2025-10-01 20:37
Oct 1 (Reuters) - Tyson Foods (TSN.N) , opens new tab agreed to pay $85 million to settle a lawsuit by consumers who accused the largest U.S. meat company of conspiring with rivals to inflate pork prices by limiting supply in the $20 billion U.S. market. The preliminary class action settlement disclosed on Wednesday is the largest in more than seven years of antitrust litigation by the consumers against pork producers, surpassing Smithfield Foods' (SFD.O) , opens new tab $75 million settlement in 2022. Sign up here. It would boost consumers' overall recovery to $208 million, including settlements with Brazil's JBS, Hormel Foods (HRL.N) , opens new tab and other defendants. Tyson, based in Springdale, Arkansas, is the last publicly traded company to settle. Its settlement requires approval by U.S. District Judge John Tunheim in Minneapolis. Tyson did not immediately respond to requests for comment. Lawyers for the consumers did not immediately respond to similar requests. Triumph Foods and data provider Agri Stats remain defendants. Dozens of supermarket chains including Kroger (KR.N) , opens new tab, restaurant chains including McDonald's (MCD.N) , opens new tab, food producers and food distributors have also sued over pork prices. Plaintiffs said the alleged conspiracy ran from 2009 to 2018, and was intended to increase the defendants' profits, as well as prices. Similar litigation alleging price-fixing of beef, chicken and turkey is pending in Minnesota and Chicago federal courts. The case is In re Pork Antitrust Litigation, U.S. District Court, District of Minnesota, No. 18-01776. https://www.reuters.com/sustainability/boards-policy-regulation/tyson-foods-pay-85-million-largest-pork-price-fixing-settlement-2025-10-01/
2025-10-01 20:30
NEW YORK/TORONTO, Oct 1 (Reuters) - KKR (KKR.N) , opens new tab is exploring a potential sale of its 40% stake in Pembina Gas Infrastructure, with its holding in the Canadian midstream operator expected to be valued at around $7 billion, four people familiar with the matter said on Wednesday. Pembina Gas Infrastructure was formed in 2022 as a joint venture between the investment firm and Pembina Pipeline Corp (PPL.TO) , opens new tab, and owns natural gas and natural gas liquids transportation, processing and storage infrastructure in western Canada. Sign up here. KKR has been working with investment bankers at Scotiabank in recent weeks to solicit potential buyer interest in the stake, said the sources, who cautioned that no sale was guaranteed and spoke on condition of anonymity to discuss confidential information. KKR and Scotiabank declined comment. Pembina Pipeline did not respond to comment requests. The KKR stake in Pembina Gas Infrastructure is expected to attract interest from other alternative asset managers and infrastructure funds, the sources said. Such buyers are drawn to minority stakes in such assets because they can pocket steady returns from the revenues earned without needing operational knowledge. Opportunities to own substantial stakes in large-scale Canadian pipeline assets are rare, which gives the Pembina Gas stake additional scarcity value, the sources added. Deal activity has remained strong for the Canadian energy sector this year, gaining attention from investors as companies seek to consolidate and build scale on growing demand for infrastructure and energy projects to meet rising energy needs. When Pembina Gas was formed, the parties said the venture was worth around C$11.4 billion ($8.17 billion) in total, meaning an exit for KKR at the mooted price would be significantly profitable for the investment firm. Since formation, Pembina Gas has grown through bringing built projects online and acquiring further assets. Pembina Gas has capacity to process around 5 billion cubic feet per day of natural gas, with assets within both the Montney and Duvernay shale formations, according to its website. ($1 = 1.3948 Canadian dollars) https://www.reuters.com/business/energy/kkr-explores-7-billion-sale-stake-canadas-pembina-gas-infrastructure-sources-say-2025-10-01/
2025-10-01 20:28
