Latest News
-
BlueScope’s largest investor rejects $9 billion takeover bid
BlueScope Steel’s largest investor, AustralianSuper said on Friday that it supported the Australian company's decision to reject a $9 billion offer from U.S.-based Steel Dynamics and?SGH?. After announcing its increase in stake on Thursday, the pension fund now holds 13.52 % of BlueScope. BlueScope rejected the $A30 offer from?SGH & Steel Dynamics on Wednesday, saying that it was "very significantly undervalued". The company also accused the acquirers of trying to buy BlueScope 'on the cheap. AustralianSuper's spokesperson stated that "we support the BlueScope Board's decision to reject the offer and remain focused on executing the company's strategy, without distraction." The current BlueScope offer does not reflect the value we currently believe the business to be worth. According to our "current valuation", we would only approve a deal that was substantially higher than the price of A$30 for each share. BlueScope,?SGH and?AustralianSuper did not respond immediately to a comment request on?AustralianSuper?s statement. Australian pension funds are playing a more active role in corporate takeovers, with AustralianSuper rejecting Brookfield’s $10.6 billion offer for Origin Energy. The largest pension fund in Australia said that the bid was undervalued at the time. (Reporting and editing by Scott Murdoch, Cynthia Osterman).
-
Two people are wounded by US border agents in Portland
Police in Portland, Oregon said that two U.S. federal agents had shot and injured two people. They were then taken to hospital. Portland police released a statement saying that two people were hospitalized following an incident involving federal agents. Bob Day, the police chief in Minneapolis said: "We are aware of the high level of emotion and tension that many people feel in the aftermath of the shooting in Minneapolis. However, I ask the community to be calm while we continue to investigate the incident." The police said that they did not take part in the shooting on Thursday. The FBI announced that it was investigating a shooting in which U.S. Customs and Border Protection (CBP) agents were involved. In the Minnesota shooting, an officer of U.S. Immigration and Customs Enforcement was involved. ICE is a separate agency of Homeland Security. Portland Police said that the condition of those who were shot is unknown. Officers responded and found two people with gunshot injuries. Officers applied tourniquets and called emergency medical personnel. "The patients were transported to hospital." Portland Police said in a press release. ABC News reported that Portland City Council president Elana Pirtle Guiney said, as far as she was aware, they were still alive. On social media, FBI Portland announced that it was investigating a shooting that occurred at around 2:15pm near the 10000 Block of Main St. Portland. The circumstances of the shootings in Portland are not yet known. The fatal shooting by an ICE agent of a 37-year old mother of three on Wednesday in Minneapolis drew widespread condemnation and protests from Minnesotans and other officials. Portland Mayor Keith Wilson stated in a statement that his city is now dealing with violence from federal agents. "We cannot sit back while constitutional protections are eroded and bloodshed increases." He asked ICE to halt its?operations' in the city until a thorough investigation could be conducted. Wilson stated that "federal militarization undermines community-based safety and runs against the values which define our region." Wilson said: "I will use all legal and legislative tools available to protect the civil and human rights of our residents."
-
Reliance India would buy Venezuelan oil, if permitted
Reliance Industries, India's operator of the largest refinery complex in the world, announced?on Friday that it would buy Venezuelan oil, if allowed to be sold to non-U.S. customers. In an email response to queries, a Reliance Industries spokesperson said: "We are waiting for clarity on the access of Venezuelan oil by buyers outside the United States and will consider purchasing oil in a compliance manner." Industry sources say that state-run refiners Indian Oil Corp. and Hindustan Petroleum Corp. will also buy Venezuelan oil, if the sale of Venezuelan crude is allowed to companies outside the United States. Both companies did not respond immediately to requests for comment. RELIANCE STOPPED BUYING VENEZUELANOIL LAST YEAR Caracas reached an agreement with Washington this week for the export of up to $2 billion in Venezuelan crude oil, or 30-50 million barrels to the United States after U.S. forces captured President Nicolas Maduro, on January 3. Reliance stopped purchasing Venezuelan oil in March 2025, after President Donald Trump announced that a 25% tariff would be applied to nations who bought crude from the South American producer. Conglomerate received last Venezuelan oil shipment in May of last year. Reliance has two refinery facilities in the western Gujarat state with a combined crude oil capacity of 1.4 million barrels a day. This allows it to process heavier and cheaper crudes like Venezuela's Merey. Sumit Ritola is a lead research analyst at Kpler, specializing in refining and modeling. A COMFORTABLE ALTERNATIVE FOR 'RUSSIAN ENERGY' LSEG's trade flows reveal that India's HPCL Mittal Energy, Nayara Energy IOC and Mangalore Refinery & Petrochemicals imported Venezuelan crude oil in the past. Ritola stated that Venezuelan oil was a "politically acceptable diversification option" for India in comparison to Russian oil. India is under pressure from the West to reduce its Russian oil purchases following Moscow's invasion of Ukraine, as they are concerned that oil revenues may be used to fund Russia's war efforts. Last year, the United States doubled tariffs against Indian goods from 25% to 50% citing India's "heavy purchase of Russian crude". On Wednesday, a Republican Senator claimed that Trump has 'greenlit?legislation to sanction countries doing business in Russia. Reliance, however, has said that it will not be receiving Russian oil this January. India's Russian imports could be drastically reduced by the decision. Ritola stated, "We have already seen Reliance reduce its intake of Russian oil. This shows refiners can adapt to new risks or compliance issues." (Reporting and Editing by Louise Heavens, Bernadettebaum, and Nidhi verma)
-
Marathon Petroleum, a US refiner, has announced that it will bid for Venezuelan crude.
