2025-11-26 22:53
Nov 27 (Reuters) - Australia's 3D Energi (TDO.AX) , opens new tab on Thursday confirmed gas discovery within two of its reservoirs at the Essington exploration permit in the offshore Otway Basin. Work began on the Essington-1 well in VIC/P79 exploration permit, the Melbourne-based energy explorer said earlier this month. Sign up here. The Offshore Otway Project includes two offshore exploration permits in the basin, which extends from South Australia to Victoria and Tasmania. The company holds a 20% participating interest in both the permits, which are operated by ConocoPhillips Australia, a unit of U.S. independent ConocoPhillips (COP.N) , opens new tab. The drilling is part of one of the first major offshore natural gas exploration campaigns in eastern Australian waters in nearly seven years, as ageing fields in the Bass Strait, off the state of Victoria, approach depletion. https://www.reuters.com/business/energy/australias-3d-energi-confirms-gas-discovery-essington-reservoir-2025-11-26/
2025-11-26 22:21
Nov 26 (Reuters) - The former chief financial officer of View settled a U.S. Securities and Exchange Commission lawsuit claiming he negligently allowed the company to understate the cost of replacing defective "smart windows." Lawyers for Vidul Prakash and the SEC reached an agreement in principle to end the civil case, subject to approval by SEC commissioners, according to a Wednesday filing in San Jose, California, federal court. Both sides want the case put on hold during the approval process. Sign up here. An SEC spokesperson declined to comment. Prakash's lawyers did not immediately respond to requests for comment. The settlement was disclosed three weeks after U.S. District Judge Beth Labson Freeman rejected Prakash's claim that the SEC could not prove he violated antifraud and other provisions of federal securities laws. Smart windows have tinted panes that adjust with the sun, and are common in office buildings. The SEC said View understated window-related liabilities stemming from a defective sealing component by $53 million in 2019 and 2020, by not disclosing shipping, installation and manufacturing costs. Prakash said the SEC could not show he knew or should have known View would cover those costs. View went public through a $1.6 billion merger with a Cantor Fitzgerald-backed special purpose acquisition company in March 2021. It decided to restate more than two years of financials and replace Prakash as CFO eight months later. The Milpitas, California-based company filed for Chapter 11 bankruptcy in April 2024 and agreed to go private. https://www.reuters.com/legal/government/ex-cfo-smart-window-maker-view-settles-with-us-sec-2025-11-26/
2025-11-26 22:08
NEW YORK, Nov 26 (Reuters) - Jamie is enjoying some well-deserved time off, but the Reuters markets team will still keep you up to date on what animated markets today. I'd love to hear from you so please feel free to reach out at [email protected] , opens new tab Today's Key Market Moves Sign up here. Today's Key Reads Wall St extends rally on growing bets for December Fed rate cut Small US retailers face holiday supply chaos due to Trump tariffs World's central banks are wary of AI and struggling to quit the dollar, survey shows US weekly jobless claims at seven-month low as layoffs remain low UK's Reeves comes back for more tax to bolster finances It's all about the Fed Wall Street kept the party going for a fourth straight session, with investors betting that the Fed will deliver a rate cut in December. Tech stocks led the bounce after getting hammered in mid-November. Dell's bullish AI-server forecasts helped lead the charge. The market action proved once again that "buy the dip" is alive and well on Wall Street. AI-heavyweight Nvidia rebounded from a 2.6% drop in the prior session and declines in three of the past four, to rise more than 1% on Wednesday. Keep this up and the S&P 500 could avoid breaking its impressive six-month winning streak. Expectations for rate cuts have been reinforced in recent days after comments from San Francisco Federal Reserve Bank President Mary Daly and Fed Governor Christopher Waller in support of a December cut. This even as fresh data showed the job market is holding up just fine — which means the Fed has less reason to rush those rate cuts. Jobless claims actually fell to a seven-month low last week. For now, the economy is pulling off a neat balancing act: not crashing, but just soft enough to give the Fed room to keep cutting rates. Still, investors