2025-09-10 12:51
NEW YORK, Sept 10 (Reuters) - The U.S. dollar slipped against the yen and euro on Wednesday after data showed producer prices unexpectedly fell in August, cementing expectations that the Federal Reserve will resume cutting interest rates later this month. The dollar was slightly down against the yen at 147.37 following the data, while the euro turned marginally higher at $1.1711 . Sign up here. A Labor Department report showed the Producer Price Index fell 0.1% on a monthly basis, compared with an expected 0.3% rise. But it rose 2.6% on an annual basis in August, compared with a 3.3% gain expected by economists polled by Reuters. https://www.reuters.com/world/middle-east/us-dollar-dips-after-producer-prices-data-2025-09-10/
2025-09-10 12:43
Magnum CEO dismisses prospect of Ben & Jerry's sale Ben & Jerry's co-founders trying to buy back the brand Magnum targeting market share, volume growth as listing nears Magnum working to reduce sugar content in its ice creams LONDON, Sept 10 (Reuters) - Magnum dismissed talk of selling Ben & Jerry's on Wednesday and said its focus was on reclaiming market share and growing sales as Unilever's (ULVR.L) , opens new tab spin-off of the Magnum Ice Cream Company approaches. Unilever expects the ice cream business, which includes brands such as Magnum, Ben & Jerry's, Wall's and Cornetto, to command just over a fifth of the around $88 billion global ice cream market and compete with rivals such as Nestle-backed Froneri. Sign up here. Magnum is already operating separately to Unilever and after years of declining ice cream market share and stagnant profits, CEO Peter ter Kulve said the shift has allowed the company to invest in supply chains, sales and distribution. "Last year, we had a massive (market) share step up," ter Kulve said. Ben & Jerry's seized the spotlight at an investor day ahead of the mid-November listing on Tuesday, renewing a call for its own spin-off after years of clashes over the U.S. brand's vocal position on Gaza. Asked about an approach led by co-founders Ben Cohen and Jerry Greenfield to buy the brand last year, ter Kulve said: "I have not been privy to any discussion between Unilever and Ben & Jerry." "Ben & Jerry's is not for sale." Unilever will retain a less than 20% stake after the Magnum listing. Asked whether a 15 billion euro ($17.55 billion) valuation, as reported by some media outlets, was accurate, ter Kulve said: "The market will decide." Magnum CFO Abhijit Bhattacharya said the split would give Unilever more focus and Magnum the opportunity to improve margins. Bhattacharya said the terms of the demerger, under which every Unilever shareholder gets a relative stake in Magnum, shields the company from market volatility that an initial public offering might face. The new ice cream business will test investor appetite for a sugar-heavy product at a time when U.S. President Donald Trump's administration is pushing to "Make America Healthy Again" in its biggest market. Ter Kulve said Magnum had removed most artificial colouring and that Magnum was working to reduce sugar content as long as there was no compromise on taste. "It has to taste fabulous because actually making very healthy ice cream products that nobody likes is a useless exercise," ter Kulve said. ($1 = 0.8547 euros) https://www.reuters.com/business/magnum-ceo-dismisses-ben-jerrys-sale-talk-listing-nears-2025-09-10/
2025-09-10 12:41
Sept 10 (Reuters) - U.S. energy infrastructure company Glenfarne said on Wednesday its unit struck a 20-year deal to sell liquefied natural gas to trading firm Gunvor, moving its planned Brownsville export project in Texas closer to a final investment decision. The deal covers 0.5 million tonnes per annum of LNG on a free-on-board basis and converts a previous preliminary agreement between the two firms. Sign up here. Global demand for LNG has surged since Russia's invasion of Ukraine upended gas markets in 2022, driving buyers in Europe and Asia to lock in long-term supply deals with U.S. exporters. The U.S. had emerged as the world's top LNG supplier in 2023, with Texas and Louisiana at the centre of new capacity growth since. Texas LNG, a unit of Glenfarne Energy Transition, is developing the Brownsville project, with engineering, procurement and construction to be led by contractor Kiewit. https://www.reuters.com/business/energy/glenfarne-gunvor-sign-20-year-lng-supply-deal-project-nears-investment-decision-2025-09-10/
2025-09-10 12:25
