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Petrobras' proposal to end the strike is rejected by a large Brazilian union
The Brazilian union Sindipetro-NF (one of the largest in Brazil) has rejected the latest proposal from the state-run oil company to end the 12-day strike. It said this in a Friday statement. Sindipetro NF represents?about 25,000 oil industry workers, including those in Petrobras?offshore oil platform in the Campos Basin, which is the second highest oil production area in Brazil. Petrobras stated in a press release that the strike so far has not had an impact on production as they are using contingency crews to continue operations. Sindipetro-NF is the largest union within FUP, a umbrella organization of oil workers. The FUP board accepted Petrobras' proposal but it was still up to the workers. Sindipetro-NF, a union that is not part of the?FUP, has rejected the call to end the strike. FUP does not include all Petrobras unions. FNP's board voted to continue the protest, and advised unions that were under its umbrella to do the same. Sources said that the dispute may last for a long time, because it involves complex issues, such as deductions from pensioner payments and pension fund funds of state-run firms. Reporting by Fabio Téixeira in Rio de Janeiro and Rodrigo Viga Gaier; editing by Nick Zieminski & Alistair Bell
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Wall St. closes the holiday session with a near-record high in terms of light.
Wall Street closed a low-volume session after Christmas on Friday with little to no change. The three major U.S. indexes ended essentially flat but posted weekly gains. Ryan Detrick is the chief market strategist for Carson Group, based in Omaha. He said, "We're simply catching up today after a five-day rally." This is just day two of Santa Claus rally, so there's still time. We think that the market will be more optimistic going forward. Market participants were looking for signs of a seasonal phenomenon known as the "Santa Claus Rally," where the S&P 500 makes gains in the last five days of the current year, and the first two days in the next. This period began on Wednesday and runs through January 5. This rally could be a good sign for the stock market in 2026. Three trading days are left in an 'unpredictable year,' in which investors have been thrown for a loop by tariff jitters and simmering geopolitical conflicts. The Nasdaq is leading the way with its tech-heavy indexes. Detrick added: "It is a reminder to investors that volatility was the price we paid to achieve the solid gains in the past three years." "It's likely that 2026 will not be the first time in history where there is no volatility or bad headlines. "So you need to prepare yourself." The S&P 500 lost 2.05 points or 0.03% to finish at 6,930.00, while the Nasdaq Composite dropped 20.21 points or 0.09% to 23,593.10. The Dow Jones Industrial Average dropped 19.70 points or 0.04% to 48,7111.46. Communication services, technology, and industrials outperformed the overall market in terms of performance. The only sector to lose ground by 2025 is real estate. Nvidia's stock rose after the AI chipmaker agreed with startup Groq to license its chip technology and hire its CEO. Target shares rose after The Financial Times reported that hedge fund Toms Capital Investment Management has invested a large amount in the retailer. Silver and gold prices reached new record highs, boosting the value of U.S. listed shares.
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Petrobras' proposal to end the strike is rejected by a large Brazilian union
The Brazilian union Sindipetro-NF - one of the largest representing Petrobras workers - has rejected 'the latest proposal from 'the state-run oil firm to end a 12 day-long strike. It said this in a Friday statement. Sindipetro-NF represents around 25,000 oil industry workers, including those on Petrobras offshore oil platforms, in the 'Campos basin. This is the second highest oil production area in Brazil. Petrobras?did not immediately respond to a comment request. The company has said that the strike had no effect on production because it was using contingency crews. Sindipetro-NF, a union umbrella for oil workers, is the largest under 'FUP. The board of the FUP had accepted Petrobras' proposal, but it was still up to the workers to vote on the issue. Sindipetro-NF, however, has voted against ending the strike. This means that the protest will continue at least in some sites. FUP does not include all Petrobras workers' unions. The board of another umbrella organization, FNP voted to continue the protest, and advised unions to do the same. Sources said that the dispute may last for a long time, because it involves complex issues, such as deductions from pensioner payments and pension fund funds of state-run firms. (Reporting by Fabio Teixeira and Rodrigo Viga Gaier in Rio de Janeiro; Editing by Nick Zieminski)
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Two dead in Palestinian attack in Israel, Israeli authorities say
Israeli emergency services reported that a Palestinian attacker ran over a man, stabbed a woman in the neck and killed both of them on Friday. Israeli police released a statement saying that the assailant was wounded and shot by a civilian on the spot. He was then taken to hospital. The police added, "This was a?rolling?terrorist attack." Israeli Defence Minister 'Israel Katz' said that he had ordered the military to respond with force in the West Bank city of Qabaitya where the attacker allegedly hailed from to prevent any further attacks. The Israeli military has said that it is "preparing an operation" for the area. The Israeli ambulance service reported that the woman and man were both pronounced dead on the scene, after medics failed to revive them. (Reporting and editing by Alexandra Hudson, Hugh Lawson and Maayan Libell)
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Silver trading, from shares and coins to bars and stocks
