Latest News
-
Newmont requests voluntary delisting of Toronto Stock Exchange
Newmont, the largest gold miner in the world, has requested that its common shares be delisted from the Toronto Stock Exchange because of low trading volumes. The move is expected to take effect at or around the close of the trading on September 24. It will likely improve administrative efficiency and lower costs. Bloomberg News reported that Newmont had set a goal to reduce costs by $300 an ounce. This could lead thousands of layoffs. The miner announced last year that it would divest of non-core assets and reduce its workforce, as well as reduce debt, following the $17.14 billion purchase of Australian firm Newcrest. Since November 2024 the company has sold several Canadian assets. These include the Eleonore Mine, which was sold for $795 million; the Musselwhite Gold Mine, located in Ontario and sold at an $850 million price; and its stake in Porcupine Operations, located in Ontario. This deal valued the company's stake in Porcupine Operations at $425 million. Newmont continues to operate the Brucejack mine and Red Chris mine, both in Canada. In July, when the company reported its results for the second quarter, it announced a share-repurchase program of $3 billion. The miner announced on Wednesday that it will maintain its primary listing at the New York Stock Exchange, and also support its listings at the Australian Securities Exchange and Papua New Guinea Stock Exchange. The shares are currently traded on alternative markets, so it does not plan to ask for approval from security holders. (Reporting and editing by Shilpa Majumdar in Bengaluru. Pooja Menon is based in Bengaluru.
-
Top cases heard by the US Supreme Court in 2025-2026
The U.S. Supreme Court is preparing to decide a number of cases during its upcoming term that begins in October. These cases include issues like tariffs, transgender, campaign finance, crisis pregnancy centers and religious rights. The following are some of the cases that will be heard during the upcoming court term. Separately, the court has also acted in emergency cases in several cases that involved challenges to President Donald Trump’s policies. TRUMP TARIFFS On September 9, the court agreed to rule on the legality Trump's sweeping tariffs around world, a test that will be a major part of his agenda for economics and trade. The court heard the Justice Department appeal against a lower-court ruling that Trump had overstepped his powers in imposing his tariffs, which were imposed under a federal emergency law. This case could result in trillions of dollars worth of customs duties for the next decade. The U.S. Court of Appeals in Washington ruled Trump had overreached by invoking a 1977 act known as the International Emergency Economic Powers Act in order to impose tariffs. This ruling was made in response to challenges from five small businesses as well as 12 U.S. States. A toy manufacturer will also be bringing a separate case. Arguments will be held in the first week of Novembre. TRANSGENDER SPORTS PARTICIPATION On July 3, the court decided to hear Idaho and West Virginia's bid to enforce state laws that prohibit transgender athletes in female sports teams of public schools. This is another civil rights challenge against Republican-backed restrictions for transgender individuals. Idaho and West Virginia appealed lower court decisions siding with transgender plaintiffs. Plaintiffs argued the laws discriminate based upon sex or transgender status, in violation of U.S. Constitution 14th Amendment equal protection guarantee and Title IX civil right statute which prohibits sex discrimination in schools. The arguments have not been scheduled. CAMPAIGN-FINANCE On June 30, the court agreed to hear a Republican challenge, based on free speech grounds, to a federal campaign finance provision that limits spending by parties in coordination and cooperation with candidates for office. The case involved Vice President JDVance. Vance and two Republican committees, both of whom were running for U.S. Senate at the time the litigation started, appealed the ruling by a lower court that upheld the restrictions on how much money political parties could spend on campaigns, with the input of candidates they supported. The question is whether the federal restrictions on coordinated campaign expenditures violate First Amendment protections against government abridgment. The arguments have not been scheduled. GAY "CONVERSION THERAPEUTY" The Justices agreed on March 10 to hear a Christian Therapist's challenge to a Democratic Colorado law that bans "conversion therapy", which is intended to change a child's sexual orientation. Kaley Chiles, a licensed counselor, appealed the decision of a lower court that rejected her claim that a 2019 statute violated the First Amendment by censoring her communications with her clients. The state claims it regulates professional conduct and not speech. Chiles, a Colorado-based Christian therapist who believes that "people flourish when they live in accordance with God's plan including their