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The White House is expected to argue on Friday that holding oil lease sales is the price to pay if it wants to achieve its ambitious wind energy goals. Biden sees offshore wind power as a key tool in his administration's effort to decarbonize the economy. "The number of oil and gas lease sales will be the lowest in history and will enable the rapid expansion of the offshore wind industry," the source said. The Interior Department is required by law to create a national oil and gas leasing schedule every five years. The Biden administration unveiled a proposed plan in July last year that had contemplated between zero to 11 lease sales.

Persons: Jessica Resnick, Ault, Biden, Trump, Joe Biden's, Deb Haaland, Jarrett Renshaw, Nichola, Marguerita Choy, David Gregorio, Deepa Babington Organizations: REUTERS, Bureau of Ocean Energy Management, Reuters, Biden, Interior Department, Interior, Thomson Locations: Gulf of Mexico, Louisiana, Alaska, California, U.S

North Dakota Governor Doug Burgum, former New Jersey Governor Chris Christie, former South Carolina Governor Nikki Haley, Florida Governor Ron DeSantis, former biotech executive Vivek Ramaswamy, U.S. It was a clear reflection of how illegal immigration and border security are among the top concerns for Republican primary voters. Former New Jersey Governor Chris Christie said he would send the National Guard to the U.S.-Mexico border “on Day One." That didn’t stop Christie from trying a little humor himself in blasting Trump for skipping the debate. There were some hoots but more moans from the audience, likely because much of the crowd, like the Republican Party, was comprised of voters who like Trump.

Persons: Doug Burgum, Chris Christie, Nikki Haley, Ron DeSantis, Vivek Ramaswamy, Tim Scott, Mike Pence, Donald Trump, Florida Governor Ron DeSantis, Trump, DeSantis, “, ” DeSantis, doesn't, Ramaswamy, didn’t, “ Joe Biden doesn’t, ” Pence, Karen Pence, Christie, ” Christie, Donald Duck, commenter, “ We’ve, Tim Reid, James Oliphant, Colleen Jenkins, Deepa Babington, Howard Goller Organizations: New, South Carolina, U.S, Republican, TRUMP, Florida Governor, Reuters, Trump, Former New Jersey, National Guard, South, Border Patrol, United Auto Workers, Republican Party, Twitter, Thomson Locations: Dakota, New Jersey, Florida, U.S, SIMI VALLEY , California, Simi Valley , California, autoworkers, Detroit, New Hampshire, Mexico, South Carolina, Mexican, Washington

The Treasury Department subsequently kicked off a rule-making process to implement the order, and financial firms have been rushing to meet a Sept. 28 to provide input. "It could apply to companies that are outside of China but are subsidiaries of Chinese companies or controlled by a Chinese person." While the U.S. already has restrictions on some Chinese investments in the U.S. and U.S. investments in China, the order creates a new program. The program proposes exempting publicly traded securities and index and mutual funds, but financial firms want those securities to be more tightly defined. Financial firms say they support the administration's national security goals but worry about increased liability and the economic costs of restricting capital flows.

Persons: Florence Lo, Joe Biden, Timothy Keeler, Mayer Brown, Jen Fernandez, Sidley Austin, Jay Clayton, Sullivan, Cromwell, Keeler, Peter Matheson, Fernandez, Pete Schroeder, Carol Mandl, Michelle Price, Deepa Babington Organizations: REUTERS, WASHINGTON, Treasury Department, Foreign Investment, Treasury, Former Securities and Exchange, DE, Financial, U.S, Securities Industry, Financial Markets Association, Thomson Locations: China, U.S, United States

[1/8] Former U.S. President and Republican presidential candidate Donald Trump addresses auto workers as he skips the second GOP debate, in Clinton Township, Michigan, U.S., September 27, 2023. "Donald Trump is lying about President Biden's agenda to distract from his failed track record of trickle-down tax cuts, closed factories, and jobs outsourced to China," Biden's campaign said in a statement while Trump spoke. The UAW has to date not backed either presidential candidate, making it the only major union not to endorse Biden. The UAW leadership has welcomed Biden's support, however, and spoken about Trump and his record in scathing terms. Promising to end the government's EV push if elected, Trump urged the UAW to back him in the presidential race.

