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The Biden Administration’s signature drug pricing reform, part of the Inflation Reduction Act (IRA), aims to save $25 billion through price negotiations by 2031 for Americans who pay more for medicines than any other country. The first ever Medicare drug price reduction process begins in September, when the Centers for Medicare and Medicaid Services(CMS) identifies its 10 most costly drugs. Reuters has seen responses to CMS from five of the world's top drugmakers raising legal concerns with the law and the agency's proposed roadmap. Former CMS head Andy Slavitt, who now works at a venture capital company focused on healthcare, said the Medicare agency would have consulted lawyers. One said the Medicare roadmap, which did not go through a formal process with proposed and final rules, could be challenged in court for being unlawful as well.

☆ How The Legend of Zelda Changed the Game
▼ + stars: | 2023-05-04 | by ( Zachary Small | Rumsey Taylor | ) www.nytimes.com time to read: +17 min

More than six million people watched the preview for hints about the next video game in Nintendo’s beloved Legend of Zelda franchise. Tears of the Kingdom, the next entry in the Legend of Zelda franchise, will encourage players to manipulate and combine objects to fight enemies and explore Hyrule. The immersive gameplay of the Zelda franchise is bolstered by its deep mythology , convincing players they are unearthing ancient secrets. Retrieving the Master Sword often marks the point in a Zelda game when the difficulty spikes and the stakes are raised. Clockwise, from top left: The Legend of Zelda (1986), A Link to the Past (1991), Ocarina of Time (1998) and The Wind Waker (2002).

☆ Taliban not invited to UN Doha meeting on Afghanistan, says UN
▼ + stars: | 2023-04-28 | by ( Michelle Nichols | ) www.reuters.com time to read: +2 min

UNITED NATIONS, April 28 (Reuters) - U.N. Secretary-General Antonio Guterres has not invited the Taliban administration to a meeting that he is convening with special envoys on Afghanistan from various countries in Doha next week, a U.N. spokesperson said on Friday. Last week the United Nations had to stress that the meeting will not focus on the possible international recognition of the Taliban administration after comments by the deputy U.N. chief sparked concern and confusion. Guterres' deputy, Amina Mohammed, had suggested last week that the meeting in Doha "could find those baby steps to put us back on the pathway to recognition." In December, the 193-member U.N. General Assembly approved postponing, for the second time, a decision on whether to recognize the Afghan Taliban administration by allowing them to send a United Nations ambassador to New York. The U.N. Security Council unanimously condemned on Thursday a Taliban administration ban on Afghan women working for the United Nations in Afghanistan and called on Taliban leaders to "swiftly reverse" a crackdown on the rights of women and girls.

☆ Analysts see even more gains ahead for Meta Platforms after latest earnings report
▼ + stars: | 2023-04-27 | by ( Brian Evans | ) www.cnbc.com time to read: +4 min

Analysts liked what they saw from Meta Platform 's latest earnings report. The company projects revenue between $29.5 billion and $32 billion, while analysts expected sales of $29.5 billion, per Refinitiv. Goldman's Eric Sheridan also hiked his price target to $300, noting Meta maintained its momentum from the fourth quarter of 2022. Meanwhile, Bank of America's Justin Post noted that Meta's revenue recovery can drive the next leg higher for the stock. He also hiked his price target on Meta shares to $305 from $270, implying upside of 45.6%.

☆ Euro near one-year peak as US economic risks weigh on dollar
▼ + stars: | 2023-04-27 | by ( Kevin Buckland | ) www.reuters.com time to read: +3 min

TOKYO, April 27 (Reuters) - The euro hovered near a one-year high versus the dollar on Thursday, as Europe's resilient economy contrasted with banking contagion risks in the United States, the debt ceiling standoff and a potential recession. Europe's single currency ticked up 0.05% to $1.10415, edging back toward the overnight peak at $1.1096, the highest since April of last year. IG analyst Tony Sycamore also sees risks skewed to the downside for the euro against the dollar. IG's Sycamore says the initial strength was driven by U.S. banking concerns, but the market was "apparently spooked by a large sell order." Provided bitcoin can remain above $25,000, Sycamore expects the token to test this month's high at $31,035.

Signature Bank's failure took only marginally longer. "The number 36 has just been, you know, branded in my brain," Atlanta Fed President Raphael Bostic told Reuters earlier this month. "I think that any time you have a bank failure like this, bank management clearly failed, supervisors failed and our regulatory system failed," Barr told U.S. lawmakers in a hearing in March. "It's how do we allow a bank whose failure threatened the financial system to persist without being subject to more aggressive intervention?" "One thing for certain ... this was a very significant supervisory failure," Tarullo said at the Peterson Institute for International Economics event on Wednesday.

