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By Oliver Griffin DOMINGOS MARTINS, Brazil (Reuters) -Brazil's coffee sector is going through a stinky time amid punitive U.S. tariffs but a specialty coffee that passes through the digestive tract of the exotic Jacu bird is emerging from the muck-flinging without undue distress. U.S. President Donald Trump imposed a 50% tariff on Brazilian goods in early August, amid a spat with Brazil's leftist leader Luiz Inacio Lula da Silva. It was a powerful blow to Brazil's premium coffee brands, which had Americans as their most avid consumers. But as Brazil’s premium coffee exports began to fall sharply, one peculiar brew defied the downturn by appealing to Japanese, British and, increasingly, Brazilian consumers, hinting that the country's specialty coffee future may depend on reaching beyond its biggest traditional market. Americans, on the other hand, don't have much of a taste for Jacu bird coffee, a high-end Arabica that’s eaten, digested, and defecated by a fowl native to Brazil’s Atlantic Forest before being turned into a brew.  "Americans … don't have the same vision as the Japanese, the Asians, people from Saudi Arabia, the Europeans, of looking for this type of quality," Henrique Sloper, the producer of Jacu Bird coffee, told reporters. "So, for us, it doesn't affect anything in the specific case of this product." Jacu Bird coffee is prized for its floral aroma and balanced acidity, qualities that stem from the beans’ absorbent nature and the bird’s digestive process, according to Rogerio Lemke, agriculture supervisor at Fazenda Camocim, the farm behind its production.  "The Jacu doesn't just eat coffee, it eats fruit too, and inside its craw, the coffee bean absorbs the characteristics of these fruits into the bean as well," Lemke said as he stood before drying Jacu poop, filled with coffee beans. OTHER BRAZILIAN COFFEES SUFFER The Jacus that roam the coffee groves of Fazenda Camocim are a species of Penelope, large fruit-eating birds found across Latin America.  The farm got the idea to enlist their help after watching them peck at ripe coffee cherries and recalling Indonesia’s famous Kopi Luwak coffee, made from beans that pass through the digestive system of civets. Yet, while Jacu Bird coffee, which can go for up to £960 (around $1,300) a kilo, has not seen sales affected, the same cannot be said for the rest of Brazil's specialty coffee sector.  August exports of specialty coffee from Brazil, the world's top coffee producer, to the United States, the world's largest consumer of the beverage, were down almost 70% versus July, according to the Brazilian Specialty Coffee Association. While the association has not yet published any export figures for September, the situation for Brazil's specialty coffee remains ruinous, Marcio Ferreira, the president of Brazil's coffee exporters group, Cecafe, told Reuters earlier this month.  "The biggest drop in Brazilian coffee imports was in specialty coffees," Ferreira said, citing the impact of tariffs on specialty beans' premium cost.  So while Jacu Bird coffee's geographical spread means it has dodged Trump's tariffs, the charges represent a challenging moment for Fazenda Camocim's other coffees, which make up the majority of its annual production, added Sloper, the farm's chief executive.  "America is the largest coffee market on the planet (and) we're not entering America," Sloper said. "In the short term, it's very bad, but in the medium and long term it might force us to open other markets," he said. (Reporting by Oliver Griffin; editing by Patricia Reaney)

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By David Morgan, Bo Erickson, Nolan D. McCaskill and Richard Cowan WASHINGTON (Reuters) -President Donald Trump's administration on Wednesday froze funding for major transportation projects in New York, home to Congress's top two Democrats, as it carried through on a threat to use the government shutdown to target Democratic priorities. The funding freeze came as the 15th government shutdown since 1981 suspended scientific research, financial oversight, environmental cleanup efforts and a wide range of other activities. Some 750,000 federal workers were ordered not to work, while others, such as troops and border patrol agents, were ordered to work without pay. The Department of Veterans Affairs said it would provide burials at national cemeteries, but would not erect headstones or mow the grass. Trump has threatened to use the shutdown to extend a purge of the U.S. civil service that is already on track to push out some 300,000 workers by December, but he did not announce any immediate job cuts. Instead, the administration extended its pattern of targeting Democratic cities and states through funding cuts.  Following the $18 billion New York funding freeze, the White House taunted top Senate Democrat Chuck Schumer, posting a digitally manipulated image of the New York lawmaker dressed as a hot dog.  "He is using the American people as pawns, threatening pain on the country as blackmail," Schumer said. On Capitol Hill, the Senate again rejected efforts to keep the government functioning as both a Republican proposal that would fund the government through November 21 and a Democratic vote that would pair funding with additional health benefits failed in floor votes. Trump's Republicans hold a 53-47 Senate majority, but they need the support of at least seven of Schumer's Democrats to meet the chamber's 60-vote threshold for spending bills. At issue on the government funding front is $1.7 trillion for agency operations, which amounts to roughly one-quarter of the government's total $7 trillion budget. Much of the remainder goes to health and retirement programs and interest payments on the growing $37.5 trillion debt. BIPARTISAN GROUP SEEKS PATH FORWARD A bipartisan group of senators huddled on the floor during the vote, trying to find common ground for a path forward. Senator Tim Kaine, a Virginia Democrat who represents many federal workers near the nation's capital, offered a potential way out of a shutdown if Trump stops cuts to federal services and workers. "I want to see that a deal is a deal, and I would like to see the Republicans make a commitment to work with us on health care,” Kaine said. “But I've never said that has to be all I's dotted and T's crossed because that could be complicated." Several government agencies posted notices on their websites blaming the "radical left" for the shutdown – a breach of long-standing Washington norms and a law known as the Hatch Act meant to  insulate nuts-and-bolts government services from partisan politics.  Vice President JD Vance issued an unusual warning about air safety, noting that air traffic controllers and airport security personnel would be working without pay. "If you're flying today, I hope, of course, you arrive safely and on time, but you may not arrive on time," Vance said on Fox News. The longest U.S. government shutdown, which stretched over 35 days in 2018-2019 during Trump's first term, ended in part after flight delays caused by air traffic controllers calling in sick. Both sides sought to pin the blame on the other, looking for advantage ahead of the 2026 midterm elections that will determine control of Congress.  Democrats said Republicans were responsible for the disruption, as they control the levers of power in Washington. "It is on them to engage us," said Democratic Representative Pete Aguilar of California.  Republicans said Democrats were surrendering to partisan pressures to oppose Trump, even though they have routinely backed routine spending bills in the past. They also repeated a false claim that the Democratic proposal would extend health coverage to people who are in the country illegally. According to the nonpartisan Congressional Budget Office, the Democratic plan would only restore coverage to certain categories of immigrants who are in the country legally, such as asylum seekers and people on work visas. Republican Senate Leader John Thune dismissed concerns that Trump's decision to freeze construction spending in New York amounted to hostage-taking. "Well, vote to open up the government and that issue goes away, right? I mean, it's pretty straightforward," he said at a press conference. Democrats are under pressure from their frustrated supporters to score a rare victory in Washington, and the healthcare push has given them a chance to unite behind an issue that resonates with voters. Along with the extended health subsidies, Democrats have also sought to ensure that Trump will not be able to undo those changes if they are signed into law. Trump has ignored other spending bills approved by Congress, prompting some Democrats to question why they should vote for any spending legislation at all.  (Reporting by Richard Cowan, Nolan D. McCaskill, Bo Erickson and David Morgan; additional reporting by Mike Stone, Doina Chacu, Jasper Ward and Katharine Jackson; writing by Andy Sullivan; editing by Scott Malone, Lincoln Feast and Alistair Bell)

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By Echo Wang (Reuters) -Dataiku, an artificial intelligence data analytics startup, has hired investment banks to push ahead with an initial public offering, according to people familiar with the matter.  The New York-based company has hired Morgan Stanley, Citigroup and other banks to take it public, according to two people familiar with the matter. Dataiku held a meeting on Wednesday to kick off preparations for the IPO, which could come as soon as the first half of 2026, according to the people. Deliberations are ongoing and details such as the timing could change, the people said, asking not to be identified because the information is private. Representatives for Dataiku and Morgan Stanley declined to comment. A Citigroup representative did not respond to a request for comment. Ninety-seven companies went public in the third quarter, raising over $24 billion in the busiest stretch since the final quarter of 2021, according to Dealogic. Technology firms, including those in software, cybersecurity and financial technology such as Klarna and Figma, have tapped investor optimism in AI to drive the rebound. Dataiku raised $200 million in a late-stage series F round led by Wellington Management, valuing the company at $3.7 billion, in December 2022. Founded in 2013, Dataiku sells tools to build, test and deploy AI and analytics applications. Its customer base includes more than 700 organizations, including Johnson & Johnson, Toyota, General Electric and BNP Paribas, according to its website. In January, the startup surpassed about $300 million of annualized recurring revenue, it added. (Reporting by Echo Wang in New York; Editing by Richard Chang)

