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☆ Factbox: Novo Nordisk's weight-loss drug cuts heart disease risk in study
▼ + stars: | 2023-05-12 | by ( ) www.reuters.com time to read: +3 min

[1/2] A selection of injector pens for the Wegovy weight loss drug are shown in this photo illustration in Chicago, Illinois, U.S., March 31, 2023. AMGENAmgen's (AMGN.O) experimental obesity drug, AMG133, showed a mean weight loss of 14.5% after 12 weeks of treatment at the highest monthly dose. The company plans to test higher doses of the drug over a longer treatment window in a mid-stage trial. ZEALAND PHARMADenmark's Zealand Pharma (ZELA.CO) and Boehringer Ingelheim's experimental obesity treatment achieved up to 14.9% weight loss in a mid-stage trial on Wednesday. OPKO HEALTH Opko Health (OPK.O) has completed a mid-stage trial of its obesity drug, pegapamodutide, which it expects will have fewer side effects.

Persons: Jim Vondruska, Wegovy, Eli Lilly, ELI LILLY Lilly, Mounjaro, LLY.N, danuglipron, AMGEN, ALTIMMUNE, Mariam Sunny, Pratik Jain, Sriparna Roy, Sriraj Kalluvila, Anil D'Silva Organizations: REUTERS, Novo Nordisk, Pfizer, NOVO NORDISK Novo Nordisk, Novo, PFIZER Pfizer Inc, danuglipron, THERAPEUTICS, Therapeutics, ZEALAND PHARMA Denmark's Zealand Pharma, Thomson Locations: Chicago , Illinois, U.S, Bengaluru

☆ Republic First Bancorp cuts jobs in preparation to exit mortgage business
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +1 min

May 5 (Reuters) - Republic First Bancorp (FRBK.O) said on Friday it cut jobs in its commercial lending unit as the lender prepares to exit its mortgage origination business. The Philadelphia-based regional bank said high costs of running a mortgage origination platform were not allowing it to improve its profitability and sharpen focus on core businesses. The layoffs will affect employees of its lending and credit teams in New York, the bank said. Major U.S. lender Wells Fargo & Co (WFC.N) also said in January it would slim down its mortgage business. Deposit balances at Republic First fell 2.7% in the first quarter, but grew between March 31 and April 30, the company reported earlier this week.

☆ Novo Nordisk rivals see room to compete in $100 billion weight-loss drug market
▼ + stars: | 2023-05-04 | by ( Michael Erman | ) www.reuters.com time to read: +6 min

The company has two oral GLP-1 drugs in mid-stage trials, and aims to choose one for a late-stage trial this year. He forecasts GLP-1s or similar drugs topping $100 billion in annual sales early in the 2030s, with Lilly's product accounting for more than $50 billion in sales. Smaller biotechs are also vying for a piece of the obesity market and hope large pharmaceutical companies will pay up for partnerships. "I don't know if it's $90 billion or $80 billion or $50 billion. The current GLP-1 drugs can cause nausea and vomiting.

April 18 (Reuters) - Beleaguered bitcoin miners are finally feeling the spring sunshine after a cold, hard crypto winter. At the current bitcoin price, these companies' cash flows have substantially improved and most of them should have no problem paying their obligations," said Jaran Mellerud, analyst at bitcoin mining services company Luxor. Bitcoin mining is the process by which a network of computers validates a block of transactions on the blockchain. "The bitcoin price increase has bought these companies time, but it would be detrimental for these companies if it were to fall back down to $20,000," he said. A rapid rise in power prices or a fast fall in bitcoin could usher in a new cold spell.

☆ Fact Check-Altered video does not show MMA fighter Fallon Fox fracturing opponent’s skull
▼ + stars: | 2023-04-11 | by ( Reuters Fact Check | ) www.reuters.com time to read: +3 min

A 2013 video of Mixed Martial Arts (MMA) fighter Fallon Fox has been shared with altered audio of her voice. The video shows an MMA fight between Fox and fighter Ericka Newsome on March 2, 2013. The clip, including the camera angle, fighter outfits and commentator’s narration, match the video shared online (7:01 timestamp). Some users online have also shared side by side photos of Fox and MMA fighter Kay Hansen to claim Fox broke Hansen’s skull (here), (here). Fallon Fox’s voice has been altered in a video on social media, and she did not fracture the opponent’s skull during the fight, Fox told Reuters.

Big gas producers including Chesapeake Energy Corp (CHK.O) and Comstock Resources Inc (CRK.N) are reducing their drilling. "About a third of U.S. gas production is associated gas - produced from oil wells," said Jacques Rousseau, a managing director at research firm ClearView Energy Partners LLC. Gas from the Permian also has climbed to record highs every month this year. PRODUCTION REMAINS STICKYU.S. gas production remains on track to hit 100.67 billion cubic feet per day (bcfd) this year, up from last year's record 98.09 bcfd, according to the U.S. government. Despite low gas prices, U.S. drillers have 160 rigs seeking gas up 16% from a year ago, according to data from Baker Hughes Co (BKR.O).

March 31 (Reuters) - U.S. energy firms this week cut the number of oil and natural gas rigs, with the quarterly count dropping for the first time since 2020, energy services firm Baker Hughes Co (BKR.O) said in its closely followed report on Friday. U.S. oil rigs fell one to 592 this week, while gas rigs decreased two to 160. For the month, the total oil and gas rig count rose two rigs, the first monthly increase since November. For the quarter, the total oil and gas rig count fell by 24 rigs, the first quarterly decline since the third quarter of 2020. The drop in gas prices has already caused some exploration and production companies, including Chesapeake Energy Corp (CHK.O), Southwestern Energy Co (SWN.N) and Comstock Resources Inc (CRK.N), to announce plans to reduce production by cutting some gas rigs.

