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☆ U.S. SEC heightening scrutiny of auditors' crypto work - WSJ
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +1 min

Dec 22 (Reuters) - The U.S. Securities and Exchange Commission (SEC) is heightening the scrutiny of the work audit firms do for cryptocurrency companies, a senior official of the regulator told the Wall Street Journal on Thursday. "We're warning investors to be very wary of some of the claims that are being made by crypto companies," said Paul Munter, SEC's acting chief accountant in an interview with the journal. The SEC did not immediately respond to a Reuters request for comment on the report. read moreSeveral crypto firms have since been bracing for a fallout from the FTX collapse, with many counting their exposure in millions to the beleaguered exchange. Reporting by Manya Saini in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ How technology helps a research-intensive medical school secure grants and attract top scientists
▼ + stars: | 2022-12-22 | by ( Sponsor Post | Created Ibm With Insider Studios | ) www.businessinsider.com time to read: +4 min

Meeting researchers' demanding data storage requirementsEinstein partners with IBM to help meet the NIH standards and manage these huge data sets. "A leading-edge infrastructure helps us attract top research talent," said Shailesh Shenov, assistant dean for Einstein Information Technology. IBM Spectrum Scale software features an auto-tiering feature that moves less frequently used data to IBM Tape, which only powers up when it is accessed. Furthermore, the tiering contributes to our sustainability initiatives because tape storage only consumes power during reads or writes." Because it deals with highly regulated healthcare data, Einstein added IBM Data Guardium Protection to automate compliance auditing and reporting and monitor user activity.

☆ Conservationists move to permanently protect areas around proposed Alaskan mine
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +2 min

Dec 22 (Reuters) - The United States' top environmental non-profit and a regional land trust have raised $20 million to permanently protect 44,000 acres at an Alaskan watershed, that could be another major roadblock for a controversial proposed mine. The proposed Pebble Mine, being developed by a unit of Canada-based Northern Dynasty Minerals Ltd (NDM.TO), has been through a roller coaster of regulations for the past 15 years. "Notably, this effort will restrict development of an access road critical for the proposed Pebble Mine," said the Fund's spokesperson, Valerie Keefer. read moreThe fundraiser counted Patagonia's Holdfast Collective among its donors, along with The Wyss Foundation and Alaska Venture Fund. Reporting by Sourasis Bose, Ruhi Soni and Arshreet Singh in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Canadian watchdog yet to decide on Roger-Shaw merger, to give notice ahead of decision
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +1 min

Dec 22 (Reuters) - Canada's competition tribunal said on Thursday it had not arrived at a decision regarding the C$20 billion ($14.7 billion) merger between Rogers Communications Inc (RCIb.TO) and Shaw Communications Inc (SJRb.TO). "The Tribunal wishes to advise the public that it intends to provide 24-48 hours notice on its website of the time and date of the issuance of its decision," the competition watchdog said in a notice on its website. The much-awaited decision on the merger, one of the country's biggest, will put an end to a 20-month-old dispute with the antitrust authority. The agency had blocked the merger on grounds that it would reduce competition. Reporting by Yuvraj Malik in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ BioNTech ships COVID shots to China for use by Germans
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +3 min

BioNTech said it is working with Shanghai Fosun Pharmaceutical (600196.SS) to deliver the shots to greater China, with availability expected in Beijing, Shanghai, Guangzhou, Shenyang and Chengdu. China would need to approve expanding access beyond the about 20,000 German nationals, the source said on Wednesday. "Most of Chinese here got the BioNTech vaccine, the vaccine that was first available. SinoVac vaccine was not available in Europe," a first-generation Chinese expatriate who has lived in Europe for more than a decade told Reuters. The expatriate, who asked to remain anonymous to protect their family in China, said that the government there might only make BioNTech shots available to Chinese nationals if it came to the worst-case scenario.

☆ Hedge fund Citadel expects to return $7 bln in profits to clients - source
▼ + stars: | 2022-12-21 | by ( Carolina Mandl | ) www.reuters.com time to read: +1 min

Dec 21 (Reuters) - Hedge fund Citadel expects to return about $7 billion in profits to its investors in the first week of January after a stellar performance this year, a source familiar with the matter said. Reuters reported this month that this year was shaping up to be one of Citadel's best years in terms of performance. The hedge fund firm, which manages $59 billion in assets, told investors its flagship Wellington fund returned roughly 32% through the end of November. It has returned more than $11 billion in the last five years as it is more focused on performance, not on capital growth, the source said. The Wall Street Journal first reported the expected capital return earlier on Wednesday.

