2025-09-13 17:26
Trump says he is prepared to impose sanctions if NATO nations stop buying Russian oil Trump's handling of Russia-Ukraine conflict criticized Risks of sanctions include higher global oil prices BEDMINSTER, N.J., Sept 13 (Reuters) - President Donald Trump said on Saturday that the U.S. is prepared to impose fresh energy sanctions on Russia, but only if all NATO nations cease purchasing Russian oil and implement similar measures. “I am ready to do major sanctions on Russia when all NATO nations have agreed, and started, to do the same thing, and when all NATO nations stop buying oil from Russia,” Trump said in a social media post. Sign up here. In recent weeks, the U.S. has stepped up pressure on NATO countries to tighten energy sanctions on Russia in a bid to help end its war with Ukraine — a conflict Trump has struggled to bring to a close despite repeated threats of harsher penalties on Moscow and its partners. Trump has also faced criticism at home for repeatedly setting two-week deadlines for Russia to de-escalate and allowing them to pass without concrete action. An August Reuters/Ipsos poll found that 54% of Americans, including one in five of Trump's Republicans, believe the president is too closely aligned with Russia. "The EU has engaged - and will continue to engage - with all relevant global partners in the context of its sanctions against Russia, and enforcement of same," a spokesperson for the European Commission, the executive arm of the European Union, said in a statement on Saturday. EU President Ursula von der Leyen said this week in her State of the Union address that any new sanctions package would be in line with EU rules, including "the long-held principle that our sanctions do not apply extra-territorially." The Group of Seven nations' finance ministers in a Friday call discussed , opens new tab further sanctions on Russia and possible tariffs on countries they consider "enabling" its war in Ukraine. Energy revenues remain the Kremlin’s single most important source of cash to finance the war effort, making oil and gas exports a central target of Western sanctions. But officials and analysts warn that aggressive curbs on Russian crude also carry risks of driving up global oil prices, a prospect that could strain Western economies and weaken public support for the measures. Since 2023, NATO member Turkey has been the third-largest buyer of Russian oil, after China and India, according to the Centre for Research on Energy and Clean Air. Other members of the 32-state alliance involved in purchasing Russian oil include Hungary and Slovakia. Trump, who is spending the weekend at his Bedminster, New Jersey, golf club, said NATO, acting as a bloc, should impose tariffs of 50% to 100% on Chinese imports, a move he argued would weaken Beijing’s economic grip on Moscow. Trump has imposed an extra 25% tariff on imports from India to pressure New Delhi to halt its purchases of discounted Russian crude oil, bringing total punitive duties on Indian goods to 50% and souring trade negotiations between the two democracies. But Trump has refrained from imposing additional tariffs on Chinese imports over China's purchases of Russian oil, as his administration navigates a delicate trade truce with Beijing. https://www.reuters.com/business/energy/trump-presses-nato-nations-halt-russian-oil-purchases-2025-09-13/
2025-09-13 17:04
KYIV, Sept 13 (Reuters) - Ukrainian officials and a team from the U.S. International Development Finance Corporation will carry out site visits to identify investment projects as part of Kyiv's minerals deal with Washington, Ukraine's economy minister said on Saturday. Ukraine and the U.S. signed the deal, which had been heavily promoted by President Donald Trump, in April, giving the United States preferential access to new Ukrainian minerals projects in exchange for investment. Sign up here. The agreement is seen by Kyiv as a way of securing U.S. financial help to revive its economy and infrastructure - both battered by the war ignited by Russia's 2022 full-scale invasion - while ensuring continued U.S. support for Ukraine's defence. Ukraine's Economy Minister Oleksiy Sobolev said the government was committed to advancing quickly to carry out the agreement and wanted to identify three pilot investment projects within the next 18 months. "Right now, there are site visits ... from the U.S., and we are going to the regions tomorrow with them to look for an investment pipeline," Sobolev told a conference attended by Ukrainian, U.S. and European officials in Kyiv. The U.S. has been Ukraine's single largest military donor as it battles Russian forces. But since his return to the White House this year, Trump has argued the U.S. should get something back for its aid to Kyiv. Half the revenues the Ukrainian government earns from new mineral extraction under the deal would go to a joint investment fund with profits split between Kyiv and Washington. Sobolev said that in addition to the minerals sector, where projects can be capital intensive with long implementation lead times, the U.S.-Ukraine fund would also invest in the energy sector and infrastructure. Ukraine has deposits of 22 of the 34 minerals considered critical by the European Union 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 precious metals and rare earth elements. https://www.reuters.com/business/ukraine-us-scout-minerals-deal-investment-projects-2025-09-13/
2025-09-13 13:56
