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NEW YORK, April 14 (Reuters) - Societe Generale SA (SOGN.PA) agreed to pay $105 million to settle U.S. investor litigation accusing the French bank of violating antitrust law by conspiring with rivals to rig Euribor, a key European interest rate benchmark. A preliminary settlement was filed late Friday with the U.S. District Court in Manhattan, and requires a judge's approval. If approved, the accord would mean investors have obtained $651.5 million of settlements with seven banks. Societe Generale denied wrongdoing in agreeing to settle, court papers show. The case is Sullivan et al v. Barclays Plc et al, U.S. District Court, Southern District of New York, No.

☆ Lack of electric vans opens door for Chinese, other EV makers
▼ + stars: | 2023-04-13 | by ( Nick Carey | ) www.reuters.com time to read: +7 min

[1/3] Tristan Thomas, CEO of Packfleet, demonstrates charging an electric van made by Chinese brand Maxus at the fully-electric package delivery firm's headquarters in London, Britain, October 27, 2022. Packfleet grew tenfold in 2022 and CEO Tristan Thomas said most of the company's 53-vehicle fleet are Maxus vans. SAIC said it sold 18,000 mostly electric Maxus brand vehicles in Western Europe and Scandinavia last year, including buses and pickup trucks. Fleet manager Sean Clifton has 50 additional Ford vans and 20 Maxus vans on order, but will need more soon as Asda electrifies its 1,300 delivery vans. There is no difference in delays for conventional and electric vans at Renault, said commercial vehicle marketing director John Cleworth.

☆ Inside the Online Market for Overseas Abortion Pills
▼ + stars: | 2023-04-13 | by ( Allison Mccann | ) www.nytimes.com time to read: +17 min

A selection of abortion pill kits available online from overseas sellers. A chart of the estimated number of abortion pills provided outside the U.S. health care system from July through December 2022. For most patients, the cost of the service remains the most important factor in deciding where to get pills online. A chart showing the minimum, average and maximum cost of abortion pills from overseas providers: Aid Access, Las Libres and for-profit online sellers. A chart showing the minimum, average and maximum delivery speeds of abortion pills from overseas providers: Aid Access, Las Libres and for-profit online sellers.

☆ Biden administration proposes most aggressive climate regulations in U.S. history
▼ + stars: | 2023-04-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBiden administration proposes most aggressive climate regulations in U.S. historyHosted by Brian Sullivan, “Last Call” is a fast-paced, entertaining business show that explores the intersection of money, culture and policy. Tune in Monday through Friday at 7 p.m. ET on CNBC. Sen. Kevin Cramer, R-N.D., joins the show to discuss the White House's push to accelerate EV growth.

☆ After growing GM corn for decades, some US farmers open to Mexican restrictions
▼ + stars: | 2023-04-06 | by ( Tom Polansek | ) www.reuters.com time to read: +5 min

"I'm all for free and fair trade," said Fred Huddlestun, who grows GM corn and soybeans in Yale, Illinois. Supporters of the policy say GM corn can contaminate Mexico's age-old native varieties and have questioned its impact on human health. NCGA said GM corn is safe and it will fight all illegal trade barriers for farmers. But many would consider growing more non-GM corn, if the price were right. "You need to make it worth my while," said Illinois farmer Dave Kestel, who grows GM corn and sells seed for Corteva.

"Jane Doe herself has directly accused him of horrific sexual misconduct and, if true, he must be held accountable." In a separate letter, lawyers for the Epstein accusers also supported severing the Staley case, but for a different reason. 22-10018; Jane Doe 1 v JPMorgan Chase & Co, No. 22-10019; Government of the U.S. Virgin Islands v JPMorgan Chase Bank NA, No. 22-10904; and JPMorgan Chase Bank NA v Staley, in Nos.

REUTERS/Tom KaeckenhoffLEVERKUSEN, Germany, April 5 (Reuters) - Incoming Bayer (BAYGn.DE) chief executive Bill Anderson says he is keeping an open mind on whether to break up the company into smaller pieces, as some fidgety investors want. "That's why I said I am going to have an open mind," he said. On the stock market Bayer, once the most valuable company on Germany's DAX blue-chip index, is now worth only about the same as it paid for Monsanto. At Bayer, he said he did not have his own desk and made use of the company's meeting rooms as needed. Professing a love of American football, hiking and snowboarding, he was also effusive about Bayer as a company and its heritage of medicines such as Aspirin.