biological gender," according to court documents. Arguments will be held on October 7. CRISIS PREGNANCY COUNTER The court agreed on June 16 to reconsider reviving the operator of a New Jersey crisis pregnancies center's attempt to stop the Democratic-led attorney general's investigation into whether the Christian faith based organization misled women to believe it offered abortions. First Choice Women's Resource Centers has appealed the ruling of a lower court that said the organization had to contest the attorney general's summons in state court prior to bringing a lawsuit against it. Crisis pregnancy centers offer services to pregnant women in order to prevent them from getting an abortion. Abortion rights activists have criticized them for not advertising their anti-abortion position. First Choice argues that it has the right to take its case to federal court, because it alleges a violation of First Amendment rights for free speech and freedom of association. The arguments have not been scheduled. RASTAFARIAN INMATES The Justices took up on June 23, a Rastafarian's lawsuit against state prison officials in Louisiana for holding him down and shaving him bald, in violation of their religious beliefs. Damon Landor's religion dictates that he let his hair grow. He appealed the decision of a lower court to dismiss his lawsuit filed under a U.S. statute protecting against religious infringements by state and local government. Landor was not allowed to sue officials individually for damages under this law, according to the lower court. The law in question protects religious rights for people who are confined in institutions like prisons and jails. The arguments are scheduled for 10 November. DEATH ROW INMATES The court decided on June 6 to hear the appeal of Alabama officials against a ruling that an Alabama man convicted of murder in 1997 was intellectually disabled. This finding spared him the death penalty, but the Republican-led state is still pushing to execute him. According to the lower court's analysis of Joseph Clifton Smith's IQ scores and expert testimony, he was deemed intellectually disabled. According to a Supreme Court precedent from 2002, the Eighth Amendment's prohibition on cruel and unjust punishment is violated by executing a person with intellectual disabilities. The arguments have not been scheduled. Arguments will be held on November 4. LOUISIANA ELECTORAL DISTRECTS The court will again hear arguments in a dispute involving a Louisiana election map that increased the number of U.S. Congress districts with a majority of Black people in the state. The court announced on August 1, that it would assess the legality a key component in the landmark Voting Right Act. This could give its conservative majority the chance to eliminate a provision that was enacted 60-years ago to prevent racial bias when voting. Justices heard arguments on March 24, but ordered on June 27 that the matter be debated again. State officials and civil right groups appealed an earlier court ruling which found that the map of Louisiana's six U.S. House of Representatives district - now with two Black majority districts instead of one - was in violation of the Constitution's equal protection promise. Arguments will be held on October 15. COX COMMUNICATIONS PIRACY VERDICT On June 30, the justices took up a dispute over copyright between Cox Communications, an internet service provider, and a group music labels. This was in response to a court decision that had thrown out a $1 Billion jury verdict against Cox Communications for alleged music piracy by Cox users. Cox Communications appealed the lower court decision that it remained liable for any copyright violations by its customers despite the decision to overturn the jury verdict. Sony Music, Universal Music Group, and Warner Music Group are among the labels. The arguments have not been scheduled. CHEVRON & EXXON COASTAL POLLLUTION On June 16, the court agreed to hear an application by Chevron and Exxon Mobil, as well as other oil and gas firms to move lawsuits filed by two Louisiana municipalities accusing them of damaging the state's coastline over a decade-long period to federal court. The companies appealed the lower court's decision rejecting their claim that the lawsuits should be heard in federal court, because the parishes Plaquemines & Cameron were suing for oil production undertaken during World War II to fulfill U.S. Government refinery contracts. Federal court is viewed as a more friendly venue for such litigation. Arguments have not been scheduled. ENBRIDGE PIPELLINE DISPUTE On June 30, the justices decided to hear Enbridge’s request to change the venue of Michigan’s lawsuit to force the Canadian pipe-line operator to cease operating a line beneath the Straits of Mackinac (waterways connecting two of the Great Lakes) due to environmental concerns. Enbridge appealed the lower court's decision rejecting its request to transfer the case from state to federal court. Federal court is considered to be more favourable to defendants. The arguments have not been scheduled.