☆ Wells Fargo loves these three regional banks and thinks one will rally 50%
▼ + stars: | 2023-04-21 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

The lack of major outflows from many regional banks suggests that there are several stocks in the industry that could be big winners for investors, according to Wells Fargo. They expanded that optimism on Thursday evening by reiterating overweight ratings on Banc of California , East West Bancorp , F.N.B. Banc of California is the name of the three where Wells Fargo is the most bullish. Wells Fargo called Banc of California's deposit mix "impressive" and noted that the firm continued its stock buybacks despite the turmoil for regional banks. is less eye-popping at about 27%, but the bank's cautious approach should be reassuring to investors, Wells Fargo said.

☆ Taliban recognition not a focus of Afghanistan meeting, says UN
▼ + stars: | 2023-04-20 | by ( Michelle Nichols | ) www.reuters.com time to read: +2 min

[1/2] A general view ahead of an aid conference for Afghanistan at the United Nations in Geneva, Switzerland, September 13, 2021. REUTERS/Denis BalibouseUNITED NATIONS, April 20 (Reuters) - A U.N.-convened meeting on Afghanistan next month will not focus on the possible international recognition of the Taliban administration, a U.N. spokesperson stressed on Thursday after comments by the deputy U.N. chief sparked concern and confusion. His deputy, Amina Mohammed, suggested on Monday the gathering "could find those baby steps to put us back on the pathway to recognition." Earlier this month the Taliban began enforcing a ban on Afghan women working for the United Nations after stopping most women working for humanitarian aid groups in December. The Taliban says it respects women's rights in accordance with its strict interpretation of Islamic law.

☆ Analysis: Banking crisis scars struggling U.S. real estate stocks
▼ + stars: | 2023-04-19 | by ( Lewis Krauskopf | ) www.reuters.com time to read: +5 min

After slumping 28% last year, the S&P 500 real estate sector (.SPLRCR) has gained about 1% in 2023, lagging an 8% rise for the overall S&P 500 (.SPX). Real estate is the only one of the 11 S&P 500 sectors to underperform the benchmark index in both 2022 and so far in 2023. The real estate sector has slumped 2% since SVB's troubles came to light on March 8, compared to a 4% rise for the S&P 500. “There is nothing about the current banking situation ... that made life easier for real estate companies,” said Peter Tuz, president of Chase Investment Counsel. S&P 500 real estate company earnings are expected to fall 0.3% this year after rising almost 11% in 2022, according to Refinitiv IBES.

A Labor Department report showed producer prices rose 2.7% in March, on a year-over-year basis, below economists' estimates of a 3% rise. The dollar and Treasury yields slid as investors mostly stuck to expectations of the 25-bps hike after Thursday's data. Analysts expect S&P 500 companies to record a profit decline of 5.2% in the first quarter, as per Refinitiv IBES data, in what could be their worst showing since the third quarter of 2020. Financial companies that are part of the S&P 500 are expected to report a profit growth of 4.3% in the first quarter. ET, Dow e-minis were up 62 points, or 0.18%, S&P 500 e-minis were up 12.5 points, or 0.30%, and Nasdaq 100 e-minis were up 60.75 points, or 0.47%.

A Labor Department report showed producer prices unexpectedly fell in March as the cost of gasoline declined, and there were signs that underlying producer inflation was subsiding. Jobless claims were also favorable news for the Fed," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York. Wall Street closed lower on Wednesday after data showed consumer prices rose at a slower-than-expected pace in March, however, core prices remained sticky and supported the case for another 25-basis point rate hike by the Fed in May. Analysts expect S&P 500 companies to record a profit decline of 5.2% in the first quarter, as per Refinitiv IBES data, in what could be their worst showing since the third quarter of 2020. Financial companies that are part of the S&P 500 are expected to report a profit growth of 4.3% in the first quarter.

UNITED NATIONS/KABUL, April 5 (Reuters) - U.N. chief Antonio Guterres condemned on Wednesday a ban by Afghanistan's Taliban authorities on Afghan women working for the United Nations, calling it "an intolerable violation of the most basic human rights" that should be immediately revoked. The United Nations has told some 3,300 Afghan staff - of which about 400 are female - not to report to their offices until further notice for security reasons. "Banning Afghan women from working with the U.N. in Afghanistan is an intolerable violation of the most basic human rights," Guterres posted on Twitter. Top U.N. officials in Kabul met with the Acting Afghan Minister of Foreign Affairs Amir Khan Muttaqi on Wednesday after the Taliban authorities signaled on Tuesday that they would enforce a ban on Afghan women working for the world body. So far it is only 5% funded and the United Nations says nearly three-quarters of the country's 40 million people need help.

