2025-11-14 20:22
Barrick considers splitting into Africa- and North America-focused entities Potential sale of African assets and the Reko Diq mine discussed Investors seek value as Barrick underperforms peers in record gold rally TORONTO, Nov 14 - The board of Canada's Barrick Mining (ABX.TO) , opens new tab has raised the possibility of splitting the company into two separate entities, one focused on North America and the other on Africa and Asia, four sources familiar with the company's thinking told Reuters. A split could also include the outright sale of Barrick's African assets as well as of the Reko Diq mine in Pakistan, once it has secured financing, according to the sources. Sign up here. In Mali, Barrick is looking to resolve a dispute with the African nation's military administration before selling the asset, sources said. A Barrick spokesperson did not immediately respond to requests for comment. Interim CEO Mark Hill, asked on Monday about a possible split, said the company does not comment on speculation. Talks are ongoing and nothing has yet been finalized, the sources said. The plans, if they go through, would essentially reverse Barrick's merger with Randgold in 2019, and shed assets brought in by former CEO Mark Bristow. , opens new tab The company's focus on North America, including Fourmile, a major undeveloped gold mine in Nevada, would ensure that Barrick does not get undervalued in case of a potential takeover offer, one of the sources said. Fourmile mine test production is not due to start until 2029. Hill said earlier this week that the company would shift its focus to North America, prompting a ratings upgrade on its shares by analysts at Jefferies and elsewhere. Shares of Barrick rose on the Toronto Stock Exchange on Friday following the Reuters report, closing up 3%. Investors have said Barrick's shares are undervalued and have asked the company to find ways to take better advantage of a historic rally in gold prices. Although Barrick shares have jumped 130% this year, in the last five years the company's returns have been lower than its peers, gaining 52% while Agnico Eagle has jumped 142%. Investors had previously proposed that the company divide into one division with stable assets such as Nevada and Fourmile, and another with riskier assets in Africa, Papua New Guinea, and Reko Diq, one of the people said. As one of the few gold mining companies with assets spanning multiple continents, Barrick's biggest risk has been mines in politically volatile regions, investors say. Earlier this year, Barrick lost control of its most profitable mine, the Loulo-Gounkoto complex in Mali, leading to a $1 billion write-off. A dispute over the country's new mining tax code led to the seizure of 3 metric tons of gold and a provisional administrator taking charge of the mine. Four Barrick employees are still incarcerated by the Malian administration. "There has been a view that there is a lot of value in Nevada," said one Barrick investor. If the Nevada mine were a publicly listed company on its own, it would be one of the world's largest-capitalized gold mining companies, the investor added, asking not to be identified as they were not authorized to speak to the media. The company has resisted splitting in the past because without Nevada, this investor said, there is not much of value in its other mines. Barrick runs the Nevada gold mine in partnership with Newmont Corp (NEM.N) , opens new tab. In addition to Nevada and Mali, the company's other working facilities include copper mines in the Democratic Republic of Congo, gold in Tanzania, the Dominican Republic, and Papua New Guinea. https://www.reuters.com/world/africa/barrick-mining-considers-splitting-into-two-entities-sources-say-2025-11-14/
2025-11-14 20:17
WASHINGTON, Nov 14 (Reuters) - The U.S. Postal Service said on Friday it was seeking new administrative and legislative reforms as it reported a $9 billion yearly loss, down slightly from the prior fiscal year results. New Postmaster General David Steiner said USPS must be more efficient and that it still has a "significant systemic annual revenue and cost imbalance." He added: "To correct our financial imbalances, we must explore new revenue opportunities and public policy changes to improve our business model." Sign up here. USPS, which lost $9.5 billion in the prior year, has lost more than $100 billion since 2007 despite significant restructuring and legislative reforms. The U.S. Congress in 2022 provided the Postal Service with about $50 billion in financial relief over a decade. USPS is seeking reforms, including changes to retiree pension benefit funding rules, diversification of pension assets, raising the statutory debt ceiling, and workers’ compensation administration reform. USPS SEEKS TO RAISE PRICES Separately, USPS on Friday proposed raising prices for various products, not including first-class mail. USPS proposed a 6.6% increase for Priority Mail, 5.1% for Priority Mail Express, 7.8% for USPS