व्यापार

By Douglas Gillison and Manya Saini (Reuters) -Paul Atkins, chair of the U.S. markets watchdog, said on Monday the regulator is fast-tracking President Donald Trump's push to scrap quarterly earnings reports, raising transparency concerns around the potentially major shift for U.S. companies. Trump's desired change to the reporting standard would require listed companies to publish results semi-annually instead of the current SEC mandate for the release of financial statements every 90 days. The agency could release a proposal by the end of this year or in early 2026, Atkins said. In 2018, the SEC had solicited public comment on possible changes but ultimately left the current regime in place. "The president's call was timely, and so we are, you know, working to fast track it," Atkins said, speaking to reporters at the U.S. Securities and Exchange Commission headquarters on the sidelines of a joint roundtable with the Commodity Futures Trading Commission on policy harmonization. "I'm hoping this sometime end of the year, early next year, to be able to have a proposal out and then be able to collect comment from people," he added. Trump has argued that the move, first proposed by him in 2018, would cut costs and discourage shortsightedness among publicly traded companies. The U.S. SEC at the time had said it was making his proposal a priority. This time, the agency appears fully on board, giving the proposal a better chance of succeeding as the White House takes greater control of the commission's agenda. Atkins did not lay out a timeline for the change. Some investors have cautioned that delaying financial disclosures could reduce transparency and increase market volatility, making U.S. stocks less attractive, though several have recently supported the idea. Transparency advocates also warn that it could give companies more opportunity to hide or postpone bad news. Meanwhile, investors argue that one reason U.S. stocks trade at a premium, compared with equities elsewhere, is their stricter financial reporting requirements. U.S.-listed companies did not always report financial results quarterly. The shift from semiannual to quarterly reporting was mandated by the U.S. regulator in 1970. Atkins first outlined the move in an editorial in the Financial Times earlier on Monday. (Reporting by Douglas Gillison in Washington and Manya Saini and Anusha Shah in Bengaluru; Editing by Christian Schmollinger, Thomas Derpinghaus, Anil D'Silva and Devika Syamnath)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Michael S. Derby (Reuters) -Federal Reserve Bank of New York President John Williams said on Monday that emerging signs of weakness in the labor market drove his support for cutting interest rates at the most recent central bank meeting. “It made sense to move interest rates down a little bit” and “to take a little bit of the restrictiveness out of there,” to help ensure ongoing health in the job market while still keeping some downward pressure on above-target inflation levels, Williams said during an appearance in Rochester, New York.  Williams' comments on Monday were his first public remarks since the central bank's rate-setting Federal Open Market Committee mid-month gathering that met market expectations, with officials trimming their overnight target rate range by a quarter percentage point to between 4% and 4.25%. The Fed justified its rate cut on rising risks to the job market, even as inflation remains above target.  At the Fed meeting, officials penciled in more rate cuts into year-end. In his appearance, Williams did not say what he wants monetary policy to do going forward, saying the FOMC will make decisions on a meeting-by-meeting basis.  Williams also noted the Fed has unresolved business in dealing with high price pressures. "We still have a ways to go to get to that 2% goal. We've moved a long ways towards that," but the central bank also does not want to do "undue harm" to the Fed's other goal of keeping the job market as strong as it can be.  "We have a balancing act here" between getting inflation down and supporting a job market that "has been gradually softening over the past year." When it comes to weakening job creation, "I don't want to see that go too far." At the same time, Williams noted that some of the things that were creating worry about persistently high inflation have waned. "The tariff effects have been smaller than most people thought, and there doesn't seem to be any signs of inflationary pressures building."  (Reporting by Michael S. Derby, Editing by Franklin Paul and Andrea Ricci)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Arathy Somasekhar HOUSTON (Reuters) -Oil prices settled 3% lower on Monday as OPEC+ plans for another increase to oil output in November and the resumption of oil exports by Iraq's Kurdistan region via Turkey raised the global supply outlook. Brent crude futures dropped $2.16, or 3.1%, to close at $67.97 a barrel by 11:33 a.m. ET (1533 GMT) after settling at their highest since July 31 on Friday. U.S. West Texas Intermediate crude was down $2.27, or 3.45%, at $63.45. OPEC+, the Organization of the Petroleum Exporting Countries and allied producers, meets on Sunday and is likely to confirm a production boost of at least 137,000 barrels per day for November to gain market share, said three sources. OPEC+ has been pumping almost 500,000 bpd less than its targets. “With OPEC+ pivoting toward market share, fundamentals look softer, and oversupply concerns prevail," Rystad Energy’s chief economist Claudio Galimberti said. Crude oil flowed through a pipeline from the semi-autonomous Kurdistan region in northern Iraq to Turkey on Saturday for the first time in 2-1/2 years, Iraq's oil ministry said. Crude oil flows from Kurdistan to Turkey's Ceyhan port are running at 150,000-160,000 bpd, two industry sources told Reuters. The resumption is expected eventually to bring up to 230,000 bpd of crude back to international markets.  