REUTERS/Andrew KellyApril 3 (Reuters) - A Delaware judge on Monday dismissed Merck & Co's (MRK.N) lawsuit seeking to hold Bayer AG (BAYGn.DE) responsible for more talc-related liabilities stemming from its $14.2 billion purchase of Merck's consumer care business in 2014. Bayer welcomed the decision, saying that it expected Merck to "take full responsibility for the product claims". "Bayer will continue to defend itself against any further efforts by Merck to avoid or improperly transfer its liabilities to Bayer," the company said in a statement. The $14.2 billion purchase also included Merck's Claritin allergy medicine and Coppertone sunscreen lines. The case is Merck & Co v. Bayer AG, Delaware Chancery Court, No.

☆ Exxon says its decarbonization business could outgrow oil, in multi-trillion market
▼ + stars: | 2023-04-04 | by ( Sabrina Valle | ) www.reuters.com time to read: +3 min

Exxon is tackling what should be a multi-trillion market in 10 years or more, Woods said. The result will be an Exxon less prone to commodity price swings through predictable, long-term contracts with customers striving to reduce their own carbon footprint. "This business is going to look quite a bit different than the base business of Exxon Mobil," vowed Dan Ammann, president of Exxon's two-year-old Low Carbon Business Solutions unit. Exxon is tackling carbon capture, hydrogen, biofuels, which it estimates have a combined potential of $6.5 trillion by 2050, equivalent to the traditional oil and gas business. The business can achieve "robust double-digit returns" off these long-term contracts, Ammann said.

☆ Explainer: After COVID and drug shortages, EU revamps drug laws
▼ + stars: | 2023-04-03 | by ( Maggie Fick | ) www.reuters.com time to read: +5 min

The Commission aims to publish a draft - the biggest overhaul of existing medical laws in two decades - on April 26. A Commission spokesperson said: "The Commission will put forward a balanced and patient-centred proposal, whilst fully supporting an innovative and competitive industry." If the EU health regulator approves a new use for the medicine, they get another year, bringing the total to 11. Fourteen member states have written to the Commission, criticising the idea as costly and harmful for consumers as it could disrupt the generic drugs market. Once the Commission publishes the draft, the European Parliament, Commission and member states will thrash out final details.

LONDON, March 31 (Reuters) - A member of a United Nations-backed coalition of insurance firms and pension funds seeking to tackle climate change told Reuters it was considering quitting after disagreements about curbing investment in the oil and gas sector split the group. The row is the latest in a string of policy splits among major climate coalitions of financial firms. AkademikerPension wanted the position paper to state that NZAOA members should only invest in public equities or corporate bonds when the companies involved are no longer investing in exploration for new oil and gas. German insurer Munich Re (MUVGn.DE) said earlier on Friday it was withdrawing from another alliance of insurers focused on reducing carbon emissions to avoid antitrust risks. "I think it's going to be extremely difficult for a plaintiff, even a government enforcer, to prevail on an antitrust theory of harm," said Mitnick.

Despite a rebound in fundraising and block trading activity, year-to-date IPO volumes came in at their lowest level since 2019. Equity capital markets (ECM) advisers, however, are optimistic of a recovery in listing activity in the latter part of the year. In the United States, IPO volumes jumped more than 50% from the fourth quarter of 2022, but were still 11% down from the same period last year. IPOs briefly flickered back to life in February, as companies including solar tech firm Nextracker (NXT.O) and Chinese sensor maker Hesai Group (HSAI.O) pushed ahead with their listings. RECOVERY DELAYEDIn Europe, investment bankers said the market volatility spurred by the banking crisis is likely to affect the pipeline of deals.

☆ Bank rescue real estate turns from dowry to downer
▼ + stars: | 2023-03-30 | by ( Aimee Donnellan | ) www.reuters.com time to read: +3 min

Unlike many banks which got into trouble back in 2008, the Swiss lender has flogged much of its prime real estate. In the last financial crisis prime real estate played a big part of bank rescues. When Barclays (BARC.L) bought Lehman Brothers’ U.S. capital markets business in September 2008 the deal included the bankrupt investment bank’s headquarters. Today there is less real estate underpinning bank values. For buyers preparing to rescue embattled banks, real estate has turned from a dowry to a downer.

