2025-09-17 18:52

PORT OF SPAIN, Sept 17 (Reuters) - An auction of deepwater oil and gas exploration and production blocks in Trinidad and Tobago has failed to attract significant interest from foreign investors, with bids submitted for just four of the 26 areas on offer. The bidding round closed on Wednesday with bids from China's CNOOC (600938.SS) , opens new tab for three areas and a consortium of smaller energy firms for another block, Trinidad's Ministry of Energy said. Sign up here. With several auctions in Latin America this year and a limited number of deepwater energy players, Trinidad is realistic about the challenges of getting significant bids, said junior energy minister Ernesto Kesar. The twin-island Caribbean country, Latin America's largest exporter of liquefied natural gas, has been pushing producers, especially those offshore, to accelerate natural gas output so it can increase utilization of its gas processing capacity and exports. The auction, which included blocks bordering Venezuela and Guyana, follows a key separate agreement with Exxon Mobil (XOM.N) , opens new tab that will allow the U.S. oil major to explore a large area equivalent to seven ultra-deepwater blocks and could bring as much as $21.7 billion to the country if reserves are found. The auction was originally expected to close on July 2, but was extended to September after Trinidad's energy ministry said potential bidders needed more time to assess the data. Trinidad does not currently have any production from its deepwater acreage. But Woodside Energy (WDS.AX) , opens new tab is considering the development of its Calypso gas discovery and BP (BP.L) , opens new tab and Shell (SHEL.L) , opens new tab have recently completed seismic work at three deepwater blocks. Trinidad's deepwater and ultra-deepwater plays are thought to have different geological formations. https://www.reuters.com/business/energy/trinidad-tobago-receives-bids-four-out-26-deepwater-oil-gas-blocks-2025-09-17/

2025-09-17 18:49

Sept 17 (Reuters) - There was no widespread support for a larger, half-percentage-point interest rate cut at the Federal Reserve meeting this week, Fed Chair Jerome Powell said on Wednesday, after the central bank cut its policy rate by a quarter point. "There wasn't widespread support at all for a 50 basis point cut today," Powell told reporters at a press conference following the Fed's two-day meeting. Sign up here. "You know ... we've done very large rate hikes and very large rate cuts in the last five years, and you tend to do those at a time when you feel that policy is out of place and needs to move quickly to a new place." https://www.reuters.com/business/no-big-push-larger-rate-cut-feds-powell-says-2025-09-17/

2025-09-17 17:43

Sept 17 (Reuters) - A proposal to require U.S. table saw manufacturers to exclusively use one company's patented finger detection technology should be dropped along with more than 170 other regulations that hamper competition, President Donald Trump's Federal Trade Commission said on Wednesday. Under former President Joe Biden, the Consumer Product Safety Commission estimated in 2023 that the proposed rule would prevent or mitigate around 49,000 injuries a year. But the commission said it could also add hundreds of dollars to the price of saws. Sign up here. The rule faced bipartisan pushback last year from lawmakers who cited the fact that the technology is owned by one manufacturer, saying this would make saws more expensive. "The role of the federal government should be to combat monopolies, price-fixing, and other anticompetitive practices that hinder free market competition," said FTC Chairman Andrew Ferguson. "Unfortunately, in many cases, federal regulations do the opposite." In April, Trump ordered the FTC and Department of Justice's antitrust division to review potentially anticompetitive regulations. While the review was ongoing, the CPSC announced last month that it would withdraw the proposed table saw rule. The FTC on Wednesday said the Trump administration should also cut a Department of Transportation rule aimed at creating airport concession opportunities for women and minority-owned businesses. The DOT has already moved to undo that rule. The FTC also opposed a rule that it said allows colleges and universities to automatically add the cost of textbooks to students’ tabs, and requires the students to proactively opt-out. The full list of regulations the FTC urged the Trump administration to scrap or modify was not publicly available on Wednesday. https://www.reuters.com/legal/litigation/finger-detecting-table-saw-rule-would-harm-competition-us-ftc-says-2025-09-17/

