Latest News
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BlueScope Steel, Australia, to pay a special dividend of $292.5 Million to its shareholders
BlueScope Steel, an Australian steelmaker, announced on Wednesday that it would pay a special dividend to its shareholders of A$1 ($292.54m) funded by the surplus cash generated from recent asset sales. The excess cash comes from the sale of a stake in the joint venture with India’s Tata Steel and an agreement to sell a 33-hectare?of land in West Dapto, Australia, for A$76million. It also comes from the ongoing residual projects within its properties group which are expected to deliver A$200million in working capital in fiscal 2025 and in fiscal 2026. BlueScope manufactures steel products for construction and infrastructure. The company said it had chosen to return capital through a dividend, as a share buyback on the stock market was not feasible given the current business environment. Australia's largest iron and steelmaker was last week rejected A consortium of Australian conglomerate SGH, and U.S. based Steel Dynamics made a $9 billion offer to takeover the company. The bidders were accused of trying to "buy it on the cheap". BlueScope’s largest shareholder,?AustralianSuper backed its rejection, saying the offer undervalued the business. BlueScope is held by the pension fund, which owns 13.52%. The company said on Wednesday that the free cash generation was expected to increase over the next 12-18 months. BlueScope expects a reduction of capital expenditure by at least A$500 millions in fiscal 2027 as compared to fiscal 2026. In a statement, the company said that the special dividend would be payable on February 24. ($1 = 1.4972 Australian dollars) (Reporting by Rajasik Mukherjee; Editing by Alan Barona)
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The top cases in the US Supreme Court docket
During its current term, the U.S. Supreme Court weighs a number of important cases involving such issues as presidential powers and tariffs, gun rights, race, transgender sportspeople, campaign finance laws, voting rights, LGBT “conversion therapy”, religious rights, capital punishment, and more. The term began in October, and will run through June. Separately, the court has also acted in emergency cases in several cases that challenge President Donald Trump's policy. TRUMP TARIFFS During arguments on the 5th of November, the justices raised questions about the legality and impact of Trump’s sweeping tariffs. This case has implications for the global economic system. It is a test of Trump’s power. Both conservative and liberal justices pressed the lawyer for Trump's administration on whether or not a 1977 law meant to be used during national emergencies had given Trump the authority he claimed he needed to impose tariffs, or if the president had stepped into the powers of Congress. Some conservative justices, however, also stressed that presidents have inherent authority when dealing with foreign nations. This suggests the court may be divided on the final outcome. Lower courts ruled Trump had overreached by invoking the International Emergency Economic Powers Act of 1977 to impose tariffs. This was challenged by 12 U.S. States and various businesses. The ruling is expected to be made by the end June. Birthright Citizenship The court agreed to rule on the legality Trump's directive restricting birthright citizenship. This is a controversial part of Trump's?efforts? to curb immigration, and would change the way a 19th-century constitutional provision was understood. The lower court blocked Trump’s executive order, which instructed U.S. agencies to refuse to recognize citizenship for children born in the U.S. when neither parent was an American citizen or a legal permanent resident (also known as a "green-card" holder). The court found that Trump's directive violated the 14th Amendment of the U.S. Constitution and federal law codifying the birthright citizenship rights. This ruling was made in response to a class action lawsuit filed by parents and their children who felt threatened by this directive. Arguments in the case have not been scheduled. LOUISIANA ELECTORAL DISTRICTS The conservative justices of the court signaled on October 15, their willingness to undermine another key section in the Voting Right Act, a landmark 1965 law enacted to prevent racial bias in voting. This was during arguments in a case involving Louisiana's electoral districts. The case centers on Section 2 of the Voting Rights Act, which prohibits voting maps that dilute the power of minorities without proof of racism. The lower court found that the Louisiana electoral map, which divided the six U.S. House of Representatives district into two districts with a majority of Black people instead of one before, violated the Constitution promise of equal treatment. The ruling is expected to be made by the end June. TRUMP'S FIRE OF FED OFFICIAL On January 21, the justices will hear arguments about Trump's bid to remove Federal Reserve governor Lisa Cook. This is the first time a president has attempted to fire a Fed officer, as he