Marathon wants to bid for Venezuelan crude oil, said the company on Thursday. The U.S. government is preparing to increase imports after the ouster of President Nicholas Maduro in January. The company declined to confirm if there would be an auction. Caracas, Washington and other Venezuelan oil producers reached an agreement this week for the export of up to $2 billion in Venezuelan crude to the United States. This is equivalent to 30 million to 50 million barrels. Citgo Petroleum, a Venezuelan-owned refiner, also wants to take part in any auctions of Venezuelan crude, the board decided Thursday, according two sources within the company. The company has ?not been allowed to import Venezuelan crude for years after it severed ties with ?its parent, Caracas-headquartered oil firm PDVSA, in 2019. Citgo didn't immediately respond to a comment request. The biggest beneficiaries of an easing in sanctions against Venezuela are expected to come from U.S. Gulf Coast refining companies, many of which are designed to process more of the Venezuelan oil than what the U.S. produces.
-
Stocks mixed; yields rise before US jobs data
Treasury yields rose Thursday, ahead of the key U.S. Jobs Report on Friday. Defense company shares also gained as a result of U.S. president Donald Trump's plans to spend $1.5 trillion on a military budget. The?aerospace-and-defense index reached a record high. European defense shares also hit a new peak. Investors also watched developments in Venezuela, which led to a rise in oil prices. The U.S. military captured Venezuelan president Nicolas Maduro over the weekend. The White House announced on Tuesday that Trump is also discussing the possibility of acquiring Greenland. The number of Americans who filed new claims for unemployment benefits increased moderately in the last week. This suggests that layoffs will be relatively low by the year 2025. However, the demand for labor is still sluggish. The Federal Reserve is expected to cut rates at least twice this year. However, a divided Federal Reserve indicated that there would only be one rate cut in 2026. At its meeting in this month, the Fed is expected to maintain rates at their current level. The U.S. Employment report for December, which is due on Friday, will be crucial. The S&P 500 closed the day at a flat level. The S&P 500's technology sector was the worst performing, but energy was the best. The global stock index fell slightly. "There are lots of potholes around, but we're skipping over them so far," said Rick Meckler. Cherry Lane Investments is a family-owned investment firm in New Vernon, New Jersey. Investors remain positive at the bottom of the market. The Dow Jones Industrial Average rose by 270.03 or 0.55% to 49,266.11; the S&P 500 gained 0.53 or 0.01% to 6,921.46; and the Nasdaq Composite dropped by 104.26 or 0.44% to?23480.02. Nvidia shares fell 2.2%, Broadcom fell 3.2% and Microsoft dropped 1.1%. The MSCI index of global stocks fell by 2.22 points or 0.22% to 1,029.26. The pan-European STOXX 600 fell by 0.19%. After?two consecutive days of declines in oil prices, they settled at a high of two weeks. Brent futures gained $2.03 or 3.4% to settle at $61.99 a barrel. U.S. West Texas Intermediate crude (WTI), however, only gained $1.77 or 3.2% to settle at $57.76. As the dollar strengthened, and investors secured profits, copper and nickel prices dropped. DOLLAR UP YIELDS The yield on the benchmark 10-year notes?U.S. The yield on 10-year notes increased 4.5 basis points, to 4.183%. The yield curve between 2- and 10-year notes steepened by around 2 basis point to 69 basis points. Venezuela's defaulted bonds finally cooled down after their near 40% increase following the weekend's event fuelled investor hope for a "massively complicated debt restructuring". Investors are awaiting the Friday labor report. The dollar index (which measures the U.S. Dollar against six rival currencies) was up by 0.2% to 98.922 at its highest level since December 10.
