2025-10-23 13:07

Oct 23 (Reuters) - Canadian retail sales grew by 1.0% in August from July at C$70.40 billion ($50.30 billion), on higher sales at motor vehicle and parts dealers, Statistics Canada said on Thursday. Sales likely decreased 0.7% in September, the agency said in a flash estimate. In August, sales were up in six of the nine subsectors, representing 80.1% of retail sales. In volume terms, retail sales increased by 1.0%. Sign up here. (Percent changes) Aug Aug Jul(rev) Jul(prev) mo/mo yr/yr mo/mo mo/mo Total +1.0 +4.9 -0.7 -0.8 Excluding autos/parts +0.7 +4.5 -1.1 -1.2 NOTE: All figures are seasonally adjusted. ($1=$1.3997 Canadian) Keywords: CANADA ECONOMY/RETAIL https://www.reuters.com/world/americas/canada-august-retail-sales-grow-10-seen-down-07-september-2025-10-23/

2025-10-23 12:49

BERLIN, Oct 23 (Reuters) - Germany's economy ministry said on Thursday that it assumes measures taken by the United States are not intended to target Russian oil firm Rosneft's German subsidiaries, which are held in trust by the German government. "The same applies to the refineries and other companies in which Rosneft's German subsidiaries hold stakes (in particular PCK Schwedt, BAYERNOIL, and MiRO)," said a ministry spokesperson in an email to Reuters. Sign up here. U.S. President Donald Trump on Wednesday imposed Ukraine-related sanctions on Russia's largest oil companies, Lukoil (LKOH.MM) , opens new tab and Rosneft (ROSN.MM) , opens new tab, in Washington's toughest measures against Russian business during the war with Ukraine. https://www.reuters.com/business/energy/german-ministry-assumes-us-sanctions-do-not-target-rosnefts-german-subsidiaries-2025-10-23/

2025-10-23 12:44

Trade tensions with China hit export-dependent ginseng farms Wisconsin growers of niche crop face high production costs, shrinking profits Cheaper Canadian supplies dominate exports to China WAUSAU, Wisconsin, Oct 23 (Reuters) - The cool woodlands of central Wisconsin boast soils packed with Ice Age mineral deposits that make the area perfect for the cultivation of ginseng, a medicinal root that has been exported to Asia for more than 300 years. Sliced and used in tea or ground into capsules, ginseng root is touted as an energy- and immunity-booster that can also reduce stress and improve memory. The bulk of the harvest is dried and shipped to China. Sign up here. Nearly all U.S. ginseng is produced in Marathon County, Wisconsin, where growers say the soil and climate produce top-quality roots with a distinct flavor, just as the "terroir" of specific wine regions affects the taste of grapes. Central Wisconsin, known as the "Napa Valley of American ginseng," produces crops that fetch premium prices in global markets. But now, U.S. trade tensions with Beijing, a sluggish Chinese economy and strong competition from cheaper Canadian supplies are squeezing the niche industry that generated $14.7 million in U.S. exports to China in 2024, according to Chinese customs data. "It's not profitable anymore," said Joe Heil of Heil Ginseng Enterprises, a 30-year veteran of ginseng farming. A generation ago, Wisconsin had 1,400 growers, Heil said, while now the number is fewer than 70. Costs for labor, fertilizer and other inputs "are through the roof, so we're not surviving," Heil said. "We're just kind of slipping away." TRADE WARS POSE NEW PROBLEMS Trade wars have compounded problems for ginseng producers, sparking an escalation in retaliatory tariffs between the U.S. and top buyer China before the two countries struck a temporary truce in May. Hostilities resumed this month with renewed threats over rare earths ahead of a planned meeting between U.S. President Donald Trump and Chinese President Xi Jinping. The volatile moves have rattled Wisconsin's ginseng growers and complicated business planning for a small industry based on finicky plants that need three to four years to produce marketable roots. "It's made making rational decisions hard because you don't know what you are supposed to be doing," said Nick Sandquist, general manager at Hsu's Ginseng Enterprises. Some ginseng operations, including Hsu's, have been relying on diversified income streams while the trade war plays out. Hsu's operates a garden supply division while Joe Heil, a fourth-generation farmer, has expanded into growing hemp and hemp-derived cannabidiol (CBD) products. COMPETITION FROM CANADA Wisconsin growers' struggles pre-date the latest trade war salvos. Ginseng farmers have been operating below the cost of production for about five years, Sandquist estimated, although break-even prices vary among farms. One issue has been the abundance of cheaper ginseng grown in Canada, growers said. China imported nearly 3,000 metric tons of Canadian ginseng in 2024, at an average price of about $15 per kilogram, Chinese customs data showed, compared to 213 tons of U.S. ginseng priced on average near $69 per kilogram. Wisconsin ginseng's quality is different from the Canadian supplies grown primarily in Ontario, south of Toronto, in sandier soils. "That two degrees of latitude difference, plus the geology, impact taste and flavor," said Will Hsu, president of Hsu's Ginseng Enterprises. BOOM YEARS Wisconsin's ginseng exports boomed in the 1990s and 2000s as China's economy surged. Beijing joined the World Trade Organization in 2001, relaxing tariffs on imports. However, trade in the medicinal root dates back centuries. In the early 1700s, as over-harvesting restricted supplies of wild Asian ginseng, French missionaries learned of a similar ginseng species, familiar to indigenous tribes, that grew naturally in Quebec and much of eastern North America. In 1784, the first merchant ship bound for China from the newly independent United States departed New York bearing furs and 30 tons of American ginseng. Will Hsu's father, Paul Hsu, started his farm and garden business in 1974. Today, Will Hsu oversees the operation based in Wausau, Wisconsin, where operators answer the phone speaking Mandarin and English, and the website is accessible in both languages. WAITING OUT THE TRADE WAR The current trade tensions have stalled demand for Wisconsin ginseng, forcing growers like Joe Heil and Will Hsu to pack up their dried ginseng roots and try to wait out the crisis. Hundreds of cardboard boxes of dried ginseng root, were stacked six rows high on wooden pallets in the center of the Hsu Ginseng Enterprises warehouse during an August visit. Some will be shipped to domestic customers for the Christmas and Lunar New Year holidays, while the rest awaits demand from customers in China. "Shipping is taking longer, selling it is taking longer. It's just taking longer for us to convert the crop into cash," Hsu said. https://www.reuters.com/world/china/china-trade-spat-threatens-wisconsins-napa-valley-ginseng-2025-10-23/

