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☆ Wanxiang Trust: Another Chinese ‘shadow bank’ faces major financial trouble
▼ + stars: | 2023-12-05 | by ( Laura He | ) edition.cnn.com time to read: +4 min

A trust company usually manages funds for individuals, companies or other entities. The reports come two weeks after Zhongzhi Enterprise Group, another major shadow bank, declared itself “insolvent” after missing payments to its investors. Moody’s Investors Services also warned in September that China’s trust sector could face liquidity challenges during the current property downturn. The two medical trust products were related to a hospital project in Guizhou, which is one of China’s most indebted provinces, according to Cailianshe. Last month, at its twice-a-decade Central Financial Work Conference, the Chinese leadership stressed the importance of addressing risks more systematically across the financial sector and preserving overall stability.

Persons: Hong Kong CNN —, Cailianshe, Wanxiang, hasn’t, Zhongzhi Organizations: Hong Kong CNN, Hong Kong CNN — Wanxiang Trust, Century Business Herald, Wanxiang Group, Zhongzhi Enterprise Group, ”, Zhongrong, Zhongzhi Enterprise Group Bloomberg, Getty, Fitch, Moody’s, Services, Kaisa, CNN Local, Financial Work Conference Locations: China, Hong Kong, Hangzhou, Zhejiang, Beijing, Guizhou

HONG KONG, Dec 5 (Reuters Breakingviews) - Why would the world’s largest battery maker want to sell shares when it’s already flush with liquidity? It ended June with 102 billion yuan ($14 billion) in net cash, Moody’s calculates. CATL has just started production at a new facility in Germany and is building a plant in Hungary, its first forays West. The company’s long-term loans have increased more than tenfold to more than 70 billion yuan and its long-term bonds by around a third to nearly 20 billion yuan since 2020, per Visible Alpha. But as Zeng’s electric dreams accelerate, he’ll want to be sure CATL’s own batteries are fully charged.

Persons: it’s, CATL, Robin Zeng, Breakingviews, Tesla, Antony Currie, Thomas Shum Organizations: Reuters, Hong, Thailand’s, Ford Motor, Technology, Thomson Locations: HONG KONG, Switzerland, CATL, Hong Kong, Shenzhen, China, Europe, Germany, Hungary, Fitch, Indonesia, Swiss

☆ Subsidies are crucial to the green transition: podcast
▼ + stars: | 2023-12-05 | by ( Una Galani | ) www.reuters.com time to read: +1 min

Andrew Forrest, Chairman and Founder, Fortescue Metals Group speaks at the Global Energy Transition 2022 conference in New York City, New York, U.S. June 14, 2022. REUTERS/David Dee Delgado Acquire Licensing RightsMUMBAI, Dec 5 (Reuters Breakingviews) - The world is short not of capital, but of projects to fund and sovereigns willing to share risk. In this Exchange podcast, Fortescue’s (FMG.AX) Andrew Forrest discusses why all countries need an IRA and the lessons of leading the world’s fourth-largest iron ore miner through change. Listen to the podcastFollow @ugalani on XSubscribe to Breakingviews’ podcasts, Viewsroom and The Exchange. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Andrew Forrest, David Dee Delgado, Thomas Shum Organizations: Fortescue Metals, Global, REUTERS, Rights, Reuters, Thomson Locations: New York City , New York, U.S

☆ Central bank blunders undermine tough rate talk
▼ + stars: | 2023-12-05 | by ( Francesco Guerrera | ) www.reuters.com time to read: +8 min

Comments by central bankers underline their desire to keep interest rates high until price growth quiesces. Policymakers’ recent mistakes mean they will struggle to convince investors their tough talk is real. U.S. Federal Reserve Chair Jay Powell says his fellow policymakers are “not thinking about rate cuts at all”. In May, after another U.S. regional bank failure, markets concluded that the Fed’s rate hike at the beginning of that month would be its last. Respected central bankers might be able to convince markets that these numbers don’t portend imminent rate cuts.

