Latest News
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CANADA CRUDE-Western Canada Select trades at steepest discounts ever since March
The difference between the West Texas Intermediate benchmark futures and Western Canada Select futures, which is North American benchmark, has narrowed slightly on Thursday. However, it remains larger than ever before. CalRock reported that WCS for Hardisty, Alberta delivery in January settled at $12.85 per barrel, which is lower than the U.S. benchmark WTI. This compares to $13 Wednesday. The WCS discount on increased Canadian oil production has recently increased after spending most of the year in historically tight levels. This is largely due to the Trans Mountain expansion pipeline which has provided additional export capacity for Canadian oil producers. According to government statistics, the oil-producing province Alberta has set a record for production in 2024 with an average of 3.98 million barrels per day. The first 10 months of the year 2025 have been 3.8% higher than the same period of last year. * Oil prices fell globally on Thursday as investors waited for the Federal Reserve's interest rate cut. Meanwhile, the stalled Ukraine talks dampened expectations that a deal would be reached to restore Russian oil supplies. (Reporting from Amanda Stephenson, Calgary; Editing done by Maju Sam)
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Brazil 2026 Budget Sponsor proposes $1.9 Billion Exclusion for State-run Firms' Fiscal Target
Gervasio maia, the Brazilian congressman who sponsored the bill on budget guidelines for 2026, proposed to exclude up to 10 billion reals ($1.9 billion) of next year's fiscal goal for state-owned enterprises. According to Maia’s amendment, this amount will cover the expenses of companies that have an active and approved economic-financial plan. The proposal gives President Luiz inacio Lula da Silveira fiscal flexibility. It comes at a time when the postal service Correios is facing a cash crisis. Last month, it approved a restructuring program as its losses soared this year. This raised doubts over the viability of state-run Correios. The company reported a loss for the year to date of 6 billion reals ($1.13 billion), nearly three times the amount reported a year ago. The government has to compensate state-owned companies when they exceed their fiscal targets. This often means freezing federal spending. This is what happened with this year's Budget, when the government in November approved it. It was necessary to offset the 3 billion reais deficit that had been expected at state-owned firms due to Correios’ troubles. Maia removed from her proposal a clause on compensation. This effectively prevents the government from implementing it in the event that state-owned companies miss their targets next year. After the bill was passed, the change to the budget proposal for 2026 was announced ahead of the joint session of the Congress on Thursday. Committee approval is expected to be made on Wednesday. Correios stated earlier this week that the Treasury Blockage It was prevented from taking out a loan of 20 billion reais (3.67 billion dollars) from a bank consortium with a guarantee from the government because the interest rates exceeded the limit for deals backed by the state. ($1 = 5.3048 reales) ($1= 5.3133 reales) (Reporting and editing by Diane Craft; Marcela Ayres)
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Irish media reported that drones were spotted near Zelenskiy's flight path from Dublin.
Local media reported that an Irish navy ship saw up to five drones near the flight path for Ukrainian President Volodymyr Zelenskiy as he arrived in Ireland on Monday to make a state visit. Irish Times reported that the sighting caused a major alert due to fears of an attempted interference with the flight path. The Irish Times cited unnamed sources who said that the aircraft was not in danger, despite its arrival a little early. The Ukrainian delegation arrived on Monday late and left late the following day, as part of an effort to drum up support for Kyiv in Europe as Russia continues its war against Ukraine. Recent drone flights in Europe have disrupted airspace operations. Their origin is mostly unknown. Ursula von der Leyen, President of the European Commission, has called these incursions hybrid warfare. The Journal website first reported that drones were spotted at Dublin Airport. They said they arrived at the exact location where Zelenskiy’s plane had been expected to be, at the exact time it was due to pass. The authorities said they were conducting investigations to determine if the drones had taken off from a ship or landed on land. Both news outlets reported that they were first seen northeast of Dublin at a distance of around 20 km (12miles) from the airport. Ireland's Defence Forces stated that it could not comment on any specifics about any alleged incident for operational security purposes. A spokesperson stated that "however, the Defence Forces' support to An Garda Siochana's (police) security operation was successfully deployed by multiple means, ultimately leading to a successful and safe visit,"
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US investigations report that Waymo's self-driving car illegally passed 19 school buses in Texas
The U.S. government said Thursday that it had asked Waymo for more information after Texas officials claimed that Alphabet's self-driving cars had passed school buses illegally 19 times since the beginning of the school year. In October, the National Highway Traffic Safety Administration launched an investigation after an incident that occurred in Georgia. A Waymo was not stationary as it approached a school bus while its red lights were flashing and its stop arm was deployed. The Austin Independent School District posted a letter on November 20, 2018 by the NHTSA. In the letter, they stated that five incidents had occurred in November following the announcement from Waymo that it had updated its software to fix the problem. They asked the company not to operate around schools at pick-up or drop-off hours until it was able to ensure the vehicles wouldn't violate the law. Waymo didn't immediately respond to an inquiry for comment. A lawyer for the district wrote: "We cannot let Waymo continue to endanger our students as it tries to fix the problem." Citing an incident in which a Waymo was "recorded" driving past a school bus that had stopped only moments after the student who crossed in front, while still on the road, had been in front of the vehicle. A spokesperson for the school district did not respond immediately to whether Waymo had met this request. NHTSA was prompted by the letter to ask Waymo if it would comply to the request that self-driving vehicles cease operations during pick-up or drop-off hours for students. They also asked: "Was a software fix developed or implemented to mitigate this concern?" If so, will Waymo file a recall to fix the problem? In a letter sent to Waymo by the NHTSA on Wednesday, it demanded answers to questions about school bus incidents and software updates that address safety concerns. David Shepardson is reporting.
