Category: 3. Business

CHERRY HILL, N.J. (WPVI) — The week after Christmas is one of the busiest shopping periods of the year, and Friday was no exception at the Cherry Hill Mall.

According to the National Retail Association, 70% of consumers plan to shop during the week immediately following Christmas. Top reasons include taking advantage of post-holiday sales and using gift cards received during the holidays.

Cherry Hill Police are assisting mall security as crowds grow throughout the day.

A parental supervision policy is in effect after 2 p.m., requiring anyone under 17 to be accompanied by an adult.

The mall opened at 10 a.m. and will remain open until 7 p.m.

Action News caught up with shoppers who came out for everything from exercise to returns and big deals.

“Got my parents out today so they can do some walking and do some shopping,” said Martina Tucker of Voorhees, N.J.

“Our Keurig is broken,” said Ed Gallagher of Pennsauken, N.J., who scored a great deal on a new one with husband Gary Ward.

Mye Chapman of Voorhees told us she was returning a gift for her son: “He just kind of looked at it and laughed, so this is a return.”

As crowds continue to hunt for bargains and make returns, retailers expect strong post-holiday traffic through the weekend.

LOS ANGELES— Conservation groups have sued the Trump administration for taking over the regulation of the Las Flores Pipeline System and rushing this week to approve Sable Offshore Corp.’s pipeline restart plan and application for an “emergency” waiver from federal safety regulations.

The groups condemn the administration’s blatant attempt to circumvent California regulators and fast-track the restart of Santa Ynez Unit oil production using this defective pipeline system, which has been shut down since the massive 2015 Refugio State Beach oil spill.

“Sable and the Trump administration are running roughshod over transparency, environmental review, and pipeline safety requirements,” said Julie Teel Simmonds, senior counsel at the Center for Biological Diversity. “Offshore drilling is one of the most dangerous businesses there is for both people and wildlife, and no one should be cutting corners or playing games with California’s coast.”

The lawsuit was filed on Wednesday by the Center for Biological Diversity on behalf of itself and Wishtoyo Foundation and the Environmental Defense Center on behalf of itself and Get Oil Out!, Santa Barbara County Action Network, Sierra Club, and Santa Barbara Channelkeeper.

The federal Pipeline and Hazardous Materials Safety Administration approved Sable Offshore Corp.’s restart plan on Dec. 22, after it reclassified the onshore pipelines that start in Santa Barbara County and terminate in Kern County as “interstate” on Dec. 17. This change was PHMSA’s attempt to move the pipeline from the State Fire Marshal’s oversight to the PHMSA’s.

On Tuesday PHMSA issued an emergency special permit to Sable, waiving compliance with certain federal pipeline safety regulations. The agency contended this action was justified under President Trump’s national energy emergency. The environmental groups are requesting the court to grant an emergency stay of PHMSA’s decisions.

These PHMSA approvals blatantly violated the Pipeline Safety Act and the National Environmental Policy Act in failing to follow the required public process, conduct the necessary environmental review, or make the required findings about pipeline safety or the so-called emergency, according to the lawsuit.

The onshore pipelines are part of what’s known collectively as the Santa Ynez Unit, which also includes offshore pipelines, three offshore platforms, and onshore processing facilities at Las Flores Canyon. The drilling unit had been shut down for 10 years since a corroded onshore pipeline failed, spilling what is believed to be more than 450,000 gallons of oil onto the coast.

The May 19, 2015, spill at Refugio State Beach near Santa Barbara ravaged 150 miles of the California coast. The oil polluted thousands of acres of shoreline and habitat and killed hundreds of animals, shutting down beaches and fisheries.

Sable purchased the SYU in 2024 and has generated numerous notices of violation, cease-and-desist orders, and criminal charges as it has worked to try to restart oil operations and resuscitate the failed onshore pipeline system. Sable announced in May that it had resumed oil production and was storing that oil in onshore tanks while it sought a full restart of the onshore pipelines.

The company has hit other roadblocks in its efforts to restart, including Santa Barbara County’s recent denial of its application for the transfer of Exxon’s permits for the onshore infrastructure, citing “systemic non-compliance” with the law and other reasons. Sable still needs other approvals from California agencies to restart the onshore pipelines, including a new easement across Gaviota State Park.

