2025-11-12 21:00

Advanced Micro Devices gains after upbeat long-term forecasts IBM gains on new quantum computing chips Investors watch progress toward end of government shutdown S&P 500 +0.06%, Nasdaq -0.26%, Dow +0.68% Nov 12 (Reuters) - Wall Street's main indexes were mixed on Wednesday, with the Dow notching a record-high close and the Nasdaq losing ground as investors rotated out of pricey technology stocks while focusing on a likely end to a historic U.S. government shutdown. The House of Representatives was set to end the longest government shutdown in U.S. history, with a vote on a stopgap funding package to restart disrupted food assistance, pay hundreds of thousands of federal workers and revive a hobbled air traffic control system. Sign up here. Still, President Donald Trump will have to sign the compromise into law. "That should be positive from a sentiment standpoint, removing one of the key risks that's out there. As well, the proper functioning of the federal government and the FAA (Federal Aviation Administration) and airline system is important to the operation of the real economy," said Bill Northey, senior investment director at U.S. Bank Wealth Management, in Billings, Montana. Gains of about 3.5% each in Goldman Sachs (GS.N) , opens new tab and UnitedHealth Group (UNH.N) , opens new tab lifted the Dow to a record-high close for a second straight day. The index is up about 13% in 2025, lagging a nearly 17% rise in the S&P 500. Some of Wall Street's tech-related heavyweights lost ground. Amazon (AMZN.O) , opens new tab and Tesla (TSLA.O) , opens new tab fell about 2% each, Palantir (PLTR.O) , opens new tab lost 3.6% and Oracle (ORCL.N) , opens new tab declined 3.9%. AMD (AMD.O) , opens new tab rallied 9% after the chip designer unveiled a $100 billion data-center revenue target. "We have seen somewhat of a rotation away from Nasdaq-heavy leadership toward other areas of the market doing pretty well, like healthcare and financials," said Matt Stucky, chief equity portfolio manager at Northwestern Mutual. "A critical component for seeing markets broaden out is having earnings broaden out as well." SoftBank Group's $5.8 billion sale of its Nvidia (NVDA.O) , opens new tab stake jolted stock markets on Tuesday, stoking fears that the frenzy around artificial intelligence may have peaked, especially after recent warnings from Wall Street bank chiefs and a famed short seller. Nvidia's quarterly report next Wednesday will be a key test of investor sentiment around AI. The S&P 500 climbed 0.06% to end the session at 6,850.92 points. The Nasdaq declined 0.26% to 23,406.46 points, while the Dow Jones Industrial Average rose 0.68% to 48,254.82 points. Six of the 11 S&P 500 sector indexes rose, led by healthcare (.SPXHC) , opens new tab, up 1.36%, followed by a 0.9% gain in financials (.SPSY) , opens new tab. Volume on U.S. exchanges was light, with 17.2 billion shares traded, compared to an average of 20.5 billion shares over the previous 20 sessions. SHUTDOWN WEIGHS ON ECONOMY The government shutdown has weighed on the economy and created a data gap for both the Federal Reserve and traders, leaving them reliant on private economic indicators. Tuesday's weekly update of ADP's preliminary payroll figures showed private employers shedding an average of 11,250 jobs a week for the four weeks ended October 25, pointing to continued weakness in the labor market. Traders are pricing in a 65% probability of a quarter-point reduction at December's monetary policy meeting, CME Group's FedWatch tool showed. Atlanta Fed President Raphael Bostic said he would retire when his term ends in February, amid concerns of a push by Trump for more influence over the Fed. Advancing issues outnumbered falling ones within the S&P 500 (.AD.SPX) , opens new tab by a 1.5-to-one ratio. The S&P 500 posted 36 new highs and two new lows; the Nasdaq recorded 102 new highs and 103 new lows. https://www.reuters.com/world/asia-pacific/us-stock-futures-advance-investors-cheer-possible-end-federal-shutdown-2025-11-12/

