) , opens new tab to develop a new rare-earth-free electric vehicle motor and is looking instead for a cheaper Chinese supplier, two sources familiar with the matter told Reuters. Automakers including Renault, General Motors (GM.N) , opens new tab and (BMWG.DE) , opens new tab and suppliers such as ZF, BorgWarner (BWA.N) , opens new tab and Valeo have been developing EV motors which do not require rare earths. Sign up here. Renault said in late 2023 it was working with Valeo on a new, more powerful and more compact EV motor without rare earths, which it described as "an innovation made in France". China controls 70% of global rare earths mining and 85% of refining and Beijing's decision to impose growing exports curbs on rare earths has sent the industry scrambling for supplies. Renault has used rare-earth-free motors since 2012, while Valeo brought expertise on the stator, the fixed part where the rotor is housed, using new copper wire technology. "The E7A engine project is no longer being done with Valeo," one of the two sources said, adding: "It will be done entirely in-house across the entire value chain, except for the stator which could be bought from a Chinese supplier." Renault's decision to end Valeo's involvement in the rare-earth free motor project and the French carmaker's search for a lower-cost Chinese supplier have not previously been reported. The move was driven by the need to cut costs, both sources said, with Chinese suppliers offering very competitive prices. "A Chinese partner is a possibility," a spokeswoman for Ampere, Renault's EV subsidiary, said, adding that a decision has not been made and "the process is still ongoing". Valeo declined to comment. 'MADE IN FRANCE' OBJECTIVE REMAINS Even if a Chinese company does contribute to the stator, the motor would still be made in Renault's plant in Cleon, France, with silicon carbide modules provided by Franco-Italian firm STMicro for the inverter, another central EV component. "We are studying the possibility of locating (the stator) in France," the Ampere spokeswoman said. Renault is the smaller of the mainstream legacy carmakers and has built numerous partnerships over the last few years to help it manage the costs associated with developing EVs. It has also turned to suppliers in China, which has been at the forefront of EV technology. A Chinese engineering team helped it develop its new electric Twingo in just two years. The new rare-earth-free motors will drive Renault's next generation of compact EVs by 2028. These will be at the heart of a strategic plan CEO Francois Provost is due to share in March. The E7A motor will have 200 kW of power, 25% more than the current generation such as the Scenic, and a much shorter charging time thanks to its 800-volt system, which is twice the voltage of current Renault EV models. Valeo is still working with German supplier Mahle to develop its own magnet-free "iBEE" EV motor, which will deliver power of up to 350 kW and is also due to go on the market in 2028. https://www.reuters.com/business/autos-transportation/renault-seeking-chinese-rare-earth-free-motor-supplier-sources-say-2025-11-10/
2025-11-10 18:41
Nov 10 (Reuters) - President Volodymyr Zelenskiy said on Monday that anyone involved in corruption would be held accountable, and vowed the country's nuclear power operator would be run free from graft. "Everyone who put together a corrupt scheme must receive a clear legal response. There must be criminal verdicts," Zelenskiy said in his nightly video address, commenting on an investigation into a kickback scheme in Ukraine's energy sector. Sign up here. "The inevitability of punishment is needed ... Energoatom currently provides Ukraine with the largest share of power generation. Cleanliness within the company is a priority. As it is in the energy sector and every industry." https://www.reuters.com/world/zelenskiy-anyone-involved-corruption-scheme-will-be-held-accountable-2025-11-10/
2025-11-10 18:36
BRASILIA, Nov 10 (Reuters) - Brazil's finance minister said on Monday there is room for interest rates to fall, after the central bank last week kept borrowing costs unchanged for a third consecutive meeting. "There is indeed room for rate cuts," Fernando Haddad told CNN Brasil, adding that he had heard the same view from banks during a meeting earlier with industry group Febraban. Sign up here. But while many may have views on interest rates, the decision ultimately lies with the central bank, Haddad said. Policymakers last week kept Brazil's benchmark Selic rate at 15%, the highest in nearly 20 years, and maintained a hawkish stance, signaling rates would stay at that level for a "very prolonged" period