2025-10-23 20:27

Layoffs part of plan to cut global workforce by 25% Canadian employees to be notified in early November U.S. oil price drop pressures companies to cut staff CALGARY/HOUSTON, Oct 23 (Reuters) - U.S. oil company ConocoPhillips (COP.N) , opens new tab is laying off employees at its Canadian operations, according to three sources and a company memo reviewed by Reuters, as it moves to cut up to a quarter of its global workforce by next year. The memo did not specify how many layoffs would take place but said they would begin at the company's Canadian operations in the first week of November. Sign up here. Employees in Calgary will be notified virtually on November 5 and those in the company's Surmont oil sands operation in northern Alberta and its Montney shale play in British Columbia will be told in person the following day, the memo said. "We will not be sharing area-specific workforce numbers for current or impacted employees and contractors," ConocoPhillips spokesperson Dennis Nuss said in an email. FALL IN OIL PRICES FORCES STAFF AND SPENDING CUTS ConocoPhillips employed 950 people in Canada as of the end of 2024, according to the company's website, and its 2024 Canadian production was 164,000 barrels of oil equivalent per day (boe/d). A fall in oil prices has put ConocoPhillips and its U.S. rivals under pressure this year, forcing them to cut staff, curb capital spending and reduce drilling. U.S. oil major Chevron (CVX.N) , opens new tab announced it would lay off , opens new tab up to 20% of its staff in February, and other energy companies, including SLB (SLB.N) , opens new tab and BP (BP.L) , opens new tab, are also cutting their workforces. In Canada, the major domestic oil sands players have remained relatively sheltered from the downturn, due to years of cost-cutting and the insulating effects of a lower Canadian dollar, which makes Canadian oil exports more attractive to foreign buyers. But the U.S. industry's pain has spread to Canada, with U.S.-owned companies beginning to cut their Canadian divisions as they consolidate operations and seek to become more efficient. In September, Canada's Imperial Oil (IMO.TO) , opens new tab , which is majority-owned by ExxonMobil and has reported strong profits this year, said it would cut its workforce by about 20% by the end of 2027, part of a major restructuring that will eventually shutter most of its presence in the oil-and-gas city of Calgary. https://www.reuters.com/business/world-at-work/conocophillips-layoff-canada-employees-november-company-memo-shows-2025-10-23/

2025-10-23 20:21

Offers full and unconditional pardon to Zhao Binance founder served time in prison last year Latest in series of pardons for convicted crypto executives WASHINGTON, Oct 23 (Reuters) - U.S. President Donald Trump has pardoned Changpeng Zhao, the convicted founder of the Binance cryptocurrency exchange, the White House said Thursday, in the latest move by Trump to boost the crypto industry and expunge its past misdeeds. Zhao, a billionaire known as "CZ" who is one of the most influential figures in crypto, quit in 2023 as Binance chief after the company pleaded guilty to failing to maintain an effective anti-money laundering program and paid a penalty of $4.3 billion. Sign up here. Zhao was prosecuted by the Biden administration "in their war on cryptocurrency," White House press secretary Karoline Leavitt said in a statement. Since he returned to office, Trump's family has reaped millions of dollars from a variety of crypto ventures - moves criticized by political rivals and ethics experts citing the potential for conflicts of interest. The White House has denied those claims and on Thursday Leavitt said it carefully examined all pardons. In a post on social media platform X, Zhao said he was "deeply grateful for today’s pardon and to President Trump for upholding America’s commitment to fairness, innovation, and justice." He added: "Will do everything we can to help make America the Capital of Crypto." FULL AND UNCONDITIONAL PARDON U.S. authorities said in 2023 that Binance had failed to report suspicious transactions with organizations including Hamas and al Qaeda and with websites dedicated to selling child sexual abuse materials. Zhao, a citizen of Canada who was born in China, personally paid a $50 million fine and served nearly four months in prison last year after pleading guilty to the same charge as his company. However, he kept his Binance stake, while one of his appointees was made chief executive. "I made mistakes, and I must take responsibility," Zhao said when he stepped down. The full and unconditional pardon could pave the way for him to return to the business he co-founded in 2017. It may also offer the chance for Binance to expand in the United States as the crypto industry booms under the Trump administration. A spokesperson for Binance, the world's largest crypto exchange by trading volumes, thanked Trump for his leadership. News of the pardon, which Zhao told a podcaster in May he had been seeking, was first reported by the Wall Street Journal. The U.S. Constitution gives the president broad power to issue pardons to wipe away federal criminal convictions, or commutations to modify sentences. Historically, presidents have largely waited until the end of their terms to use such powers, but there is no requirement that they do so. During his second term, Trump has made sweeping use of his clemency powers and Zhao's is the latest in a series of pardons that Trump has granted to crypto executives and entrepreneurs, as well as others convicted of white-collar crimes. The crypto sector poured money into Trump's 2024 presidential campaign, during which the Republican candidate promised to end what he called a crackdown by the Biden administration on the industry. SUPPORT FOR WORLD LIBERTY FINANCIAL Binance itself this year offered support to one of the Trump family's crypto ventures, World Liberty Financial. In May, Binance accepted World Liberty's USD1 stablecoin as payment for a $2 billion investment in the exchange by Abu Dhabi investment firm MGX. Binance's decision to accept USD1, which was launched only in March, provided a big boost to the World Liberty venture, and still accounts for most of the USD1 in circulation. Democratic U.S. Senator Elizabeth Warren, who previously criticized the MGX deal, said on Thursday: "First, Changpeng Zhao pleaded guilty to a criminal money laundering charge. Then he boosted one of Donald Trump’s crypto ventures and lobbied for a pardon. Today, Donald Trump did his part and pardoned him." A spokesperson for Binance declined to comment on Warren's criticism. In March, the president pardoned the three co-founders of crypto exchange BitMEX , opens new tab who had pleaded guilty in 2022 for failing to implement a Bank Secrecy Act-compliant anti-money laundering program. Trump also pardoned in January Ross Ulbricht, who was sentenced to life in prison for running the underground online marketplace Silk Road but remained a popular figure within the crypto community. Outside crypto, Trump has pardoned the founder of electric truck company Nikola, who was convicted of fraud, and commuted the sentence of the executive behind the now-defunct startup Ozy Media. On his first day back in office, Trump pardoned approximately 1,500 individuals charged in the January 6, 2021, attack on the U.S. Capitol. https://www.reuters.com/world/us/trump-pardons-convicted-binance-founder-zhao-white-house-says-2025-10-23/

