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☆ U.S. Sanctions Shipping Companies for Allegedly Evading Russia Oil Price Cap
▼ + stars: | 2023-11-17 | by ( Richard Vanderford | ) www.wsj.com time to read: 1 min

The U.S. Treasury Department has sanctioned three shipping companies based in the United Arab Emirates for allegedly violating the $60-a-barrel price. Photo: Ariel Zambelich/The Wall Street JournalThe U.S. has imposed sanctions on additional shipping companies and vessels that it says evaded a cap meant to cut Russia’s oil revenue. The Treasury Department on Thursday said it placed sanctions on three companies based in the United Arab Emirates: Kazan Shipping, Progress Shipping and Gallion Navigation. Vessels owned by those companies transported Russian crude without respecting a $60-a-barrel price cap imposed by the U.S. and allies, the Treasury said.

Persons: Ariel Zambelich Organizations: U.S . Treasury Department, United Arab Emirates, Street, Treasury Department, United Arab, Kazan Shipping, Progress Shipping, Gallion, U.S, Treasury Locations: United Arab Emirates, Kazan

The trend worries some U.S. lawmakers who fear corporate interest will make agricultural land unaffordable for the next generation of farmers. Investment firm acquisitions are also outpacing farmland purchases by foreign entities, according to data from the U.S. Department of Agriculture (USDA). Lawmakers debated this year whether to curtail foreign farmland ownership, concerned that adversaries might buy land to exert political influence. "If the next generation isn’t enticed to come back to the farm," he said, "then who’s going to own that land?" About 60% of U.S. farmland is farmer-owned and -operated, with the rest owned by non-farmer operators including individuals, trusts, and corporations, according to USDA.

Persons: Nuveen, Paul Schadegg, Tim Gibbons, isn’t, It’s, David Gladstone, Gladstone, Cory Booker, Bruce Sherrick, Leah Douglas, Richard Valdmanis, Anna Driver Organizations: Investment, Reuters, Manulife Investment Management, National Council of Real Estate Investment, United Nations, U.S . Department of Agriculture, Lawmakers, Senate, National Defense, Farmers National Company, Missouri Rural Crisis Center, USDA, Gladstone, Agriculture Committee, TIAA, Research, University of Illinois, Thomson Locations: U.S, United, China, Russia, Iran, North Korea, Missouri

☆ Los Angeles I-10 Freeway Closure Expected to Snarl Traffic
▼ + stars: | 2023-11-13 | by ( Jennifer Calfas | ) www.wsj.com time to read: 1 min

A fire under Interstate 10 severely damaged the freeway connecting to downtown Los Angeles. Photo: Richard Vogel/Associated PressLos Angeles drivers girded for significant disruptions to their commutes beginning Monday after a fire shut down part of Interstate 10, a major artery in the city’s freeway system. A section of the busy interstate that connects to downtown Los Angeles will remain closed in both directions “until further notice,” the California Department of Transportation, or CalTrans, said Sunday. California Gov. Gavin Newsom declared a state of emergency in Los Angeles County over the weekend, mobilizing state resources to assist with repairing the damage.

Persons: Richard Vogel, Gavin Newsom Organizations: Associated Press Los, California Department of Transportation, CalTrans, California Gov Locations: Los Angeles, Los Angeles County

REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsWASHINGTON, Nov 13 (Reuters) - The U.S. Treasury Department has sent notices to 30 ship management companies requesting information for more than 100 vessels it suspects of transporting Russian crude oil above the Western oil price cap, according to a source who has seen the documents. It bans Western companies from providing services such as transportation, insurance and financing for the oil sold above the cap. The price cap has caused a shift in global markets as China and India purchase Russian oil, much of which had traditionally gone to Europe and other markets. A rally in global oil prices this year has meant much of Russian oil has traded above the cap. Reporting by Timothy Gardner; Editing by Richard Valdmanis and Grant McCoolOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Timothy Gardner, Richard Valdmanis, Grant McCool Organizations: REUTERS, Rights, U.S . Treasury Department, Foreign, Control, Treasury Department, European Union, Thomson Locations: Russia, United States, Washington, Moscow, Ukraine, Australia, China, India, Europe, Western

