2025-11-10 17:00

Nov 10 (Reuters) - Coinbase Global (COIN.O) , opens new tab said it will launch a new platform that will allow individual investors buy digital tokens before they are listed on the cryptocurrency exchange, sending its shares up 4% in morning trading. Growing interest from retail and institutional investors have boosted trading in digital assets, resulting in established players in the sector looking to expand their services to tap the multi-trillion dollar market. Sign up here. Coinbase will host about one token sale a month on its new platform using an algorithm to determine how tokens are allocated to investors. Investors will be able to submit purchase requests during a one-week window. "Token issuers coming to market today struggle to get their tokens into the hands of real users while building deep exchange liquidity. Coinbase is changing that," the crypto exchange said in a blogpost , opens new tab. The platform launch will mark the first broad opportunity since 2018 for U.S. users to take part in public token sales, Coinbase said. Initial coin offerings were a popular fundraising method during the 2017 crypto boom, allowing companies to sell new tokens to investors, but the trend slowed after regulators raised concerns about investor protection and disclosure. Coinbase is planning to add features to the token sales platform in the coming months, including limit orders and higher allocations for issuers' target user bases. Investor purchases of tokens will be paid in USD Coin, a dollar pegged stablecoin issued by Circle Internet Group (CRCL.N) , opens new tab, according to the Wall Street Journal, which first reported the launch. Blockchain startup Monad will be the first project to offer its token through the platform next week, the WSJ report , opens new tab said. https://www.reuters.com/business/coinbase-launches-new-platform-early-access-digital-tokens-2025-11-10/

2025-11-10 16:32

ORLANDO, Florida, Nov 10 (Reuters) - The Trump administration scored a surprise win-win this year, as Wall Street boomed while the dollar fizzled. But a repeat next year is unlikely as the root of that sweet spot, dollar hedging, may be missing. A weaker exchange rate is central to President Donald Trump and Treasury Secretary Scott Bessent's vision of restoring the might of U.S. manufacturing, increasing U.S. exports, and narrowing the country's huge trade deficit. Sign up here. The administration got its wish this year, with the dollar index clocking its worst January-June period in more than half a century, plunging as much as 12% at one point, while the S&P 500 shrugged off the 'Liberation Day' tariff chaos in April and soared to new highs. The key ingredient in this unusual mix was dollar hedging. Overseas investors baulked at Trump's economic and foreign policy agendas early into his second term in office, but they still wanted exposure to the artificial intelligence-fueled equity boom. So they hoovered up U.S. stocks, but hedged the currency risk by selling the dollar via derivatives contracts. PEAK HEDGING? The dollar has been broadly steady since June, while Wall Street has moved ever higher, suggesting there may still be sufficient hedging activity capping the dollar's upside. In fact, more than 80% of U.S. equity inflow from abroad is now hedged, according to Deutsche Bank. If true, that suggests there's not much scope to increase. Of course, no official hedging data exists, nor any singular method to measure it, resulting in a wide range of estimates, with Deutsche Bank's approximation at the top end. Strategists at JPMorgan reckon hedging demand has cooled in recent months as the apocalyptic trade war fears of earlier this year have faded and the dollar has stabilized. They analyze net inflows into U.S. equity exchange-traded funds domiciled abroad, assessing what percentage of this capital goes to currency-hedged versus unhedged ETFs. There has been steady demand for both from foreign investors since July, but the flow in dollar terms has been significantly skewed to the much-larger pool of unhedged ETFs. ON THE WANE How will hedging demand shape up next year? If the world's view of the dollar and the U.S. darkens as it did early this year, investors are likely to maintain high hedge ratios, limiting the dollar's upside even if foreign buyers retain their appetite for Big Tech-related equities. On the other hand, the AI-driven 'U.S. exceptionalism' narrative has re-emerged since mid-year. Just look at Nvidia's recent $5 trillion valuation. If the U.S. economy outperforms next year, foreign investors may have little reason to hedge at all. A Bank for International Settlements study in June concluded that "the relative importance of hedging may wane as a driver" for the dollar, and that the U.S. economic outlook is likely to weigh more heavily in investors' minds moving forward. POLICY PARADOX How does this tie in with Trump's economic agenda? This is where things get complicated. While a softer greenback is at the core of Trump's policy, it is also at odds with another administration goal for the coming year - attracting a tidal wave of record investment from overseas governments and corporations into the U.S. that Bessent claims will lift Main Street and Wall Street in tandem. "Trillions and trillions of dollars (are) being poured back into our country by other countries and other places and people," Trump told a business forum in Miami last week, claiming that he has already secured $18 trillion in pledged investment from abroad, which will allegedly rise to $21 trillion. Even if these figures are heavily embellished, there remains a fundamental inconsistency, for Main Street at least. Huge capital inflows should, all else being equal, cause the dollar to appreciate. Hedging is a key reason why the dollar has weakened so much this year even as investors ploughed cash into the U.S. stock market. If this drag on the dollar is removed, but significant capital inflows keep coming, the administration's 'America First' industrial policy has a big problem. (The opinions expressed here are those of the author, a columnist for Reuters) Enjoying this column? Check out Reuters Open Interest (ROI), your essential source for global financial commentary. ROI delivers thought-provoking, data-driven analysis of everything from swap rates to soybeans. Markets are moving faster than ever. ROI can help you keep up. Follow ROI on LinkedIn , opens new tab and X , opens new tab. https://www.reuters.com/markets/currencies/trumps-dollar-balancing-act-may-hinge-hedging-2025-11-10/