CAIRO, Sept 13 (Reuters) - The World Bank's International Finance Corporation (IFC) signed a $500 million investment contract with Iraq's Basrah Gas Co. on Saturday for associated gas and the development of facilities at the Umm Qasr port, the prime minister's office said. In a later statement, the Basra Gas Co. said the loan will finance "one of its most significant" projects that will limit gas flaring and strengthen the Iraqi economy. Sign up here. In 2021, the company signed a $360 million loan that was used to establish a gas liquids plant, which was completed earlier this year, the company added. https://www.reuters.com/business/energy/ifc-signs-500-million-contract-with-iraqs-basrah-gas-associated-gas-development-2025-09-13/
2025-09-12 22:46
G7 finance ministers discuss possible tariffs on countries 'enabling' war in Ukraine US Treasury Secretary said countries should impose tariffs on purchasers of Russian oil Bessent heads to Madrid for more talks with Chinese counterpart WASHINGTON, Sept 12 (Reuters) - Group of Seven nations' finance ministers discussed in a call on Friday further sanctions on Russia and possible tariffs on countries that they consider "enabling" its war in Ukraine, as the U.S. called on its allies to impose tariffs on purchasers of Russian oil. Canadian Finance Minister Francois-Philippe Champagne chaired the G7 meeting, which was held to discuss further measures to increase pressure on Russia to end its war against Ukraine, according to a statement from Canada, the head of the rolling G7 presidency. Sign up here. The ministers agreed to speed up discussions to use frozen Russian assets to fund Ukraine's defense, and discussed a "wide range of possible economic measures to increase pressure on Russia, including further sanctions and trade measures, such as tariffs, on those enabling Russia's war effort," the statement said. U.S. Treasury Secretary Scott Bessent told finance ministers during the call that they should join the U.S. in imposing tariffs on countries that purchase oil from Russia, Bessent and U.S. Trade Representative Jamieson Greer said in a separate statement following the meeting. "Only with a unified effort that cuts off the revenues funding Putin's war machine at the source will we be able to apply sufficient economic pressure to end the senseless killing," Bessent and Greer said. Bessent and Greer welcomed commitments made during the call to increase sanctions pressure and explore using immobilized Russian sovereign assets to benefit Ukraine's defense, according to the joint statement. Earlier in the day, a U.S. Treasury spokesperson called on G7 and European Union allies to impose "meaningful tariffs" on goods from China and India to pressure them to halt their purchases of Russian oil. President Donald Trump has imposed an extra 25% tariff on imports from India to pressure New Delhi to halt its purchases of discounted Russian crude oil, bringing total punitive duties on Indian goods to 50% and souring trade negotiations between the two democracies. But Trump has refrained from imposing additional tariffs on Chinese imports over China's purchases of Russian oil, as his administration navigates a delicate trade truce with Beijing. Bessent is due to travel to Madrid on Friday for another round of talks with his Chinese counterpart, Vice Premier He Lifeng, that will cover trade issues, Washington's demands for Chinese-owned TikTok to divest its U.S. operations, and anti-money laundering issues. Trump earlier on Friday said that his patience with Russian President Vladimir Putin was running out, but stopped short of threatening new sanctions during a Fox News interview. Trump expressed frustration about Putin's failure to halt the war. He said sanctions on banks and oil were an option to increase pressure on Russia, but added that European countries also needed to participate. "We're going to have to come down very, very strong," Trump said. https://www.reuters.com/business/energy/us-calls-g7-eu-impose-tariffs-china-india-over-russian-oil-purchases-2025-09-12/
2025-09-12 22:44
US consumer sentiment slips again in September, survey says Microsoft higher after deal to restructure OpenAI S&P 500 -0.05%, Nasdaq +0.45%, Dow -0.59% Sept 12 (Reuters) - The Nasdaq notched a record high close on Friday in a mixed trading session, lifted by Microsoft as investors looked ahead to the Federal Reserve's policy meeting next week, when it is widely expected to cut interest rates to counter a slowdown in the jobs market. Fueled by Tesla and other technology-related stocks, the Nasdaq added to a rally in the previous session that saw all three indexes hit all-time highs. Sign up here. Investors are laser-focused on the Fed's meeting on Tuesday and Wednesday. Traders expect the central bank to cut interest rates by 25 basis points after recent data showed longstanding weakness in hiring and easing inflation concerns. "Because we had such a nice jump in the stock market yesterday, investors are basically catching their breath," said Sam Stovall, chief investment strategist CFRA Research. "There's really not going to be any data between now and Wednesday. It's a sort of wait-and-see attitude." Microsoft (MSFT.O) , opens new tab gained 1.8% after the technology giant avoided a possible hefty EU antitrust fine by offering customers reduced prices for Office products excluding Teams. Tesla (TSLA.O) , opens new tab jumped 7.4% after board chair Robyn Denholm dismissed concerns that CEO Elon Musk's political activity had hurt sales at the electric-vehicle maker and said the billionaire was "front and center" at the company after several months at the White House. With Friday's surge, Tesla shares remain down 2% in 2025. Declines in Goldman Sachs (GS.N) , opens new tab and paint-maker Sherwin-Williams (SHW.N) , opens new tab kept the Dow Jones Industrial Average in negative territory. The S&P 500 declined marginally. The University of