2025-11-25 19:44

BP confirms leak in 20-inch segment, repairs planned Washington and Oregon declared fuel emergency due to closure Shutdown disrupted fuel supplies to Seattle-Tacoma Airport NEW YORK, Nov 25 (Reuters) - BP (BP.L) , opens new tab said on Tuesday it had partially restarted the 400-mile Olympic Pipeline after crews identified the source of a leak of refined products east of Everett, Washington. Washington declared a fuel emergency last week and Oregon followed suit on Monday in response to the system shutdown, which has disrupted jet fuel supplies to Seattle-Tacoma International Airport. Sign up here. The Olympic Pipeline moves refined petroleum products including gasoline, diesel and jet fuel from northern Washington to Oregon and consists of one 16-inch diameter pipeline and one 20-inch pipeline. Crews restored the 16-inch segment of the pipeline system on Tuesday morning after finding no indications of a leak, BP said in an emailed statement. After conducting tests, they were able to confirm a leak in the 20-inch segment and repairs are being planned. BP did not provide timelines for repair of the 20-inch pipe and the full restart of the system. A refined products discharge on the Olympic Pipeline was first reported on November 11. BP shut the entire pipeline system a week later, halting product deliveries. Major carriers including Alaska Airlines (ALK.N) , opens new tab and Delta Air Lines (DAL.N) , opens new tab have implemented plans to minimize the impact of the pipeline disruption on flights out of Seattle-Tacoma International Airport during the busy Thanksgiving travel week by hauling extra fuel via tanker trucks and inbound flights and adding fuel stops to outbound flights. "Delta is operating our full Seattle hub schedule and has discontinued fuel stops on select long-haul flights," the carrier said on Tuesday. "We have discontinued all planned fuel stops but will continue to tanker and truck in additional fuel on a reduced basis as the pipeline increases to normal capacity," Alaska Airlines said. https://www.reuters.com/business/energy/bp-identifies-source-olympic-pipeline-leak-washington-2025-11-25/

2025-11-25 19:40

Judge approves a $5.9 billion bid from an affiliate of Elliott Investment Management for control of Venezuela-owned Citgo Petroleum Citgo is the seventh-largest refiner in the US The transaction still needs approval from the Office of Foreign Assets Control and other regulators HOUSTON, Nov 25 (Reuters) - A U.S. judge on Tuesday approved a $5.9 billion bid from an affiliate of Elliott Investment Management in the court-organized auction of Citgo Petroleum's parent, clearing the way to order the sale of Venezuela-owned PDV Holding. Judge Leonard Stark, from Delaware, overruled pending objections to the bid and set a Friday deadline for a report with any other material issues that could have been overlooked. He asked a court officer overseeing the process to submit a proposed sale order in sufficient time to be signed by Monday, for which parties including Venezuela must reach an agreement on terms. Sign up here. "The Amber Bid offers the best overall combination of price and certainty of closing of any bid submitted," Stark wrote, characterizing the process as fair and equitable. The decision confirms a shift from a recommendation made in August by court officer Robert Pincus, following a bidding war in the competition's last mile that saw new and improved offers for control of Citgo, the seventh-largest U.S. refiner. The main attraction of the bid from Elliott's Amber Energy is that it offers a $2.1 billion payment to the holders of a defaulted Venezuelan bond collateralized with Citgo equity, which is expected to remove a key obstacle to taking ownership of Citgo's assets. "We look forward to working with the talented Citgo team to strengthen the business through capital investment and operational excellence," Amber Energy CEO Gregory Goff, who plans to assume the top role at the refiner, said on Tuesday in a statement. The company will continue to operate as Citgo, and Amber said it's planning operational enhancements and strategic investments to improve profitability. CREDITORS' EIGHT-YEAR LEGAL BATTLE A total of 15 creditors have been fighting in an eight-year case to recover nearly $19 billion in U.S. courts after Venezuela expropriated assets and defaulted on debt. Evercore, a firm advising the court, valued Citgo at about $13 billion as part of the auction, but Venezuela has argued it is worth more than $18 billion. Stark previously denied motions by the Venezuelan parties and Gold Reserve to disqualify him, the court officer overseeing the process and two firms advising the court over an alleged conflict of interest. Amber Energy said it expects the sale to close in 2026, although the transaction still needs approval from the Office of Foreign Assets Control and other regulators. It was not immediately clear if a deadline was set for receiving replies from those authorities. "If OFAC grants a license to Amber Energy, and if this Court’s judgment is not reversed on appeal, many of the judgment-creditors who have spent years and millions of dollars trying to recover on billions of dollars of judgments, to compensate them for harm inflicted by one or more of the Venezuela Parties years or decades ago, will finally obtain relief," Stark wrote. Gold Reserve and creditors Siemens Energy (ENR1n.DE) , opens new tab, Consorcio Andino, Valores Mundiales, Gramercy Distressed Opportunity Fund and G&A Strategic Investments tried to disqualify Amber's bid, saying that Pincus' determination that its price was superior discarded the bidding procedures. Their motion was denied in September. The selection of Amber Energy's offer means those creditors will recover hardly anything from the claims they won against Venezuela for debt defaults and asset expropriations, according to a priority list set by the court for distributing the auction proceeds. But large creditors including ConocoPhillips (COP.N) , opens new tab and miners Crystallex and Rusoro are set to recover billions from proceeds. HOW MINER'S LAWSUIT LED TO SALE In a case first introduced by miner Crystallex in 2017 against Venezuela, Citgo's parent PDV Holding was found liable for the country's debt. The Delaware court has since attempted to secure a deal to satisfy the creditors. In a spiced-up competition, some bidders focused on maximizing proceeds for the 15 creditors in Delaware, while others preferred to reduce litigation by negotiating a payment to the PDVSA bondholders. A New York judge in September confirmed the validity of the defaulted bonds, supporting the holders' claim and boosting Amber's bid. Lawyers representing Venezuela immediately filed an appeal. Amber Energy won a first bidding round last year, but its conditional $7.3 billion offer was rejected by most creditors, creating the need for new rounds this year and a fresh set of rules to encourage competition in the complex auction. Houston-based refiner Citgo Petroleum, the crown jewel of Venezuela's overseas assets, severed ties with PDVSA in 2019 following U.S. sanctions. Both Venezuelan President Nicolas Maduro's government and his political opposition have rejected the auction. https://www.reuters.com/business/energy/us-judge-approves-elliott-affiliate-bid-citgo-petroleum-parent-2025-11-25/