2025-11-10 14:39

Chinese approval the last major hurdle before deal can close Beijing requires minimum supply from venture to Chinese clients Deal seen closing before Chilean administration leaves office BEIJING/SANTIAGO, Nov 10 (Reuters) - A planned tie-up between Chilean state copper giant Codelco and local producer SQM to produce lithium has won approval from China's antitrust regulator, the entity said on Monday, paving the way for the joint venture to go into effect. China's green light was the last major remaining condition for the companies to close a deal, first announced nearly two years ago, to produce lithium in Chile's Atacama salt flat as part of a government push to widen state control of the industry and expand output. Sign up here. The agreement required multiple government regulators to sign off because the companies operate in global markets. Chile is the world's second-largest producer of lithium, a critical component for electric vehicles and battery storage. BEIJING SETS TERMS FOR VENTURE TO SUPPLY CHINESE CUSTOMERS China required Codelco and SQM to agree to provide minimum supply to Chinese customers on fair terms, at prices that do not exceed a certain percentage of the benchmark market price. Its statement marked the details as confidential. The Chinese regulator also asked Codelco and SQM to refrain from sharing sensitive information with other lithium players, and to abide by certain corporate governance practices. "In the event of a major supply change, both sides should make reasonable and best efforts to continue the supply of lithium carbonate products to Chinese customers... they should not turn down, restrict or delay supply to Chinese clients," China's State Administration for Market Regulation said in a statement. It added that its decision was based on feedback from government bodies, industry associations, rivals and downstream consumers. In a regulatory filing, SQM said the conditions were in line with the company's existing commercial practices in China. DEAL EXPECTED TO CLOSE BY YEAR-END Codelco in a separate statement said the partnership can go into effect following approval from Chile's comptroller's office, which is widely seen as a formality. A Codelco source said that is expected by the end of the year. Chile's newly appointed Economy Minister Alvaro Garcia said in August he expected Codelco and SQM to close the deal before the current administration leaves office in 2026. Competition regulators in Chile, the European Union, Brazil, Japan, South Korea and Saudi Arabia have already signed off on the deal. The joint venture faced pushback from legislators and China's Tianqi (002466.SZ) , opens new tab, a major investor in SQM. Tianqi did not immediately reply to a request for comment. https://www.reuters.com/business/finance/china-grants-conditional-approval-codelco-sqm-lithium-joint-venture-2025-11-10/

