SoftBank's Ampere deal to face in-depth review by FTC, Bloomberg News reports
The probe, known formally as a second request for information, is a follow-up inquiry into the deal and suggests that the acquisition may undergo an extended government review, according to the report.
Reuters could not immediately verify the report.
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Reuters
11 minutes ago
- Reuters
U.S. dollar to stay under pressure from tariff, debt and rate cut expectations: Reuters poll
BENGALURU, July 2 (Reuters) - The U.S. dollar will remain weak over the coming months, a Reuters poll of FX analysts forecast, caught in a tangle of mounting U.S. debt concerns, erratic tariff policies and rising interest rate cut expectations. Growing unease over President Donald Trump's on-again off-again tariffs, and a tax-cut and spending bill that is expected to add $3.3 trillion to the national debt, have led to a scurry of investor outflows from dollar-denominated assets in recent months. A surge in the "term premium" - compensation investors demand to hold longer-term debt - has also contributed to a nearly 11% dollar decline against a basket of major currencies this year (.DXY), opens new tab and to a three-and-a-half-year low against the euro and sterling last week. Recent data from the Commodity Futures Trading Commission also showed the short-dollar trade was at a near two-year high, suggesting further weakness may be in the offing. Asked how that positioning would change by end-July, more than 80% of FX analysts in a June 27-July 2 Reuters poll, 42 of 52, said it would broadly hold or net-shorts would increase. A majority of these same FX analysts surveyed by Reuters in April and again in May had already concluded the reserve currency's "safe haven" shine had partly eroded. "We are expecting a weaker U.S. dollar in the coming months," said Jennifer Lee, senior economist at BMO Capital Markets. "The recent budget, the inflationary impact tariffs are going to have and what that means for the Federal Reserve, and the pointed comments President Trump is using against Fed Chair Jerome Powell - all of that doesn't bode well for the overall U.S. economic outlook at least over the rest of the year." Trump has repeatedly demanded immediate and deep rate cuts. Powell, whose term ends in May 2026, reiterated on Tuesday the central bank's plan was to "wait and learn more" about the impact of tariffs on inflation before lowering interest rates. Asked what would be the main driver for the U.S. dollar over the coming month, nearly 37% of respondents, 22 of 60, said "tariff negotiations". Attention will now turn to Trump's next move after the July 9 expiry of a 90-day pause on sweeping tariffs he announced in early April. Eighteen respondents said "interest rate differentials", which have not been important in recent months - with the euro surging while the European Central Bank was cutting rates and the Fed on hold all year. Thirteen said "portfolio diversification", supporting findings from a June survey where a near-90% majority of FX strategists said demand for dollar assets would decline. Seven chose "debate over Fed independence". The euro, up nearly 14% so far this year and on course for its best annual performance against the greenback since 2017, was forecast to hold steady at $1.18 in six months and climb about 2% to $1.20 in a year, survey medians from 70 strategists showed. Nearly 70% of FX analysts in the latest survey upgraded their euro-dollar forecasts from last month, leading to the highest medians since September 2021. But most of those forecasts were formulated in the past week, during which the common currency gained nearly 3%, suggesting they will soon be upgraded. "We continue to watch this slower burn story of real money and... a consistent selling of the dollar, particularly from European real money," said Alex Cohen, FX strategist at Bank of America. "That just speaks to more structural reasons for the dollar to continue to grind lower in the coming months." (Other stories from the July foreign exchange poll)
The Independent
21 minutes ago
- The Independent
139-year-old food giant files for bankruptcy and seeks buyer
Del Monte Foods has initiated Chapter 11 bankruptcy proceedings in the United States, filing on Tuesday as part of an agreement with key lenders to facilitate a sale of the company. The move comes with a secured financing package of $912.5 million, intended to support its operations throughout the restructuring process. Despite the bankruptcy filing, the 139-year-old food giant has affirmed its intention to remain open and continue its operations without interruption. Del Monte Foods is widely recognised for its extensive portfolio of household brands, including its namesake canned fruits and vegetables, College Inn broths and stocks, and Joyba tea products. Court documents filed in New Jersey estimate the company's assets and liabilities to be in the range of $1 billion to $10 billion. The filing also indicates a substantial number of creditors, estimated to be between 10,000 and 25,000. In a statement, CEO Greg Longstreet said: 'This is a strategic step forward for Del Monte Foods. After a thorough evaluation of all available options, we determined a court-supervised sale process is the most effective way to accelerate our turnaround and create a stronger and enduring Del Monte Foods. 'With an improved capital structure, enhanced financial position and new ownership, we will be better positioned for long-term success'. He added: 'While we have faced challenges intensified by a dynamic macroeconomic environment, Del Monte Foods has nourished families for nearly 140 years, and we remain committed to our mission of expanding access to nutritious, great-tasting food for all. 'I am deeply grateful to our employees, growers, customers and vendors, as well as our lenders for their support in helping us achieve our long-term goals". Certain of its non-US subsidiaries are not included in the Chapter 11 proceedings and continue to operate as usual, Del Monte Foods said. Del Monte expanded in the 1890s before the company built its famous 'The Cannery' in San Francisco in 1907. The company claims that it operated the largest fruit and vegetable cannery in the world by 1909.
Reuters
24 minutes ago
- Reuters
TSX futures edge higher; investors await US trade updates
July 2 (Reuters) - Futures tied to Canada's main stock index rose on Wednesday, while investors assessed the prospects for trade deals ahead of U.S. President Donald Trump's July 9 tariff deadline. Futures on the S&P/TSX index (.SXFcv1), opens new tab were up 0.2% at 06:10 a.m. ET (1010 GMT). Trump said on Tuesday he was not considering extending the deadline for countries to negotiate trade deals with the U.S. He expressed optimism about a potential trade deal with India but was skeptical about reaching a similar agreement with Japan. Toronto's commodity-heavy S&P/TSX composite index (.GSPTSE), opens new tab rose to a record high on Monday as the resumption of trade talks between Canada and the U.S. cheered investors. Canadian stock markets were closed on Tuesday for Canada Day. White House economic adviser Kevin Hassett said on Monday that the U.S. will resume trade negotiations with Canada immediately. The move follows Ottawa scrapping its digital services tax targeting U.S. technology firms. Canada sends about 75% of its exports to the U.S., including autos, steel and aluminum, which have been hit by hefty U.S. duties. In the U.S., Senate Republicans passed Trump's massive tax-and-spending bill on Tuesday by the narrowest of margins. The legislation now heads to the House of Representatives for possible final approval. Gold prices inched down, while oil prices , edged higher. FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report Canadian dollar and bonds report CA/ Reuters global stocks poll for Canada , Canadian markets directory
