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By Anne Kauranen and Howard Schneider HELSINKI (Reuters) -U.S. Federal Reserve vice chair Philip Jefferson, a potentially pivotal figure in President Donald Trump's effort to appoint a majority of the Fed's 7-member Board of Governors, said on Tuesday he has not yet considered whether to keep his board seat after his vice chair term ends in September 2027. Separate from his 4-year stint as vice chair, Jefferson holds a board seat with a term that runs until 2036, well after Trump's term ends following the 2028 presidential election.  "I have not given thought to that at all. My focus is to do the job that I currently have right now to the best of my ability," Jefferson, an appointee of former President Joe Biden, said at an economics conference in Finland. Asked about his plans, he said that "pertains to something that is far in the future, and it is not something that I think about when I come to work every day." TRUMP SEEKING INFLUENCE AT FED Trump since his January inauguration has tried to gain influence at the central bank, initially with demands for lower interest rates and threats to fire Fed chair Jerome Powell, then with more overt moves including an attempt to fire Governor Lisa Cook. Rebuffed by federal judges so far, Cook's firing is pending before the U.S. Supreme Court. The Fed's structure is an impediment to Trump's aims. To limit the influence of electoral politics on monetary policy, the Fed board is set up with seven, staggered, 14-year appointments, one expiring every two years, so no U.S. president can appoint a majority in a single four-year presidential term. TRUMP COULD WAIT AS LATE AS 2028 TO GET A FED MAJORITY Three of the seven current governors were appointed by Trump either in his first or current term. Depending on the outcome of Cook's case and on Jefferson's decision, the president may have to wait as late as January of 2028, his last full year in office, to get a fourth opening. That is when Powell's term as a governor expires, though his term as chair ends in May. (Reporting by Anna Kauranen in Helsinki and Howard SchneiderEditing by Ros Russell)

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(Reuters) -Exxon Mobil will lay off 2,000 workers globally as part of a long-term restructuring plan, the U.S. energy major told Reuters in an emailed statement, adding to a wave of job cuts in the oil and gas industry this year. The layoffs represent about 3% to 4% of the company's global workforce and are part of an ongoing efficiency drive, according to Bloomberg News, which first reported the news earlier on Tuesday. Exxon Mobil has been streamlining its operations after closing its $60 billion purchase of Pioneer Natural Resources in 2024. In November last year, the company revealed in a filing that it would cut nearly 400 jobs in Texas. "We've seen the value of bringing people together in the same location… we are aligning our global footprint with our operating model and bringing our teams together," the company said in an emailed statement on Tuesday. On Monday, Canadian shale producer Imperial Oil, in which Exxon is a major shareholder, announced plans to cut 20% of its workforce and shutter business in Calgary. Global energy companies have announced thousands of job cuts this year, as the sector navigates weaker crude oil prices and a rapid consolidation. Chevron plans to lay off 15% to 20% of its global workforce, while BP has said it would cut more than 5% of its jobs and ConocoPhillips has announced it would cut 20% to 25% of its jobs. U.S. oil and gas production jobs fell by 4,700 in the first six months of this year, Texas labor market statistics showed. Activity levels in the key U.S. producing states of Texas, Louisiana and New Mexico declined slightly in the third quarter, with several industry executives reporting significant delays in investment decisions in response to price volatility, according to a survey by the Federal Reserve Bank of Dallas. Benchmark Brent crude futures are down about 10.5% year-to-date, impacted by increased OPEC+ output and persistent demand uncertainty tied to the U.S. trade policy. Exxon employed 61,000 people globally at the end of 2024, according to a regulatory filing. (Reporting by Vallari Srivastava in Bengaluru; Editing by Mrigank Dhaniwala and Sriraj Kalluvila)