The Center and Wishtoyo Foundation sued the California Office of the State Fire Marshal in April 2025 for waiving safety rules for the pipeline. They also have active lawsuits against the U.S. Department of the Interior for failing to require updated development and production plans for oil drilling at the Santa Ynez Unit and for rubberstamping extension of the offshore leases despite shuttered production.

The lawsuit was filed in the 9th U.S. Circuit Court of Appeals.

The Federal Energy Regulatory Commission (FERC or the Commission) directed PJM Interconnection, LLC (PJM) on December 18, 2025 to reform its rules governing generation interconnection and transmission service for generators co-located with load. The Commission’s Order on Show Cause Proceeding (Order) found that PJM’s Open Access Transmission Tariff (Tariff) lacks sufficient rates, terms, and conditions of service that apply to such generators.

The Order directs significant changes to generation interconnection procedures and available transmission services, including the creation of three new transmission services. Although the Order applies only to PJM, electric utilities should expect the Commission to apply this direction to other transmission providers.

1. BACKGROUND

The Order follows a show cause proceeding established by the Commission in February 2025 directing PJM to either explain why its Tariff and related operating agreements remained just and reasonable “without provisions addressing with sufficient clarity or consistency the rates, terms, and conditions of service that apply to co-location arrangements” or what Tariff changes would be necessary to remedy such concerns. The Commission’s concerns underlying the show cause proceeding were in part precipitated by a prior attempt by a PJM market participant to co-locate generation with large data center load and a related complaint that was separately submitted by another PJM entity.

Although co-location is not a new concept, the scale and operational complexity of today’s large data center campuses are presenting new wrinkles to familiar regulatory concerns related to jurisdiction, cost allocation, reliability, and more. As data center co-location arrangements become increasingly common in PJM, the Commission felt the region’s existing rules do not sufficiently or clearly address those concerns. Specific concerns raised by the Commission included that the PJM Tariff (1) did not specify what transmission service a co-location arrangement must take, (2) lacked a process to ensure that co-location arrangements pay for benefits received from the transmission system, such as ancillary and black start services, and (3) lacked rules necessary for PJM to assess the effect of co-location arrangements on reliability and resource adequacy.

The Commission further noted that co-location arrangements have unique resource adequacy and reliability effects because these “co-located loads”[1] can be connected to the grid much quicker than normal load growth. The Order found PJM’s Tariff to be unjust and unreasonable because it did not address these concerns.

Specifically, the Commission found:

• Tariff gaps prevent interconnection customers serving co-located loads from knowing the applicable terms and conditions for their co-location arrangements.
• PJM must require interconnection customers who will be using their generating facilities to serve co-located load to specify an “eligible customer”[2] who will be responsible for taking transmission service on behalf of the co-located load. The eligible customer designation determines PJM’s transmission cost allocation approach, through which each eligible customer is billed for the charges associated with the transmission and ancillary services used to serve its load.
• PJM’s Tariff lacks transmission services that reflect that an eligible customer taking service for a co-located load might be willing and able to limit energy withdrawals. Such eligible customers should not be required to take Network Integration Transmission Service (NITS) nor pay for network upgrades required to take NITS.
• PJM’s Tariff does not address a co-located load’s use of ancillary, regulation, and black start services. Because these loads are synchronized with the transmission system, they use and benefit from some ancillary services. So, cost-causation principles require that they pay for that use and benefit. Co-located loads that are not drawing energy are still unlikely to have a perfect load factor and thus at least require regulation service.
• PJM’s Tariff does not fully account for loads with behind-the-meter generation (BTMG) in resource adequacy planning. BTMG rules were developed for small loads and not on the scale of large data centers. But co-located loads that are very large, like data centers, do not carry reserves. Existing BTMG rules do not limit the amount of qualifying load that a network customer may net. So, large loads configured in a BTMG arrangement with significant generation will raise cost-shifting, reliability, and resource adequacy concerns as compared to smaller loads with smaller netting.