questions the independence of the central bank. The court refused to decide immediately on a Justice Department's request to put a judge’s order temporarily blocking Trump from removing Cook. The Federal Reserve Act, passed by Congress in 1913 to create the Fed, included provisions that shielded the central bank against political interference. This law required governors to only be removed "for cause" and did not specify the procedure for removal. FEDERAL TRADE COMMISSION FIREING The conservative justices of the court have signaled that they will uphold Trump's legality in firing a Federal Trade Commission Member and also give a historical boost to president power, while also putting at risk a 90-year old legal precedent. On December 8, the court heard arguments in the Justice Department’s appeal of a lower court’s decision that the Republican President exceeded his authority by moving to dismiss Democratic FTC Member Rebecca Slaughter before her term expired in March. The conservative justices seemed sympathetic to the Trump Administration's argument that tenure protections granted by Congress to heads of independent agencies illegally infringed on presidential powers under the U.S. Constitution. Trump was allowed to remove Slaughter until the case concluded. The court is expected to make a decision by the end June. TRANSGENDER SPORTS PARTIcipation The conservative justices seemed ready to uphold the state laws that ban transgender athletes to female sports teams, amid an escalating nationwide effort to restrict transgender rights. The court heard arguments on January 13, in appeals filed by Idaho and West Virginia, regarding lower court decisions siding with transgender student who challenged the bans imposed in both states as violating federal anti-discrimination laws and the U.S. Constitution. 25 other states also have laws similar to Idaho's. The conservative justices expressed concerns over imposing a uniform law on the whole country, amid a sharp disagreement and uncertainty about whether medications such as puberty-blocking hormones or gender affirming hormones remove male physiological advantages in sport. The ruling is expected to be made by the end June. LGBT 'CONVERSION THERAPEUTY' On October 7, the conservatives of the court appeared to be ready to support a challenge to a Colorado law that prohibits psychotherapists from performing "conversion therapy", which aims to alter a minor's gender identity or sexual orientation. Christian counselors challenged the Colorado law under First Amendment protections from government abridgment. Colorado said that it regulates professional conduct and not speech and has the legal power to prohibit a healthcare practice they deem unsafe and ineffective. A lower court upheld this law. The ruling is expected to be made by the end June. HAWAII GUNS LAW On January 20, the justices will hear a challenge to Hawaii's law that restricts the carrying of handguns in public places, such as businesses. This gives the court an opportunity to expand gun rights. Three Hawaii residents who hold concealed-carry permits and a gun rights group based in Honolulu appealed the lower court's ruling that Hawaii's measure is likely to comply with the U.S. Constitution Second Amendment right of keep and bear arms. Hawaii's concealed carry law requires that licensees obtain the owner's permission before bringing their handguns onto public property. Drug Users and Guns On March 2, the justices will hear arguments from the Trump administration in a Texas case that involves a dual American/Pakistani national to defend a federal gun law which prohibits users of illegal drugs. Hunter Biden, son of former president Joe Biden, was charged under this law in 2023. The Justice Department appealed a lower court ruling which found that the gun restrictions were in violation of the Second Amendment rights to "keep and carry arms" guaranteed by the U.S. Constitution. The Gun Control Act, which was passed in 1968, prohibited gun ownership by drug users. CAMPAIGN-FINANCE On December 9, the court heard arguments in a Republican led bid to overturn federal spending limits by political parties coordinated with candidates. The case involved Vice President JDVance. The conservative justices seemed to be sympathetic towards the challenge. However, the three liberal members of the court appeared inclined to maintain the spending limits. The debate centers around whether federal limits on campaign spending coordinated with candidates' input violate First Amendment protections against government abridgment. Vance and Republican challengers have appealed the ruling of a lower court that upheld restrictions regarding the amount of money political parties can spend in campaigns, with input from candidates who they support. This type of spending is called coordinated party expenses. The ruling is expected to be made by the end June. MAIL-IN-BALLOTS The Mississippi state court will hear the defense of a law that Republicans are challenging. This state law allows for a five-day grace period to count mail-in votes received after Election Day. This case could lead to