2025-09-03 23:39

Donald Trump Jr and Eric Trump own about 20% of bitcoin mining company Trump family expands crypto ventures, including World Liberty Financial Eric Trump dismisses conflict of interest criticisms as "insane" NEW YORK, Sept 3 (Reuters) - A bitcoin company tied to President Donald Trump's two oldest sons more than doubled in value in its stock market debut on Wednesday, valuing the sons' stake at well over $1.5 billion as the first family grows their crypto business interests. Shares in American Bitcoin Corp , a bitcoin miner, soared as high as $14.52 in its first day of trade on the Nasdaq, before pulling back to be up 16.5% at $8.04 by the end of the day. Sign up here. The company is around 20% owned by Eric Trump and Donald Trump Jr, American Bitcoin Executive Chairman Asher Genoot said in a previous interview. This values their stake in American Bitcoin at $1.5 billion at the close of trade, based on 908.6 million outstanding shares that American Bitcoin said it had in a September 2 stock exchange filing. The highest price struck by the stock on Wednesday valued their stake at $2.6 billion. Crypto ventures have become an important driver of growth and potential windfall profits for the president’s family, where the family business - The Trump Organization - had in the past focused on building and running real estate projects and golf courses. "Crypto is exploding," Eric Trump said in an interview on Wednesday. "I would be saying right now, the crypto space is at least 50% of what I'm doing." The Trump family's forays into crypto have drawn criticisms from Democratic lawmakers and government ethics watchdogs about conflicts of interests. Critics say the Trump family is profiting from crypto at the same time when the president is easing regulations and enforcement on the industry. Eric Trump, the second son of Trump, dismissed such criticisms on Wednesday as "insane." "My father has absolutely nothing to do with this venture," Eric Trump said. "He's is running a nation. He's not involved in our businesses in any way, shape or form." Eric Trump, who holds the titles of co-founder and chief strategy officer at American Bitcoin, described his role at the company as akin to a spokesperson. "Crypto had a very bad voice for a long time. They really had a hard time communicating a message," Eric Trump said. "I think I've become one of the great spokespeople for crypto over the last, call it, you know, 12 to 18 months," he said. "I think I've been able to put a great voice on that, not just here in the U.S., but worldwide." President Donald Trump has promised to be the “crypto president,” saying he backs the asset class because it can improve the banking system and increase the dominance of the U.S. dollar. In line with his family's growing crypto interests, Eric Trump has travelled internationally this year to cities including Dubai, Hong Kong and Tokyo to rally foreign support for the crypto industry. The Trump family has launched a string of crypto ventures in the past year, from American Bitcoin to World Liberty Financial, and meme coins launched by Trump and his wife before the president’s inauguration in January. World Liberty Financial, which debuted digital tokens known as $WLFI on Monday, has earned the first family around $500 million since its launch last year, according to Reuters’ calculations. Trump Media & Technology Group (DJT.O) , opens new tab and Crypto.com agreed last month to a deal with a blank-check acquisition company to launch a new venture that will pursue a treasury-style strategy to buy the digital token CRO. Hut 8 Corp (HUT.O) , opens new tab, an energy infrastructure company that is also involved in bitcoin mining, owns about 80% of American Bitcoin. American Bitcoin said in a stock exchange filing on Wednesday it is also selling $2.1 billion worth of shares, and plans to use the proceeds to buy bitcoins or bitcoin mining machines. https://www.reuters.com/business/trumps-oldest-sons-american-bitcoin-stake-worth-15-billion-stock-debut-2025-09-03/