2025-10-23 20:18

Oct 23 (Reuters) - Newmont (NEM.N) , opens new tab beat third-quarter profit estimates on Thursday, as record-high gold prices helped offset its weaker production, but warned that fourth-quarter free cash flow would take a hit due to higher spending. The world's largest gold miner said free cash flow in the ongoing quarter would be "adversely impacted" by rising costs tied to construction of water treatment facilities at Yanacocha and planned severance payments accrued in the third quarter. Sign up here. Shares of the company fell 2% in extended trading following the results. "Expectations were high. Free cash flow was slightly below Q2, which had a lower average gold price even though it was still a record third quarter," said Tracey Ryniec, stock strategist at Zacks Investment Research. "Now Newmont is warning Q4 cash flow will be weaker, which is disappointing when gold is above $4,000 an ounce. The Street is asking, if you're not crushing it now, when will you?" Newmont said its 2026 gold production is expected to be toward the lower end of 2025's forecast. Gold prices have repeatedly set new records this year as investors flocked to the safe-haven asset amid U.S. President Donald Trump's trade policies and geopolitical tensions. The company realized an average gold price of $3,539 per ounce in the quarter ended September 30, up from $2,518 a year earlier. The price rally helped cushion a 15% decline in output to 1.42 million ounces, hit by lower ore grades and maintenance at its Penasquito and Lihir mines and the completion of mining at Subika in Ghana. The decline follows restructuring after the company's $17.14 billion acquisition of Australian miner Newcrest, as Newmont trims non-core assets to reduce debt. All-in sustaining costs fell about 2.8% to $1,566 per ounce, reflecting stronger pricing and operational efficiencies. The company expects higher capital spending in 2026 as it advances tailings work at Cadia and considers a Red Chris expansion. Newmont last month appointed Natascha Viljoen as its first female chief executive, succeeding Tom Palmer. https://www.reuters.com/business/gold-miner-newmont-beats-quarterly-profit-estimates-2025-10-23/

2025-10-23 20:06

Oct 23 (Reuters) - U.S. railroad operator Norfolk Southern (NSC.N) , opens new tab beat Wall Street estimates for third-quarter profit on Thursday, aided by strong volumes in its merchandise segment in its first earnings report since the merger announcement aimed at creating the nation's first transcontinental freight rail with Union Pacific (UNP.N) , opens new tab. "While not big in the third quarter, we started to see some of the revenue erosion from competitor reactions to the merger announcement," CEO Mark George said on an earnings call. Sign up here. The deal, which drew a positive response from U.S. President Donald Trump, is still subject to regulatory clearance from the Surface Transportation Board. Norfolk reported weaker quarterly volumes in its intermodal and coal segments. Trump's tariffs have resulted in a slowdown in freight and softer consumer markets, affecting railroads. Company executives flagged in the earnings call that coal prices have remained pressured with significant uncertainty around export trade, and that they expect utility demand to see continued support from growing electricity consumption and lower existing coal stockpiles. Railroad operators' volumes of coal shipments have lagged due to weak demand as consumers turn to cheaper natural gas for energy. Atlanta, Georgia-based Norfolk reported an adjusted profit of $3.30 per share for the quarter, compared to analysts' estimates of $3.19 per share, according to data compiled by LSEG. Its total operating revenue for the quarter rose 2% to $3.1 billion, which came roughly in line with analysts' expectations. On an adjusted basis, the company's operating ratio — a key metric for efficiency — was 63.3% for the quarter, a 10-basis-point improvement from the same period last year. Earlier on Thursday, Union Pacific topped Wall Street's profit estimates on strong coal volumes. Last week, peer CSX beat quarterly estimates on improving intermodal volumes and higher pricing in its merchandise segment, offsetting lower coal prices. https://www.reuters.com/business/norfolk-southerns-quarterly-profit-rises-2025-10-23/

