2025-09-09 20:41
NEW YORK, Sept 9 (Reuters) - Stablecoin issuer Figure Technologies increased the size and raised the price range of its initial public offering on Tuesday as retail investors bid up crypto-related stocks, confirming a Reuters report. The company is now marketing the IPO at a price range of $20 to $22 a share – up from its previous range of $18 to $20 a share. It also raised the number of shares to 31.5 million from around 26 million. Sign up here. At the top end of the new pricing range, Figure's IPO will raise roughly $693 million and value the company at $4.66 billion. Figure's IPO initially would have raised as much as $526 million and valued the company at $4.1 billion. The blockchain firm is scheduled to start trading on the Nasdaq on Thursday under the symbol FIGR. The Trump administration's embrace of the crypto industry has prompted investors to pour money into digital assets, especially following the successful debuts of crypto exchange Bullish (BLSH.N) , opens new tab and stablecoin issuer Circle (CRCL.N) , opens new tab in recent weeks. Co-founded in 2018 by technology entrepreneur Mike Cagney, Figure operates a blockchain-native platform for lending, trading and investing in consumer credit and digital assets. The company says it funds home equity loans in just 10 days, compared to the industry average of 42 days. It swung to a profit of $29 million for the six months ended June 30, compared with a loss of $13 million in the same period a year earlier. Goldman Sachs, Jefferies, and BofA Securities are the joint lead bookrunning managers for Figure's IPO. Billionaire investor Stanley Druckenmiller's Duquesne Family Office has indicated interest in buying up to $50 million worth of shares from Figure's offering. https://www.reuters.com/business/stablecoin-issuer-figure-technologies-upsizes-ipo-crypto-interest-soars-2025-09-09/
2025-09-09 20:33
Key sites bombed in June still off-limits to inspectors Deal aimed at paving the way for inspections to resume Iran must also account for enriched uranium stockpile Europeans threaten to re-impose sanctions if no progress DUBAI/VIENNA, Sept 9 (Reuters) - Iran and the U.N. nuclear watchdog said on Tuesday they had reached a deal on resuming inspections at sites including those bombed by the U.S. and Israel but gave no specifics, and Tehran warned the West the deal was off if sanctions were re-imposed. The agreement, struck between International Atomic Energy Agency chief Rafael Grossi and Iranian Foreign Minister Abbas Araqchi at a meeting in Cairo, should in principle pave the way for a full resumption of inspections interrupted by the military strikes on Iran's nuclear facilities in June. Sign up here. Diplomats warned, however, that the devil was in the detail and neither Grossi not Araqchi provided any at a joint press conference on their agreement covering what the IAEA has been calling "modalities" on how inspections can resume. "In Cairo today, (I) agreed with Iran's Foreign Minister ... on practical modalities to resume inspection activities in Iran," Grossi said on X at the same time at the press conference. "This is an important step in the right direction." The agreement comes against the backdrop of an ongoing threat by European powers to re-impose wide-ranging sanctions against Iran that were lifted under a 2015 nuclear deal between Iran and major powers. Those European powers - France, Britain and Germany, known as the E3 - have initiated the so-called "snapback" process that is due to run until late this month. They have said they will only hold off on completing it if Iran allows inspections to resume, accounts for its highly enriched uranium stockpile and holds nuclear talks with the United States. Tuesday's framework deal is aimed at moving towards addressing those first two conditions, but it is unclear whether enough can or will be achieved by this month's deadline to satisfy the Europeans and fend off snapback for the time being. "Let me emphasize: in the event of any hostile action against Iran — including the reinstatement of cancelled U.N. Security Council resolutions — Iran will consider these practical steps null and void," Araqchi said in a statement, referring to sanctions resolutions. While Iran's enrichment sites have been badly damaged or destroyed, it is less clear what has happened to the stockpile, which includes uranium enriched to up to 60% purity, a short step from the roughly 90% of weapons grade. Iran had enough material enriched to that level before the attacks, if enriched further, for 10 nuclear weapons, according to an IAEA yardstick and data from a quarterly IAEA report sent to member states last week. Soon after the U.S. and Israeli attacks, Iran's parliament passed a law suspending cooperation with the IAEA and stipulating that any inspections must be approved by Iran's Supreme National Security Council. Grossi told Reuters in an interview last week that the talks were aimed at reconciling the new obligations that the new Iranian legislation placed on Tehran with Iran's long-standing obligations as a party to the nuclear Non-Proliferation Treaty policed by the IAEA, which Grossi said remained unchanged. https://www.reuters.com/world/middle-east/iran-iaea-announce-agreement-resuming-nuclear-inspections-2025-09-09/
