2025-11-09 21:31
MEXICO CITY, Nov 9 (Reuters) - The government of Mexican President Claudia Sheinbaum on Sunday unveiled plans to fight organized crime and improve security in the violence-ridden state of Michoacan after the brazen public assassination of a local mayor sent shockwaves through the country. More than 10,500 members of Mexico's army, air force and National Guard are part of the operation, called the Michoacan Plan for Peace and Justice, to crack down on criminal groups, combat extortion and dismantle drug labs and training camps, officials said at a press conference. Sign up here. The plan implies an investment of 57 billion pesos ($3.10 billion), Sheinbaum said. Michoacan state has seen new waves of violence after Carlos Manzo, mayor of the city of Uruapan in Michoacan, was shot dead during Day of the Dead celebrations on November 1. Manzo had been an outspoken critic of the federal government for not doing more to confront organized crime. Officials said they will strengthen Michoacan state police and the state attorney general's office. Helicopters, surveillance aircraft and drones are among the technology resources dedicated to the operation. The plan also includes bolstering resources for welfare, agriculture, infrastructure, tourism and employment. Senior officials of Sheinbaum's administration, including Security Minister Omar Garcia Harfuch, Economy Minister Marcelo Ebrard and Agriculture Minister Julio Berdegue, participated in the announcement at Mexico's National Palace on Sunday. "A special effort is being made for the people of Michoacan," Sheinbaum said, adding that she will personally follow up on the plan's progress every 15 days and provide public updates. The shocking assassination of Manzo, who had given a speech and carried around his young son in his arms moments before the shooting, sparked outrage, pressuring Sheinbaum's government to act on a worsening security crisis. Citrus and avocado producers in the state have for years denounced extortion, kidnappings and killings linked to cartel violence. A leader from the local lime sector, Bernardo Bravo, was killed in October. Manzo's wife, Grecia Quiroz, was sworn in on Wednesday to replace her husband as mayor of Uruapan and vowed to continue his fight against organized crime groups. Seventeen-year-old Victor Manuel Ubaldo was identified on November 6 by authorities as the perpetrator of Manzo's shooting. Ubaldo was killed by security forces at the scene. The Michoacan state prosecutor's office said additional individuals were involved in the incident. ($1 = 18.3694 Mexican pesos) https://www.reuters.com/world/americas/mexico-unveils-security-operation-violent-michoacan-state-after-brazen-2025-11-09/
2025-11-09 19:32
Saturday USDA memo says state actions were unauthorized Supreme Court has allowed Trump administration to withhold $4 billion SNAP funding for now Nearly 42 million low-income Americans receive SNAP food aid Massachusetts Governor threatens court action over food aid funding WASHINGTON, Nov 9 (Reuters) - The U.S. Department of Agriculture directed states to roll back any steps taken to issue full food aid benefits to low-income Americans or risk financial penalties. The new guidance issued late on Saturday follows a U.S. Supreme Court order on Friday that allowed the Trump administration to continue withholding $4 billion to fully fund the aid for nearly 42 million recipients, pending a lower court ruling. Sign up here. Supplemental Nutrition Assistance Program benefits, also known as food stamps, lapsed at the start of the month for the first time in the program's 60-year history due to the federal government shutdown, which is now in its 40th day. Hours before the Supreme Court order, the USDA had informed states , opens new tab in a memo that it was working to comply with a federal judge's order to fully fund SNAP, even as the administration moved to appeal the ruling. After receiving that Friday memo, several states said they were beginning the process of issuing full benefits. But those state actions are now unauthorized because of the Supreme Court order, the USDA wrote in guidance released on Saturday. State governments should instead issue only partial benefits, the USDA said. "States must immediately undo any steps taken to issue full SNAP benefits for November 2025," the memo issued by the USDA late Saturday said. "Failure to comply with this memorandum may result in USDA taking various actions, including cancellation of the Federal share of state administrative costs and holding states liable for any overissuances that result from the noncompliance," the USDA said. Some states had previously said they would fund November SNAP benefits using state funds. It was not immediately clear whether the memo applied to actions taken by those states. The USDA did not respond to a request for additional comment. Massachusetts and New Jersey, which were among the states that said on Friday they were moving to issue full benefits to SNAP recipients, criticized the guidance by the USDA. "If President Trump wants to penalize states for preventing Americans from going hungry, we will see him in court," Massachusetts Governor Maura Healey said in a written statement. "We will