Persons: Jay Powell, Christine Lagarde, Andrew Bailey, Powell, backtrack, –, Lagarde, Treasuries, BoE, Bailey, Ben Bernanke, Jacob Frenkel, Peter Thal Larsen, Oliver Taslic, Thomas Shum Organizations: Reuters, Traders, U.S . Federal, European Central Bank, Bank of England, titans, Deutsche Bank, Treasury, Reuters Graphics Reuters, LSEG, Silicon Valley Bank, Fed, ECB, Bank of Israel, Federal Reserve, European, Thomson Locations: Silicon, Bailey, United States, Ukraine, Central

REUTERS/Jonathan Ernst//File Photo Acquire Licensing RightsLITTLETON, Colorado, Dec 5 (Reuters) - U.S. electricity generation from wind power is on course to surpass coal-fired electricity generation, potentially by 2026, as wind supply growth expands at a record pace just as coal-fired generation is cut across the country. U.S. wind power generation on track to surpass coal-fired generationBut with wind power generation rapidly rising in most regions while utilities steadily cut coal capacity, wind output is on track to eventually overtake coal output within the U.S. electricity generation mix, which will mark a significant milestone in U.S. energy transition efforts. In 2015 - before U.S. power producers accelerated renewable power development - coal-fired electricity generation was nearly 700% greater than electricity output from U.S. wind farms. PEAKS AND TROUGHSU.S. wind generation already briefly surpassed total coal-fired power output in April this year, when wind electricity generation totalled 42.85 terawatt hours compared to the 39.8 TWh generated by coal plants, according to Ember. That means that within the current decade U.S. wind power will be able to surpass coal-fired power in the electricity generation mix, and help accomplish a major U.S. energy transition target.

Persons: Jonathan Ernst, Gavin Maguire, Stephen Coates Organizations: REUTERS, Institute for Energy Economics, U.S, P Global, Reuters, Thomson Locations: Iowa, Latimer , Iowa, U.S, LITTLETON , Colorado, United States

Lujan Grisham said she'll ask the Legislature to set aside $500 million to underwrite acquisition of treated water. “We're going to turn water — this waste, which is a problem — into a commodity,” Lujan Grisham said at the conference. The state's oil wells draw out far more water than oil, by several multiples, according to oil field regulators. “Creating a state reserve of treated water for renewable energy projects merits serious consideration in the upcoming session,” Wirth said. New Mexico state government is navigating an unprecedented financial windfall from record setting oil production centered in the Permian Basin that extends across southeastern New Mexico and portions of western Texas.

Persons: Michelle Lujan Grisham, Lujan Grisham, she'll, “ We're, ” Lujan Grisham, “, James Kenney, ” Kenney, Peter Wirth of, Peter Wirth of Santa Fe, ” Wirth, Larry Scott, Hobbs Organizations: SANTA FE, —, Democratic, Gov, Dubai, United Arab, Tax, Fund, U.S, Lawmakers, Democratic Party, Republican Locations: SANTA, — New Mexico, United Arab Emirates, Rio, New Mexico, Peter Wirth of Santa, Texas

☆ AI Davids ride coattails of industry Goliaths
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +2 min

New York, Dec 5 (Reuters Breakingviews) - Artificial intelligence Goliaths like OpenAI continue to open the door for what might become the industry’s Davids. With a low-cost approach and data privacy focus, it may be able to eventually carve out a solid European business. Mistral has whiffs of what OpenAI, eyeing a mooted $86 billion valuation and eight years old, once was, but with tweaks. Mistral has also focused on “open sourcing” its models, which means they can be downloaded and used for free. As a Paris-based company, Mistral could build out its business with a specific focus on complying with AI rules being finalized by the European Union.

Persons: industry’s Davids, eyeing, Anita Ramaswamy, Neiman Marcus, Lauren Silva Laughlin, Aditya Sriwatsav Organizations: Reuters, Mistral, Bloomberg, European Union, X, Saks, Thomson Locations: York, Paris, Kuwait, Hong Kong

☆ Kuwait rings up small bill in tower merger
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +2 min

A three-way partnership deal will enable Qatar’s Ooredoo (ORDS.QA) to offload capital-intensive infrastructure but only by offering Kuwait’s Zain (ZAIN.KW) favourable deal terms. Ooredoo and Zain are creating a regional powerhouse with an estimated enterprise value of $2.2 billion to be managed by Zain-backed TASC Towers Holding. The $8.9 billion Ooredoo and $6.9 billion Zain will own 49.3% each, with the rest going to TASC. But Zain is paying an average price of $73,000 per tower, 9.5% less than the average price per tower in previous deals, according to JPMorgan analysts. The Kuwaiti group will also call the shots as the founders of Dubai’s TASC Towers Holding – which Zain controls with an 83.47% stake – will manage the new entity.