would do well to remember that Friday's short trading session could spring a surprise. Thin crowds and low liquidity can make for wild swings in either direction. Don't say we didn't warn you. What could move markets tomorrow? (U.S. markets are closed on Thursday, November 27, for Thanksgiving Day) Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles , opens new tab, is committed to integrity, independence, and freedom from bias. Trading Day is also sent by email every weekday morning. Think your friend or colleague should know about us? Forward this newsletter to them. They can also sign up here. https://www.reuters.com/world/china/global-markets-trading-day-2025-11-26/
2025-11-26 21:54
Democratic-led states sue over SNAP eligibility changes USDA guidance challenged for misinterpreting SNAP eligibility for non-citizens States argue refugees, those granted asylum are eligible for SNAP upon immigration status change Nov 26 (Reuters) - A group of Democratic-led states sued on Wednesday to block U.S. President Donald Trump's administration from cutting off food aid benefits for tens of thousands of legal immigrants by declaring certain groups of non-citizens ineligible for the anti-hunger program. Attorneys general from 21 states and the District of Columbia filed a lawsuit , opens new tab in federal court in Eugene, Oregon challenging recent guidance from the U.S. Department of Agriculture that interpreted a provision in Trump's signature tax and domestic policy law as deeming permanent residents who were granted asylum or admitted as refugees as ineligible for Supplemental Nutrition Assistance Program benefits, known as SNAP or food stamps. Sign up here. “USDA has no authority to arbitrarily cut entire groups of people out of the SNAP program, and no one should go hungry because of the circumstances of their arrival to this country," New York Attorney General Letitia James, a Democrat, said in a statement. The USDA declined to comment. White House spokesperson Anna Kelly, in a statement, said Trump "was elected with a resounding mandate to eliminate waste, fraud, and abuse across the federal government – which includes ensuring that illegal aliens are not receiving benefits intended for American citizens." People living in the country illegally are not eligible for SNAP. SNAP provides monthly benefits to 42 million low-income Americans. The benefits, which are administered on a day-to-day basis by states, lapsed for the first time in the program's 60-year history during the record-breaking government shutdown that ended on November 12, prompting a series of legal fights by Democratic-led states and others seeking to force the Trump administration to continue funding them using available money. In fiscal year 2023, about 1% of SNAP recipients, or 434,000, were refugees, while 3%, or 1.3 million, were other non-citizens including lawful permanent residents, according to USDA. The One Big Beautiful Bill Act, which Trump signed into law in July, made significant changes to SNAP by imposing work requirements and generally restricting benefits to U.S. citizens and lawful permanent residents, also known as green card holders, in keeping with the Republican president's hardline stance on immigration. DISPUTE OVER ELIGIBILITY RULES The state attorneys general say that while the law restricted the ability of refugees, individuals granted asylum and humanitarian parolees to receive benefits, it did not prohibit them from gaining SNAP eligibility upon adjusting their immigration status to become lawful permanent residents. Yet they said the USDA in guidance sent to them on October 31 went a step further by incorrectly listing those groups of non-citizens as permanently "not eligible" rather than stating they could become eligible if their immigration status changed. The states argue that the federal law is clear that refugees, asylees and humanitarian parolees become eligible for SNAP once they obtain green cards and meet standard program requirements. The states say they are now being wrongly forced to rush to overhaul their eligibility systems to comply with USDA's directives or face the risk of penalties. https://www.reuters.com/legal/government/democratic-led-states-sue-over-trumps-food-aid-cuts-immigrants-2025-11-26/
2025-11-26 21:50