Persons: Donald Trump, Rebecca Cook, autoworkers, Trump, Joe Biden's, Ron DeSantis, Chris Christie, Donald Duck, Biden, charlatan, Biden's, Jason Roe, Roe, Nathan Layne, Kanishka Singh, Jason Lange, Joe White, Ross Colvin, Deepa Babington Organizations: U.S, Republican, GOP, REUTERS, Former U.S, America's, New, United Auto Workers union, General Motors, Chrysler, Ford, Trump, Republican Party, UAW, Thomson Locations: Clinton Township , Michigan, U.S, Former, Detroit, Florida, New Jersey, China, Michigan, Pennsylvania, Wisconsin, It's, Wilton , Connecticut, Singh, Washington

☆ OpenAI Seeks New Valuation of Up to $90 Billion in Sale of Existing Shares
▼ + stars: | 2023-09-26 | by ( Deepa Seetharaman | Berber Jin | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

NEW YORK, Sept 26 (Reuters) - Shares of electric-vehicle startup Fisker Inc (FSR.N) rose by more than 20% on Tuesday after the company reaffirmed its plan to increase deliveries of its flagship Ocean sports utility vehicle, and a bullish Wall Street analyst report. The EV maker said it had built 5,000 Ocean SUVs and expects to ramp up deliveries to 300 units per day later this year, reiterating a plan announced earlier this month by Chief Executive Henrik Fisker. Fisker's shares rose as high as $6.47, and were on course for their biggest daily percentage gain since April. "The automotive industry is undergoing a once-in-a-century revolution with technology advancement on electrification, autonomy, and digitization," the analysts said. Unlike other EV makers, Fisker has outsourced its vehicle production to Canadian auto part supplier Magna International (MG.TO).

Persons: Henrik Fisker, John Babcock, Fisker, Chibuike Oguh, Lance Tupper, Deepa Babington 私たち Organizations: Ocean, Bank of America, Magna International Locations: California, U.S, Europe, New York

The judge described how Trump, his adult sons Donald Jr. and Eric, the Trump Organization and other defendants made up valuations and inflated Trump's net worth to suit their business needs. Trump and the other defendants have argued that they never committed fraud, and that the challenged transactions were profitable. Engoron said James submitted "conclusive evidence" that Trump had overstated his net worth by between $812 million and $2.2 billion. Engoron's decision does not automatically mean James' fraud case will go to trial next Monday. Trump has sued to delay the trial, accusing Engoron and James of ignoring the appeals court order to narrow the case.

Persons: Donald Trump, Scott Morgan, Justice Arthur Engoron, Letitia James, Engoron, Trump, Donald Jr, Eric, Christopher Kise, James, Bill Black, Black, Lawfare, Hunt, Trump's overvaluations, Trump's, Ivanka, Democrat Joe Biden, Jean Carroll, Karen Freifeld, Jack Queen, Jonathan Stempel, Chris Reese, Deepa Babington, Leslie Adler Organizations: U.S, Republican, REUTERS, Trump Organization, Trump, University of Minnesota Law School, Trump Organization of, Democrat Locations: Dubuque , Iowa, U.S, York, New York, Manhattan, Lago, Florida, Manhattan's, Saudi Arabia

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/business/deals/amazon-to-invest-up-to-4-billion-in-anthropic-as-ai-arms-race-escalates-649dee22

Persons: Dow Jones

☆ US senators pressure Treasury to get more aggressive on climate crisis risks
▼ + stars: | 2023-09-25 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

A bronze seal for the Department of the Treasury is shown at the U.S. Treasury building in Washington, U.S., January 20, 2023.? REUTERS/Kevin Lamarque/File Photo Acquire Licensing RightsWASHINGTON, Sept 25 (Reuters) - Elizabeth Warren, Bernie Sanders and four other U.S. senators are pressuring the U.S. Treasury Department to step up oversight and offer more guidance to financial institutions on addressing climate change risks threatening the U.S. financial system. The senators called on Treasury Secretary Janet Yellen and newly appointed climate counselor Ethan Zindler, a climate and clean energy research executive, to do more to protect the U.S. economy from what Yellen has described as the "existential threat" posed by climate change. The senators said they were particularly concerned about nonbank financial institutions, which also played a critical role in the 2008 global financial crisis, and said the FSOC should finalize and immediately implement a new analytic risk framework for climate-related financial risks. They also repeated earlier calls for stronger Internal Revenue Service enforcement of rules on political activity by nonprofit organizations, citing efforts by special interests to fuel climate change denial, and investigations into how such funding could be obstructing more action on the climate crisis.