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US investigations report that Waymo's self-driving car illegally passed 19 school buses in Texas
The U.S. government said on Thursday that it had asked Waymo for more information after Texas officials claimed that Alphabet's self-driving cars had passed school buses illegally 19 times since the beginning of the school year. In October, the National Highway Traffic Safety Administration launched an investigation after a Georgia incident where a Waymo failed to remain stationary as it approached a school bus that had its red lights flashing with a stop arm deployed. In a letter published by NHTSA on Nov. 20, the Austin Independent Schools District stated that five incidents had occurred in November, after Waymo claimed to have made software updates to fix the problem. The district asked the company to stop operations near schools at pick-up or drop-off hours until it could be ensured the vehicles wouldn't violate the law. Waymo didn't immediately respond to an inquiry for comment. David Shepardson reports.
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Sources: Deutsche Bahn will return to profitability this year and next.
According to sources close the company, Deutsche Bahn will return to profitability this year and next, despite its underinvestment in trains and delays. After more than a decade underinvestment by the state-owned Deutsche Bahn, it has begun upgrading its tracks and overhead lines, as well as cutting administrative costs. This has led to major delays and cancellations across the country. Positive outlook is also a result of CEO Evelyn Palla's task to turn the company around. She took over on October 1. Palla will present her restructuring plan for the company at a meeting of the supervisory board scheduled to take place on Wednesday. Significant job cuts are expected. Deutsche Bahn has declined to comment. Sources said that the company expects a slightly positive profit before interest and tax (EBIT) in 2025 after a loss last year of 388 million euros. EBIT is expected to reach 500 million euros by 2026. The German Bahn also aims at reducing its net loss from 820 million euros to 180 million next year. Revenues are expected to stay stable, around 28 billion euro next year.
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Senators in the US want airlines to compensate passengers for delays with cash
A group of Democratic Senators introduced legislation on Thursday that would require airlines to compensate passengers for significant delays with cash. Mark Kelly, Ed Markey, and Richard Blumenthal, senators who are leading the charge, propose to mandate compensation that is in line with European Union (EU) and Canadian requirements. This includes mandating a minimum of $300 for delays of over three hours, and a minimum of $600 for delays of six hours or longer. This proposal was first reported on by after President Donald Trump's administration withdrew his predecessor's plan to force airlines to compensate passengers for flight delays caused by carriers. Kelly said that airlines must be held accountable for their actions when they leave travelers stranded and cost the American public money. "We are working to protect passengers so that they don't have to pay for cancellations or delays out of pocket." The U.S. Transportation Department, under the then-President Joe Biden in December 2024 sought public comments on writing rules that would require airlines to pay up to $775 per hour for delays exceeding three hours domestically. Airlines for America (a trade group that represents American Airlines, Delta Air Lines and United Airlines) had previously criticised Biden's plan for cash compensation, claiming it would increase ticket prices. USDOT stated last month that the rule would create "unnecessary regulations burdens," which is why it wouldn't go forward. In the United States, airlines are required to refund customers for cancelled flights but not compensate them for delayed flights. All four countries - the European Union, Canada and Britain - have rules on airline compensation for delays. No major U.S. airlines currently guarantee cash compensation for flight delays. USDOT announced in September that it would consider rescinding the Biden regulations, which required airlines and ticket agents disclose service fees along with airfares. The Trump administration plans to also reduce regulatory burdens for airlines and ticket agents. This will be done by writing new regulations that define a cancellation of flight, which entitles the consumer to a refund. It will also revisit rules regarding ticket pricing and advertising.