2025-11-10 13:01

Nov 10 (Reuters) - Tyson Foods (TSN.N) , opens new tab on Monday forecast annual revenue above analysts' estimates, betting on demand for chicken products to offset weaknesses in its beef business. Shares of the Ball Park hotdogs maker rose nearly 4% in premarket trading Sign up here. Persistent inflation and uncertainty arising from the Trump administration's trade policies have led consumers, especially those from lower-income households, to opt to cook at home instead of dining out, benefiting packaged food makers. Sales for the company's chicken products remained resilient, supported by demand for the relatively inexpensive source of protein and falling prices due to market oversupply However, U.S. cattle herd sizes have shrunk to their lowest in nearly 75 years following prolonged droughts, raising costs for meatpackers. Tight supplies also drove beef prices to record highs this year in a blow to consumers. CEO Donnie King said in August that ranchers likely started the process of rebuilding the cattle herd by keeping female cows, known as heifers, on farms for breeding. Supplies will remain tight because it takes roughly two years to raise full-grown cattle. U.S. President Donald Trump on Friday accused meatpacking companies of driving up U.S. beef prices through manipulation and collusion, and ordered the Justice Department to investigate. The country could quadruple low-tariff imports of beef from Argentina to help bring down U.S. prices, a White House official said, last month, infuriating U.S. ranchers. Springdale, Arkansas-based Tyson Foods expects fiscal 2026 revenue to rise between 2% and 4%, largely above analysts' estimate of 2.3% growth, according to data compiled by LSEG. The company's net sales rose 2.2% to $13.86 billion in the fourth quarter ended September 27, below analysts' average estimate of $13.97 billion. In Tyson's chicken unit, quarterly sales volumes rose 3.8%. Volumes in Tyson's beef business fell 8.4%, but sales grew 4.3% as prices jumped 17%. https://www.reuters.com/business/retail-consumer/tyson-foods-forecasts-annual-revenue-rise-chicken-demand-offsets-beef-woes-2025-11-10/

2025-11-10 12:34

Nov 10 (Reuters) - Atletico Ottawa secured a Canadian Premier League final victory unlike any other, a snow-globe spectacle amid a swirling blizzard featuring what online media outlets dubbed an "icicle kick" from Mexican midfielder David Rodriguez. Hosts Ottawa beat Cavalry FC with a 2-1 extra-time win in Sunday's title decider in temperatures of minus 8 degrees Celsius (46.4°F) with snow so heavy that play was halted every 15 minutes to clear the lines, and goalkeepers used shovels to carve out their boxes. Sign up here. There was a 60-minute delay after normal time ended to plow the pitch. Calvary struck first when Fraser Aird, playing in short sleeves, converted a penalty in the 33rd minute, celebrating with a snowy knee slide. Rodriguez scored the breathtaking equaliser seven minutes later, with his stunning bicycle kick that thundered off the underside of the bar and into the net. Rodriguez was not done, as he chipped the ball over Calvary goalkeeper Marco Carducci in the 107th minute to seal his place in Canadian soccer history. "I came to the locker room and I was excited. I saw it was snowing, and I was like 'It's going to be a good day,'" Rodriguez told reporters. Cavalry veteran Sergio Camargo said the snowstorm made for conditions unlike anything he had experienced. "I had experience playing in snow in my college years," Camargo told reporters. "But nothing like that, where the snow was that thick and that difficult to dribble and manipulate the ball. It was the factor for both teams, so not an excuse. Just another addition to what was a very memorable final." Atletico Ottawa are a CPL franchise of Spanish side Atletico Madrid and were founded in 2020. https://www.reuters.com/sports/soccer/atletico-ottawa-win-blizzard-hit-cpl-final-featuring-icicle-kick-2025-11-10/