to bring inflation back to its 3% target. Haddad said Gabriel Galipolo, who was previously his deputy at Brazil's finance ministry, was "doing a good job" as governor at the central bank, which is tackling a range of issues beyond interest rates. These included measures to curb abuses in the financial system inherited from the previous administration, he said. Galipolo, who was appointed by President Luiz Inacio Lula da Silva, has led the central bank since January. Haddad said Lula's government expects to close the year with a primary budget result close to zero. The official target is a zero primary deficit, with a tolerance margin of 0.25% of GDP either way. https://www.reuters.com/world/americas/brazil-finmin-says-room-rate-cuts-cenbank-chief-doing-good-job-2025-11-10/
2025-11-10 18:21
Fuel prices gain on refinery outages, Russian supply disruptions Crude oil oversupply concerns persist on rising output US Senate advances bill to end federal shutdown Flight delays, cancellations in the US accelerate NEW YORK, Nov 10 (Reuters) - Oil prices settled higher on Monday as analysts focused on potential fuel supply disruptions from fresh U.S. sanctions and Ukrainian drone attacks on Russian refineries, although predictions of a crude supply surplus kept gains in check. Brent crude futures rose 43 cents, or 0.7%, to settle at $64.06 a barrel, while U.S. West Texas Intermediate crude futures advanced 38 cents, or 0.6%, to close at $60.13 a barrel. Sign up here. Fuel futures led gains in the oil complex as U.S. gasoline futures closed over 1% higher and diesel futures rose close to 1%. A string of refinery issues in the U.S. and drone strikes on Russian refineries have helped lift fuel prices, analysts said. "Refinery issues in the Great Lakes and West Coast have kept prices elevated," GasBuddy analyst Patrick De Haan wrote in a blog post. He added that thousands of U.S. flight cancellations due to the federal government shutdown could also create more gasoline demand ahead of the Thanksgiving holiday. Airlines canceled more than 2,800 U.S. flights and delayed more than 10,200 on Sunday in the worst day for disruptions since the start of the shutdown. RUSSIAN SUPPLY CONCERNS In Russia, oil major Lukoil's (LKOH.MM) , opens new tab Volgograd refinery halted operations last Thursday after it was struck by Ukrainian drones, three sources familiar with the matter said on Thursday. On Monday, Russian forces destroyed four drone boats near the country's Black Sea port of Tuapse, a local task force said. Lukoil also declared force majeure at Iraq's giant West Qurna-2 oilfield, four sources with knowledge of the matter said on Monday, after Western sanctions on the Russian oil major hampered its operations. Lukoil's operations faced mounting disruptions as a U.S. deadline for companies to cut off business with the Russian company looms on November 21 and after an agreement to sell the operations to Swiss trader Gunvor collapsed. FUEL LEADS, OIL LAGS The oil market is split between rising volumes of crude stored at sea weighing on oil prices and limited availability of Russian refined products sustaining fuel prices, PVM analyst Tamas Varga said. The volume of oil stored aboard ships in Asian waters has doubled in recent weeks after tightening Western sanctions curtailed imports into China and India, and onshore inventories were also on the rise in the U.S.. Both crude oil benchmarks fell about 2% last week, their second consecutive weekly decline, on expectations that crude oil supply will exceed demand in the months ahead due to higher OPEC+ production and record U.S. output. This month, OPEC+, or the Organization of the Petroleum Exporting Countries and allied producers, agreed to increase output slightly in December. While the group also paused further hikes in the first quarter, that may not limit supplies enough to support prices. "Even with the prospect of reduced Russian supply and the 1Q26 freeze on OPEC+ production quotas, the global crude oil market may run a smaller supply/demand surplus rather than a more supportive deficit," Evans said. RISK APPETITE RETURNS Oil prices were also supported by investors' increasing willingness to hold so-called risk assets as signs emerged of progress towards ending the U.S. government shutdown. The U.S. Senate moved forward on Sunday on a measure aimed at reopening the federal government and ending the shutdown that has sidelined federal workers, delayed food aid and snarled air travel. U.S. lawmakers' first step toward ending the shutdown boosted investors' risk appetite, PVM's Varga said. https://www.reuters.com/business/energy/oil-gains-optimism-us-government-reopen-soon-2025-11-10/
