ASTRAZENECA PLANS TO INCREASE INVESTMENT AND SCOPE OF ITS VIRGINIA MANUFACTURING FACILITY TO $4.5 BILLION, CREATING 3,600 NEW JOBS
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By Elizabeth Howcroft and Tommy Reggiori Wilkes PARIS/LONDON (Reuters) -Ten major banks including Bank of America, Deutsche Bank, Goldman Sachs and UBS are jointly exploring issuing a stablecoin, the latest sign of traditional finance seeking to get to grips with the growth of digital assets. The group of lenders, which includes Citi, MUFG, Barclays, TD Bank, Santander and BNP Paribas, will work together to explore creating blockchain-based assets pegged to G7 currencies, the banks said in a statement on Friday. The project, which is in its early stages, will explore whether there is value in issuing assets on public blockchains which are pegged 1:1 to real-world currencies – a type of cryptocurrency known as stablecoins. "The objective of the initiative is to explore whether a new industry-wide offering could bring the benefits of digital assets and enhance competition across the market, while ensuring full compliance with regulatory requirements and best practice risk management," the banks said. CRYPTO RALLY, TRUMP AID INTEREST IN STABLECOINS Various banks and other financial institutions have announced plans to look at launching stablecoins, as soaring crypto prices and U.S. President Donald Trump's support for the sector has sparked a revival of interest in the idea of using blockchain in the mainstream financial system. Regulators and financial stability authorities have expressed concern that stablecoins could facilitate the movement of funds outside regulated banking systems, potentially undermining the role of commercial banks in global payment flows. Bank of England Governor Andrew Bailey has warned UK banks against issuing their own stablecoins, while the European Central Bank President Christine Lagarde said in June that privately issued stablecoins posed risks for monetary policy and financial stability. So far stablecoins have been largely used for moving money between crypto markets, which remain a small part of wider financial markets. Nearly nine-tenths of stablecoin transactions are related to crypto trading while just 6% for actual payment of goods or services, BCG estimated in a report earlier this year. The market is dominated by the El Salvador-based Tether, which accounts for $179 billion of the $310 billion worth of stablecoins in circulation, according to CoinGecko. France's Societe Generale, which was not included in the list, became the first major bank to issue a dollar-backed stablecoin through its digital asset subsidiary earlier this year. The token has not been widely adopted, with just $30.6 million in circulation. RIVAL CONSORTIUM OF BANKS LAUNCHING A EURO STABLECOIN A separate consortium of nine European banks including heavyweights ING and UniCredit, said last month they were forming a new company to launch a euro-denominated stablecoin. Some bank bosses say they see greater promise in the tokenisation of financial assets, in which digital representations of assets such as deposits, stocks and bonds are created and stored on a blockchain. Citi's CEO said in July that tokenised deposits were probably more important than a stablecoin. Many such projects remain in the pilot phase and executives said last year that efforts to tokenise assets were moving more slowly than expected. (Reporting by Elizabeth Howcroft and Tommy Reggiori Wilkes, Editing by Louise Heavens)
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By Elizabeth Howcroft and Tommy Reggiori Wilkes PARIS/LONDON (Reuters) -Ten major banks including Bank of America, Deutsche Bank, Goldman Sachs and UBS are jointly exploring issuing a stablecoin, the latest sign of traditional finance seeking to get to grips with the growth of digital assets. The group of lenders, which includes Citi, MUFG, Barclays, TD Bank, Santander and BNP Paribas, will work together to explore creating blockchain-based assets pegged to G7 currencies, the banks said in a statement on Friday. The project, which is in its early stages, will explore whether there is value in issuing assets on public blockchains which are pegged 1:1 to real-world currencies – a type of cryptocurrency known as stablecoins. "The objective of the initiative is to explore whether a new industry-wide offering could bring the benefits of digital assets and enhance competition across the market, while ensuring full compliance with regulatory requirements and best practice risk management," the banks said. CRYPTO RALLY, TRUMP AID INTEREST IN STABLECOINS Various banks and other financial institutions have announced plans to look at launching stablecoins, as soaring crypto prices and U.S. President Donald Trump's support for the sector has sparked a revival of interest in the idea of using blockchain in the mainstream financial system. Regulators and financial stability authorities have expressed concern that stablecoins could facilitate the movement of funds outside regulated banking systems, potentially