2025-09-25 20:43
Sept 25 (Reuters) - Russia and Ethiopia signed a document on Thursday calling for the planning and construction of a nuclear power plant in the east African country, RIA news agency quoted Rosatom, the state-owned Russian nuclear corporation, as saying. An action plan on development and construction of the facility was signed during a nuclear power forum by the general director of Rosatom, Aleksei Likhachev, and Ashebir Balcha, CEO of the Ethiopian Electric Company, RIA said. Sign up here. The document said the two sides agreed to create a detailed construction plan and a "road map" for the technical and economic foundation of the project and an intergovernmental agreement to proceed. The agreement also calls for training for staff in operating the plant and developing the nuclear sector. Earlier, Niger's mining minister, Ousmane Abarchi, said his country wanted to build two 2,000-megawatt nuclear reactors in partnership with Rosatom. South Africa is the only country in Africa with an operational nuclear power plant, but reactors are under construction in Egypt https://www.reuters.com/business/energy/russia-ethiopia-sign-document-calling-construction-nuclear-plant-2025-09-25/
2025-09-25 20:39
US blames Mexico for inadequate screwworm control near border Screwworm poses multibillion-dollar risk to US beef industry Mexico says controlling livestock movement is complicated WASHINGTON, Sept 25 (Reuters) - U.S. Agriculture Secretary Brooke Rollins on Thursday said Mexico has not adequately enacted protocols to curb the spread of New World screwworm, a sign of tension between the two countries as they navigate the northward march of the pest. Rollins blamed a recent screwworm detection less than 70 miles (113 km) from the U.S. border on Mexico's failure to curb cattle movements and inadequate monitoring of fly traps meant to reduce the wild population of screwworm flies, which infest and can kill livestock if untreated. Sign up here. Screwworm has not yet crossed the U.S. border, according to officials, but poses a multibillion-dollar risk to the U.S. beef industry. The U.S. has kept its border mostly closed to Mexican cattle imports since May. The outbreak has heightened tensions between the countries ahead of a planned review of the United States-Mexico-Canada trade agreement and rattled their livestock and beef sectors. The U.S. Department of Agriculture on September 21 said it had learned of the case in Nuevo Leon , opens new tab, which borders Texas. Within hours, USDA had sent staff to the region, Rollins said on Thursday at the Ag Outlook Forum in Kansas City, Missouri. "Unfortunately, what we found is Mexico has failed to enforce proper cattle movement controls in infected regions and is not tending to fly traps daily as promised, which hinder our real-time detection capabilities. This is unacceptable," Rollins said. She said that reopening the border to livestock trade is contingent on total compliance with agreed-upon surveillance protocols. Mexico's sanitation agency Senasica said its fly trap system is checked every three or four days, a frequency that was jointly determined with APHIS, the animal health arm of the U.S. Department of Agriculture. "Regarding the detection of a case of New World screwworm in northern Mexico, it should be noted that this finding was possible thanks to the application of a protocol established in the bilateral action plan," Senasica told Reuters, adding that it has implemented a double inspection system at the livestock's point of origin. Mexican President Claudia Sheinbaum on Wednesday said that Mexico had not been notified , opens new tab by the USDA of any change to the expectation that the U.S. will reopen its border before November and that controlling the movement of livestock within Mexico is complicated. The U.S. has invested $21 million in a facility in southern Mexico to produce sterile flies that are released to reduce the mating population of wild flies. https://www.reuters.com/business/healthcare-pharmaceuticals/us-criticizes-mexicos-handling-screwworm-near-border-2025-09-25/
2025-09-25 20:39
