Latest News
-
Berkshire, which fell on Buffett's final day as CEO and gained 6,100,000.0% over 60 years,
The price of Berkshire Hathaway Class A shares fell by $600, or 0.1%, to $754,800 on Wednesday. Greg Abel will take over as CEO on Thursday. On Wednesday, the price of Berkshire class A shares fell by $600 or 0.1% to $754,800, and that of Class B shares dropped $1.06 or 0.2% to $502.65 Standard & Poor’s 500 dropped 0.7%. Berkshire investors who have owned the company since 1965 when Buffett became CEO, saw a return that was 6,100,000.00%. This is far higher than the S&P's 46,000%. In 2025, the index was outperforming, and it has been doing so for over a decade. Berkshire, however, never had a down year as Buffett tried to acquire his $1.08 trillion company. Berkshire's subsidiaries include the insurer 'Geico', the BNSF railway, dozens manufacturing and energy companies, and retail brands like Brooks, Dairy Queen and Fruit 'of the Loom. The company ended September with cash and?equivalents of $381.7 billion. Abel, age 63, was hired by Berkshire in 2000, when the company acquired MidAmerican Energy (now known as Berkshire Hathaway Energy). Since 2018, he has served as vice chairman of Berkshire, managing the non-insurance business. Buffett will continue to be chairman. He plans to go every day to the Berkshire office in Omaha Nebraska, which is about 2 miles (3 km) from his home. Ajit Jain, vice chairman, will oversee the insurance business of Berkshire, while Abel continues to monitor the BNSF manufacturing, energy and manufacturing businesses. Adam Johnson, the chief executive officer of NetJets' luxury plane unit, will oversee Berkshire’s consumer products, services and retail businesses. Abel was doing this. Berkshire Investments has not announced who will be in charge of its equity portfolio. Apple and American Express were among the 283.2 billion dollars of stocks that Berkshire held as of September 30. Todd Combs, Ted Weschler and other people who worked on the?portfolio were thought to be in line for the position, but Combs has left JPMorgan Chase this month and Buffett stated that Abel can handle it. Berkshire didn't immediately respond to our request for comment. Reporting by Jonathan Stempel, New York; Editing and proofreading by David Gregorio & Alistair Bell
-
EIA reports that U.S. crude imports dropped last week, reaching their lowest level since February 2021.
The Energy Information Administration reported that the U.S. imported its lowest amount of crude oil in five years last week, as companies sought to avoid a heavy tax at the end of the year on oil stored in storage. According to EIA, U.S. crude imports fell last week to 4,95 million barrels a day. This is the lowest level since February 2021. John Kilduff, partner at Again Capital, explained that the?ad value tax was a burden on crude oil imports. Kilduff stated that "companies" will delay taking inventory of crude oil and refined products when they reach this point, especially in December. EIA data revealed that the U.S. crude inventory has increased due to lower imports, and robust refining activities. EIA data shows that oil imports from Mexico dropped to 71,000 bpd during the week ending December 26, the lowest ever recorded. This was lower than the previous all-time high for U.S. crude imports from Mexico, which reached 131,000 bpd during the week ending Nov. 28th 2025. The Mexican state oil company, Pemex, must maintain its production at 1.6 million barrels per day (bpd) of crude oil and condensate. This is a sharp drop from the 3.4 millions bpd that it produced 20 years ago. Reporting by Arathy S. Somasekhar in Houston and Georgina M. McCartney; editing by Chizu N. Nomiyama
-
Critical Metals CEO expects Greenland deals to be closed in Q1 of 2026.
Critical Metals' top boss said that the company expects to complete the remaining 25% of "offtake agreements" for its Tanbreez project in Greenland by early 2026. It will also be open to investment from Washington. Tony Sage, CEO of Rare Earths, said that the Middle East's interest, which includes potential partners in Saudi Arabia and other energy-rich countries such as Bahrain, Oman, Qatar and Saudi Arabia, is a reflection of the efforts made by states with high energy costs to develop a processing capacity for rare earths, supported by lower electricity costs and quicker permits than the U.S. And Europe. Sage says that the company has pre-sold 75 percent of its planned production, divided between Europe and the U.S., in order to diversify supply to reduce geopolitical risks. Trump's administration is intensifying efforts to secure U.S. mineral supply chains, and has shifted some federal funding from grants to direct equity stakes. Washington wants to reduce its reliance on the market leader China. Trump stated last week that Greenland is vital to U.S. national security, and that an envoy that he appointed for the island will "lead" the charge. Four people with knowledge of the matter said in October that Trump administration officials had discussed taking a stake on Critical Metals. We would welcome it even though we did not ask for it. Sage stated that they had asked for a grant through the Defence Production Act. The report said that the Trump administration had considered converting this grant into equity if it were to be awarded. The White House has not responded to a request for comment. Sage stated that Critical Metals will begin mining in 2027 and first production is expected to start by mid-2028. Greenland's capital costs will likely total $500 million, while downstream processing facilities could cost up to $1 billion. Sage also said that the Austrian project for lithium remained on hold until the price of the battery metal recovered. Arunima Kumra in Mumbai, Ernest Scheyder for additional reporting; Veronica Brown and Anil d'Silva for editing.