2. KEY FINDINGS

The Commission concluded broadly that the show cause proceeding demonstrated a lack of consistency or clarity regarding the conditions of service that apply to interconnection customers serving co-located load. The Commission remarked that these gaps create the risk of commercial and operational uncertainty, which transmission owners and customers have been attempting to address through a patchwork-style approach to co-locating generation and large load. The Commission directed PJM to revise its tariff to address some of these gaps, as described below.

Interconnection Procedures

PJM must revise its generation interconnection procedures to require an interconnection customer who will use its generator to serve co-located load to specify an eligible customer who will take transmission service on behalf of the co-located load. Following these changes, the eligible customer will be responsible for executing a transmission service agreement, which will ensure that charges for transmission and ancillary services are appropriately assigned. If an interconnection customer wants to serve co-located load without identifying an eligible customer, it must terminate interconnection to PJM’s transmission system and serve the co-located load fully islanded from PJM’s transmission system.

New Transmission Service Options

PJM must, within 60 days of the Order, revise its Tariff to require an eligible customer taking transmission service on behalf of a co-located load to take one of three transmission services or to otherwise island from PJM

1. NITS, or a new interim, non-firm transmission service while network upgrades necessary for NITS are pending;
2. a new firm contract demand transmission service; or
3. a new non-firm contract demand transmission service.

The new interim, non-firm transmission service is a direct response to concerns from stakeholders over the delays large new loads experience when seeking service through the traditional front-of-the-meter load interconnection process. The new interim service will provide a temporary, transitional service option to allow co-located load to withdraw electricity from the PJM transmission system earlier than may be otherwise achievable if those loads could only be designated as network load. This optional, interruptible service lasts until the network upgrades required by NITS are complete and the co-located load can be designated as a network load. Service will be available to the level that PJM concludes it can be provided reliably. Service will be charged at the NITS rate, including for ancillary and black start services, but will not be charged for generation capacity. This service cannot be combined with the contract demand services.

In contrast, firm and non-firm contract demand will be permanent alternatives to existing transmission services that will not require the co-located load to become network load. PJM’s Tariff requires eligible customers taking NITS on behalf of co-located loads to take NITS on a gross demand basis (as opposed to a net basis, which could shift costs to other transmission customers). The Commission recognized that these eligible customers might be willing and able to limit energy withdrawals, and thus it would be inconsistent with cost-causation principles to require them to take NITS on a gross demand basis, in addition to requiring inefficient and costly transmission system buildout. Accordingly, such customers should be permitted to take alternative transmission services, and the Commission thus ordered PJM to offer these two new contract demand services.

The Contract demand services are permanent alternatives to existing transmission services and do not require the co-located load to become network load. Contract demand services require that the co-located load is willing and able to prevent or limit energy withdrawals and be separately metered from the associated generator. Eligible customers who will not withdraw any energy must take the non-firm contract demand service at 0 MW. An eligible customer may use a combination of firm and non-firm contract demand service. The Commission is establishing a paper hearing to determine the appropriate rates, terms, and conditions for the new transmission services.

In addition to directing the reforms outlined above, the Commission is establishing a paper hearing process to determine the appropriate rates, terms, and conditions for the new proposed transmission services, with PJM’s initial briefing due by February 16, 2026. Interested parties will have the opportunity to respond through the second quarter of next year.

BTMG Rules

The Order concluded that PJM’s existing BTMG rules are no longer just and reasonable and directed PJM to revise those rules within 60 days. The Commission’s concern stems from BTMG not being fully accounted for in resource adequacy planning, thereby creating reliability and resource adequacy risks for PJM, which is obligated to serve transmission customers using BTMG. Part of the mandated revisions will incorporate a transition process for customers, including a three-year transition period and the ability to grandfather certain entities with existing BTMG contracts. Notably, the Commission did not direct PJM to change its rules for non-retail BTMG, which is already capped in PJM for each year at a maximum of 3,000 MW.

Jurisdiction

The Commission responded to stakeholder concerns over the scope of its authority by reaffirming its well-established jurisdiction over generator interconnections to FERC-jurisdictional facilities. At the same time, the Commission reaffirmed that states maintain exclusive authority over specific terms of retail sales and retail rate design, generator siting, resource mix, and intrastate transmission.