TSX ends up 0.3% at 30,107.67 Surpasses Tuesday's record closing high Shares of Lithium Americas jump 23.4% Materials group adds 0.9% as gold hits record high TORONTO, Oct 1 (Reuters) - Canada's main stock index rose to another record high on Wednesday as higher gold prices boosted metal mining shares and the Canadian dollar moved closer to a recent four-month low. The S&P/TSX composite index (.GSPTSE) , opens new tab ended up 84.86 points, or 0.3%, at 30,107.67, surpassing Tuesday's record closing high. Sign up here. "We are not surprised to see members of the TSX index continue to perform well," said Sid Mokhtari, chief market technician for CIBC Capital Markets. "Our breadth is good, we've seen our dollar being on the weaker side, which is inversely correlated to the performance of the nation's benchmark index, and we're resource-oriented." Canada is a major producer of commodities such as oil and gold that are priced in U.S. dollars. The Canadian dollar weakened against its U.S. counterpart as a steeper slowdown in Canada's manufacturing sector supported bets for additional interest rate cuts by the Bank of Canada. The materials sector (.GSPTTMT) , opens new tab, which includes metal mining shares, gained 0.9% as gold extended its record-setting run. A U.S. government shutdown added to gold's safe-haven appeal, together with softer U.S. jobs data that reinforced expectations the Federal Reserve will cut interest rates further this month. Technology (.SPTTTK) , opens new tab was up 0.9%, with shares of electronic equipment company Celestica Inc (CLS.TO) , opens new tab gaining 2.5%. The U.S. Department of Energy has taken a 5% stake in Vancouver-based Lithium Americas and a separate 5% stake in the company's Thacker Pass joint venture with General Motors GM.N , opens new tab that is set to be the largest lithium source in the Western Hemisphere. Shares of Lithium Americas jumped 23.4%. Three of the TSX's 10 main sectors ended lower, including energy. It lost 0.2% as the price of oil settled nearly 1% lower at $61.78 a barrel. https://www.reuters.com/markets/europe/tsx-futures-track-wall-street-losses-amid-us-government-shutdown-2025-10-01/
2025-10-01 20:20
Oct 1 (Reuters) - Ukrainian President Volodymyr Zelenskiy said on Wednesday that Russia was trying to create the risk of nuclear incidents and had deliberately staged an attack that cut off power to the decommissioned Chernobyl nuclear power station. Zelenskiy, writing on the Telegram messaging app, said more than 20 drones had taken part in the attack on a nearby town that cut off power to the defunct Chernobyl station, site of the world's biggest nuclear disaster in 1986. Sign up here. He also said Moscow was doing nothing to fix the cutoff of external power to the Russian-held Zaporizhzhia nuclear power plant, now in its eighth day, and was taking advantage of the "weak" position of the International Atomic Energy Agency and its Director General, Rafael Grossi. https://www.reuters.com/world/ukraines-zelenskiy-russia-is-creating-threat-nuclear-incidents-2025-10-01/
2025-10-01 20:19
Robert Primus challenges firing, calls it "illegal removal" Trump supports $85 billion Union Pacific-Norfolk Southern merger Trump's administration dismisses multiple independent agency members WASHINGTON, Oct 1 (Reuters) - A member of the Surface Transportation Board fired by President Donald Trump in August filed suit on Wednesday, challenging his removal amid a major railway merger decision set to be considered by the board. Robert Primus called his firing an "illegal removal" and said Trump "did not identify a reason, let alone one that satisfies the statutory requirement of inefficiency, neglect of duty, or malfeasance in office" and asked a U.S. district judge in Washington to reinstate him. Sign up here. The U.S. rail regulator is considering the proposed $85 billion merger of Union Pacific (UNP.N) , opens new tab and Norfolk Southern (NSC.N) , opens new tab, the biggest U.S. rail tie-up in decades. Last month, Trump, a Republican, said the major rail merger "sounds good to me" after Union Pacific CEO Jim Vena met with Trump in the Oval Office. A major rail union, SMART-TD, said Primus before getting fired had "made clear his opposition to the so-called 'merger' that would be a corporate takeover combining Union Pacific Railroad and Norfolk Southern Railroad." Trump nominated Primus to fill a vacancy on the board in 2020 and then he was nominated by Democratic President Joe Biden in June 2022 for a full five-year board term and designated by Biden in 2024 as chair. The ouster is the latest in a series of dismissals by President Donald Trump's administration from independent agencies and commissions. “President Trump lawfully removed Robert Primus from the Surface Transportation Board. We look forward to the courts affirming this simple reality," White House spokesman Kush Desai said. Trump has fired the two Democrats on the Federal Trade Commission, the vice chair of the National Transportation Safety Board, and members of the National Labor Relations Board, Merit Systems Protection Board, and Federal Election Commission, among others. He also forced out of office the U.S. postmaster general and the CEO of Amtrak and sought to fire Federal Reserve Governor Lisa Cook. The July announcement of the merger between two of the four major U.S. rail operators surprised the already highly concentrated market. Such a proposal would have been unthinkable under the Biden administration, which had an aggressive antitrust policy. 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. The White House said last month it was nominating Surface Transportation Board member Michelle Schultz for a new term and Richard Kloster, who heads a private transportation , opens new tab consulting company, to an open seat at the agency. https://www.reuters.com/world/us/fired-rail-board-member-sues-trump-over-removal-2025-10-01/
