2025-11-17 23:43
WASHINGTON, Nov 17 (Reuters) - The U.S. Securities and Exchange Commission on Monday dropped its emphasis on the oversight of companies offering crypto asset-related services as part of its priorities for examining Wall Street firms for the current fiscal year, according to an annual statement published by the agency. The SEC's Division of Examinations, which scrutinizes the legal compliance of investment advisers, broker-dealers, clearing agencies, stock exchanges and others, said it would focus on fiduciary duty, standards of conduct, and asset custody as well as new requirements for customer data privacy, among other subjects. Sign up here. However, the statement contained no standalone section explicitly focusing on crypto activity and the volatility of digital assets, as it has in prior years. The U.S. government's current fiscal year ends on September 30, 2026. WHY IT'S IMPORTANT Under President Donald Trump, who has embraced the crypto sector politically and personally, the SEC has laid out a sweeping agenda to promote the development of the digital asset sector, marking an about-face from the prior administration, which viewed the industry as rife with fraud and noncompliance. The industry is likely to interpret Monday's shift in emphasis as another encouraging sign. In response to a request for comment, an SEC spokesperson referred to a passage in Monday's announcement according to which this year's priorities were "not ... an exhaustive list of all areas" SEC examiners will focus on. KEY QUOTE “Examinations are an important component to accomplishing the agency’s mission, but they should not be a ’gotcha’ exercise," SEC Chairman Paul Atkins said in the announcement. "Today’s release of examination priorities should enable firms to prepare to have a constructive dialogue with SEC examiners and provide transparency into the priorities of the agency’s most public-facing division." https://www.reuters.com/sustainability/boards-policy-regulation/wall-street-regulator-drops-emphasis-crypto-sector-exams-2026-2025-11-17/
2025-11-17 23:24
Venture Global seeks FERC approval for Plaquemines LNG expansion Expansion aims to meet strong market demand, says CEO Mike Sabel Plaquemines expansion to be built in three phases, fully commissioned by 2027 HOUSTON, Nov 17 (Reuters) - Venture Global (VG.N) , opens new tab said on Monday it had asked the U.S. Federal Energy Regulatory Commission for permission to more than double the capacity of its Plaquemines liquefied natural gas export facility under development in Louisiana. The company wants to add 30 million metric tons per annum (mtpa) of additional LNG capacity to the previously approved 28 mtpa. Plaquemines is already the second-largest LNG facility in the U.S. and last month was responsible for 22% of total exports from the country, according to data from financial firm LSEG. Sign up here. "Our decision to significantly increase the project’s permitted capacity reflects the strong market demand we continue to see and this expansion will play a vital role in meeting that demand," Venture Global CEO Mike Sabel said in a statement. The proposed expansion would allow the company to produce over 100 million mtpa of the liquid fuel and challenge QatarEnergy and Cheniere (LNG.N) , opens new tab as the world's top exporter of LNG. A mere startup three years ago, Venture Global quickly became the second-largest U.S. LNG exporter with a business model that lets it export cargoes while construction and commissioning phases are still underway. The strategy has allowed the company to profit from higher spot market prices before it begins supplying longer-term customers, but the practice has also resulted in arbitration cases and lawsuits from customers that include several of the world's largest energy companies. The Plaquemines expansion will be built incrementally in three phases and consist of 32 modular liquefaction trains, the company said. Venture Global has also filed an application with the U.S. Department of Energy for the export authorizations associated with the additional planned capacity, the company said. https://www.reuters.com/business/energy/venture-global-wants-double-planned-capacity-plaquemines-lng-facility-2025-11-17/
2025-11-17 23:24
NEW YORK, Nov 17 (Reuters) - BP (BP.L) , opens new tab was responding to a release of refined products on the Olympic Pipeline System east of Everett, Washington, and had partially restored part of the system, the company said on Monday. The BP-operated Olympic shut its pipelines in the area after the discharge on Sunday. The system consists of two pipelines in the area. Sign up here. The segment of the pipeline system unimpacted by the issue was restored on Sunday, resuming product delivery on that line, the company said. The incident is still under investigation, BP said. Olympic Pipeline is a 400-mile pipeline system moving fuels from northern Washington to Oregon. The pipeline transports key refined petroleum products including gasoline and diesel and supplies jet fuel to Seattle-Tacoma International Airport (Sea-Tac). Operations at Sea-Tac were not impacted by the incident and the airport had plenty of stored fuel on hand to manage the situation, a Sea-Tac spokesperson said. https://www.reuters.com/business/energy/bp-partially-restored-olympic-pipeline-system-after-leak-2025-11-17/
2025-11-17 23:19
