Gold Steadies As Traders Await Commodity Index Rebalancing, Data

General view of Jefferies Financial Group offices in Manhattan, New York City, U.S., December 8, 2021. REUTERS/Eduardo Munoz

Jefferies (JEF.N) beat estimates for fourth-quarter profit on Wednesday, boosted by a rebound in dealmaking and strong underwriting, giving investors an early signal about the strength of Wall Street's investment-banking business.

Banks have been buoyed by a rebound in merger activity, shaking off earlier pressures from spring tariff-driven market volatility and deal postponements tied to the October government shutdown.

Renewed corporate confidence and a friendlier regulatory environment have drawn companies back to the negotiating table, boosting banks' fees from advising on takeovers and capital raises.

Total net revenue from investment banking jumped 20.4% to $1.19 billion from a year earlier.

However, Jefferies said it posted a pre-tax loss of $30 million related to its investment in Point Bonita in the quarter, reflecting lingering strains in private credit.

"2025 also delivered serious disappointment with the fraud and bankruptcy of First Brands substantially impacting Point Bonita, a fund of which we are the investment advisor," company executives said in a letter to the shareholders.

Results from heavyweight rivals, including Morgan Stanley (MS.N) Goldman Sachs (GS.N) and JPMorgan Chase (JPM.N) next week will provide a broader picture of how far the recovery in investment-banking activity has progressed.

"(This) should be a strong year for M&A and advisory activity, as well as capital markets new issuance," Jefferies President Brian Friedman told Reuters in an interview.

"The resurgence is broad in the M&A business across really all sectors. The capital markets, particularly equity capital markets, skew a bit toward growth," Friedman added.

DEALMAKING MAKES A COMEBACK

Global investment banking revenue rose 15% from a year earlier to almost $103 billion, the second-highest after 2021, Dealogic data shows. Jefferies' fees were the seventh highest across banks over the same period.

Analysts expect the momentum to carry into the new year as expectations of additional interest-rate cuts and a more accommodating regulatory environment spur companies to pursue more deals.

Advisory revenue rose 6.3% to $634.2 million in the quarter, a performance that marked its second-best quarter on record.

The M&A market usually restarts for the year with big corporates taking the lead, which was the case in 2025, Friedman told Reuters.

Once large companies begin doing deals, activity typically spreads quickly to other corporates and then to private equity, he said, adding that dialog and activity with private equity firms were already picking up.

Jefferies said its equity and debt underwriting revenue climbed 77.7% and 25.8%, respectively.

It acted as underwriter on several of 2025's most notable IPOs, including eToro , Bullish (BLSH.N) and Figure (FIGR.O).

Revenue from the capital markets business, which houses its trading desks, rose 6.2% to $691.9 million.

On an adjusted basis, net earnings attributable to common shareholders rose to $213.5 million, or 96 cents per share, in the three months ended November 30. That compares with $205.8 million, or 91 cents per share, a year earlier.

Analysts on average had expected a profit of 94 cents per share, according to data compiled by LSEG.

Total quarterly net revenue rose nearly 5.7% to $2.07 billion.

Source: Reuters

A Chevron logo at the Chevron building in Houston, Texas, U.S. August 19, 2025. REUTERS/Kaylee Greenlee/File Photo

Oil producer Chevron (CVX.N) is in talks with the U.S. government to expand a key license to operate in Venezuela so it can increase crude exports to its own refineries and sell to other buyers, four sources close to the negotiations said on Wednesday.

The talks come as Washington and Caracas progress in negotiations to supply up to 50 million barrels of Venezuelan oil to the United States and President Donald Trump presses American oil companies to invest in the South American country's energy sector.

U.S. officials have said this week that proceeds from the Venezuelan oil supply, which is expected to help state energy company PDVSA drain inventories amid a severe oil blockade, will go to a U.S.-overseen trustee. Proceeds are meant to finance supplies of American goods to Venezuela.

Chevron is the only U.S. oil major operating in Venezuela, which it does under an authorization from the U.S. government that exempts it from sanctions on the country.

As part of its sanction-hardening campaign to weaken Venezuelan President Nicolas Maduro, the Trump administration in July put additional restrictions on Chevron's license. Those restrictions reduced the volume of Venezuelan crude the company is exporting to the U.S. to some 100,000 barrels per day (bpd) in December from 250,000 bpd earlier this year.

The restrictions also deprived PDVSA of any proceeds from Chevron's exports.

The license expansion would allow Chevron to go back to previous export levels while providing Venezuelan crude to business partners that could allocate the cargoes in destinations other than the U.S., as the company used to do in the past.

Some of those former business partners, including an Indian refiner, were this week making inquiries in Caracas about the possible resumption of oil loadings in Venezuela, two of the sources said.

Washington is also pushing to have other U.S. companies involved in oil exports from Venezuela, including refiner Valero Energy (VLO.N) which was a customer of state company PDVSA before sanctions, and majors Exxon Mobil (XOM.N) and ConocoPhillips (COP.N), whose Venezuelan assets were expropriated two decades ago, three separate industry sources said.

