2025-12-15 21:43

FAA to open new aviation safety office, improve hiring and training Transportation Secretary criticizes FAA for inaction before fatal January crash NTSB chair says FAA ignored warnings about safety issues WASHINGTON, Dec 15 (Reuters) - The Federal Aviation Administration is taking action after a collision between an American Airlines (AAL.O) , opens new tab regional jet and an Army helicopter that killed 67 people in January exposed flaws in safety oversight, the agency's head will tell Congress on Tuesday. "The DCA (Reagan Washington National Airport) accident was a defining moment for the FAA and for the country. It exposed gaps, but it also galvanized action," FAA Administrator Bryan Bedford will say in written testimony seen by Reuters for a House aviation subcommittee hearing. Sign up here. Bedford said on Monday that as part of "Flight Plan 2026" the FAA would open a new aviation safety office as part of a strategic plan to improve hiring and training and to identify potential hazards after harsh criticism for failing to address near-miss incidents. "To accomplish this, we will establish a Safety Integration Office, develop safety risk heat maps, increase transparency, and improve accountability across all levels of the organization," Bedford said in a note to employees. He said the plan would create an FAA safety management system and implement an FAA-wide safety risk management process. The system "will help the FAA detect, analyze, and mitigate risk more consistently and ensure that lessons from accidents, incidents, and near misses are acted upon quickly and across the agency," Bedford will tell Congress. Bedford said the FAA would continue to maintain oversight of aerospace manufacturers, including Boeing (BA.N) , opens new tab. In October, he agreed to let Boeing hike 737 MAX production to 42 planes per month, removing a cap put in place last year after a mid-air panel blowout on an Alaska Airlines flight. The FAA also is beginning the process of moving its headquarters into a building that houses the U.S. Transportation Department. The FAA plans to establish a pilot program for aircraft certification applicants to participate in digitized certification processes. Transportation Secretary Sean Duffy harshly criticized the FAA for failing to act despite dozens of near-miss incidents before the fatal crash on January 29, just days after U.S. President Donald Trump returned to office. "We had 84 near misses in the three years before in the D.C. airspace, and no one did anything," Duffy said. "Someone was asleep at the wheel. Someone should have seen that." Lawmakers from both parties have questioned why the FAA failed to act for years to address close calls involving helicopters near Reagan airport. National Transportation Safety Board Chair Jennifer Homendy said in August the FAA had ignored warnings about serious safety issues. Bedford, who took office in July, is overseeing a $12.5 billion rehabilitation of U.S. air traffic control and Duffy wants another $19 billion to complete the job. The FAA in early May barred the Army from helicopter flights around the Pentagon after a May 1 close call that forced two civilian planes to abort landings. In April, the FAA imposed new restrictions to prevent collisions between helicopters and passenger planes around the busy Harry Reid International Airport in Las Vegas and it has expanded buffer zones at Washington, D.C.-area airports. "These assessments revealed operational patterns in several locations that needed attention, and we are diligently working to address them," Bedford will tell Congress. https://www.reuters.com/business/aerospace-defense/faa-reform-safety-efforts-2025-12-15/

2025-12-15 21:41

RIO DE JANEIRO, Dec 15 (Reuters) - A strike at Brazil's Petrobras has reached workers in refineries and offshore oil platforms, according to local union FUP, as the state-run oil firm said the mobilization has had no impact on output so far. The firm said on Monday that it has adopted contingency measures to ensure operational continuity, adding that market supply is "guaranteed". Labor talks are ongoing, Petrobras said. Sign up here. Petrobras and its workers have been in an ongoing dispute over a deficit in the retirement fund and a push for changes to the employee compensation structure, among other issues. FUP said in a statement that the strike has started with strong support from Petrobras' employees, with the oil firm having to adopt contingency measures in six refineries. Workers in 14 offshore oil platforms in Brazil's Campos basin, and two in Espirito Santo state have joined the strike, said the union. https://www.reuters.com/sustainability/sustainable-finance-reporting/brazils-petrobras-sees-no-production-impact-workers-kick-off-strike-2025-12-15/

