2025-10-23 19:39

GOMA, Oct 23 (Reuters) - The M23 armed group on Thursday denied accusations that its fighters had looted at least 500 kilograms of bullion from Twangiza Mining's gold concession in eastern Democratic Republic of Congo The firm operating in South Kivu province, much of which is under M23's control, said this week that M23 had "secretly transported (the gold) through underground channels." Sign up here. It also accused the rebels of using Rwandan technicians to extract geological data to resume and expand mining. Rwanda has consistently denied backing M23 rebels, despite repeated allegations from U.N. experts and Western and regional governments. At a press conference on Thursday, Corneille Nangaa, leader of a rebel alliance that includes M23, said the mine was not in operation and that only artisanal miners were working there. He said M23 did not have the necessary equipment to operate a mine. Nangaa has also accused Congolese government forces of attacking the site including with aerial bombing. He said civilians had been killed in those attacks but did not provide a death toll. A drone strike on October 15 destroyed power generation infrastructure at the mine, the company said. It is not clear who was responsible for the drone strike. Congo's government did not respond to a request for comment on the allegation. M23 staged a lightning offensive this year that allowed them to seize more territory in eastern Congo than ever before. The group seized the mine in May. Twangiza said it had lost over 100 kg of gold a month since the takeover, in addition to $5 million worth of equipment and materials. The company is preparing to file a formal complaint with international arbitration and Congolese authorities, and has declared force majeure. Armed groups have seized several mining sites in mineral-rich eastern Congo, according to U.N. investigators. A U.N. Security Council briefing last year said M23 rebels were earning around $300,000 monthly from mineral taxes in the coltan-rich Rubaya region. https://www.reuters.com/world/africa/m23-rebels-reject-accusations-gold-theft-eastern-congo-mine-2025-10-23/

2025-10-23 19:26

MEXICO CITY, Oct 23 (Reuters) - Mexico's agriculture minister will travel to Washington next week with the aim of reaching an agreement on the reopening of the border to Mexican cattle amid an outbreak of the flesh-eating screwworm parasite, President Claudia Sheinbaum said on Thursday. Mexican Agriculture Minister Julio Berdegue will meet with U.S. Secretary of Agriculture Brooke Rollins to discuss plans for the border, which the U.S. has kept closed to Mexican cattle imports since May. Sign up here. "We hope he can return with an agreement on the border opening," Sheinbaum said in her regular press conference. The screwworm, a pest that burrows into the flesh of warm-blooded animals, often killing livestock if left untreated, has moved northward through Central America since late last year and deep into Mexico, straining relations with the United States, Mexico's biggest trading partner, and rattling the livestock sectors of both countries. Rollins has publicly criticized Mexico's response to the outbreak. Mexico confirmed its first cases of screwworm infections in animals in the state of Nuevo Leon, which borders the U.S., in recent weeks but has said they were contained and resolved. Meanwhile, the administration of U.S. President Donald Trump is urging U.S. cattle ranchers to lower beef prices while several agencies announced an effort to rebuild the country's decimated cattle herd. The White House also said on Thursday that Trump is quadrupling the country's low-tariff imports of Argentine beef in his attempt to lower grocery store beef prices, angering U.S. ranchers. https://www.reuters.com/business/healthcare-pharmaceuticals/mexican-ag-minister-discuss-with-us-counterpart-opening-border-cattle-amid-2025-10-23/

2025-10-23 17:48

Oct 23 (Reuters) - Wall Street is on track for another bumper year, with its profit from securities trading and underwriting expected to exceed $60 billion, the Office of the New York State Comptroller said in a report. The industry's profitability was driven by higher supervisory fees and a jump in underwriting activities, while also benefiting from a rise in interest income amid elevated rates, according to the report. Sign up here. State Comptroller Thomas DiNapoli expects the growth rate in profit and bonuses in the sector to help generate higher-than-expected city and state tax collections. The industry's soaring fortunes continue from the prior year, when profits soared 90% to $49.9 billion, the fourth-highest level on record, despite concerns over inflation, interest rates and tariffs. A multi-year rally in various asset classes, including equities and cryptocurrencies, has led to heightened trading and underwriting activity in a number of securities, boosting income at financial firms. The industry's profit of $30.4 billion for the first half of 2025 was at a much quicker pace, compared with the year-earlier period, according to the report. "The securities industry has not only weathered these challenges, but has shown robust performance growth in 2025," the report said. Securities trading and account supervision helped financial firms to capitalize on the market uncertainty as investors made changes to their portfolios. Volatility in the markets often leads to higher activity, which bodes well for trading firms. The Cboe Daily Volatility index (.VIX) , opens new tab, which measures equity market risk, saw an average daily close of 19.3 in 2025 through September, as per the report. That level was well above the 2023 and 2024 numbers. Activity in cryptocurrency and bond issuance also picked up in 2025, it added. https://www.reuters.com/business/wall-streets-bumper-year-boost-tax-collections-ny-state-comptroller-says-2025-10-23/