Persons: Qatar’s, Kuwait’s Zain, Zain, Ooredoo, Dubai’s, Pamela Barbaglia, Neiman Marcus, Francesco Guerrera, Oliver Taslic Organizations: Reuters, TASC, Bloomberg, JPMorgan, X, Saks, Thomson Locations: Algeria, Tunisia, Iraq, Jordan, Saudi, Kuwaiti, Hong Kong

☆ Morning Bid: Small caps pick up baton, China rating hit
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +6 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2023. The likes of Microsoft (MSFT.O), Apple (AAPL.O), Nvidia (NVDA.O) and Amazon (AMZN.O) fell back over 1%, pressured by a modest bounceback in U.S. Treasury yields. China's blue-chip stocks slumped to their lowest since February 2019 amid fears of a possible cut to China's sovereign credit rating cut after Moody's outlook reduction. By Mike Dolan, Editing by Bernadette Baum; <a href="mailto:mike.dolan@thomsonreuters.com" target="_blank">mike.dolan@thomsonreuters.com</a>Our Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Brendan McDermid, Mike Dolan, Russell, that's, Moody's, Isabel Schnabel, Michael Gibson, Christine Laggard, Mongo, Zero Fox, Bernadette Baum Organizations: New York Stock Exchange, REUTERS, Reserve, Microsoft, Apple, Nvidia, Treasury, Reserve Bank of Australia, Central Bank, Reuters, ECB, Barclays, Qatar, P Global, Federal, Division, Supervision, Financial Innovation, Descartes Systems, Health, Powell Industries, Dave, Buster's Entertainment, Reuters Graphics, Thomson Locations: New York City, U.S, Global, York, Treasuries, Europe

☆ Brookfield’s energy M&A loss is teachable moment
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +2 min

MELBOURNE, Dec 4 (Reuters Breakingviews) - Brookfield Asset Management (BAM.TO), has some wounds to lick. On Monday the Canadian investment firm’s joint $13 billion offer with MidOcean Energy for Australian power generator and retailer Origin Energy (ORG.AX)failed after the bidders secured backing from 69% of voted shares, below the required 75% threshold. It could target smaller local energy firms, like Alinta Energy and EnergyAustralia, owned by Hong Kong-based Chow Tai Fook Enterprises and CLP (0002.HK) respectively. Brookfield has made other investments from its $15 billion global transition fund, including to co-buy Westinghouse Electric. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Bruce Flatt, Chow, Brookfield, Antony Currie, Neiman Marcus, Una Galani, Thomas Shum Organizations: MELBOURNE, Reuters, Brookfield Asset Management, MidOcean Energy, Origin Energy, Alinta, Chow Tai Fook Enterprises, CLP, HK, Westinghouse, X, Saks, Thomson Locations: Brookfield, Hong Kong

☆ Roche’s late obesity punt offers wider market cure
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Arnd Wiegmann Acquire Licensing RightsLONDON, Dec 4 (Reuters Breakingviews) - Roche’s (ROG.S) foray into the prospective $100 billion obesity market can bring wider benefits. On Monday, the $224 billion Swiss pharma group said it had agreed to take over weight-loss drug developer Carmot Therapeutics for $2.7 billion. Market leader Novo Nordisk (NOVOb.CO) is already selling obesity drugs in the U.S. and parts of Europe. Still, Schinecker’s obesity bet could turn successful if it ends up undercutting obesity pioneers on prices. With over 1 billion people globally classed as seriously overweight, other drugmakers will follow Roche on the obesity bandwagon.