continue to work with (Massachusetts) Attorney General (Andrea) Campbell to make sure everyone gets the full benefits they are owed," Healey added. A spokesperson for New Jersey's Office of the Governor said in a statement that the state is closely monitoring developments. "Washington Republicans’ determination to starve American citizens during this government shutdown is shameful," the spokesperson said. "We hope that a fair resolution to this unnecessary, unprecedented problem is reached soon and federal funding for SNAP and other lapsed programs is backfilled." LEGAL FIGHT States, cities and nonprofit organizations have sued the administration of President Donald Trump to issue full SNAP benefits after it said in October that the program would lapse on November 1. Two federal judges ruled on October 31 that the administration needed to at least partially fund the benefits using an agency contingency fund of about $5 billion. SNAP benefits cost about $8 billion to $9 billion per month. The administration said it would comply with the order, but warned of weeks or months of delay due to technical hurdles. Cities and nonprofits represented by the liberal legal group Democracy Forward argued those actions were inadequate and pressed U.S. District Judge John McConnell in Rhode Island to order the administration to issue full benefits. On November 6, McConnell ordered the administration to fully fund November SNAP benefits by the following day, which was quickly appealed by the Department of Justice. The Supreme Court's Friday order gave the Boston-based First U.S. Circuit Court of Appeals additional time to consider the administration's formal request to only partially fund the benefits. As the legal fight plays out, SNAP recipients have turned to already strained food pantries and made sacrifices like forgoing medications to stretch tight budgets. https://www.reuters.com/world/us/usda-tells-states-undo-efforts-issue-full-food-aid-benefits-2025-11-09/
2025-11-09 16:45
Nov 9 (Reuters) - Video platform Rumble (RUM.O) , opens new tab is pushing ahead with an all-share offer to buy Germany's Northern Data (NB2.DE) , opens new tab, Bloomberg News reported on Sunday. The companies could announce the agreement in the coming days, the report said, citing people familiar with the matter, adding Northern Data shareholders will receive a lower stake than under initially proposed terms. Sign up here. Rumble is considering lowering the exchange ratio for the deal to offer around two Rumble shares for every Northern Data share, the report said. The German firm has a market capitalization of around 755.59 million euros ($881.17 million), according to data from LSEG. Cryptocurrency group Tether, which currently owns 48% of Rumble, will forgo a substantial portion of a 575 million euro loan it had granted to Northern Data, the report said. Reuters could not immediately verify the report. Northern Data, Rumble, and Tether did not immediately respond to requests for comment outside regular business hours. Rumble, which hosts U.S. President Donald Trump's Truth Social, in August made an offer to acquire Northern Data, giving Rumble control of the German company's Taiga business and its large-scale data center arm, Ardent. Reuters calculated the potential total deal value at approximately $1.17 billion. In October, Northern Data withdrew its annual forecast, as the AI cloud company was evaluating potential strategic transactions and the graphics processing unit's market pricing dynamics. ($1 = 0.8575 euros) https://www.reuters.com/business/rumble-advances-all-share-bid-germanys-northern-data-bloomberg-news-reports-2025-11-09/
2025-11-09 16:32
WASHINGTON, Nov 9 (Reuters) - U.S. economic growth in the fourth quarter could be negative if a federal shutdown drags on, White House economic adviser Kevin Hassett said in an interview that aired on Sunday. Hassett, speaking to the CBS show "Face the Nation", noted that a shortage of air traffic controllers was causing major travel delays in the run-up to the Thanksgiving holiday. Sign up here. "Thanksgiving time is one of the hottest times of the year for the economy... and if people aren't traveling at that moment, then we really could be looking at a negative quarter for the fourth quarter," he said. https://www.reuters.com/business/autos-transportation/us-fourth-quarter-gdp-could-be-negative-if-shutdown-drags-white-house-economic-2025-11-09/
2025-11-09 11:56
Investors view market decline as pause after rally, not deeper unraveling Volatility seen as normal, driven by profit-taking, not fundamental shift U.S. economy's strength supports risk-taking, argues against market crash NEW YORK, Nov 9 (Reuters) - The stock market's recent weakness marked a speed bump in a rally that had driven stocks to a series of record highs, but many investors view the pullback as a breather rather than a sign of deeper trouble. The S&P 500 has fallen 2.4% over the last eight sessions as investors fretted over the state of the U.S. economy and elevated valuations of artificial intelligence and technology stocks — sectors that have powered the market this year. Sign up here. "It's a speed bump. It's not a wall that you're going to ram the car into and have a bit more damage