☆ AMC abandons talks to acquire bankrupt Cineworld's theaters
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +2 min

Dec 21 (Reuters) - Cinema chain AMC Entertainment Holdings (AMC.N) said on Wednesday it was no longer in talks to acquire some theaters owned by now bankrupt Cineworld Group (CINE.L) following initial discussions with some lenders. AMC in August announced its preferred share APE as a special dividend for shareholders and a means to raise capital in the future. Shares of AMC rose nearly 2% in trading before the bell, while its preferred shares were up more than 3%. Cineworld shares fell 5%. During the discussions, AMC said Cineworld did not provide any confidential or non-public information, analyses, compilations, forecasts, among other documents to the lenders.

☆ Tesla to freeze hiring, lay off employees next quarter - Electrek
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +1 min

Dec 21 (Reuters) - Another wave of layoffs are coming at electric-car maker Tesla Inc (TSLA.O) in the next quarter, news website Electrek reported on Wednesday, citing a source familiar with the matter. Tesla is also going to freeze hiring, according to the report. Moreover, Tesla analysts have also cut their price targets on the stock worried that weakness in demand from China will weigh on the EV maker's deliveries next year. read moreMusk in June said Tesla would reduce its salaried workforce by roughly 10% over the next three months. Reporting by Chavi Mehta in Bengaluru; Editing by Shounak Dasgupta and Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ 3M to end 'forever chemicals' output at cost of up to $2.3 billion
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +2 min

Perfluoralkyl and polyfluoroalkyl substances (PFAS) do not break down quickly and have in recent years been found in dangerous concentrations in drinking water, soils and foods. Pressure to stop producing the chemicals has also increased, with investors managing $8 trillion in assets earlier this year writing to 54 companies urging them to phase out their use. 3M expects related total pre-tax charges of about $1.3 billion to $2.3 billion over the course of its PFAS exit. In the fourth quarter, it expects to take an estimated pre-tax charge between $0.7 billion and $1.0 billion, primarily non-cash and related to asset impairments. In August, the Biden administration said it will propose designating certain forever chemicals as hazardous substances under the U.S. Superfund program.

☆ U.S. CFPB orders Wells Fargo to pay $3.7 bln in penalties for mismanagement
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: 1 min

Dec 20 (Reuters) - The U.S. Consumer Financial Protection Bureau (CFPB) on Tuesday ordered Wells Fargo & Co (WFC.N) to pay a penalty of $3.7 billion, citing widespread mismanagement of auto loans, mortgages and deposit accounts. Reporting by Manya Saini in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. CFPB orders Wells Fargo to pay $3.7 bln for mismanagement
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: 1 min

Dec 20 (Reuters) - The U.S. Consumer Financial Protection Bureau (CFPB) on Tuesday ordered Wells Fargo & Co (WFC.N) to pay $3.7 billion, citing widespread mismanagement of auto loans, mortgages and deposit accounts. Reporting by Manya Saini in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ 3M to stop making 'forever chemicals', to take up to $2.3 bln charge
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +2 min

The per- and polyfluoroalkyl substances are known as forever chemicals because the substances do not break down quickly and have in recent years been found in dangerous concentrations in drinking water, soils and foods across the country. Last month, 3M and DuPont de Nemours Inc (DD.N) were among several companies to be sued by California's attorney general to recover clean-up costs. The company expects to incur related total pre-tax charges of about $1.3 billion to $2.3 billion over the course of its exit from PFAS. In the fourth quarter, 3M expects to take an estimated pre-tax charge between $0.7 billion and $1.0 billion, primarily non-cash and related to asset impairments. In August this year, the Biden administration said it will propose designating certain "forever chemicals" as hazardous substances under the nation's Superfund program.

Dec 20 (Reuters) - Wells Fargo & Co (WFC.N) agreed to pay $3.7 billion to settle charges from a U.S. consumer watchdog over widespread mismanagement of car loans, mortgages and bank accounts, the regulator said Tuesday. "Wells Fargo is a corporate recidivist that puts one-third of American households at risk of harm,” CFPB Director Rohit Chopra told journalists in a briefing. Shares of Wells Fargo were down less than 1% in late morning trading. Wells Fargo has faced multiple enforcement actions taken by the CFPB and other banking regulators for violations across the bank's business lines. Scharf became CEO in 2019, the fourth person to lead Wells Fargo since the scandal emerged.