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By Enes Tunagur LONDON (Reuters) -Oil prices fell on Tuesday ahead of another anticipated production increase by OPEC+ and as the resumption of oil exports from Iraq's Kurdistan region via Turkey reinforced market expectations of a supply surplus. Brent crude futures for November delivery, expiring on Tuesday, fell $1.03, or 1.5%, to $66.94 a barrel by 1211 GMT. U.S. West Texas Intermediate crude was trading at $62.21 a barrel, down $1.24, or 2%. The drops extend Monday's falls when both Brent and WTI settled more than 3% lower, their sharpest daily declines since August 1. Selling pressure intensified as OPEC+ sources hinted at another output hike, after prices declined following the resumption of Iraq's Kurdistan region's crude oil exports via Turkey, PVM analyst Tamas Varga said. In a meeting scheduled for Sunday, the Organization of the Petroleum Exporting Countries and allies including Russia, together known as OPEC+, will likely approve another oil production increase of at least 137,000 barrels per day, three sources familiar with the talks said. Goldman Sachs on Tuesday said that it expects OPEC+ to raise oil production quotas by 140,000 barrels per day for November. Meanwhile, crude oil flowed on Saturday through a pipeline from the semi-autonomous Kurdistan region in northern Iraq to Turkey for the first time in 2-1/2 years, after an interim deal broke a deadlock, Iraq's oil ministry said. The market has remained cautious in recent weeks, balancing supply risks, mainly arising from Ukraine's drone attacks on Russian refineries, with expectations of oversupply and weak demand. Elsewhere, U.S. President Donald Trump won Israeli Prime Minister Netanyahu's support for a U.S.-backed Gaza peace proposal, but the stance of Hamas was uncertain. In an ideal scenario, shipping traffic through the Suez Canal would return to normal following a Gaza peace deal, which would remove a significant portion of the geopolitical risk premium, PVM's Varga said. Adding to the bearish sentiment, the potential risk of a U.S. government shutdown has raised demand concerns, said ANZ analysts in a note on Tuesday. (Reporting by Enes Tunagur in London, Anjana Anil in Bengaluru and Emily Chow in Singapore; Editing by Muralikumar Anantharaman, Christian Schmollinger, Barbara Lewis and Jan Harvey)

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(Reuters) -Companies are increasingly opting for a co-CEO structure as their operations become expansive, diverse and complicated. Notably, Oracle, Comcast and Spotify have recently appointed joint CEOs to oversee their business operations, reflecting the growing trend among high-profile firms to share top leadership roles. Below is a list of companies that have adopted such a structure: Spotify The audio streaming platform announced Gustav Söderström, currently co-president and chief product and technology officer, and Alex Norström, currently co-president and chief business officer, as co-CEOs, effective January 1, 2026. COMCAST The media and telecom major appointed Michael Cavanagh as its first co-CEO on Tuesday, effective January 2026. He will serve alongside existing CEO Brian Roberts. Cavanagh will also be named to Comcast's board. Oracle The enterprise software maker named insiders Clay Magouyrk and Mike Sicilia as co-CEOs, replacing Safra Catz, who was named vice chair of the board after 11 years at the helm. NETFLIX The streaming giant transitioned to a dual CEO model in July 2020 when Ted Sarandos was promoted to the top job alongside then-CEO Reed Hastings. In January 2023, Hastings stepped down, and Greg Peters was promoted to join Sarandos. Sarandos leads content, marketing and legal affairs, while Peters focuses on technology, product development and operations. KKR The private equity firm appointed co-presidents Scott Nuttall and Joseph Bae as co-CEOs in 2021, succeeding the company's billionaire co-founders Henry Kravis and George Roberts. Bae focuses on private markets and Asia expansion, while Nuttall leads on credit, capital markets, insurance and the firm's overall balance sheet. LENNAR The U.S. homebuilder's current chief executives are Stuart Miller and Jon Jaffe. Miller was appointed as co-CEO to join Jaffe when Rick Beckwitt decided to step down. Both executives shape the company's strategy, overseeing homebuilding operations and leading initiatives like mergers and acquisitions. GENSLER Architecture and design firm Gensler is led by Elizabeth Brink and Jordan Goldstein, both of whom were appointed in 2024, succeeding the previous pair Andy Cohen and Diane Hoskins. Brink and Goldstein share responsibilities of day-to-day operations. SERES THERAPEUTICS The drug developer in July appointed Thomas Desrosier and Marella Thorell as co-CEOs, taking over from Eric Shaff. Shaff remains in the company as a director. SHARPLINK GAMING The online marketing company appointed Joseph Chalom as co-CEO in July alongside Rob Phythian, who co-founded the company in 2019. SharpLink has been raising funds to acquire cryptocurrencies, including ether, to work as a crypto treasury vehicle, mimicking the playbook of Michael Saylor's Strategy. IREN Bitcoin miner IREN is run by co-founders Daniel Roberts and Will Roberts. The brothers serve as co-CEOs. MONSTER BEVERAGE The energy drinks maker in January 2021 named Hilton Schlosberg as co-CEO alongside Rodney Sacks. (Reporting by Zaheer Kachwala, Kritika Lamba and Shashwat Chauhan in Bengaluru; Editing by Sahal Muhammed and Anil D'Silva)