Persons: drugmaker Roche, Arnd, Eli Lilly’s, Thomas Schinecker, Eli Lilly, Eccogene, Roche, Aimee Donnellan, Neiman Marcus, Lisa Jucca, Oliver Taslic Organizations: REUTERS, Reuters, Swiss pharma, Carmot Therapeutics, Novo Nordisk, U.S . Food, Drug Administration, AstraZeneca, Novo, X, Saks, Thomson Locations: Basel, Switzerland, U.S, Europe, Hong Kong

☆ Imagine a better climate pact than COP
▼ + stars: | 2023-12-04 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

It’s possible to imagine an alternative, better way to fight climate change. The snag is that China or the United States – which were responsible for 25% and 11% of greenhouse gases, respectively, in 2021 – would have to take the lead. All countries agreed to limit global warming to 2 degrees Celsius above pre-industrial times and to aim for 1.5 degrees. That’s the thinking behind the Just Energy Transition Partnerships that the United States and its allies have cut with Indonesia, Vietnam and South Africa. For example, Donald Trump, who as president pulled the United States out of the Paris Agreement, may return to the White House after next year’s elections.

Persons: Vladimir Putin, Xi Jinping, Donald Trump, Peter Thal Larsen, Thomas Shum Organizations: Reuters, of, UN, United, Rio Earth Summit, European, Reuters Graphics Reuters, China, African, Initiative, World Bank, Thomson Locations: Nations, Dubai, China, United States, Paris, U.S, Washington, Beijing, European Union, Japan, Canada, South Korea, United Kingdom, Russia, Russian, Xi Jinping . Washington, India, Brazil, Indonesia, African Union, Vietnam, South Africa

But that came after they had sold petroleum in eight of the previous nine weeks, reducing their position by a total of 342 million barrels. In the premier NYMEX WTI contract, funds had amassed bearish short positions amounting to 116 million barrels by Nov. 28, up from 20 million barrels eight weeks earlier. Funds purchased the equivalent of 10 million barrels split between U.S. gasoline (+2 million), U.S. diesel (+4 million) and European gas oil (+4 million). Funds held a net long position in gasoline of 66 million barrels (72nd percentile) up from 26 million barrels (19th percentile) six weeks earlier. Related columns:- Record U.S. oil output challenges Saudi mastery (December 4, 2023)- Investors bet against OPEC+ raising oil prices (November 28, 2023)John Kemp is a Reuters market analyst.

Persons: de Wouw, John Kemp, Kirsten Donovan Organizations: Port, REUTERS, ICE, Fund, U.S, . Funds, U.S ., Funds, Saudi, OPEC, Thomson, Reuters Locations: Rotterdam, Netherlands, Brent, Saudi Arabia, United States, U.S

☆ Airline investors have reason to grab the barf bag
▼ + stars: | 2023-12-04 | by ( Jonathan Guilford | ) www.reuters.com time to read: +3 min

NEW YORK, Dec 4 (Reuters Breakingviews) - Lately, when airlines suggest a thrilling deal, investors are left feeling queasy. Look at Alaska Air (ALK.N), whose shares cratered 15% on Monday after announcing the acquisition of struggling Hawaiian (HA.O). As happened when first Frontier (ULCC.O) and JetBlue Airways (JBLU.O) bid for Spirit Airlines (SAVE.N) in 2022, though, the buyer’s shareholders are balking. But it suggests that, by tying up, smaller airlines risk combining their woes. The deal comes as a lawsuit by the Department of Justice looking to block the merger of Spirit Airlines and JetBlue Airways heads to closing arguments on Dec. 5.

Persons: they’ll, trustbusters, nix, Pete Buttigieg doesn’t, Lauren Silva Laughlin, Sharon Lam, Aditya Sriwatsav Organizations: Reuters, Alaska Air, JetBlue Airways, Spirit Airlines, Department of Transportation, of Justice, Department of Justice, Thomson Locations: Lahaina, Maui, Alaska, Hawaii

REUTERS/Mike Segar/File Photo Acquire Licensing RightsLONDON, Dec 4 (Reuters) - U.S. crude oil production set a record for the second month running in September, highlighting the challenge to Saudi Arabia and its OPEC⁺ partners as they cut their own production to boost prices. Lower 48 production climbed to a record of 10.8 million b/d, surpassing the pre-pandemic peak of 10.5 million b/d set in December 2019. Drilling activity usually turns down around 4-5 months after prices and production turns down 10-12 months after prices fall. Production growth has slowed consistently since the middle of 2022 in response to the sharp fall in prices. Related columns:- U.S. oil output hits record as producers boost drilling efficiency (November 1, 2023)- U.S. oil producers reprieved by Saudi output cut (October 3, 2023)John Kemp is a Reuters market analyst.