Several major finance companies also voluntarily reported ethnicity pay data for the period. The majority of major finance firms nonetheless made progress in narrowly closing their gender pay gaps, according to their disclosures. ETHNICITY PAY GAPSHalf of the 20 finance firms reviewed reported varying detail on ethnicity pay gaps, with some including insurer Phoenix doing so for the first time. Where pay gaps were further broken down by ethnicity, they showed the largest pay disparities were between Black and white employees. All the employers said in their pay gap reports they were taking steps to improve diversity, particularly at senior levels.

☆ A green transition will require trillions of dollars. It'll be a 'tall order' to find the cash, but there's hope
▼ + stars: | 2023-04-04 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +3 min

"There's reason for great encouragement in what we've seen ... [happening] in the last year," Mark Dooley, global head of Macquarie Asset Management's Green Investment Group, said. The shift to a low and zero carbon future will require cutting edge technological innovation alongside huge levels of investment. Referencing the global situation, Dooley added: "We've just had our first year, in 2022, where we punched through a trillion dollars going into the energy transition — a trillion dollars." According to the International Energy Agency, clean energy investment will need to hit over $4 trillion a year by 2030 in its Net Zero Emissions by 2050 Scenario. What it calls "transition technologies" would account for 80%, or $35 trillion, of this.

☆ What crisis? U.S. bank-focused ETFs see strongest demand in months in March
▼ + stars: | 2023-03-31 | by ( Lisa Pauline Mattackal | ) www.reuters.com time to read: +2 min

Exchange-traded funds tracking U.S. regional banks saw their strongest net inflows in months, with the SPDR S&P Regional Banking ETF receiving $1.25 billion in the month to March 29, while the iShares U.S. Regional Banks ETF (IAT.P) took in $258 million, according to Refinitiv Lipper data. March was the first month of net buying for the IAT fund in a year, and one of the best months on record in terms of flows for KRE. US Bank ETFs in 2023A swift response from regulators and central banks encouraged investors looking to "buy at the bottom," Islam said. "As markets continue to settle down ... banks generally and major banks especially will outperform the S&P 500."

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☆ Signs of pain as easy cash era ends are growing
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +5 min

LONDON, March 30 (Reuters) - The easy-cash era is over and markets are feeling the pinch from the sharpest jump in interest rate in decades. Since late 2021, big developed economies including the United States, euro area and Australia have raised rates by almost 3,300 basis points collectively. Japanese, European and U.S. banks stocks, while off recent lows, are still well below levels seen just before SVB's collapse. Reuters Graphics2/ DARLINGS NO MOREAs the SVB collapse showed, stress in the tech sector can quickly ripple out across the economy. Reuters Graphics4/ CRYPTO WINTERHaving benefited from an influx of cash during the easy-money era, cryptocurrencies have felt pain as rates rose last year, then gained on recent signs that tightening could end soon.

☆ Russian support for Myanmar junta 'destabilising' Southeast Asia – U.S envoy
▼ + stars: | 2023-03-23 | by ( Poppy Mcpherson | ) www.reuters.com time to read: +3 min

"Anyone who is talking to Moscow needs to tell them that their continued military support for the junta is unacceptable. It's destabilising," he said in an interview during his trip to Southeast Asia. "What I have seen over the last several years is a military relationship that is only growing," Chollet said. "I'm more concerned right now about the supply of weapons going into Myanmar from Russia principally." Chollet said the Biden administration saw the crisis in Myanmar as "the most acute threat" in Southeast Asia, including instability, cross-border crime and illegal narcotics.

☆ Singapore to tighten shoe recycling controls after Reuters report
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +2 min

SINGAPORE, March 20 (Reuters) - A Singapore shoe recycling project will be subject to surprise inspections following a Reuters investigation that found footwear it donated to the scheme was not recycled, Singapore's minister of culture said on Monday. U.S. petrochemicals giant Dow Inc (DOW.N) and Sport Singapore, a government agency, had pledged that the shoes would be ground down to make playgrounds and running tracks. The investigation, using location trackers hidden inside the soles of shoes, found sneakers donated by Reuters in Singapore had instead been exported to Indonesia for resale. Presented with Reuters findings, Dow and Sport Singapore opened an investigation and later terminated the contract of Yok Impex, a local textile exporter that was subcontracted to collect shoes from donation bins. "The project partners have taken steps to tighten the process chain," Tong said, adding that learning points would be shared with other recycling projects in Singapore.

Most carmakers said their battery packs are repairable, though few seem willing to share access to battery data. Lauterwasser said access to EV battery data is part of that fight. EV battery problems also expose a hole in the green "circular economy" touted by carmakers. Hill estimated at least 95% of the cells in the hundreds of EV battery packs - and thousands of hybrid battery packs - Synetiq has stored at Doncaster are undamaged and should be reused. 'PAIN POINTS'The British government is funding research into EV insurance "pain points" led by Thatcham, Synetiq and insurer LV=.