2025-10-23 19:49

Oct 23 (Reuters) - Rare earths miner NioCorp (NB.O) , opens new tab said on Thursday it is working with U.S. defense contractor Lockheed Martin (LMT.N) , opens new tab to develop a scandium and aluminum alloy for use in military equipment as part of a Pentagon‑funded program. Colorado-based NioCorp received $10 million from the Pentagon in August to develop a Nebraska mine that will produce scandium, one of the 17 rare earths. Lockheed is a key supplier to the U.S. military, including for fighter jets and other weaponry. Sign up here. A portion of that funding is being used by NioCorp and Lockheed to develop an alloy of scandium and aluminum, with tests slated for 2027 for use in a range of equipment. An alloy of aluminum and scandium appeals to the Pentagon because it is lightweight, conducts electricity well, is corrosion-resistant, and holds all of those characteristics at a range of temperatures. Scandium is already used widely for defense, aerospace and energy applications, but nearly all supply comes from China, Russia and Ukraine. The U.S. has not mined scandium since 1969. NioCorp plans to extract the scandium from the Nebraska deposit and process the metal into an ingot form that a third party would use to create a powder that can be used in 3D printing to make replacement parts for Lockheed. NioCorp expects to open its Nebraska mine by 2028. The project is under consideration for an $800 million loan from the U.S. Export-Import Bank. https://www.reuters.com/business/aerospace-defense/niocorp-lockheed-partner-pentagonfunded-scandium-alloy-work-2025-10-23/

2025-10-23 19:47

Putin: U.S. sanctions will lead to higher oil prices Putin: Russia will endure Putin: Trump proposed the now postponed summit Putin: response to strikes will be serious and overwhelming MOSCOW, Oct 23 (Reuters) - President Vladimir Putin said on Thursday that Moscow would never bow to pressure from the United States or any other foreign power, and cautioned that it would deliver an "overwhelming" response to any military strikes deep inside Russia. U.S. President Donald Trump on Wednesday hit Russia's two biggest oil companies with sanctions in a sharp policy shift on Moscow's war in Ukraine, prompting global oil prices to rise by nearly 5% on Thursday and India to consider cutting Russian imports. Sign up here. Putin told reporters that U.S. and Western sanctions were an "unfriendly" act and "will have certain consequences, but they will not significantly affect our economic well-being". Russia's energy sector feels confident, he said. "This is, of course, an attempt to put pressure on Russia," Putin added. "But no self-respecting country and no self-respecting people ever decides anything under pressure." Putin, after joking with reporters about how sanctions might prevent the West importing Russian toilets, recalled that Trump during his first term imposed tough sanctions on Russia. He warned that disrupting exports from Russia - the world's second largest oil exporter - would lead to a sharp rise in the price of oil, including at U.S. gas stations. This could be politically uncomfortable for Washington, he said. While the extent of the financial hit on Russia may be limited in the short term, the new sanctions are a powerful signal of Trump's intent to squeeze its finances and try to force the Kremlin towards a peace deal, though it is still unclear if India will actually cease buying Russian crude. Trump said during the U.S. election campaign that he would swiftly end the Ukraine war which his administration has cast as a "proxy war" between Washington and Moscow. After leaning heavily on Ukrainian President Volodymyr Zelenskiy, he has recently expressed disappointment and frustration with Putin. Trump, who has described Russia as a "paper tiger", said on Wednesday he had cancelled a planned summit with Putin. The U.S. Treasury slapped sanctions on two of Russia's biggest oil companies. Putin said that the summit and venue - Budapest - had been proposed by Trump. "What can I say? Dialogue is always better than some kind of confrontation, than some kind of dispute or, even more so, war," Putin said. Asked about a Wall Street Journal report that the Trump administration has lifted a key restriction on Ukraine's use of some long-range missiles provided by Western allies, and remarks by Zelenskiy about domestic missiles with a range of 3,000 km (1,900 miles), Putin said: "This is an attempt at escalation." "But if such weapons are used to attack Russian territory, the response will be very serious, if not overwhelming. Let them think about it," he said. https://www.reuters.com/world/china/putin-says-russia-will-never-bow-us-pressure-2025-10-23/