2025-11-25 19:33

Indexes up: Dow 1.43%, S&P 500 0.91%, Nasdaq 0.67% Alphabet up after report on talks with Meta to supply AI chips Retail sales, producer prices, consumer confidence reports released Kohl's and Abercrombie boost S&P Retail index NEW YORK, Nov 25 (Reuters) - Wall Street extended its rally on Tuesday as a spate of economic data appeared to support the case for the U.S. Federal Reserve to implement its third and final rate cut of the year in December, while softness in the tech sector limited the Nasdaq's gains. All three major U.S. stock indexes closed in positive territory, with the blue-chip Dow out front. But sagging shares of artificial intelligence frontrunner Nvidia (NVDA.O) , opens new tab limited the Nasdaq's advance. Sign up here. Nvidia dipped 2.6%, while the Philadelphia SE Semiconductor index (.SOX) , opens new tab eked out a 0.2% gain. An influx of economic data was released, much of it supporting views that the Federal Open Market Committee will reduce its key Fed funds target rate by 25 basis points at its upcoming monetary policy meeting, but official reports were stale due to delays related to the recent protracted government shutdown. The Commerce and Labor departments issued September reports on retail sales and producer prices, respectively, which showed spending softened and that inflation continued to cool. More recent data from the Conference Board showed a worse-than-expected deterioration of consumer confidence, with near-term expectations tumbling nearly 12%. "At the last Fed meeting, (Fed Chair Jerome) Powell pretty much said (the Fed) would be on hold" at its next meeting due to a lack of economic data, said Paul Nolte, market strategist at Murphy & Sylvest in Elmhurst, Illinois. "Then we had Fed governors speaking and we've gone from 'we're not going to do anything in December' to 'we need to cut in December because we're seeing some serious weakening in the job market.'" Financial markets agree, and are currently pricing in an 84.7% likelihood of that happening, compared with 50.1% a week ago. That probability has gained strength in recent days following dovish remarks by New York Fed President John Williams and Fed Governor Christopher Waller, among others. U.S. Treasury Secretary Scott Bessent said there was a good chance U.S. President Donald Trump will name his pick for Powell's successor before Christmas, with White House economic adviser Kevin Hassett widely seen as a likely frontrunner. "We have an idea who the next Fed chair might be and he's on the dovish side," Nolte added. "So I think the markets are feeling pretty good that interest rates are on the way down throughout 2026." The Dow Jones Industrial Average (.DJI) , opens new tab rose 664.18 points, or 1.43%, to 47,112.45, the S&P 500 (.SPX) , opens new tab gained 60.77 points, or 0.91%, to 6,765.89 and the Nasdaq Composite (.IXIC) , opens new tab gained 153.59 points, or 0.67%, to 23,025.59. Among the 11 major sectors in the S&P 500, healthcare (.SPXHC) , opens new tab led the gainers, while energy shares (.SPNY) , opens new tab suffered the steepest percentage decline. While softer-than-expected retail sales data and the dour consumer confidence reading raised concerns over the health of the consumer, a smattering of generally positive retail earnings helped send the S&P 500 retail index (.SPXRT) , opens new tab up 2.0%. Department store chain Kohl's (KSS.N) , opens new tab jumped 42.5% and clothing retailer Abercrombie & Fitch (ANF.N) , opens new tab surged 37.5%, after the companies hiked their annual earnings forecasts. But Burlington Stores (BURL.N) , opens new tab tumbled 12.2% after third-quarter revenue missed estimates. Alphabet's shares (GOOGL.O) , opens new tab rose 1.5% after the Information reported Meta Platforms was in discussions to use Google's AI chips in its data centers from 2027 and rent chips from Google Cloud by next year. Meta Platforms added 3.8%. U.S.-listed shares of Alibaba slipped 2.3% even after the Chinese e-commerce firm beat quarterly revenue expectations. Advancing issues outnumbered decliners by a 4.05-to-1 ratio on the NYSE. There were 181 new highs and 45 new lows on the NYSE. On the Nasdaq, 3,355 stocks rose and 1,296 fell as advancing issues outnumbered decliners by a 2.59-to-1 ratio. The S&P 500 posted 40 new 52-week highs and 2 new lows while the Nasdaq Composite recorded 140 new highs and 80 new lows. Volume on U.S. exchanges was 16.68 billion shares, compared with the 19.78 billion average for the full session over the last 20 trading days. https://www.reuters.com/business/us-futures-ease-with-investors-focus-data-alphabet-shines-2025-11-25/