CHICAGO, Nov 26 (Reuters) - Cargill Inc has no immediate plans to close its U.S. beef processing plants, the company said on Wednesday, days after meatpacker Tyson Foods (TSN.N) , opens new tab announced it would shutter a major Nebraska facility as the industry grapples with tight cattle supplies. Beef processors have been pressured as ranchers have slashed the U.S. cattle herd to its lowest level in decades following a years-long drought that burned up pasture lands and hiked feeding costs. A halt on U.S. imports of Mexican cattle tightened supplies further this year, as Washington seeks to keep out a flesh-eating parasite. Sign up here. Tight inventories have raised costs for meatpackers, which must pay more to buy cattle, and pushed beef prices to record highs. U.S. President Donald Trump said last month he was working to bring down beef prices. "We don't have intention to close any primary beef processing plants right now," Cargill said in an email to Reuters. "In fact we are investing in them." Cargill, a major ground beef producer, has eight primary beef plants in North America that slaughter cattle, according to the company. On Friday, Tyson Foods said it would close a beef plant in Lexington, Nebraska, and convert its Amarillo, Texas, beef facility to a single, full-capacity shift. Cargill and Tyson, along with JBS USA and National Beef Packing Company, slaughter about 85% of grain-fattened U.S. cattle carved into steaks, ribs and roasts for consumers. Cargill said in June it would invest about $90 million in its Fort Morgan, Colorado, beef plant to improve automation and increase yields. https://www.reuters.com/business/cargill-says-it-does-not-plan-close-us-beef-processing-plants-2025-11-26/
2025-11-26 21:33
Iran-backed militias suspected in attacks on Kurdistan oilfields Rocket attack hits US funded storage facility at Khor Mor Attack most significant since July, brings widespread power cuts Not immediately clear who responsible for attack BAGHDAD, Nov 27 (Reuters) - Production at Iraq's Khor Mor gas field, one of the largest in the Kurdistan region, was shut after a rocket attack hit a storage facility prompting widespread power cuts, joint field operator Dana Gas (DANA.AD) , opens new tab said on Thursday. The attack, which did not cause any casualties and occurred late on Wednesday, was the most significant since a series of drone attacks in July hit various oilfields and slashed production from the region by around 150,000 barrels per day in the same month. Sign up here. It was not immediately clear who was behind the latest strike. The attack had not impacted oil export and production operations in the region. The Khor Mor gas field provides gas supplies for regional power generation. U.S. INTERESTS Attacks on Iraqi Kurdistan's oilfields are recurrent and often lead to a halt of supplies, with local officials pointing to Iran-backed militias as a likely source - acting against U.S. interests in the region. "How many attacks must happen before the U.S. government simply allows the KRG to purchase kinetic anti-drone equipment for us to defend our skies and critical infrastructure?" Aziz Ahmad, Deputy Chief of Staff to Iraqi Kurdish Prime Minister Masrour Barzani, said in a post on X after the attack. U.S. companies are significant investors in Kurdistan's energy sector. The attack hit a liquid storage tank at the Khor Mor facility, the UAE-based company said in a disclosure to the stock market. The tank targeted is part of new facilities that were partially financed by the U.S. government and built by a U.S. contractor, an industry source with knowledge of the matter said. The new facilities were installed as part of the KM250 project which has boosted production capacity of the field by 50%, Dana Gas and Crescent Petroleum said in October. POWER CUTS Firefighter teams managed to put out the fire in the early hours of Thursday, an engineer working at the field told Reuters, but the halt of gas supplies had already caused major power cuts across the northern region. A drop of 3,000 megawatts in power generation was expected in Kurdistan after the attack, Kurdish electricity ministry spokesperson Omed Ahmed said in a statement. There were no injuries to personnel, Dana Gas said. The Pearl Consortium, which includes Dana Gas and its affiliate Crescent Petroleum, holds the rights to develop the Khor Mor field. Dana Gas shares fell 1.5% to 0.781 dirham on Thursday after the strike. This is the second drone attack that has targeted the field in days as Iraqi Kurdish security forces opened fire at a drone to prevent it from reaching the field late on Sunday. https://www.reuters.com/business/energy/drone-attack-targets-major-iraq-gas-field-kurdistan-security-sources-say-2025-11-26/