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FRANKFURT (Reuters) -Germany's Lufthansa could face a strike at its main airline after pilots' union VC said on Tuesday its members had voted in favour of a walkout in a dispute over pensions. The vote is the union's final attempt to pressure Lufthansa into agreeing a more generous pension deal and comes just a day after the airline group held its capital markets day, presenting its plan to become more efficient. VC, or Vereinigung Cockpit, said in a statement that a vast majority of members voted for a strike, but gave no timeline for the proposed industrial action. LATEST LABOUR CHALLENGE FOR LUFTHANSA The airline has resisted calls to strengthen pension rights and threatened to move more jobs to its cheaper subsidiaries, Discover and City Airlines. "The focus must continue to be on answers that are compatible with the economic performance of Lufthansa Classic," Michael Niggemann, Lufthansa's head of human resources said in a statement. "Our aim for the further negotiations remains to secure the future viability of the core brand Lufthansa Classic in the long term." Still, the threat opens the door to more costly and disruptive labour action for Lufthansa, which has already faced several labour challenges over recent years as it struggles to cut costs and pursue growth. On Monday, it unveiled plans to cut 4,000 administrative jobs by 2030 and set higher profitability targets. (Reporting by Ilona Wissenbach and Ludwig Burger. Writing by Joanna Plucinska. Editing by Kirsti Knolle, Louise Heavens and Mark Potter)

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MELBOURNE (Reuters) -China's state iron ore buyer has asked the country's steelmakers and traders to pause purchases of dollar-denominated seaborne iron ore cargoes from BHP during its annual price negotiations, Bloomberg News reported on Tuesday, citing people familiar with the matter. China, the world's largest iron ore consumer, buys about 75% of global seaborne iron ore and set up China Mineral Resources Group (CMRG) three years ago to buy ore on behalf of its steelmakers to gain more leverage as a large, single buyer. BHP, meanwhile, is the world's largest listed miner and China's third-biggest supplier behind Rio Tinto and Vale.  CMRG did not respond immediately to an emailed request for comment and a BHP spokesperson said the company does not comment on commercial negotiations. "While headlines read negative, we view this as a neutral event," RBC analysts said in a note.  "We view this 'ban' as more of a negotiating tactic, most likely an effort to secure lower long-term prices."  If steel mills were pushed to buy iron ore from rivals such as Rio Tinto, Vale or Fortescue, cumulatively, it would cost them more and be less efficient, said RBC, adding that it would also be likely to increase miners' pricing power as steel mills compete for feedstock.  A trading source said that the directive will cause little inconvenience to Chinese mills in the short term because they have already stocked up for the next two weeks ahead of looming public holidays. BHP said in August that it would cut exploration spending after annual profit fell to its lowest in five years as slowing Chinese demand weighed on iron ore prices.  (Reporting by Preetika Parashuraman in Bengaluru and Kanjyik Ghosh in BarcelonaAdditional reporting by Amy Lv in Shanghai and Melanie Burton in MelbourneEditing by Jan Harvey, Mark Potter and David Goodman)

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(Reuters) -Wolfspeed shares surged more than 25% before the bell on Tuesday, after the chipmaker successfully emerged from Chapter 11 bankruptcy with a substantially reduced debt load. The move has restored investor confidence in the company's prospects to become a leading provider of silicon carbide semiconductors, known for their superior energy efficiency, to electric-vehicle makers amid growing electrification and increasing chip content in automobiles. "Wolfspeed has emerged from its expedited restructuring process, marking the beginning of a new era," CEO Robert Feurle had said on Monday. "We are well positioned to capture rising demand in end-markets, such as AI, EVs, industrial and energy, that are rapidly growing and recognizing silicon carbide's potential," Feurle said. Wolfspeed had filed for bankruptcy protection in June due to deepening economic uncertainty stemming from changing U.S. trade policies and weakening demand. Since then, it has restructured, worked toward extending debt maturities and made significant leadership changes, including naming industry veteran Van Issum as its chief financial officer. The company said on Monday it had achieved its goal of reducing overall debt by about 70%. Wolfspeed, however, has canceled all legacy shares in its bankruptcy restructuring, issuing just 1.3 million new shares to existing investors at a steep exchange ratio of less than 1% per old share. This reduces prior shareholders' stake since the bulk of the new equity goes to creditors and backstop investors, leaving legacy holders with only a sliver of ownership. Owing to analysts' expectations of continued losses at Wolfspeed, the company carries a negative multiple. That compares with the 12-month-forward price-to-earnings ratio of 17.9 for Onsemi and 16.7 for NXP, according to data compiled by LSEG. (Reporting by Arsheeya Bajwa and Akash Sriram in Bengaluru; Editing by Shilpi Majumdar)

