Latest News
-
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
-
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.
-
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)
-
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)
-
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
-
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.
-
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)
-
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%.
Musk's X Corp loses suit against hate speech guard dog
A U.S. judge on Monday tossed out Elon Musk's suit versus a not-for-profit group that faulted him for allowing an increase in hate speech on his social media platform X, formerly Twitter.
U.S. District Judge Charles Breyer in San Francisco said it was apparent that Musk's X Corp took legal action against the Center for Countering Digital Hate (CCDH) due to the fact that he didn't like its criticism, and thought its research study would hurt X's image and scare marketers away.
X Corp has brought this case in order to penalize CCDH for CCDH publications that criticized X Corp-- and maybe in order to discourage others who may want to take part in such criticism, Breyer composed.
It is impossible to read the grievance and not conclude that X Corp is far more concerned about CCDH's speech than it is its data collection methods, he included.
X, in a statement, said it plans to appeal.
The choice is a blow to Musk, the world's third-richest person, who has for several years styled himself as a free-speech champ.
But considering that paying $44 billion for Twitter in October 2022, he has faced broad criticism for shooting a lot of individuals who policed misinformation, and from civil rights groups for permitting more damaging and violent posts.
Imran Ahmed, chief executive of the Center for Countering Digital Hate, in a statement said Breyer's choice affirms his group's right to hold liable social media business for choices they make behind closed doors.
Roberta Kaplan, an attorney for the not-for-profit, said the choice reveals that Musk can not flex the guideline of law to his will.
Musk and X have likewise dealt with many other lawsuits, including claims by former Twitter executives that Musk poorly kept severance, and by suppliers declaring they haven't been paid.
Tesla, the electrical vehicle maker that Musk runs, has individually faced numerous suits claiming it endured the harassment of employees. It has actually rejected those claims.
MUSK TAKEOVER NOT FORESEEABLE
X accused the center of breaching its 2019 user contract by scraping and cherry-picking information to create false and misleading reports that Musk turned X into a haven for hate speech, extremism and misinformation.
According to X's complaint filed last July, the nonprofit created its scare campaign to repel marketers, and triggered 10s of millions of dollars in damages.
X had argued that the nonprofit was bound by Musk's policy modifications, and might have left Twitter if it didn't like them.
Breyer concurred that X's desire to staunch criticism was completely affordable from a business viewpoint.
But he stated the not-for-profit might not have actually visualized when it signed up with Twitter that Musk would eventually take control of and loosen up how it moderated user material.
Breyer likewise dismissed X's claims versus the European Environment Structure, a nonprofit based in The Hague, Netherlands that promotes efforts to reduce climate modification.
X had actually accused it of conspiring with the Center for Countering Digital Hate to illegally gather information.
Nathaniel Bach, an attorney for ECF, said that not-for-profit was grateful for the termination of Musk's pointless suit.
Musk's own speech has often also drawn problems.
In November 2023, Musk endorsed an antisemitic post on X. that stated members of the Jewish community were stiring hatred. versus white individuals, stating the user spoke the real reality.
Musk has actually rejected being antisemitic and looked for to make amends,. consisting of in a January visit to the previous Nazi death camp. Auschwitz in southern Poland.
The case is X Corp v. Center for Countering Digital Hate Inc. et al, U.S. District Court, Northern District of California, No. 23-03836.
(source: Reuters)