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By Nathan Gomes (Reuters) -CSX Corp has named veteran executive Steve Angel its CEO, replacing Joe Hinrichs, as the U.S. railroad operator fends off pressure from an activist investor against the backdrop of rapid consolidation in the industry. The company's shares rose about 3% in morning trading on Monday. Angel headed industrial gas firm Praxair, and became the CEO of the combined company in 2018 following its deal with Linde. He became the chair in 2022 after he stepped down from the CEO role. He plans to retire from Linde's board in January. Angel began his career at General Electric where he worked directly with the locomotive and rail operations. He held a variety of management positions for over 22 years at the U.S. industrial conglomerate. CSX has faced pressure from Ancora Holdings to pursue merger options or to replace Hinrichs. Ancora on Monday welcomed Angel's move to CSX and forecast that he would be ready to find another railroad to merge with. Since Union Pacific and Norfolk Southern's surprise $85 billion merger in the industry's largest-ever buyout, there has been mounting speculation about more big mergers, including one involving CSX. Easing antitrust concerns under the Trump administration have only added to the optimism. "The incoming CEO may position the rail more strategically, though don't expect this to suggest any near-term deal activity," said TD Cowen analyst Jason Seidl. CSX has said it was open to exploring all ways to boost the value of its stock. The company on Monday reiterated that it expects full-year volume growth. Toms Capital Investment Management also requested a meeting with the board at CSX in August after buying a stake. (Reporting by Nathan Gomes in Bengaluru; Editing by Mrigank Dhaniwala, Leroy Leo and Sriraj Kalluvila)

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By Eduardo Baptista BEIJING (Reuters) -China's new visa programme aimed at attracting foreign tech talent kicks off this week, a move seen boosting Beijing's fortunes in its geopolitical rivalry with Washington as a new U.S. visa policy prompts would-be applicants to scramble for alternatives. While China has no shortage of skilled local engineers, the programme is part of an effort by Beijing to portray itself as a country welcoming foreign investment and talent, as rising trade tensions due to U.S. tariffs cloud the country's economic outlook. China has taken a series of measures to boost foreign investment and travel, opening more sectors to overseas investors and offering visa waivers for citizens from most European countries, Japan and South Korea among others. "The symbolism is powerful: while the U.S. raises barriers, China is lowering them," said Iowa-based immigration attorney Matt Mauntel-Medici, referring to China's new visa category, called the K visa, which launches on Wednesday. "EXQUISITE" TIMING The K visa, announced in August, targets young foreign science, technology, engineering and mathematics (STEM) graduates and promises to allow entry, residence and employment without a job offer, which could appeal to foreign workers looking for alternatives to U.S. job opportunities. Earlier this month, the Trump administration said it would ask companies to pay $100,000 per year for H-1B worker visas, widely used by tech companies to hire skilled foreign workers. "The U.S. has definitely shot itself in the foot on H-1Bs, and the timing is exquisite for China's K visa,” said Michael Feller, chief strategist at Geopolitical Strategy. Other countries including South Korea, Germany and New Zealand are also loosening visa rules to attract skilled migrants. Immigration experts say the main attraction of the K visa is no requirement of a sponsoring employer, which has been regarded as one of the biggest hurdles for those seeking H-1B visas. The H-1B visa requires employer sponsorship and is subject to a lottery system, with only 85,000 slots available annually. The new $100,000 fee could further deter first-time applicants. "It's an appealing alternative for Indian STEM professionals seeking flexible, streamlined visa options," said Bikash Kali Das, an Indian student at Sichuan University. India was by far the largest beneficiary of H-1B visas last year, accounting for 71% of approved beneficiaries. LANGUAGE BARRIERS AND UNANSWERED QUESTIONS Despite its promise, the K visa faces hurdles. Chinese government guidelines mention vague "age, educational background and work experience" requirements. There are also no details on financial incentives, employment facilitation, permanent residency, or family sponsorship. Unlike the U.S., China does not offer citizenship to foreigners except in rare cases. China's State Council did not respond to a