-
Conservative influencer Charlie Kirk killed at Utah University event
Trump confirmed that U.S. right wing activist Charlie Kirk, a prominent ally of Donald Trump, had been fatally shot Wednesday in the neck at an event held at a Utah University. "The great, and even legendary, Charlie Kirk is dead. Charlie Kirk was the only person who truly understood the youth of the United States of America. Trump posted on Twitter that he was loved and respected by all, but especially me. He is now no longer among us. A spokesperson for the university said that police do not have any suspects in custody. The school reported earlier that someone was detained. Social media clips show Kirk addressing an outdoor crowd on the Utah Valley University Campus in Orem (Utah) when a loud sound that sounded similar to a gunshot was heard. Kirk moved his hands toward his neck when he fell from his chair. This sent the audience running. Kirk's blood is seen flowing from his neck in another clip. The authenticity of these videos has not been confirmed. Kirk and Turning Point USA - the largest conservative youth group in the United States - played a major role in driving the support of young voters for Trump during the November election. Kirk's Wednesday appearance was the first of 15 planned "American Comeback Tours" in universities across the country. Kirk would often use such events to invite students to debate him in person. Kirk sat at a table he called "Prove Me Wrong", where he would take questions from the crowd. ""WE. ARE. SO. BACK. Kirk wrote ahead of the event that Utah Valley University was "FIRED UP" and "READY" for the first stop on the American Comeback Tour. Kirk was credited by Trump for his success in attracting younger voters, as well as voters of color. Trump told a crowd in Phoenix, Arizona in December that "You had Turning Point’s grassroots armies." "It is not my victory. It's yours." Kirk was followed by 5.3 million people on X. He also hosted a popular radio and podcast program called "The Charlie Kirk show." Kirk co-hosted Fox & Friends on Fox News. He was a part of a network of conservative influencers who were pro-Trump, including Jack Posobiec and Laura Loomer. They helped to promote the agenda of President Trump. Kirk was known for his provocative attacks on the mainstream media, and culture wars around race, immigration and gender. The motive of the shooting remains unknown. However, the United States has been experiencing its longest period of political violence in the past 40 years. Since January 6, 2021, when Trump supporters attacked the U.S. Capitol, more than 300 violent political acts have been documented. Trump was hit by a bullet from a gunman in July 2024 during a campaign rally in Butler, Pennsylvania. Federal agents foiled a second assassination two months later. An arsonist set fire to the Pennsylvania Governor Josh Shapiro’s home in April while his family was still inside. A gunman impersonating a Minnesota police officer shot and killed Senator John Hoffman, his wife and state legislator Melissa Hortman earlier this year. In Boulder, Colorado, an attacker used Molotov cocktail and a homemade flamethrower to attack a support event for Israeli hostages. One woman was killed and at least six others were injured. Following the shooting, both Republican and Democratic politicians showed their support for Kirk. Kirk's close friend, Vice President JDVance, wrote, "Eternal Rest grant him, O Lord." Gavin Newsom, Democratic Governor of California, said on X that the attack on Charlie Kirk was disgusting, vile and reprehensible. "In the United States of America we must reject all forms of political violence." As the news of the shooting spread, White House staff, many of whom were young and fans of Charlie Kirk, wore a sad expression. Reporting by Brad Brooks; writing by Joseph Ax, editing by Paul Thomasch, Rosalba o'Brien and Rosalba Thomasch; reporting by Helen Coster; Jasper Ward; Jim Oliphant; Andrea Shalal; Andrew Hay; Jana Winter; and Julia Harte.