undermining the role of commercial banks in global payment flows. Bank of England Governor Andrew Bailey has warned UK banks against issuing their own stablecoins, while the European Central Bank President Christine Lagarde said in June that privately issued stablecoins posed risks for monetary policy and financial stability. So far stablecoins have been largely used for moving money between crypto markets, which remain a small part of wider financial markets. Nearly nine-tenths of stablecoin transactions are related to crypto trading while just 6% for actual payment of goods or services, BCG estimated in a report earlier this year. The market is dominated by the El Salvador-based Tether, which accounts for $179 billion of the $310 billion worth of stablecoins in circulation, according to CoinGecko. France's Societe Generale, which was not included in the list, became the first major bank to issue a dollar-backed stablecoin through its digital asset subsidiary earlier this year. The token has not been widely adopted, with just $30.6 million in circulation. RIVAL CONSORTIUM OF BANKS LAUNCHING A EURO STABLECOIN A separate consortium of nine European banks including heavyweights ING and UniCredit, said last month they were forming a new company to launch a euro-denominated stablecoin. Some bank bosses say they see greater promise in the tokenisation of financial assets, in which digital representations of assets such as deposits, stocks and bonds are created and stored on a blockchain. Citi's CEO said in July that tokenised deposits were probably more important than a stablecoin. Many such projects remain in the pilot phase and executives said last year that efforts to tokenise assets were moving more slowly than expected. (Reporting by Elizabeth Howcroft and Tommy Reggiori Wilkes, Editing by Louise Heavens)
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(Adds context, central bank data in paragraphs 2-4) BRASILIA, Oct 10 (Reuters) – Brazil's government on Friday announced a new real estate funding framework that loosens rules on the mandatory allocation of bank resources to the sector, releasing 36.9 billion reais ($6.72 billion) for them to boost housing loans. The changes are based on easing the use of savings accounts as the main source of housing credit in Latin America's largest economy. Although exempt from income tax, savings accounts offer returns well below the benchmark interest rate, leading to significant outflows in recent years as Brazilians gain financial literacy and easier access to fixed-income alternatives through investment platforms. Under the model presented by President Luiz Inacio Lula da Silva's administration, banks will no longer be required to meet central bank reserve requirements or earmark destinations when using savings account funds, in a phased transition. The central bank estimates this will unlock 111 billion reais in new loans in its first year, 52.4 billion reais more than the current framework. Of that, 36.9 billion reais will be made available for immediate lending, it said in a statement. The overhaul is expected to fuel borrowing ahead of the 2026 general election, even as the central bank maintains high interest rates to cool the economy and curb inflation. Until the end of next year, banks must still allocate 65% of savings deposits to housing loans, while 15% may be freely used. The share held as compulsory central bank deposits will fall to 15% from 20%, freeing up 5% for additional housing loans. From 2027, banks that raise market funding and fully allocate it to housing loans may use an equivalent amount from savings accounts, which are typically cheaper, for free allocation over a set period. The government expects the flexibility to improve banks' profitability and enable lower rates on housing loans funded through other sources. Under the new rules, 80% of housing loans must comply with the Housing Finance System, which caps interest at 12% annually. ($1 = 5.4878 reais) (Reporting by Marcela Ayres; Editing by Paul Simao, Kirsten Donovan)
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* Over 1 million consumers affected by power cuts in Ukraine * One child killed, 20 people hurt, officials say * Transport delays and blackouts disrupt life in Kyiv * Russia intensifies attacks on Ukraine's energy (Adds Zelenskiy's comments in paragraphs 8,9,11, 13) By Vladyslav Smilianets and Yuliia Dysa KYIV, Oct 10 (Reuters) – Large parts of Kyiv were plunged into darkness in the early hours of Friday after Russian drones and missiles struck Ukrainian energy facilities, cutting power and water to homes and halting a key metro link across the Dnipro river. In the latest mass attack targeting the energy system as winter approaches, electricity was interrupted in nine regions and over a million households and businesses were temporarily without power across the country. In southeastern Ukraine, a seven-year-old was killed when his home was hit and at least 20 people were injured. In Kyiv, an apartment block in the city centre was damaged by a projectile, while on