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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.
US reactions to President Joe Biden's decision not to seek reelection
U.S. President Joe Biden on Sunday ended his reelection project. He said in a letter posted on social media platform X that he would stay in office until the end of his term and address the country later today on his choice.
Below are responses from political leaders, industry and advocacy groups and other observers.
VICE PRESIDENT KAMALA HARRIS
I am honored to have the president's endorsement and my intent is to earn and win this nomination, Harris stated in a. declaration. I will do whatever in my power to unite the. Democratic Celebration - and join our country - to defeat Donald Trump. and his severe Task 2025 agenda.
FORMER PRESIDENT DONALD TRUMP
In a phone call with CNN minutes after Biden revealed his. exit from the 2024 race, former President Trump reacted, He. is the worst president in the history of our country. He goes. down as the single worst president without a doubt in the history of our. nation. Trump also said he believed Vice President Kamala. Harris will be easier to defeat than Biden would have been,. according to CNN.
PREVIOUS PRESIDENT BARACK OBAMA
I likewise know Joe has never ever backed down from a fight. For him. to look at the political landscape and choose that he should. pass the torch to a brand-new candidate is certainly one of the toughest in. his life. However I know he wouldn't make this decision unless he. believed it was right for America, the former president said in. a statement. I have remarkable confidence that the leaders. of our party will have the ability to create a process from which an. exceptional nominee emerges.
CHUCK SCHUMER, SENATE MAJORITY LEADER
Joe Biden has not just been a great president and a fantastic. legal leader but he is a really amazing human. His. choice of course was hard, but he once again put his. country, his party, and our future first. Joe, today reveals you. are a true patriot and fantastic American, the Democrat said in a. statement.
ELISE STEFANIK, HOME REPUBLICAN CONFERENCE CHAIRWOMAN
If Joe Biden can't run for re-election, he is not able and. unsuited to work as President of the United States. He must. instantly resign, Stefanik said in a declaration.
INDEPENDENT GOVERNMENTAL CANDIDATE ROBERT F. KENNEDY JR.
I applaud President Biden for stepping down. His. imperfections appeared to any unbiased observer from the. starting. It was this progressive deterioration - and his. abandonment of Democratic Party principles - that prompted me to. go into the race and ensure American voters had a viable, energetic. alternative to Donald Trump, Kennedy stated in a post on X.
HAKEEM JEFFRIES, HOME DEMOCRATIC LEADER
America is a better location today since President Joe Biden. has actually led us with intelligence, grace and self-respect. We are forever. grateful, Jeffries said in a statement.
STEVE SCALISE, HOME BULK LEADER
Democrat party managers simply proved that they have definitely. no regard for their own voters. After lecturing others about. democracy, they simply forced Joe Biden off the ticket-- trashing. the primary option of 14 countless their own citizens, Scalise,. a Republican politician, stated on X.
CONGRESSIONAL BLACK CAUCUS POLITICAL ACTION COMMITTEE
Americans and democracy-loving people world owe Joe. Biden a financial obligation of thankfulness. The Congressional Black Caucus PAC. signs up with President Biden in totally supporting Kamala Harris as our. celebration's candidate, the company said in a declaration published to. X.
NANCY PELOSI, U.S. REPRESENTATIVE AND FORMER HOME SPEAKER
President Joe Biden is a patriotic American who has always. put our nation initially. His tradition of vision, worths and. management make him among the most consequential Presidents in. American history. With love and thankfulness to President Biden for. constantly believing in the promise of America and providing people the. opportunity to reach their satisfaction. God blessed America with. Joe Biden's achievement and goodness.
GAVIN NEWSOM, GOVERNOR OF CALIFORNIA
President Biden has been an extraordinary, history-making. president-- a leader who has actually combated hard for working individuals and. provided amazing results for all Americans. He will decrease. in history as one of the most impactful and selfless. presidents, Newsom posted on X.
NANETTE BARRAGÁN, CHAIR OF THE CONGRESSIONAL HISPANIC CAUCUS
I am with you @JoeBiden - I back @KamalaHarris as our. Democratic candidate & & will work relentlessly to make certain she is. chosen our next President in November, Barragán stated in a post. on X.
SOUTH CAROLINA DEMOCRATIC CONGRESSMAN JIM CLYBURN
I echo the good judgment [President Biden] shown. in selecting Vice President Harris to lead this country along with. him, and I am proud to follow his lead in assistance of her. candidateship to prosper him as the Democratic Celebration's 2024 nominee. for president, Clyburn said in a statement
ANDY BESHEAR, GUV OF KENTUCKY
Beshear, whose name has also been floated as a possible. contender as president or vice president, applauded Biden for. acting in the best interest of our nation, and our party and. for an effective presidency that got big, crucial things. done.
Now it is time for our nation to come together, he added. in his post on X.
PETER WELCH, U.S. SENATOR
Welch, the very first Democratic Senator to get in touch with Joe Biden to. drop his reelection run, on Sunday praised the president for. ending his mission, stating he showed profundity and excellent. humbleness and put the nation first.
It was a painful choice, Welch stated in an interview. with . Every fiber of his being wished to continue to. fight and to beat Trump again.
Welch decreased to back Harris, who he acknowledged was. the frontrunner to replace Biden.
The Democrats ought to have an open procedure so that whoever. our nominee is, consisting of Kamala, has the strength of having a. procedure that reveals the agreement position of the celebration, he. said.
BARBARA LEE, U.S. AGENT
Lee, a former chair of the Congressional Black Caucus, stated. in a phone interview there is no other choice but to choose. Harris as the party's candidate.
She is the best vice president, Lee said. She is. skilled, capable and smart. She has belonged of the. Biden-Harris tradition that requires to continue.
GRETCHEN WHITMER, GOVERNOR OF MICHIGAN
President Biden is a terrific public servant who knows much better. than anyone what it takes to defeat Donald Trump. His remarkable. work to lower prescription drug costs, fix the damn roads, bring. supply chains home, address environment modification, and guarantee America's. global leadership over years will decrease in history. My job. in this election will remain the same: doing everything I can to. choose Democrats and stop Donald Trump, a convicted felon whose. agenda of raising families' expenses, banning abortion across the country,. and abusing the power of the White Home to settle his own. scores is entirely wrong for Michigan, Whitmer said on X.
UNITED AUTOMOBILE WORKERS
Vice President Kamala Harris strolled the picket line with us. in 2019, and in addition to President Biden has actually brought work and. jobs back to communities like Lordstown, Ohio, and Belvidere,. Illinois. That's the tradition President Biden leaves and that's. the work we will continue to develop on as a union, the union. stated in a declaration.
COCK DURBIN, SENATOR AND BULK WHIP
Throughout his public profession, Joe Biden always put nation. first. His 4 years as President made it clear that he was. identified to put our country back on track and bring back the soul. of our country. America will be permanently grateful for all he has. given to this nation, Durbin published on X.
FORMER PRESIDENT COSTS CLINTON AND FORMER SECRETARY OF STATE. HILLARY CLINTON
We are honored to sign up with the President in backing Vice. President Harris and will do whatever we can to support her,. the Clintons stated in a statement.
(source: Reuters)