Latest from Reuters
Reuters
40 minutes ago
- Business
- Reuters
Ripple to drop cross appeal against US SEC in crypto lawsuit, CEO says
June 27 (Reuters) - Ripple Labs will withdraw its cross appeal against the U.S. Securities and Exchange Commission in a prolonged legal battle tied to the sale of its XRP tokens, the crypto firm's CEO said on Friday. "We're closing this chapter once and for all," Ripple Labs CEO Brad Garlinghouse said in a post on X, adding that the SEC was also expected to drop its appeal. The move could bring the dispute closer to resolution after years of back-and-forth between the company and the regulator over the token's status as a security. The SEC had sued Ripple for allegedly violating securities laws through the sale of its XRP tokens. In 2023, a judge ruled that XRP sales on public exchanges were legal, but the $728 million of sales to institutional investors broke the rules. Both sides appealed, but later agreed to settle if the judge set aside her injunction and approved lowering the $125 million fine she had imposed on Ripple. However, the judge rejected their request on Thursday. The SEC did not immediately respond to a request for comment.
Reuters
an hour ago
- Politics
- Reuters
Trump should stop 'disrespectful' tone against Khamenei if he wants a deal, Iranian FM says
June 28 (Reuters) - If U.S. President Donald Trump is genuine about wanting a nuclear deal with Iran, he should put aside "the disrespectful and unacceptable tone" towards Supreme Leader Ayatollah Ali Khamenei and "stop hurting his millions of heartfelt followers," Foreign Minister Abbas Araqchi said in a post on X early on Saturday.
Reuters
an hour ago
- Sport
- Reuters
Angels manager Ron Washington (health) out for rest of season
June 27 - Ron Washington will not manage the Los Angeles Angels for the rest of the season due to a health concern, the team announced Friday. Bench coach Ray Montgomery will act as interim manager. Ryan Goins was promoted to the team's bench coach. Washington, 73, experienced shortness of breath and heavy fatigue while the Angels were playing a four-game road series against the New York Yankees last week. He returned to Los Angeles and underwent tests on June 20 but the team didn't elaborate on the details or results. Washington reportedly discussed his situation with players and coaches prior to leaving New York but has not spoken to reporters. He has not been in the dugout but has been around the team, according to general manager Perry Minasian, who said last Friday his main concern is for Washington's health. "We all know how important this is for all of us, but health is more important than anything, and me personally, I'm not letting him back in the dugout until I know he's 100 percent OK. I love the guy too much," Minasian said. Washington is in his second season with the Angels and has a 103-139 record with the team. Los Angeles is 40-40 this season. Overall, Washington holds a 767-750 record in 10 seasons. He guided Texas (2007-14) to the World Series in 2010 and 2011 with the Rangers losing each time. Montgomery, 55, is in his fourth season on the Angels' coaching staff. Goins, 37, has been an infield coach for the Angels since last spring, following an eight-year playing career with the Toronto Blue Jays, Kansas City Royals and Chicago White Sox. --Field Level Media
Reuters
an hour ago
- Business
- Reuters
Canada's steel producers tell government its tariff protection measures aren't enough
TORONTO, June 27 (Reuters) - Canadian steel industry representatives told government officials in a meeting this week that their measures to protect the industry from the consequences of U.S. tariffs are insufficient, two of the representatives who attended the meeting told Reuters. On Thursday, steel producers met with Patrick Haley, assistant deputy minister for trade and finance, and other officials from the ministry, telling them the measures announced earlier this month do not protect the industry from steel dumping and could cause mass layoffs, the representatives said. U.S. President Donald Trump increased import duties on steel and aluminum to 50% from 25% earlier this month. Canada is the top seller of metals to the United States. In response, Canada announced a raft of measures, including establishing new tariff-rate quotas of 100% of 2024 levels on imports of steel products from non-free trade agreement partners. Industry representatives at the meeting asked the government to extend tariff quotas to all countries with unfair trade practices, even if they have free trade agreements. Europe and Asia have started diverting their products to Canada to avoid U.S. tariffs, making domestic steel uncompetitive, they said. "We don't think the measures announced meet our needs under this dire time," Catherine Cobden, President and CEO of the Canadian Steel Producers Association, told Reuters. Cobden attended the meeting with finance ministry officials on Thursday. The Canadian Steel Producers Association said in a separate statement on Thursday that, in its current form, the tariff-rate quota will do little to support its industry. Canada's steel industry has laid off 1,000 workers since the first U.S. tariffs in March, and more layoffs could be coming, the association said. Keanin Loomis, president of the Canadian Institute of Steel Construction, which includes steel manufacturers, fabricators, and constructors, said that Thursday's government meeting was heavily steel producers-focused, noting that finished steel products imported to Canada have no tariff protection. Loomis also attended the meeting. In a text response to Reuters, the Canadian Finance Ministry said that the measures it announced represent a comprehensive and strategic package to defend producers and workers, and were a first step. Prime Minister Mark Carney has threatened to increase counter-tariffs on U.S.-produced steel and aluminum if Canada does not reach a broader trade deal with Trump by July 21. Trump on Friday abruptly cut off trade talks with Canada over its new tax targeting U.S. technology firms. "These are temporary and calibrated measures that could be expanded depending on the outcome of ongoing discussions with the United States. We are prepared to adjust our response as needed," a spokesperson for the finance minister said.
Reuters
an hour ago
- Automotive
- Reuters
GM wins victory as appeals court decertifies transmission lawsuits
June 27 (Reuters) - General Motors (GM.N), opens new tab persuaded a federal appeals court on Friday to decertify a class action seeking to hold the automaker liable for knowingly selling about 800,000 cars, trucks and SUVs with faulty transmissions. In a 9-7 vote, the 6th U.S. Circuit Court of Appeals in Cincinnati found too many differences among vehicle owners to justify having one judge oversee the litigation, including 26 statewide subclasses and 59 state law claims. Class actions can result in greater recoveries at lower cost than if plaintiffs were forced to sue individually. Neither GM nor lawyers for the vehicle owners immediately responded to requests for comment. The case covered Chevrolet and GMC vehicles equipped with 8L45 or 8L90 eight-speed automatic transmissions, and sold in the 2015 through 2019 model years. Drivers said the vehicles shuddered and shook in higher gears, and hesitated and lurched in lower gears, even after repair attempts. The vehicles included the Cadillac CTS, CT6 and Escalade; Chevrolet Camaro, Colorado, Corvette and Silverado; and GMC Canyon, Sierra and Yukon, among others. The decision reversed an August 2024 ruling by Circuit Judge Karen Nelson Moore for a three-judge panel. Moore dissented on Friday, accusing the new majority of trying to erect "insurmountable barriers to certification for plaintiffs who file class-action complaints against national manufacturers." Republican presidents appointed the nine judges in Friday's majority, while Democratic presidents appointed the seven dissenting judges. The appeals court sent the litigation back to U.S. District Judge David Lawson in Detroit for further review, which could lead to certification of smaller subclasses. The case is Speerly et al v. General Motors LLC, 6th U.S. Circuit Court of Appeals, No. 23-1940.