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Mercuria's copper takeover from LME Asia increases supply anxiety
Four sources with knowledge of the matter have confirmed that commodity trader Mercuria plans to remove significant quantities of copper from London Metal Exchange storage facilities in Asia. Prices are rising on account of expectations of a shortage. LME copper prices reached a record of $11,540 per metric ton Wednesday, partly because of anticipated shortages in the coming year due to disruptions to mine supplies including accidents and incidents in Indonesia and Chile. Mercuria, a Swiss company, has cancelled or designated for delivery over 40,000 tonnes of copper stored in LME facilities in South Korea. Taiwan Sources familiar with the situation say that copper was discovered on December 2. The value of copper at current prices would be $460,000,000. Mercuria declined comment. The LME approved warehouses that store copper for the construction and power industries have historically low inventories, which has contributed to an increase in prices in recent months. Copper is a major export from the LME, and prices in the United States are high. This is despite the fact that copper has been exempted from the import tariffs which came into effect on August 1. On December 2, the total amount of copper warrants that were cancelled - documents that confer ownership - was 56,875 tonnes or 35%. LME stocks Mercuria's action helped to boost the premium for cash copper contracts over the three-month ahead price . On Wednesday, premiums, which have been on an upward trend since November, reached $88 per ton, the highest level since October 13. Comparatively, a contango or discount of around $35 was offered on November 19, Last year, the premium per ton was around $38. As the settlement date of December 17 nears, traders expect even higher premiums on cash contracts. Companies with short positions must find copper in order to fulfill their contracts against them or roll them over - a process known as a "short squeeze". According to industry sources, cancellations are more frequent in contango markets where the prices of contracts with longer dates are higher than nearby contracts. It is rare to cancel warrants in a backwardated market, as the premium is usually intended to encourage deliveries at the LME.
UK companies flag over $1.4 bln in labour expenses from increase in national insurance coverage, salaries
British companies have actually flagged an boost of 1.1 billion pounds ($ 1.40 billion) in labour costs associated to a rise in companies' social security contributions and minimum incomes following Finance Minister Rachel Reeves' maiden budget plan in October.
They also anticipate the increase in National Insurance Contributions (NIC) and the minimum earnings to sustain inflation.
Here's what some business throughout sectors have actually said so far:
MERCHANTS
British retailer Pets in the house Group stated it expected costs to rise by about 18 million pounds in fiscal 2026 due to increased NIC.
British bike and vehicle items seller Halfords Group forecast its future costs to increase by around 23 million pounds in financial 2026 due to greater employer social security contributions.
Tile retailer Topps Tiles stated it approximated a 4 million pound cost effect on a yearly basis from April 2025, out of which 2 million would affect the 2025 fiscal year.
Home improvement seller Kingfisher, which employs more than 78,000 individuals, stated the boost in NIC would cost it about 31 million pounds in fiscal 2025/26.
British supermarket chain Sainsbury's, which uses around 150,000 people, said it was dealing with headwinds of 140 million pounds from the national insurance coverage change.
Marks & & Spencer stated the national insurance boost would cost it around 60 million pounds in its next financial year, which begins in April. A 6.7% rise in base pay will include another 60 million pounds.
Asda, Britain's third-largest supermarket, stated the national insurance modification would cost it 100 million pounds next year and warned it would probably be inflationary to some degree.
Primark-owner Associated British Foods said the nationwide insurance modification would cost the clothes seller, which uses 40,000 individuals in the UK, tens of millions of pounds, though the increase in the minimum wage was expected.
Cooking area and joinery retailer Howden Joinery stated the expected annualised expense impact of greater contributions to employers' nationwide insurance and the increase in the nationwide minimum wage was around 18 million pounds.
Mike Ashley-owned Frasers called the budget plan a 'kick. in the face' and said it would cost the seller at least 50. million pounds in included costs going into its 2025/26 year.
Flooring firm Headlam Group stated that the. unexpected reduction in the nationwide insurance coverage threshold,. combined with the boost in the nationwide minimum wage, will. include about 2 million pounds to its yearly operating costs from. April 2025.