2025-09-03 23:28

Sept 3 (Reuters) - California lawmakers on Wednesday voted to allow the sale of a higher-ethanol gasoline blend that could help bring down fuel prices in the largest U.S. auto market. The sale of E15, a blend containing 15% ethanol, would be allowed immediately once the bill is signed by Governor Gavin Newsom. California had been the only U.S. state that did not allow sales of the fuel. Sign up here. The move likely will benefit biofuel producers and corn farmers, as it is will expand the market for their products to the most populous U.S. state. California's state Senate passed the bill, AB 30, in a unanimous 39-0 vote. The measure passed the state Assembly in June. Newsom had directed California regulators last year to study whether the state could increase ethanol blending in gasoline, but that work is not yet completed. California has been grappling with how to rein in skyrocketing pump prices while maintaining its ambitious environmental goals. "California consumers cannot wait any longer," California Senator Laura Richardson said on the Senate floor while introducing the bill. She pointed to a University of California study that estimated that the fuel's availability could lower gas prices in the state by 20 cents per gallon. "With today's passage of AB30, California is taking a big step toward lower gas prices and a cleaner, more sustainable future for families across the state," said Geoff Cooper, president of the Renewable Fuels Association, said in a statement. "Many other states have already seen the benefits of E15 -- healthier air, better engine performance, and cost savings at the pump. Now, California drivers are on the cusp of experiencing those same advantages, and we urge Gov. Newsom to sign the bill into law as quickly as possible." https://www.reuters.com/sustainability/climate-energy/california-lawmakers-vote-allow-sale-higher-ethanol-fuel-2025-09-03/

2025-09-03 22:14

Sept 3 (Reuters) - U.S.-based energy company EQT (EQT.N) , opens new tab will purchase 1.5 million tonnes per annum of liquefied natural gas from NextDecade's (NEXT.O) , opens new tab Rio Grande export facility in Texas for 20 years, the companies said on Wednesday. NextDecade will supply the superchilled fuel from its fifth liquefaction facility, also known as a train, at Rio Grande. Sign up here. The agreement will be on a free-on-board basis at a price indexed to Henry Hub, subject to NextDecade making a positive final investment decision on Train 5, which is expected in the fourth quarter. Shares of NextDecade rose 4.3% in extended trading. The companies did not disclose the financial details of the deal. "EQT has been aggressive in securing long-term supply and marketing deals. Recent deals have the potential to improve EQT's realized pricing by linking more volumes to LNG benchmarks and diversifying away from in-basin pricing, and allowing for production growth longer-term," said Gabriele Sorbara, analyst at Siebert Williams Shank. Commercial activity in the LNG sector in the U.S., the world's largest exporter of the fuel, has been increasing rapidly after President Donald Trump lifted a moratorium on new export permits soon after taking office in January. NextDecade is building its Rio Grande LNG facility with a capacity of 17.6 mtpa. It is also developing its Train 4 and 5 with a combined additional capacity of 10.8 mtpa. The company expects to complete commercialization of Train 5 in the third quarter and a positive FID on Train 4 by September 15. LNG developers typically reach an FID on projects once they have secured enough supply deals to obtain the necessary financing for construction. NextDecade has also signed similar agreements with top oil producer Saudi Aramco (2222.SE) , opens new tab, TotalEnergies (TTEF.PA) , opens new tab and Japan's biggest power generator JERA. The company extended the price validity period under its engineering, procurement, and construction contract with Bechtel Energy for Train 5 until November 15 from September 15 previously. Total costs for Train 5 and related infrastructure are expected to be about $6.7 billion, it said. https://www.reuters.com/business/energy/eqt-buy-lng-nextdecades-rio-grande-train-5-project-20-years-2025-09-03/

2025-09-03 21:27

LONDON, Sept 3 (Reuters) - Global miner Anglo American (AAL.L) , opens new tab is selling off its remaining stake in Valterra Platinum (VALJ.J) , opens new tab, worth around $2.4 billion, it said on Wednesday, marking its full exit from its former subsidiary. The company has launched an accelerated bookbuild offering to sell about 52.2 million shares in the company, it said. Sign up here. The demerger of Valterra, formerly known as Anglo American Platinum, became effective in May, leaving just 19.9% of it in Anglo's portfolio. London-listed Anglo has been selling or spinning off non-core assets since bigger rival BHP's (BHP.AX) , opens new tab failed takeover attempt last year, to focus on copper and iron ore. The restructuring process has however been set back by the aborted sale of its steelmaking coal assets in August, for which Anglo is confident that an alternative buyer will be found through a new sales process. Anglo on Wednesday said the placing will "raise further cash proceeds". https://www.reuters.com/world/africa/anglo-american-sell-remaining-stake-valterra-2025-09-03/