-
The blue-chip FTSE100 stalls at a record high and seals the strongest annual run since 16 years
The UK's FTSE 100 Index paused at record levels on Thursday in the final stretch to 2025, wrapping up its biggest annual gain in sixteen years in a shortened session. The blue-chip FTSE 100 closed 0.2% lower than the previous day, when it had reached a new record. The domestically-focused FTSE 250 midcaps index?declined 0.4%. Markets closed early on January 1 to avoid the New Year's holiday. The FTSE 100, Britain's blue chip index, outperformed major global markets by 2025. This was boosted?by the expectation of more Bank of England rate reductions, its strength in financials,?miners, and its appeal as a relatively inexpensive diversifier during periods of global volatility. The index increased by more than 21% in the past year. This is its best performance since 2009 and a fifth consecutive annual gain. Comparatively, the pan-European STOXX 600 rose 16.6% while the U.S. S&P 500 gained 17.2%. In a close vote earlier in December, the BoE announced its fourth 25 basis-point reduction of the year, and indicated that the pace of easing, which was already slow, could be slowed further. Resources-heavy FTSE 100 gained support from mining companies Fresnillo and Endeavour?Mining, as well as Antofagasta, who benefited from surging prices for gold, silver, and copper this year. Diageo, the world's leading spirits producer, and Bunzl, the largest business supplies distributor, both fell by around 37%. Other record highs were out of reach. The midcap index rose 9% in 2025, but remained almost 8% below the peak of 2021. Meanwhile, the FTSE Small Cap Index rose 10% and closed just 1.5% shy of its 2021 record.
-
Copper prices fall at the end of the year after 2025's record high.
The dollar strengthened on Wednesday, and some investors took advantage of thin liquidity to profit. A year-end rally had pushed the metal up to a new record this week. It was now on track for its largest annual gain in sixteen years. The benchmark three-month copper price on the London Metal Exchange fell 1% by 1055 GMT to $12,425 per metric ton, after hitting a record high of $12,960 Monday. "We have seen a reaction in the last few days to what happened on 2025. The dollar has strengthened after?this years weakness, and copper is retreating from its recent highs," stated Dan Smith, managing Director at Commodity Market Analytics. Copper, which is used for power and construction, jumped 42% this year as mine disruptions fueled concerns over a tightening supply. The rally was also driven by a weaker dollar, which makes dollar-denominated goods cheaper for holders of foreign currencies. Speculators who anticipated a surge in demand due to the AI boom and the energy transition bought commodities. SHORT-TERM SESSIONAL SUPPORT Smith stated that seasonality would provide short-term support to copper in the physical market. The first quarter is usually supportive of the industrial cycle, with stock builds ups before summer. The demand for metals in China, which is the world's largest metal consumer, continues to be higher than expected. He added that imports between January and November are only down 3% on a year-on-year basis. Yangshan Copper Premium The price of copper in China, which is a measure of Chinese demand for imported copper, has ended the year at $51 per ton after reaching a three-month peak of $55 last weekend. The outlook for copper in the year 2026 is dependent on the policies of U.S. president Donald Trump, as U.S. Tariffs are driving the CME Premium to the LME. The premium on the metal has led to a tightening of availability in traditional consumption centres. "I anticipate that the inflows will continue in the short term. Smith stated that he does not expect a sudden reversal of these flows, since they are largely driven by arbitrage, and still subject to U.S. policies, which can be difficult to predict. Other LME metals saw aluminium rise 0.2% to $ 2,984.50 per ton. Zinc fell 0.8% at $3,099.50. Lead gained 0.4% at $2,018.50. Tin dropped 2.0% to $41,140. Nickel lost 0.6% at $16,715.