-
Stocks mixed; yields rise before US jobs report, defense shares gain
The major?stock indices were mixed on Thursday, and Treasury yields increased ahead of the key?U.S. Jobs report was mixed, but defense shares rose amid President Donald Trump's plans for a $1.5 trillion budget. The aerospace and defense index reached a record high. European defense shares also hit a new all-time high. Investors also watched developments in Venezuela, which led to a rise in oil prices. The U.S. forces captured Venezuelan president Nicolas Maduro over the weekend. Tuesday, the White House announced that Trump had also discussed options to acquire Greenland. "The defense budget is growing, if not increasing." Joe Saluzzi is a partner and cofounder of Themis Trading. "You're getting more pressure from administration to do certain things, but investors don't appear to care at this point," he said. The number of Americans who applied for unemployment benefits increased moderately in the last week. This suggests that layoffs will be relatively low by the year 2025. However, the demand for labor is still sluggish. The Federal Reserve is expected to cut rates at least twice this year, despite the fact that a divided Federal Reserve indicated in December that there would only be one rate cut in 2026. At its meeting in this month, the Fed is expected keep rates unchanged. The U.S. Employment report for December, which is due on Friday, will be crucial. The Dow Jones Industrial Average rose by 270.03 or 0.55% to 49,266.11, while the S&P 500 gained 0.53 or 0.01% to 6,921.46. Meanwhile, the Nasdaq Composite dropped 104.26 or 0.44% to 23,480.02. The MSCI index of stocks around the world fell by 2.22 points or 0.22% to 1,029.26. The pan-European STOXX 600 fell by 0.19%. The dollar index (which measures the greenback in relation to a basket of currencies, including the yen, the euro and others) rose by 0.18%, reaching 98.90. The dollar-euro exchange rate was on the verge of its eighth consecutive drop. The yield on benchmark U.S. 10 year notes increased 4.5 basis points from late Wednesday to 4,183%. Venezuela's defaulted bonds finally cooled down after their near 40% surge following the weekend's event fuelled investor hope for a massively complicated debt restructuring. U.S. crude rose by 1.8%, to $57.00 per barrel. Brent increased to $61.13 a barrel. This is a 1.95% increase on the day. Gold prices were almost flat. After?two consecutive days of declines in oil prices, they settled at a high of two weeks. Brent futures gained $2.03 or 3.4% to settle at $61.99 a barrel. U.S. West Texas Intermediate crude (WTI), however, rose $1.77 or 3.2% to settle at $57.76.
-
Bessent: The largest oil companies in Venezuela are likely to slow down their pace of expansion
Scott Bessent, U.S. Treasury secretary, said that the largest oil companies will likely move more slowly in making investments in Venezuela. Independent oil companies or "wildcatters" are more likely to move quickly. Bessent, who made his most comprehensive remarks since U.S. troops removed Venezuelan President Nicolas Maduro, refuted the notion that oil companies are reluctant to invest. He said that his phone was ringing from small firms wanting to "get to Venezuela today." He said to the Economic Club of Minnesota that smaller firms were different than majors such as Chevron, and other multinational corporations, which faced more bureaucracy. "When you write your own check, it is possible... for some boards, it's an important strategic shift." Chevron, despite its size, was still "at or near the top of the pack" despite its years in Venezuela. He claimed to have been in frequent contact with Chevron CEO Mike Wirth over the last year regarding sanctions related to Venezuela. Bessent said, in a speech to the Economic Club of Minnesota that Treasury's role was to remove sanctions from various entities in Venezuela while imposing new ones on others. Bessent added that Treasury would oversee the disbursement back into Venezuela under the directives of President Donald Trump, Secretary of State Marco Rubio. He said that the funds would help feed Venezuelans, pay the police and maintain the Venezuelan economy. He added, "We are the bankers and we do not direct the funds." Bessent stated that the goal of the mission was to "stabilize" the situation in order to avoid chaos. "For the moment, we would like to stabilize the existing structure, and then move on, but it's not up to me to decide." Treasury will play a role in ensuring that the funds are directed to the right place, he explained. He said that the goal was to prevent the destruction of the entire bureaucracy, as it happened in Iraq. This resulted thousands and thousands losing their jobs. Bessent: "We are trying to avoid this." Reporting by David Lawder, Andrea Shalal and Chris Reese; editing by Chizu Nomiyama and Chris Reese
-
Chevron is competing with rivals to sell Venezuelan oil, according to sources