2025-11-12 20:38

Cattle suppliers to Diamond Green Diesel linked to Amazon deforestation Airlines such as JetBlue and Southwest have bought fuel from Diamond Supporters say fuel made from beef tallow is unlikely to encourage illegal ranching XINGUARA, Sept. 16 (Reuters) - (This Sept. 16 story has been corrected to clarify that the commercial restrictions on an Amazon ranch owned by Antonio Luceno Barros were lifted after Barros submitted a plan to restore an illegally deforested area, and to note that Barros obtained an injunction suspending payment of fines, not because Brazil's environmental agency Ibama lifted restrictions due to the expiration of a statute of limitations, nor that Barros still owed over $3 million in fines, in paragraph 20) A Texas refinery that supplies green fuel to U.S. airlines has been purchasing animal fat from cattle raised on illegally cleared lands in the Amazon rainforest, according to a Reuters review of government tracking data, interviews and eyewitness accounts. Sign up here. Louisiana-based Diamond Green Diesel, a joint-venture between biofuels producer Darling Ingredients and petroleum refiner Valero Energy, has invested hundreds of millions of dollars into a refinery in Port Arthur, Texas that turns cattle fat - called tallow - into a cleaner alternative to petroleum-based jet fuel and diesel. Diamond Green Diesel is a major player in the U.S. sustainable fuels market. It has collected over $3 billion in U.S. tax credits for producing biofuels since 2022, according to filings. But interviews and documents show at least two Brazilian factories that supplied Diamond Green Diesel with tens of thousands of tons of cattle fat since 2023 are sourcing some of it from slaughterhouses that have bought animals from illegally deforested ranches in the Amazon rainforest. Carriers such as JetBlue (JBLU.O) , opens new tab and Southwest Airlines (LUV.N) , opens new tab, which struck deals with Valero to use the "green” jet fuel, can claim credit for lowering their emissions because Diamond Green Diesel's plant is certified under a United Nations agreement curbing the impact of aviation on the climate called CORSIA. The global market for sustainable jet fuel is small, about $2.9 billion in 2025 according to analysis firm SkyQuest Technology Group, compared to the $239 billion global market for conventional aviation fuel. But government incentives are expected to help the market grow exponentially, pumping more resources into the Brazilian cattle industry, the leading driver of the destruction of the Amazon rainforest. Pedro Piris-Cabezas, an economist at the nonprofit Environmental Defense Fund, said any additional demand “could result in the expansion of herds and directly or indirectly drive deforestation and forest degradation.” It could also violate Brazilian law. "Companies that profit from raw materials originating from a supply chain that involves deforestation, are also responsible for these illegalities," said Ricardo Negrini, a Brazilian federal prosecutor who has opened a number of government investigations into the cattle industry. Diamond Green Diesel, Darling Ingredients, Valero Energy, Southwest and JetBlue did not reply to multiple requests for comment, including detailed questions about the Brazilian tallow supply chain. To track the tallow trade from illegally deforested ranches in the Amazon to Diamond Green Diesel, Reuters partnered with the nonprofit investigative outlet Reporter Brasil, which helped review court documents that link slaughterhouses to the tallow plants, corporate filings, trade data, and government cattle tracking records. Reuters also interviewed over a dozen people involved in each step of the beef tallow supply chain, including traders, truck drivers, prosecutors, auditors and regulators. Diamond Green Diesel sources tallow from multiple countries, and Reuters was unable to determine how much of it came from ranches in illegally-cleared land in the Amazon. TAINTED CATTLE In 2022 Darling Ingredients CEO Randall Stuewe announced the $557 million acquisition of several plants in Brazil, including four in the Amazon region, that would supply “waste fats to be used in the production of renewable diesel and sustainable aviation fuel," according to a statement issued at the time. Reuters found one of those rendering plants in Para state, called Araguaia, sourced cattle fat from at least five meatpackers that failed a May 2025 audit conducted by federal prosecutors for slaughtering 20,000 cattle from illegally deforested areas. In 2023, Araguaia exported $4.4 million worth of beef tallow from the Amazon to Diamond Green Diesel, according to trade data from Import Genius. In June, a Reuters journalist saw a truck with an Araguaia logo inside the Sao Francisco slaughterhouse, which failed an audit for buying cattle from farms on illegally deforested land. The driver of the truck, who spoke on condition of anonymity, told Reuters he had been picking up carcasses at the Sao Francisco slaughterhouse and delivering them to the Araguaia plant for two years. Two other drivers and two Sao Francisco employees confirmed the slaughterhouse was an Araguaia supplier. Sao Francisco didn't confirm or deny that it is a supplier of the Araguaia plant. It said it has been cooperating with federal prosecutors since 2018 and that it hired an outside firm to monitor its supply chain. Sao Francisco sources some of its cattle indirectly from Vale do Paraiso, a farm that had been blocked from grazing cattle since 2006 because 15 square miles of trees had been illegally razed, according to Brazil's environmental protection agency, Ibama. Cattle tracking data shows that the cattle was moved from Vale do Paraiso to a farm with a clean record before it reached the slaughterhouse. The agency said it lifted a commercial ban on Vale do Paraiso last year because its owner Antonio Lucena Barros presented a plan to restore the deforested area. Barros also obtained a court injunction suspending a fine of over $3 million, which the agency said it will appeal. Barros’ lawyer Calebe Rocha said in a statement that his client is fighting the fines in court and has been granted an injunction that suspends the payment of the fine. He also said that no animals were sold from the part of Vale do Paraiso that Ibama had blocked due to deforestation. Another plant owned by Darling Ingredients sourced fat from a slaughterhouse that confirmed to Reuters that it bought hundreds of cattle in 2022 and 2023 from rancher Bruno Heller, who Brazil's Federal Police has described as possibly the Amazon's biggest deforester in a 2023 investigation. In a statement, Heller’s lawyer Vinicius Segatto said Brazil’s environmental law is "excessively rigorous" and that the criminal case against his client is ongoing. FAT TO FUEL Airlines have been under pressure to buy more green jet fuel, which is now produced in tiny quantities, to meet industry targets of net zero emissions by 2050. Supporters of the use of tallow as a biofuel assert that demand for it alone is unlikely to push ranchers to clear rainforest to grow their pastures because of its economic value – less than 3% of what slaughterhouses get for each animal. Diamonds’ imports from Brazil were certified as sustainable by the International Sustainability and Carbon Certification (ISCC), a third-party certification body that approved Diamond's plant for CORSIA. To be eligible, biomass used for fuel cannot come from land that was deforested after 2008 or protected areas, but the ISCC told Reuters it did not investigate Diamond's supply chain because it considers tallow a "byproduct" of the beef industry under CORSIA. Three experts who helped design CORSIA told Reuters that the program allows producers to omit the score for carbon emissions and deforestation of the Amazon rainforest because it assumes demand for tallow is unlikely to push ranchers to grow their herds. The International Civil Aviation Organization declined to comment when asked about whether it viewed deforestation in the tallow supply chain as a violation of its sustainability standards. However, the agency said it is “constantly monitoring the compliance” of third-parties responsible for certifying sustainable aviation fuel producers and welcomes information on “any potential deviations” for further evaluation. https://www.reuters.com/sustainability/climate-energy/how-texas-refinery-turns-amazon-destroying-cattle-into-green-jet-fuel-2025-09-16/