September jobs report expected on Thursday Dell drops after downgrade Nvidia results due on Wednesday Indexes: Dow down 1.2%, S&P 500 down 0.9%, Nasdaq down 0.8% NEW YORK, Nov 17 (Reuters) - U.S. stocks ended sharply lower on Monday, with the S&P 500 and the Nasdaq closing below a key technical indicator for the first time since late April as investors braced for quarterly results from retailers and chip giant Nvidia and awaited a long-delayed U.S. jobs report this week. Losses accelerated in afternoon trading as all three main indexes traded below their 50-day moving averages. This closely followed moving average is seen as a proxy for the intermediate-term trend. The Dow closed below its 50-day moving average for the first time since October 10. Sign up here. Results this week from major retailers Walmart (WMT.N) , opens new tab, Home Depot (HD.N) , opens new tab and Target (TGT.N) , opens new tab will round out the quarterly earnings season. Shares of Home Depot, due to report on Tuesday before the bell, ended 1.2% lower. Investors eagerly awaited the September jobs report, which is due to be released on Thursday after the long U.S. government shutdown ended last week. Investors are waiting for two big things: "a look at the consumer ... and Nvidia's earnings," said Adam Sarhan, chief executive of 50 Park Investments in New York, noting that "you have a consumer that is potentially getting weaker, not stronger." Also, he said, the market is consolidating after strong gains this year. The S&P 500 remains up 13.4% for the year to date. Nvidia (NVDA.O) , opens new tab, the world's largest company by market value, which is at the heart of Wall Street's artificial intelligence trade, is due to report after the bell on Wednesday. Its shares fell 1.9% on Monday and were the biggest drag on the Nasdaq and S&P 500. Stocks have been pressured this month by concerns that AI exuberance has driven up valuations to expensive levels. The Dow Jones Industrial Average (.DJI) , opens new tab fell 557.24 points, or 1.18%, to 46,590.24, the S&P 500 (.SPX) , opens new tab lost 61.70 points, or 0.92%, to 6,672.41 and the Nasdaq Composite (.IXIC) , opens new tab lost 192.51 points, or 0.84%, to 22,708.08. It was the first time the S&P 500 and Nasdaq closed below their 50-day moving averages since April 30. Among the day's gainers, Google parent Alphabet (GOOGL.O) , opens new tab rose 3.1% after Berkshire Hathaway (BRKa.N) , opens new tab revealed a stake of $4.3 billion in the company. Berkshire also further reduced its stake in Apple (AAPL.O) , opens new tab, whose shares ended 1.8% lower on Monday. Among other declining shares, Dell Technologies (DELL.N) , opens new tab dropped 8.4% and Hewlett Packard Enterprise (HPE.N) , opens new tab fell 7%, both after Morgan Stanley ratings downgrades. Investors also digested views on the outlook for stocks next year. Brokerage Morgan Stanley expects U.S. stocks to outperform peers next year and prefers global equities over credit and government bonds. Declining issues outnumbered advancers by a 4.03-to-1 ratio on the NYSE. There were 90 new highs and 248 new lows on the NYSE. On the Nasdaq, 1,168 stocks rose and 3,577 fell as declining issues outnumbered advancers by a 3.06-to-1 ratio. Volume on U.S. exchanges was 19.06 billion shares, compared with the roughly 20 billion average for the full session over the last 20 trading days. https://www.reuters.com/business/us-stock-futures-rise-markets-await-nvidia-earnings-government-data-2025-11-17/
2025-11-17 22:59
WASHINGTON, Nov 17 (Reuters) - President Donald Trump is willing to sign legislation to impose sanctions on Russia as long as he retains ultimate decision-making authority over any such measures, a senior White House official said on Monday. Trump told reporters late on Sunday that it was "OK with me" that Republicans were working on legislation to impose sanctions on countries doing business with Russia over Moscow's failure to negotiate a peace deal with Ukraine. Sign up here. Trump said lawmakers may take his suggestion to add Iran to the sanctions measure. Senator Lindsey Graham and U.S. Representative Brian Fitzpatrick, both Republicans, sponsored the legislation to impose sanctions on countries doing business with Russia, including buyers of its energy exports. Trump's comments on Sunday could clear the way for the legislation to move forward in Congress. Leaders in the Senate and House of Representatives have held off bringing the legislation to a vote as Trump has preferred instead to impose tariffs on goods imported from India, the world's second-leading buyer of Russian oil after China. Asked if Trump was now ready to back the legislation, the official said, "He would sign it. He signaled that last night." But the White House will insist on specific language ensuring that Trump retains control over the sanctions, the official said. "It's always been important to the White House and the president that there's a carve-out in the sanctions package that ensures the president has the ultimate decision-making authority on the sanctions," the official said. "So as long as that is included, I think the president would entertain signing the bill." The official said the White House was continuing to work on negotiations with Russia on ending the war. "We're definitely still working it. It just hasn't been the center of the news because we have so much going on." https://www.reuters.com/world/us/trump-would-back-russia-sanctions-bill-if-he-retains-final-authority-white-house-2025-11-17/
2025-11-17 22:29
Nov 18 (Reuters) - Australia's Rio Tinto (RIO.AX) , opens new tab said on Tuesday it will cut output at its Yarwun alumina refinery in Queensland by 40% from October next year to extend the plant's life to 2035 and allow time for modernization plans. The decision comes as Yarwun's tailings facility, used to store waste from mining, is expected to approach full capacity by 2031 under current production rates. Sign up here. The company had explored options for a second tailings facility, but the investment required was "substantial and not currently economically viable," it said. Around 180 roles will be affected by the scale-back, Rio Tinto said, adding that it is actively working to relocate or reassign impacted employees. The refinery currently employs about 725 people, according to the company. The production cut will reduce annual alumina output by about 1.2 million metric tonnes, the company said, but added that customer requirements will not be impacted. The company reported 7.3 million tonnes of alumina output in the year 2024. Rio Tinto's bauxite mines and aluminium smelters will continue to operate at full capacity, it added. https://www.reuters.com/world/asia-pacific/rio-tinto-cut-yarwun-alumina-output-by-40-oct-2026-extend-plant-life-2025-11-17/