Persons: Kevin Lamarque, Elizabeth Warren, Bernie Sanders, Warren, Martin Heinrich, Edward Markey, Sheldon Whitehouse, Jeffrey Merkley, Sanders, Janet Yellen, Ethan Zindler, Yellen, Andrea Shalal, Deepa Babington Organizations: Department of, U.S . Treasury, REUTERS, Rights, U.S . Treasury Department, Treasury, Democratic, Reuters, Internal Revenue Service, Thomson Locations: Washington , U.S, U.S

☆ Government shutdown risks food benefits for 7 million, Biden aide warns
▼ + stars: | 2023-09-25 | by ( Steve Holland | ) www.reuters.com time to read: +3 min

REUTERS/Leah Millis Acquire Licensing RightsWASHINGTON, Sept 25 (Reuters) - U.S. Agriculture Secretary Tom Vilsack warned on Monday that a government shutdown risks nutritional assistance for the nearly 7 million low-income women and children who rely on benefits. Vilsack said some benefits could be affected within days or weeks if Congress fails to provide funding for the fiscal year starting Oct. 1. A separate benefits program, Supplemental Nutrition Assistance Program (SNAP), will continue as normal for the month of October but could be affected afterward, he said. "If we have a shutdown, WIC shuts down," Vilsack told reporters at a briefing. Nearly half of newborns in the United States rely on WIC, according to the Biden administration.

Persons: Tom Vilsack, Leah Millis, Vilsack, Joe Biden, Biden, Donald Trump, Steve Holland, Trevor Hunnicutt, Mark Potter, Deepa Babington Organizations: U.S . Department of Agriculture, White, REUTERS, Rights, . Agriculture, Women, Assistance, WIC, of Agriculture, Republican, Sunday, House Republicans, Democratic, Biden, Thomson Locations: Washington , U.S, United States, Mexico, U.S

Persons: Dow Jones

Ukraine President Volodymyr Zelenskiy listens during an event to thank Americans for their support of Ukraine in the war with Russia, at the National Archives in Washington, U.S., September 21, 2023. REUTERS/Evelyn Hockstein/file photo Acquire Licensing RightsOTTAWA, Sept 22 (Reuters) - Ukrainian President Volodymyr Zelenskiy on Friday makes his first visit to close ally Canada, where he is guaranteed a warmer welcome than he received from some U.S. politicians skeptical about providing more military aid. Zelenskiy is due to address parliament in Ottawa and then hold a news conference with Trudeau. "If friends of Ukraine want Ukraine to win the war, then the only way that happens is with renewed and more military support." There are 1.4 million people of Ukrainian descent in Canada, the third most after Ukraine and Russia.

Persons: Volodymyr Zelenskiy, Evelyn Hockstein, Kyiv's, Justin Trudeau, Zelenskiy, Trudeau, Ihor Michalchyshyn, David Perry, David Ljunggren, Deepa Babington Organizations: National Archives, REUTERS, Rights, Ukrainian Canadian Congress, NATO, Canadian, Ottawa, Canadian Global Affairs Institute, Thomson Locations: Ukraine, Russia, Washington , U.S, Canada, New York, Ottawa, In Washington, United States, Germany

☆ Biden sets up White House office on gun violence prevention
▼ + stars: | 2023-09-21 | by ( Jeff Mason | Thomson Reuters | Jeff Mason Is A White House Correspondent For Reuters. He Has Covered The Presidencies Of Barack Obama | ) www.reuters.com time to read: +4 min