Silver has surpassed $75 per ounce for first time, fueled by strong industrial demand and investment, persistent shortages of supply, recent designation as an U.S. "critical mineral", and a wave momentum-driven purchasing. Spot silver is up over 150% in the past year, outpacing gold by more than 70%. How does silver trade? Over?THE Counter London is the largest marketplace for physical gold and silver, where banks and brokers take orders from customers around the globe to buy and sell. The trading is done over the counter bilaterally between financial institutions. An investor must be in a relationship to one of them to gain access to the market. Bars of bullion are stored in vaults at large banks like JPMorgan and HSBC. London vaults will hold 27,187 tons of silver by the end of 2025. Tons of silver. Futures Silver is also traded on futures markets. Shanghai Futures Exchange and CME Group COMEX are the two largest exchanges. Futures contracts are agreements where the seller promises to deliver silver at a future date. They are usually traded via a broker. The majority of futures are swapped for later-dated contracts. Both the buyer and the seller can speculate on the price of silver without having to move and store metal. Futures also offer the advantage that you don't have to pay the entire amount of silver. Instead, you only need to pay a fraction, called a margin. ETFs (Exchange Traded Funds) ETFs are traded on stock exchanges like the NYSE and LSE along with shares of publicly traded companies. Each share of the fund represents a certain amount of silver in a vault. Robinhood, for example, allows small investors to trade ETFs with ease. Silver is added to the vault when the demand for an ETF exceeds the price of the underlying metal. This allows new shares to become available, bringing the prices back in line. The iShares Silver Trust, managed by BlackRock, contains?around 530 million ounces silver, worth $39 billion today. BARS AND COINS Silver bars and coins are also available to smaller investors from retailers all over the world. SILVER MINERS Investors can buy shares of companies that mine for silver. These are also easily traded on platforms such as Robinhood. The value of these shares is affected by many factors, including the management, debt, and performance of the companies. Reporting by Anmol Chaubey from Bengaluru
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LG Energy Solution cancels battery order worth 3.9 trillion won with Freudenberg
In a Friday regulatory filing, LG Energy Solution, a South Korean battery manufacturer (LGES), announced that it had canceled a contract worth 3.9 trillion won ($2.7 billion). LG Energy Solution announced that it had mutually agreed to terminate its contract with Freudenberg Battery Power Systems after Freudenberg scrapped its plans for its battery business. This announcement comes just a week after Ford Motor terminated a battery supply deal worth 9.6 trillion won. Ford announced that it would "take a $19.5-billion write-down" and scrap several electric vehicle models. This is a dramatic example how the auto industry has retreated from battery-powered vehicles in response to Trump's administration policies and the weakening demand for EVs. Ford alone will cause LGES to lose more than half its revenue of 25.62 trillion won last year, or 13.5 trillion won, in just 10 days. LGES announced on Wednesday that it is selling a factory and assets in Ohio, U.S. to Honda Development and Manufacturing of America. The sale will improve the joint venture's operational efficiency.
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Sources say that Russia has almost doubled its LPG exports this year to Central Asia and Afghanistan.
Industry sources have told? Industry sources told?Einen on Friday that Russia had almost doubled its exports of liquefied petroleum gas to ex-Soviet republics in Central Asia and Afghanistan from January to November. The total was 1.016 million metric tons. Moscow had to divert LPG supplies from Europe. Europe imposed restrictions on LPG imports from Russia after the war in Ukraine. LPG is used primarily as a fuel for cars and heating, but also to produce other petrochemicals. According to traders, the total LPG exports of Russia to Afghanistan and other countries in Central Asia, including Tajikistan, Kazakhstan, Kyrgyzstan and Uzbekistan, will increase to 36% by 2024, from 19%. Afghanistan is Russia's biggest buyer of LPG in that region. In July, Russia recognized the Afghan Taliban government for the first time by accepting the credentials of the new ambassador. Sources claim that the supply of Russian LPG into the country has risen 1.5 times in the first eleven months of this year, to 418 tons. This includes the joint venture between Kazrosgaz and Kazakhstan. The traders said that the increase in Russia's LPG supply to Afghanistan was partly due to the decline of Iranian LPG, which is sanctioned by the United States. (Reporting and Editing by Saad sayeed)
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Shanghai copper reaches record highs on signs of tight supply
Shanghai copper reached a record-high on Friday on signs that the 'feedstock supply' will be tighter next year and China's plans to curb irrational expansion of copper projects. The Shanghai Futures Exchange's most active copper contract closed the daytime session up 3.6%, at 98720 yuan (US$14,083.34) per metric ton. It had earlier reached an all-time record of 99,730 dollars a ton. The contract stipulated a gain of 6% per week. The London benchmark reached a high of $12,282 Wednesday. China's top economist said that the country will tighten up its oversight of new copper projects and alumina to stop irrational investments and unplanned expansion between 2026 and 2030. Sources said that top Chinese copper smelters did not set guidance on copper concentrate processing charges for the first quarter 2026. The group has refused to set guidance for the first quarter of 2026 for the fourth consecutive time due to feedstock shortages. Investors expect two more U.S. rate cuts in 2012, leading to continued weakness of the U.S. Dollar, which is hovering near its two-month lows. Dollar-priced materials become more appealing to holders of currencies other than the dollar when the dollar is weaker. Aluminium and lead were the two most significant gains among?SHFE's base metals. Two sources said that the top aluminium producers have raised their premiums to Japanese buyers from $190 to $203 per metric ton to $210 to 225. Japan is Asia's largest importer of light metals, and the premiums it agrees to each quarter above the London Metal Exchange cash price sets the benchmark for the area. Zinc increased by 0.7% while nickel grew by 1.3%. Tin increased by 1.4%.
