CNA938 Rewind - Was the bid for Japan's 7-Eleven doomed from the start?
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CNA
11 minutes ago
- CNA
US securities regulator lays out sweeping crypto-friendly agenda
The head of the U.S. securities regulator unveiled sweeping plans to overhaul capital markets regulations on Thursday to accommodate for cryptocurrencies and blockchain-based trading, in a major win for the digital asset industry which has long pushed for tailored rules. Securities and Exchange Commission Chair Paul Atkins said in remarks that he has directed commission staff to craft guidelines to determine when a crypto token is a security as well as proposals for a wide range of disclosures and exemptions.
CNA
11 minutes ago
- CNA
Sheinbaum says Mexico secures new tariff reprieve, 90 days to strike US trade deal
MEXICO CITY: Mexican President Claudia Sheinbaum said on Thursday (July 31) that she secured a pause on new tariffs coming into effect and 90 days to work on a trade deal in a call with US President Donald Trump. The agreement avoids the 30 per cent tariffs that had been set to come into force on Friday. Speaking in a regular press conference after the announcement, Sheinbaum said the pause safeguards the US-Mexico-Canada Agreement (USMCA) and means goods compliant with the pact will continue to be exempt from the 25 per cent tariffs Trump imposed earlier this year due to the fentanyl crisis. Approximately 85 per cent of Mexican exports comply with the rules of origin outlined in the USMCA, according to Mexico's economy ministry. Economy Minister Marcelo Ebrard, speaking alongside Sheinbaum, said Thursday's agreement brought the countries closer to securing a long-term trade agreement. "All of this was achieved without a single concession on Mexico's part," said Ebrard. "It's a great achievement." Both Sheinbaum and Ebrard stressed that the pause means Mexico continues to be one of the countries in the world with the most preferential access to the US market.
CNA
an hour ago
- CNA
US dollar headed for first monthly gain of 2025 as trade deals lower uncertainty
NEW YORK/LONDON :The dollar was poised for its first monthly gain of the year against major currencies on Thursday, underpinned by easing trade tensions and U.S. economic resilience. In a widely expected move, the Bank of Japan on Thursday kept short-term interest rates steady at 0.5 per cent by a unanimous vote, but revised up its inflation forecasts for the next few years. That came after the U.S. Federal Reserve left interest rates unchanged on Wednesday, ignoring persistent calls by President Donald Trump to lower borrowing costs. Fed Chair Jerome Powell also indicated he was in no rush to cut rates. The dollar strengthened against the yen, trading at its highest level since May 28. It is on track to gain 4.4 per cent for July, making it the biggest monthly increase since December 2024. It was last up 0.62 per cent at 150.44. The greenback has been bolstered by a hawkish Fed and U.S. economic resilience, with uncertainty over Trump's chaotic tariffs easing after an array of trade deals. The dollar index was flat at 99.85 after rising nearly 1 per cent in the previous session. It is on track for the first monthly gain in 2025. "There's been a clash and a friction between what the Fed is seeing and deciding to do, and what the White House and perhaps a lot of people in the equity market want the Fed to do," said Juan Perez, director of trading of Monex USA in Washington. "If we had left the hawkish tone, the hawkish stance, and the hawkish press conference altogether, it makes sense to see the U.S. dollar rise - which it did. But today, because of the friction between the Fed and the White House, the dollar is once again hitting the brakes," Perez added. Data showed that the number of Americans filing new applications for unemployment benefits increased just marginally last week, suggesting that the U.S. labor market remained stable. The euro has been one of the biggest casualties of the dollar's ascent this month, as investors have rushed to unwind bets laid on earlier this year on the premise that the European market may offer better opportunities. The euro was last up 0.27 per cent at $1.1435, having hit a seven-week low on Wednesday. Still, it remained on track to lose nearly 3 per cent this month. "I think there was too much optimism in the price of the euro. And I think that's come back this week. There's been a lot of commentary about how the EU conceded to the U.S. on this trade deal and that's been a dose of reality for the Europeans," Rabobank strategist Jane Foley said. The dollar weakened 0.32 per cent against the Swiss franc to 0.812 franc but it is on track to gain 2.36 per cent for the month. The European Union's agreement on Sunday to 15 per cent tariffs on U.S. exports has cleared up a lot of uncertainty. BOJ Governor Kazuo Ueda also said the U.S.-Japan trade deal reduced uncertainty on the outlook and heightened the likelihood of Japan durably hitting the BOJ's 2 per cent inflation target - a prerequisite for further rate hikes. New U.S. trade deals included one with South Korea, which Trump said on Wednesday would pay a 15 per cent tariff on U.S. imports. That was lower than a threatened 25 per cent and the Korean won strengthened on the news and last stood at 1,396.01 per dollar.
