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Petrobras announces dividends of $2.25 billion, despite a slight increase in profit.
Petrobras, the Brazilian oil company, reported on Thursday that its net profit for the third quarter of 2014 was up slightly from a year ago. 12.2-billion-real Dividend payout of $2.25 billion. Petrobras reported a net income of 32,7 billion reais (6.05 billion dollars) for the quarter July-September. This represents a 0.5% rise. In dollars, the net profit increased by 2.7%. Analysts in a LSEG survey had predicted 130 billion reais. Revenues were down 1.3% at 127.9 bn reais. In a press release, Fernando Melgarejo, the Chief Financial Officer of the state-run company said: "We were able offset this revenue impact by increasing our production to more than 2.5 million barrels per daily and setting several operational record." Earnings before interest, tax, depreciation, and amortization (EBITDA), adjusted for the period, increased by 0.4% to 63.9 billion reals, exceeding analysts' expectations. The capital expenditures for the first quarter of this year totaled $5 billion, a 23.7% increase over the same period last year. ($1 = 5.4039 Reais) (Reporting and editing by Sarah Morland, Kyra Madry and Sarah Morland)
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Celanese shares rise as chemicals manufacturer tops profit expectations
Celanese, a specialty chemicals company, beat analyst's expectations for the third quarter profit on Wednesday. It attributed this to its cost-cutting initiatives. The acetic-acid maker stated that it is on track to generate between $700 and $800 million of free cash flow by 2025. This will be driven by inventory and cost reductions as well as timing. After the bell, shares of the company rose by more than 8%. Chemical manufacturers have been impacted by the weak industrial demand in China and overcapacity, which has slashed margins and lowered demand for products across all end markets. A tight leash on costs helped peer Dow Inc report a smaller-than-expected adjusted quarterly loss, while LyondellBasell topped profit expectations. Celanese's revenue dropped nearly 9% in the third quarter to $2.42 Billion, while its costs of sale decreased from $2.03 Billion to $1.9Billion. According to data compiled and analyzed by LSEG, the company expects its fourth-quarter adjusted earning per share to range between 85 cents and $1.00. This is below analyst expectations of $1.01 Celanese announced that the decline in earnings will be offset partially by cost reductions. The company announced last month that it will cease operation at its acetate-towing facility in Lanaken, Belgium during the second half 2026, and layoff about 160 workers at the site. In order to reduce debt and generate cash, it also plans to sell Micromax to Element Solutions at a price of about $500 million. Irving, Texas,-based company reported an adjusted profit per share of $1.34 in the quarter ending July-September, compared to analysts' average estimates of $1.22. (Reporting and editing by Sriraj Kalluvila in Bengaluru, Vallari Srivastava)
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The top cases in the US Supreme Court docket
During its current nine-month session, the U.S. Supreme Court is expected to decide on a number of important cases involving presidential powers, trade tariffs, guns, transgender sportspeople, race, campaign financing law, gay "conversion therapies", religious rights, and capital punishment. The Supreme Court's current term runs until the end of June. Here are some of the important cases that will be heard during this time. Separately, the court has also acted in emergency cases in several cases that challenge President Donald Trump's policy. TRUMP TARIFFS During arguments on 5 November, the justices raised questions about the legality Trump's sweeping Tariffs. This case has implications for the global economic system and is a test of Trumps' powers. Both conservative and liberal justices questioned the lawyer for Trump's administration on whether a 1977 emergency law that was meant to be used during national emergencies had given Trump the authority he claimed to impose a tariff or if the president had intruded upon the powers of Congress. Some conservative justices emphasized the inherent power of presidents when dealing with foreign nations, suggesting that the court may be divided on the outcome. Lower courts ruled Trump had overreached by invoking the 1977 International Emergency Economic Powers Act in order 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. 