Other Reforms

• PJM must implement reforms requiring an eligible customer taking transmission service on behalf of a co-located load to be assessed for regulation service and black start service on a gross demand basis, even if they have zero net energy withdrawals.
• Interconnection customers seeking to serve co-located loads must follow the study process necessary to effectuate a co-location arrangement, pay for all required network upgrades, and wait to commence service until all required network upgrades, special protection schemes, and metering are in service.
• PJM is required to consider interconnect requests below the full generating capability of the facility using existing accelerated procedures where no cost allocation or studies are required and for provisional or surplus service.

3. NEXT STEPS AND IMPLICATIONS

The reforms directed in the Order are the culmination of lengthy deliberations and a stakeholder process that received attention from all corners of the energy industry. While FERC’s directive is tailored to the rules and requirements within the PJM region, the Order is expected to more broadly provide a framework for addressing some of the core issues related to co-location and other large-load interconnection issues, as similar configurations proliferate across the country.

Even so, Commission-directed reforms are unlikely to resolve the full range of commercial and risk-allocation concerns that routinely arise in the co-location context among generators, large-load customers, utilities, and third-party developers. Those limitations are likely to be amplified outside independent system operator/regional transmission organization markets and in states where (as FERC Commissioner Judy Chang noted in her concurrence) retail loads must be served by the local electric utility.

In that respect, while the Order provides much-needed directional guidance from the Commission, ongoing questions will remain as other regions seek solutions to these co-location and large-load interconnection issues within materially different market structures and regulatory regimes.

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[1] “Co-located load” is generally defined as any end-use customer that physically connects to an existing or planned generating facility on the customer’s side of the point of interconnection to the transmission system.

[2] “Eligible customer” is defined, in relevant part, in the PJM Tariff as “(i) Any electric utility . . . or any person generating electric energy for sale for resale . . . However, with respect to transmission service that the Commission is prohibited from ordering by Section 212(h) of the Federal Power Act, such entity is eligible only if the service is provided pursuant to a state requirement that the Transmission Provider or Transmission Owner offer the unbundled transmission service, or pursuant to a voluntary offer of such service by a Transmission Owner. (ii) Any retail customer taking unbundled transmission service pursuant to a state requirement that the Transmission Provider or a Transmission Owner offer the transmission service, or pursuant to a voluntary offer of such service by a Transmission Owner, is an Eligible Customer under the Tariff. . . .”

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Silver and Gold Prices Rally; Stocks Hold Near Records

The S&P 500 is coming off its 39th record close of this year.

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Zelensky to Meet Trump on Closing Gaps in Draft Peace Deal

The high level talks come after a flurry of U.S.-Ukraine negotiations, but Russia remains a possible obstacle.

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Customs Crackdown Leads to Blocked, Destroyed Imports

Small imports that had cleared U.S. customs quickly and easily are now stranded because of changing tariffs and tougher enforcement.

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China Sanctions Boeing, Other U.S. Companies Over Taiwan Arms Sale

Beijing responded to the Trump administration’s approval of a large weapons package for Taipei with restrictions on firms and executives.

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Silver’s Runaway Rally Sweeps Up Amateur Investors

Silver prices have been rising in part because of constrained supply, with the world’s pure-play silver deposits mostly exhausted.

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Japan Plans Record High Initial Budget for Next Fiscal Year

The Japanese cabinet approved a record-high initial budget totaling approximately $785 billion for the coming fiscal year, signaling Prime Minister Sanae Takaichi’s latest effort to support growth through aggressive spending.

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The Economic Divide Between Big and Small Companies Is Growing

The economic fortunes of low- and high-income Americans are diverging. The same pattern is happening with companies.

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Japan Closer to Achieving 2% Inflation Target, BOJ Governor Says

Bank of Japan Gov. Kazuo Ueda said Thursday that the central bank is getting closer to achieving its 2% inflation target, reaffirming his stance of seeking further interest-rate increases.

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Coast Guard Tracks Down Runaway Oil Tanker Linked to Iran and Venezuela

The U.S. is gathering more manpower and weaponry to seize the sanctioned Bella 1 as it flees in the Atlantic.