stricter voting laws in other states. A lower court declared illegal the state's law that allows mail-in votes sent by certain voters be counted even if they are postmarked before Election Day, but only received five days after an election. Arguments in this case have not been scheduled. U.S. ASYLUM - PROCESSING: The court accepted to hear the Trump Administration's defense to the U.S. Government's authority to restrict the processing of asylum requests at ports of entry on the U.S. Mexico border. The Trump administration appealed the lower court's ruling that the "metering policy" was illegal. This allowed U.S. Immigration officials to stop asylum seekers and refuse to process their claims at the border. Former President Joe Biden revoked the policy, but Trump has said that he would be open to re-introducing it. Arguments in the case have not been scheduled. HUMAN RIGHTS ABUSES ABROAD HUMAN RIGHTS ABUSES ABROAD HUMAN RIGHTS ABUSES ABROAD - The Court heard an appeal from Cisco Systems, in which both the company and Trump administration asked the justices for a limit on the federal law used to hold companies liable for abuses of human rights committed abroad. Cisco appealed the 2023 ruling which gave new life to a lawsuit filed in 2011 accusing the California-based firm of developing technology that enabled?China's Government to monitor and persecute Falun Gong members. The Alien Tort Statute was the basis of the lawsuit. This 1789 law had lain dormant in U.S. courtrooms for almost two centuries, before attorneys began to use it in the 1980s in international human rights cases. Arguments in the case have not been scheduled. CRISIS PREGNANCY COUNTER The court seems to be inclined to side with an operator of Christian faith based anti-abortion “crisis pregnancy center” in New Jersey, in a dispute arising from a state attorney general investigation into whether or not these facilities engages in deceptive practice. During the December 2 arguments, a large majority of the justices appeared to be inclined to revive a lawsuit filed by First 'Choice Women Resource Centers against Democratic Attorney General Matthew Platkin 2023's subpoena requesting information about the organization's doctors and donors. First Choice's facilities are designed to discourage women from getting abortions. The decision is expected to be made by the end June. RASTAFARIAN INMAT The conservative justices seemed inclined to reject the Rastafarian inmate's attempt to sue Louisiana state prison officials after they shaved his head in violation of religious beliefs. On November 10, the case was brought before the court under a federal statute protecting people incarcerated from religious discrimination. Plaintiff Damon Landor's religion requires that he let his hair grow. He appealed the decision of a lower court to dismiss his lawsuit, because they found that the statute in question did not allow for him to sue officials individually for monetary damages. The ruling is expected to be made by the end June. DEATH ROW INMATE The court heard arguments in December in an attempt by Alabama officials in order to pursue the execution for an inmate who was convicted of a murder in 1997 after a lower judge found him intellectually disabled, and therefore ineligible to receive the death penalty. The Republican-led state has appealed the lower court's decision that Joseph Clifton Smith was intellectually disabled based upon his intelligence quotient (IQ), test scores, and expert testimony. In a 2002 Supreme Court decision, the court ruled that executing a person intellectually challenged violated the Eighth Amendment of U.S. Constitution prohibiting cruel and unusual punishment. The Supreme Court is expected to rule by the end June. FCC FINES FOR WIRELESS CARRIER The Justices will hear the dispute over fines levied by the Federal Communications Commission against major U.S. carriers who shared customer location data with other companies without their consent. This is the latest case that has reached the Supreme Court challenging the authority of an American regulatory agency. The case concerns the FCC's efforts to impose tens-of-millions-of-dollars in fines on carriers like Verizon Communications and AT&T before they had a chance in court. Arguments in the case have not been scheduled. COX COPYRIGHT DISSERT The court heard arguments in December in an attempt by Cox Communications, a provider of internet services, to avoid financial responsibility in a major copyright lawsuit brought by record labels who accused Cox of allowing its customers to piracy thousands of songs. Justices sounded skeptical about Cox's claim that mere knowledge of user piracy was not enough to hold it responsible for copyright violations. A lower court ordered that a new trial be held to determine the amount of money Cox owes Sony Music Group, Warner Music Group Universal Music Group and others for contributing copyright infringement. Cox, which is the largest division of privately-owned Cox Enterprises said that the retrial may result in a verdict of up to $1.5 billion against it. The ruling is expected to be made by the end June.
