Solar Shares Soar on Better-Than-Expected US House Proposal
The draft legislation, which laid out a plan to phase out incentives to develop clean-energy projects, stopped shy of a more aggressive elimination that had spooked some solar investors. Incentives put in place by former President Joe Biden's signature climate law have been ripe targets for lawmakers looking for trillions of dollars to help pay for extending President Donald Trump's tax cuts.
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Yahoo
13 minutes ago
- Yahoo
Minerva Foods flags potential $300m-plus revenue impact from US tariffs
Minerva Foods, one of Brazil's largest meat processors, has quantified the potential impact on revenue from President Donald Trump's tariffs. Trump exercised his pledge made in July on Wednesday (6 August) to raise import tariffs on Brazilian goods to 50% from 10%, prompting President Luiz Inacio Lula da Silva to request talks with the World Trade Organization. While some Brazilian products are exempt from the US import levies, meat, poultry and coffee are not. The same day those increased tariffs went into effect, Minerva Foods issued its second-quarter fiscal 2025 results. The meat giant said in an accompanying presentation that the impact would amount to an estimated 5% of its net revenue, which based on the full-year 2024 results would equate to around 1.71bn reais ($314.6m), in historical terms. Minerva Foods booked revenue in 2024 of 34.1bn reais. 'Based on the results of the last 12 months, the company's consolidated exposure to the US market accounted for approximately 16% of revenue, with Brazil representing around 30% of that exposure,' the company said on Wednesday. 'Therefore, Brazilian exports subject to the new tariff policy may have a maximum potential impact estimated 5% of net revenue.' However, Minerva Foods explained it may have a certain element of leverage due to its geographical diversity in meat supply to the US. 'The company hereby announces that it accesses the US market through its operations in Brazil, Argentina, Paraguay, Uruguay and Australia. 'It is worth noting that, in line with our geographic diversification strategy, exposure to the US market also takes place through our operations in Argentina, Paraguay, Uruguay, and Australia, allowing the company to maximise its ability to arbitrate between markets, reduce risks, leverage opportunities, and respond efficiently to scenario changes such as this one.' The Brazilian president said in an interview with Reuters on Wednesday that 'he saw no room for direct talks' with Trump at present, in what would amount to a "humiliation". Lula described US-Brazil relations at a 200-year nadir after Trump tied the new tariff to his demands for an end to the prosecution of right-wing former President Jair Bolsonaro, who is standing trial for plotting to overturn the 2022 election, Reuters reported. Meanwhile, Minerva Foods said it posted revenue in the second quarter of fiscal 2025 of 13.9bn reais, an 81.6% increase from a year earlier. The company confirmed in its results presentation that it concluded the acquisition in October of assets in Brazil, Argentina and Chile from meat rival Marfrig Global Foods. It included 11 plants and a distribution centre in Brazil, a facility in Argentina, and a factory in Chile for a total consideration of 7.5bn reais. When the proposed asset deal with Marfrig was first announced in 2023, three plants in Uruguay were also included. However, that part of the transaction was subsequently blocked by Uruguay's competition regulator, La Comisión de Promoción y Defensa de la Competencia (Coprodec), in May last year. Minerva Foods then submitted a revised proposal with the antitrust authority in February this year, with the provision to sell one of the factories post conclusion of the deal. The company said in the second-quarter results presentation that it is still awaiting a response from Coprodec. Elsewhere in the latest results, Minerva Foods' EBITDA print almost doubled to 1.3bn reais from 744.6m reais a year earlier, although the margin dipped to 9.4% from 9.7%. Based on an almost 40% increase in meat volumes, net income surged to 458.3m reais from 95.4m reais. 'Minerva Foods' strong international footprint remains one of the key pillars of our performance. In 2Q-25, approximately 60% of consolidated gross revenue came from international markets, underscoring our export-oriented strategy and the competitiveness of our South American assets,' it said. "Minerva Foods flags potential $300m-plus revenue impact from US tariffs" was originally created and published by Just Food, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Hill
