2025-09-15 13:32

US trade official Brendan Lynch to make a one-day visit Trump imposed tariffs on India for buying Russian oil Exports to US fell to $6.86 billion in August NEW DELHI, Sept 15 (Reuters) - India and the United States will hold trade talks on Tuesday, New Delhi said, raising hopes for a breakthrough weeks after President Donald Trump imposed punitive tariffs on the South Asian nation for buying Russian oil. The move comes after Trump struck a more conciliatory tone in statements last week and expressed optimism that they could finalise a trade deal. Sign up here. The U.S. trade representative for South Asia, Brendan Lynch, will be in New Delhi for one day of talks, Indian chief negotiator Rajesh Agarwal said. The talks will be held as part of bilateral trade negotiations, Agarwal added without going into more detail. Trump last month slapped a punitive 25% levy on India from August 27, doubling overall tariffs to 50%, as part of Washington's efforts to step up pressure on Moscow over its invasion of Ukraine. India's exports to the United States fell to $6.86 billion in August from $8.01 billion in July, trade ministry data released on Monday showed. Total goods exports fell to a nine-month low of $35.10 billion in August from $37.24 billion in July, while the trade deficit narrowed to $26.49 billion. The full impact of higher tariffs from the United States on Indian goods imports will be felt next month as the punitive tariffs kicked in from August 27, exporters said. New Delhi's discord with Washington has coincided with increased contacts with Beijing. Prime Minister Narendra Modi visited China for the first time in seven years last month to attend a summit hosted by President Xi Jinping. Modi was also seen holding hands with Russia’s President Vladimir Putin. An earlier U.S. visit to New Delhi, planned from August 25-29, was cancelled after talks hit major roadblocks, as New Delhi resisted opening its vast agricultural and dairy sectors. But Sergio Gor, Trump's nominee to be ambassador to India, said last week that the two sides were "not that far apart" on tariffs, and differences would be resolved in the next few weeks. https://www.reuters.com/world/india/india-us-hold-trade-talks-raising-hopes-reset-2025-09-15/

2025-09-15 12:56

BRASILIA, Sept 15 (Reuters) - Brazil's economic activity declined more than expected in July, marking a third consecutive monthly decline, a central bank index showed on Monday, highlighting a slowdown in Latin America's largest economy as borrowing costs remain high. The IBC-Br index, a proxy for gross domestic product, fell 0.5% in July from the previous month on a seasonally adjusted basis, compared with the 0.2% drop expected in a Reuters poll. Sign up here. The index incorporates central bank estimates for farming, industry and services, along with production-related taxes, all of which posted negative readings in the month. The index rose 3.5% in the 12 months through July, according to non-seasonally adjusted data. Brazil's benchmark Selic rate stands at 15%, near a two-decade high, as policymakers try to rein in annual inflation that has consistently exceeded the 3% target. The central bank will announce its next policy decision on Wednesday, with markets widely expecting rates to remain unchanged, in line with earlier guidance. On Friday, the finance ministry cut its 2025 GDP growth forecast to 2.3% from 2.5%, citing weaker-than-expected second-quarter performance and pressure from high interest rates. https://www.reuters.com/world/americas/brazil-economic-activity-falls-more-than-expected-july-2025-09-15/

2025-09-15 12:56

Sept 15 (Reuters) - HSBC expects a big oil surplus of 1.7 million barrels per day (mbd) from the fourth quarter of 2025, and a surplus of 2.4 mbd in 2026, exacerbated by the return of OPEC+ barrels over the next 12 months, it said in a note on Monday. At its meeting this month, OPEC+ opted to further increase oil production by 137,000 bpd in October, starting to unwind the 1.65 million bpd in cuts ahead of schedule. Sign up here. HSBC's latest oil market supply and demand model envisions OPEC+ gradually unwinding 1.65 million barrels per day in the "first-phase" voluntary production cuts over a 12-month period, HSBC said a week ago. The bank also saw a downside risk to its 2026 $65 per barrel Brent price assumption if stockbuilds materialise in the West. U.S. President Donald Trump urged EU officials last week to hit China with tariffs of up to 100% as part of a strategy to pressure Russian President Vladimir Putin. The bank's note on Monday stated that "outright losses in Russian supply are not in (HSBC's) base case (but) Russia will struggle to increase its output in line with OPEC+ quotas." The bank now expects only a modest production increase, lowering its end-2026 Russian production forecast by 300,000 bpd. https://www.reuters.com/business/energy/hsbc-sees-downside-risk-2026-brent-crude-oil-price-forecast-2025-09-15/