☆ Here's what Wall Street is saying about obesity drug Wegovy following Novo Nordisk's key study
▼ + stars: | 2023-11-13 | by ( Alex Harring | ) www.cnbc.com time to read: +6 min

Wegovy contains semaglutide, the same active ingredient in Novo's type 2 diabetes drug Ozempic. A rising tide for Eli Lilly? Though the study was specifically about Wegovy, Wall Street sees a positive readthrough for similar medications from other providers, particularly Eli Lilly 's Zepbound. Similarly, UBS analyst Trung Huynh called the weekend data a "best-case" scenario for Eli Lilly. And the positive outcomes for both in the Wegovy study can be viewed as encouraging for how Zepbound should perform, the analyst added.

Persons: Morgan Stanley, Mark Purcell, Richard Vosser, Peter Verdult, Eli Lilly, Eli Lilly's, Lilly, Andrew Baum, Trung Huynh, That's, it's, Zepbound, Huynh, Citi's Baum, James Shin isn't, Michael Bloom, Christina Cheddar Berk, Angelica Peebles Organizations: Novo Nordisk, American Heart Association, cardiologists, JPMorgan, Citi, ., UBS, North American, Tandem Diabetes Care, Deutsche Bank

Los Angeles Mayor Karen Bass described the closure as a “crisis” for a city already notorious for its traffic woes. This photo provided by the California Department of Transportation shows an early morning fire along Interstate 10 near downtown Los Angeles on Saturday. A Los Angeles firefighter uses a robotic hose to douse a fire under Interstate 10 that severely damaged an overpass in downtown Los Angeles on Saturday. Wooden pallets, cars filled with gas and boxes of oranges have all been found under the Los Angeles bridge, officials said. Los Angeles firefighters mop up damage from a fire that severely damaged Interstate 10 near downtown Los Angeles on Saturday.

Persons: Angeles Mayor Karen Bass, Gavin Newsom, “, ” Newsom, Bass, Newsom, ”, Firefighters, Richard Vogel, Kristin Crowley, Crowley Organizations: CNN, Los, Angeles Mayor, Los Angeles Fire Department, California Department of Transportation, Caltrans, Sunday, Department of Transportation, LA Unified School District, Los Angeles Locations: Los Angeles, Alameda Street, California, Los Angeles County, Philadelphia

☆ UBS Remains Under Swiss Regulator’s Magnifying Glass
▼ + stars: | 2023-11-10 | by ( Richard Vanderford | ) www.wsj.com time to read: 1 min

The risks of cyberattacks, information-technology disruptions and fraud have significantly increased during the integration of UBS and Credit Suisse, Finma, Switzerland’s financial regulator said. Photo: fabrice coffrini/Agence France-Presse/Getty ImagesUBS is facing scrutiny from Finma, Switzerland’s chief financial regulator, as it integrates with Credit Suisse following the merger of the two global banks this year, the regulator said, adding that it will appoint outside monitors to oversee the process. The risks of cyberattacks, information-technology disruptions and fraud have significantly increased during the integration of UBS and Credit Suisse, Finma said Thursday in an annual risk outlook report. The regulator also noted an overarching concern that a lack of a “holistic overall risk view” could mean that controls are inadequate.

Persons: fabrice coffrini, Finma Organizations: UBS, Credit Suisse, Agence France, Getty Locations: Finma

☆ Congress Must Aid Fight Against Illicit Use of Crypto, Treasury Official Says
▼ + stars: | 2023-11-08 | by ( Richard Vanderford | ) www.wsj.com time to read: 1 min

Deputy Treasury Secretary Wally Adeyemo. Photo: daniel leal/Agence France-Presse/Getty ImagesA senior Treasury Department official said the Biden administration wants new powers from Congress to aid in a crackdown on the illicit use of cryptocurrencies, citing digital asset flows allegedly connected to Palestinian militant group Hamas. Treasury has been in communication with Democrats and Republicans about actions that they could take, Deputy Treasury Secretary Wally Adeyemo said Tuesday in Washington at the annual meeting of the Securities Industry and Financial Markets Association, a trade group.