"But in the absence of that sorely-needed action, the Office of Gun Violence Prevention along with the rest of my Administration will continue to do everything it can to combat the epidemic of gun violence that is tearing our families, our communities, and our country apart,” he said. Democrats largely favor stricter gun laws as a way to reduce deaths from gun violence at schools and in cities across the country. Establishing a new office of gun violence prevention has long been on the wish list of anti-violence advocacy groups that were happy with Biden's record pushing for reforms but wanted the White House do more. White House adviser Stefanie Feldman, Biden's staff secretary, will serve as the director of the office, and gun safety advocates Greg Jackson and Rob Wilcox will join the White House as deputies. “We are so pleased that the Biden administration has officially created an Office of Gun Violence Prevention," said Kris Brown, president of Brady, an advocacy group.

Persons: Cheney Orr, Joe Biden, Kamala Harris, “ I’ll, Biden, ”, Harris, Stefanie Feldman, Greg Jackson, Rob Wilcox, Feldman, Kris Brown, Brady, Jeff Mason, Dan Whitcomb, Leslie Adler, Deepa Babington Organizations: Chamber, Covenant School, Tennessee State Capitol, REUTERS, Rights, Republicans, National Rifle Association, Democrats, Safer Communities, White, Gun, FEMA, Federal Emergency Management Agency, Thomson Locations: Nashville , Tennessee, U.S

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 26, 2023. The U.S. central bank on Wednesday kept its key lending rate steady, as expected, but indicated another hike is possible as it and other central banks tighten policy to tame inflation. Major equity indices in Europe and on Wall Street fell more than 1% on concerns higher rates will curb growth. /FRXMirroring a rise in Treasury yields, Germany's 10-year government bond yield touched a fresh six-month high of 2.73% and Britain's 10-year gilt yield rose to 4.29% after falling on Wednesday to its lowest since July. Gold extended its decline for a third straight day as the dollar and Treasury yields rallied on the Fed's warning of a possible additional rate hike.

Persons: Brendan McDermid, there's, Michael Arone, Jack Ablin, it's, John Hardy, Hardy, Brent, Xie Yu, Marguerita Choy, Tomasz Janowski, Deepa Babington Organizations: New York Stock Exchange, REUTERS, Federal Reserve, Swiss, Bank of England, Swiss National Bank, Fed, State Street Global Advisors, Reuters, Treasury, Cresset Capital Management, Saxo Bank, Dow Jones, Nasdaq, Sterling, Reuters Graphics, U.S, West Texas Intermediate, Thomson Locations: New York City, U.S, Norway, Sweden, Europe, Boston, Pebble Beach , Florida, Hong Kong

REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsWASHINGTON, Sept 21 (Reuters) - Americans broadly back striking workers in the auto industry and Hollywood, according to a two-day Reuters/Ipsos poll completed on Wednesday that found significant support among both Democrats and Republicans. Some 72% of self-identified Democrats said they backed the auto workers strike and 79% said they supported the Hollywood strike. The poll found that 48% of Republicans backed the auto workers strike, while 47% opposed it. Other candidates like Nikki Haley and Tim Scott have said the auto workers are asking for too much. Two-thirds said pay for CEOs and workers should go up equally -- a central talking point of the UAW strike.

Persons: Rebecca Cook, Donald Trump, Nikki Haley, Tim Scott, Joe Biden, Andy Sullivan, Scott Malone, Deepa Babington Organizations: United Auto Workers, UAW, Ford Michigan Assembly Plant, Wayne , Michigan U.S, REUTERS, Rights, Hollywood, Republicans, Ford Motor, General Motors, Chrysler, Democratic, Trump, Edison Research, Thomson Locations: Toledo , Ohio, Wayne , Michigan, United States

The Canadian central bank had expected productivity, or output per hour worked, to improve as the economy recovered from the COVID-19 pandemic. Instead, it has fallen in eleven of the last 12 quarters, taking it back to its 2016 level. It also stands to add to unit labor costs, a key measure of inflation pressures coming from higher wages. "Our own forecast is that productivity growth will turn around, but that is a risk to the outlook and if productivity growth continues declining it will make it more difficult to get inflation back to target," Macklem said. The central bank has forecast that inflation will return to its 2% target in the middle of 2025.