Ecotourism helps revive mangroves in a Filipino surfing location
Del Carmen Mangrove Reserve is a new Ramsar Site
Siargao is awash with illegal fishing and mangrove cutting
Ecotourism and behaviour change are key to protecting the mangroves
By Mariejo Ramos
He was once an illegal fisher, who cut down tropical woody trees for fuel. Now he protects them in a civilian patrol force.
We were forced to sell and cut mangroves because life was hard back then. "We couldn't find another job," Longos said.
Workers like Longos are now part of the solution because the local government has been working to provide job training and cultivate an ecotourism enterprise.
He proudly pointed out a mangrove baby he planted along the water.
The mangroves in the area were reduced for decades by destructive fishing techniques like dynamite use and illegal deforestation to make wood for bread or charcoal.
According to the local authorities, through replanting, the Del Carmen Mangrove Reserve has grown from 4,200 ha of mangroves to more than 4,800 ha.
The Ramsar Convention on Wetlands (an international treaty named for the city in Iran, where it was signed, in 1971) that guides conservation of wetlands throughout the world, designated the reserve as a Wetland Reserve of International Importance in August 2024.
Longos patrols the mangrove reserve from its viewing platform, earning him an honorarium each month of 9,000 pesos ($158). He uses his fishing boat to give paid tours of the mangrove reserve in his spare time.
Del Carmen Mayor Alfred Coro says the stories of small town fishermen like Longos shows that even communities with limited resources can stop environmental destruction.
He said that gaining the support of people through education, ecotourism opportunities and training is more important than policing.
Coro said that for a long time, previous leaders in Del Carmen had been told it was impossible to persuade people to stop illegal mangrove harvesting and illegal fishing.
He said that it took a decade for them to convince people of the importance of mangroves and to stop using illegal methods.
He said that he was limited in financial resources and the majority of his efforts were done through dialogues between fishermen at their homes, as well as community-based campaigns to inform people about mangrove conservation.
The local government started the tours, and now they are run by fishing groups. The tour fee is divided between the fisherman and his group, which amounts to about 600 pesos per trip.
The town has been preparing for growth in tourism and development since last year when it was awarded the Ramsar certification.
In 2023, more than half a millon tourists will visit Siargao, the highest number ever recorded. They are attracted to the impressive waves and surf spots in the area, which have been popular since the 1980s, when the sport began gaining popularity.
SUSTAINABLE TOURISM
Researchers fear that more visitors to Siargao could put strain on the natural resources of the island and cause waste problems such as plastic and marine debris.
The Asian Development Bank found that an increase in Siargao waste is "attributable" to the surge of tourists.
The study found that sustainable tourism could be implemented to protect marine life and support local incomes.
Del Carmen's municipality has encouraged its residents to make money through eco-tours, and to take care of mangroves to ensure that tourism will support the community for a long time.
Longos, a fisherman from the Philippines, was taught about mangroves' science and encouraged to participate in campaigns and replantings for their protection. Coro said that when they first started, "they had doubts."
Since 2014, hundreds of illegal fishermen and mangrove cutters have become tourism operators. The town offers 100 ecotrips a day, says a local tourism official.
These tours are staffed by guides, boat captains, and assistants.
Coro said, "You can tell how much their lives have improved."
The mayor stated that developing alternative sources of income has ripple effects on the local economy.
Del Carmen, which was a town of the Philippines with the lowest level of income as a fifth-class municipality, became a third class municipality this year.
Local government data revealed that the average monthly family income in Del Carmen increased from 2,000 pesos (34.95 USD) in 2010 up to 17,000 pesos (297.05 USD) in 2024. The poverty rate also decreased from 69% to 21% in 2010.
The income of the town from tourism grew from 1.2 millions pesos (about $21,000) in 2020, to 9.2million pesos (about 160,381) by 2024.
Longos says that by fishing legally and guiding ecotours he has been able to send all four of his children to school.
Gina Barquilla said ecotours prevent overfishing, which may destroy mangroves habitats, because the income from tours encourages people to spend less money catching fish.
A Task for the Community
Barquilla said that mangroves in Siargao (a teardrop-shaped island) helped to protect the area from a powerful typhoon 2021. They also lessened the impact of strong waves and the rising sea level for coastal fishing villages.
She has spent more than 10 years educating illegal fishermen and mangrove cutters at home and chasing dynamite fishing boats on the sea, despite threats and harassment.
In rare cases, such as in February, fishermen have been arrested for using dynamite against schools of fish.
She said that the best strategy is to go out and educate the local communities about the importance of mangroves, conservation and science.
She and other ecotourism activists said that generations of families have survived off the money made from cutting mangroves. Therefore, educating youth is crucial, they said.
(source: Reuters)