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Family Offices Have Become the New Power Players on Wall Street

Wealthy families are launching offices to manage their money at a record clip and are increasingly getting a seat at the table in significant deals.

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Warren Buffett and Private Equity Both Love Insurance. The Similarities End There.

Investing insurance premiums is a different game on Wall Street than in Omaha.

  (END) Dow Jones Newswires

  December 26, 2025 13:15 ET (18:15 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.

It’s the day after Christmas, and it feels like it at Miami International Airport. 

Travelers should expect long Transportation Security Administration (TSA) lines and occasionally long ticket-counter lines. 

“We wanted to at least get here two and a half hours early,” Diamon Lewis said. “Thank goodness we have Clear and TSA Pre Check, so we should be good.”

AAA says 122 million Americans are traveling this holiday season, including 7 million Floridians.

“It calms our anxiety a little bit to have those things, especially when we’re traveling with big airports like this,” Jaylen Blackette said. “So we made sure that we renewed both of them before we got here.”

This year has already seen eight of the busiest travel days in TSA history. Friday could be added to that list. 

“We got here hours early,” Edward Kirkpatrick said. “So we’ve got some time to play around with, and we’re not rushed or hurried.”

For those that gave themselves time, the process is long, but smooth. 

“It is too much busy,” Jos MArfinger said. “I don’t know if I have time to pick up my plane.”

For others, it’s more stressful. Jos Marfinger is a truck driver. He drove all the way from Washington, D.C. to Miami International Airport to hop on a flight. 

He said the roads were just as busy. 

If you’re planning on driving over the next few days, according to INRIX, which is a provider of transportation data, the worst time to drive is from 11 a.m. to 8 p.m. 

If you’re heading to a winter destination, experts say travel insurance will give you that extra peace of mind.

Executive Summary

• What’s new: Effective March 18, 2026, directors and officers (D&Os) of foreign private issuers (FPIs) will be subject to insider reporting requirements under Securities Exchange Act Section 16(a). FPI D&Os will remain exempt from the short-swing profits rule under Section 16(b) and the short sale prohibition under Section 16(c), and significant shareholders of FPIs who are not D&Os will remain entirely exempt from Section 16.
• Why it matters: FPI D&Os will be required to disclose their initial ownership of company equity securities and report any subsequent transactions in company equity securities generally within two business days. This represents a significant change in compliance obligations for FPIs and their insiders, with implications for internal processes and disclosure practices.
• What to do next: FPIs should review their internal procedures and prepare to assist their D&Os with Section 16(a) reports beginning March 18, 2026. Among other things, FPIs should (i) confirm or obtain the necessary EDGAR filing credentials for all current and incoming D&Os, (ii) confirm internal or external capacity to make Section 16 filings on behalf of the D&Os, and (iii) confirm appropriate communication channels with D&Os’ securities brokers for timely reporting of D&Os’ transactions in company securities.

__________

On December 18, 2025, as part of the FY 2026 National Defense Authorization Act, the Holding Foreign Insiders Accountable Act (HFIAA) was signed into law. The HFIAA amended Section 16(a) of the Securities Exchange Act of 1934 (Exchange Act), to require FPI D&Os to comply with the Section 16(a) insider reporting requirements beginning March 18, 2026. See Appendix B for the text of Section 16(a) as amended by the HFIAA.

Notably, FPI D&Os remain exempt from the short-swing profits rule under Section 16(b) and the short sale prohibition under Section 16(c). Ten percent beneficial owners of FPIs will remain exempt from Section 16 in its entirety.

Key aspects of the rule change and compliance considerations for FPIs are described in further detail below.

Section 16(a) Reporting Obligations

Section 16(a) requires all public company D&Os and shareholders who beneficially own more than 10% of any of the company’s publicly traded voting class of equity security (10% beneficial owners) to file reports on Forms 3, 4 and 5 to disclose their direct and indirect beneficial ownership of company equity securities (and any derivatives thereof) and any subsequent transactions or changes in beneficial ownership.