Persons: Macklem, Derek Holt, tightens, Holt, Dennis Darby, Doug Porter, Fergal Smith, Steve Scherer, Deepa Babington Organizations: Bank of Canada, Reuters Graphics Reuters, BoC, Scotiabank, Federal Reserve, Canadian Manufacturers, Fraser Institute, BMO Capital Markets, Thomson Locations: Canadian, Canada, freefall, United States, Toronto, Ottawa

☆ Exxon sees $16 billion in earnings for fuels, chemicals by 2027
▼ + stars: | 2023-09-20 | by ( Erwin Seba | ) www.reuters.com time to read: +2 min

REUTERS/Ernest Scheyder/File Photo Acquire Licensing RightsCompanies Exxon Mobil Corp FollowHOUSTON, Sept 20 (Reuters) - Exxon Mobil Corp (XOM.N) expects its motor fuels and chemicals earnings to reach $16 billion by 2027, up about $4 billion from current levels as demand continues to rise, executives said on Wednesday. Exxon combined its once separate chemicals and oil refining businesses and redesigned operations to quickly shift between fuels and chemicals based on which delivers the highest profit. Its fuels outlook differs from oil-consuming nations group International Energy Agency, which expects the use of oil for transportation fuels to decline after 2026. "We have the hypothesis this could be a game changer for Exxon Mobil," McKee said. The company's 564,440 barrel-per-day (bpd) Baytown, Texas refinery, which is co-located with a chemical unit, will allow it to evolve from primarily making fuels to chemicals, Williams said.

Persons: Ernest Scheyder, Jack Williams, Karen McKee, McKee, Exxon's, Beaumont, Williams, Refining's, Erwin Seba, Deepa Babington Organizations: Exxon, REUTERS, Companies Exxon Mobil Corp, Exxon Mobil Corp, International Energy Agency, Product Solutions, Exxon Mobil, Thomson Locations: Spring , Texas, U.S, , Texas, Beaumont , Texas, West Texas, Baytown , Texas

Talks continued between union representatives and company management on the sixth day of a coordinated walkout, a day after Ford (F.N) averted a strike by Canadian workers. The UAW launched a strike against Ford, General Motors (GM.N) and Stellantis last week, targeting one U.S. assembly plant at each company. UAW workers also want to end a tiered wage structure that they say has created a large gap between newer and older employees, forcing some to work two jobs to make ends meet. We’re serious about this,” said Victor Holloway, 24, of Westland, Michigan, who has worked at the Ford plant in Wayne, Michigan, since 2021. U.S. President Joe Biden is wearing a red tie on Wednesday in solidarity with UAW workers, the White House said.

Persons: Mark Reuss, “ We’re, ”, Victor Holloway, Rebecca Cook, Stellantis, Ram, Reuters Graphics Ford, Unifor, Ford, Joe Biden, Biden, Shawn Fain's, David Shepardson, Joe White, Ben Klayman, Anirudh, Richard Chang, Will Dunham, Matthew Lewis, Deepa Babington Organizations: DETROIT, United Auto Workers, Ford, Detroit, Detroit Free Press, UAW, General Motors, Ford Bronco, Chevrolet, Reuters, GM, REUTERS, GM's, Silverado, Reuters Graphics, Kokomo, RSM, Thomson Locations: Michigan , Ohio, Missouri, Chevrolet Colorado, Westland , Michigan, Wayne , Michigan, Fairfax , Kansas, Toledo , Ohio, U.S, Canada, Canadian, Ohio, Indiana, Kokomo , Indiana, Washington, Detroit, Bengaluru

NEW YORK/WASHINGTON, Sept 19 (Reuters) - Treasury Secretary Janet Yellen said on Tuesday U.S. growth needed to slow to a pace more in line with its potential rate to bring inflation back to target levels since the economy was operating at full employment. "Growth has to slow. "It's completely natural and desirable, that growth -- the pace of growth -- is slowing." U.S. gross domestic product is still expanding at a pace well above what Federal Reserve officials regard as the non-inflationary growth rate of around 1.8%, often referred to as the "potential" growth rate. Yellen did not specify what she regards as the U.S. economy's potential growth rate, except to say that it has been growing above potential since it raced out of the COVID-19 pandemic in 2021.