The possible participation of some of those companies has brought tension to the Caracas-Washington talks, three of the sources said.

Chevron, Valero, Exxon and Conoco and the U.S. Treasury Department did not immediately reply to requests for comment.

PDVSA said on Wednesday it was progressing in negotiations with the U.S. for oil exports to that country under terms similar to those in place for its partner Chevron.

"The process (...) is based on strictly commercial transactions under terms that are legal, transparent and beneficial for both parties," it said in a statement, without providing further details.

A PDVSA board member separately said the company expects to sell its oil at market prices.

The U.S., which on Wednesday boarded and seized two Venezuela-linked tankers in the Atlantic Ocean, has said that an oil embargo on the country remains in force, with cargoes onboard U.S.-sanctioned vessels being targeted.

Source: Reuters

The Senate Banking Committee demonstrated a commitment to actively participating in discussions regarding the CLARITY Act. This move is being adopted at a time when lawmakers are pushing forward with legislation that has been halted in the crypto sector.

Therefore, as of January, the Senate Banking Committee is facing heightened pressure to determine whether the bill can be advanced with bipartisan backing. To illustrate the intense nature of the matter, reports from reliable sources noted that the Senate has a short timeframe to address this situation.

Uncertainties surrounding the fate of the CLARITY Act ignite heated debates

Punchbowl News reported that the Senate scheduled a bipartisan meeting for Tuesday, January 6. Notably, this meeting will take place at a time when the Senate Banking Committee is holding crucial discussions regarding crypto market structure bills.

To effectively carry out this discussion, the Senate opted for January as an important month to tackle this heated debate and draw conclusions before they break for Martin Luther King Jr Day, a federal holiday in the United States.

Meanwhile, it is worth noting that Senate Banking Committee members have yet to reach a bipartisan agreement on a markup for last year. Nonetheless, recent reports from reliable sources indicate that substantial efforts to support the CLARITY Act, which aims to establish a clear regulatory framework for crypto markets, have led to significant leadership challenges within the committee.

Regarding these challenges, reports confirm that negotiations have been ongoing for several months. The goal of this negotiation was to unite Republicans and Democrats to devise a solution for effectively regulating cryptocurrencies within the financial system, particularly in the United States.

While the debate continued in the ecosystem, Brendan Pedersen, currently serving as a Financial services reporter at Punchbowl News, decided to weigh in on the topic of discussion. Pedersen shared an X post, mentioning that Senator Tim Scott, the chairman of the US Senate Committee on Banking, Housing, and Urban Affairs, had arranged for this upcoming meeting.

In early December, the chair had issued a warning that any delays would significantly impact the entire strategy adopted. To demonstrate the seriousness of the situation, reports alleged that Scott noted he could proceed without requiring bipartisan backing, that is, if negotiations were prolonged into early 2026.

Senator Lummis calls for Democrats to participate in the markup

Senator Cynthia Lummis, a leading advocate for cryptocurrency, highlighted the obstacles facing the CLARITY Act and proposed potential solutions. On Monday, January 5, she stepped in to help advance the bill and explore ways to address industry challenges.

She argued that vague rules have long caused crypto companies to relocate overseas, noting that the proposed crypto legislation would alleviate uncertainty, establish clear rules, strengthen protections, and make the US a global leader.

Speaking on the bill, Lummis urged legislators on X: "Our market structure legislation changes that by establishing clear jurisdiction, strong protections, and ensuring America leads the way. Let's get this done!"

The Senator emphasized the importance of Democrats participating in the markup. Based on her argument, such a move is crucial as it establishes a sense of connection to the structure, hence making them feel comfortable voting on the bill.

Analysts, on the other hand, raised the possibility that Lummis's requirement may encounter backlash from individuals if the talks proceed. This situation sparked tension in the crypto industry. To address the controversy raised in the ecosystem, reports contacted Scott for comments on the matter.

When Scott was asked whether the table had a party-line markup, he indicated a likelihood of pushing through a bipartisan bill. Seeing that the situation continued to become complicated, the chair instructed the committee to proceed without revealing the members' stand to avoid any delays.

Source: CryptoSlate

Boxes of Ozempic and Wegovy made by Novo Nordisk are seen at a pharmacy in London, Britain March 8, 2024. REUTERS/Hollie Adams/File Photo

When patients stop taking weight-loss medications, the beneficial effects of the drugs on weight and other health issues disappear within two years, a large analysis of earlier research has found.

Reviewing data on 9,341 obese or overweight patients treated in 37 studies with any of 18 different weight-loss medications, researchers found they regained on average nearly one pound (0.4 kg) per month after stopping the drugs, and were projected to return to pre-treatment weight by 1.7 years.

Heart health risk factors, such as blood pressure and cholesterol levels, that benefited from the drugs were projected to return to pre-treatment levels within 1.4 years after stopping the medications, on average, according to a report of the study in The BMJ.