Previously, Exchange Act Rule 3a12-3 exempted insiders of FPIs from the application of Section 16 in its entirety. The HFIAA now mandates that D&Os of FPIs, but not 10% beneficial owners, be subject to the Section 16(a) reporting obligations.

Beginning March 18, 2026, FPI D&Os will become subject to the following reporting obligations under Section 16(a):

• Initial ownership reports: Any individual who is a director or officer of an FPI as of March 18, 2026, will need to file a Form 3 by 10 p.m. Eastern Time (ET; i.e., Washington, D.C. time) on the same day, disclosing their ownership of company equity securities. New D&Os joining after this date must file a Form 3 within 10 calendar days of assuming their role. For FPIs going public after March 18, 2026, their D&Os must file a Form 3 by 10 p.m. ET on the date the company’s Exchange Act Section 12 registration of its securities becomes effective (typically the pricing date in an IPO).
• Transaction reports: After filing Form 3, FPI directors and officers must report transactions in company equity securities on Form 4 by 10 p.m. ET on the second business day following the transaction. Transactions requiring the filing of a Form 4 include purchases or sales of equity securities, many types of grants of equity-based compensation awards, vesting and settlement of equity-based compensation awards, exercise of stock options, sales or withholding of shares for tax payments on equity-based compensation awards, and gifts of securities.
• Annual reports: In certain cases, a catch-up Form 5 may be required within 45 days after the end of the company’s fiscal year.

See Appendix A for additional details on reporting requirements for Forms 3, 4 and 5.

Next Steps for FPIs

While individual D&Os are ultimately responsible for their own Section 16 reports, public companies generally assist with the preparation and filing of these reports for their D&Os, given the complexity of reporting rules and short deadlines. To that end, FPIs should assess their internal procedures and prepare to implement Section 16(a) reporting for D&Os by the March 18, 2026, effective date, including the following considerations:

• Confirm which officers would be subject to the reporting requirements. For Section 16 purposes, Rule 16a-1(f) of the Exchange Act defines the term “officer” to mean certain senior officers of an issuer who perform a policy-making function, including president, principal financial officer, principal accounting officer (or, if there is no such accounting officer, the controller), any vice-president of the issuer in charge of a principal business unit, division or function (such as sales, administration or finance), any other officer who performs a policy-making function, or any other person who performs similar policy-making functions for the issuer. Note that FPIs should have already identified their Section 16 “officers,” because the definition of “executive officers” subject to the SEC’s Rule 10D-1 implementing the Dodd-Frank clawback rules (in effect since late 2023) is the same as the “officer” definition under Exchange Act Rule 16a 1(f). However, certain FPIs that might have applied the definition of “executive officer” expansively for purposes of the Dodd-Frank clawback rules might want to revisit that list when identifying their “officers” for purposes of the Section 16(a) reporting obligations.
• Confirm which directors would be subject to the reporting requirements. Exchange Act Section 3(a)(7) defines the term “director” to mean any director of a corporation or any person performing similar functions with respect to any organization, whether incorporated or unincorporated. While applying the term “director” in certain non-U.S. jurisdictions may require careful analysis, FPIs are expected to use consistent criteria for their director rosters for both Section 16(a) and the FPI eligibility test under Exchange Act Rule 3b-4.
• Collect and verify company security ownership information for all D&Os to prepare the initial Form 3 reports.
• Confirm or obtain the necessary EDGAR filing credentials for all current and incoming D&Os. FPI D&Os who are also insiders of a domestic issuer or have filed at least one Schedule 13D or 13G or Form 144 should already have filing credentials, but those credentials may be outdated, or the account may not have been enrolled in EDGAR Next. Obtaining new filing credentials or renewing any legacy credentials (including EDGAR Next enrollment) would require the filing of a notarized Form ID with the SEC, a process that can take a few weeks.
• Confirm internal or external capacity to make Section 16 filings on behalf of the D&Os, including through arrangements with outside counsel and/or a financial printer.
• Confirm appropriate communication channels with D&Os’ securities brokers for timely reporting of D&Os’ transactions in company securities.
• Revisit the company’s insider trading policy to reflect any necessary updates in light of the application of Section 16(a) reporting requirements to D&Os.
• Consider the implications of having to disclose all D&Os’ ownership of company securities and the details of each equity-based compensation award to D&Os in real time, beyond the current limited disclosure requirements on insider compensation on Form 20-F or other applicable SEC filings.