Supreme, which offers Duracell and Energiser. batteries along with Elf Bar vapes, stated it anticipates an addition. of 0.9 million pounds to its annualised individuals costs due to the. changes in National Insurance coverage and National Living Wage.
LOGISTICS
International Distribution Services, the owner of. Royal Mail, which uses nearly 130,000 individuals in Britain, stated. modifications to the NIC will cost around 120 million pounds a year.
TELECOM
BT, an employer of more than 100,000 people, stated the. NIC change would increase its costs by near 100 million. pounds next year, about 0.5% of its overall cost base.
PUBS & & RESTAURANTS Club group Mitchells & Butlers flagged the NIC & change. to increase its expense to 23 million per year. It also said the. minimum wage hike would include another 42 million each year. JD Wetherspoon, a major British club
operator that. utilizes more than 40,000 people, stated its yearly costs would. boost by about 60 million pounds in 2025, with its NIC rising. by an estimated two-thirds. British pub group Young & Co's Brewery, which. utilizes about 7,700 people
, alerted that rising NIC and & minimum. wages will increase its yearly expenses by about 11 million pounds,. starting April. Marston's, which operates 1,339 bars in the UK with. about 11,000 workers
, said it expects a 4 million pound impact. due to wage inflation and another 4.6 million pounds from. additional employment expenses in fiscal 2025, but called the expenses. workable . Loungers, a cafe-bar and dining establishment chain with over.
8,000 personnel, stated the combined impact of NIC and base pay. increase will add 9 million pounds to its yearly costs. HOMEBUILDERS Persimmon expects expenses from a hike in national. insurance coverage to be about 5 million pounds over the next year. Vistry also estimated a 5-million-pound impact in. 2025 from the boost in
employer NIC. OUTSOURCERS Serco Group said the UK government's nationwide. insurance coverage tax modifications would increase its direct
labour costs
by. around 20 million pounds per year which it was checking out methods. to balance out these expenses. Mitie Group expects NIC-related costs to be about 60. million pounds, but the business estimates that it would be able. to recover 35 million pounds
of those expenses through legal. healings and industrial settlements in financial 2026. Agreement caterer Compass Group, which employs about. 50,000 personnel in its UK and Ireland unit, expects NIC-related. expenses to be in the 10s of millions. COMPANY Workplace services provider Bring back Plc which uses. almost 2,700 individuals, said it estimates about 3 million pounds in. expenses from the NIC change and minimum
wage hike. Veterinary providers CVS Group, which. employs more than 8,800 individuals, said it estimates a cost impact. of about 8 million pounds in 2026 from the NIC changes. British rail market companies Tracsis. likewise stated the NIC change and minimum wage increase are expected. to effect 2025 core revenue by about 500,000 pounds.
Legal and expert companies Knights Group. stated it expects a yearly cost effect of about 2. million pounds in financial 2026 due to the NIC boost.
Service healing and residential or commercial property services consultancy Begbies. Traynor estimates the NIC modifications to increase work. expenses by about 1.25 million pounds per annum.
British legal and expert services group Gateley. stated it was expecting the NIC changes to impact its. expenses by about 1.8 million pounds in financial 2026. Equipment rental specialist VP Plc stated it estimated. the NIC and wage walkings would cost the group about 4 million. pounds in the next financial year. Specialist property services provider Kinovo said. it expected a cost of effect of about 500,000 pounds from the. NIC and wage increase. CHEMICALS British chemicals maker Johnson
Matthey stated the. impact of the increase in UK employers' NIC on the group would. remain in about the mid-single digit millions. MANUFACTURER Genuit Group expects
the NIC and
minimum wage walkings. to add almost 5 million pounds to its cost base in 2025. Structural steel company Severfield said it. approximates the NIC hike to increase costs by 2 million pounds per. year starting fiscal 2026. Convenience food maker Greencore flagged an . effect of about 7.5 million pounds in fiscal 2025 due to
the. boost in national insurance charges. Packaging firm Macfarlane Group said it anticipated its annualised. expenses to increase by around 1.5
million pounds from the NIC and. wage hikes, starting April 2025. IG Style Group, the world's largest maker of celebration items. including present wrap, welcoming cards and
gift bags, stated
it. approximated the NIC and wage increases to cost the firm about 0.7. million pounds in yearly operating costs from the next monetary.
year. MEDIA FIRM Media
production company Zinc Media expects the NIC. modifications to increase its expense base by about 400,000 pounds. annually.
(source: Reuters)