Persons: Mike Segar, OPEC’s, John Kemp, Barbara Lewis Organizations: Bayway, REUTERS, OPEC, U.S . Energy Information Administration, Cooperation, Energy Information Administration, Thomson, Reuters Locations: Phillips, Linden , New Jersey, U.S, Saudi Arabia, Gulf of Mexico, Alaska, OPEC, United Kingdom, Russia, Soviet, Vienna, Brazil, Guyana, El, Saudi

☆ Morning Bid: Buoyant markets hold near year's highs
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +5 min

The Wall Street sign is pictured at the New York Stock exchange (NYSE) in the Manhattan borough of New York City, New York, U.S., March 9, 2020. Fed futures markets think a first cut may come as soon as March - with a quarter-point easing by then already two-thirds priced. Two-year Treasury yields hit their lowest since June on Friday and 10-year yields their lowest in three months, although they edged higher on Monday. U.S. crude hit its lowest in two weeks and is tracking year-on-year losses of almost 10%. But that is widening into yearend as peak rate hopes encourage some rotation to smaller cap stocks.

Persons: Carlo Allegri, Mike Dolan, Jerome Powell, Powell, Goldman Sachs, Jan, Fitch, Bitcoin, Christine Lagarde, Joann, Kirsten Donovan Organizations: New York Stock, REUTERS, Federal Reserve, Spelman College, Fed, Tech, HK, Central Bank, Treasury, PMI Reuters Graphics Reuters, Reuters, Thomson Locations: Manhattan, New York City , New York, U.S, Atlanta, Europe, Gaza, China, Hong Kong, WuXi, Evergrande, RGC Resources

A worker is reflected in a wall of the Reserve Bank of Australia (RBA) head office in central Sydney, Australia, March 1, 2016. REUTERS/David Gray/File Photo Acquire Licensing RightsDec 5 (Reuters) - A look at the day ahead in Asian markets. The relative U.S. interest rate outlook right now fits the weaker dollar narrative - futures markets have the Fed cutting rates next year more than any major or emerging market central bank. And even if the Fed does go that far, other central banks are sure to lower their policy rates more than markets are currently predicting. Here are key developments that could provide more direction to markets on Tuesday:- Australia interest rate decision- Japan - Tokyo inflation (November)- South Korea inflation (November)By Jamie McGeever Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.

Persons: David Gray, Michele Bowman's, Philip Lowe, Jamie McGeever, Josie Kao Organizations: Reserve Bank of Australia, REUTERS, Reserve Bank of, Reuters, Bank of Japan, U.S, Thomson Locations: Sydney, Australia, Japan, South Korea, Asia, masse, Tokyo

☆ Evergrande’s Hong Kong court ruling is big reprieve
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Dec 4 (Reuters Breakingviews) - A Hong Kong court on Monday adjourned to next month a hearing over a petition for the liquidation of China Evergrande (3333.HK). It lobs the ball back to Beijing: the judge told Evergrande to hold direct discussion with “relevant authorities” on the revamped terms. Options are limited following the detention of the company’s Chair Hui Ka Yan in September on suspicion of unspecified crimes. It also defers a high-profile test on whether Hong Kong liquidation rulings over mainland companies would be implemented across the border more efficiently following the introduction of a limited mutual recognition pact in 2021. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Evergrande, Hui Ka Yan, Chan Ka, Neiman Marcus, Una Galani, Thomas Shum Organizations: Reuters, Hong, HK, X, Saks, Barclays, Thomson Locations: HONG KONG, Hong Kong, China, Beijing

A truck lines up to be loaded with soybeans in a farm in the city of Primavera do Leste in the central Brazilian state of Mato Grosso January 29, 2013. The crop-heavy northern section of Brazil’s top soy and corn state Mato Grosso experienced the driest October-November period in at least a quarter century. October-November precipitation in North Mato Grosso BrazilMato Grosso grows about 27% of Brazil’s soybeans and accounts for almost 30% of the country’s soybean export program, the world’s largest. The delay in the 2020-21 soybean crop reduced Mato Grosso’s second corn yields since it pushed the sensitive development period back into a historically drier time frame. Mato Grosso accounts for two-thirds of all Brazilian corn shipments.