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Trump to limit state's ability to block energy project in water rule
The Trump administration proposed on Tuesday a rule that would revise the 'Biden-era protections against pollution for waterways. This move, according to the Environmental Protection Agency (EPA), would speed up permitting of energy infrastructure and artificial intelligence. The 'proposed' rule would revise a rule from the administration of former President Joe Biden in 2023 on Section 401, which gave tribes and states authority to protect waters during their review of federally-permitted projects such as pipelines and power stations. Biden's rule replaced one from the first administration of President Donald Trump that limited the power?of tribes and states to force changes or block projects. Jess Kramer - the EPA's?assistant director for water - told reporters that the 2023 revision is "fundamentally flawed, inefficient, and ineffective." Kramer claimed that Biden's revision led to long certification timelines. Kramer stated that the proposed rule will lead to predictable permitting, which?would?unleash American power dominance and support emerging artificial-intelligence infrastructure. Biden's rule was praised by environmental justice groups and conservationists concerned about the pollution effects on waterways, and communities that depend on them. Kramer stated that the proposed rule would ensure that states "do not weaponize section 401 to shut down projects for political reasons." The EPA stated that the proposed rule would standardize and set timelines for states and tribes to use when certifying water quality before federal permits are issued. The latest move was made by Trump's environment agency to rollback Biden-era rules on the environment while supporting energy development, including fossil fuels. Biden's administration had already narrowed this rule in August 2023, after the U.S. Supreme Court ruled on 9-0 that the EPA could not regulate the rule. Many farmers and landowners had criticized the agency over what they considered regulatory overreach. Kramer stated that the proposed rule would be subject to a 30-day period of public comment and that the EPA hoped to finalize it in the spring.
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Venezuela asks US Court of Appeals to overturn sale order for Citgo's parent
The Venezuelan parties in the?court ordered auction of Citgo Petroleum's parent company have asked a U.S. The board of supervisors of the refinery said that a court of appeals should vacate the ruling of a 'judge' who ordered the sale to an affiliate of Elliott Investment Management. After?two years? of bidding, Delaware Judge Leonard Stark has approved a bid for $5.9bn from Elliott's Amber Energy to purchase Citgo Holding's parent company, PDV Holding. This was after?two rounds?of bidding in a sale that was organized to pay creditors up to $19bn?for debt defaults?and expropriations?in Venezuela. The sale order triggered opposition by rival bidders, parties representing Venezuela, its state-owned PDVSA, and subsidiaries PDV Holding, and Citgo Petroleum. They resorted to U.S. court of appeals of the Third Circuit. The court has yet to make a decision. The sale is pending until the U.S. The Treasury Department must approve the transaction. Last week, the Treasury's Office of Foreign Assets Control had been expected to provide an opinion in the case before the Court of Appeals. Treasury spokesperson declined to comment specifically on the action taken, but said that the department is "fully committed" to President Trump's efforts to help the Venezuelan people. Citgo is the crown jewel of Venezuela's foreign assets. Washington, however, has not yet decided the fate of Citgo. The?Venezuelan Parties had filed a motion in Delaware to disqualify Amber’s bid due to an alleged conflict of interests. In a press release issued on Tuesday, the board overseeing Citgo stated that the auction was marred by legal and conflict of interest errors which undermined neutrality and reduced Citgo’s value. It added that the board would continue to defend the company. Reporting by Marianna Pararaga, Houston; Editing and proofreading by Julia Symmes Cobb and Matthew Lewis