March 28 (Reuters) - Jamie Dimon, the chief executive of JPMorgan Chase & Co (JPM.N), will be interviewed under oath over the bank's relationship with late sex offender and former client Jeffrey Epstein, a lawyer involved in the case said on Tuesday. Epstein had been a JPMorgan client from 2000 to 2013 - five years after he pleaded guilty to a Florida prostitution charge. He had been friendly with Epstein but expressed regret for the relationship and has denied any involvement in Epstein's illegal activity. Deutsche Bank AG (DBKGn.DE), where Epstein was a client from 2013 to 2018, is also being sued by the financier's accusers. Epstein killed himself in a Manhattan jail cell at age 66 in August 2019 while awaiting trial for sex trafficking.

Epstein had been a JPMorgan client from 2000 to 2013, with the last five years coming after he had pleaded guilty to a Florida prostitution charge. The bank is also suing Jes Staley, a former private banking chief and later Barclays Plc (BARC.L) chief executive who had been friendly with Epstein. JPMorgan wants Staley to reimburse it for eight years of compensation and damages it might incur in the other lawsuits. Deutsche Bank AG (DBKGn.DE), where Epstein was a client from 2013 to 2018, is also being sued by the financier's accusers. Epstein killed himself in a Manhattan jail cell at age 66 in August 2019 while awaiting trial for sex trafficking.

☆ Morning Bid: Bank calm, rates firm, Alibaba steals show
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +4 min

A semblance of calm has returned to world markets in the final week of the first quarter as the banking storm abates and the spotlight switched to a share-boosting six-way revamp of Chinese e-commerce giant Alibaba. Investors cheered the surprise move from Alibaba (9988.HK) as a sign Beijing's corporate crackdown may be nearing an end, sending shares of the Jack Ma-founded firm and peers soaring. The surprise move seeks to take advantage of Ermotti's experience rebuilding the bank after the global financial crisis 15 years ago. Broader stock markets were higher across the board, with Wall St futures up almost 1% ahead of the open. Futures markets now show a 50-50 chance of one more Fed rate hike in this cycle in May and half a point of easing by yearend.

☆ Boomerang UBS boss ticks several important boxes
▼ + stars: | 2023-03-29 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

That’s the best explanation for why Chair Colm Kelleher on Wednesday said the Swiss bank was replacing CEO Ralph Hamers with erstwhile boss Sergio Ermotti. Though the move violates several corporate-governance red lines, it improves the group’s chances of successfully absorbing stricken rival Credit Suisse (CSGN.S). Nor was his hesitant delivery in a call with analysts after announcing the Credit Suisse deal. During his previous spell in charge, UBS held talks with Deutsche Bank (DBKGn.DE) and discussed a merger with Credit Suisse. Ermotti, a Swiss national, led the Swiss bank for nine years, departing in late 2020, and is currently chair of Swiss Re.

The EU has progressively tightened limits since "Euro 1" in 1992. The Commission's proposal widens real-driving emissions (RDE) testing and adds continuous testing of emissions via an on-board monitoring system. Euro 7 would take effect in mid-2025 for cars and in mid-2027 for trucks and buses. The European Commission estimates Euro 7 could add up to 150 euros to car prices and 2,600 euros for trucks and buses. A Commission spokesperson declined to comment on executives' statements, but said Euro 7's real-driving emissions tests were important because of "scandals in the past about cheating devices".

The project is expected to cost 83.7 billion yuan ($12.2 billion), partner Panjin Xicheng Industrial Group said in a statement on WeChat on Sunday. Construction at the complex will start in the second quarter after the project secures the required administrative approvals, Aramco said. Before the pandemic, Aramco signed two other initial agreements for refinery-petrochemical investments in China. The other is with Shandong Energy that includes a potential crude supply agreement and chemical products offtake deal, as well as exploring collaboration on an integrated refining and petrochemical complex in China. Earlier in March, Saudi Aramco also broke ground on a $7 billion project to produce petrochemicals from crude oil at its South Korean affiliate S-Oil Corp's (010950.KS) refining complex in the port city of Ulsan.