Michigan's survey showed U.S. consumer sentiment fell for a second straight month in September as consumers saw rising risks to business conditions, the labor market and inflation. The S&P 500 declined 0.05% to end the session at 6,584.29 points. The Nasdaq gained 0.45% to 22,141.10 points, while the Dow Jones Industrial Average declined 0.59% to 45,834.22 points. Seven of the 11 S&P 500 sector indexes declined, led lower by health care (.SPXHC) , opens new tab, down 1.13%, followed by a 0.97% loss in materials (.SPLRCM) , opens new tab. Following signs of a worsening jobs market, interest rate futures reflect expectations of cuts totaling 75 basis points by the end of the year. For the week, the S&P 500 rose 1.6%, the Dow climbed almost 1% and the Nasdaq added 2%, helped by a revival in artificial intelligence trade after cloud computing giant Oracle's (ORCL.N) , opens new tab strong forecast on Tuesday. Warner Bros Discovery (WBD.O) , opens new tab jumped 17%, extending a surge from Wednesday, when a source said Paramount Skydance (PSKY.O) , opens new tab was preparing a bid for the struggling media company. Shares of vaccine makers fell after a report said U.S. health officials are planning to link coronavirus vaccines to the deaths of 25 children. Moderna (MRNA.O) , opens new tab declined 7.4%, while Pfizer (PFE.N) , opens new tab and Novavax (NVAX.O) , opens new tab both lost more than 3%. Declining stocks outnumbered rising ones within the S&P 500 (.AD.SPX) , opens new tab by a 3.3-to-one ratio. The S&P 500 posted 22 new highs and 3 new lows; the Nasdaq recorded 106 new highs and 43 new lows. https://www.reuters.com/business/nasdaq-notches-record-high-close-traders-look-fed-meeting-2025-09-12/
2025-09-12 21:50
Trump administration thinks merger "is an absolute win-win for the country," CEO says Union Pacific sought administration input before the proposal, sources say Signals of regulatory support pressures rivals BNSF, CSX NEW YORK/WASHINGTON, Sept 12 (Reuters) - Union Pacific Corp (UNP.N) , opens new tab CEO Jim Vena met with U.S. President Donald Trump in the Oval Office to discuss the railroad's proposed $85 billion buyout of Norfolk Southern Corp (NSC.N) , opens new tab, the company said on Friday, as it seeks regulatory approval for the biggest U.S. rail merger in decades. The July announcement of the merger between two of the four major U.S. rail operators surprised the already highly concentrated market. Such a proposal would have been unthinkable under the Biden administration, which had an aggressive antitrust policy. Sign up here. The White House did not immediately respond to a request for comment. Trump's support could accelerate the lengthy review process, in a deal that faces resistance from rivals and pushback from shippers concerned about reduced competition. The deal, if approved, could reshape the U.S. freight rail industry by creating the first coast-to-coast single-line network, streamlining operations and eliminating interchange delays in key hubs like Chicago. In the White House meeting, Trump and Vena discussed "how creating an American transcontinental railroad is a win for U.S. competition, consumers, and the unionized workers whose jobs will be protected when the merger is approved," the company said in a statement. Vena said at a Morgan Stanley conference on Wednesday that he had meetings with "very senior people in the administration" the day before, without naming them. "They get it. They understand the value of what we are proposing. And they think it is an absolute win-win for the country," Vena said during the conference. Union Pacific sought administration input prior to launching its bid, and received signals of support to move forward, people briefed on the talks said. Trump said on Friday on Fox News that he met with Vena because the CEO wanted to discuss the merger with him. RIVALS BOXED IN Union Pacific dominates freight rail operations in the western United States, while Norfolk Southern is a leading carrier in the East. Together, they form two of the four major U.S. Class I railroads, alongside BNSF Railway and CSX Corp (CSX.O) , opens new tab. When Union Pacific and Norfolk announced the merger, the industry expected the two remaining regional rivals to respond by rushing to join forces to compete against a continental giant. But billionaire Warren Buffett, whose Berkshire Hathaway owns BNSF Railway, sent a strong signal last month against further consolidation and said he was not interested in buying another railroad. BNSF recently expanded commercial agreements with CSX instead of pursuing a merger. CSX, meanwhile, faces pressure from activist investors to make strategic changes, including potential M&A activity. Both companies are closely watching how regulators respond to the Union Pacific-Norfolk merger before making any moves. Signs of the White House's support could force Buffett to revisit his strategy. BNSF, strong in the West, and CSX, dominant in the East, could remain the only major U.S. carriers that are not part of a transcontinental system. The White House said on Thursday it was nominating Surface Transportation Board member Michelle Schultz for a new term and Richard Kloster, who heads a private transportation consulting company, to an open seat at the agency. The White House last month fired Surface Transportation Board member Robert Primus, an appointee of former President Joe Biden. The dismissal was the strongest signal possible of White House support for the deal, a person close to the transaction said. https://www.reuters.com/sustainability/boards-policy-regulation/union-pacific-ceo-held-talks-with-trump-85-billion-plan-buy-norfolk-2025-09-12/