2025-09-15 12:52

WASHINGTON, Sept 15 (Reuters) - U.S. President Donald Trump on Monday called for Federal Reserve Chairman Jerome Powell to enact a "bigger" cut to benchmark interest rates and pointed to the housing market in a social media post ahead of the U.S. central bank's meeting this week. "'Too Late' MUST CUT INTEREST RATES, NOW, AND BIGGER THAN HE HAD IN MIND. HOUSING WILL SOAR!!!" Trump wrote, referring to Powell. Sign up here. https://www.reuters.com/world/us/trump-calls-bigger-interest-rate-cut-ahead-fed-meeting-2025-09-15/

2025-09-15 12:45

MILAN, Sept 15 (Reuters) - Italiana Petroli's founding family is nearing the sale of the oil refiner to State Oil Company of Azerbaijan (SOCAR) in a deal that would hand the group control of one of Italy's largest petrol station networks, three sources said. A deal with SOCAR is expected to be signed as early as Monday, two of the people said, barring any last-minute postponement. Sign up here. The sources did not disclose the financial terms of the agreement. People close to the matter had previously told Reuters Italy's Brachetti-Peretti family was seeking an enterprise value of around 2.5 billion euros ($2.9 billion) for their company, which holds some 500 million euros in cash. SOCAR and Italiana Petroli did not respond to requests for comment. SOCAR is being advised by Italy's Intesa Sanpaolo IMI CIB with UniCredit advising the owner of IP. IP has a total refining capacity of around 200,000 barrels per day and operates a network of more than 4,500 fuel stations. It also owns important storage and transport assets in Italy, including for jet fuel. Last year it posted an adjusted core profit of nearly 500 million euros. The expected deal would follow the sale by Italy's Moratti family of its controlling stake in oil refiner Saras to global commodity trading house Vitol last year. These transactions underscore a broader trend of private investors retreating from Europe's refining sector, which has become increasingly volatile. The acquisition would boost SOCAR's presence in the Mediterranean fuel market. The company already owns the 200,000 bpd STAR refinery in Turkey. IP currently owns a refinery in Ancona in eastern Italy, as well as the SARPOM refinery in Trecate in the north. It also has a tolling contract for the Alma refinery in Ravenna. IP increased its refining and fuel storage capacity in 2023 when it finalised the acquisition of Exxon Mobil's (XOM.N) , opens new tab Italian assets. ($1 = 0.8524 euros) https://www.reuters.com/business/energy/socar-close-buying-oil-refiner-italiana-petroli-sources-say-2025-09-15/

2025-09-15 12:32

Sept 12 (Reuters) - Transit technology maker Via Transportation (VIA.N) , opens new tab was valued at $3.5 billion on Friday after its shares fell 4.4% at open in their New York Stock Exchange debut. The stock opened below its $46 offer price before rebounding to close up 7.6% at $49.51. Sign up here. Via and selling shareholders raised $493 million by selling 10.7 million shares, priced above the marketed range of $40 to $44. The U.S. IPO market has revived as easing trade tensions and rising expectations of interest-rate cuts lift investor appetite for new issues, creating the busiest week for U.S. IPOs since 2021. Unlike traditional ride-hailing platforms, Via works with existing public transit networks rather than operating independently. The company provides software and operational services to cities, transit agencies, schools, and other institutions, combining on-demand ride sharing with intelligent routing to optimize public transit. The business is expanding, but it remains unprofitable. For the three months ended June 30, Via reported revenue of $107.1 million and a net loss of $21.2 million. "The model that Via offers brings its own challenges: lower margins, slower scaling across jurisdictions, and dependence on local relationships and regulatory compliance," said Kat Liu, vice president at IPO research firm IPOX, noting that exposure to public-sector budgets and regulatory complexity continues to pose risks. Changing climatic conditions, growing congestion and rapid urbanization have made it increasingly important to enhance public transit systems across the globe. Even so, performance among "tech" IPOs has varied. "While tech IPOs have been the most prominent this year, the standout performers have largely been in or related to AI and FinTech. Other tech segments have seen mixed, though generally positive, results," said Edward Best, partner at Willkie Farr & Gallagher. Via is one of the biggest transportation-related tech IPOs in the U.S., according to data from Dealogic. https://www.reuters.com/business/finance/transit-tech-firm-via-valued-35-billion-nyse-debut-2025-09-12/