Last week, prices for both crude benchmarks gained more than 4% after Ukrainian drone attacks on Russian energy infrastructure dented the country's fuel exports. "Ukraine naturally smells blood here … If anything Ukraine will likely double up on its strategic attacks on Russian refineries," SEB analysts said. Russia pounded Kyiv and other parts of Ukraine early on Sunday in one of the most sustained attacks on the capital since Moscow's invasion in 2022. U.S. President Donald Trump said on Monday it was time for Palestinian militant group Hamas to accept a 20-point peace proposal that he agreed to with Israeli Prime Minister Benjamin Netanyahu regarding the future of Gaza. (Reporting by Stephanie Kelly, Enes Tunagur, Florence Tan and Jeslyn Lerh;Editing by David Goodman, Emelia Sithole-Matarise, Nia Williams and David Gregorio)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Cassandra Garrison and Tom Polansek MEXICO CITY (Reuters) -Mexico's meat industry is pushing back against new government regulations on livestock movement as tensions with the United States heat up over an outbreak of the flesh-eating screwworm parasite. Restricting movement of livestock from the south to the north of the country "threatens the viability of a sector that generated $192 billion in 2024," Mexican meat chamber AMEG said in a statement released on Friday.  "Recent measures… jeopardize the supply chain of the meat production sector," AMEG said without specifying which measures. It said the only proven method to eradicate the screwworm, which infests and can kill livestock if untreated, was the release of sterile flies to reduce the mating population in the wild.  A document dated September 19 from Mexico's agriculture ministry and sanitation agency Senasica, seen by Reuters and confirmed by a Senasica spokesperson, said the anti-parasite drug ivermectin must be given 72 hours in advance of the movement of cattle under the supervision of staff from the International Regional Organization for Animal and Plant Health.  U.S. Agriculture Secretary Brooke Rollins blamed a confirmed case of screwworm last week in Mexico's Nuevo Leon state, less than 70 miles (113 km) from the U.S. border, on Mexico's failure to curb cattle movements and tend to fly traps that monitor the wild population.     The Mexican document detailing the new requirement for ivermectin use was sent to sector professionals by the government via email, according to a Mexican industry official who asked not to be identified. The ivermectin requirement would substantially delay livestock movement, the official said.  Mexico has battled to contain the outbreak that has moved northwards from Central America. The pest, which officials have said has not yet crossed the U.S. border, poses a multibillion-dollar risk to the country's beef industry. The U.S. government has kept its border mostly closed to Mexican cattle imports since May. U.S. cattle producers, including industry group R-CALF USA, have publicly called on the U.S. government to persuade Mexico to halt the northward movement of livestock and the illegal trafficking of cattle originating from other Latin American countries.  Mexican President Claudia Sheinbaum said last week the country was working on new measures that would soon be announced, but said restricting livestock movement from the south to the north was not simple.     Senasica told Reuters on September 25 that its fly trap system is checked every three or four days, a frequency that was jointly determined with U.S. counterparts, and that it has implemented a double inspection system at the livestock's point of origin. (Reporting by Cassandra Garrison in Mexico City and Tom Polansek in Chicago; Editing by Bill Berkrot)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Cassandra Garrison and Tom Polansek MEXICO CITY (Reuters) -Mexico's meat industry is pushing back against new government regulations on livestock movement as tensions with the United States heat up over an outbreak of the flesh-eating screwworm parasite. Restricting movement of livestock from the south to the north of the country "threatens the viability of a sector that generated $192 billion in 2024," Mexican meat chamber AMEG said in a statement released on Friday.  "Recent measures… jeopardize the supply chain of the meat production sector," AMEG said without specifying which measures. It said the only proven method to eradicate the screwworm, which infests and can kill livestock if untreated, was the release of sterile flies to reduce the mating population in the wild.  A document dated September 19 from Mexico's agriculture ministry and sanitation agency Senasica, seen by Reuters and confirmed by a Senasica spokesperson, said the anti-parasite drug ivermectin must be given 72 hours in advance of the movement of cattle under the supervision of staff from the International Regional Organization for Animal and Plant Health.  U.S. Agriculture Secretary Brooke Rollins blamed a confirmed case of screwworm last week in Mexico's Nuevo Leon state, less than 70 miles (113 km) from the U.S. border, on Mexico's failure to curb cattle movements and tend to fly traps that monitor the wild population.     The Mexican document detailing the new requirement for ivermectin use was sent to sector professionals by the government via email, according to a Mexican industry official who asked not to be identified. The ivermectin requirement would substantially delay livestock movement, the official said.  