2025-11-12 20:28

WASHINGTON, Nov 12 (Reuters) - China agreed on a plan to stop fentanyl-related chemicals as part of its deal with the Trump administration to crack down on the lethal opioid, FBI Director Kash Patel said on Wednesday. Patel said the agreement resulted from his trip to Beijing last week, a visit that followed U.S. President Donald Trump'ssummit last month with Chinese President Xi Jinping in South Korea. Sign up here. "The People's Republic of China has fully designated and listed all 13 precursors utilized to make fentanyl," Patel said at a news briefing. "Furthermore, they have agreed to control seven chemical subsidiaries that are also utilized to produce this lethal drug." He did not provide additional details. The Chinese embassy in Washington did not respond to a request for comment. Reuters previously reported Patel's trip to China, which took place last weekend. The trip was not previously officially announced by either the United States or China. China's Commerce Ministry announced , opens new tab on Monday that the country will make adjustments to the catalog of drug-related precursor chemicals and will require licenses for export of certain chemicals to the United States, Canada and Mexico. The anti-drug authority also tightened oversight of production and export of drug-making chemicals not on its control list to keep them out of illegal channels, it said in a notice. It underscored criminal risks exporters could face when shipping chemicals to certain "high-risk" countries such as the United States. Trump halved the tariffs on Chinese goods imposed as a punishment over the flow of fentanyl to 10% after reaching the agreement during last month's talks with Chinese leader Xi Jinping. Xi will work "very hard to stop the flow" of fentanyl, a deadly synthetic opioid that is the leading cause of American overdose deaths, Trump told reporters after the talks. U.S. Treasury Secretary Scott Bessent said the details of the fresh consensus would be hashed out through a new bilateral working group. The deal signaled a shift for Trump officials, who had insisted that punitive measures would remain in place until China proved it was cracking down on fentanyl supply chains. Chinese officials vehemently defend their record on fentanyl, saying they have already taken extensive action to regulate precursor chemicals used to make the drug and accuse Washington of using the issue as "blackmail." https://www.reuters.com/business/healthcare-pharmaceuticals/fbi-chief-china-agreed-plan-stop-fentanyl-precursors-2025-11-12/