Persons: Wally Adeyemo, daniel leal, Biden Organizations: Agence France, Treasury Department, Hamas, Treasury, Securities Industry, Financial Markets Association Locations: Washington

☆ How shipping more US natural gas to Europe helped fuel CO2 pollution
▼ + stars: | 2023-11-08 | by ( Tim Mclaughlin | ) www.reuters.com time to read: +6 min

The administration approved five U.S. LNG export licenses to serve the European market following Russia's invasion, having approved none beforehand. U.S. special climate envoy John Kerry told Reuters last year that greenhouse gas emissions were an inevitable "downside" to increasing LNG exports to European allies. CO2 emissions from the energy-intensive process of liquefying gas for export mark only one stage in the industry's overall climate impact. Critics argue that it is unclear whether the U.S. gas export boom to Europe is displacing coal or delaying a transition to renewables like solar and wind. NextDecade Corp has said its proposed terminal near Brownsville, Texas, could remove more than 90% of its expected 6.4 million tons per year of carbon emissions.

Persons: Arathy, Biden, John Kerry, Robert Fee, Critics, Alexandra Shaykevich, Sempra, Susan Richardson, Tim McLaughlin, Richard Valdmanis, Suzanne Goldenberg Organizations: Reuters, Cheniere Energy, United, U.S . Environmental Protection Agency, Federal Energy Regulatory, Biden White, LNG, The Energy Department, FERC, U.S, Energy Information Administration, Reuters Graphics, Washington, Venture Global, CCS, SEC, Talos Energy, NextDecade, Thomson Locations: Freeport, U.S, Freeport , Texas, United States, Russia, Ukraine, Europe, Texas, Cameron, Louisiana, Brownsville , Texas

☆ Insight: US solar panel manufacturing boom threatened by cheap imports
▼ + stars: | 2023-11-03 | by ( Nichola Groom | ) www.reuters.com time to read: +7 min

[1/5] Solar panels from SunPower are installed on residential buildings at a model home display in the Eureka Grove neighborhood of Granite Bay, California, U.S., October 5, 2021. But global solar panel prices have collapsed due to a wave of new Asian production capacity in recent months, leading many in the U.S. solar industry to worry many of these proposed factories may be uneconomical. U.S. officials have repeatedly warned that over-reliance on Chinese clean energy technology could pose a security risk similar to Europe's historical dependence on Russian natural gas. A White House spokesperson did not respond to questions about recent market challenges facing domestic solar manufacturers, but said Biden's policies had generated a huge wave of investment and were revitalizing American manufacturing. Mike Carr, executive director of the Solar Energy Manufacturers for America trade group, said factories could be delayed, extending U.S. dependence on China.

Persons: Nathan Frandino, Joe Biden’s, ”, Edurne Zoco, Wood Mackenzie, Mike Carr, ” Carr, Brian Lynch, Jekyll, Hyde, Lynch, Danny O'Brien, Meyer Burger, Hari Achuthan, Richard Valdmanis, David Gregorio Our Organizations: REUTERS, P, U.S . International Trade Commission, Companies, Reuters, Energy, Solar Energy Manufacturers, America, Insights, U.S . Commerce Department, Solar Energy Industries Association, Convalt Energy, Treasury Department, Commerce Department, Thomson Locations: Eureka Grove, Granite Bay , California, U.S, Europe, China, United States, Malaysia, Thailand, Cambodia, Vietnam, India, Mexico, Hanwha, Colorado, Asia, New York, Maine

☆ Lawmakers Press Costco on China Forced Labor
▼ + stars: | 2023-11-02 | by ( Richard Vanderford | ) www.wsj.com time to read: 1 min

A campaign by U.S. lawmakers to single out companies allegedly tied to human rights abuses in China has come for popular retailer Costco. Photo: Kena Betancur/Getty ImagesCostco Wholesale faces questions from influential U.S. lawmakers over alleged links between forced labor in China and products sold in the retail giant’s stores. Costco should explain why it continues to sell seafood and security cameras that are allegedly tied to human rights abuses in China’s Xinjiang region and elsewhere, said Rep. Chris Smith (R., N.J.) and Sen. Jeffrey Merkley (D., Ore.) in a letter to Costco Chief Executive W. Craig Jelinek. Smith and Merkley head the Congressional-Executive Commission on China, a group of lawmakers and executive branch officials that monitors human rights developments in the country.