2025-09-03 21:04

ORLANDO, Florida, Sept 3 (Reuters) - TRADING DAY Making sense of the forces driving global markets Sign up here. By Jamie McGeever, Markets Columnist A rebound in U.S. tech stocks lifted the Nasdaq and S&P 500 on Wednesday, but soft U.S. employment indicators kept investors on edge and sparked a rally in Treasuries and gold prices. More on that below. In my column today, I look at the surprising strength of China's yuan against the dollar in recent weeks, and argue that it may be part of Beijing's wider strategy in its trade negotiations with Washington. If you have more time to read, here are a few articles I recommend to help you make sense of what happened in markets today. Today's Key Market Moves Today's Talking Points: * U.S. jobs This is a huge week for the U.S. labor market, and therefore the Fed. Most observers agree conditions are softening - the disagreement is over how rapidly, whether interest rate cuts are warranted, and if so, when does the Fed act. Figures on Wednesday showed job openings fell to a 10-month low in July and there were more unemployed people than positions available for the first time since the pandemic. Weekly claims and July ADP private sector jobs data are out on Thursday, before the big one on Friday - August non-farm payrolls. * ECB Euro zone price pressures may be a little hotter than expected, with figures this week showing producer inflation in July and consumer inflation in August above forecast. European Central Bank board member Isabel Schnabel told Reuters there's no need to cut rates. Schnabel is at the hawkish end of the spectrum, but markets don't disagree - the ECB is expected to stand pat next week and all of next year. Further rate cut hopes are fading. Could the next move, whenever it comes, actually be a rate hike? * China flexes muscles China held its largest-ever military parade on Wednesday to mark 80 years since Japan's defeat in World War Two, with President Xi Jinping telling the world it must choose between "peace or war, dialogue or confrontation, win-win or zero-sum." U.S. President Donald Trump called it a "beautiful ceremony". The event was designed to flex China's diplomatic, economic and tech muscle too, not just its military might. As many countries agree to lopsided trade deals with the U.S., the leaders of China, Russia and India are forging closer ties between their nations. China uses yuan as olive branch in U.S. trade talks A notable trend this year has been the often-counterintuitive market reactions to U.S. President Donald Trump's efforts to upend many long-held economic norms. One of the biggest surprises has been the appreciation of China's yuan. The consensus opinion at the start of the year was that Beijing would counter Washington's punitive tariffs on Chinese imports by depreciating the yuan against the dollar. This would keep Chinese goods competitive, enabling the country's exporters to compensate for any loss of U.S. business. On top of that, a weaker exchange rate would, in theory, help to reflate China's economy, pulling it out of the deflationary funk it has been in since its property bubble began to burst in 2021. And, finally, a weaker yuan would be a poke in the eye to Washington. A key pillar of the Trump administration's economic agenda, articulated most artfully by adviser Stephen Miran and Treasury Secretary Scott Bessent, is a weaker dollar. But Beijing surprised everyone. The yuan did slide to an 18-year low around 7.350 per dollar during the chaos of Trump's April 2 'Liberation Day' tariffs. And combined with low domestic inflation and even deflation in recent years, the yuan's broad 'real' effective exchange rate (REER) is the weakest in over a decade. But since April, it has reversed course rapidly against the dollar, trading last week at a 2025 high of 7.1260 per dollar. Indeed, measured by the People's Bank of China's official daily fixings or offshore market trading, the yuan just posted its biggest monthly gain against the greenback in almost a year. These big moves can partly be explained by strong capital inflows. The Shanghai Composite equity index is at a 10-year high, boosted by record net inflows from hedge funds in August. And even though China's trade surplus with the U.S. may be shrinking, its global surplus in the first seven months of the year hit a new record. That's a recipe for a stronger exchange rate. GOOD FAITH But with a currency as tightly controlled as the yuan, market dynamics are not the whole story. The appreciation appears to be a deliberate policy choice by Beijing, potentially hinting at its broader strategy in combating Trump's tariffs. On a basic level, this doesn't make sense. Given the deflationary pressures still weighing on the Chinese economy, why do authorities appear to be actively pursuing a stronger exchange rate? But when viewed as a negotiating tactic, the logic starts to become clear. The Trump administration has explicitly stated that it wants a weaker dollar – not a 'weak dollar', mind you – but a currency level that would make U.S. exports more attractive. And Beijing can help deliver this, especially given that China's currency acts as an anchor for other regional exchange rates. Thus, the yuan's appreciation against the dollar indicates that – despite China's show of force this week – Beijing is still willing to negotiate with Washington. 'ANTI-INVOLUTION' China may also want a firmer exchange rate to help ease some domestic concerns, namely sluggish consumption. The economic data coming out of China will do little to support consumer sentiment or domestic demand: the latest headline manufacturing PMI data was soft, new orders are declining, and construction has contracted at its fastest rate since the pandemic. President Xi Jinping is clearly taking this seriously. He has pledged to take steps to boost domestic consumption and technological innovation, while supporting small firms. And he has also spoken about breaking the cycle of "involution", a term now widely used for excess competition and overcapacity. An appreciating yuan should help these efforts because, as all else being equal, a stronger currency should boost domestic demand. The yuan's recent rise against the dollar is thus "a policy push, not a market pull," as Goldman Sachs analysts neatly put it. And given the foreign and domestic concerns China currently faces, investors should not be surprised if Beijing keeps pushing the currency higher, at least until the latest U.S.-Sino tariff truce expires in November. A stronger yuan may be one olive branch Beijing is still willing to offer. What could move markets tomorrow? Want to receive Trading Day in your inbox every weekday morning? Sign up for my newsletter here. Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles , opens new tab, is committed to integrity, independence, and freedom from bias. https://www.reuters.com/world/china/global-markets-trading-day-graphic-2025-09-03/