It will pay a record penalty of $275 million for violating a children's privacy law and adopt strong default privacy settings for young people. Epic Games will also pay $245 million to refund consumers duped by so-called "dark patterns" into making purchases they did not intend to make, the FTC said. "Epic used privacy-invasive default settings and deceptive interfaces that tricked Fortnite users, including teenagers and children," said FTC Chair Lina Khan in a statement. The Epic Games logo, maker of the popular video game "Fortnite", is pictured on a screen in this picture illustration August 14, 2020. Children's privacy advocates were pleased with the settlement, with Jeff Chester of the Center for Digital Democracy saying that "kids should also have their data privacy rights better respected through this enforcement of the federal kids data privacy law (COPPA)."

☆ "Fortnite" maker Epic Games to settle alleged privacy violation for $520 mln
▼ + stars: | 2022-12-19 | by ( ) www.reuters.com time to read: +2 min

Dec 19 (Reuters) - "Fortnite" creator Epic Games will pay $520 million to settle allegations that it illegally collected children's personal information and tricked people into making purchases, the Federal Trade Commission and the company said on Monday. It will pay a record penalty of $275 million for violating the children's privacy law and adopt strong default privacy settings for young people. Epic Games will also pay $245 million to refund consumers duped by so-called "dark patterns" into making purchases they did not intend to make, the FTC said. "Epic used privacy-invasive default settings and deceptive interfaces that tricked Fortnite users, including teenagers and children," said FTC Chair Lina Khan in a statement. The FTC said that Epic employees had expressed concern about the company's default settings in place for children, saying that people should be required to opt in for voice chat.

☆ 'Bored Ape' NFT startup names Activision operating chief as CEO
▼ + stars: | 2022-12-19 | by ( ) www.reuters.com time to read: +1 min

Dec 19 (Reuters) - "Call of Duty" maker Activision Blizzard's (ATVI.O) chief operating officer Daniel Alegre will join "Bored Ape" NFT maker Yuga Labs as its chief executive, the metaverse startup said on Monday. The announcement comes days after the Biden administration sued to block tech giant Microsoft's (MSFT.O) $69 billion takeover of Activision. Alegre, who has served as operating chief at the videogame publisher since April 2020, will succeed Nicole Muniz as Yuga's CEO in the first half of 2023. "Since exploding onto the scene with Bored Ape Yacht Club in 2021, Yuga Labs has quickly made a name for itself through a powerful combination of storytelling and community-building,” Alegre said. Bored Ape NFTs are often used as profile pictures on social media.

☆ Madrigal NASH drug meets goals in much-awaited trial, shares surge
▼ + stars: | 2022-12-19 | by ( ) www.reuters.com time to read: +1 min

Dec 19 (Reuters) - Madrigal Pharmaceuticals' (MDGL.O) experimental drug for fatty liver disease met both of the main goals in a highly anticipated late-stage study, it said on Monday, sending the company's shares soaring over 200%. The positive data sets the stage for the drug, resmetirom, to become the first approved treatment for NASH, or nonalcoholic steatohepatitis, a disease that affects about 5% of adults in the United States. Data from the trial shows a lower 80 milligram dose helped 26% of patients reach NASH resolution, compared to 30% for a higher 100 milligram dose, and 10% for placebo. NASH is a form of nonalcoholic fatty liver disease, characterized by the organ developing fibrosis or scarring, which can progress to cirrhosis and liver failure. The company plans to file a marketing application seeking accelerated approval for the drug in the first half of 2023.

Dec 2 (Reuters) - More than 1,000 union employees at the New York Times Co (NYT.N) have pledged to walk out if the news publisher does not agree to a "complete and equitable contract" by Dec. 8, according to a tweet by the union on Friday. "We will walk out and stop work for 24 hours, on Thursday, Dec. 8, if we do not have a deal for a complete and equitable contract by then," the letter read. The members of the union are also asking for remote work flexibility, among other demands. Earlier in March, a group of nearly 600 tech employees at the New York Times voted to unionize as the company faced claims it unlawfully interfered with labor organizing. read moreReporting by Tiyashi Datta in Bengaluru; Editing by Shailesh Kuber and Rosalba O'BrienOur Standards: The Thomson Reuters Trust Principles.

☆ S&P cuts France's outlook to 'negative' on rising budgetary risks
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +1 min

Dec 2 (Reuters) - Ratings agency S&P Global cut France's outlook to "negative" from "stable" on Friday, reflecting its view of rising risks to the country's public finances and the resulting fiscal space reduction. The country's slowing economy and government measures to cushion households and businesses from energy inflation is expected to weigh on public finances, the ratings agency said. Ratings agency Moody's, in its most recent rating action, affirmed France's rating at AA2, with a stable outlook. In September, the French government forecast that public debt will hover around 111.5% of GDP until 2026 before easing. The agency affirmed France's sovereign credit rating at "AA/A-1+".