Ground Advantage and 6% for Parcel Select. In February, Republican President Donald Trump called USPS a "tremendous loser for this country," and said he was considering merging the Postal Service with the U.S. Commerce Department, a move Democrats said would violate federal law. Under White House pressure, the previous USPS chief, Louis DeJoy, resigned in March. He was one of many officials forced out under Trump. DeJoy led efforts to drastically restructure the money-losing USPS for nearly five years, including cutting forecast cumulative losses over a decade to $80 billion from $160 billion. Mail volumes fell 5% in the 12 months ending September 30 to the lowest level since 1967. The price of first-class mail stamps rose this year to 78 cents from 73 cents but USPS in September opted not to raise , opens new tab prices in January. Stamp prices are up 46% since early 2019, when they were 50 cents. The USPS, an agency with 635,000 employees, reduced its workforce by 10,000 workers this year through a voluntary retirement program. https://www.reuters.com/business/autos-transportation/us-postal-service-seeks-reforms-it-reports-9-billion-yearly-loss-2025-11-14/
2025-11-14 20:09
Pack Fire consumes 3,400 acres, damages 15 structures, 1,400 evacuated Heavy rain may aid in containing Pack Fire Los Angeles faces flood, mudslide risks from weekend storms Nov 14 (Reuters) - A fast-moving wildfire raged across thousands of acres of California prairie near the Nevada border on Friday, while Los Angeles was in the throes of back-to-back storms that could trigger flooding and mudslides in areas scarred by January's devastating wildfires. The new blaze, dubbed the Pack Fire, started on Thursday on scrubland in Mono County about 150 miles (241 km) southeast of Sacramento, according to the California Department of Forestry and Fire Protection, or Cal Fire. Sign up here. Having consumed about 3,400 acres (1,375 hectares) as of Friday, the fire has damaged 15 structures and forced 1,400 people to evacuate, Cal Fire said. Most have since been allowed to return to their homes, said Sergeant Brent Gillespie of the Mono County Sheriff's Office. HEAVY RAIN EXPECTED TO HELP CONTAIN FIRE The fire, which was 5% contained as of Friday, was burning about 15 miles from the Mammoth Lakes ski resort, where locals were preparing for the start of the season. Forecasters say heavy rain pushing south from the San Francisco area could help firefighters control the blaze. "The rain hasn't yet put a dent in it, but it stopped it from spreading," Gillespie said. The storm, which brought moderate rain to the Los Angeles area on Friday, is expected to merge with a second weather system driving east off the Pacific on Saturday and Sunday, said Heather Zehr, a senior meteorologist with AccuWeather, a private forecasting company. "It's the same storm that brought a messy commute to San Francisco Thursday, but it's undergoing a rapid change," Zehr said. "Los Angeles is getting some puddling rain on the streets today, but by Saturday, Southern California will see serious rainfall." Downtown Los Angeles could get 2 to 4 inches (50 to 100 mm) of rain over the weekend, while other areas could see up to 8 or 10 inches, she said. The steady deluge threatened to trigger mudslides in the burn-scarred land left after the January fires, one of the largest natural disasters to hit Los Angeles County. "There will be flooding, flash floods and mudslides," Zehr said. "This is definitely a big deal." January's Eaton and Palisades fires killed about 30 people and destroyed or damaged more than 16,000 homes and businesses. Up to 180,000 people were evacuated. AccuWeather estimates that damages and economic losses reached $250 billion. The storms are expected to subside on Sunday, but more rain is expected later in the week. https://www.reuters.com/business/environment/california-wildfire-rages-los-angeles-threatened-with-floods-mudslides-2025-11-14/
2025-11-14 19:41
WASHINGTON, Nov 14 (Reuters) - The United States issued general licenses on Friday authorizing transactions involving certain Lukoil entities in Bulgaria and petroleum services and other transactions related to the Caspian Pipeline Consortium, a posting on the Treasury Department's website showed. Another license also authorized companies to talk to Lukoil about buying their foreign assets. Sign up here. https://www.reuters.com/business/energy/us-allow-transactions-involving-lukoil-caspian-pipeline-consortium-website-shows-2025-11-14/
2025-11-14 19:32