14 minutes ago
- The Hill
Raskin: FBI should ‘refuse' order to help locate Texas Democrats
Rep. Jamie Raskin (D-Md.) is calling on FBI personnel to not take part in efforts to track down Texas Democrats who fled the state to block the state GOP's mid-decade redistricting. 'The FBI is not a national secret police force operating at the beck and call of President Trump,' Raskin said in a statement to The Hill. 'It has no legal authority to track down state legislators who are breaking no federal laws just for standing up to a Republican scheme to purge Democrats from Congress and rig our elections.' 'FBI personnel should refuse to participate in this act of political harassment and persecution,' the lawmaker added. The Maryland Democrat's stance was first reported by HuffPost. Raskin is the top Democrat on the House Judiciary Committee, which conducts oversight of the FBI. Sen. John Cornyn (R-Texas) claimed Thursday that FBI Director Kash Patel had approved his request to assist with efforts to force those who fled Texas to return. Democrats say the bureau lacks the authority to do so, and it's not clear whether the agency has actually followed through on Cornyn's claim. The political fight stems from a group of Texas Democrats who decamped to Illinois, California and other locations to prevent the Texas House from moving forward on a new Congressional map widely seen as an effort to gerrymander the GOP into keeping a House majority in next year's midterm elections. Trump and Gov. Greg Abbott (R) have supported the FBI's proposed involvement. The president earlier this week said Republicans are ' entitled ' to pick up at least five House seats in the Lone Star State. In response, Texas Republicans took the largely symbolic step of issuing civil arrest warrants that are only enforceable within state lines. Despite the threats, Democrats have vowed to keep fighting. Midterm elections typically swing against the party in power in Washington. In response to the GOP's redistricting effort, which has also eyed Florida and Indiana, blue states including California and New York have also looked at redrawing their own maps.
The Hill
14 minutes ago
- The Hill
Hochul: We aren't letting FBI ‘hunt down' Texas Democrats
New York Gov. Kathy Hochul (D) on Thursday pushed back against claims by Republicans that the FBI would help 'track down' Texas state Democrats who fled the Lone Star State amid the redistricting battle. 'First of all, I have a lot of respect for the FBI, but I guarantee there are far more important pursuits that they should be engaging in, like human trafficking, breaking up drug cartels, stopping terrorist attacks here in New York City,' Hochul said during an appearance on MSNBC's 'The Weeknight.' 'So I think this is an abuse of the power of the FBI to direct them to go after duly elected officials in the United States of America,' the governor continued. 'If we've fallen that far, that makes our fight even more important — that all people stand up and say, 'We're not going to let you take away our democracy, and you're not going to hunt down our elected officials.'' Sen. John Cornyn (R-Texas) shared earlier on Thursday that FBI Director Kash Patel approved his request to assist in locating and possibly detaining the Democrats who left Texas to avoid voting on new Congressional maps they argue unfairly favor the GOP ahead of the 2026 midterms. The Texas Senate Special Committee on Congressional Redistricting advanced the map Thursday with the updated lines that could win the GOP at least five more seats in House next year. Hochul warned Thursday night that the Democrats will 'fight fire with fire' if Republicans do not back down from their redistricting efforts. 'I didn't want to take on this fight. I've always followed the rules,' the governor continued. 'Democrats always follow the rules, but when they're willing to do this to subvert our democracy, shame on us if we don't stand up. So, I will get it done in 2028, if necessary, if they continue down this path.' 'And, of course, they can stop. They want to stop this game, they can stop right now, and we'll stand down as well,' she said. 'But until then, we're not going to be on the sidelines.' Her comments come as Democratic lawmakers are investigating potential FBI involvement. Rep. Jamie Raskin (Md.), ranking member of the House Judiciary Committee, urged the agency to stay out of the matter.