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 ruled 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 Constitutional promise of equal treatment. The ruling is expected to be made by the end June. TRUMP'S FIRE OF FED OFFICIAL 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. Congress created the Fed in 1913 and passed the Federal Reserve Act, which included provisions that shielded the central bank against political interference. The law required governors to only be removed "for cause" by the president, though it did not define this term or establish procedures for removal. The arguments are set for January but the exact date is not yet known. FIRE OF THE FEDERAL COMMISSION The Justices will hear arguments about Trump's firing a Democratic member from the Federal Trade Commission. This is a significant test of presidential authority over government agencies that Congress intended to be independent. The court allowed Trump to remove Rebecca Slaughter while the case is still pending. Slaughter filed a lawsuit after she was dismissed from the Consumer Protection and Antitrust Agency before her term expired in 2029. This case offers the court the chance to overrule an important precedent that dates back 90 years, upholding job-protection measures put in place by Congress for federal agency heads to have some independence from the presidential control. The judge rejected the argument of the administration that tenure protections illegally infringe on presidential powers. Arguments will be held on December 8. LGBT 'CONVERSION THERAPEUTY' On October 7, the conservatives of the court appeared to be ready to support a challenge to a Colorado statute that prohibits psychotherapists from performing "conversion therapy," which aims to alter a minor's gender or sexual orientation. The law was challenged by a Christian licensed counselor under the First Amendment's protections from government abridgment. Colorado said that it regulates professional conduct and not speech and that it has the legal authority for it to prohibit a healthcare practice they deem unsafe and ineffective. A lower court affirmed the law. The ruling is expected to be made by the end June. TRANSGENDER SPORTS PARTICIPATION The court will hear Idaho and West Virginia's bid to enforce state laws that ban transgender athletes in female sports teams within 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. HAWAII GUNS LAW The court took up the challenge of a Hawaii gun law that restricts the carrying handguns in public places, such as businesses. This gave the court the opportunity to expand gun rights. Three Hawaii residents who hold concealed carry licenses, 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. The arguments have not been scheduled. Drug Users and Guns The Justices will hear from the Trump Administration in a case that involves a dual American/Pakistani in Texas, to defend a Federal Law that prohibits users of illegal drugs owning firearms. 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. Gun Control Act 1968 included a prohibition against gun ownership by illegal drug users. The arguments have not been scheduled. CAMPAIGN FUNDING The court agreed to hear the Republican-led challenge, on free speech grounds, to a federal campaign finance provision that limits spending by parties in coordination and cooperation with candidates for office. This 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 are scheduled for the 9th of December. CRISIS PREGNANCY COUNTER The court will examine whether to revive a New Jersey operator of a crisis pregnancy center's attempt to stop the Democratic-led attorney general's investigation into whether the Christian faith based organization misled women into thinking 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 first before filing a federal suit. The crisis pregnancy centers offer services to pregnant woman with the aim of preventing abortions. They do not promote their anti-abortion views. 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. Arguments will be held on December 2. RASTAFARIAN INMATES The justices heard a Rastafarian's case to sue Louisiana prison officials for shaven him bald and holding him down in violation of religious beliefs. Damon Landor's religion dictates that he let his hair grow. He appealed the lower court decision to dismiss his lawsuit filed under a U.S. statute protecting against religious infringements by local and state governments. 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 will hear the appeal of Alabama officials against a ruling that an intellectually-disabled man who was convicted of murder in 1997, but spared from death penalty. They are pressing ahead with their bid to execute the Republican-governed State. 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 decision from 2002, the Eighth Amendment's prohibition on cruel and unjust punishment is violated by executing a person with intellectual disabilities. The arguments are scheduled for 10 December. EXXON APPLICATION FOR CUBA COMPENSATION Justices will hear ExxonMobil’s attempt to get compensation from Cuban firms that seized oil and gas assets in 1960. This is under a federal statute which allows Americans to sue foreign individuals and companies over confiscated property by the communist country. Exxon appealed the ruling of a lower court that undermined its legal efforts to obtain compensation from Cuban companies who allegedly profited by stolen property. The lawsuit invoked a 1996 U.S. Law called Helms-Burton Act. The court also heard a similar request by a Delaware registered company that had built port facilities at Havana that were seized by Cuba in 1960. It wanted to reinstate $440 million of judgments against Carnival Cruise Line, Norwegian Cruise Line, and two other cruise companies that used the terminal. The arguments have not been scheduled.