WASHINGTON, Nov 14 (Reuters) - A group of nine Republican state attorneys general on Friday raised competition concerns about Union Pacific's (UNP.N) , opens new tab plan to buy smaller rival Norfolk Southern (NSC.N) , opens new tab in an $85 billion deal to create the first U.S. coast-to-coast freight rail operator. The officials, led by Tennessee Attorney General Jonathan Skrmetti and Kansas Attorney General Kris Kobach, in a letter to the Surface Transportation Board, which was seen by Reuters, said they were concerned the deal "will result in undue market concentration that stifles competition and therefore creates higher prices, lower reliability, and less innovation at the expense of America’s manufacturers and, ultimately, America’s consumers." Sign up here. The tie-up, if approved, could reshape the U.S. freight rail industry and help streamline operations and eliminate interchange delays in key hubs like Chicago. The attorneys general of the states - which also include Ohio, Florida, North Dakota, South Dakota, Mississippi, Montana and Iowa - said the merger could result in high internal shipping costs that could "kneecap American companies’ ability to compete with foreign manufacturers." They also warned that the "downstream impact of the merger poses significant risk not just for our industrial base but also our agricultural producers. Ultimately, then, this merger could compromise our national security." Union Pacific said in response on Friday that it looks forward to submitting its application to the STB "to detail how this combination is good for America, meets the threshold of advancing public interest and enhances competition." The railroad added it had won support from key unions and others to "ensure rail is not left behind." Norfolk Southern did not immediately comment. Earlier on Friday, the railroads said that more than 99% of shareholders at both companies voted in favor of the deal. The STB review could take about 12 to 18 months. The railroad industry has struggled with volatile freight volumes, rising labor and fuel costs, and growing pressure from shippers over service reliability. In September, President Donald Trump said the merger "sounds good to me" after he met with Union Pacific CEO Jim Vena to discuss the deal for the biggest U.S. rail merger in decades. Union Pacific dominates freight rail operations in the Western United States, while Norfolk Southern is a leading carrier in the East. Together, they form two of the four major U.S. Class I railroads, alongside BNSF Railway and CSX Corp (CSX.O) , opens new tab. https://www.reuters.com/legal/litigation/republican-state-ags-raise-concerns-union-pacific-deal-norfolk-southern-2025-11-14/
2025-11-14 19:31
Court invalidates permits due to insufficient climate impact assessment Fields continue production, for now OSLO, Nov 14 (Reuters) - A Norwegian appeals court ruled on Friday that three offshore oilfield development permits issued by the government were invalid due to a lack of environmental consideration, but gave the state six months to rectify shortcomings. Production from the fields, meanwhile, would be allowed to continue, the court said. The case was brought by environmental campaigners hoping to block the development of Norway's oil and gas industry. Sign up here. Environmentalists argued that the government had failed to assess the environmental impact from the use of the fields' oil and gas, known as Scope 3 emissions. "The Court of Appeal believes that the climate impacts from combustion emissions have neither been sufficiently investigated nor assessed," the Borgarting court said in a statement, adding that the permits did not meet procedural requirements. "The Court of Appeal's conclusion is that the approvals of the plans for development and operation are declared invalid." One of the reasons the court did not immediately stop production was to ensure Norway continued to deliver stable oil and gas to Europe, it said. EUROPE'S LARGEST GAS SUPPLIER Norway produces 2% of global oil and became Europe's largest supplier of natural gas after Russia's invasion of Ukraine in February 2022. The lawsuit brought by Greenpeace Norway and Young Friends of the Earth Norway in 2023 concerns the approval of Equinor's (EQNR.OL) , opens new tab Breidablikk and Aker BP's Tyrving and Yggdrasil fields. Two fields - Breidablikk and Tyrving - are already producing, while Yggdrasil, Norway's largest offshore petroleum project since 2019, is scheduled to come on stream in 2027. Aker BP, in a statement, said the verdict allowed the company to continue its projects. Equinor did not immediately respond to a request for comment. "The Court of Appeal is absolutely clear that there is no basis for stopping activity at these fields now," the attorney general's office said in an emailed statement to Reuters. It was likely the verdict would be appealed to the Supreme Court, it added. Greenpeace said in a statement it was glad the permits had been found invalid. Its lawyer said all ongoing activities at the fields were "at the companies own risk". "Their permits are invalid and could well be denied following new assessments," Jenny Sandvig, a lawyer at Oslo-based Simonsen Vogt Wiig, who represented the environmentalists, said. (This story has been refiled to correct the lawyer's surname to 'Sandvig,' not 'Sandvik,' in paragraph 16) https://www.reuters.com/sustainability/climate-energy/norway-government-loses-appeal-case-over-oilfield-developments-2025-11-14/