2025-11-25 19:22

Critics blast move as bad for public health Trump EPA also seeks to delay coal plant cleanup deadline EPA will take public comment on plan until January 7 WASHINGTON, Nov 25 (Reuters) - President Donald Trump's administration has asked a federal court to strike down 2024 soot limits for power plants and factories and separately delayed by three years a deadline for coal plants to clean up coal waste. Critics called the moves a blatant retreat from important public-health protections. Soot has been linked to asthma and cardiovascular illness. Sign up here. Last year, President Joe Biden's EPA said the tighter annual standard of 9 micrograms per cubic meter would avoid more than 800,000 cases of asthma symptoms, 2,000 hospital visits and 4,500 premature deaths. Trump has championed reviving the coal industry. In a filing on Monday, the EPA sided with 24 states led by Kentucky and industry groups including the National Association of Manufacturers that had sued the regulator to reverse the 2024 standard on soot, or fine particulate matter, known as PM2.5. Nearly 91% of existing coal plants already meet the toughened standard. On Tuesday, the EPA announced a proposal to extend by three years the deadline for a small number of large coal plants to cease operation of coal-fired boilers and close unlined coal ash impoundments. The new deadline would be October 2031 "to promote electric grid reliability." The EPA will seek comments on the extension until January 7. The EPA said in a statement that the 2024 rule costs "hundreds of millions, if not billions of dollars to American citizens if allowed to be implemented" and was not based on a full review of available science. "EPA will conduct a thorough review as required by the Clean Air Act," a spokesperson said in a statement. The Trump administration in March targeted soot as one of dozens of regulations it planned to roll back. In total, the agency announced more than 30 deregulatory measures in a dizzying succession of press releases. The country's dirtiest coal plants would be among the biggest beneficiaries from a rollback of soot limits. They include the Colstrip Power Plant in Montana, which the EPA says is the country's only coal plant without modern pollution controls for particulate matter. Environmental groups blasted the move away from the tighter EPA soot standard. “EPA’s motion is a blatant attempt to avoid legal requirements for a rollback, in this case for one of the most impactful actions the agency has taken in recent years to protect public health,” said Hayden Hashimoto, attorney at the Clean Air Task Force. https://www.reuters.com/legal/litigation/us-epa-seeks-scrap-tougher-soot-limits-critics-warn-health-risks-2025-11-25/