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(Reuters) -Microsoft Chief Commercial Officer Judson Althoff will take on an expanded role as CEO of commercial business, freeing up company chief Satya Nadella to focus more on the technical side of the business in the tech giant's quest to dominate the AI race. Althoff will lead what Microsoft CEO Nadella called a new organization, which will combine sales, marketing and operations. Nadella said the reorganization would help him and other engineering leaders to be "laser focused on our highest ambition technical work – across our datacenter buildout, systems architecture, AI science, and product innovation," in a blog post on Wednesday. Althoff will also be the chief of a new commercial leadership team that includes leaders from engineering, sales, marketing, operations and finance. "We are in the midst of a tectonic AI platform shift, one that requires us to both manage and grow our at-scale commercial business today, while building the new frontier and executing flawlessly across both," Nadella said. In 2021, Microsoft brought together its global sales and marketing organization and worldwide commercial business into a single unified organization, helmed by Althoff, who joined the company in 2013 as president of Microsoft North America. Microsoft last month said it is combining the separate marketplaces for its AI tools aimed at businesses into one offering called "Microsoft Marketplace." It previously offered tools for software developers, who use its Azure cloud computing service, on one marketplace, and applications and so-called "agents" — AI tools designed to carry out tasks on behalf of human users within applications — on another. (Reporting by Juby Babu in Mexico City; Editing by Sahal Muhammed)

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By Niket Nishant and Sukriti Gupta (Reuters) -The main U.S. stock indexes bounced back from early lows on Wednesday after weaker-than-expected private payrolls data boosted expectations for a central bank rate cut this month, allaying anxiety around the federal government shutdown. Traders sharply increased bets on a 25-basis-point interest-rate cut from the U.S. Federal Reserve at its next meeting after the ADP National Employment Report showed private payrolls dropped the most in two-and-a-half years in September. "While the ADP report is a volatile set of data, it may be the only employment data that you have for quite a while," said Arnim Holzer, global macro strategist at Easterly EAB. "And today's relatively negative set of data is probably outside of what the Fed would have liked to have seen." At 11:59 a.m. the Dow Jones Industrial Average rose 76.92 points, or 0.17%, to 46,474.81, the S&P 500 gained 7.49 points, or 0.11%, to 6,695.95, and the Nasdaq Composite added 30.37 points, or 0.13%, to 22,690.38. The S&P 500 healthcare sector logged its strongest four-day rally since October 2022. Pfizer, Eli Lilly and Amgen advanced 5.4%, 6.5%, and 6.5%, respectively, and were among the top performers on the benchmark index. Pfizer and U.S. President Donald Trump said on Tuesday they had cut a deal in which the drugmaker agreed to lower prescription drug prices in the Medicaid program – compared to its charges in other developed countries – in exchange for tariff relief. The S&P 500 tech sector rose 0.39%. Micron Technology and Broadcom rose 6.7% and 1.9%, respectively, while Apple edged 0.5% higher. The gains also supported the Nasdaq. GOVERNMENT SHUTDOWN After trading lower for most of the premarket session on shutdown concerns, investors soon found their footing. "The market has become a little bit inured to the shutdown drama," Holzer said. Markets have historically been resilient during government shutdowns. The S&P 500 rose during each of the last six, according to a note from Deutsche Bank. However, other analysts warned that a prolonged shutdown could prove a drag. In the seven instances when such shutdowns lasted 10 days or longer, the S&P 500 fell four times and rose thrice, according to Vanguard. Data from the Institute for Supply Management showed U.S. manufacturing edged toward recovery in September. Such readings carry added weight now, with government data such as the nonfarm payrolls report that was scheduled for Friday expected to be delayed. Investors will also parse commentary from Richmond Fed president Thomas Barkin. In other stocks, AES gained 16.3%, topping the S&P 500 and boosting the S&P 500 utilities sector after the Financial Times reported that BlackRock-owned Global Infrastructure Partners was nearing a $38-billion deal to acquire the utility group. Corteva said it would separate its seed and pesticide businesses into separate publicly traded companies. It was at the bottom of the S&P 500 after its shares fell 7.4%. Advancing issues outnumbered decliners by a 1.56-to-1 ratio on the NYSE and by a 1.2-to-1 ratio on the Nasdaq. The S&P 500 posted 28 new 52-week highs and six new lows, while the Nasdaq Composite recorded 88 new highs and 50 new lows. (Reporting by Niket Nishant and Sukriti Gupta in Bengaluru; Editing by Mrigank Dhaniwala, Ros Russell and Pooja Desai)