2025-10-23 17:00

Global hedge funds reach 8,464, highest since 2015, per HFR $33.7 billion new investor money in Q3, highest since 2007 Equity hedge funds lead with $18 billion inflows in Q3 LONDON, Oct 23 (Reuters) - Global hedge fund capital rose to a record of almost $5 trillion in the third quarter and the number of hedge funds is at a decade peak, reflecting an influx of new money into the sector, a report by Hedge Fund Research (HFR) showed on Thursday. Global hedge funds numbered 8,464 as of the end of the third quarter, said research firm HFR, which tracks hedge funds, their returns and the size of the industry. Sign up here. The growth coincides with an almost $34 billion of new investor money allocated to hedge funds in the third quarter, the highest quarterly net asset inflow since the third quarter of 2007, said HFR's report. Total global hedge fund industry capital rose for an eighth consecutive quarter in the third quarter to a record $4.98 trillion, HFR said. The number of new hedge funds and the size of existing funds has grown sharply in recent years, with fund leverage ratios hitting a five-year high earlier this year, Reuters . In the latest quarter, the largest U.S. banks led by JPMorgan Chase (JPM.N) , opens new tab, Goldman Sachs (GS.N) , opens new tab, and Bank of America (BAC.N) , opens new tab flagged big profits from the booming business of prime brokerage, which involves lending cash and securities to hedge funds to help execute large trades. "The hedge fund industry has experienced historic growth and performance in recent months," said HFR president Kenneth J. Heinz in the note, adding the growth had been driven by a combination of "powerful trends" including merger and acquisitions and increasing cryptocurrency investment. Investors such as pension funds, family offices and sovereign wealth funds allocate portions of their portfolios to hedge funds. This brought the total year's new client inflows for the year to $71 billion, the strongest year so far for inflows in the first three quarters since 2014, said HFR. Equity hedge funds saw the highest net amounts for the third quarter, with a new $18 billion of flows, followed by relative value hedge funds which trade the price of one financial asset against another, the report said. Net inflows are investment money from allocators and these figures do not include the performance values of leveraged trading assets which can rise and fall depending on market performance. https://www.reuters.com/sustainability/boards-policy-regulation/hedge-funds-now-manage-record-almost-5-trillion-says-hfr-2025-10-23/

2025-10-23 14:04

Ukraine's GDP growth forecast cut due to war 'Power banking' initiative to ensure services during blackouts Monetary policy easing expected in early 2026 KYIV, Oct 23 (Reuters) - Ukraine's central bank kept its key policy rate unchanged at 15.5% on Thursday and cut its growth forecast for this year, with Russian strikes on energy infrastructure and wartime staff shortages set to significantly constrain business activity. The central bank cut its forecast for gross domestic product growth to 1.9% in 2025 from the 2.1% expected previously. The growth forecast for 2026 was revised to 2% from 2.3% earlier. Sign up here. "The economy continues to grow, but the growth pace will remain moderate due to the effects of the war," Governor Andriy Pyshnyi told an online media briefing. "The energy deficit caused by the recent destruction of infrastructure and gas production facilities, combined with labour shortages, will significantly limit business activity." RUSSIA ATTACKS POWER SECTOR BEFORE WINTER Russia has attacked the Ukrainian power sector and energy facilities in consecutive winters since its full-scale invasion of Ukraine in February 2022. Moscow has again stepped up its missile and drone attacks on energy facilities across Ukraine as winter looms, and hundreds of thousands of people were left without electricity this week following Russian strikes on Kyiv. Pyshnyi said a central bank initiative called "Power banking" would ensure uninterrupted banking services to the population even in the case of long blackouts. Earlier in the war, the central bank and commercial banks set up a network of banking branches across the country, which are equipped with back-up generators and internet access. "The central bank has focused on the issue, realising that the autumn will be difficult," Pyshnyi said. "The attacks, their intensity and the depth of the energy system damage have increased. This is the challenge we have prepared for." Pyshnyi said the central bank would stick to relatively tight monetary conditions. He expected that the central bank might start easing its monetary policy in the first quarter of 2026. He said that, despite consumer price inflation slowing in recent months, inflation expectations remained high and inflation risks had grown, particularly those related to energy shortages and higher budgetary needs. Consumer price inflation slowed to 11.9% year-on-year in September, from 13.2% in August, official data showed. The central bank expects inflation to reach 9.2% at the end of 2025 and slow further to 6.6% in 2026 and to a target of 5% in 2027. The central bank has kept its key rate unchanged since March 2025. https://www.reuters.com/world/europe/ukraine-keeps-key-rate-hold-cuts-growth-forecast-amid-energy-challenges-2025-10-23/

2025-10-23 13:36

BRUSSELS, Oct 23 (Reuters) - The European Commission adopted its 19th package of sanctions against Russia on Thursday over its full-scale invasion of Ukraine in 2022. The package includes a ban on imports of Russian liquefied natural gas, sanctions on Central Asian banks, Chinese refineries and Russia's shadow fleet network. Here are the details: Sign up here. ENERGY MEASURES FINANCIAL MEASURES OTHER MEASURES https://www.reuters.com/business/energy/whats-eus-19th-package-russia-sanctions-2025-10-23/