2025-12-15 21:29

BUENOS AIRES, Dec 15 (Reuters) - Argentina's central bank announced a new monetary framework on Monday, tying the peso's trading band to inflation in a bid to build reserves and stabilize the economy. The measures, effective January 1, are part of a broader program designed to move away from temporary exchange controls toward a more permanent system that can support a budding economic recovery. Sign up here. The bank said the floor and ceiling of the currency band will now be adjusted monthly according to the latest official inflation data. This replaces the previous system of a pre-set 1% monthly shift, a figure that lagged November's inflation rate of 2.5%. A primary goal is to accumulate foreign currency reserves, which the bank said are urgently needed to underpin growth. It aims to purchase up to $10 billion, with a potential overall reserve accumulation of $17 billion, depending on balance of payments flows. The central bank said it intends to expand the monetary base to 4.8% of gross domestic product by the end of 2026 from its current 4.2%, aligning the money supply with an expected recovery in demand for the local currency. The move aligns with recent guidance from the International Monetary Fund, which earlier this month urged Argentina to strengthen reserve accumulation to regain access to international capital markets. IMF spokesperson Julie Kozack on Monday said on X she welcomed the recent market access and steps to strengthen the monetary and FX framework, rebuild reserve buffers, and advance growth-enhancing reforms in Argentina. Financial markets reacted calmly to the changes. The peso firmed up 0.17% to 1,438.5 per U.S. dollar, while the S&P Merval stock index (.MERV) , opens new tab rose 1.13%. Sovereign bond prices also ticked higher, led by dollar-linked issues. The policy shift comes as the country's economy shows signs of a turnaround. GDP is forecast to grow 3.5% year-on-year in the third quarter of 2025, a sharp reversal from the 1.9% contraction recorded a year earlier. https://www.reuters.com/world/americas/argentina-tie-peso-band-inflation-exchange-rate-overhaul-2025-12-15/

2025-12-15 21:02

Indexes close lower: Dow 0.09%, S&P 0.16%, Nasdaq 0.59% Key jobs, inflation reports due this week Hassett's Fed candidacy opposed, CNBC reports Dec 15 (Reuters) - Wall Street closed lower on Monday as investors braced for a slew of economic data later this week while assessing reports on Federal Reserve candidates and commentary from policymakers for clues on the interest rate outlook. The nonfarm payroll figures for October and November are due later this week, along with reports on retail sales, business activity and inflation. October's jobs data was delayed by the government shutdown earlier this quarter. Sign up here. “Markets today are struggling with where to find the leadership, in terms of not wanting all the eggs in the AI basket and not having a lot of data yet," said Carol Schleif, chief investment officer at BMO Family Office. "People will hold their breath a little bit before the jobs numbers this week and whether or not those are supportive of more rate cuts.” The S&P 500 and the Nasdaq had logged their steepest daily declines in more than three weeks on Friday amid concerns about inflation and debt-fueled AI investments. Traders also assessed a report that White House economic adviser Kevin Hassett's candidacy for the Fed chair role received some pushback from people close to U.S. President Donald Trump. Speculation has been rife over a possible frontrunner as Jerome Powell's term ends in May. Expectations for a dovish Fed chair have fueled bets for interest rate cuts next year. Also on Monday, New York Fed President said the central bank's interest rate cut last week leaves it in a good position, while Fed Governor argued that current inflation does not reflect the true supply-demand dynamics. The Dow Jones Industrial Average (.DJI) , opens new tab fell 41.49 points, or 0.09%, to 48,416.56, the S&P 500 (.SPX) , opens new tab lost 10.90 points, or 0.16%, to 6,816.51 and the Nasdaq Composite (.IXIC) , opens new tab lost 137.76 points, or 0.59%, to 23,057.41. Eight of the 11 S&P 500 major industry sectors rose, led by healthcare stocks (.SPXHC) , opens new tab, which popped 1.3%. Information technology (.SPLRCT) , opens new tab stocks slipped 1%, dragged down by ServiceNow (NOW.N) , opens new tab, which fell 11.5% following a report that the cybersecurity company is in advanced talks to buy startup Armis. In other company moves, Tesla (TSLA.O) , opens new tab rose 3.5% after CEO Elon Musk said the electric vehicle maker was testing its robotaxis without safety monitors in the front passenger seat. IRobot (IRBT.O) , opens new tab plunged 72.7% after the Roomba vacuum-cleaner maker filed for bankruptcy protection. Declining issues equaled advancers at a 1-to-1 ratio on the NYSE. There were 283 new highs and 93 new lows on the NYSE. On the Nasdaq, 1,715 stocks rose and 3,021 fell as declining issues outnumbered advancers by a 1.76-to-1 ratio. The S&P 500 posted 30 new 52-week highs and six new lows while the Nasdaq Composite recorded 133 new highs and 198 new lows. Volume on U.S. exchanges was 17.13 billion shares, compared with the 17.10 billion average for the full session over the last 20 trading days. https://www.reuters.com/business/wall-st-futures-edge-higher-start-data-packed-week-2025-12-15/