Persons: Mato, Brazil Mato, Karen Braun Organizations: Mato Grosso, Brazil’s, European, Reuters, Thomson Locations: Primavera, Mato, NAPERVILLE , Illinois, Mato Grosso, Brazil

Money managers through Nov. 28 extended their K.C. wheat net short to near 50,000 futures and options contracts, their largest since May 2019 and among their biggest-ever shorts. Grain futures sank in the week ended Nov. 28, including a 3.2% decline in CBOT March corn and a 1.8% slide in March wheat . CBOT March wheat found contract lows on Nov. 27 but touched three-week highs by Friday, presumably motivated by short covering. Funds in that week cut their net long in CBOT soybean futures and options to 67,562 contracts from 81,587 a week earlier.

Persons: Dane Rhys, Corn, Karen Braun, Chris Reese Organizations: REUTERS, Rights, Reuters, Thomson Locations: Deerfield , Ohio, U.S, Rights NAPERVILLE , Illinois, Chicago, Kansas City, Minneapolis, Brazil

☆ Private equity double-dips are a tasty faux pas
▼ + stars: | 2023-12-04 | by ( Aimee Donnellan | ) www.reuters.com time to read: +3 min

Private equity groups are trying something similar in the capital markets: successfully listing a company, then coming back for a second bite by buying it back once its stock craters. Take Synlab (SYAB.DE), listed at the height of a Covid-19 boom in testing by investment group Cinven. European companies listed by private equity groups since 2020 are trading, on average, at a 22% discount to their IPO price, according to data from Dealogic and Breakingviews calculations. The message from such deals, however, is that it’s better to buy a private equity-owned company after it has listed. Follow @aimeedonnellan on XCONTEXT NEWSPrivate equity firm Cinven on Sept. 29 offered 10 euros a share to take Covid test maker Synlab private.

Persons: Russell Boyce, Synlab, Cinven’s, Cinven, Sweden’s, Dr Martens, Elliott, Neil Unmack, Oliver Taslic Organizations: REUTERS, Reuters, Revenue, Thomson Locations: London, Britain, Cinven, France, Dealogic, Permira, Synlab

LAUNCESTON, Australia, Dec 4 (Reuters) - The two main spot prices for iron ore diverged last week, with Singapore-traded contracts gaining but China's domestic futures posting a decline. The exchange said on Nov. 30 that it will continue to strengthen its supervision of iron ore futures to maintain what it termed the safe and stable operation of the market. But despite the travails of the property sector, China's iron ore imports have been relatively robust so far in 2023. In the same week last year iron ore stockpiles were 137.5 million metric tons and were 155.4 million in the same week on 2021. History suggests that the authorities can cool iron ore prices, but only for a relatively short period, especially if the market conditions are supportive for stronger prices.

Persons: Sonali Paul Organizations: Singapore Exchange, Dalian Commodity Exchange, National Development, Reform, it's, Reuters, Thomson Locations: LAUNCESTON, Australia, Singapore, Beijing, Dalian

☆ Explainer: How will the Supreme Court reshape US opioid epidemic relief?
▼ + stars: | 2023-12-03 | by ( John Kruzel | ) www.reuters.com time to read: +5 min

The settlement also would shield the Stamford, Connecticut-based pharmaceutical company's wealthy Sackler family owners from lawsuits brought by opioid victims. A U.S. bankruptcy court approved that restructuring plan in 2021. Lawsuits against Purdue and Sackler family members accuse them of fueling the opioid epidemic through deceptive marketing of its pain medication. They said in May that the bankruptcy settlement would provide "substantial resources for people and communities in need." The administration also has said Sackler family members withdrew $11 billion from Purdue before agreeing to contribute $6 billion to the opioid settlement.