the left bank of the Dnipro that divides the capital, crowds waited at bus stops with the metro out of action and people filled water bottles at distribution points. "We didn't sleep at all," said Liuba, a pensioner, as she collected water. "From 2:30 a.m. there was so much noise. By 3:30 we had no electricity, no gas, no water. Nothing." According to Ukraine's energy ministry, over 800,000 customers temporarily lost power in Kyiv. CALLS FOR AIR DEFENCES, SANCTIONS ENFORCEMENT Ukrainians are bracing for a tough winter, as the full-scale war nears its fourth anniversary. Russia has intensified attacks on the energy system in recent weeks, striking power plants and gas production facilities, and local authorities are struggling with the scale of repairs required. "They can't demonstrate anything real on the battlefield… so they will attack our energy sector," President Volodymyr Zelenskiy told reporters in Kyiv. Calling for more support from allies, he said that Ukraine's 203 main energy facilities needed air-defence protection. Energy Minister Svitlana Hrynchuk met G7 ambassadors and representatives from some of Ukraine's biggest energy companies to discuss how allies could help protect the country against further attacks and repair the damage. "The blow is strong, but it is definitely not fatal," Zelenskiy told reporters in Kyiv. Ukraine's air force said it had downed 405 of 465 drones and 15 of 32 missiles in this attack. Ukraine's stretched air defences are no match for regular barrages on such a scale. According to Zelenskiy, Russia deliberately waited for bad weather to attack, and the inclement conditions reduced the efficiency of Ukraine's air defences by between 20% and 30%. Russia said its overnight strikes were in response to Ukraine's attacks on Russian civilian facilities. Ukraine regularly launches drone strikes against Russia's military and oil installations, although they are generally on a far smaller scale. Kyiv says it wants to force Moscow, which started the war, to negotiate a peace deal in good faith. COMMUTERS STRANDED AMID TRANSPORT DISRUPTIONS For many Kyiv residents, the day started with power cuts, disruptions in the water supply and transport delays Over 250,000 consumers in the capital were still disconnected from the grid late on Friday, according to authorities. "We had no power or water when I left my house. I can't get to work because subway is not operating and buses are overflowing," Anatoliy, a 23-year-old student, told Reuters. "I'm hoping for the best but I don't even know how to reach the other bank (of the Dnipro)," he said, after spending the night in his hallway because of loud explosions. Prime Minister Yulia Svyrydenko said the assault was among the heaviest concentrated strikes on energy infrastructure and reported significant damage. Her deputy, Oleksiy Kuleba, said two million customers in Kyiv temporarily faced problems with water supplies. Ukrainian private energy firm DTEK said its thermal power plants had suffered significant damage but did not immediately provide further details. Hrynchuk said it was three years to the day since Russia launched its first large-scale attack on Ukraine's power grid. "Today, Russia continues to use cold and darkness as instruments of terror," she said on Facebook. (Reporting by Vladyslav Smilianets, Anastasiia Malenko, Yuliia Dysa, Gleb Garanich and Ron Popeski; Writing by Mike Collett-White; Editing by Kim Coghill, Michael Perry, Timothy Heritage, Aidan Lewis and Sharon Singleton)
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By Jarrett Renshaw WASHINGTON (Reuters) -President Donald Trump is expected to make an announcement on Friday about lowering U.S. drug prices, according to a White House official who declined to provide any additional details. Trump is expected to announce a deal with Britain-based drugmaker AstraZeneca, MSNBC reported, citing a White House official. The deal would include a "most-favored-nation" drug pricing model aimed at making prescriptions more affordable for low-income Americans, including those on the government's Medicaid health plan, the report said. Discounted prices would be available through the TrumpRx website, planned to launch next year, and AstraZeneca CEO Pascal Soriot will be present at the White House for the announcement, MSNBC said. The White House was not immediately available for comment. AstraZeneca declined to comment. ANNOUNCEMENT COMES AFTER PFIZER DEAL The announcement, which follows a deal Trump announced last week with U.S. drugmaker Pfizer, is set to take place at 5 p.m. ET (2100 GMT) in the Oval Office, the White House official had said. Pfizer agreed to lower prescription drug prices in the Medicaid program for lower-income Americans to what it charges in other developed countries in exchange for tariff relief. U.S. patients currently pay by far the most for prescription medicines, often nearly three times more than in other developed nations, and Trump has been pressuring drugmakers to lower their prices to what patients pay elsewhere. Pfizer was the first major pharmaceutical company to announce a deal with Trump after the president sent letters to 17 leading drugmakers in July telling them to slash prices. He asked them to respond with binding commitments by September 29. The news of an impending second "most-favored-nation" drug pricing announcement was first reported by CBS News reporter Jennifer Jacobs in a post on X, citing people familiar with the matter. (Reporting by Jarrett Renshaw in Washington and Mariam E Sunny in Bengaluru; Writing by Michael Erman in New Jersey; Editing by Arun Koyyur, Caroline Humer and Bill Berkrot)