request for comment asking for more details on the logistics and underlying strategy of the K visa. Language is another barrier: most Chinese tech firms operate in Mandarin, limiting opportunities for non-Chinese speakers. Political tensions between Delhi and Beijing could also become a factor that could limit the number of Indian K visa applicants China is willing to accept, experts said. "China will need to ensure Indian citizens feel welcome and can do meaningful work without Mandarin," said Feller. K VISA: AN ALTERNATIVE FOR WHOM? China's talent recruitment has traditionally focused on China-born scientists abroad and overseas Chinese. Recent efforts include home-purchase subsidies and signing bonuses of up to 5 million yuan ($702,200). These have drawn back U.S.-based Chinese STEM talent, especially amid Washington's growing scrutiny on ties to China. "The recruitment effort targeting Indian tech talent in China is growing but remains moderate compared to the more intensive, well-established, and well-funded initiatives aimed at repatriating Chinese STEM talent," said Sichuan University's Das. A Chinese STEM graduate who recently got a job offer from a Silicon Valley-based tech company was also sceptical about the K visa's prospects. "Asian countries like China don't rely on immigration and local Chinese governments have many ways to attract domestic talent," he said, declining to be named for privacy reasons. The U.S. has over 51 million immigrants — 15% of its population — compared to just 1 million foreigners in China, less than 1% of its population. While China is unlikely to significantly alter its immigration policy to allow in millions of foreign workers, analysts say the K visa could still boost Beijing's fortunes in its geopolitical rivalry with Washington. "If China can attract even a sliver of global tech talent, it will be more competitive in cutting-edge technology," Feller said. ($1 = 7.1201 Chinese yuan renminbi) (Reporting by Eduardo Baptista; Editing by Miyoung Kim and Lincoln Feast.)

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By Romolo Tosiani and Giulio Piovaccari MILAN -Stellantis named its second chief financial officer in less than a year, as CEO Antonio Filosa on Monday promoted the current finance chief of the North America region with whom he has worked closely for 15 years. Filosa himself only took office in June as weak performance on major markets prompted a change of leadership at the maker of Fiats, Peugeots and Jeeps.  With immediate effect, Joao Laranjo, a 47-year-old Brazilian national, replaces Doug Ostermann, who is leaving for personal reasons, Stellantis said in a statement. Laranjo will retain his position as CFO for North America, traditionally Stellantis' most lucrative market.  STELLANTIS IN THE MIDST OF A TURNAROUND DRIVE  Filosa and Laranjo have worked together, first at Fiat Chrysler, now part of Stellantis, and later at Stellantis, both in South and North America. "Having worked closely with Joao for 15 years and witnessed his rise through the ranks, I have consistently been impressed by his excellent financial acumen, results-driven mindset, and deep understanding of our industry's complexities," Filosa said in a statement. Filosa has also retained his previous role as head of Stellantis' North American operations. Milan-listed shares in Stellantis were up 1% by 1515 GMT after falling as much as 2.7% in early trade. Stellantis, which last year confirmed itself as the world's fourth largest carmaker by vehicle unit sales, confirmed its 2025 financial guidance on Monday, reiterating targets announced in July. The CFO change "adds to the general management instability and may add to worries about the extent of the efforts required to turn around the company," Oddo-BHF analyst Michael Foundoukidis said, describing Ostermann's departure as surprising. Ostermann was made CFO in October last year by then CEO Carlos Tavares, during a period of declining sales and profitability that ultimately led to Tavares' departure in December. During his tenure as CFO, Ostermann helped to stabilise Stellantis' financial position and steer the group through the CEO transition, while laying the groundwork for a strategic response to its downturn. Ostermann did not immediately respond to a request for comment. Laranjo will also take on Ostermann's responsibilities as head of Stellantis Financial Services and board member at Chinese EV partner Leapmotor. Laranjo will remain based in Detroit. He joined Fiat Chrysler in 2009 as chief accounting officer for Latin America and later served as regional CFO. In 2024, he briefly left the group to join Goodyear as vice president of finance for the Americas. (Reporting by Romolo Tosiani in Gdansk, Giulio Piovaccari in Milan. Additional reporting by Gilles Guillaume in Paris. Editing by Matt Scuffham, Mark Potter and Barbara Lewis)