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Sterling rises as BoE rates remain unchanged, but stocks fall due to tech shares
The major stock indexes dropped sharply Thursday. Consumer discretionary and technology shares led the losses in the S&P 500. Meanwhile, the British pound strengthened after the Bank of England decided against a rate cut. S&P 500 & Nasdaq both declined by more than 1%. The pound rose 0.64%, to $1.3132. The BoE Monetary Policy Committee, in anticipation of possible tax increases in UK Chancellor Rachel Reeves budget due later this month (later this month), voted by 5-4 to maintain the benchmark bank rate for the central bank at 4.0%. This close vote maintained expectations of a reduction before the end of the year. Investors on Wall Street continue to focus their attention on the stretched valuations of stocks, the U.S. shutdown, trade tariff rulings and the avalanche of corporate earnings. Consumer discretionary dropped 2.5%, while the S&P 500 Technology index fell 2%. The Philadelphia SE Semiconductor Index fell 2.4%. Qualcomm shares fell by 3.6% in the U.S. after Warning Samsung's future gadgets may not have as many chips as they used to. This earnings season will not be defined by the past. "The market is looking for guidance, and with tariffs and the shutdown, and perhaps peak AI, it could be a bleak future," said Jake Dollarhide. He is the chief executive officer at Longbow Asset Management, located in Tulsa. Investors are concerned about stock prices that have risen too high, especially those of momentum shares related to artificial intelligence. Some U.S. chief executives of banks warned earlier this week about a possible market pullback. The Dow Jones Industrial Average dropped 398.70, or 0.84% to 46,912.30. The S&P 500 declined 75.97, or 1.12% to 6,720.32. And the Nasdaq Composite was down 445.80, or 1.90% to 23,053.99. The MSCI index of global stocks fell by 5.89 points or 0.59% to 992.00. The STOXX 600 Index fell by 0.7%. Shares Legrand The French data center equipment company plunges after reported sales growth The U.S. has hit the economy hard, with a decline of 11.9% for the first nine month of this year. Tariffs Investors digested a Challenger, Gray & Christmas report that revealed employers in the United States cut more than 150.000 jobs in October, which was the largest reduction for more than 20 year. Investors have been attracted to private economic data in the absence of official statistics during the longest government shutdown ever experienced by the United States. The dollar dropped after weak U.S. employment data raised market expectations that the Federal Reserve would cut rates again this year. The dollar fell 0.42%, to 99.70, against a basket containing major rivals. The euro gained 0.49% versus the dollar, reaching $1.1547. Investors were concerned about the U.S. labor market, and the uncertainty caused by the U.S. shutdown. Benchmark yields on 10-year and 2-year bonds both fell by seven basis points, to 4,089% and 3,562% respectively. Earlier, euro zone benchmark Bund Yields After the BoE's decision, they dropped from their high of four weeks. Germany's 10-year bond yields are down by 2 basis points to 2.65%, after reaching 2.676% at the start of the session. This is the highest level seen since October 10. Oil prices Investors weighed the potential glut of supply. U.S. crude oil fell 17 cents, settling at $59.43 per barrel. Brent dropped 14 cents, settling at $63.38.
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Canada kills ostriches infected by bird flu after a top court refuses to hear the farm's case
Canada's government is preparing to kill over 300 ostriches on a farm in British Columbia where some birds have been infected by avian influenza, after the country’s highest court refused to hear arguments Thursday to spare the animals. Universal Ostrich Farms, Edgewood, argued that its birds had survived the initial infection in December 2024. They also claimed they were immune. Canadian officials claim that the animals are still a source of infection to birds and other species. The owners of Universal Ostrich Farms, along with a large crowd of supporters, wept and denounced this cull at midday on Thursday, while federal health officials wore safety gear. Katie Pasitney was distraught after the Supreme Court of Canada's ruling. She posted a Facebook message in which she said, "We are supposed to protect them." Last year, the Canadian Food Inspection Agency ordered that all ostriches be slaughtered. This is standard procedure when commercial flocks are infected by bird flu. The agency announced on Thursday that it would complete the cull. Robert F. Kennedy Jr., Secretary of Health and Human Services under President Donald Trump, and other groups and individuals who have a history opposing government policies that they believe are overreaching, such as vaccinations, had shown support for the ostriches. The farm has also received support from some members of the "Freedom Convoy", a group that led protests across Canada against government mandates on vaccines and other measures during the pandemic. CFIA issued a statement saying that it had "respectfully" followed all court orders and decisions throughout the legal process. It expected the owners of ostrich farms and their supporters to follow suit now that the Supreme Court of Canada's judgment has been released. Avian influenza is highly contagious and affects many bird species. It can also affect mammals including humans and cows. A B.C. A B.C. The bird flu outbreak has caused the American poultry industry to lose billions of dollars, and a rise in egg prices. Since September, the CFIA has been in control of the Universal flock located in B.C. The CFIA has been in control of the Universal flock, located in B.C. Four people were arrested on suspicion of obstructing CFIA action. The owners of the farm, who claim to specialize in ostrich antibody research, claimed that culling the birds could cause irreparable damage. The CFIA stated that it had not been able to verify the claims made by the farm owners about their scientific research, and they have not provided any proof of research conducted on infected premises. Pasitney denounced federal government. Pasitney said, "They are everything we have and all that we love for 35 years."