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By Blake Brittain (Reuters) -A federal jury in Marshall, Texas found on Friday that Samsung Electronics owes patent owner Collision Communications nearly $445.5 million in damages for infringing on patents related to 4G, 5G and Wi-Fi communications standards. The jury said that Samsung's laptops, Galaxy smartphones and other wireless-enabled devices infringe four Collision patents. The verdict is one of several nine-figure patent infringement verdicts that Samsung has been hit with in the same Marshall, Texas court in recent years. Spokespeople and attorneys for the companies did not immediately respond to requests for comment. Peterborough, New Hampshire-based Collision sued Samsung in 2023 for infringing patents related to improving wireless network efficiency. Collision said in the lawsuit that the patents stemmed from research conducted by defense contractor BAE Systems, which is not involved in the case. Samsung denied the allegations and argued that the patents were invalid. (Reporting by Blake Brittain in Washington, Editing by Alexia Garamfalvi and Diane Craft)
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(Adds rig counts in the Permian and Texas) * Rig count down 7% from last year, Baker Hughes says * Permian Basin rig count lowest since September 2021 * EIA projects rise in crude and gas output By Scott DiSavino Oct 10 (Reuters) – U.S. energy firms this week cut the number of oil and natural gas rigs operating, the first reduction in six weeks, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, fell by two to 547 in the week to October 10. Baker Hughes said this week's decline puts the total rig count down 39 rigs, or 7% below this time last year. Baker Hughes said oil rigs fell by four to 418 this week, while gas rigs rose by two to 120, their highest since August. In the Permian Basin in West Texas and eastern New Mexico, the biggest U.S. oil-producing shale formation, the rig count fell by one this week to 250, the lowest since September 2021. In Texas, meanwhile, the rig count dropped by six this week to 238, also the lowest since September 2021. The oil and gas rig count declined by about 5% in 2024 and 20% in 2023 as lower U.S. oil and gas prices over the past couple of years prompted energy firms to focus more on boosting shareholder returns and paying down debt rather than increasing output. The independent exploration and production, or E&P, companies tracked by U.S. financial services firm TD Cowen said they planned to cut capital expenditures by around 4% in 2025 from levels seen in 2024. That compares with roughly flat year-over-year spending in 2024, increases of 27% in 2023, 40% in 2022, and 4% in 2021. Even though analysts forecast U.S. spot crude prices would decline for a third straight year in 2025, the U.S. Energy Information Administration (EIA) projected crude output would rise from a record 13.2 million barrels per day (bpd) in 2024 to around 13.5 million bpd in 2025. On the gas side, EIA projected a 56% increase in spot gas prices in 2025 would prompt producers to boost drilling activity this year after a 14% price drop in 2024 caused several energy firms to cut output for the first time since the COVID-19 pandemic reduced demand for the fuel in 2020. EIA projected gas output would rise to 107.1 billion cubic feet per day (bcfd) in 2025, up from 103.2 bcfd in 2024 and a record 103.6 bcfd in 2023. (Reporting by Scott DiSavino; Editing by David Gregorio)
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VIDEO SHOWS: HIGHLIGHTS FROM QUARTER-FINAL ACTION AT WTA 1000 WUHAN OPEN – WINS FOR COCO GAUFF AND JASMINE PAOLINI COMPLETE SCRIPT TO FOLLOW SHOWS: WUHAN, CHINA (OCTOBER 10, 2025) (WTA/DAZN – See restrictions) COCO GAUFF (WHITE BANDANA) v LAURA SIEGEMUND (YELLOW TOP AND CAP) 6-3 6-0 FIRST SET 1. COCO GAUFF HITS BACKHAND WINNER 2. LAURA SIEGEMUND WINS POINT WITH BACKHAND WINNER PAST GAUFF 3. OVERHEAD SMASH BY GAUFF TO WIN POINT 4. GAUFF WINS SET AS SIEGEMUND NETS FOREHAND SMASH AND WALKING BACK SECOND SET 5. GAUFF BREAKS SIEGEMUND WITH BACKHAND WINNER 6. GAUFF WINS MATCH AS SIEGEMUND'S BACKHAND RETURN GOES LONG 7. GAUFF WALKING BACK TO THE NET 8. PLAYERS SHAKE HANDS 9. GAUFF WAVING TO CROWD JASMINE PAOLINI (GREY TOP) v IGA SWIATEK 6-1 6-2 10. VARIOUS OF COIN TOSS FIRST SET 11. SWIATEK SERVING / PAOLINI WINS RALLY WITH FOREHAND VOLLEY AT NET 12. SWIATEK SERVING / SWIATEK WINS RALLY WITH OVERHAND SMASH AT NET 13. SWIATEK SERVING AT SET POINT TO PAOLINI / SWIATEK HITS NET DURING RALLY AS PAOLINI WINS FIRST SET SECOND SET 14. SWIATEK SERVING / PAOLINI WINS SHORT RALLY WITH FOREHAND FROM BASELINE 15. SWIATEK SERVING AT BREAK POINT / PAOLINI HITS RETURN WINNER 16. SWIATEK SERVING AT MATCH POINT / RALLY ENDS WITH SWIATEK HITTING BALL LONG 17. PLAYERS AT NET 18. PAOLINI CELEBRATING WIN