-
The London blue-chip FTSE 100 is on course to end the strongest year since 16
The UK's FTSE 100 Index paused at record levels on Thursday in the final stretch to 2025, hoping to close out its biggest annual gain in sixteen years in a shortened session. Blue-chip FTSE 100 remained flat at 0902 GMT, after having closed on a record high a day earlier. The midcap index, which is primarily focused on the domestic market, fell 0.3%. The trading activity was low, with the markets expected to close at half-past noon on January 1, ahead of New Year's Day. After years of underperformance the blue-chip FTSE 100 will 'outpace major global markets? in 2025. This is due to expectations of more Bank of England rate reductions, strength in financials, miners, and its appeal as a cheap diversifier in times of global volatility. The index has risen by more than 21% in the past year. It is on track to achieve its best performance since 2009, and a fifth consecutive annual gain. Comparatively, the pan-European STOXX 600 rose 16.6% while the U.S. S&P 500 gained 17.2%. In a vote that was narrowly won, the BoE announced its fourth 25-basis point cut of the year, and signaled the pace of easing, which had already been gradual, could slow down further. The FTSE 100, which is a resource-heavy index, benefited from the'surging gold, copper and silver prices in this year. Bunzl, Diageo, and other business supplies distributors fell by around 37%, making them the index's worst laggards. (Reporting and editing by Nivedita Battacharjee in Bengaluru.)
-
Iron ore gains in an annual recovery fueled by steel exports
Iron ore futures were traded in a narrow band on Wednesday but defied fears of a decline in the first quarter of 2025 on?the back of resilient demand from China, a top consumer of iron ore. The May contract for iron ore on China's Dalian Commodity Exchange closed the daytime trading 0.57% lower, at 789.5 Yuan ($112.97) per metric ton. However, it posted an annual increase of 1.3%. As of 0736 GMT the benchmark February iron ore traded on?the Singapore Exchange had risen 0.2% to $105.55 per ton. This represents a 5.1% annual gain. Prices for the main steelmaking ingredient were under pressure earlier this year due to expectations of a glut of supply and forecasts that demand would be weakened in China. Iron ore prices are still supported by China's consumption, even though the?crude-steel output is expected to drop below 1 billion tonnes this year. Cost competitiveness of blast furnace-based steelmaking kept operating rates high, boosting iron ore demand, although the cleaner electric-arc-furnace-based steelmakers had to scale down output when margins were squeezed by dwindling local demand and resilient ore prices. Steel exports are expected to reach a record in 2025, despite the increasing protectionist measures around the world. This will offset sagging Chinese property demand. Ore prices will be supported in the short term by a rush of steelmakers restocking ahead of the Lunar New Year holidays in February. The upside potential will be limited by a combination of sluggish demand for steel and rising?portside stocks. On Wednesday, the DCE showed mixed results for other steelmaking components. Coking coal was up 0.45% while?coke was down 1.25%. The benchmarks for steel on the Shanghai Futures Exchange have been moving sideways. Rebar fell by 0.48%. Hot-rolled coils dropped 0.52%. Wire rods gained 5.66%. Stainless steel firmed up 0.57%. $1 = 6.9883 Chinese Yuan (Reporting and editing by Sonia Cheema, Subhranshu Sahu and Ruth Chai)
-
Sources say that China has set import quotas on naphtha for 2026.
Three trade sources said that China had allocated naphtha import allowances to the 'key importers' in the first batch for 2026. The volumes should remain essentially the same from this year onwards. According to two people, the state-owned Sinopec (22,4 million barrels) as well as CNOOC (2.11 million metric tonnes) were each allocated 2.52 million metrictons. One of the sources said that Ningbo Zhongjin Petrochemical owned by Rongsheng Petrochemical was allocated 750,000 tons. Sources declined to name themselves as they were not authorized to speak in public. Requests for comments from the Ministry of Commerce, Sinopec CNOOC, and Rongsheng Petrochemical were not immediately answered. Beijing controls the imports of naphtha (as a feedstock important for petrochemical production) via a quota-based system similar to that used in its crude and refined product exports. Sources said that Exxon Mobil, BASF and other foreign cracker companies would also receive significant quantities in the first batch. However, the exact volumes are not yet known. BASF announced on November 5 that it is in the process to start up its new 1 million-ton per annum?crackers and derivatives units in Zhanjiang in southern Guangdong Province. China imported 15.44 million tons in the first 11 months of this year. The 2025 quota is about 24 million tons. The 2025 quota had not been fully used. One of the sources stated that Beijing will release the second batch 2026 import quotas for naphtha in the middle next year. (Reporting and editing by Florence Tan, Thomas Derpinghaus and Siyi Liu; Reporting by Trixie YAP, Siyi Liu, and Sam Li)
As Trump talks about a deal, Russian forces advance onto Ukraine's vital minerals
Russia, just like U.S. president Donald Trump, is envious of Ukraine's natural resource - its forces are now closing in on an enormous lithium deposit.
Trump told Ukrainian President Volodymr Zelenskiy that he wanted Kyiv's minerals to be handed over in exchange for U.S. support.
Vladimir Putin is gaining control over Ukraine's wealth as Washington and Moscow prepare to negotiate an end to the war that has lasted three years.