2025-10-23 12:38

41 million SNAP and nearly 7 million WIC recipients face potential benefit gap USDA communication with states unusually limited during prolonged shutdown Food banks already struggling to meet increased demand WASHINGTON, Oct 23 (Reuters) - U.S. states this week warned food aid recipients that their benefits may not be distributed in November if the federal government shutdown stretches into its fourth week. Warnings issued on at least two dozen state websites flag the potential for an unprecedented benefit gap for more than 41 million people who get aid from the Supplemental Nutrition Assistance Program, also known as food stamps, and the nearly 7 million who receive aid from the Special Supplemental Nutrition Program for Women, Infants and Children, known as WIC. Sign up here. Such a gap threatens to further increase rising hunger rates in the U.S. The administration of President Donald Trump this year shrunk federal funding for food banks and is rolling out heightened work requirements for SNAP that could push some people off the program. "Families are going to be hurt by this should it continue, at a time we know families are struggling to make ends meet," said Minerva Delgado, director of coalitions and advocacy at the Alliance to End Hunger. Minnesota, California, Pennsylvania and Texas are among states that said November benefits will not be issued if the shutdown continues through next week. Reuters spoke with representatives of 11 national and state anti-hunger groups and food banks who said they were preparing SNAP and WIC recipients in their communities for benefits disruptions. If benefits are not delivered, more people would skip meals or make other sacrifices, like falling behind on bills, to keep their families fed, said Chris Bernard, CEO of Hunger Free Oklahoma. An Agriculture Department spokesperson called the looming risk to food aid an "inflection point for Democrats." Democrats and Republicans have traded blame for the shutdown, now the second longest in U.S. history. Democrats have withheld votes on a spending bill in an effort to keep health insurance costs from soaring for many Americans. Agriculture Secretary Brooke Rollins told NewsNation on Tuesday that SNAP benefits would "go away" without a deal to reopen the government by November. FOOD BANKS UNDER STRAIN Some of the two dozen states that posted warnings listed earlier potential food stamp cutoff deadlines. "SNAP benefits for November won’t be issued if the federal government shutdown continues past Oct. 27," says the Texas Health and Human Services Commission website. Some states pointed aid recipients to food banks. "We encourage everyone who receives SNAP to familiarize themselves with the free food resources in their community and to make a plan for what they will do if they do not receive their food benefits in November on time," said the Oregon Department of Human Services in a release. Food banks and state anti-hunger groups told Reuters they are trying to increase fundraising, but that pantries are already strained by record demand and cannot replace SNAP and WIC benefits. "This could get really bad. We're already serving more people than before COVID," said Jim Conwell, vice president of communications for the Greater Chicago Food Depository. UNUSUAL BENEFIT DELAYS During federal shutdowns, food aid benefits typically continue uninterrupted because the shutdowns are brief or because the USDA works with states on contingency plans. During this shutdown, states have had unusually little communication from the USDA. The agency told states on October 10 not to send benefit recipient information to their electronic benefit transfer processors as they typically would in preparation for distributing the following month's benefits. But it has not issued further instruction, according to EBT processor Conduent, which works with 37 states. States are now hurrying to identify possible emergency funds, though not all will have money available, Conduent said. The USDA has about $5 billion in contingency funds it could use to partially fund a month of SNAP benefits, which cost about $8 billion, according to the Center on Budget and Policy Priorities. The agency did not respond to questions about whether it intended to draw on those funds. The Trump administration earlier this month funneled about $300 million in tariff revenue to fund October WIC benefits, but has not signaled whether it will do so again for November, said Georgia Machell, CEO of the National WIC Association. Without additional funds, Machell said, November could see a "historic disruption to WIC services." https://www.reuters.com/business/environment/us-states-warn-food-aid-benefits-will-halt-if-federal-shutdown-drags-2025-10-23/