☆ United Airlines nears deal for dozens of Boeing 787 Dreamliners - WSJ
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +1 min

Dec 2 (Reuters) - United Airlines Inc (UAL.O) is close to reaching a deal with Boeing (BA.N) to order dozens of the planemaker's 787 Dreamliner jets, the Wall Street Journal reported on Friday, citing people familiar with the matter. The potential order comes at a time when the industry struggles with adverse weather conditions, worker shortages and strikes over the past year, which has impacted operations. Demand for widebody jets is also returning after years of a market glut, a boost especially for Boeing, which is in the midst of a recovery from successive crises. A deal between United and Boeing could be completed as soon as this month, the report said. Reporting by Nathan Gomes in Bengaluru, Rajesh Kumar Singh in Chicago; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ TSX falls after better-than-expected domestic jobs data, materials weigh
▼ + stars: | 2022-12-02 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

Traders see a 75% chance of a 25-basis-point rate hike by the BoC next week, down from 84% before the data was published. The materials sector (.GSPTTMT) fell 1.2% tracking bullion prices that dipped after a strong U.S. jobs data rekindled worries of an aggressive Federal Reserve. This week was a cocktail of economic data iced with mixed bank earnings, as markets enter into the holiday season. The big fear and debate is all about whether the economic data is starting to point to a recession coming in 2023," Taylor added. Reporting by Johann M Cherian in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Twitter offers advertisers incentives after many marketers left platform - WSJ
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: 1 min

Dec 1 (Reuters) - Twitter Inc is offering advertisers incentives to increase their spending on the platform to jump-start its business after Elon Musk's takeover prompted many companies to pull back, the Wall Street Journal reported on Thursday, citing people familiar with the matter. The company did not immediately respond to a Reuters request for comment. Reporting by Tiyashi Datta in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. FDA declines to approve Y-mAbs's pediatric cancer drug
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +1 min

The FDA's decision follows a unanimous vote by its advisers in October against the drug, omburtamab, to treat neuroblastoma due to insufficient evidence that it improves overall survival. The FDA and its advisers had raised issues over the strength of the data and uncertainty over trial results. The company already has a neuroblastoma drug Danyelza, approved in 2020, which generated $32.8 million in revenue in the first nine months of 2022. Omburtamab was being developed to treat cancer in the cerebrospinal fluid that provides nutrients and chemicals to the brain and spinal cord. Danyelza, on the other hand, is approved for the treatment of relapsed or refractory neuroblastoma in the bone or bone marrow.

☆ Fisker's cash tied up in bank guarantees, short-seller report says
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +1 min

Dec 1 (Reuters) - Short-seller Fuzzy Panda Research said on Thursday that Fisker Inc's (FSR.N) access to its funds is limited by bank guarantees that set a mininum cash balance, sending the electric-vehicle maker's shares down 5%. In a report disclosing an unspecified short position, Fuzzy Panda Research said nearly all of the $825 million Fisker has in cash "is tied up" in guarantees to its manufacturing partner Magna Steyr, the Austrian unit of Magna International Inc (MG.TO). The guarantees include Fisker paying for Magna's tooling costs as well as manufacturing margins and direct manufacturing costs, the short seller said, citing interviews with former employees. The EV maker is the latest target of Fuzzy Panda Research, which has previously issued reports on EVgo Inc (EVGO.O), Workhorse Group Inc (WKHS.O) and now bankrupt Electric Last Mile Solutions. The short-seller also said that Fisker has been selling shares to raise cash and pay expenses instead of funding operating losses using its cash balance.

☆ Coinbase says Apple blocked its last app release on NFTs in wallet
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +2 min

Dec 1 (Reuters) - Coinbase Global Inc (COIN.O) said on Thursday customers using Apple Inc's (AAPL.O) iOS will not be able to send non-fungible tokens (NFTs) on the cryptocurrency exchange's wallet anymore. "Apple's claim is that the gas fees required to send NFTs need to be paid through their In-App Purchase system, so that they can collect 30% of the gas fee," Coinbase Wallet added in a tweet. Coinbase said it would not be able to comply with the requirement even if it tried as the iPhone maker's proprietary in-app purchase system does not support crypto. Coinbase's issue with Apple comes at difficult time for the crypto exchange, whose shares are down roughly 80% so far this year. Reporting by Manya Saini in Bengaluru; Editing by Sriraj Kalluvila and Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

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