☆ World stocks gyrate as bank contagion fears bite
▼ + stars: | 2023-03-24 | by ( Koh Gui Qing | ) www.reuters.com time to read: +5 min

"The growing sense of unease about the global banking system is heightening volatility in stock markets around the world," said Nigel Green, chief executive of deVere Group, a financial advisor. The failure of U.S. regional banks Silicon Valley Bank (SIVB.O) and Signature Bank (SBNY.O) this month triggered fears of a banking contagion and prompted U.S. Treasury Secretary Janet Yellen on Thursday to pledge action to safeguard bank deposits. JP Morgan Chase (JPM.N) dropped 1.52%, the S&P 500 banks index (.SPXBK) was down 0.33%, while the KBW regional bank index (.KRX) climbed 2.92%. "I don't expect this volatility (in bank stocks) to subside anytime soon," said Peter Doherty, head of investment research at private bank Arbuthnot Latham in London. Doherty said issues of "contagion risk within the U.S. banking sector" were undoubtedly weighing on appetite for bank stocks elsewhere.

☆ Morning Bid: Bank angst persists, unnerves Europe
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +5 min

But banks boosted borrowing under the Fed's newly launched Bank Term Funding Program to $53.7 billion - almost 5 times its first outing the previous week. European bank stocks fell 3% early on Friday, with Deutsche Bank shares (DBKGn.DE) down for a third day - losing 5% amid rising market costs for insuring against the risk of default. European Central Bank President Christine Lagarde is due to attend Friday's European Union summit in Brussels and update leaders on the state of affairs in the financial system. Wider markets were lower in Asia and Europe and U.S. stock futures were in the red again ahead of the open. With less than a 50% chance of another Fed rate rise in this cycle now priced into the futures, almost 80 basis points of rate cuts are now seen by year-end.

A version that was leaked earlier this year showed that Brussels was preparing to shorten an additional period of intellectual property protection, known as data exclusivity, which comes on top of drug patent protection. "The duration of data exclusivity, which may be reduced, could actually have a catastrophic impact for Europe," he said. He said the intentions of Brussels lawmakers - improving patient access to innovative drugs while making the European pharma sector more competitive - were noble but any shortening of intellectual property protection would have the opposite effect. Bayer shares lag'HIGHLY ATTRACTIVE'In the United States, a different set of drug market rule changes are underway, with some of the highest-selling products set to see negotiated price discounts under the Inflation Reduction Act (IRA). Among the biggest drivers was the company's decision to prepare a U.S. launch of its next-generation stroke prevention drug asundexian on its own.

The fresh price falls in Europe came as investors were looking to see how far U.S. authorities would go to shore up the banking sector, particularly fragile regional lenders. REUTERS/Dado Ruvic/Illustration/File Photo 1 2CDS surge on banking sector turmoilUBS CHALLENGESThe global banking sector has been shaking since the sudden collapse this month of SVB and Signature Bank. But the worries spread quickly, and on Sunday UBS (UBSG.S) was rushed into taking over Swiss rival Credit Suisse after it lost the confidence of investors. Separate sources told Reuters that UBS has promised retention packages to Credit Suisse wealth management staff in Asia to stem a talent exodus. Standard Chartered (STAN.L) Chief Executive Bill Winters said on Friday the wipeout of Credit Suisse bondholders had "profound" implications for global bank regulations.

The index of top European banks (.SX7P) was down 1% in early trading, with German banking giants Deutsche Bank (DBKGn.DE) and Commerzbank (CBKG.DE) both falling 0.8%. The rescue of Credit Suisse, which followed the collapses of California-based Silicon Valley Bank (SVB) (SIVB.O) and New York-based Signature Bank (SBNY.O) ignited broader concerns about investors' exposure to a fragile banking sector. The decision to prioritise shareholders over Additional Tier 1 (AT1) bondholders rattled the $275 billion AT1 bond market and some Credit Suisse AT1 bondholders are seeking legal advice. "The AT1 instruments issued by Credit Suisse contractually provide that they will be completely written down in a 'viability event', in particular if extraordinary government support is granted," FINMA said. However, some watchers think the banking system is more vulnerable to rumour and rapid moves in an era of widespread social media use, posing a challenge for regulators trying to tamp down instability.

☆ Syngenta 4Q profit falls as raw material prices increase
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +1 min

ZURICH, March 22 (Reuters) - Swiss agrichemicals and seeds group Syngenta on Wednesday reported a 25% drop in fourth quarter earnings due to higher raw materials and energy costs. Sales rose 4% to $7.5 billion boosted by strong growth in its seeds business. "As previously indicated, farmers accelerated their purchases earlier in the year due to supply concerns, moderating fourth quarter growth," the company said. "The group continued to maintain higher prices necessary to offset elevated raw material and other costs," it added. The parent company plans to keep a majority stake after its $10 billion flotation, which is expected to value Syngenta at around $50 billion.

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