2025-11-12 20:20

Nov 12 (Reuters) - Cryptocurrency exchange Coinbase (COIN.O) , opens new tab is departing Delaware and reincorporating itself in Texas, the company said in a regulatory filing on Wednesday, citing the new business hub's growing attractiveness for innovative companies. Texas is establishing itself as the new darling of Corporate America by drawing companies with its favorable business environment, friendlier tax rules, lighter regulatory requirements, and new legislation aimed at establishing specialized business courts. Sign up here. Several companies with a valuation of over $1 billion have moved their legal home out of Delaware since last year, in what some have nicknamed "Dexit." Tesla (TSLA.O) , opens new tab shifted its headquarters to Texas last year in a high-profile relocation, while Trump Media & Technology (DJT.O) , opens new tab, the owner of Truth Social, moved its base to Florida in April. Coinbase, with a market capitalization of nearly $82 billion, according to LSEG, will be one of the largest companies to move base. "For decades, Delaware was known for predictable court outcomes, respect for the judgment of corporate boards and speedy resolutions," Coinbase Chief Legal Officer Paul Grewal said in a opinion piece in the Wall Street Journal on Wednesday. Delaware judges, however, have expanded the court's most stringent legal standard to a growing range of situations involving controllers, increasing the risk of shareholder lawsuits. The decisions culminated with the blockbuster ruling last year that rescinded Musk's $56 billion pay package from Tesla. "Never incorporate your company in the state of Delaware," Musk had said on X after the ruling. "It's a shame that it has come to this, but Delaware has left us with little choice," Grewal added. Texas has stepped up efforts to attract cryptocurrency firms, touting regulatory clarity and lower operating costs, with recent legislation positioning the state as a growing hub for blockchain development amid uncertainty in other jurisdictions. Coinbase in the largest publicly traded cryptocurrency exchange in the U.S. https://www.reuters.com/business/coinbase-set-reincorporate-texas-2025-11-12/