-
US lawmakers ask Trump to cancel the plutonium fuel project over concerns about proliferation
Democratic U.S. legislators on Wednesday called for President Donald Trump's cancellation of a plan that would make surplus plutonium derived from Cold War era atomic weapons available to nuclear power operators as fuel, citing a proliferation threat. In May, Trump signed executive orders that directed the government to stop a large part of its current program to dilute plutonium and dispose of it and to instead use it as fuel for advanced nuclear technology. The administration announced last month that it would make about 20 metric tonnes of plutonium, which was derived from decommissioned nuclear warheads, available as fuel for potential reactors. Why it's important Plutonium, a material fissile, could be used to create nuclear weapons by militants. It is unlikely, but possible. The lawmakers claim that transferring government-held plutonium into private industry will increase the risk of nuclear weapon proliferation throughout the world. The reasoning is that if the U.S. uses old plutonium for reactors, it can't effectively deter other countries from using their own plutonium. Supplies of this material can be created by reprocessing nuclear waste. KEY QUOTE "Trump wants enough plutonium to make 2,000 atomic weapons and give it to the private sector just to please his wealthy buddies," said Senator Edward Markey who, along with two Democrats from the U.S. House of Representatives, signed the letter. "He could just as easily sell nuclear weapons at Costco. We know who to blame if this material turns up in Iran. The White House didn't immediately respond to an inquiry for comment. Trump's executive order also called for the halting of the government program to dispose surplus plutonium through diluting and burying. Supporters of the use of radioactive plutonium say that militants could harm themselves if they handled it, and only nuclear workers are qualified to handle it safely. (Reporting and Editing by Marguerita Chôy)
-
RaceTrac, a convenience store operator, will buy Potbelly sandwich chain for $566 Million
RaceTrac has agreed to purchase sandwich chain Potbelly Corp. for $566 million. This is a rare decision for a convenience-store operator to acquire a restaurant. According to a press release, RaceTrac family-owned convenience stores, RaceTrac RaceWay, and Gulf, will launch a tender to purchase all outstanding shares of Potbelly at $17.12 each. Potbelly directors and executives have all agreed to tender their shares. This represents around 11% Potbelly common stock. Potbelly's shares rose more than 30% to $17 per share on Wednesday following the announcement of the deal. The deal represents a 47% premium over the 90-day average volume-weighted price of the company. Industry experts say that convenience store chains often have franchise agreements with restaurants. However, it is rare that they buy a restaurant brand outright. RaceTrac in Atlanta, Georgia wanted to add a new restaurant to its convenience store portfolio. The two companies negotiated this deal without a formal auction, according to people familiar with the situation. In recent years, private equity firms have been among the most active purchasers of sandwich chains. Blackstone bought Jersey Mike's last year for $8 billion and Roark Capital which owns Jimmy John's will buy Subway for $9.55 billion in 2023. Sources added that the deal today could encourage other restaurants to look at convenience store chains as possible buyers. Potbelly's first location was in Chicago, Illinois in 1977. It now has over 445 locations. RaceTrac has more than 800 RaceTrac, RaceWay and Gulf locations in 14 States and approximately 1,200 Gulf locations throughout the U.S. In the announcement of the deal, both companies highlighted their common capabilities in real-estate, franchising and operations, as well as food innovation, marketing, and food innovation.
-
LBMA calls the White House's tariff update on gold bar a 'welcome' development
The London Bullion Market Association stated on Wednesday that the White House's update to its tariff schedule was a "welcomed development" following challenges caused by a U.S. Customs decision on gold bars. The executive order issued by Donald Trump on 5 September updates the tariff schedules for some goods, including gold products. The White House called them reciprocal tariffs. The update will see gold bars imported into the United States from countries that are "aligned partners" under certain codes in the Harmonized Tariff schedule of the United States, including 7108.11.00 and 7108.12.50. It also includes 7108.13.10 7108.13.55 7108.13.70 7108.20.00, which will be subject to a 0% duty on all entries after September 8, 2025. The LBMA described the move as a "significant and beneficial step for the industry", following the uncertainty created by a recent U.S. Customs and Border Protection decision. CBP's website had suggested earlier in August that gold bars commonly traded could be subjected to country-specific duties, which led some traders to suspend shipments into the U.S. until further clarification. On August 11, Trump tried to calm the markets by posting on his Facebook page that "Gold won't be Tariffed!" He did not provide any further information. The association stated that it would continue to monitor developments, and will provide updates as necessary. It noted ongoing discussions with its members, market infrastructure providers, and authorities in Europe, the U.S. and the UK regarding tariffs on silver. The LBMA clarified that kilobars are classified under REACH, the UK's chemical regulation. According to the LBMA and the UK Health and Safety Executive, kilobars imported into the UK as investment products can be classified as "articles" and exempted from registration. LBMA stated that kilobars used for jewellery manufacturing, or other industrial purposes, can still be classified as chemical substances.