2025-09-03 21:01

OPEC+ expected to consider further raising oil production OPEC+ meeting set to take place on Sunday US crude stocks rose last week, market sources say, citing API NEW YORK, Sept 3 (Reuters) - Oil prices fell by more than 2% on Wednesday ahead of a weekend meeting of OPEC+ producers that is expected to consider another increase in production targets in October. Brent crude fell $1.6, or 2.31%, to $67.54 a barrel by 2:11 p.m. EDT (1811 GMT). U.S. West Texas Intermediate crude fell $1.68, or 2.56%, to $63.91 a barrel. Sign up here. Eight members of the Organization of the Petroleum Exporting Countries and allies - known as OPEC+ - will consider further raising oil production at a meeting on Sunday, two sources familiar with the discussions told Reuters, as the group seeks to regain market share. The prospect of OPEC+ raising oil production has increased ahead of the meeting, said Phil Flynn, senior analyst with Price Futures Group. Traders had expected the group to stay the course. Another boost would mean that OPEC+, which pumps about half of the world's oil, would be starting to unwind a second layer of output cuts of about 1.65 million barrels per day, or 1.6% of world demand, more than a year ahead of schedule. The group had already agreed to raise output targets by about 2.2 million bpd from April to September, in addition to a 300,000 bpd quota increase for the United Arab Emirates. "If output is raised in line with new quotas, we see the market moving into a sizeable surplus from September 2025 through 2026, with inventories building unless countered by renewed restraint," said Ole Hvalbye, an analyst at SEB bank. Actual increases from the group, however, have fallen short of its pledges as some members compensated for previous over-production and others struggled to raise output due to capacity constraints. Market participants now await government data on U.S. crude stockpiles, due on Thursday. U.S. crude stocks rose by 622,000 barrels in the week ended August 29, market sources said, citing American Petroleum Institute figures on Wednesday. Soft economic data, which tends to weigh on the demand outlook for oil, also pressured prices. U.S. Labor Department data showed on Wednesday that job openings, a measure of labor market demand, fell more than expected to 7.181 million in July. Economists polled by Reuters had expected 7.378 million. Earlier this week, U.S. manufacturing contracted for a sixth month. Meanwhile, parts of Nigeria's 650,000-bpd Dangote refinery were offline due to catalyst leaks and other issues, with repairs expected to take at least two weeks. https://www.reuters.com/business/energy/oil-prices-drop-opec-weighs-another-output-hike-2025-09-03/