SEC Authority for Potential Exemptions

The HFIAA provides that the SEC may exempt any persons, securities or transactions from the requirements of Section 16(a) if the SEC determines that the laws of a foreign jurisdiction apply “substantially similar requirements” to that person, security or transaction. The SEC has not yet created any exemptions as of this date, but jurisdictions such as the U.K., EU and Canada are seen as possible candidates.

* * *

Appendix A

Information Required To Be Reported

Appendix B

Text of Exchange Act Section 16(a) as amended by the Holding Foreign Insiders Accountable Act (additions in blue)

(a) Disclosures required

(1) Directors, officers, and principal stockholders required to file Every person who is directly or indirectly the beneficial owner of more than 10 percent of any class of any equity security (other than an exempted security) which is registered pursuant to section 78l of this title, or who is a director or an officer of the issuer of such security (including, solely for the purposes of this subsection, every person who is a director or an officer of a foreign private issuer, as that term is defined in section 240.3b-4 of title 17, Code of Federal Regulations, or any successor regulation), shall file the statements required by this subsection with the Commission.

(2) Time of filing

The statements required by this subsection shall be filed—

(A) at the time of the registration of such security on a national securities exchange or by the effective date of a registration statement filed pursuant to section 78l(g) of this title; (B) within 10 days after he or she becomes such beneficial owner, director, or officer, or within such shorter time as the Commission may establish by rule;

(C) if there has been a change in such ownership, or if such person shall have purchased or sold a security-based swap agreement involving such equity security, before the end of the second business day following the day on which the subject transaction has been executed, or at such other time as the Commission shall establish, by rule, in any case in which the Commission determines that such 2-day period is not feasible; or

(D) with respect to a foreign private issuer, the securities of which are, as of the date of enactment of the Holding Foreign Insiders Accountable Act, registered pursuant to subsection (b) or (g) of section 12, on the date that is 90 days after that date of enactment.

(3) Contents of statements

A statement filed—

(A) under subparagraph (A) or (B) of paragraph (2) shall contain a statement of the amount of all equity securities of such issuer of which the filing person is the beneficial owner; and

(B) under subparagraph (C) of such paragraph shall indicate ownership by the filing person at the date of filing, any such changes in such ownership, and such purchases and sales of the security-based swap agreements or security-based swaps as have occurred since the most recent such filing under such subparagraph.

(4) Electronic filing and availability

Beginning not later than 1 year after July 30, 2002—

(A) a statement filed under subparagraph (C) of paragraph (2) shall be filed electronically and in English;

(B) the Commission shall provide each such statement on a publicly accessible Internet site not later than the end of the business day following that filing; and

(C) the issuer (if the issuer maintains a corporate website) shall provide that statement on that corporate website, not later than the end of the business day following that filing.

(5) Authority to exempt.–The Commission by rule, regulation, or order, may conditionally or unconditionally exempt any person, security, or transaction, or any class or classes of persons, securities, or transactions, from the requirements of this section if the Commission determines that the laws of a foreign jurisdiction apply substantially similar requirements to such person, security, or transaction.

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Stocks are mostly flat in quiet trading on Friday as investors return from the Christmas holiday. The session falls within the Santa Claus Rally, a historically strong seven-day stretch for stocks that spans the final days of December and early January, though trading volumes are often thin.

The S&P 500 index slipped 8 points, or 0.1%, to 6,923 as of noon EST. The Dow Jones Industrial Average declined 0.2%, while the Nasdaq was down less than 0.1%.

The Santa Claus Rally, which starts on the last five trading days of December and stretches into the first two trading days of January, was first identified by market technician Yale Hirsch in 1972. This year, that means the period began on Dec. 24 and will end on Jan. 5.

“History shows a clear pattern: since 1950, the S&P 500 has averaged a 1.3% return during this period, with positive results occurring 78% of the time,” wrote Adam Turnquist, chief technical strategist at LPL Financial, said in Dec. 23 research note. 