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By Ariane Luthi and Oliver Hirt ZURICH (Reuters) -Switzerland and UBS are signalling in private a willingness to compromise on capital rules, potentially paving the way for parliament to settle on lower requirements acceptable to the government and the bank, according to people familiar with the situation. UBS has strongly criticised the government's proposed rules – unveiled in June to make the country's banks safer following the 2023 collapse of Credit Suisse – because they would require it to hold $24 billion in additional capital. The bank says that would put it at a disadvantage to global rivals, and is reviewing a series of mitigation strategies that even include relocating its headquarters abroad. One person familiar with the government's thinking told Reuters that Bern could be willing to accept rules that would likely lower the additional capital burden to somewhere around $15 billion. That is an amount UBS could tolerate, said two other people familiar with the bank's thinking. UBS on Tuesday reiterated its opposition to current proposals in its official response to a new government consultation on the plans, calling them "disproportionate" and "out of touch with reality". Shares in the Swiss bank rose on Tuesday, gaining nearly 1% by 0955 GMT and outpacing a 0.5% rise in the broader European financial sector. PROCESS STILL HAS A LONG WAY TO GO All the sources underlined the process has a long way to go, and nothing is decided. Reuters could not establish whether UBS and the government had discussed possible concessions together. Representatives from both have been invited to a parliamentary committee meeting in early November. Draft legislation will only next year reach parliament, which will ultimately decide the rules. The finance ministry said the government was sticking to its proposals and had not signalled a willingness to reduce the additional capital burden to about $15 billion. "The final decision will be made by parliament and, in the event of a referendum, by the people," the ministry said. UBS told Reuters it remained opposed to what it called an excessive increase in capital requirements and favoured "targeted, proportionate and internationally aligned" regulatory changes. "We're optimistic that a reasonable outcome can be achieved," UBS added. Newspaper Schweiz am Wochenende said at the weekend centrist and right-of-centre political parties were working on a compromise that pointed towards an extra capital burden of $10 billion to $15 billion. "I am convinced that in the end we'll get a result that ensures a better balance between stability and competitiveness," said Roman Studer, CEO of the Swiss Bankers Association, based on discussions with banks, business leaders and lawmakers. UBS FOREIGN UNITS AT HEART OF CAPITAL DEBATE Much of the added capital burden centres on the government's desire for UBS to capitalise its foreign subsidiaries to the tune of 100%, up from 60% now, a proposal due to reach parliament next year after a public consultation. One lawmaker pushing for tougher regulation said, on condition of anonymity, that parliament could eventually meet in the middle, with the requirement lowered to 80%. The source familiar with the government's thinking said an 80% threshold could be acceptable to Bern. Such a reduction would lower the extra capital needed close to $15 billion, two analysts who have crunched the numbers said. Another route to ease the burden would be allowing UBS to cover part of it with so-called Additional Tier 1 (AT1) debt instead of Common Equity Tier 1 (CET1) capital as proposed. UBS held around $19 billion in AT1 debt at the end of June. Incorporating that could lower the total add-on to a tolerable level for the bank, one source said. "It must be possible to use AT1 as collateral," SBA's Studer said. "We should actually be able to agree on this." The parliamentary process means the final capital requirements will only become clear next year at the earliest. UBS is under pressure from investors to find an acceptable solution. Its shares, while rallying in recent months, continue to lag peers this year. One of its largest shareholders, activist investor Cevian, said this month the proposed rules would make UBS uncompetitive, even if watered down, and urged the bank to move abroad. (Reporting by Ariane Luthi and Oliver Hirt. Additional reporting by Dave Graham. Editing by Tommy Reggiori Wilkes, Mark Potter and Louise Heavens)