Roughly half of the patients had taken GLP-1 medications, including 1,776 who received the newer, more effective drugs semaglutide, sold as Ozempic and Wegovy by Novo Nordisk (NOVOb.CO), and tirzepatide, sold as Mounjaro and Zepbound by Eli Lilly (LLY.N).

The weight regain rate was faster with semaglutide and tirzepatide, averaging nearly 1.8 pounds (0.8 kg) per month.

"But because people on semaglutide or tirzepatide lose more weight in the first place, they all end up returning to baseline at approximately the same time," said study senior researcher Dimitrios Koutoukidis of Oxford University. That was roughly 1.5 years with these new drugs versus 1.7 years after stopping any of the drugs.

Regardless of how much weight was lost, monthly weight regain was faster after weight-loss drugs than after behavioral weight management programs, the researchers also found.

The retrospective study could not determine whether some patients were more likely than others to keep off the weight.

"Understanding who does well and who does not is a bit of a 'holy grail' question in weight-loss research, but nobody has the answer to that yet," Koutoukidis said.

Source: Reuters

A woman holds her mobile phone on the train in London, Britain, October 11, 2024. REUTERS/Jaimi Joy

Technology companies in Britain will be required to block unsolicited sexual images under online safety rules taking effect on Thursday, as governments worldwide step up efforts to curb abuse and risks linked to artificial intelligence.

Cyberflashing has been a criminal offence in England and Wales since January 2024, with perpetrators facing up to two years in prison.

It has now become a priority offence under Britain's Online Safety Act, which sets tough requirements on platforms such as Facebook, YouTube, TikTok and X, as well as dating apps and sites hosting pornography.

"Platforms are now required by law to detect and prevent this material," Technology Secretary Liz Kendall said in a statement.

"The internet must be a space where women and girls feel safe, respected, and able to thrive," she added, as a September poll showed that one in three teenage girls had received unsolicited sexual images.

Britain's media regulator Ofcom will consult on the measures platforms must take, the government said.

GLOBAL OUTCRY OVER DEEPFAKES ON X

France has launched an investigation into Elon Musk's social media site X over sexually explicit 'deepfake' images generated via its chatbot Grok, calling the content "manifestly illegal."

On Tuesday, the European Commission said it was "very seriously" examining Grok's "spicy mode," warning that it had no place in Europe.

Britain's Kendall urged X to urgently address a surge of intimate deepfake images, calling the content "absolutely appalling".

Ofcom on Monday said it had made contact with X to understand what steps it was taking to comply with UK legal duties. Indian authorities have also demanded explanations.

X's Safety account said on Sunday it removes illegal content and suspends accounts involved, but Musk has shrugged off concerns online, posting laughing emojis in response to edited bikini images of public figures.

Source: Reuters

United States Federal Communications Commission logo and U.S. flag are seen in this illustration created on April 23, 2025. REUTERS/Dado Ruvic/Illustration/File Photo

The U.S. Federal Communications Commission said on Wednesday it is exempting imports of some new models of foreign-made drones and critical components from a sweeping import ban adopted in December.

The telecommunications regulator acted on a Pentagon recommendation to exempt some components and drones from the restrictions through the end of 2026.

The list of imported drones allowed for import includes models from Parrot, opens new tab, Teledyne FLIR, Neros Technologies, Wingtra, Auterion, ModalAI, Zepher Flight Labs and AeroVironment and imports will be allowed until the end of 2026.

The FCC also said it was approving a list of imported critical components for drones produced by companies including Nvidia, ModalAI, Panasonic, Sony, Samsung and ARK Electronics.

Last month, the FCC said it was adding all foreign-made drones and critical components to the "Covered List". That means DJI, Autel and other foreign drone companies will not be able to obtain the necessary FCC approval to sell new models of drones or critical components in the United States as they pose unacceptable risks to U.S. national security.

The FCC designation issued last month does not prohibit import, sale or use of any existing drone models the agency previously authorized, and does not impact any previously purchased drones and consumers can continue to use any drones they previously purchased legally.

The FCC also said U.S. government agencies purchasing new drones are not covered by the restrictions. Drones on the covered list purchased outside the United States cannot be operated in the country.

A number of groups had raised concerns about the breadth of the FCC order. The American Soybean Association said last month that "sudden restrictions on their use without available domestically manufactured alternatives risk adding new financial and operational burdens for farmers already facing tight margins and market uncertainty."

The 14 Republicans on the Senate Armed Service Committee led by Senator Roger Wicker said in a joint statement that Trump was "right to ban the import of drones and components from those adversaries to protect American industry" and added it gives time "to transition to American-made drones and allows us to continue working closely with allies and partners to rebuild free-market supply chains for small drone parts."

China-based DJI, the world's largest dronemaker, criticized the decision last month, noting more than 80% of the United States' 1,800-plus state and local law enforcement and emergency response agencies that operate drone programs use DJI technology.

Source: Reuters