2025-09-09 20:28
Nebius soars on $17.4 billion deal with Microsoft UnitedHealth sees in-line top-rated Medicare plan memberships Albemarle slides on lithium supply easing concerns S&P 500 +0.27%, Nasdaq +0.37%, Dow +0.43% Sept 9 (Reuters) - The S&P 500 and Nasdaq notched record high closes on Tuesday, while UnitedHealth rallied, and a downward payrolls revision supported expectations the Federal Reserve will soon cut interest rates to shore up economic growth. The U.S. economy likely created 911,000 fewer jobs in the 12 months through March than previously estimated, the government said, suggesting that job growth was already stalling before President Donald Trump launched his global tariffs. Sign up here. Financial markets have priced in a 25 basis point cut at the Fed's policy meeting next week, and futures trading suggests a nearly 10% chance of a 50 basis point cut, according to CME's FedWatch tool. Recent nonfarm payroll data for July and August also pointed to weakening labor market conditions. "This does nothing to dissuade the Fed from moving 25 basis points," said Paul Nolte, a market strategist at Murphy & Sylvest in Chicago, about the payrolls revision. "We don't know month by month and won't for a few more months yet, but it points out that labor is weak." UnitedHealth (UNH.N) , opens new tab jumped after it said it expects enrollment in top-rated Medicare insurance plans to be in line with its expectations, which could mean bigger payments from the government to the health insurer. JPMorgan Chase (JPM.N) , opens new tab rose 1.7% after a senior executive said investment banking revenue will grow in the low double digits for the third quarter and that markets revenue would grow in the high teens percentage rate for the third quarter. "That's all good news, signs of a good, thriving economy. M&A is coming back after Trump's Liberation Day put a screeching halt to that," said Jed Ellerbroek, a portfolio manager at Argent Capital, referring to U.S. tariffs announced in April. The S&P 500 climbed 0.27% to end the session at 6,512.61 points, its highest close ever. The Nasdaq gained 0.37% to 21,879.49 points, also a record high close. The Dow Jones Industrial Average rose 0.43% to 45,711.34 points. Eight of the 11 S&P 500 sector indexes rose, led by communication services (.SPLRCL) , opens new tab, up 1.64%, followed by a 0.71% gain in utilities (.SPLRCU) , opens new tab. Year to date, the S&P 500 has gained about 11%, while the Nasdaq is up 13%. Shares of Apple (AAPL.O) , opens new tab fell 1.5% after the company unveiled new iPhones that failed to excite investors. Broadcom (AVGO.O) , opens new tab dipped 2.6% after the world's second most valuable chipmaker gained in the five previous sessions. Investors will focus on a producer inflation report on Wednesday and consumer prices data on Thursday to gauge the impact of Trump's tariff policies, and whether a case could be made for more aggressive interest rate cuts. Nebius (NBIS.O) , opens new tab soared almost 50% after the AI infrastructure firm signed a $17.4 billion deal with Microsoft (MSFT.O) , opens new tab. Rival CoreWeave (CRWV.O) , opens new tab jumped 7%. Class B shares of Fox Corp fell 6.7% and News Corp dipped 4.5%. Rupert Murdoch and his children reached an agreement that will give the eldest son, Lachlan Murdoch, control over the media empire. Albemarle (ALB.N) , opens new tab plunged 11.5% due to easing supply concerns as Chinese battery company CATL is expected to resume production at a lithium mine. In extended trade, Oracle (ORCL.N) , opens new tab surged 12% following its quarterly report. Declining stocks outnumbered rising ones within the S&P 500 (.AD.SPX) , opens new tab by a 1.4-to-one ratio. The S&P 500 posted 19 new highs and no new lows; the Nasdaq recorded 100 new highs and 64 new lows. Volume on U.S. exchanges was relatively light, with 15.6 billion shares traded, compared to an average of 16.1 billion shares over the previous 20 sessions. https://www.reuters.com/business/sp-500-nasdaq-notch-record-high-closes-investors-bet-rate-cut-2025-09-09/
2025-09-09 20:26
Sept 9 (Reuters) - GameStop (GME.N) , opens new tab reported a nearly 22% rise in second-quarter revenue on Tuesday, as the videogame retailer's efforts to revive its struggling business began to pay off, sending its shares up about 3% in extended trading. The company's revenue increased to $972.2 million during the period, compared with $798.3 million a year ago. Sign up here. Once a dominant force in physical retail, GameStop has seen its market share erode over the years due to its slow shift toward digital purchases, while e-commerce giants such as Amazon have become go-to destinations for gaming and general merchandise. Still, the company's collectibles business has shown resilience, with revenue surging 63% in the second quarter, as a strong merchandising strategy centered on pop culture attracted a diverse consumer base. https://www.reuters.com/business/gamestop-reports-rise-second-quarter-revenue-2025-09-09/
2025-09-09 20:21