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By Timothy Gardner WASHINGTON (Reuters) -The Trump administration will expand coal mine leasing on federal lands and provide hundreds of millions of dollars to support more coal-fired power generation, officials said on Monday. The plan is part of a broader effort by the administration to reverse the decline of coal use in the U.S., a fossil fuel that has been hard hit by environmental regulation and competition from natural gas in recent years. At a press conference in Washington, Interior Secretary Doug Burgum said his department would open 13.1 million acres (5.3 million hectares) of federal land for coal leasing. The Department of Energy, meanwhile, said it would provide $625 million in funds to expand power generation fueled by coal. Coal-burning plants generated about 15% of U.S. electricity in 2024, a fall from 50% in 2000, according to the Energy Information Administration, as fracking and other drilling methods have hiked natural gas output. Solar and wind power growth has also cut coal use.  The coal workforce has declined to about 40,000 from 70,000 a decade ago. President Donald Trump had signed executive orders in April to increase coal output, in one of his many actions that run counter to global efforts to cut carbon emissions.  Burgum said in a statement that the effort to support coal will strengthen the U.S. economy and create jobs. Chris Wright, the U.S. energy secretary, told Reuters last week he expects most of the nation's coal-fired power plants to delay retirement to help deliver electricity needed to fuel artificial intelligence. Last month, Wright extended his emergency order to keep a Michigan coal plant running, even though the plant's operator had been planning to shut permanently for economic reasons. Tom Pyle, president of the American Energy Alliance, predicted that 38 coal plants scheduled to close through 2028 would remain open, either on Trump orders or voluntarily. Analysts, however, have been skeptical about a long-term U.S. boost in the use of coal as the economics have shifted in favor of less carbon-intensive fuel. "Coal may see a temporary boost from regulatory relief, and some investors may profit in the short term," Frank Holmes, CEO and chief investment officer of U.S. Global Investors, wrote after Trump's orders. "But in the long run, I think the writing is on the wall."  (Reporting by Timothy Gardner; Editing by Barbara Lewis, Marguerita Choy and Bill Berkrot)

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By Suzanne McGee and Chris Prentice (Reuters) -The U.S. Securities and Exchange Commission paved the way on Monday for an asset manager to add exchange-traded share classes to mutual funds, a move expected to kick-start approvals for dozens of applicants, spark more ETFs and make the products more accessible to retail investors. The planned order, which is open for public response before the SEC moves ahead, is specific to Dimensional Fund Advisors and allows the asset management firm to launch the new share class. It has been long-awaited by the investment industry. Monday’s notice is expected to throw open the gates for others if they meet certain guidelines. The agency gave Vanguard permission to pioneer the dual-share class model more than two decades ago under a patent that expired in May 2023.  Under the change, a mutual fund could offer investors the opportunity to participate in its investment portfolio in the form of an exchange-traded product, known as an ETF share class. Investors would be able to buy and sell the exchange-traded mutual fund shares throughout the day at the market price through their brokerage accounts, rather than waiting for a mutual fund order to settle at the day's closing price. It has the potential to open up access to a host of existing funds to investors who prefer owning ETFs because of their low cost, tax advantages or liquidity. "We see this as a win," Brian Daly, director of the SEC's Investment Management Division, said in an interview with Reuters. "We are increasing choice. We are reducing expenses. We are increasing tax efficiency, and we are making the innovation of the ETF – which is now decades old – more accessible to the average retail investor." "We are enormously pleased," said Gerard O'Reilly, co-CEO at DFA, in a blog post that described the move as a "win for investors." "We could be at the forefront of a revolution in the fund landscape." Offering different share classes of the same mutual fund is not new. Currently, these may target different investor groups or carry diverse fee structures. But the change will blur the line between exchange-traded funds and traditional mutual funds. A number of asset managers are likely to follow DFA and add ETF share classes to their top funds, ultimately triggering a surge in the number of new exchange-traded products vying for investor dollars. Currently, an asset manager that wants to offer an ETF has to do so from scratch. That has meant designing a new fund and filing with the SEC for permission to launch. A new fund could not cite the mutual fund's track record in marketing documents.  "This makes it much easier for mutual funds to compete head-to-head with ETFs, because they won't have to wait two or three years to acquire a track record and gather assets slowly over that time," said Brian Murphy, a partner in the investment management practice at Stradley Ronon, who worked on several of the share-class filings submitted to the SEC.  There are about 80 applications similar to Dimensional Fund Advisors' to launch an ETF share class for existing mutual funds, the SEC said. DFA, the first firm to file with the SEC after the expiry of Vanguard's patent in 2023, amended its application for a third time on Friday, containing final modifications sought by regulators. The first approval is "the biggest step and biggest lift,” said an SEC official. The others will largely track DFA’s, and the process is expected to move quickly for others, the official said. The SEC's order would include safeguards aimed at reducing conflicts of interest between the classes and ensuring proper disclosures to investors, the official said. Initially, only a handful of asset managers sought the go-ahead from the SEC to offer an ETF share class after the expiry of Vanguard's patent, with 12 filings submitted by September 2023.  In mid-March, then-acting SEC Chair Mark Uyeda told an ICI meeting that he had directed the commission's staff to prioritize their review of the applications, surprising many asset managers and their advisers who had not expected movement before 2026. "What was slow is moving at light speed," Joe Mannon, chair of private fund formation for law firm Vedder Price, told an ETF conference in Las Vegas in March.  (Reporting by Suzanne McGee and Chris Prentice; Editing by Megan Davies, Cynthia Osterman, Leslie Adler and Nick Zieminski)

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(Reuters) -U.S.-based utility PG&E Corp said on Monday it plans to spend $73 billion by 2030 for transmission upgrades to meet the data center-led surge in electricity demand. The company had said in July it was working to serve 10 gigawatts (GW) of new electricity demand from data center projects over the next ten years. Power consumption is expected to hit record highs in 2025 and 2026, driven by a surge in demand from data centers due to increased adoption of artificial intelligence, according to the U.S. Energy Information Administration (EIA). PG&E Corp has also been blamed for sparking numerous wildfires, including some of California's most deadly, and has been making investments to improve the reliability of its power grid. In a plan filed in March for the 2026-2028 period, the company said it aims to build nearly 700 miles of underground power lines and complete 500 miles of additional wildfire safety system upgrades between 2025 and 2026. The California-based utility said on Monday its share of the state's $18 billion Wildfire Fund Continuation Account under SB 254 will fall to 47.85% from 64.20%, and utilities now have right of first refusal on insurance subrogation claims. SB 254 is a California state law that reforms the state’s wildfire liability and funding framework for utilities, including PG&E. (Reporting by Pooja Menon in Bengaluru; Editing by Anil D'Silva and Leroy Leo)

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By Vallari Srivastava (Reuters) -Newmont on Monday named Natascha Viljoen as its first female CEO, succeeding Tom Palmer, at a time when the gold mining sector tries to cope with a slew of challenges, even as the precious metal hits a series of new highs. Viljoen's appointment coincides with the abrupt resignation of Mark Bristow as CEO of rival Barrick Mining earlier in the day. Shareholders are pressing for stronger returns to match successive all-time highs in the gold price, even as companies grapple with rising costs, resource nationalism and growing expectations to align with the energy transition. Palmer will step down as Newmont's top boss on December 31 and serve as a strategic adviser until his retirement in March next year. He joined Newmont in 2014 and became its chief operating officer in 2016 before being appointed as CEO in 2019. During his tenure, Newmont completed transformative deals, including the Goldcorp acquisition, the Nevada Gold Mines joint venture and the $17 billion