Israeli strike on Hamas leadership in Qatar supports prices Trump asks EU to put tariffs on China, India to pressure Russia Longer-term outlook still for oversupply as OPEC+ ups production LONDON, Sept 10 (Reuters) - Oil prices rose on Wednesday after Israel attacked Hamas leadership in Qatar, Poland shot down drones and the U.S. made a push for new sanctions on buyers of Russian oil, but concerns over crude oversupply capped further gains. Brent crude futures were up 66 cents, or 1%, at $67.05 a barrel, at 1208 GMT, and U.S. West Texas Intermediate crude futures rose 68 cents, or 1.1%, to $63.31 a barrel. Sign up here. Prices had settled 0.6% higher in the previous trading session after Israel said it had attacked Hamas leadership in Doha. Both benchmarks rose nearly 2% shortly after the attack, but then retraced much of their gains. Elsewhere, geopolitical tensions also rose when Poland shot down drones during a widespread Russian attack in western Ukraine on Wednesday, marking the first time a NATO member fired shots in the war. However, there was no immediate threat of a supply disruption. "The dark cloud of surplus ahead is ... hanging over the market with Brent trading two dollars lower than last Tuesday. Geopolitical risk premiums in oil rarely last long unless actual supply disruption kicks in," SEB analysts said. Meanwhile, U.S. President Donald Trump has urged the European Union to impose 100% tariffs on China and India - major buyers of Russian oil - as a strategy to pressure Moscow, according to sources. With European Union officials in Washington to discuss Russia, European Commission chief Ursula von der Leyen said on Wednesday the bloc was considering a faster phase-out of Russian fossil fuels as part of new sanctions against Moscow. Traders expect the Federal Reserve will cut interest rates at its September 16-17 meeting, which would boost economic activity and demand for oil. But the supply outlook remains bearish. The U.S. Energy Information Administration cautioned global crude prices will be under significant pressure in the coming months because of rising inventories as OPEC+ increases output. U.S. crude, gasoline and distillate stocks rose last week, market sources said, citing American Petroleum Institute figures on Tuesday. Government data is due at 1430 GMT . https://www.reuters.com/business/energy/oil-prices-up-after-israeli-attacks-oversupply-caps-gains-2025-09-10/
2025-09-10 12:19
OSLO, Sept 10 (Reuters) - Equinor (EQNR.OL) , opens new tab believes in offshore wind farm developer Orsted's (ORSTED.CO) , opens new tab core business but is not at a stage where the two will merge their renewables businesses, the Norwegian group's board chair said on Wednesday. Oil group Equinor holds a 10% stake in Orsted and has said it will take part in the Danish group's emergency rights issue designed to fund U.S. projects thrown into uncertainty by President Donald Trump's opposition to wind farms. Sign up here. "We are convinced that there is a robust value case here, and that's what we're looking for," Equinor Chair Jon Erik Reinhardsen said on the sidelines of an energy conference in Oslo. "We have open minds in terms of what it leads to," he said when asked if the Equinor may raise its stake in Orsted. Some analysts have said Equinor would be open to spinning off its own renewables unit and merge it with Orsted. "It might be one of many options, but again, we are not at that stage at the moment, that we are sitting and ranking options," Reinhardsen said. Orsted's shares traded up 2.9% at 1208 GMT. https://www.reuters.com/business/energy/equinor-keeps-options-open-orsted-stake-2025-09-10/
2025-09-10 12:06
MOSCOW, Sept 10 (Reuters) - Russia is considering a moratorium on bankruptcies in the metals industry, a government document showed on Wednesday, in a sign of growing concern about a sector struggling with falling demand, high interest rates and a strong rouble. The document, a protocol from the government's financial stability commission meeting on August 28, asked the economy and industry ministries to present proposals by October 28 on the advisability of introducing an effective ban on bankruptcies in the sector. Sign up here. The news was first reported by the Kommersant daily. The move, part of wider measures to support the sector, would follow similar action to help the struggling coal industry, which included tax deferrals and limiting dividends and bonuses for top management. The Economy Ministry declined to comment. Russia is the world's fifth-largest steel producer, with output of about 71 million tons in 2024. One of its leading steelmakers, Severstal, estimated in July that first-half steel demand fell by up to 15% due to a high key interest rate. That, along with low prices, led to a 55% fall in the company's net profit in the second quarter, it said. The central bank's board is set to convene on September 12 to decide on the key rate. Analysts polled by Reuters expect a 200 basis-point cut, as the economy is slowing faster than expected while inflation is receding. The Russian economy is expected to slow to 1.2% growth from 4.3% last year. A think-tank advising the government said in a research note in January that Russia could face a wave of corporate bankruptcies this year as the share of enterprises with risky levels of debt doubled in 2024. The government and the central bank dismissed such warnings, saying the situation was under control. https://www.reuters.com/markets/europe/russia-considers-moratorium-bankruptcies-indebted-metals-giants-2025-09-10/