2025-10-23 12:38

Oct 23 (Reuters) - Freeport-McMoRan (FCX.N) , opens new tab surpassed Wall Street estimate for third-quarter profit on Thursday, as higher copper prices helped counter lower production after operations were suspended at its Grasberg mine in Indonesia. The miner's shares were up 3.3% in premarket trading. They have gained 7.1% so far this year. Sign up here. Average copper prices rose during the quarter from a year earlier, supported by signs of better demand in key consumer China as authorities vowed to stabilize industrial growth and a major hydropower project in Tibet. Quarterly average realized price for copper was $4.68 per pound, up about 9% from a year earlier. Freeport-McMoRan had warned of lower consolidated copper and gold sales in the third quarter, following a nearly month-long halt in operations at the Grasberg mine after around 800,000 metric tons of wet material flooded the site on September 8. Heavy mudflows had trapped seven workers underground, all of whom were confirmed dead by the company earlier this month. The miner had said a phased restart and ramp-up of operations at one of the world's largest gold and copper mines may occur in the first half of 2026. It forecast fourth-quarter copper sales at 635 million pounds and gold sales at 60,000 ounces, both lower than what it had reported a year earlier, dragged down by the suspension. Shanghai copper had touched a six-month high in September after force majeure at the Grasberg mine, with traders pricing in further tightness of raw material supply. Freeport's copper production stood at 912 million recoverable pounds during the third quarter, down 13.2% from a year earlier. Gold production was at 287,000 recoverable ounces, down 37.1% from a year ago. The company reported an adjusted profit of 50 cents per share for the three months ended September 30, compared with analysts' average estimate of 41 cents, according to data compiled by LSEG. https://www.reuters.com/world/asia-pacific/freeport-mcmoran-beats-profit-estimate-higher-copper-prices-2025-10-23/

2025-10-23 12:33

OTTAWA, Oct 23 (Reuters) - Canadian factory sales most likely rose 2.8% in September from August, largely driven by higher sales in the transportation equipment and petroleum and coal subsectors, Statistics Canada said in a flash estimate on Thursday. The estimate was calculated based on a weighted response rate of 67.7%. The average weighted response rate for the survey over the previous 12 months has been 92.9%. Sign up here. NOTE: All figures are seasonally adjusted. Keywords: CANADA ECONOMY/MANUFACTURING https://www.reuters.com/world/americas/canada-sept-factory-sales-most-likely-up-28-statscan-flash-estimate-2025-10-23/