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EIA: US power consumption will surpass records in 2026 and '27
The Energy Information Administration, in its "Short-Term Energy Outlook" on Tuesday, said that the U.S. electricity consumption will continue to rise in 2026 and 2027. The EIA's projected electricity demand will?rise? from a record of 4,198 billion kilowatt hours (kWh) in 2020 to 4,256 billion in 2026, and 4,364 in 2027. The demand for electricity is increasing due to the data centers that are dedicated to artificial Intelligence and cryptocurrency. Also, homes and businesses are using less fossil fuels to heat and transport. EIA predicts that power sales for residential customers will reach 1,519 billion kWh in 2026, while commercial customers are expected to sell 1,522 billion. Forecasts are compared to all-time records of 1,516 billion for residential consumers in 2025; 1,486 for commercial customers in 2025; and 1,064 for industrial customers in 2000. The EIA predicted that as renewable energy output increases, the share of natural gas in power generation would fall from 40% in 2020 to 39% by 2026. Coal's percentage will drop from 17% to 15% between 2026 and 2027. According to the outlook, nuclear power will increase from 18% to 19% by 2025, before slipping back to 18% by 2027. Gas sales for residential consumers would drop to 12.6 billion cubic foot per day (bcfd), 9.4 bcfd, for commercial and industrial customers respectively, while power generation would increase to 35.8 Bcfd. This compares to all-time records of 14.3 billion cubic feet per day (bcfd) in 1996 for residential customers, 9.8 billion cubic feet per day in 2025 for business customers, 23.8 million cubic feet per day in 1973 for industrial clients, and 36.8 billion cubic foot in 2024 for electricity generation. (Reporting and editing by David Gregorio, Scott DiSavino)
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Gold and silver record highs after inflation data confirms Fed rate cuts
The price of gold hit a new record on Tuesday as U.S. data on inflation?solidified bets that the Federal Reserve will cut rates this year, and persistent?geopolitical? and economic uncertainty drove safe-haven demands. Silver also reached a new peak. As of 01:31 pm, spot gold was steady at $4.591.49 an ounce. ET (1831 GMT) followed a session high of $4634.33. U.S. Gold Futures for February were 0.3% lower, at $499.10. David Meger said that the CPI data was a factor in the slight positive market tone. This is because the CPI data indicates a greater likelihood of Fed rate cuts in the future. The U.S. Consumer Price Index increased by 2.6% in December, compared to 0.3% expected. Trump reiterated that he wants to reduce interest rates "meaningfully", after the inflation figures. Investors expect two rate cuts in 2019. Lower interest rates are generally favorable for non-yielding gold. Meger said that fundamental factors such as geopolitical tensions, questions about Fed independence and concerns over the Fed's independence continue to support gold as a safe haven. Concerns about the independence of the Fed grew when Trump opened a criminal probe into Fed Chairman Jerome Powell. This drew criticism from former Fed Chiefs and global central banks. Trump has also warned to impose a 25% tariff against countries that trade with Iran. This could reopen old wounds between Beijing and Tehran, the top partner. Russia also struck Ukraine's cities with drones and missiles over night. Commerzbank has raised its gold forecast for 2026 to $4,900. CME Group announced on Monday that it would adjust the margins for precious metals in order to "address" market volatility. Spot silver, meanwhile, gained 2.1%, reaching $86.74 an ounce after hitting a session high of $89.10 in the previous session. "Despite technical indicators screaming for correction, traders still favor bullish options, (for silver )... despite the fact that the overall bullish bias is intact," said Hugo Pascal a precious metals dealer at InProved. Palladium increased 1.4%, to $1,868.68 an ounce, while spot platinum remained unchanged at $2343.35 per troy ounce. (Reporting and editing by Vijay Kishore in Bengaluru, Krishna Chandra Eluri, Sahal Muhammed).