☆ U.S. regional banks under pressure to raise deposit rates - analysts
▼ + stars: | 2023-03-16 | by ( Tatiana Bautzer | ) www.reuters.com time to read: +1 min

NEW YORK, March 16 (Reuters) - U.S. regional banks are expected to pay higher rates to depositors to keep them from switching to larger lenders, banking analysts said, following the collapse of Silicon Valley Bank and Signature Bank. The potential for stricter regulation aimed at regional banks will also make it more expensive for them to operate, posing a drag on earnings, he said. Silicon Valley Bank, based in Santa Clara, California, collapsed on Friday, followed by New York-based Signature Bank, in the second and third largest bank failures in U.S. history. BofA on Monday cut target prices for regional bank stocks including Ally Financial (ALLY.N), Citizens Financial Group (CFG.N), Fifth Third Bancorp (FITB.O) and First Republic Bank (FRC.N), partly because of the expected increase in deposit pricing. Rating agency Fitch put some regional banks on negative credit watch because of a "rapidly changing funding and liquidity environment," it said in a report on Monday.

☆ UN warns of aid cuts over Taliban crackdown on women's rights
▼ + stars: | 2023-03-08 | by ( Michelle Nichols | ) www.reuters.com time to read: +3 min

The United States was the largest donor to the 2022 U.N. aid plan in Afghanistan, giving more than $1 billion. The Taliban administration, which seized power in August 2021 as U.S.-led forces withdrew from Afghanistan after 20 years of war, says it respects women's rights in accordance with its strict interpretation of Islamic law. "They systematically deprive women and girls of their fundamental human rights," United Arab Emirates U.N. "They say their elimination from public life is no better than fearing violent death," Otunbayeva told the Security Council meeting on Afghanistan, which coincided with International Women's Day. "Afghanistan under the Taliban remains the most repressive country in the world regarding women's rights," she said.

ET (1500 GMT), with investors awaiting his comments on the Fed's steps aimed at bringing inflation towards its 2% target. Rising bond yields tend to weigh on equity valuations, particularly those of growth and technology stocks, as higher rates reduce the value of future cash flows. ET, Dow e-minis were up 25 points, or 0.07%, S&P 500 e-minis were up 6.25 points, or 0.15%, and Nasdaq 100 e-minis were up 32.5 points, or 0.26%. Dick's Sporting Goods (DKS.N) rose 6.1% after the retailer forecast annual earnings above Wall Street estimates and more than doubled its quarterly dividend. Reporting by Sruthi Shankar and Bansari Mayur Kamdar in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

ET (1500 GMT), with investors awaiting his comments on the Fed's steps aimed at bringing inflation towards its 2% target. Rising bond yields tend to weigh on equity valuations, particularly those of growth and technology stocks, as higher rates reduce the value of future cash flows. Traders see Fed fund rates peaking at 5.46% by September, from the current 4.67%. ET, Dow e-minis were up 12 points, or 0.04%, S&P 500 e-minis were up 5.5 points, or 0.14%, and Nasdaq 100 e-minis were up 29.25 points, or 0.24%. Reporting by Sruthi Shankar and Bansari Mayur Kamdar in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

The effort comes as the United States seeks to sustain its liquefied natural gas, or LNG, exports to Europe to displace Russian fuel, while also promoting efforts to fight global warming. A credible market for certified natural gas could help it tackle both goals at once. Crabtree said he hosted a workshop in October with gas industry representatives, including a new industry group called the Differentiated Gas Coordinating Council (DGCC), to discuss standards for certified gas. While gas burns cleaner than other fossil fuels, its main component is the powerful greenhouse gas methane, which can leak into the atmosphere from drilling, processing, shipping and distribution. Palti-Guzman said certified gas could also be key to securing a longterm role for U.S. LNG in Europe where carbon prices last month hit a record 100 euros per tonne.

Speaking after hosting talks in Brussels between Serbian President Aleksandar Vucic and Kosovo Prime Minister Albin Kurti, Borrell said the leaders agreed "no further discussions" are needed on the deal between the former wartime foes. But Serbia still regards Kosovo as a breakaway province and flare-ups between the Balkan neighbours have stoked fears of a return to conflict. Under the new deal, Serbia stops short of recognising Kosovo as an independent state but agrees to recognise official documents such as passports, diplomas and licence plates and not to block Kosovo's membership of any international organisation. Borrell said the annex was an "integral part" of the new deal but it had not yet been agreed. Vucic has insisted Kosovo establish an association of Serb-majority municipalities, as agreed by a previous Kosovo government.

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