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Consolidated Edison's strong demand for power helps it beat third-quarter earnings estimates
Consolidated Edison beat Wall Street expectations for the third quarter profit. This was helped by a robust demand for their electric and gas services. Its shares rose nearly 3% during extended trading. The U.S. Energy Information Administration predicts that power consumption will reach record levels in 2025 and beyond, due to demand from data centres dedicated to AI, cryptocurrency and homes and businesses using more electricity, and less fossil fuels for heating and transportation. The S&P Index tracking utilities increased 6.8% during the quarter ending September 30. Net income for the New York utility rose by 17%, to $688 millions, or 1.91 dollars per share. This compares with $588 million or $1.70 per shares a year ago. The total operating revenue, which includes electric and gas services in New York City and Manhattan, Westchester County, and New Jersey, increased to $4.53 Billion during the third quarter from $4.09 Billion a year ago. The company announced that it had reached an agreement on a plan of investment for a period of three years to upgrade critical infrastructure. Consolidated Edison has lowered its adjusted 2025 earnings forecast from $5.50 per share to $5.60 per share. LSEG data revealed that the utility had a profit adjusted of $1.90 for the three-month period ended September 30 compared to analysts' estimates of $1.74. (Reporting by Dharna Bafna in Bengaluru; Editing by Tasim Zahid)
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Gunvor withdraws its bid to purchase assets from Russian energy company Lukoil
Gunvor, a Swiss commodity trader, announced on Thursday that it had withdrawn its proposal to purchase foreign assets from Russian energy company Lukoil. The U.S. Treasury indicated it was against the deal so long as Russia’s war in Ukraine continues. In a recent post, the U.S. Treasury stated that Donald Trump has "made it clear that this war must be ended immediately" and that as long as Vladimir Putin (Russian president) continues to kill people in a senseless manner, Gunvor (the Kremlin puppet), will not get a license for operation and profit. Gunvor's corporate director Seth Pietras said that Treasury's statements were "fundamentally false and misinformed" in an email. Gunvor welcomed the opportunity "to ensure this clear misunderstanding was corrected." Pietras stated that Gunvor has withdrawn its offer for Lukoil international assets. Treasury sanctioned Lukoil in an attempt to reduce Russia's revenue used for fighting the war. Lukoil announced a week after that it had accepted Gunvor's offer to purchase its foreign assets. The second largest oil company in Russia is trying to sell them because of sanctions. Treasury's involvement in the deal is crucial because it can grant licenses or waivers to allow transactions related with the sanctions. (Reporting and editing by Chris Reese, Cynthia Osterman and Timothy Gardner)
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Cove Capital will mine Kazakhstan tungsten under a deal announced by Trump
Under a deal that will be announced on Thursday by the Trump Administration, Cove Capital Mining Investments and the JSC Tau-Ken Samruk state mining company will jointly develop a large deposit of tungsten in Kazakhstan. The agreement is one of several announced deals between Washington and Astana aimed at strengthening economic ties between the two countries. According to a document obtained by, Cove Capital would control 70% of the joint venture, and the sales of metal. Tau-Ken Samruk would hold the remaining 30%. The cost of developing the Northern Katpar project and Upper Kairakty project in the east is estimated to be $1.1 billion. Meanwhile, the U.S. Export-Import Bank issued a letter expressing interest in funding $900 million. The U.S. government considers tungsten, which is used to harden the steel in a variety of industries, a vital mineral. The U.S. stopped mining the metal in 2015, and China is the largest producer. According to the document, supplies of metal from the Kazakhstan project will be used to "prioritize U.S. commercial and government needs." Cove CEO Pini Alhaus said: "This is a win for generations to come in the U.S., and its vital minerals needs." Althaus, the former CEO of USA Rare Earth, stated that U.S. President Donald Trump, and Commerce Secretary Howard Lutnick personally negotiated the deal in order to prevent Chinese firms from developing the asset. At a C5+1 conference at the Kennedy Center, Christopher Landau, Deputy Secretary at State, said that the United States and Kazakhstan had both underexplored this part of the globe. Althaus stated that mine construction should begin within two years, and production within three-and-a half years. Refining should also occur in Kazakhstan.
MP Materials' quarterly loss increases after sales to Chinese clients are halted
MP Materials, a rare earths company, said that its loss in the third quarter widened due to a suspension of sales to Chinese clients as part an agreement with U.S. authorities. However, results exceeded Wall Street's expectations.
After-hours trading saw shares drop to $51.86.
The company has shifted its focus from relying on foreign sales, to becoming a major U.S. miner of rare earths. It also focuses on manufacturing magnets from these materials that are widely used in the automotive and electronics industries. MP is the owner of the only U.S. mine for rare earths and has plans to build a magnet plant in Oklahoma.
Las Vegas-based company MP reported a quarterly loss totaling $41.8 million or 24 cents a share. This compares to a loss amounting to $11.2 million or 16 cents a share in the previous quarter.
Without one-time items MP lost 10 cents a share. According to LSEG, based on this measure, analysts were expecting a loss per share of 18 cents.
The company did not report any revenue during the third quarter from sales of concentrates of rare earths. These sales were the company's main source of revenue for many years. However, a July agreement with the Pentagon prevents future shipments.
MP recorded $21.9 million of sales for magnetic precursors, which are the building blocks to magnets. MP expects to start commercial magnet sales at its Oklahoma facility by the end the year.
MP had to construct a facility for the processing of so-called "heavy rare earths" in order to make magnets. The company plans to start up the facility by mid-2026, using ore from its California mine as well as third-party purchases.
This facility will produce 200 metric tonnes of dysprosium per year and terbium, two heavy rare earths that are used in magnets.
(source: Reuters)