2025-09-17 15:41

Bank of Canada cuts its benchmark rate by 25 bps to 2.5% Rate cut was a unanimous decision of the Governing Council Governor says another cut is possible if risks rise OTTAWA, Sept 17 (Reuters) - The Bank of Canada reduced its key policy rate to a three-year low of 2.5% on Wednesday, the first cut in six months, and said it would be ready to cut again if risks to the economy increased in coming months. The 25-basis-point cut reflected a weak jobs market and less concern about underlying pressures on inflation, the bank said. Sign up here. It paused its easing campaign in March after reducing rates by a total of 225 basis points in nine months, starting in June last year. Bank of Canada Governor Tiff Macklem said the damaging effect of U.S. tariffs meant considerable uncertainty remained. "But with a weaker economy and less upside risk to inflation, Governing Council judged that a reduction in the policy rate was appropriate to better balance the risks going forward," he said in opening remarks to reporters. The cut was a unanimous decision of the seven-member Governing Council, Macklem said. The last time the key rate hit 2.50% was in July 2022. The economy initially held up reasonably well in the face of tariffs on some critical sectors. But in the last two months, the job market has slumped, losing more than 100,000 positions. The unemployment rate is at a nine-year high, excluding the COVID-19 pandemic years. The economy contracted in the second quarter by 1.6% and the outlook for the third quarter is weak. "In the months ahead, slow population growth and the weakness in the labor market will likely weigh on household spending," the bank said in a separate statement. While Macklem did not directly answer whether the central bank would consider a cut in October, he said the bank would be closely watching exports, the impact of weaker exports on the rest of the economy and costs on businesses. "We've demonstrated today (that) if the risks tilt ... we're prepared to take action and if there is a tilt further, we are prepared to take more action, but we're going to take it one meeting at a time," he said. The bank's next rate announcement is on October 29, followed by another one in December. While economists are widely expecting another rate cut before the end of the year, money markets are not factoring in more easing in 2025. Money markets bets showed the odds of another rate cut at the central bank's next rate decision on October 29 were roughly 48%. The Canadian dollar steadied at about C$1.3760 to the U.S. dollar, or 72.67 U.S. cents after the rate cut, down 0.2% on the day. "I continue to look for another rate cut in October. I think 2.25(%) is the terminal interest rate level I am very comfortable with," said Andrew Kelvin, head of Canadian and Global Rates Strategy at TD Securities. Canada faces tariffs and duties from the U.S. and China, two of its biggest trading partners. Macklem said the direct impacts could spread into other parts of the economy. Macklem expressed less concern about a possible spike in inflation due to reduced rates even as the bank's preferred measures of core inflation hover around 3%, the top end of its 1% to 3% target range. A broader range of indicators continues to suggest underlying inflation is running around 2.5%, Macklem said, adding that Ottawa's recent decision to remove retaliatory tariffs on many U.S. imports would cut inflationary pressures. "Still, the disruptive effects of shifts in trade will add costs even as they weigh on economic activity," he said. The bank's overall inflation target is 2%. https://www.reuters.com/world/americas/bank-canada-cuts-rates-25-says-ready-cut-again-if-risks-rise-2025-09-17/