He added, “For comparison, the market’s typical seven-day average return is just 0.3%, with a positivity rate of 58%.”

The stock market has already had a strong year, with the S&P 500 climbing nearly 18% since the start of 2025. Wall Street has been buoyed by deregulatory policies from the Trump administration, as well as optimism about artificial intelligence’s potential to boost corporate profits.

Gold and silver prices

Gold and silver prices continued to climb, with silver rising more than 4.5% to $74.88 an ounce. Gold was up 1.1%. 

Both precious metals have risen this year as investors have looked for safe havens outside of stocks and bonds, and silver has also risen sharply due supply constraints. Miners like Freeport-McMoRan were among the biggest gainers Friday.

Earlier surges in gold prices partly reflected worries during the U.S. government shutdown. Expectations that the U.S. Federal Reserve will cut interest rates further in the new year, weakening the dollar against other currencies, have also fueled buying of gold.

Shares of Target rose 2% after The Financial Times reported that an activist investor is taking a stake in the retail giant.

U.S. crude oil fell more than 1% and Brent crude also fell 1%.

Markets in Hong Kong, Australia, New Zealand and Indonesia were closed. Most European markets remained closed Friday.

Corporate

Showcase to transform the exhibition paradigm through immersive experiences and Tech Forums that feature thought leadership panels

12/26/2025

Samsung Electronics today announced that it will boldly break away from the conventional exhibition framework and present a new exhibition paradigm with The First Look at CES 2026, the world’s largest consumer electronics show, to be held in Las Vegas, Nevada on Jan. 6–9.

For The First Look, the company is shifting from operating a public booth within the Las Vegas Convention Center (LVCC) to establishing a standalone exhibition hall at The Wynn Las Vegas. There, Samsung will curate an experience that adopts techniques used in art galleries and museums to unveil its new products and technologies.

To this end, the company has built its exhibition space, the Samsung Exhibition Zone, on an industry-leading scale, enabling all activities — product exhibitions, presentations, events, technology forums and consultations with key clients and partners — to be conducted organically in a single integrated location. The Exhibition Zone reflects Samsung’s strong commitment to transforming the exhibition paradigm beyond a simple change of venue, toward an approach centered around the customer experience.

Beyond Simple Lineups: Experiencing the Essence of AI in a Well-Curated Space

At CES 2026, Samsung will present its unified AI approach for its Device eXperience (DX) Division and articulate the company’s overall business direction. It is because of this ambitious vision that the company has chosen to establish an industry-leading, large-scale premium standalone exhibition space at The Wynn. There, Samsung will have no limitations when showcasing its industry-leading innovations and will be able to fully convey its overall AI strategy and vision — and the real-life value it can bring to consumers.

The First Look event has been designed to demonstrate how Samsung’s technology transforms lives, moving beyond only showcasing new product features. To realize a fully immersive environment, the exhibition will provide minimized congestion and enhanced programming for a deeper, more meaningful visitor experience.

A Grand Showcase of Samsung AI at the Industry’s Largest Space

Through carefully curated storytelling, Samsung’s Exhibition Zone has been designed to allow visitors to intuitively engage with Samsung’s AI innovation, current key technologies and future direction. Under the theme of “Your Companion to AI Living,” the exhibition showcases how Samsung has extensively applied AI technologies not only across all its product categories — including mobile, home appliances and displays — but also the functions and services that connect them. Visitors will be able to experience these differentiated AI capabilities, which offer seamless, always-on connectivity anytime and anywhere. This hyper-connected ecosystem, where software and AI work together to overcome the normal limits of hardware, is something that only Samsung can deliver.

New Tech Forums Spotlight Recent Industry Trends and Technologies

At CES 2026, Samsung will also host a series of Tech Forum panel discussions dedicated to exploring the latest industry trends and future technologies. The panels will be held over two days on Jan. 5–6 (local time), and will consist of four sessions centered on AI, home appliances, services and design.

Each session will feature both Samsung experts and participants from partner companies, academia, media and the analyst community, who will engage in in-depth discussions on industry trends — as well as new technologies and the future of the industry.

To learn more about The First Look, visit Samsung Newsroom’s CES 2026 landing page.