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By Arasu Kannagi Basil (Reuters) -Fermi's shares opened 19% above the offer price in their Nasdaq debut on Wednesday, valuing the data center real estate investment trust at $14.8 billion amid surging investor enthusiasm for AI infrastructure stocks. The Amarillo, Texas-based company's stock opened at $25, compared with the offer price of $21. While development-stage firms have gone public before, its unusual for a company under a year old with no revenue to pursue an IPO at a $10 billion-plus valuation. "It (Fermi's IPO) speaks to the gold rush happening in AI infrastructure right now. It's a cash geyser," said Matt Kennedy, senior strategist at Renaissance Capital, a provider of IPO-focused research and ETFs. Fermi sold 32.5 million shares at $21 each in an upsized IPO, after marketing them between $18 and $22. Founded in January 2025, Fermi secured a $12.5 billion valuation in the IPO, just months after issuing convertible bonds at a valuation of $3 billion. "Demand for AI-driven infrastructure — and Fermi's plan to pair it with its own modern power sources — has investors intrigued," said Troy Hooper, co-head of equity capital markets, Americas, at Mergermarket. "The company's political ties are seen as another tailwind." Co-founded by former Texas Governor and U.S. Energy Secretary Rick Perry, Fermi has bold ambitions. The company is aiming to build the world's largest energy and data complex, powered by nuclear, natural gas and solar. BUILD IT, THEY WILL COME Project Matador, Fermi's flagship project, is expected to deliver 1.1 gigawatt of power by 2026 end and up to 11 GW at scale. A gigawatt of power is roughly half the Hoover Dam's full generating capacity, according to the U.S. Department of Energy. Last month, Fermi entered a non-binding letter of intent with its first tenant for a 20-year agreement. Still, it does not expect tenant revenue to commence until 2027. "Any investor buying Fermi will need to have a mindset of "if you build it, they will come," Kennedy said. Analysts said execution will be key to sustain market enthusiasm, with investors expected to closely scrutinize signed contracts and progress on its ambitious buildout. A successful listing could pave the way for other long-duration, capital-intensive AI infrastructure bets, according to Hooper. Still, some caution persists. "History offers a cautionary note: many pre-revenue IPOs during the Dot-com era and the recent SPAC boom failed to live up to the hype and ended poorly," Hooper said. (Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Arun Koyyur)

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(Corrects 14th paragraph to say Auren Energia is controlled by two different companies, not a joint venture.) By Leticia Fucuchima SAO PAULO (Reuters) -Crypto mining companies are actively negotiating contracts with Brazilian electricity providers, such as Renova Energia, that would benefit from the South American country's surplus renewable power without burdening the grid during peak times. Following crypto heavyweight Tether, which announced in July an investment in the South American country, there are at least six negotiations for small and medium-sized enterprises, as well as one for a larger project of up to 400 megawatts (MW), people from six different companies told Reuters.  Mining machines that solve complex mathematical problems to back crypto transactions have overloaded grids in multiple countries. However, in Brazil, where crypto mining hardly exists today, they could help address a chronic clean electricity oversupply problem, which has cost energy companies almost $1 billion in the last two years, according to wind and solar industry groups ABEEolica and Absolar. Tether, the world's largest digital assets company, said it is leveraging its recent acquisition of Adecoagro to tap its renewable energy, such as the electricity coming from sugarcane mills, to power a bitcoin mining operation in Brazil. Renewable energy supplier Renova told Reuters it is making one of the first major investments in the crypto sector, a $200 million mining project for an undisclosed client in the state of Bahia in the northeast of Brazil. The 100-MW venture consists of six data centers that will draw power from a wind farm.  "We aim to expand the company and enter new markets," Renova CEO Sergio Brasil said. "We realized that by providing all the infrastructure (for crypto mining), we were one step ahead of our competitors." Crypto miners can rapidly scale operations up or down based on energy availability, providing a flexible consumer base for excess energy without straining the grid during peak demand periods.   Brazil’s energy oversupply stems from years of government incentives that spurred a boom in wind and solar investments. But the pace of development has outstripped the expansion of transmission infrastructure, and some plants now waste as much as 70% of the power they generate.  “There's tons of potential,” John Blount, one of the founders of Enegix, a crypto miner based in Kazakhstan, told Reuters. “We will try somehow to elaborate mobile data centers,” he added, that would be plugged directly into power plants.  Enegix is looking into deals in Brazil's northeast, the region suffering from the biggest energy surplus, including tapping into solar and wind power in the state of Piaui.  Penguin, which is based in Paraguay, one of the world's biggest crypto hubs, said it is negotiating projects too, but declined to share any details. And China's Bitmain, one of the largest manufacturers of mining equipment, is also exploring opportunities, according to an executive who asked not to be named. MINERS SEEN AS 'DIAMONDS'  Energy providers have also expressed an interest in crypto projects. Casa dos Ventos, which partners with France's TotalEnergies on wind power, and U.S.-based investment firm Global Infrastructure Partners' (GIP) Atlas Renewable Energy confirmed their intentions to Reuters. French utility Engie's subsidiary in Brazil and Auren Energia, a company that is controlled by Votorantim Energia and CPP Investments, Canada Pension Plan's global investment arm, are also looking into projects to monetize their unused energy, three sources told Reuters. The companies declined to comment. Providers look “at consumers like this as if they were diamonds,” said Raphael Gomes, a lawyer who has been working on several crypto projects. Companies are assessing different models, including buying equipment to mine on their own. In Bahia, electricity provider Eletrobras, the biggest in the country, is installing ASIC mining machines, along with a microgrid fed by a wind turbine, solar panels and batteries, for a pilot project.  "We want to understand how this industry works," said Juliano Dantas, Eletrobras' vice president for innovation.  The work could help energy providers prepare to enter the data center industry, which the Brazilian government is trying to attract as a strategy to grow the clean energy economy.   There are concerns about the industry's water use, as some of the regions with the biggest amount of unused energy also suffer from droughts. Brazil also has infrastructure problems and lacks regulations for cryptocurrency mining. "We went after 400 MW — it was like a Sisyphean journey, a bit difficult," said Bruno Vaccotti, an executive at Penguin. "We're still exploring Brazil, but it's not that easy."  (Reporting by Letícia Fucuchina in Sao Paulo; Additional reporting by Elizabeth Howcroft in Paris and Samuel Chen in Shanghai; writing by Manuela AndreoniEditing by Marguerita Choy)

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MILAN (Reuters) -Italian luxury company Brunello Cucinelli reaffirmed on Wednesday that it operated in Russia in full compliance with EU regulations, as it posted a 12% increase in revenues in the third quarter, to 336 million euros ($394 million). Shares in the cashmere group have been under pressure after a short-seller last week accused the company of misleading investors about its Russian business, an allegation it has denied. The group said that Russia accounted for 1.4% of its revenues at the end of September, down from 2.7% a year earlier. It added that its inventory is "appropriate and balanced". The group, the first in the European luxury industry to provide an update on the latest quarter, confirmed its expectations for revenues to increase by around 10% in 2025 and 2026. ($1 = 0.8523 euros) (Reporting by Elisa AnzolinEditing by Keith Weir)

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FRANKFURT (Reuters) -Continental AG expects a "high double-digit million-euro" hit from U.S. tariffs in the second half of 2025, it said on Wednesday, adding this already factored in a retroactive cut to 15% as of August. The German automotive supplier, in a summary of a regular call with analysts and investors ahead of quarterly results, also said winter order books looked promising. Third-quarter sales at the group's key tyre division are expected to remain stable year-on-year, Continental said, adding the profit margin at the unit would come in slightly closer to the lower end of the full-year guidance. For its tyres division, Continental expects and adjusted operating profit margin of 12.5% to 14.0% in 2025. ($1 = 0.8524 euros) (Reporting by Christoph Steitz. Editing by Jane Merriman)