2025-09-17 14:46

Ukraine, US commit to joint investment fund for minerals Fund to focus on energy, infrastructure, minerals projects Deal gives US preferential access to Ukrainian mineral projects KYIV, Sept 17 (Reuters) - Ukraine and the U.S. International Development Finance Corporation will each commit $75 million to a joint investment fund that is part of Kyiv's minerals deal with Washington first signed in April, officials said on Wednesday. "The U.S. Development Finance Corporation (DFC) has made a pilot commitment of $75 million, which Ukraine will match," Prime Minister Yulia Svyrydenko said in a statement. Sign up here. DFC said the investment would support Ukraine’s reconstruction and economic recovery and strengthen U.S. natural resource supply chains. Svyrydenko said the initial focus would be on projects in energy, infrastructure, and critical minerals. Ukraine and the U.S. signed the deal, which had been promoted by President Donald Trump, in April, giving the United States preferential access to new Ukrainian minerals projects in exchange for investment. The U.S. has been Ukraine's key military donor since Russia's invasion in February 2022. But after Trump's return to the White House this year, he has argued that the U.S. should get something back for its aid to Kyiv. Half of the revenue Ukraine earns from new mineral extraction under the deal would go to the fund, with profits split between Kyiv and Washington. The government plans to implement three large-scale projects through the end of 2026. "American partners are paying particular attention to gas projects," said Economy Minister Oleksiy Sobolev, adding that such projects could be implemented quicker compared with minerals exploration. DFC's team was in Ukraine this month, scouting for projects. The delegation was in the central Kirovohrad region, visiting sites with deposits of titanium and zirconium ore, Sobolev said. Ukraine has deposits of 22 of the 34 minerals considered critical by the EU for industries such as defence, high-tech appliances and green energy. It also possesses ferro alloys needed by the steel industry, non-ferrous metals used in construction, and some rare earth elements. https://www.reuters.com/business/finance/ukraine-us-launch-fund-critical-minerals-projects-with-150-million-investment-2025-09-17/

2025-09-17 13:50

OTTAWA, Sept 17 (Reuters) - The Bank of Canada released the following statement on Wednesday: "The Bank of Canada today reduced its target for the overnight rate by 25 basis points to 2.5%, with the Bank Rate at 2.75% and the deposit rate at 2.45%. Sign up here. "After remaining resilient to sharply higher US tariffs and ongoing uncertainty, global economic growth is showing signs of slowing. In the United States, business investment has been strong but consumers are cautious and employment gains have slowed. US inflation has picked up in recent months as businesses appear to be passing on some tariff costs to consumer prices. Growth in the euro area has moderated as US tariffs affect trade. China’s economy held up in the first half of the year but growth appears to be softening as investment weakens. Global oil prices are close to their levels assumed in the July Monetary Policy Report (MPR). Financial conditions have eased further, with higher equity prices and lower bond yields. Canada's exchange rate has been stable relative to the US dollar. "Canada's GDP declined by about 1½% in the second quarter, as expected, with tariffs and trade uncertainty weighing heavily on economic activity. Exports fell by 27% in the second quarter, a sharp reversal from first-quarter gains when companies were rushing orders to get ahead of tariffs. Business investment also declined in the second quarter. Consumption and housing activity both grew at a healthy pace. In the months ahead, slow population growth and the weakness in the labour market will likely weigh on household spending. "Employment has declined in the past two months since the Bank's July MPR was published. Job losses have largely been concentrated in trade-sensitive sectors, while employment growth in the rest of the economy has slowed, reflecting weak hiring intentions. The unemployment rate has moved up since March, hitting 7.1% in August, and wage growth has continued to ease. "CPI inflation was 1.9% in August, the same as at the time of the July MPR. Excluding taxes, inflation was 2.4%. Preferred measures of core inflation have been around 3% in recent months, but on a monthly basis the upward momentum seen earlier this year has dissipated. A broader range of indicators, including alternative measures of core inflation and the distribution of price changes across CPI components, continue to suggest underlying inflation is running around 2½%. The federal government's recent decision to remove most retaliatory tariffs on imported goods from the US will mean less upward pressure on the prices of these goods going forward. With a weaker economy and less upside risk to inflation, Governing Council judged that a reduction in the policy rate was appropriate to better balance the risks. Looking ahead, the disruptive effects of shifts in trade will continue to add costs even as they weigh on economic activity. Governing Council is proceeding carefully, with particular attention to the risks and uncertainties. Governing Council will be assessing how exports evolve in the face of US tariffs and changing trade relationships; how much this spills over into business investment, employment, and household spending; how the cost effects of trade disruptions and reconfigured supply chains are passed on to consumer prices; and how inflation expectations evolve. "The Bank is focused on ensuring that Canadians continue to have confidence in price stability through this period of global upheaval. We will support economic growth while ensuring inflation remains well controlled." ((Reuters Ottawa bureau, +1 647 480 7921; [email protected] , opens new tab)) Keywords: CANADA CENBANK/RATES https://www.reuters.com/world/americas/full-text-bank-canada-cuts-rates-250-2025-09-17/