LAGOS, Sept 25 (Reuters) - Nigeria's oil regulator has approved a $510 million deal by TotalEnergies (TTEF.PA) , opens new tab to sell its entire 12.5% interest in oil mining lease (OML) 118, which hosts the offshore Bonga oilfield, to the field's operator Shell (SHEL.L) , opens new tab, and Agip (ENI.MI) , opens new tab, the agency said on Thursday. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said TotalEnergies will transfer 10% of its interest to Shell at a cost of $408 million while Agip will pay $102 million for the remaining 2.5%. Sign up here. The deal raises Shell's stake in Bonga to 67.5%, highlighting its continued interest in offshore Nigeria production after selling its spill-plagued onshore assets to Renaissance, a consortium of four local companies and an international energy group. The regulator said it conducted due diligence on Shell Nigeria Exploration and Production Company (SNEPco) and Nigerian Agip Exploration Limited (NAE) to confirm their competence to operate the asset. "SNEPco and NAE have demonstrated both technical and managerial competence to optimally contribute to the upstream operations in OML 118," it said. The deal, which remains subject to ministerial consent, requires SNEPco and NAE to assume all decommissioning, abandonment, and community liabilities tied to the divested interest. They will also pay a combined 7% of the transaction value as premium and processing fees. The NUPRC on Tuesday pulled approval for TotalEnergies' $860 million asset sale to Mauritius-based Chappal Energies because the two sides had not met financial commitments required to complete the deal. https://www.reuters.com/business/energy/nigeria-agrees-totalenergies-510-million-stake-sale-shell-agip-2025-09-25/
2025-09-25 20:36
MEXICO CITY, Sept 25 (Reuters) - The Bank of Mexico cut its benchmark interest rate to its lowest level since May 2022 on Thursday and indicated it would consider further easing at future meetings, amid ongoing concerns about global trade tensions and sluggish economic growth in Latin America's second largest economy. Banxico, as the central bank is known, reduced its benchmark interest rate by 25 basis points to 7.5% in a divided vote. Deputy Governor Jonathan Heath was the sole member of the five-member board who voted to hold the interest rate at 7.75%. Sign up here. The rate cut was largely expected by the market. Banxico is balancing dual challenges: bringing down inflation while also stimulating the economy amid tepid economic growth. Easing monetary policy could spur the economy but also fuel inflation in Latin America’s second largest economy. In a statement on Thursday, the bank said it took into account "weak economic growth" and fluctuating global trade policies in its decision to lower borrowing costs. Still, the fact that Banxico reduced the interest rate by a quarter point instead of a half point – as it had four times earlier this year – underscores concerns about sticky inflation, particularly the closely-watched core index. Annual core inflation, which is considered a good gauge of price trends because it strips out volatile food and energy prices, has been rising in recent months and hit 4.26% in the first half of September, according to official data published on Wednesday. Banxico targets inflation at 3%, plus or minus a percentage point. Headline inflation also accelerated in the first half of September, reaching 3.74%, up from 3.49% in the first half of August. In updated inflation forecasts released on Thursday, Banxico raised its estimate for year-end annual core inflation to 4.0% in the fourth quarter, up from its previous estimate of 3.7%. The bank said in its quarterly report in August that Mexico's economy - while anemic - is showing resilience in the face of an uncertain business environment and global trade pressures. The bank last month strengthened its economic growth forecast for the year to 0.6%, up from a previous estimate of 0.1%. It estimated the economy will grow 1.1% in 2026. Gabriela Siller, head of analysis at Banco Base in Mexico City, said in a post on X that "it is noteworthy that the forward guidance remains unchanged, implying that the governing board remains open to further interest rate cuts." Goldman Sachs' Alberto Ramos said in a note to clients that he expects two more rate cuts this year of 25 basis points, though he argued the central bank is overlooking persistent core inflation pressures. https://www.reuters.com/world/americas/bank-mexico-lowers-benchmark-interest-rate-750-2025-09-25/
2025-09-25 20:11
SAO PAULO, Sept 25 (Reuters) - JBS, the world's largest meat company, has indirectly bought cattle raised illegally on indigenous land in Brazil, according to a Greenpeace investigation released on Thursday. The animals allegedly bought by the beef giant were reared originally in the Amazonian Pequizal do Naruvôtu indigenous territory and later were "indirectly supplied [to] JBS meatpacking plants authorized to export to the European Union, Asia, and the Americas," according to the activist group. Sign up here. Greenpeace said the investigation found that between 2018 and 2025, farmer Mauro Fernando Schaedler transferred at least 1,238 animals from one of his farms that overlap with the indigenous land to another property free of irregularities. Greenpeace said that this second farm, which has a clean record, sold animals to JBS. Greenpeace used official transit documents to track groups of cattle between the farms and the slaughterhouse. But, because Brazil lacks an individual identification