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By Dhara Ranasinghe LONDON (Reuters) -A note of caution took hold of world markets on Tuesday, with the dollar and equities slipping and gold briefly hitting new record highs on concern a U.S. government shutdown could delay key jobs data. The dollar was broadly weaker, European stocks dipped and U.S. equity futures pointed to a weak open on Wall Street as Washington braced for a fast-approaching government shutdown as Republicans and Democrats appeared unlikely to reach an agreement that would extend funding past a midnight deadline. A government closure would delay the issue of Friday's key employment numbers, putting the spotlight on the Labor Department's JOLTS report on August job openings due later on Tuesday. It could also complicate the outlook for the Federal Reserve, which cut rates earlier this month.  SHUTDOWN COULD LEAVE FED WITHOUT KEY DATA "We are seeing a bit of concern about how the next few days play out, it seems like both sides are accepting that a shutdown is inevitable," said James Rossiter, head of global macro strategy at TD Securities in London. "The worry here is that if there is a shutdown, it could be long and if we don't get Friday's jobs report or the next CPI number, where does the Fed sit?" he said, referring to U.S. inflation data. The pan-European STOXX 600 index was last down around 0.1%, while Japan's Nikkei closed down 0.25%. MSCI's broadest index of Asia-Pacific shares outside Japan, however, rose almost 0.5%, poised for a gain of over 5% this month. China's blue-chip CSI300 Index also rose almost 0.5%, set for a fifth straight month of gains in its longest such streak since October 2017. With U.S. stocks looking set to end September more than 3% higher and European shares up almost 1% this month, overall sentiment towards equities remained upbeat. "We've actually just decided to increase our weightings in equities further," said Shaniel Ramjee, co-head of multi-asset at Pictet Asset Management.  "The earnings picture has recovered quite materially at the same time that global central banks are still cutting interest rates and global growth is fine."  Australia's dollar added to gains after the central bank held policy rates unchanged, as widely expected, and oil prices fell over 1% on prospects for greater production by OPEC+, while China's manufacturing activity shrank for a sixth month in September. A STELLAR MONTH FOR GOLD U.S. shutdown worries added to gold's stunning rally. The precious metal briefly hit a new record high of $3,820 per ounce before trading lower on the day. Still, it has gained over 10% in September – on track for its biggest monthly percentage gain since July 2020.  Without a deal, a U.S. government shutdown would begin from Wednesday, the same day new U.S. tariffs are set to take effect on heavy trucks, patented drugs and other items. The White House announced revised tariffs on furniture and cabinets late on Monday that are due to kick in on October 14. All this left the dollar on the defensive. The U.S. currency was down 0.4% at 147.98 yen, the euro was up 0.1% at $1.1742, while the Swiss franc and pound were also a touch firmer against the dollar. The dollar index was last down 0.1% on the day and set to end September little changed on the month. The yen could emerge as an outperformer as a hedge to a U.S. government shutdown, ING currency analysts said in a note. The U.S. JOLTS report is the first of several indicators expected ahead of the September employment report due Friday that is considered key to the Fed's calculations for the timing of rate cuts. A protracted government closure could leave the Fed flying blind on the economy when it meets on October 29, however. Analysts expect JOLTS to show job openings held firm at about 7.18 million in August. Data released on Tuesday showed China's purchasing managers' index rose to 49.8 in September from 49.4 in August, below the 50-mark separating growth from contraction. It suggested producers are waiting for further stimulus to boost domestic demand, as well as clarity on a U.S. trade deal. Elsewhere, the Reserve Bank of Australia left its cash rate steady at 3.60%, saying recent data suggested inflation might be higher than forecast in the third quarter and that the economic outlook remained uncertain. In Europe, data showing inflation rising in four key German states had limited market impact.  Oil stayed weaker due to an anticipated production increase by OPEC+ and the resumption of oil exports from Iraq's Kurdistan region. Brent slipped 1.25% to $67.11 per barrel and U.S. crude fell 1.25 % to $62.66. (Reporting by Dhara Ranasinghe in London and Rocky Swift in Tokyo; additional reporting by Naomi Rovnick in London. Editing by Mark Potter)

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FRANKFURT (Reuters) -Lufthansa could face a strike at its main airline after pilots' union VC on Tuesday said its members voted in favour of a walkout in a dispute over pensions. The vote is the union's last attempt to escalate pressure on Lufthansa to agree to a better deal for pilots and comes only a day after the airline group held its capital markets day, presenting its plan to become more efficient. The airline has pushed back on deeper pension changes and threatened to move more jobs to its cheaper subsidiaries, Discover and City Airlines. VC, or Vereinigung Cockpit, said in a statement that a vast majority of members voted for a strike, but gave no timeline for the proposed industrial action. Still, it opens the door to more costly and disruptive labour action for Lufthansa, which has already faced several labour challenges over recent years as it struggles to cut costs and pursue growth. On Monday, it unveiled plans to cut 4,000 administrative jobs by 2030 and set higher profitability targets. (Reporting by Ilona Wissenbach and Ludwig Burger, Writing by Joanna Plucinska, Editing by Friederike Heine, Kirsti Knolle and Louise Heavens)

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