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By Vallari Srivastava and Curtis Williams (Reuters) -Venture Global shares plunged 21% on Friday to their lowest level in nearly five months after it lost an arbitration case with BP over the U.S. LNG exporter's failure to deliver on a long-term gas supply contract, stoking worries of similar verdicts in disputes with other customers seeking billions of dollars in compensation. The ruling was a surprise after Venture Global's recent arbitration win against Shell. BP is seeking more than $1 billion in damages plus interest and legal costs, with the final amount to be determined in a separate hearing in 2026. Venture Global, the second-largest U.S. liquefied natural gas supplier, is facing other arbitration claims with customers seeking compensation of more than $4 billion linked to the delayed commercial start-up of the Calcasieu Pass project in Louisiana, according to the company's 2024 annual report. The company previously warned that losing current or future arbitration cases could result in significant financial penalties, the termination of some gas supply contracts, and accelerated repayment of project debt. All of the companies that have filed arbitration are seeking compensation, and none of them have sought to terminate their contracts in their proceedings, Venture Global has said. It is unclear why the result of the BP arbitration was different to the Shell case, and whether the outcome was due to differences in contracts or in the company's legal strategies. PENDING ARBITRATION CASES COULD BRING ADDITIONAL DAMAGES Deutsche Bank said in a note to clients on Friday that the latest outcome pushed it to revise the risk that Venture Global will face negative decisions from the remaining arbitrations to 50%. Venture Global told analysts on Thursday that the BP ruling has no impact on its current sale and purchase agreement with the company, according to two people who recounted the call to Reuters. Gabriel Moreen, a managing director at Mizuho Securities, called the ruling a "negative surprise," saying it introduces uncertainty for the remaining claims. "How two arbitrations over the exact same facts and circumstances led to two different outcomes is perhaps more a comment on the arbitrary nature of unilateral decision-making in arbitration hearings than anything else," J.P. Morgan analysts wrote in a note to clients on Friday. Should the company lose the remaining arbitration cases, it could face damages in the vicinity of $4.8 billion. If it continues to see split results, however, the total damages would be closer to $2.9 billion, the analysts said. The Venture Global share drop looked set to wipe out nearly $6 billion from the company's market valuation, if current losses hold. Since the company's initial public offering in January, its shares have fallen more than 58%. The stock declines also reflect ongoing investor caution over LNG commissioning risks. Venture Global is expanding its production amid surging global demand, with the U.S. becoming the world's top LNG supplier in 2023. CALCASIEU PROJECT IN SPOTLIGHT In addition to BP and Shell, Italy's Edison, Portugal's Galp, Spain's Repsol, and Poland's Orlen have filed arbitration claims accusing Venture Global of profiteering by selling LNG cargoes at higher spot market prices, rather than delivering them under long-term contracts. Edison and Repsol told Reuters they were still pursuing their arbitration cases against Venture Global. Orlen declined to comment, but said it remains in arbitration with the U.S. company. Venture Global has argued that the Calcasieu Pass export facility start-up was unavoidably delayed and could not reach the status of commercial operations for almost three years, even though it was exporting the superchilled gas from the plant. Long-term contracts did not take effect until the plant reached commercial operations in April 2025. Citi said the arbitration result was "unexpected," adding that the tighter language in BP's contract likely contributed to the outcome. The International Chamber of Commerce International Court of Arbitration found that Venture Global had breached its obligations to declare commercial operations had begun at the Calcasieu Pass plant in a timely manner and act as a "reasonable and prudent operator," the company said on Thursday. Venture Global said it is evaluating all options and will continue to vigorously defend its position. (Reporting by Vallari Srivastava in Bengaluru and Curtis Williams in Houston; Additional reporting by Marwa Rashan in London, Francesca Landini in Milan and Marek Strzelecki in Warsaw; Editing by Sriraj Kalluvila, Nathan Crooks and Paul Simao)
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