Persons: OxyContin, Sackler, Department's, Joshua Silverstein, Silverstein, Joe Biden's, John Kruzel, Dietrich Knauth, Will Dunham Organizations: Purdue Pharma, WASHINGTON, U.S, Supreme, Purdue, U.S ., District of Columbia, University of Arkansas, Justice Department, Thomson Locations: Stamford , Connecticut, United States, U.S, Little, New York

Dec 4 (Reuters) - A look at the day ahead in Asian markets. The dollar shed 3% in November, its biggest monthly fall in a year, and last week fell for a third week in a row. Many will argue that the U.S. bond and rates markets have gotten far too carried away, and that the Fed will not ease so quickly and aggressively next year. But Fed policymakers are now in their 'blackout period' ahead of the December 12-13 policy meeting. In stark contrast to the Fed, rates futures markets are barely pricing in any rate cuts from the RBA next year at all.

Persons: Wall, Jerome Powell, Jamie McGeever, Diane Craft Organizations: Treasury, Reuters, Reserve Bank of Australia, Thomson Locations: Zealand, Australia, India, South Korea, Philippines, Thailand, Japan, Korea

☆ Opinion: Taylor Swift has it. Elon Musk and George Santos don’t
▼ + stars: | 2023-12-03 | by ( Richard Galant | ) edition.cnn.com time to read: +18 min

Exit George SantosVideo Ad Feedback SE Cupp: Trump didn't pave the way for George Santos. In the week that Americans said goodbye to Rosalynn Carter, Henry Kissinger and Sandra Day O’Connor, it was jarring that Santos occupied our minds. But as SE Cupp argued, in a more rational world, Santos would have resigned from Congress long ago. • Join us on Twitter and Facebook“Many Republicans just don’t care,” wrote Zelizer. Ron Edmonds/APAs a 12-year-old girl in 1981, Traci Lovitt was riveted by the appointment of Sandra Day O’Connor as the first woman on the Supreme Court.

Persons: William James, “, James, Webster, — Taylor Swift, Elon Musk, Taylor, Jeff Yang, aplomb, Swift, Ariana Grande, Tay, bestie, ”, ” Yang, Holly Thomas, ‘, Emma Chamberlain, we’re, we’ll, We’ll, Exit George Santos, George Santos, Rosalynn Carter, Henry Kissinger, Sandra Day O’Connor, Santos, New Jersey Sen, Bob Menendez, Cupp, Mercedes, ” Santos, Menendez “, Menendez, Donald Trump, Trump, Bill Clinton, ” Clay Jones Liz Cheney’s, Liz Cheney, ” Cheney, Julian Zelizer, Cheney, Kevin McCarthy, McCarthy, ” “, craven, — Cheney, Wade, Patrick T, Brown, ’ Trump, ” Brown, Sen, John McCain, ” Nick Anderson, Agency Nikki Haley’s, Nikki Haley, Koch, Haley, Geoff Duncan, ” Duncan, Joe Biden’s, Biden, Barack Obama, ” “ Haley, Nicole Hemmer, Bill Carter, Hannity, Newsom, Henry Kissinger’s, Henry “ Kissinger, Fareed Zakaria, Kissinger, Stalin, reread Spinoza, ” Kissinger, Zakaria, ” Jeremi Suri, ” “ Kissinger, Peter Bergen, Christopher Hitchens, Henry Kissinger David Andelman, Joe Biden, Phil Hands, Frida Ghitis, it’s, Netanyahu, Ghitis, Hani Almadhoun, Almadhoun, ” Elon, Jill Filipovic, X, Dean Obeidallah, Keith Magee, Lisa Benson, GoComics.com, Dominic Erdozain, Ronald Reagan, ’, Walt Handelsman, Will Leitch, William Faulkner, Robert Frost, John Steinbeck, Leitch, … I’d, ” Don’t, Dana Summers, Agency Amy Klein, Stuart E, Carter, Carmen Cusido, Sandra Day, Sandra Day O'Connor, Ron Edmonds, Traci Lovitt, O’Connor, Lovitt, Antonin Scalia, — Organizations: CNN, Oxford, Merriam, Exit, Trump, White House, Republican, Democrat, Independent, Mar, Twitter, Facebook, Republicans, Affordable, “, Tribune, Agency, New York Times, Biden, United Nations Relief, Works Agency, Musk’s, Islamic State, America “, National Commission, Illustrated, Sports, AP, Stanford Law, Potomac Locations: Merriam, New York, New Jersey, Roe, Georgia, Siena, optimists, European, Nazi Germany, Vietnam, Cambodia, Gaza, Israel, America, America “ America, United States, Arizona

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