system for cattle, it is virtually impossible to know exactly which animals were transferred where. In a statement, JBS said that Greenpeace had failed to demonstrate that the cattle allegedly raised irregularly had reached its slaughterhouses, and that all of its purchases were made according to strict policies for responsible sourcing of raw materials. Still, JBS added that the company had blocked the farm mentioned in Greenpeace's investigation and demanded explanations from the farmer. Representatives for both farms did not immediately return comment requests. The practice of moving cattle from an irregular property to another with a clean record is known as "cattle laundering," because it helps hide the origin of the animal, Greenpeace said. https://www.reuters.com/sustainability/greenpeace-accuses-brazils-jbs-buying-cattle-illegally-raised-indigenous-lands-2025-09-25/
2025-09-25 20:00
Initial claims for state unemployment benefits drop CarMax falls to lowest in over five years Investors await PCE data Friday Indexes: Dow down 0.4%, S&P 500 down 0.5%, Nasdaq down 0.5% NEW YORK Sept 25 (Reuters) - U.S. stocks ended moderately lower on Thursday, with most S&P 500 sectors down as economic data increased uncertainty over the outlook for interest rate cuts from the Federal Reserve. Data showed initial jobless claims dropped 14,000 to a seasonally adjusted 218,000 for the week ended September 20. Other data showed the U.S. economy grew faster than previously estimated in the second quarter amid strong consumer spending and business investment. Sign up here. Also, Chicago Fed President Austan Goolsbee said on Thursday he was uneasy with cutting rates too quickly, with inflation a risk. The comments and data follow the U.S. central bank's move last week to lower rates by 25 basis points - its first cut since December - after signs of weakness in the labor market. It also gave indications of more rate cuts ahead. Investor expectations of another 25 bps cut in the Fed's October meeting are now at 83.4%, down from about 92% on Wednesday, according to the CME FedWatch Tool. "The economic data that's come out over the last day or two is kind of confusing in that, in my mind, it calls into question" how much the Fed may cut rates again and whether the Fed needs to cut rates again this year, said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia. Investors are bracing for Friday's release of the Personal Consumption Expenditures price index, the Fed's preferred inflation measure. Most of the S&P 500 sectors ended lower, but energy (.SPNY) , opens new tab gained 0.9% and technology (.SPLRCT) , opens new tab eked out a 0.03% increase as shares of Intel (INTC.O) , opens new tab jumped 8.9%. The Wall Street Journal reported, citing people familiar with the matter, that Intel has approached Taiwan Semiconductor Manufacturing Company (2330.TW) , opens new tab about investments in manufacturing or partnerships. The Dow Jones Industrial Average (.DJI) , opens new tab fell 173.96 points, or 0.38%, to 45,947.32, the S&P 500 (.SPX) , opens new tab lost 33.25 points, or 0.50%, to 6,604.72 and the Nasdaq Composite (.IXIC) , opens new tab lost 113.16 points, or 0.50%, to 22,384.70. Among decliners, CarMax (KMX.N) , opens new tab shares fell 20.1% after the used-car retailer reported lower second-quarter profit. In addition, shares of Accenture (ACN.N) , opens new tab were down 2.7% even after the consulting firm reported revenue above expectations. Investors are eager to hear soon from more companies on their quarterly results, especially with valuations considered high after the market's run of record highs recently. "Historically we're certainly at the high end" of valuations, said Rick Meckler, partner at Cherry Lane Investments, a family investment office in New Vernon, New Jersey. "One big positive is it seems like the government is going to let big tech get bigger." Next week brings the all-important monthly U.S. jobs report. Monetary policymakers are not unanimous on the proper way forward with rates, with Stephen Miran, President Donald Trump's recent Fed appointee, continuing to push for accelerated policy easing. Earlier this week, Fed Chair Jerome Powell reiterated that the U.S. central bank needs to balance inflation concerns with a weakening job market in its coming interest rate decisions. Declining issues outnumbered advancers by a 3.11-to-1 ratio on the NYSE. There were 110 new highs and 109 new lows on the NYSE. On the Nasdaq, 1,166 stocks rose and 3,502 fell as declining issues outnumbered advancers by a 3-to-1 ratio. Volume on U.S. exchanges was 19.58 billion shares, compared with the 17.99 billion average for the full session over the last 20 trading days. https://www.reuters.com/business/wall-street-futures-flat-caution-builds-ahead-inflation-data-2025-09-25/