acquisition of Australian mining company Newcrest to create a top-tier global portfolio. Viljoen, who joined Newmont as chief operating officer in 2023, brings more than 30 years of global mining experience, including senior roles at Anglo American, BHP, and Lonmin, and as CEO of Anglo American Platinum. At Newmont, she has focused on operations, portfolio integration, and talent development, emphasizing safety, operational excellence and sustainability. RBC Capital Markets analyst Josh Wolfson said over time, Newmont had been signaling a succession plan was in place, including an announcement in May 2025 that Viljoen would be promoted to the role of president. Earlier this year, Karyn Ovelmen also announced her decision to step down as the chief financial officer of Newmont, after just over two years at the company. Insider Peter Wexler was named as interim CFO. Newmont shares opened at a record high of $87.93 on Monday, before reversing gains and falling over 1% to $84.98. (Reporting by Vallari Srivastava in Bengaluru; Editing by Shilpi Majumdar and Anil D'Silva)

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By Niket Nishant and Sukriti Gupta (Reuters) – The S&P 500 and the Nasdaq indexes gained on Monday, kicking off a potentially turbulent week on a strong footing as investors shrugged off hawkish remarks from a Federal Reserve official and weighed the impact of a looming government shutdown. The moves build on Friday's gains, when an in-line inflation print kept hopes for rate cuts alive and lifted all three major indexes, despite their overall declines for the week. Cleveland Fed President Beth Hammack, among the most hawkish Fed officials and not a voter on policy this year, said the central bank needed to maintain restrictive monetary policy to cool inflation. Traders, however, are pricing in a 91.4% chance of a 25-basis-point cut at the next Fed meeting. At 10:03 a.m. ET, the Dow Jones Industrial Average fell 17.64 points, or 0.04%, to 46,228.17. The S&P 500 gained 25.48 points, or 0.38%, to 6,669.18, while the Nasdaq Composite rose 178.39 points, or 0.79%, to 22,662.67. The S&P 500 technology sector gained about 1%. Nvidia rose 2.8%, while Micron Technology added 4.9%. Lam Research advanced 2.6%, after Deutsche Bank upgraded the rating on the chip-making equipment firm to "buy" from "hold". The stocks drove the broader semiconductor index to a record-high, as well as boosted the Nasdaq. Communication services stocks added 0.8% on the S&P 500. Energy stocks declined 1.9%. Losses in stocks such as Chevron, down 2.3%, and McDonald's, down 0.7%, weighed on the Dow. Attention is now riveted on a standoff between Republicans and Democrats over funding that has raised the prospect of a shutdown beginning Wednesday, the first day of the U.S. government's 2026 fiscal year. "I don't think the shutdown is the doomsday scenario," said Mel Casey, senior portfolio manager at FBB Capital Partners. "It could actually be an opportunity for Republicans to push through more government spending cuts." Still, some analysts warned that a shutdown could stall the release of key economic data, including Friday's nonfarm payrolls report, and cloud the outlook for markets. The S&P 500 has gone 103 trading days without falling below its 50-day average, an unusually long streak that shows how strong the market has been, BTIG said, noting that the index may be due for a pullback. Through the day, investors will monitor commentary from several other Fed policymakers for any signs of concern over the potential loss of economic visibility should a shutdown materialize. U.S.-listed shares of cannabis-related companies rose, with Canopy Growth and Cronos Group climbing 16.3% and 11.6%, respectively, while Tilray Brands added 36.1%. Trump on Sunday shared a video promoting the health benefits of hemp-derived cannabidiol. Electronic Arts climbed 4.8% after agreeing to be taken private in a $55 billion deal. Western Digital hit a record-high and were last up 9.2%, to top the benchmark index, after at least two brokerages raised their target price on the data storage products maker. Seagate Technology rose 7.1% to hit a record high after at least two brokerages raised their target price. Carnival fell 2.3% despite raising its annual profit forecast. Advancing issues outnumbered decliners by a 1.15-to-1 ratio on the NYSE and by a 1.24-to-1 ratio on the Nasdaq. The S&P 500 posted 25 new 52-week highs and four new lows, while the Nasdaq Composite recorded 76 new highs and 41 new lows. (Reporting by Niket Nishant and Sukriti Gupta in Bengaluru; Editing by Sriraj Kalluvila and Shilpi Majumdar)