than anyone is planning for," said Raheel Siddiqui, senior investment strategist at Neuberger Berman Global Equity Research Department. "Whether it's something more than a simple correction, a recession or a bear market or something more sinister? I don't believe we have the preconditions for that," he said. Despite jitters over valuations and market concentration, the bull market has strong underpinnings that encourage risk-taking: the Federal Reserve's easing of financial conditions, the AI-driven boom in capital expenditures, and a supportive economic backdrop, investors said. "I don't really see a significant change in positioning; I don't see a significant change in sentiment," said Chris Dyer, co-head of Eaton Vance Equity and portfolio manager for global equity portfolios in London. "That's not to say that that couldn't happen. I just don't think that we're seeing it at this point." THE OLD NORMAL Part of the reason the stock market pullback has drawn attention is that market drops have been rare since the tariff-induced selloff in April subsided, investors said. The S&P 500 has not fallen more than 3% from its most recent high since April. The selloff was "just a reminder that volatility exists and is normal," said Mike Reynolds, vice president of investment strategy at Glenmede Wealth Management. The volatility does not stem from a fundamental shift in the outlook for stocks, investors said. "What we are starting to see now is some fear of heights and profit taking," said Tobias Hekster, co-chief investment officer at True Partner Capital. "I don't think we are seeing any meaningful unwinding yet." The bigger risk is overreacting to the market weakness, said David Wagner, head of equities and portfolio manager at Aptus Capital Advisors. "I legitimately think one of the biggest risks that an investor could do right now is to take money off the table." While near-term worries may have buffeted stocks in recent sessions, the longer-term outlook remains positive, said Phil Orlando, chief market strategist at Federated Hermes. "Could there be a little chop, a little increased volatility over the course of the next couple of quarters? Absolutely, but we would view that as a buying opportunity." The U.S. economy argues against a market crash, investors said, with faster second-quarter growth than previously estimated amid strong consumer spending. Surging business investment is expected to offset weaker growth in consumption and global trade and keep the economy growing, a National Association for Business Economics survey showed. "When you look at the fundamentals in the economy around the world, the U.S., emerging markets are experiencing strong growth and while there is some weakness that is at a healthy level," said Victor Zhang, chief investment officer for American Century Investments, which manages around $300 billion. However, with the S&P 500 up 14% for the year and the Nasdaq up 19%, analysts broadly agreed that the selloff risks picking up steam and news on the economy could turn negative. With fresh official data on the economy missing due to the U.S. government shutdown, investors have to figure out the appropriate weight to put on each new unofficial report, raising the risk of overreaction. "Bull markets don't die of old age; they die of fright," said Sam Stovall, chief investment strategist at CFRA, who sees potential for further market weakness. "What they are most afraid of right now is a recession." https://www.reuters.com/business/stock-market-hits-speed-bump-investors-stay-bullish-path-2025-11-09/
2025-11-09 10:30
LONDON, Nov 9 (Reuters) - Britain is sending experts and equipment to Belgium to help it combat disruptive drone sightings, which have temporarily closed airports, the head of the British military said on Sunday. Drones have been spotted over airports and military bases in Belgium in the last week, having caused major disruption across Europe in recent months. Sign up here. Richard Knighton, head of Britain's armed forces, told the BBC that his Belgian counterpart had asked for assistance and that equipment and personnel were on the way. "The defence secretary and I agreed at the end of last week that we would deploy our people and our equipment to Belgium to help them," he said, without giving details of what sort of equipment would be sent or how many personnel. Knighton said it was not known yet who was behind the drone sightings, but noted Russia has been involved in a pattern of "hybrid warfare" in recent years. Russia has denied any connection with the incidents. Drones spotted flying over airports serving the capital, Brussels, and Liege, in the country's east, forced the diversion of many incoming planes and the grounding of some due to depart on Tuesday. Drone sightings also forced the temporary closures of airports in several countries including Sweden on Thursday. The German defence minister suggested a link on Friday between recent drone incidents in Belgium and discussions over the use of frozen Russian assets, held by Belgian financial institution Euroclear, to fund a large loan to Ukraine. https://www.reuters.com/business/aerospace-defense/uk-sends-defence-equipment-help-belgium-deal-with-disruptive-drones-2025-11-09/