-
US court is inclined to reject motion to disqualify Elliott's bid for Citgo parent
In a Wednesday filing, Judge Leonard Stark stated that a Delaware court was inclined to deny the motion filed by Gold Reserve last month to disqualify an affiliated hedge fund Elliott Investment Management's bid to purchase Citgo Petroleum, a Venezuelan-owned refiner. Next week, the court will begin the final hearing in the court-organized sale of shares to pay creditors who have been owed money for expropriations or debt defaults that Venezuela has made. The hearing follows the selection of the $5,9 billion bid by Elliott's Amber Energy affiliate as the best offer in the auction. This choice was met with objections by several parties, and Gold Reserve filed a motion to strike. The court officer who oversees the auction did not recommend a competing bid by Gold Reserve affiliate Dalinar Energy, even though it had been raised to $7.9 Billion last month. Gold Reserve, Venezuelan lawyers and other creditors objected to Amber's bid. They said that an agreement to pay $2.1billion to holders of Venezuelan bonds in default would deprive certain creditors of auction proceeds. The judge stated in his filing that parties attending the hearing should "focus instead on the merits" of the Amber Energy bid and its objections, as well as the Dalinar offer. During the four-day hearing that begins on Monday, experts, creditors and witnesses will present arguments in support of or against the bids. The court has said that a second set of testimony could be presented by October.
-
ADNOC close to finalising EU remedies for Covestro deal, sources say
People familiar with the situation said that ADNOC, Abu Dhabi's state oil company, is preparing remedies to deal with an EU investigation on subsidy allegations in its bid of 14.7 billion euros ($17.2 billion) for Germany's Covestro. It will likely convert a proposed capital increase of 1.2 billion euros into a shareholder loan. This is ADNOC’s largest acquisition ever and the largest foreign takeover of an EU-based company by a Gulf State. The European Commission (the EU's competition watchdog) has warned that ADNOC could be benefiting from subsidies, such as a guarantee that is unlimited, and that foreign aid may also be involved with the capital increase at Covestro. ADNOC is likely to convert the Covestro equity increase into a shareholder loan, at rates of the market. People familiar with the matter said that the company plans to address EU concerns regarding unlimited state guarantees, just as UAE telecoms group e& did last year to gain EU approval for certain parts of Czech Telecoms Company PFF. e& has agreed to remove the unlimited state guarantee it had provided by ensuring its articles of incorporation do not differ from UAE bankruptcy law. People said that ADNOC would likely pledge to keep Covestro’s technology and intellectual properties in Europe. The Commission, which is currently investigating the deal in its Foreign Subsidies Regulations (FSR), targeting unfair foreign assistance for companies, has declined to comment. A spokesperson for XRG (the international investment arm of ADNOC) said that it would not comment on current discussions. ADNOC's Chief Executive Sultan Ahmed Al Jaber spoke with EU Antitrust chief Teresa Ribera via phone on Friday, according to the sources. ADNOC slammed EU regulators last week for their disproportionate and intrusive requests for information, which it warned could jeopardize the deal. (Reporting and editing by Foo Yunchee)
International shares rally on rate cut hopes, yen compromises
A gauge of international stock markets rallied on Monday on optimism that major central banks will cut rates of interest this year, while the yen damaged versus the dollar after a rise recently from Japan's. presumed currency intervention.
Stocks on both sides of the Atlantic advanced, and in Asia. too, as a softer-than-expected U.S. labor market report on. Friday led traders to revive bets that the Federal Reserve would. ease monetary policy as early as September.