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By Akash Sriram and Harshita Mary Varghese (Reuters) -President Donald Trump said on Monday he would impose a 100% tariff on all films produced overseas that are then sent into the U.S., repeating a threat made in May that would upend Hollywood's global business model. The step signals Trump's willingness to extend protectionist trade policies into cultural industries, raising uncertainty for studios that depend heavily on cross-border co-productions and international box-office revenue. "Our movie making business has been stolen from the United States of America, by other Countries, just like stealing candy from a baby," Trump said in a post on his Truth Social. However, it was not immediately clear what legal authority Trump would use to impose a 100% tariff on foreign-made films. The White House did not immediately respond to a Reuters request for comment on how the tariffs would be implemented. Top U.S. studios Warner Bros Discovery, Paramount Skydance and Netflix also did not immediately respond to requests for comment. Comcast declined to comment. "There is too much uncertainty, and this latest move raises more questions than answers," said PP Foresight analyst Paolo Pescatore. "For now, as things stand, costs are likely to increase, and this will inevitably be passed on to consumers," he said. The president had first floated the idea of a movie tariff in May but offered few details, leaving entertainment executives unsure whether it would apply to specific countries or all imports. Shares of Paramount Skydance and Warner Bros Discovery were down 2.1% and 1.3%, respectively. FROM AUSTRALIA TO CANADA Studio executives told Reuters earlier this year that they were "flummoxed" by how a movie tariff might be enforced, given that modern films often use production, financing, post-production and visual effects spread across multiple countries. Hollywood has increasingly relied on overseas production hubs such as Canada, the UK and Australia, where tax incentives have attracted big-budget shoots for films ranging from superhero blockbusters to streaming dramas. At the same time, co-productions with foreign studios have become more common, particularly in Asia and Europe, where local partners provide financing, access to markets, and distribution networks.  Industry executives also warn that a broad tariff could affect the thousands of U.S. workers employed on overseas shoots, from visual effects artists to production crews, whose work is often coordinated across multiple countries. (Reporting by Akash Sriram and Harshita Mary Varghese in Bengaluru; Editing by Shilpi Majumdar)

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By Timothy Gardner WASHINGTON (Reuters) -The U.S. Department of the Interior on Monday said it would open 13.1 million acres (53,013.8 square kilometers) of federal land for coal leasing, as the Trump administration seeks to reverse the decline of the fuel's use. President Donald Trump signed executive orders in April to increase coal output, in one of his many actions that run counter to global efforts to cut carbon emissions.  Coal-burning plants generated about 15% of U.S. electricity in 2024, a fall from 50% in 2000, according to the Energy Information Administration, as fracking and other drilling methods have hiked natural gas output. Solar and wind power growth has also cut coal use.  The coal workforce has sunk to about 40,000 from 70,000 a decade ago. Secretary of the Interior Doug Burgum will make the announcement at an event on coal at the Interior Department on Monday, alongside Environmental Protection Agency Administrator Lee Zeldin and an Energy Department official. Burgum said in a statement that the effort will strengthen the U.S. economy and create jobs. Chris Wright, the U.S. energy secretary, told Reuters last week he expects most of the nation's coal-fired power plants to delay retirement to help deliver electricity needed to fuel artificial intelligence. Last month, Wright extended his emergency order to keep a Michigan coal plant running, even though the plant's operator had been planning to shut permanently for economic reasons. Tom Pyle, president of the American Energy Alliance, predicted that 38 coal plants scheduled to close through 2028 would remain open, either on Trump orders or voluntarily. Analysts, however, have been skeptical about a long-term U.S. boost in the use of coal as the economics have shifted in favour of less carbon-intensive fuel. "Coal may see a temporary boost from regulatory relief, and some investors may profit in the short term," Frank Holmes, CEO and chief investment officer of U.S. Global Investors, wrote after Trump's orders. "But in the long run, I think the writing is on the wall."  (Reporting by Timothy Gardner; Editing by Barbara Lewis and Marguerita Choy)

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