Mexico has battled to contain the outbreak that has moved northwards from Central America. The pest, which officials have said has not yet crossed the U.S. border, poses a multibillion-dollar risk to the country's beef industry. The U.S. government has kept its border mostly closed to Mexican cattle imports since May. U.S. cattle producers, including industry group R-CALF USA, have publicly called on the U.S. government to persuade Mexico to halt the northward movement of livestock and the illegal trafficking of cattle originating from other Latin American countries.  Mexican President Claudia Sheinbaum said last week the country was working on new measures that would soon be announced, but said restricting livestock movement from the south to the north was not simple.     Senasica told Reuters on September 25 that its fly trap system is checked every three or four days, a frequency that was jointly determined with U.S. counterparts, and that it has implemented a double inspection system at the livestock's point of origin. (Reporting by Cassandra Garrison in Mexico City and Tom Polansek in Chicago; Editing by Bill Berkrot)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Ariane Luthi and Oliver Hirt ZURICH (Reuters) -Switzerland and UBS are signalling in private a willingness to compromise on capital rules, potentially paving the way for parliament to settle on lower requirements acceptable to the government and the bank, according to people familiar with the situation. UBS has strongly criticised the government's proposed rules – unveiled in June to make the country's banks safer following the 2023 collapse of Credit Suisse – because they would require it to hold $24 billion in additional capital. The bank says that would put it at a disadvantage to global rivals, and is reviewing a series of mitigation strategies that even include relocating its headquarters abroad. One person familiar with the government's thinking told Reuters that Bern could be willing to accept rules that would likely lower the additional capital burden to somewhere around $15 billion. That is an amount UBS could tolerate, said two other people familiar with the bank's thinking. PROCESS STILL HAS A LONG WAY TO GO All the sources underlined the process has a long way to go, and nothing is decided. Reuters could not establish whether UBS and the government had discussed possible concessions together. Representatives from both have been invited to a parliamentary committee meeting in early November. Draft legislation will only next year reach parliament, which will ultimately decide the rules. The finance ministry said the government was sticking to its proposals and had not signalled a willingness to reduce the additional capital burden to about $15 billion. "The final decision will be made by parliament and, in the event of a referendum, by the people," the ministry said. UBS said it remained opposed to what it called an excessive increase in capital requirements and favoured "targeted, proportionate and internationally aligned" regulatory changes. "We're optimistic that a reasonable outcome can be achieved," UBS added. Newspaper Schweiz am Wochenende said at the weekend centrist and right of centre political parties were working on a compromise that pointed towards an extra capital burden of $10-15 billion. "I am convinced that in the end we'll get a result that ensures a better balance between stability and competitiveness," said Roman Studer, CEO of the Swiss Bankers Association, based on discussions with banks, business leaders and lawmakers. UBS FOREIGN UNITS AT HEART OF CAPITAL DEBATE Much of the added capital burden centres on the government's desire for UBS to capitalise its foreign subsidiaries to the tune of 100%, up from 60% now, a proposal due to reach parliament next year after a public consultation. One lawmaker pushing for tougher regulation said, on condition of anonymity, that parliament could eventually meet in the middle, with the requirement lowered to 80%. The source familiar with the government's thinking said an 80% threshold could be acceptable to Bern. Such a reduction would lower the extra capital needed close to $15 billion, two analysts who have crunched the numbers said. Another route to ease the burden would be allowing UBS to cover part of it with so-called Additional Tier 1 (AT1) debt instead of Common Equity Tier 1 (CET1) capital as proposed. UBS held around $19 billion in AT1 debt at the end of June. Incorporating that could lower the total add-on to a tolerable level for the bank, one source said. "It must be possible to use AT1 as collateral," SBA's Studer said. "We should actually be able to agree on this." The parliamentary process means the final capital requirements will only become clear next year at the earliest. UBS is under pressure from investors to find an acceptable solution. Its shares, while rallying in recent months, continue to lag peers this year. One of its largest shareholders, activist investor Cevian, said this month the proposed rules would make UBS uncompetitive, even if watered down, and urged the bank to move abroad. (Reporting by Ariane Luthi and Oliver Hirt. Additional reporting by Dave Graham. Editing by Tommy Reggiori Wilkes and Mark Potter)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Caroline Valetkevitch NEW YORK (Reuters) -Shares of Beyond Meat slumped to a record low on Monday after the maker of plant-based meat launched an exchange offer for convertible bonds to cut more than $800 million in debt.  