The dollar index, a procedure of the U.S. currency. against six major trading peers, was lower for a fourth straight. session after Friday's information revealed the most affordable jobs gain because. October soothed any angst that the Fed might even hike once again.
Fed Chairman Jerome Powell informed the marketplace that a walking was. not likely. Those were his words, 'unlikely,' and for that reason they. took that to mean that he wishes to cut, said Brad Conger, chief. investment officer at Hirtle Callaghan & & Co in Conshohocken,. Pennsylvania.
Nevertheless, the inflation outlook is still unsure as the. market hopes rates are limiting enough to slow the economy. and reduce the speed of cost boosts, Conger stated.
New York City Fed President John Williams on Monday stated that at. some undefined point the U.S. central bank will lower its rate. target, but for now financial policy is in a very good location,. while Richmond Fed President Thomas Barkin stated the battle. against inflation will likely need a hit to demand.
On Wall Street, the Dow Jones Industrial Average rose. 0.46%, the S&P 500 gained 1.03% and the Nasdaq Composite. innovative 1.19%.
In Europe, the pan-regional STOXX 600 closed up. 0.53% on signs the European Reserve bank is more positive about. cutting rates as euro zone inflation continues to slow down,. three ECB policymakers said.
Philip Lane, Gediminas Simkus and Boris Vujcic stated. independently that the inflation and development information sealed their. belief that euro zone inflation, which was 2.4% in April, will. sluggish to the reserve bank's 2% target by the middle of next year.
MSCI's gauge of stocks across the globe rose. 0.50% to close at 1,066.73, it's greatest given that June 2022. Markets in Britain and Japan were closed for public holidays.
The dollar index fell 0.07% to 105.10, leaving the euro up. 0.07% at $1.0766.
Goldman Sachs raised its 2024 EPS development forecast for STOXX. 600 companies to 6% from 3% earlier, the bank said in a. note on Friday.
According to Goldman, a 10% yearly rise in Brent rates adds. about 2.5 portion points to yearly EPS development, and a 10%. weaker euro/dollar currency exchange rate includes about the same.
Treasury yields ticked lower as financiers examined last. week's controlled job development, which reinforced view that the U.S. economy was not overheating enough to thwart a rate cut.
The yield on benchmark U.S. 10-year notes fell. 1.3 basis points to 4.487%, from 4.5% late on Friday.
Traders are now pricing in 43 basis points of Fed rate cuts. by year end, with the first cut potentially in September, according. to LSEG's rate probability app. In recent weeks, traders had. priced in just one cut due to signs of sticky inflation.
Oil costs increased after Saudi Arabia treked June crude costs. for many areas and as the prospect of a fast contract for a. Gaza ceasefire offer appeared slim, restoring fears that combat. between Hamas and Israeli forces will resume soon.
U.S. unrefined settled up 37 cents at $78.48 a barrel and. Brent increased 37 cents to settle at $83.33 per barrel.
MSCI's broadest index of Asia-Pacific shares outside Japan. peaked at its greatest level since February 2023. and closed 0.66% higher, while China's blue-chip index. ended up 1.5%.
Hong Kong's Hang Seng Index rose 4.7% recently and. on Friday clocked its longest everyday winning streak given that 2018,. closing 0.55% greater on Monday.
INTERVENTION WATCH
In other places, traders stayed on alert for additional volatility. in the yen, after last week's bouts of presumed intervention. from Japanese authorities to stop a sharp slide in the currency.
Tokyo is thought to have actually spent more than 9 trillion yen. ($ 59 billion) to support its currency recently, as suggested by. data from Bank of Japan, taking the yen from a 34-year low of. 160.245 per dollar to an approximately one-month high of 151.86 over. the span of a week.
The yen returned some of those gains on Monday and. was last 0.63% lower at 153.95 per dollar.
Gold costs climbed up as the dollar compromised. U.S. gold. futures for June delivery settled 0.9% greater at. $ 2,331.20 per ounce.
Bitcoin acquired 0.65% at $63,343.00 and ethereum. decreased 1.2% at $3,077.3.
(source: Reuters)