MEXICO CITY, Sept 9 (Reuters) - Mexico's government will propose a bill to impose import tariffs on some sectors, including automotives and manufacturing, in a bid to address trade imbalances, a top official said on Tuesday. The move would also bring an additional 70 billion pesos ($3.76 billion) to state coffers, the official said. Sign up here. Deputy Minister for Revenues Carlos Lerma told a press conference, following publication of the country's draft 2026 budget, that the Economy Ministry would submit a bill to Congress focused on trade imbalances in some sectors. Lerma did not give details on how tariffs might be adjusted. "It is important to highlight that all this will come within the framework of the international treaties," Lerma added. Lerma did not name any countries, but Finance Minister Edgar Amador said the new tariffs would apply to countries with which Mexico does not currently have trade agreements. President Claudia Sheinbaum has previously said tariffs on China were being considered. Mexico's top trade partner is the United States, with which it shares a free trade agreement, along with Canada. The bulk of its trade with the U.S. falls under this agreement, which has been largely spared from the tariffs imposed by its northern neighbor. The Trump administration has pressured countries in Latin America to limit their ties with economic rival China, which competes with the United States for influence in the region. This includes measures to prevent Chinese goods from avoiding steep U.S. tariffs by passing through another country such as Mexico as a back door to the U.S. market. Mexico already imposes various tariffs on goods from China, including on cars, e-commerce, clothing, shoes, and some manufactured goods. Following reports last month that Mexico could raise tariffs on Chinese goods, Chinese Foreign Ministry spokesperson Guo Jiakun said China opposed restrictions made "under the coercion of others" and that it believed countries would "remain independent." Analysts have warned new tariffs could fuel Mexican inflation, which sped up in August, although it remained within the central bank's target range. "If tariffs on imports from China to Mexico materialize, there will be greater inflationary pressures, both for the consumer and the producer," Banco BASE economic analysis director Gabriela Siller said in a post on X in late August. "A large amount of industrial inputs come from China," she added. ($1 = 18.6350 Mexican pesos) https://www.reuters.com/world/americas/mexico-seeks-impose-tariffs-auto-manufacturing-imports-2025-09-09/
2025-09-09 20:09
SAO PAULO, Sept 9 (Reuters) - Brazilian coffee exports to the United States fell 46% in August while sales to Latin American neighbors surged, coffee exporters group Cecafe reported on Tuesday, even as industry leaders said re-exporting Brazilian beans via third countries was not an alternative for getting past U.S. import tariffs. Despite a drop in total exports to Germany, the European country took the top spot as the biggest importer of Brazilian coffee - accounting for 414,109 60-kilogram bags - in August, while to Mexico and Colombia rose by 90% and 578% respectively to 251,166 and 112,948 bags, Cecafe said. Sign up here. Brazil is the world's largest producer and exporter of coffee, while the United States is the world's largest consumer. President Donald Trump's decision to impose a 50% levy since the start of August on most Brazilian goods, including coffee, has roiled international coffee markets. U.S. imports of Brazilian coffee fell to 301,099 bags, Cecafe said, down from 562,723 in the same month last year. "The tariffs disrupted the market and opened the door to speculative movements," Cecafe President Marcio Ferreira said in a statement. Ferreira told journalists earlier on Tuesday that there was little possibility of re-exporting coffee beans to the United States via third countries. Though some finished coffee products are exported from other countries to the United States, sending raw beans via third countries would be "very easy for the American government to spot," Ferreira said. Tariffs imposed by the United States on Brazilian goods have hit the country's instant coffee industry hard, Aguinaldo Lima, executive director at ABICS, an organization representing Brazil's instant coffee producers, said during the press conference. According to numbers from ABICS, Brazil's instant coffee exports to the United States in August fell 59.9% to 24,460 60-kilogram bags, versus the 65,914 bags exported in the same month last year. "This is detrimental not only to our industries, but also to our trading partners in the United States," Lima said. The U.S. tariffs on Brazilian goods came into effect on Aug. 6. Since then, the International Coffee Organization and Brazil's national crop agency Conab have both warned that the tariffs could push prices higher. With Brazil the world's second-largest coffee consumer, that could begin to impact inflation at home, Celirio Inacio, executive director at the Brazilian coffee industry association (ABIC) said. "Coffee is becoming more expensive for consumers again, and this is causing complaints from consumers and will directly contribute to inflation here in Brazil," Inacio said. https://www.reuters.com/world/americas/brazil-coffee-exports-us-fall-august-surge-elsewhere-industry-says-2025-09-09/