2025-10-01 20:18
Enbridge, South Bow, Trans Mountain to advise on Alberta's proposal Canada seeks to diversify oil exports away from US Past pipeline projects have had years of delay Indigenous group voices opposition to project Oct 1 (Reuters) - Alberta will submit by spring of 2026 an application for a new crude oil pipeline for fast-track approval by the federal government, the province said on Wednesday, even though no private company has said it will build the project. Canada's main oil-producing province said it will act as the formal proponent for the proposal, taking the lead on early planning and engineering work aimed at determining the route, size and cost of a pipeline. Sign up here. Alberta Premier Danielle Smith said her government has no intention of building or owning the pipeline, but expects one or more private sector proponents will come forward if a pipeline is successfully designated a project of national interest. Prime Minister Mark Carney in August created a new federal office to fast-track the review and approval of natural resource projects, as Canada - which sends 90% of its oil exports to the U.S. - tries to diversify oil exports to help protect its economy against U.S. tariffs. "I have every confidence that the ultimate construction will be done by the private sector," Smith told a press conference. UP TO 1 MILLION BARRELS PER DAY Alberta will invest C$14 million ($10.04 million) to develop a proposal for federal consideration and will work with Canadian pipeline companies Enbridge (ENB.TO) , opens new tab, South Bow (SOBO.TO) , opens new tab and government-owned Trans Mountain, which have agreed to provide advice and technical support, the government said. None of the companies have committed to building the pipeline. "This work is just getting under way. It will take time," Enbridge said in an emailed statement. "It's too early to delve into the details of what this pipeline might look like and who ultimately might be involved if it is advanced." Neither Trans Mountain nor South Bow immediately responded to request for comment. Alberta's government said the proposed pipeline could carry up to 1 million barrels per day of crude to British Columbia's northwest coast for export. Canada achieved record oil production in 2024 as the completion of the Trans Mountain pipeline expansion boosted oil companies' ability to get their product to market, but many analysts have suggested Trans Mountain will be full between 2027 and 2028. Alex Pourbaix, executive chair of Canadian oil sands producer Cenovus Energy (CVE.TO) , opens new tab, said the pipeline proposal is feasible. "It does not do my company or any company any good to materially grow production right now if we cannot get that production to global markets," Pourbaix told reporters. PIPELINE OPPOSITION In recent years, major Canadian oil pipelines have faced regulatory delay and legal challenges, leading to project cancellations and spiraling costs. Pipeline companies and the Alberta government have repeatedly said significant federal legislative change - including removing a federal cap on oil and gas sector emissions and ending a ban on oil tankers off B.C.'s northern coast - is required before a private sector entity would consider proposing a new pipeline. A spokesperson for Canada's Natural Resources Minister Tim Hodgson said the federal government is open to considering all projects, but proposals must include meaningful consultation with Indigenous groups, cooperation with all affected jurisdictions and alignment with Canada's climate objectives. Smith said Alberta is already engaging with Indigenous communities and has an existing loan guarantee program that aims to help Indigenous nations invest in infrastructure projects as equity partners. But some pipeline opponents are already speaking out. “We must inform Premier Smith once again that there is no support from coastal First Nations for a pipeline and oil tankers project on coastal waters,” said Marilyn Slett, elected Chief Councillor of the Heiltsuk Tribal Council and President of the Coastal First Nations-Great Bear Initiative, an alliance of First Nations on Canada’s north Pacific coast. ($1 = 1.3940 Canadian dollars) https://www.reuters.com/business/energy/alberta-plans-support-proposal-new-oil-pipeline-globe-mail-reports-2025-10-01/
