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/

2025-10-01 18:54

LONDON, Oct 1 (Reuters) - Billionaire investor Cliff Asness's AQR Capital Management finished the third quarter with positive returns in several of its funds, a person familiar with the matter said on Wednesday. The $165 billion hedge fund gained 4.0% in September in its flagship multi-strategy fund, Apex Strategy, which has generated a 15.6% return from the start of the year to September 30. Sign up here. The fund posted a 2.9% return for the month in its AQR Delphi Long-Short Equity Strategy, bringing the overall performance to a positive 14.3% for the year. AQR's Managed Futures Full Volatility Strategy posted a 9.3% return for the month of September, garnering a 17.7% return year-to-date. The hedge fund's Helix Strategy, which follows trends in a diverse set of harder-to-access markets, had a positive 6.3% performance for the month of September and is up 13% for the year to date. These results beat a wider collection of systematic hedge funds, whose algorithms ride market trends until they peter out. An index that tracks these kinds of trend funds is down on average over 2% for the year so far, according to Societe Generale's (SOGN.PA) , opens new tab indices. https://www.reuters.com/markets/europe/billionaire-asness-aqrs-multi-strategy-fund-surges-156-so-far-2025-source-says-2025-10-01/

2025-10-01 17:56

Coinbase accused of concealing SEC, bankruptcy risks Judge allows claims specifically alleging wrongdoing Coinbase committed to defending against remaining claims Oct 1 (Reuters) - A federal judge said Coinbase (COIN.O) , opens new tab shareholders may pursue a narrowed lawsuit accusing the largest U.S. cryptocurrency exchange operator of concealing business risks, including whether it would be sued by the Securities and Exchange Commission. In a Tuesday night decision, U.S. District Judge Brian Martinotti in Newark, New Jersey rejected requests by Coinbase, top executives and directors for a full dismissal of claims based on dozens of statements made over two years in regulatory filings, earnings calls, blog posts and tweets. Sign up here. Shareholders said Coinbase defrauded them into believing it was improbable the SEC would accuse it in court of operating an unregistered securities exchange, and misrepresented the risk they could lose assets if Coinbase filed for bankruptcy. Martinotti said shareholders cannot pursue claims based solely on "group pleading," where statements in group-published documents such as press releases do not suggest any particular defendant intended to commit fraud. "Where plaintiffs have appropriately provided defendant-by-defendant particularity, the claims must remain," he added. Martinotti's 59-page decision does not say which statements he dismissed, because the parties did not identify which may involve group pleading. "Judges are not like pigs, hunting for truffles buried in briefs," the judge said in a footnote. In a statement, Coinbase called the decision a "significant step forward," and said it is committed to vigorously defending against any remaining claims. Lawyers for the shareholders did not immediately respond to requests for comment. Coinbase's share price fell 12% on June 6, 2023 after the SEC sued the company for allowing trading in tokens that the regulator said should have been registered as securities. Shares also fell more than 26% on May 11, 2022 after Coinbase added disclosures and reported a larger-than-expected revenue decline. The proposed class action led by Swedish pension fund Sjunde AP-Fonden covers Coinbase shareholders from April 14, 2021 to June 5, 2023. In February, the SEC ended its lawsuit against Coinbase, as the Trump administration eases regulatory oversight of the cryptocurrency industry. The case is In re Coinbase Global Inc Securities Litigation, U.S. District Court, District of New Jersey, No. 22-04915. https://www.reuters.com/legal/government/coinbase-face-narrowed-shareholder-lawsuit-2025-10-01/

2025-10-01 17:43

Oct 1(Reuters) - Gold scored another record high on Wednesday, taking this year's gains to 47% on mounting expectations for further cuts to U.S. interest rates, safe-haven demand and a weakening dollar. Silver has followed suit and is up 63% this year, hovering just shy of its record high. Sign up here. BULL RUN GATHERS PACE Spot gold hit a record $3,895.09 an ounce and was last trading at $3,864.16 at 1520 GMT. Bullion, which offers no yield but attracts investors in times of geopolitical and economic uncertainty, registered a robust 27% gain last year. "Investors are navigating everything from shifting Fed policy to global political developments, and gold is playing its traditional role as a store of value," said Joseph Cavatoni, senior market strategist at the World Gold Council (WGC) trade association. "What’s important now is that this safe-haven demand is layered on top of structural allocation trends — meaning gold isn’t just reacting to events, but also gaining traction as a core holding in portfolios." On the U.S. policy front, the Federal Reserve cut interest rates for the first time this year in September, with markets pricing in two more cuts in 2025. Conflict in the Middle East and the Russian war in Ukraine have stoked market jitters and economic uncertainty, as have fears over the U.S. Federal Reserve's independence under the influence of President Donald Trump. Gold's rally has also been underpinned by central bank buying, rising inflows into gold exchange-traded funds (ETFs), a weaker dollar and strong demand as a hedge against uncertainty. "As long as uncertainty levels are high, ETF flows (into gold) should continue ... I see gold prices passing through $4000/oz by the turn of the year," said Michael Haigh, global head of commodities research at Societe Generale. Global gold ETF demand has rebounded to 587.8 metric tons so far this year, recovering from a net outflow of 6.8 tonnes in 2024, the WGC says. SILVER FOLLOWS BULLISH TRACK Silver climbed to $47.83 an ounce for its highest since May 2011. Its record high is the $49.51 peak hit in April 2011. Silver's rally is supported by the same macroeconomic factors driving gold as well as by strong industrial demand, a tight spot market and speculative momentum. The gold-silver ratio stands around 82, its lowest since late October last year, signalling a relative strengthening of silver against gold. "Silver is a bit of a catch-up trade as it has been underperforming gold for several quarters prior to mid-2025," said Aakash Doshi, global head of gold strategy at State Street Investment Management. Silver supply growth has lagged demand growth for the past few years and recent CME premiums to London spot prices have encouraged deliveries into the COMEX system, he added. Industrial use accounts for nearly 60% of global demand , opens new tab for silver and the metal's inclusion on a draft list of U.S. critical minerals has sparked speculation over potential tariffs, drawing close attention from the market. CME silver stocks have jumped by more than 60% to 530.2 million ounces since the start of the year while the metal remains on track for a fifth straight annual supply deficit. https://www.reuters.com/world/india/gold-blazes-past-3800-record-run-silver-nears-fresh-peak-2025-10-01/

2025-10-01 17:33

LONDON, Oct 1 (Reuters) - The U.S. dollar, long renowned for its strength, has been weakened by President Donald Trump’s stiff tariffs, his attacks on the Federal Reserve and his distancing from allies and global institutions. The dollar still makes up for the bulk of central bank foreign exchange reserves, according to latest IMF data. It's not expected to lose that position anytime soon given the United States' dominance in the global economy, trade and debt markets. Sign up here. Still, the dollar index, which measures the value of the greenback against a basket of major world currencies suffered its worst first half of the year since the early 1970s. And shifts in U.S. policy mean the dollar's standing is under scrutiny, with gold as well as the likes of the euro and Chinese yuan lining up to benefit from the dollar's woes. Our live dashboard continually tracks the dollar’s performance, taking stock of its current standing and charting where it may be headed next. https://www.reuters.com/world/africa/tracking-fate-king-dollar-2025-10-01/