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India and the US discuss trade, critical mineral and nuclear power
Subrahmanyam Jaishankar, India's Foreign Minister, said that he had held discussions with U.S. Secretary of State Marco Rubio on Tuesday. India and the United States set a goal to more than double bilateral trade by 2030 to $500 billion. New Delhi also pledged to purchase?more U.S. defence and energy equipment to narrow the trade gap despite the fact that trade talks failed last year to produce a deal. Investors who were waiting for progress in the two-way talks became frightened by the failure to reach a deal. "Just finished a great conversation with Secretary Rubio. Jaishankar wrote in a blog post that they had discussed trade, critical minerals and nuclear cooperation. They also talked about defence, energy, defence, and defense. The U.S. State Department stated that Rubio expressed his interest in expanding U.S.-India civil nuclear cooperation as well as increasing opportunities for American businesses. In a press release, it was stated that "Secretary Rubio" and Minister Jaishankar had discussed a number of issues including?their interest in strengthening their economic cooperation and?their ongoing bilateral trade agreements. They also discussed regional developments and a commitment to a open and free Indo-Pacific. (Reporting from Anna Peverieri and David Brunnstrom, both in Barcelona; editing by Bill Berkrot).
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Portugal eager to launch lithium prospecting bid in 2026
The Environment Minister said that Portugal hopes to launch a long delayed tender for Lithium prospecting licenses in this year. He also promised to share the benefits with local communities who have been opposed to mining. Portugal, with a reserve of?60,000 tons, is Europe's largest lithium producer. It sells primarily to the ceramics sector and only recently began to look at producing battery-grade lithium. Local communities and environmental groups oppose early projects. Environment Minister Maria Graca Carvalho said the government is "working to have a new mining strategy in place by the summer". This will prioritize "the participation of local communities and ensure that projects' wealth remains in the country, shared regionally and creates local jobs". "We are looking at good practices in other countries, but we're working fast." She said that the tender could launch this year. Originally planned for 2018, the tender has been delayed due to several successive governments falling apart. The current minority government was elected in March of 2025. The Portuguese environmental agency APA approved the initial extraction of lithium from the Barroso Mine, owned by the London-based Savannah Resources and the Montalegre Mine, which is operated by?the Lusorecursos firm. Graca Carrvalho, commenting on a completely different topic, said that she was 'optimistic' about the negotiations between Portuguese energy company Galp and Moeve, backed by private equity, to combine their oil refinery businesses?into a European giant with a combined re-fining capacity of 700,000 bbls per day. Galp is owned by the state in an amount of approximately 8%. She said, "The government will assess the deal. But it would give Galp a significant critical mass and would create a large company on both an Iberian level as well as a global one, which is even more important in today's sector of energy." (Reporting by Sergio Goncalves; editing by Andrei Khalip, Alexandra Hudson)
Brazil's Petrobras claims that Tupi oil field produces 1 million barrels per day
Magda Chambriard, the CEO of Brazil's state oil company Petrobras, announced on Tuesday that it has been producing one million barrels per day since Friday at its offshore Tupi Field. The Petrobras' effort to boost production at the declining oilfield, which was once Brazil's largest, led to the achievement.
Chambriard stated, "It's the rescue of an important symbol for Brazil."
She said in a statement that Petrobras has two giant oil fields, Tupi and Buzios, which have the potential to produce more than '1 million bpd. Both fields are located in Brazil's presalt Santos Basin, off the coasts of Rio de Janeiro. In a 2025 statement, the company said that it would connect 11 wells with production vessels in the Tupi area. Petrobras is also 'looking at building more wells and putting in a new floating production ship by 2031.
Chambriard, who became Petrobras' chief executive officer in 2024 has been pushing the company to increase production on declining oil fields. She often repeats "every drop counts" in speeches and presentations. (Reporting and writing by Rodrigo Viga Gaier, Fabio Teixeira, Editing by Chris Reese & Paul Simao).
(source: Reuters)