2025-11-12 20:17

Each penny costs 3.69 cents to make, Treasury says US Mint to announce auction of final pennies Gold pennies also produced, source says Pennies remain legal tender and will stay in circulation Halting penny production to save US Mint $56 million a year, Treasury says PHILADELPHIA, Nov 12 (Reuters) - U.S. Treasurer Brandon Beach visited the Philadelphia Mint on Wednesday to strike the final five circulating one-cent coins or pennies, ending 232 years of penny production in the United States. U.S. President Donald Trump in February ordered Treasury to halt what he called the "wasteful" minting of pennies, prompting gas stations, fast-food chains and big-box stores to adjust prices and round cash transactions. Sign up here. Treasury said rising production costs and rapidly changing consumer habits and technology had made production of pennies "financially untenable" and unnecessary, noting that it costs 3.69 cents to make each penny, up from 1.42 cents a decade ago. Production of circulating pennies was suspended months ago, Mint officials said, but an unspecified number of additional one-cent coins - marked with an Omega symbol to signify the last of their kind - were made to be auctioned off in December. The five pennies pressed on Wednesday will be part of that batch, said Robert Kurzyna, superintendent of the Philadelphia Mint. Details of the auction will be released shortly, he said. Those pennies could technically be used for circulation, unlike collector coins, which are shinier and made differently. The Philadelphia Mint produced 232 of Omega-stamped coins for the auction, one for each year the penny was produced, plus three for display at Treasury and other institutions, a source familiar with the matter said. It also produced 235 gold pennies, the source said. It was unclear whether additional pennies were pressed for the auction at the Denver Mint, where pennies were also made. U.S. Mint Acting Director Kristie McNally said the first and last of the coins to be auctioned could fetch around $100,000. All proceeds will be used to fund Mint operations, with any excess to be transferred to the U.S. Treasury, she said. Suspending production of the penny is expected to save the U.S. Mint about $56 million a year, Treasury said. Pennies will remain legal tender, with an estimated 300 billion of them in circulation, "far exceeding the amount needed for commerce," Treasury said. "Sad to see the penny go, but it was inevitable given rising costs," said American University professor Gabriel Mathy, adding the iconic American coin would "stick around for a while, though people may start hoarding pennies." U.S. Treasury Secretary Scott Bessent was slated to attend the event, but canceled his appearance due to travel delays after a speech in New York. The U.S. is joining other countries, including Canada, Australia, Ireland and New Zealand, in phasing out their lowest-value coins, rounding cash transactions up or down to the nearest five cents while keeping electronic payments exact. The penny was first issued by the government in 1793. Since 1909, the profile of President Abraham Lincoln has adorned the obverse side of the coin made of zinc and copper. In fiscal 2024, pennies accounted for 57% - or 3.2 billion - of the Mint's total production of 5.61 billion circulating coins. The Mint will continue to produce collector versions of the penny in limited quantities, Treasury said. A Mint official said some gold pennies were also planned. Supporters of the penny have argued that it helps keep consumer prices lower and is a source of income to charities. For many Americans, however, the coin has become a nuisance that ends up being discarded in drawers, jars and piggy banks. The American Bankers Association said last month a slowdown in penny circulation this year had created localized supply issues, especially in areas where terminals used by banks to deposit excess coins have been shut down. It said the banking industry was encouraging consumers to check their home, car and coin jars for pennies and bring them to banks, retailers or coin kiosks to help ease the slowdown. A decision on whether to eliminate the penny would be up to Congress and the president, the banking group said, noting the U.S. Constitution gave Congress the authority to coin money. Republican Representative Frank Lucas said he has been working with House Conference Chair Lisa McLain on bipartisan legislation to address the high cost of producing coins. “This is the 19th consecutive year the United States government has lost money producing the one-cent piece and the nickel," Lucas said in a statement to Reuters. "Our bipartisan bill is working its way through the House to answer President Trump’s call and bring costs down for the taxpayer.” https://www.reuters.com/business/retail-consumer/bessent-us-treasurer-strike-final-penny-philadelphia-mint-2025-11-12/

2025-11-12 20:16

LONDON, Nov 12 (Reuters) - The U.S. ambassador to London on Wednesday attacked Britain's approach to nuclear power in an unusually strong criticism on the eve of an expected decision on the development of a site in north Wales. Britain is expected on Thursday to announce its first small modular reactor (SMR) nuclear power station will be located in Wylfa on Anglesey, an island in North Wales, where there was an old nuclear power station that closed down in 2015. Sign up here. But the United States had been pushing for a large-scale nuclear project, and on Wednesday ambassador Warren Stephens issued a strongly-worded rebuke of Britain for its decision. "We are extremely disappointed by this decision, not least because there are cheaper, faster, and already-approved options to provide clean, safe energy at this same location," Stephens said, adding that while he wanted Britain to be the strongest possible ally to the United States, "high energy costs are an impediment to that." "If you want to get shovels in the ground as soon as possible and take a big step in addressing energy prices and availability, there is a different path, and we look forward to decisions soon on large scale nuclear projects." British Prime Minister Keir Starmer has cited his close relationship with U.S. President Donald Trump as helping on a range of fronts, from securing the first deal to relieve some U.S. tariffs to working together on conflicts in Ukraine and the Middle East. But Trump has been outspoken in his criticism of Britain's energy policy and efforts to reach net zero by 2050, calling on the government to drill more oil from the North Sea and criticising the country's windfarms. https://www.reuters.com/business/energy/us-criticises-britain-over-nuclear-reactor-proposals-2025-11-12/