According to data obtained from Ukrainian military blog Deep State, Russian forces have seized more than a fifth (including rare earth reserves) of Ukraine and are now less than four miles away from the Shevchenko Lithium Deposit. They are advancing from three angles.
Lithium has become a highly sought-after global resource due to its wide range of applications, from electric cars to mobile phones. According to U.S. estimates, the Ukraine has about 500,000 tonnes of lithium reserves, while Russia has twice that amount.
Shevchenko lies in Donetsk. This is one of the four Ukrainian regions Moscow claims as its territory. Kyiv, and other Western powers, claim that this annexation is illegal. The deposit is one of Ukraine's largest lithium deposits and lies at a depth which would allow for commercial mining.
Konrad Muzyka of Rochan Military Consultancy in Poland said that given the current battlefield pace, the Russians are likely to reach this area within the next few weeks. He had just returned from Ukraine after a research visit.
He stated that the Russian strategic goal was to seize the mineral wealth of Ukraine, even though it wasn't the main war objective.
He added that "Ukrainian Commanders" he spoke with said they could see that the Russians' objective was to capture natural resources.
Vladimir Ezhikov is a Russian official who was appointed in Donetsk. He said that Rosatom's mining division has expressed interest in the Shevchenko Deposit, but that Russia’s Ministry of Natural Resources would issue a mining license when it came time.
He told the local news agency that it was difficult to predict the exact date of the development, because the deposit is currently in a "grey zone" and military action would not allow for its development.
This deposit will find its licensee. "There will be lithium mining and investment, and we'd love to see processing here as well."
'RUSSIA IS Winning the War'
Since months, Russian troops have gained ground in the East. They are investing huge resources in an unrelenting assault.
In an interview with this month, Zelenskiy unfurled on his desk a map that was once classified. It showed a wide strip of land marked in the east as having rare earths. About half of the map appeared to be on Russia’s side of current frontlines.
The Ukrainian leader who rejected a draft of a mineral deal with Trump because it did not contain enough security guarantees has stated that he would like to discuss with Trump the fate of the resources on Russian controlled territory.
He claimed that Russia was well aware of the critical resources in Ukraine, thanks to Soviet-era surveys which were sent back to Moscow after Kyiv's independence in 1991.
Few reliable independent estimates exist about the proportion of Ukraine's mineral resources that Moscow controls. It is a fact that Ukraine has lost control over its mineral wealth.
Vasily Koltashov is an economist and political expert who said that Trump’s desire for a large minerals deal would be academic if Ukraine loses the war.
This month, he said on Russian state TV that "it's not him or his appetite for rare-earth metals" who will decide what. "Russia is winning on the battlefield."
Capturing Ukrainian natural resources is also a prize for many Russians in this conflict that marks its third anniversary next month.
Denis Pushilin - the top Russian-backed official of Donetsk - sparked a flood of headlines last month in the Russian media when he claimed incorrectly that the Shevchenko settlement had been taken, confusing this with another settlement by the same name elsewhere.
The government newspaper Rossiyskaya Gazeta reported, "The largest lithium deposit in Ukraine is now under Russian control."
"MINERALS BEONGE TO RUSSIANS"
The Kremlin has not responded publicly to Trump's attempts to lock Ukraine in a deal which would allow the U.S. to access Ukraine's natural resources and to provide $500 billion to cover U.S. assistance that has already been provided.
Dmitry Peskov, Putin's spokesperson, said that with a Putin-Trump meeting on the horizon and U.S./Russian talks to reset ties and consider how to end the ongoing war, the American president wants Ukraine to pay any future U.S. aid rather than continue receiving it for free.
Maria Zakharova is a spokesperson for the Russian foreign ministry. She has been more direct in her criticism of Zelenskiy, accusing him of offering Washington resources that he does not control anymore due to shifting frontlines. She also made a comparison between Trump's desire to take Ukraine's mineral riches and the Nazis' exploitation of the country in World War Two.
She said at a press conference this month that during the Second World War the Nazis seized the territory of former Soviet Ukraine and began plundering its national economy. They stole cattle and black earth from Ukraine's territory. All this is taking place non-violently because the Kyiv government is giving everything away.
Both Kyiv, and Washington, have rejected the accusations that Washington is unfairly trying to exploit Ukraine's wealth of natural resources. They say a deal on these resources is in both their commercial and security interest.
Russian war bloggers, nationalists and other Russians are not happy with what they see as Trump's grab for resources.
Starshe Eddy, a blogger on Telegram, told his approximately 600 000 followers: "There's only one thing to say about this." Don't open up your mouth to eat someone else's food. The minerals in Ukraine belong to Russia and no one else. Reporting by Andrew Osborn, Editing by Pravinchar
(source: Reuters)