2025-11-25 18:58

FRANKFURT/DUESSELDORF, Nov 25 (Reuters) - Worker representatives met at Thyssenkrupp Steel Europe (TKSE) on Tuesday to start a process of agreeing on job security and co-determination if the German group is sold to India's Jindal Steel International, the IG Metall union said. Jindal Steel has made an indicative bid for TKSE, Europe's second-largest steelmaker, and is currently carrying out detailed due diligence to assess whether to launch a formal binding offer for the business. Sign up here. Workers at Thyssenkrupp's (TKAG.DE) , opens new tab steel division, which have traditionally commanded substantial clout over corporate decisions, are aiming to maintain that influence should an ownership change take place. "A fair and best-owner agreement is intended to provide security for employees, locations, co-determination and the future of TKSE in the event of a possible sale to the Jindal Group," said the union in a statement. IG Metall said it had asked management of TKSE as well as parent Thyssenkrupp to enter negotiations on the matter at short notice, adding that Jindal Steel International had also been informed about the process. A spokesman for Thyssenkrupp said the company intended to soon enter negotiations with IG Metall. Jindal Steel International was not immediately available for comment https://www.reuters.com/business/union-launches-job-security-talks-thyssenkrupp-steel-if-jindal-sale-goes-through-2025-11-25/

2025-11-25 18:53

Bessent concludes interviews for Fed leader, five candidates remain Hassett seen as frontrunner, White House calls it speculation Betting markets show Hassett in front, Waller in second WASHINGTON, Nov 25 (Reuters) - U.S. Treasury Secretary Scott Bessent said on Tuesday he was concluding a second round of interviews later in the day for a new U.S. Federal Reserve leader, and there was a good chance President Donald Trump would announce his pick before Christmas. White House economic adviser Kevin Hassett is seen by allies and advisers of Trump as the frontrunner, Bloomberg reported, citing unnamed people familiar with the matter. Hassett, like Trump, has said interest rates should be lower than they are now under the leadership of Fed Chair Jerome Powell. Sign up here. Bessent has narrowed the search for a successor to Powell, whose leadership term expires in May, to Hassett and four others from as many as 11, and said in an interview with CNBC the latest interviews have focused on how the candidates would guide what has become a "very complicated operation." "We're going to have the last interview in the second round today ... We got five very strong candidates," Bessent said. "I think that there's a very good chance that the president will make an announcement before Christmas," Bessent said. "But it's his prerogative, whether it's ... before the Christmas holidays, and the New Year’s. But things are moving along very well." WHITE HOUSE CALLS REPORT SPECULATION The selection of Powell's successor offers Trump an opportunity to install someone more like-minded about wanting lower interest rates than Powell has proven to be. Trump, who elevated Powell to lead the Fed during his first term, persistently lashes out at the Fed chief for not cutting rates sharply. The White House dismissed Bloomberg's report on Hassett, who also served as an economic adviser to Trump during the president's first term. “Until an announcement is made by President Trump, discussion about Fed nominations is speculation,” White House spokesman Kush Desai said. The other remaining candidates include former Fed Governor Kevin Warsh; current Governors Christopher Waller and Michelle Bowman, who is also the vice chair for supervision; and Rick Rieder, BlackRock's chief investment officer for global fixed income. Earlier on Tuesday, online betting markets Kalshi and Polymarket reflected a neck-and-neck race between Hassett and Waller, whose prospects were seen improving sharply this week after Waller said he had a good second interview with Bessent. "I talked to Scott about 10 days ago. We had a nice, a great, meeting," Waller said on Monday on the Fox Business "Mornings with Maria" show. "I think they are looking for someone who has merit, experience, and knows what they are doing in the job, and I think I fit that." Following the Bloomberg report, however, bets favoring Hassett surged on both platforms, with each assigning around a 50% likelihood in early afternoon trading of Hassett getting tapped for the job. The Fed has cut interest rates by a quarter-percentage point at its last two meetings, and rate futures markets are positioned for a third cut at its next meeting in December. Its benchmark rate is now set in a range of 3.75% to 4.00%. Waller and Bowman - both appointed by Trump in his first term - began arguing for lower rates this summer after growing convinced that the risk of a weakening job market was greater than the risk that inflation would turn sharply upward. The two dissented in favor of a rate cut at July's meeting when the Fed held rates steady. https://www.reuters.com/world/us/bessent-says-very-good-chance-trump-will-announce-new-fed-chair-before-christmas-2025-11-25/