2025-11-10 12:32

OSLO, Dec 9 (Reuters) - Russia's Lukoil (LKOH.MM) , opens new tab has until December 13 to negotiate the sale of the bulk of its international assets after the U.S. imposed sanctions on the company and rejected its initial buyer, Swiss commodity trader Gunvor. Lukoil's international assets, spanning upstream oil and gas projects, refining, and more than 2,000 filling stations across Europe, Central Asia, the Middle East and the Americas, are estimated to be worth about $22 billion. Any specific deals will require U.S. Treasury approval. Sign up here. Below are details of Lukoil's international assets and potential buyers: POTENTIAL BUYERS Interested parties include U.S. oil majors Exxon Mobil (XOM.N) , opens new tab and Chevron Corp (CVX.N) , opens new tab, Abu Dhabi conglomerate International Holding Company (IHC.AD) , opens new tab, Austrian investor Bernd Bergmair, former majority owner of an adult entertainment group including website Pornhub, Hungary's MOL (MOLB.BU) , opens new tab and U.S. private equity firm Carlyle. UPSTREAM OPERATIONS Middle East Lukoil's biggest foreign asset is a 75% stake in Iraq's West Qurna 2, one of the world's largest oilfields. It declared force majeure at the field after Iraq halted payments. At least two Western and one Chinese company are eyeing the stake, Iraqi officials said. Reuters reported exclusively on December 2 that Exxon Mobil had approached the Iraqi oil ministry about a purchase. Lukoil also owns 60% of Iraq's Block 10 development, which includes the Eridu field west of Basra. In Egypt, it holds a 50% stake in the West Esh El Mallaha (WEEM) and WEEM Extension oilfields alongside Egypt's Tharwa Petroleum. It also holds a 24% stake in the Meleiha concession, with the rest owned by Italy's Eni (ENI.MI) , opens new tab. In the UAE, Lukoil owns 10% of the Ghasha concession, one of Abu Dhabi's largest gas developments, operated by ADNOC. Central Asia Lukoil holds 13.5% in Karachaganak and 5% in Tengiz - major Kazakh oil and gas projects operated by Western oil companies. It also has a 12.5% stake in the Caspian Pipeline Consortium, which exports oil from Kazakhstan to the Black Sea. The U.S. Treasury has allowed Lukoil's transactions involving Karachaganak, Tengiz and CPC. The Russian firm also owns nearly 20% of the BP-operated (BP.L) , opens new tab Shah Deniz gas field in the Azerbaijani sector of the Caspian Sea. It also operates the South-West Gissar gas field in Uzbekistan and holds a 90% stake in the Kandym fields development near the country's border with Turkmenistan. Africa and Latin America Lukoil has a 38% interest in the Deepwater Tano Cape Three Points block that includes the Pecan oilfield development off Ghana. It also has 25% in Eni-operated gas block Marine XII offshore Congo and 18% in Chevron-operated exploration block OML 140 off Nigeria. In Mexico, it partners with Eni in several offshore blocks and owns 50% of the Amatitlan block, operated by Petrolera de Amatitlan SAPI de CV. REFINING ASSETS In Bulgaria, Lukoil owns the 190,000 barrels per day Neftohim Burgas refinery, the largest in the Balkans. The Bulgarian government has made legal changes to seize and sell the assets. The U.S. Treasury has allowed transactions involving Lukoil's refinery and some of its other assets in Bulgaria until April 29, 2026. In Romania, Lukoil owns the 48,600 bpd Petrotel refinery, the country's third-largest, and around 300 gas stations. Three companies were interested in buying Lukoil's Romanian assets and were in direct talks with the Russian company, Romania's energy minister said on November 25, without elaborating. Sanctions have also stymied Lukoil's plans to drill exploration wells off Romania. In the Netherlands, Lukoil holds 45% in the 180,000 bpd Zeeland refinery, operated by a joint venture with France’s TotalEnergies (TTEF.PA) , opens new tab. FUEL RETAIL BUSINESS The U.S. Treasury on December 4 extended the deadline for transactions with Lukoil's gas stations outside Russia to April 29, 2026, from December 13. Nevertheless, Lukoil-owned Finnish petrol station operator Teboil filed for restructuring on November 21, and said it expected the Russian owner to sell the chain which has about 430 gas stations, or about a fifth of the total in the country. Romania approved on December 2 legal amendments enabling it to take control of Lukoil's local assets, including more than 300 gas stations. Lukoil is also one of the top fuel retailers in Moldova. The government has been negotiating to purchase Lukoil's plane-refuelling facility at Chisinau's international airport. There are also about 200 Lukoil-branded gas stations in the U.S., one of which in New York was visited by Russian President Vladimir Putin in 2003 , opens new tab. TRADING OPERATIONS U.S. sanctions are dismantling Lukoil's Swiss-based trading arm, Litasco, which once handled about 4% of global oil. The company has dismissed most of its staff at its Geneva headquarters, as well as in Houston, while employees in Dubai have been served notice, but will be employed until February, Reuters reported on November 21, citing sources. https://www.reuters.com/business/energy/lukoil-international-assets-facing-disruptions-us-sanctions-2025-11-10/