Persons: Janet Yellen, Yellen, David Lawder, Kanishka Singh, Leslie Adler, Deepa Babington Organizations: Tuesday, Federal, Thomson Locations: WASHINGTON, New York, CHINA, China, U.S

Congressman Stephen Buyer arrives for his insider trading trial at the United States Courthouse in the Manhattan borough of New York City, U.S., March 8, 2023. Congressman Stephen Buyer was sentenced to 22 months in prison on Tuesday for trading on inside information he learned in 2018 as a consultant to T-Mobile US Inc (TMUS.O) ahead of its $23 billion merger with Sprint. U.S. District Judge Richard Berman in New York sentenced Buyer, who was found guilty on four counts of securities fraud at a trial in March. Buyer took the stand at trial and denied trading on inside information. Buyer asked to be sentenced to home confinement, citing his service in Congress and the U.S. military.

Persons: Stephen Buyer, Brendan McDermid, Richard Berman, Buyer, Prosecutors, Jody Godoy, Deepa Babington Organizations: U.S, United, Courthouse, REUTERS, Mobile, Former U.S, Mobile US Inc, Sprint, District, New York, Republican, U.S . House, Navigant Consulting, Guidehouse, U.S ., Court, Southern District of, Thomson Locations: Manhattan, New York City, U.S, Former, New, Indiana, Congress, Southern District, Southern District of New York, New York

NEW YORK/WASHINGTON, Sept 19 (Reuters) - Treasury Secretary Janet Yellen said U.S. growth needed to slow to a rate more in line with its potential growth rate to bring inflation back to target levels since the economy was operating at full employment. "Growth has to slow. I mean, you want growth to slow, you want it to be in line with potential when you're operating at full employment," Yellen told reporters on Tuesday on the sidelines of a climate event. "It's completely natural and desirable, that growth, the pace of growth, is slowing." Yellen did not specify what that potential growth rate was, except to say the economy has been growing above that level.

Persons: Janet Yellen, Yellen, Biden, David Lawder, Kanishka Singh, Leslie Adler, Deepa Babington Organizations: Treasury, Thomson Locations: WASHINGTON, China, U.S, United States

☆ North Korean leader Kim returns to Pyongyang after Russia trip
▼ + stars: | 2023-09-19 | by ( ) www.reuters.com time to read: +1 min

[1/5] North Korean leader Kim Jong Un is welcomed as he returns to Pyongyang, North Korea, in this picture released by the Korean Central News Agency on September 20, 2023. KCNA via REUTERS Acquire Licensing RightsSEOUL, Sept 20 (Reuters) - North Korean leader Kim Jong Un arrived back in Pyongyang via his private train to a cheering crowd on Tuesday night after his highly publicized Russia trip, state media KCNA reported on Wednesday. Against that backdrop, South Korea on Tuesday summoned Russia's ambassador to warn Moscow against any military cooperation with North Korea. Seoul and Washington have said military cooperation between North Korea and Russia would violate U.N. Security Council resolutions and urged against it. He also met Defence Minister Sergei Shoigu, who showed the North Korean leader Russian nuclear-capable strategic bombers, hypersonic missiles and warships.

Persons: Kim Jong Un, Kim, Vladimir Putin, Russia's, Sergei Shoigu, Hyunsu Yim, Leslie Adler, Deepa Babington Organizations: Korean Central News Agency, KCNA, REUTERS Acquire, Rights, Russia, Moscow, North Korean, Thomson Locations: Pyongyang, North Korea, Rights SEOUL, Russia, South Korea, Seoul, Washington, Russian