Persons: Kena, Chris Smith, Sen, Jeffrey Merkley, Craig Jelinek, Smith Organizations: U.S, Costco, Getty, Congressional, Commission Locations: China, China’s Xinjiang, N.J

The bargain shopping app of Shein, which also hosts bricks-and-mortar pop-ups, is raising concerns in the U.S. Photo: Allen J. Schaben/Los Angeles Times/Getty ImagesA law that allows low-price packages to enter the U.S. duty-free and with little customs scrutiny has enabled the breakneck growth of two e-commerce companies with roots in China, Shein and Temu. Packages valued under $800 can enter the U.S. under simplified procedures known as the de minimis exemption. Lawmakers and some U.S. businesses say it is a loophole that the Chinese companies are using at a huge scale, allowing shipments of products that are unsafe or made with forced labor, while avoiding taxes.

Persons: Allen J Organizations: Los Angeles Times Locations: U.S, China

☆ 'Never seen anything like this': Maine city grapples with aftermath of mass shooting
▼ + stars: | 2023-10-26 | by ( Richard Valdmanis | ) www.reuters.com time to read: +3 min

A child looks out through a window as Lisbon Falls remains on lockdown, following a deadly mass shooting in Lewiston, in Lisbon Falls, Maine, October 26. Police cordoned off the roads leading to the shooting sites, the bowling alley and a bar. Security agents in bullet-proof vests carrying automatic rifles guarded the entrances to the Central Maine Medical Center hospital in town, where many of the shooting victims had been taken. He said he had watched as police cars rushed in the direction of the Just-in-Time Recreation bowling alley and ambulances sped back the other way toward the hospital. Maine Governor Janet Mills said in a press conference the shooting had undermined Maine’s reputation as one of the safest states in the country.

Persons: Shannon Stapleton, “ I’ve, ”, Mike Asselin, Asselin, Roger Lussier Jr, Janet Mills, “, Rich McKay, Colleen Jenkins, Alistair Bell Organizations: REUTERS, Rights, Police, Security, Central Maine Medical Center, Lewiston, Thomson Locations: Lisbon, Lewiston, Lisbon Falls , Maine, Rights LEWISTON , Maine, Maine, Androscoggin, ”

☆ Richard Vanderford — Reporter at The Wall Street Journal
▼ + stars: | 2023-10-25 | by ( Richard Vanderford | ) www.wsj.com time to read: 1 min

Richard VanderfordRichard Vanderford is a reporter for Risk and Compliance Journal, covering corporate risk from New York. Richard previously reported for MLex Market Insight, a Brussels-based news service, covering white-collar enforcement and compliance. He began his news career at Law360, where he wrote about litigation in Manhattan federal court.

Persons: Richard Vanderford Richard Vanderford, Richard Locations: New York, Brussels, Law360, Manhattan

☆ U.S. Lawmakers Point to Reports of Forced Labor in China’s Seafood Industry
▼ + stars: | 2023-10-25 | by ( Richard Vanderford | ) www.wsj.com time to read: 1 min

Fish on display at a seafood market in China’s Shandong Province. Photo: Wang Haibin/Zuma PressU.S. lawmakers said the Biden administration should crack down on China’s use of forced labor in seafood production after an investigative journalism group found widespread transfers of laborers from the country’s Xinjiang region to processing facilities elsewhere in the country. The administration should block imports from seafood-processing facilities in China that run afoul of a U.S. law meant to target forced labor linked to Xinjiang, home to the country’s Uyghur people and other minority groups, said Rep. Chris Smith (R., N.J) and Sen. Jeff Merkley (D., Ore.) in a letter sent Tuesday to Department of Homeland Security Secretary Alejandro Mayorkas .