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By David Morgan, Bo Erickson, Nolan D. McCaskill and Richard Cowan WASHINGTON (Reuters) -The U.S. government shut down much of its operations on Wednesday as deep partisan divisions prevented Congress and the White House from reaching a funding deal, setting off what could be a long, grueling standoff that could lead to the loss of thousands of federal jobs. There was no clear path out of the impasse, while agencies warned that the 15th government shutdown since 1981 would halt the release of a closely watched September employment report, slow air travel, suspend scientific research, withhold pay from U.S. troops and lead to the furlough of 750,000 federal workers at a daily cost of $400 million. Republican President Donald Trump, whose campaign to radically reshape the federal government is already on track to push out some 300,000 workers by December, warned congressional Democrats that a shutdown could clear the path for more job cuts. Vice President JD Vance issued an unusual warning about air safety, noting that air traffic controllers and Transportation Security Administration personnel — essential staff who work through shutdowns — would be worried about delayed paychecks. "If you're flying today, I hope, of course, you arrive safely and on time, but you may not arrive on time because the TSA and the air traffic controllers are not getting paid today," Vance said on Fox News. The U.S.'s longest-government shutdown, which stretched over 35 days in 2018-2019 during Trump's first term, ended in part after flight delays caused by air traffic controllers calling in sick. Senate Democrats on Tuesday blocked a stopgap measure to fund the government through Nov. 21 over Republicans' refusal to attach an extension of health benefits for millions of Americans that are due to expire at the end of the year. Republicans say the issue must be addressed separately.  Both sides were posturing to blame the other and looking for advantage in the 2026 midterm elections that will determine control of Congress.  Senate Republican Leader John Thune scheduled another series of votes on Wednesday, hoping to pressure Democrats to break ranks.  WALL STREET SLIPS The shutdown was set to delay the release of some government economic reports, adding unease to Wall Street investors at a time of economic uncertainty.  Wall Street opened lower, gold struck a record high and Asian stocks wavered as investors worried about delays in the release of key data and the impact of job losses. The dollar hovered near a one-week low versus major peers. At issue on the government funding front is $1.7 trillion for agency operations, which amounts to roughly one-quarter of the government's total $7 trillion budget. Much of the remainder goes to health and retirement programs and interest payments on the growing $37.5 trillion debt. Independent analysts warn the shutdown could last longer than the budget-related closures of the past, with Trump and White House officials threatening to punish Democrats with cuts to government programs and the federal payroll.  "Donald Trump and Republicans have shut the government down because they don't want to provide healthcare to working-class Americans," House Democratic Leader Hakeem Jeffries said on ABC's "Good Morning America."  Thune said Democrats had routinely backed similar funding bills in years past.  "What's changed is President Trump is in the White House. That's what this is about. This is politics. And there isn't any substantive reason why there ought to be a government shutdown," the South Dakota Republican told reporters. Trump's Republicans hold majorities in both chambers of Congress, but legislative rules require 60 of the 100 senators to agree on spending legislation. That means that at least seven Democrats are needed to pass a funding bill. On Tuesday, three of them voted for the Republican bill.  DEMOCRATS FOCUS ON HEALTHCARE FUNDING Democrats are under pressure from their frustrated supporters to score a rare victory ahead of the 2026 midterm elections that will determine control of Congress for the final two years of Trump's term. The healthcare push has given them a chance to unite behind an issue that resonates with voters. Along with the extended health subsidies, Democrats have also sought to ensure that Trump will not be able to undo those changes if they are signed into law. Trump has refused to spend billions of dollars approved by Congress, prompting some Democrats to question why they should vote for any spending legislation at all.  University of Chicago professor Robert Pape said the polarized U.S. political climate could make it harder for party leaders to reach a deal to reopen the government, which would likely anger their most vocal partisans.   "The rules of politics are radically changing, and we can't know for sure where all of this is going to end," he said.   (Reporting by Richard Cowan, Nolan D. McCaskill, Bo Erickson and David Morgan; additional reporting by Doina Chacu, Jasper Ward and Katharine Jackson; writing by Andy Sullivan; editing by Scott Malone, Nick Zieminski and Lincoln Feast)

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