The UAW says it will strike against more U.S. plants on Friday if no serious progress was made in talks with automakers. The UAW launched a strike against Ford (F.N), General Motors (GM.N) and Chrysler parent Stellantis (STLAM.MI), last week, targeting one U.S. assembly plant at each company. [1/7]Striking United Auto Workers members Laura Zielinski and Aisha Cochra hold their strike signs outside the Stellantis Jeep plant in Toledo, Ohio, U.S. September 19, 2023. The strikes have halted production at plants in Michigan, Ohio and Missouri that produce the Ford Bronco, Jeep Wrangler and Chevrolet Colorado, alongside other popular models. Reuters GraphicsReporting by David Shepardson in Washington, Jahnavi Nidumolu in Bengaluru and Ben Klayman in Toledo, Ohio Editing by David Gaffen, Jamie Freed, Matthew Lewis and Deepa BabingtonOur Standards: The Thomson Reuters Trust Principles.

Persons: Laura Zielinski, Stellantis, Ram, ”, Candis Holmes, Aisha Cochra, Rebecca Cook, Holmes, Julie Su, Gene Sperling, Ford, Unifor, David Shepardson, Jahnavi, Ben Klayman, David Gaffen, Jamie Freed, Matthew Lewis, Deepa Babington Organizations: United Auto Workers, Detroit Three, UAW, Ford, General Motors, Chrysler, Workers, GM's, Silverado, REUTERS, Ford Bronco, Chevrolet, Labor, Michigan Bronco, GM, Reuters, Thomson Locations: TOLEDO , Ohio, Michigan, Ohio, Wayne , Michigan, Toledo , Ohio, Toledo, U.S, Ford's Wayne , Michigan, Michigan , Ohio, Missouri, Chevrolet Colorado, Washington, Detroit, Kansas, Canadian, Canada, Kentucky, Dearborn , Michigan, Kansas City , Missouri, Bengaluru, Ben

TORONTO, Sept 18 (Reuters) - Canada's plan to bring down food prices by tightening regulation could backfire and fail, raising the cost of doing business in the country without providing relief to consumers, lawyers and economists said. Canada's weak competition law has been long blamed for allowing a few players to dominate industries ranging from banks to telecoms and groceries. The proposed amendment will drop the so-called efficiencies defense provision, giving Canada's antitrust regulator - the Competition Bureau - the power to block deals it deems as increasing market concentration, irrespective of any cost efficiencies. Trudeau's move comes as many Canadians reel under an affordability crisis with food prices jumping 25% since the start of the COVID-19 pandemic in 2020. Food inflation stood at around 35% in Germany and the United Kingdom - well above the 25% level of food inflation in Canada since the start of the pandemic, Scotiabank research showed.

Persons: Justin Trudeau, Pierre Poilievre, Omar Wakil, Torys, Wakil, Derek Holt, Denny Thomas, Deepa Babington Organizations: Competition, Liberal, Conservative, Loblaw Co, Co, Metro Inc, Scotiabank, Antitrust, Rogers Communications, Shaw Communications, Thomson Locations: Canada, Ukraine, Germany, United Kingdom

On Monday, the UAW held talks with Stellantis though no deal was reached. About 12,700 UAW workers are on strike as part of a labor action targeting three U.S. assembly plants - one at each of the Detroit Three - after the prior four-year labor agreements expired. He said the UAW is ready to do what was necessary when asked whether it would extend the strike to other plants this week. Ford has an assembly plant and two engine plants in Canada with a total of about 5,000 union workers. Shares of BlueScope Steel (BSL.AX) slipped to an over three-month low as the strike weighs on its North American business.

Persons: Hakeem Jeffries, Rebecca Cook, plateauing, Shawn Fain, Fain, Unifor, Ford, Janet Yellen, Biden, Yellen, Stellantis's Ram, David Shepardson, Ben Klayman, Doina Chiacu, Deepa Babington, Alexander Smith Organizations: Democratic, U.S . House, United Auto Workers, Ford Motor Michigan, Plant, Wayne , Michigan U.S, REUTERS, Detroit Three, Union, General Motors, Ford, UAW, Detroit, MSNBC, CNBC, Ford Bronco, Chevrolet, Michigan Bronco, GM's, Silverado, BlueScope, Reuters, Thomson Locations: Wayne , Michigan, Canada, Michigan , Ohio, Missouri, Chevrolet Colorado, Kansas, North America, Michigan

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