The stock was last down 32.1% at $1.93, after falling as low as $1.23. The company last month posted a revenue drop and a wider-than-expected loss, citing weak U.S. consumer demand. It said it was still facing "an elevated level of uncertainty" and will not provide any full-year estimates. Consumer spending has been affected by economic uncertainty and consumer tastes have been shifting in the plant-based meat market. The company will exchange its $1.15 billion 0% convertible notes due 2027, with up to $202.5 million of new convertible payment-in-kind 7% notes due 2030, along with 326 million shares of its common stock, according to a filing on Monday. Payment-in-kind means Beyond Meat will be able to pay interest with additional debt instead of cash, with the payment-in-kind notes paying interest at a 9.50% annual rate. The exchange offer is meant to sharply reduce leverage and extend maturity to support Beyond Meat's long-term vision of being a global plant protein company, President and CEO Ethan Brown said in a statement on Monday. The filing showed about 47% of holders of the 2027 notes have already agreed to the exchange offer, while other creditors have until October 28 to accept the offer. Following Beyond Meat's results, TD Cowen analysts said in an August note that the management and board have recognized the "existential threat facing the business and are taking steps to preserve cash and stabilize sales."  However, they recommended selling the stock, noting that the company's fragile financial situation and weak demand for meat alternatives create too much risk. Of the nine analysts who cover Beyond Meat, three have a "hold" rating on the stock and six have a "sell" or "strong sell" rating, according to LSEG. Beyond Meat's stock is down about 50% for the year to date.  (Reporting by Caroline Valetkevitch; Additional reporting by Lance Tupper; Editing by Richard Chang)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

(Reuters) -Organic baby food company Once Upon a Farm on Monday filed for an initial public offering in the United States. U.S. IPO activity has picked up in recent months, reversing a slowdown earlier in the year when trade-policy uncertainty curbed momentum. Once Upon a Farm will list on the NYSE under the symbol "OFRM." Goldman Sachs, J.P. Morgan, BofA and William Blair are among the underwriters for the offering. In 2017, American actor Jennifer Garner and John Foraker, the former CEO of food brand Annie's, joined the company as co-founders. Garner is known for her work in the TV drama "Alias" and films including "Dallas Buyers Club" and "Catch Me If You Can." (Reporting by Prakhar Srivastava in Bengaluru; Editing by Sahal Muhammed)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By David Shepardson WASHINGTON (Reuters) -Two U.S. senators on Monday urged the country's auto safety regulator to investigate reported failures of Tesla’s Full Self-Driving system to detect and safely respond to railroad crossings, citing risks of "catastrophic" collisions. The Full Self-Driving system, according to Tesla's website, allows a vehicle to drive occupants "almost anywhere," handling everything from route navigation to lane changes, steering and parking, but still requires supervision by a human driver. Democratic Senators Ed Markey and Richard Blumenthal, in a letter to the National Highway Traffic Safety Administration calling for a probe, cited a growing number of reported near-collisions. "Although mistakes such as a missed traffic sign or an illegal lane change are dangerous, a miscalculation at a train crossing can lead to catastrophic, multi-fatality collisions involving vehicle occupants, train passengers, and rail workers," the senators wrote in the letter, which was released publicly. Tesla and the NHTSA did not immediately respond to requests for comment. Tesla's Full Self-Driving system, which is more advanced than its Autopilot system, has already been under investigation by the NHTSA. The agency in October 2024 opened a probe into 2.4 million Tesla vehicles equipped with FSD after four reported collisions in reduced roadway visibility conditions like sun glare, fog or airborne dust, including a 2023 fatal crash. The two senators said the NHTSA should consider imposing limitations on Tesla's use of the system. "The agency should consider clear and obvious actions to protect the public, including restricting Tesla’s FSD to the road and weather conditions it was designed to operate in," they said. Telsa's other automated vehicle features have also come under probe by the NHTSA. In January the agency opened a probe into 2.6 million Tesla vehicles over reports of crashes involving a feature that allows users to move their cars remotely. The NHTSA is also scrutinizing Tesla's deployment of self-driving robotaxis in Austin, Texas, launched in June. In a July 1 email to Tesla, the agency said it was still reviewing the deployment and wanted to know if Tesla employees can remotely drive the vehicles. (Reporting by David Shepardson; Editing by Franklin Paul and Leslie Adler)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

WASHINGTON (Reuters) -St. Louis Federal Reserve President Alberto Musalem said he was open to further interest rate cuts but the Fed must be cautious and keep rates high enough to continue to lean against inflation that remains roughly a percentage point above the central bank's 2% target. "Monetary policy is now somewhere between modestly restrictive and neutral," Musalem, a voter on interest rate policy this year, said at Washington University in St. Louis. "I am open minded to future potential reductions in interest rates. I do believe we need to move cautiously because the room between now and the point where policy becomes overly accommodative is limited."  

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)