Persons: Wang Haibin, Biden, Chris Smith, Sen, Jeff Merkley, Alejandro Mayorkas Organizations: Zuma Press U.S, of Homeland Locations: Shandong Province, Xinjiang, China

☆ U.S. Warns Businesses to Guard Against Iran Missile Push
▼ + stars: | 2023-10-19 | by ( Richard Vanderford | ) www.wsj.com time to read: 1 min

An Iranian surface-to-surface missile and anti-aircraft missiles are pictured during a military exhibition commemorating the Iran-Iraq war anniversary in Tehran. Photo: Rouzbeh Fouladi/Zuma PressThe Biden administration on Wednesday warned businesses to be on the lookout for Iranian attempts to acquire goods that could support its ballistic missile program. The U.S. also imposed new sanctions on entities it said were enabling Iran’s missile and drone programs. The two moves came as United Nations restrictions on Iran’s ballistic missile-related activities were slated to expire.

Persons: Rouzbeh Fouladi, Biden Organizations: Zuma, Iran’s Locations: Iranian, Iran, Iraq, Tehran, U.S, Nations

☆ Ships Speeding Through US 'Go Slow' Zones Meant to Protect Endangered Whale -Report
▼ + stars: | 2023-10-19 | by ( Oct. | At A.M. | ) www.usnews.com time to read: +1 min

BOSTON (Reuters) - More than 80% of ships are speeding through "go slow" zones set by environmental regulators along the U.S. East Coast to protect endangered North Atlantic Right Whales, according to a report released on Thursday by environmental group Oceana. Oceana said it analyzed boat speeds from November 2020 through July 2022 in slow zones established by the National Oceanic and Atmospheric Administration (NOAA) along the East Coast and found that 84% of boats sped through mandatory slow zones, and 82% sped through voluntary slow zones. "NOAA Fisheries’ approach evaluates overall compliance based on the percent of the total distance traveled by AIS-equipped vessels in the speed zones at compliant speeds," it said. It pointed out that ships sometimes enter the zones above 10 knots before slowing down. Oceana said it used data from Global Fishing Watch, an international nonprofit organization founded by Oceana in partnership with satellite imagery providers SkyTruth and Google, to track ship speeds and locations.

Persons: Oceana, — it's, Gib Brogan, Richard Valdmanis, Sandra Maler Organizations: BOSTON, U.S ., Atlantic, National Oceanic, Atmospheric Administration, NOAA, Reuters, NOAA Fisheries, AIS, Fishing Watch, Oceana, Google Locations: U.S, U.S . East Coast, Oceana, East Coast

☆ Ships speeding through US 'go slow' zones meant to protect endangered whale -report
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +2 min

Endangered North Atlantic Right Whales skim feed and sub-surface feed in the waters off of Cape Cod, Massachusetts, U.S., March 27, 2023. REUTERS/Lauren Owens Lambert/File Photo Acquire Licensing RightsBOSTON, Oct 19 (Reuters) - More than 80% of ships are speeding through "go slow" zones set by environmental regulators along the U.S. East Coast to protect endangered North Atlantic Right Whales, according to a report released on Thursday by environmental group Oceana. North Atlantic Right Whales are on the brink of extinction, numbering just 340, with ship strikes among the top causes of death. Oceana said it analyzed boat speeds from November 2020 through July 2022 in slow zones established by the National Oceanic and Atmospheric Administration (NOAA) along the East Coast and found that 84% of boats sped through mandatory slow zones, and 82% sped through voluntary slow zones. "NOAA Fisheries’ approach evaluates overall compliance based on the percent of the total distance traveled by AIS-equipped vessels in the speed zones at compliant speeds," it said.