2025-12-15 20:58

Trump considers reclassifying marijuana as less dangerous drug Reclassification could boost cannabis industry and research funding Feds currently treat weed, alongside heroin, as having no accepted medical use WASHINGTON, Dec 15 (Reuters) - U.S. President Donald Trump said on Monday he is considering an executive order to reclassify marijuana as a less dangerous drug — a decision that could reshape the cannabis industry, ease criminal penalties and unlock billions in research funding. The shift would represent one of the most significant federal changes to marijuana policy in decades, reducing oversight to the level of common prescription drugs and potentially opening doors long closed to banks and investors. Sign up here. "We are looking at that very strongly," Trump told reporters in the Oval Office, responding to reports that he is looking at directing federal health and law enforcement agencies to treat marijuana as a Schedule III drug. 'A LOT OF PEOPLE WANT TO SEE IT,' TRUMP SAYS "A lot of people want to see it - the reclassification - because it leads to tremendous amounts of research that can't be done unless you reclassify," he said. Under the U.S. Controlled Substances Act, marijuana is listed as a Schedule I substance like heroin, ecstasy and peyote, implying it has a high potential for abuse and no currently accepted medical use. Local authorities often impose more lax regulations over weed, allowing medical or recreational use. Initial reports that Trump might loosen federal restrictions on the psychoactive drug sent stocks of cannabis-related companies higher. They stand to benefit by making more cannabis products. The shift could reshape the industry by potentially lowering taxes and making it easier to secure funding. Schedule III drugs include Tylenol mixed with codeine, ketamine and testosterone. Funding remains one of the biggest challenges for cannabis producers, as federal restrictions keep most banks and institutional investors out of the sector, forcing pot producers to turn to costly loans or alternative lenders. U.S.-listed cannabis-linked stocks, such as Canopy Growth, Organigram Global , SNDL , Aurora Cannabis , Trulieve Cannabis (TRUL.CD) , opens new tab and Tilray Brands closed down between 4% and 13%. The stocks are nonetheless still higher than after reports of the reclassification first emerged last week. "Should the U.S. move to reclassify cannabis - we see this as a meaningful step forward for the global industry and one that must also come with smart regulation," a spokesperson for Aurora Cannabis told Reuters. Trulieve Cannabis declined to comment, while several of the other companies did not immediately respond to Reuters' request for comment. A White House official said on Friday that "no final decisions have been made on the rescheduling of marijuana." Last year, the Biden administration asked the Department of Health and Human Services to review marijuana's classification, and the agency recommended moving it to Schedule III classification. The Drug Enforcement Administration has to review the recommendation and will decide on the reclassification. https://www.reuters.com/business/healthcare-pharmaceuticals/trump-says-he-is-considering-executive-order-reclassify-marijuana-2025-12-15/

2025-12-15 20:55

BERLIN, Dec 15 (Reuters) - German state-owned utility Uniper (UN0k.DE) , opens new tab will launch the sale of its 20% stake in the natural gas pipeline Opal, one of Europe's largest transmission corridors, the company said on Monday. Uniper's disposal of the asset was a condition set by the European Commission when it approved Berlin's bailout of the utility in December 2022, at the height of the European energy crisis triggered by Russia's invasion of Ukraine. Sign up here. In a statement, the company invited interested parties to submit their expression of interest by no later than January 29, 2026. Opal stretches around 740 kilometres from Lubmin in Germany to Brandov in the Czech Republic. Uniper's stake in Opal is held by subsidiary Lubmin-Brandov Assets GmbH & Co. KG. The remaining 80% is held by GASCADE Gastransport GmbH. https://www.reuters.com/business/energy/uniper-launch-sale-20-stake-opal-gas-pipeline-2025-12-15/