Sources in the industry said that U.S. oil giant Chevron, global trading house Vitol, and other oil traders and producers are vying for deals to export Venezuelan crude as part of their discussions with U.S. officials about licenses to do business with Venezuela. Sources in the industry said that the companies were lobbying hard to get a piece of future oil exports by the South American producer following the capture of Nicolas Maduro by the U.S. Sources told us on Wednesday that Chevron is the only foreign company currently authorized to export Venezuelan crude oil to the U.S. The U.S. imposed restrictions on the company last year. Chevron now wants Washington's permission to extend its license to operate in Venezuela. Sources said that as part of its request, Chevron is proposing an increase in crude exports through?its joint-ventures to be sold to third parties and to also trade at least a small portion of PDVSA, the state-run oil company's output. Chevron and PDVSA had signed a large deal in late 2022 that allowed them to expand their business in Venezuela. This enabled Chevron to collect billions of dollars in debt. License restrictions, however, have reduced its Venezuelan crude exports to 100,000 bpd by December. Sources requested anonymity to discuss confidential information. Chevron and PDVSA didn't immediately respond to requests for comments. PDVSA said on Wednesday that the negotiations for the oil supply agreement with the U.S. are progressing. The White House did not immediately respond to our request for comment. Sources told?that Swiss commodities traders Vitol and Trafigura will be at the White House on Friday to discuss marketing Venezuelan oil. Sources told?Earlier on Thursday that Vitol had received a preliminary special license from the U.S. government to begin negotiations for 18 months regarding Venezuelan oil. Vitol received a special preliminary license from the U.S. Government to begin negotiations for 18-months to import and export Venezuelan oil. Shariq Khan reported from New York, Marianna Pararaga reported from Houston and Jarrett Renshaw contributed additional reporting.
Stocks tremble as investors consider geopolitical data and US data, while oil prices rise
Oil prices stabilized on Thursday, after their recent decline. Stocks were off to a rough start as investors assessed implications of deepening?geopolitical tensions and mixed U.S. labor market data.
The top U.S. officials stated on Wednesday that the country "needs" to control Venezuela's oil revenue and sales indefinitely in order to stabilize the economy of the country, rebuild its oil industry and ensure the nation acts in America's best interests.
As part of Donald Trump's aggressive campaign to control oil flows in America, the U.S. also seized on the same day two Venezuelan-linked oil tanks in the Atlantic Ocean, including one that was sailing under the Russian flag.
The fall of Nicolas Maduro continues to dominate headlines, and the majority of market reaction has been in commodities.
The price of oil has fallen this week due to the possibility of increased Venezuelan crude production. However, they have recovered on Thursday. U.S. crude rose 0.7% to $56.38 per barrel while Brent crude futures increased 0.68% to $60.37.
Daniel Hynes is ANZ's senior commodities strategist. He said that the market's reaction to Trump's comments about Venezuelan oil control "looks a bit misplaced".
The U.S.'s control over oil sales may mean that sanctions or restrictions will remain in place for the short-term, which is a?booster for oil prices. "I suspect that's why the prices are rising this morning."
Stocks were mixed elsewhere in the Asian session after a strong start of the New Year that brought markets to new highs, despite global geopolitical divisions.
The broadest MSCI index of Asia-Pacific stocks outside Japan fluctuated between gains and losses, while Japan's Nikkei dropped 0.74%.
Nasdaq Futures declined 0.02% while S&P500 futures rose 0.05%. European futures were lower.
Charu Chanana is the chief investment strategist for Saxo.
Geopolitical headlines will drive the market. Investors are trimming their "Japan beta" because of China's dual use export ban and the potential risk associated with rare earths.
Japan called China's recent ban on exports of dual-use items for its military as "absolutely inacceptable", amid the threat of further restrictions on rare earths, which are vital to both economies.
U.S. No-Farm Payrolls are Up Next
Investors also had their eyes on the U.S. Jobs report, due on Friday. This could provide additional clarity on the Federal Reserve rate outlook.
Goldman Sachs analysts said that they expect a rise of 70,000 nonfarm payrolls above the consensus in December and that the unemployment rate will edge down to 4.5%.
A slew?of data?releases over the weekend painted a mixed image of the U.S. labor market. It appears to be stuck in a state of "no fire, no hire"?.
The November JOLTS Report indicates that the labor turnover is still low. In a recent?note, Wells Fargo economists said that the low churn has led to a fragile balance between labor demand & labor supply.
We expect the job growth rate to be subdued, as firms are still cautious about adding new employees.
The readings didn't change the market expectations for two more Fed reductions this year, and kept currency movements muted on Friday. The euro was little changed at $1.1673, while sterling bought $1.3454 last.
The dollar index was steady at 98.77, but the yen slipped to 156.91.
Spot gold fell 0.11% to $4,448.20 per ounce.
(source: Reuters)