Persons: Lauren Owens Lambert, Oceana, — it's, Gib Brogan, Richard Valdmanis, Sandra Maler Organizations: REUTERS, Rights, U.S ., Atlantic, National Oceanic, Atmospheric Administration, NOAA, Reuters, NOAA Fisheries, AIS, Fishing Watch, Oceana, Google, Thomson Locations: Cape Cod , Massachusetts, U.S, U.S . East Coast, Oceana, East Coast

☆ U.S. Derivatives Regulator Plans Tougher Enforcement Approach
▼ + stars: | 2023-10-18 | by ( Richard Vanderford | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

WASHINGTON, Oct 10 (Reuters) - The Biden administration is expected to announce on Friday the winners of $7 billion in federal grants to build out regional hydrogen hubs, three sources familiar with the matter told Reuters. The 2021 bipartisan infrastructure bill allocated up to $7 billion to launch the initiative, called the Regional Clean Hydrogen Hubs program, which will help fund six to 10 regional clean hydrogen hubs across the United States. The hubs have many private and public sector partners and the federal grants are expected to unleash a wave of new state and private sector investment. The administration has also earmarked billions of dollars more in subsidies for hydrogen producers in last year's Inflation Reduction Act. The Philadelphia region is one of the locations vying for a share of the $7 billion in grants.

Persons: Biden, Joe Biden, Jarrett Renshaw, Valerie Volcovici, Richard Valdmanis, Deepa Babington Organizations: Reuters, Energy Department, DOE, Department of Energy, Thomson Locations: California, Pennsylvania, Michigan, United States, Philadelphia

☆ Lawmakers Press NBA, Players Union on Forced Labor
▼ + stars: | 2023-10-04 | by ( Richard Vanderford | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/lawmakers-press-nba-players-union-on-forced-labor-8e46ad4b

Persons: Dow Jones

☆ Guyana contractor in US probe leaves $300 million Exxon shore base project
▼ + stars: | 2023-10-04 | by ( Sabrina Valle | Thomson Reuters | U.S. Energy Correspondent Focused In Covering Global Operations Of Oil Majors Out Of Houston. | ) www.reuters.com time to read: +4 min

Mohamed's decision to leave the consortium could reduce complications for the Texas-based company should U.S. authorities decide to levy sanctions on the pair or file an indictment. The construction of the shore base is part of Exxon’s efforts to expand oil production off Guyana’s coast, an important part of the company's growth plans. Following the Reuters report in July, Exxon had made an internal decision to remain neutral on the Mohameds, according to four sources with knowledge of the matter. Nazar was quoted in local media on Tuesday saying his decision to leave the consortium was based on religious beliefs. Reporting by Sabrina Valle; Editing by Richard Valdmanis, Richard Chang and Aurora EllisOur Standards: The Thomson Reuters Trust Principles.

Persons: Nazar Mohamed, Azruddin, Mohamed's, Alistair Routledge, Mohamed, Exxon, Andron Alphonso, Nicholas Deygoo, Boyer, Jan De Nul, Nazar, Washington, “, ”, George McEachern, Sabrina Valle, Richard Valdmanis, Richard Chang, Aurora Ellis Organizations: Exxon, Exxon Mobil Corp, Reuters, Mohamed’s, NRG Holdings, Company, U.S, FBI, International Corruption, Thomson Locations: Guyana HOUSTON, American, Texas, U.S, United States, Venezuela, Guyana, Vreed, European

☆ Shinhan Bank’s U.S. Unit to Pay $25 Million Over Alleged Compliance Faults
▼ + stars: | 2023-09-30 | by ( Richard Vanderford | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

☆ Clear Channel Outdoor to Pay $26 Million in China Bribery Probe Settlement
▼ + stars: | 2023-09-28 | by ( Richard Vanderford | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/clear-channel-outdoor-to-pay-26-million-in-china-bribery-probe-settlement-8ec795e0

Persons: Dow Jones

☆ U.S. Warns Professional Services Firms of China Risks
▼ + stars: | 2023-09-27 | by ( Richard Vanderford | ) www.wsj.com time to read: 1 min

The State Department building in Washington. The department and other U.S. government agencies issued the joint advisory Tuesday. Photo: Ting Shen for The Wall Street JournalDue-diligence companies and professional-services firms should weigh the risks of operating in China, the Biden administration said in an advisory that highlighted the continuing rift between the two countries as the U.S. cracks down on goods from China’s Xinjiang region that it says are linked to forced labor.

Persons: Ting Shen, Biden Organizations: Department, Wall Locations: Washington, China, U.S, China’s Xinjiang

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