[1/3] FDIC representatives Luis Mayorga and Igor Fayermark speak with customers outside of the Silicon Valley Bank headquarters in Santa Clara, California, U.S. March 13, 2023. REUTERS/Brittany Hosea-SmallNEW YORK/WASHINGTON, March 31 (Reuters) - The Federal Deposit Insurance Corporation (FDIC) has retained advisers to sell the securities portfolios that the new owners of failed Silicon Valley Bank and Signature Bank rejected, according to people familiar with the matter. Silicon Valley Bank's and Signature Bank's securities portfolios carry a face value of around $90 billion and $26 billion, respectively, according to regulatory filings and statements by government officials. The FDIC estimates the sale of Silicon Valley Bank and Signature Bank will cost the deposit fund $20 billion and $2.5 billion, respectively. It will release final figures once sales of the loan books of the banks and their securities portfolios are complete.

☆ FDIC hires Newmark Group to sell billions of Signature Bank debt - source
▼ + stars: | 2023-03-29 | by ( Manya Saini | ) www.reuters.com time to read: +2 min

[1/2] The company logo for Signature Bank is displayed at a location in Brooklyn, New York, U.S., March 20, 2023. Earlier this month, state regulators closed New York-based Signature Bank, making it the third largest failure in U.S. banking history. The subsidiary, Flagstar Bank, assumed substantially all of Signature Bank's deposits, some of its loan portfolios and all 40 of its branches. On Tuesday, FDIC told Signature Bank's crypto clients they have until April 5 to close their accounts and move their money. New York's financial regulator had said earlier in March its decision to close Signature Bank had "nothing to do with crypto."

☆ FDIC hires Newmark Group to sell billions of Signature Bank debt - WSJ
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +1 min

[1/2] The company logo for Signature Bank is displayed at a location in Brooklyn, New York, U.S., March 20, 2023. REUTERS/Brendan McDermidMarch 29 (Reuters) - The Federal Deposit Insurance Corp (FDIC) has hired Newmark Group Inc (NMRK.O) to sell about $60 billion of Signature Bank loans, the Wall Street Journal reported on Wednesday citing people familiar with the matter. Earlier this month, state regulators closed New York-based Signature Bank, making it the third largest failure in U.S. banking history. On March 19, a subsidiary of New York Community Bancorp (NYCB.N) entered into an agreement with U.S. regulators to buy deposits and loans from Signature Bank. The subsidiary, Flagstar Bank, assumed substantially all of Signature Bank's deposits, some of its loan portfolios and all 40 of its branches.

The biggest makers and network operators of EV charging stations include Tesla Inc (TSLA.O), ChargePoint Holdings Inc (CHPT.N), EVgo Inc (EVGO.O) and Electrify America. In Arizona, the state's Department of Transportation is leading efforts to build charging stations, and expects $76.5 million in federal charging funds over the next five years. The first, $1.25 billion round of the Biden buildout is focused squarely on the highway fast chargers, with later rounds including slower chargers for overnight charging, for instance. Its South Korean charger manufacturer, SK Signet Inc (260870.KN), is planning to open a Texas factory to produce up to 10,000 direct-current fast chargers annually by 2026. Shares of EVgo jumped nearly 10% on Feb. 15, when the U.S. government announced the new rules for chargers.

☆ Self-driving startup Gatik to double workforce, strikes Kroger deal
▼ + stars: | 2023-03-15 | by ( Abhirup Roy | ) www.reuters.com time to read: +3 min

SAN FRANCISCO, March 15 (Reuters) - Self-driving trucking startup Gatik will double its workforce by year end, a top executive said, after it announced a deal on Wednesday with grocer Kroger Co (KR.N) to transport goods within its Dallas, Texas network. Gatik, which operates traditional mid-sized trucks fitted with its autonomous technology, aimed to expand to 15 new U.S. states over five years, CEO Gautam Narang told Reuters. Many investors in the self-driving industry have grown sceptical as complicated technology and tough safety regulations have delayed large-scale commercialization. Autonomous truck company Embark Technology (EMBK.O) said this month it would lay off 70% of its employees and start evaluating options, including winding down the business. Microsoft (MSFT.O)plans to invest more than $10 million in Gatik at a valuation above $700 million, sources told Reuters in January.

☆ Activist investor Icahn launches proxy fight at Illumina
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mike BlakeMarch 13 (Reuters) - Activist investor Carl Icahn on Monday launched a proxy fight at Illumina Inc (ILMN.O), saying the life sciences company's takeover of Grail Inc (GRAL.O) had cost shareholders about $50 billion since the closing of the deal. Shares of Illumina jumped more than 20% to $233.50 in morning trade, and have declined 7.2% since the deal closed in August 2021. Icahn plans to nominate three people to Illumina's board at the company's upcoming shareholder meeting, he said in a letter sent to shareholders. "We have therefore determined to launch a proxy contest to attempt to gain board representation," Icahn said, adding he feared the company's board will continue to pursue the Grail transaction. Icahn said his nominees - Vincent Intrieri, Jesse Lynn and Andrew Teno - would help keep Illumina from "sinking further".

☆ Opko Health soars after deal with Merck for experimental Epstein-Barr vaccine
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +1 min

March 8 (Reuters) - Opko Health Inc (OPK.O) said on Wednesday it signed a deal with Merck & Co Inc (MRK.N) potentially worth up to $922.5 million for its experimental Epstein-Barr virus vaccine. Merck will take over the clinical and regulatory activities related to the vaccine, as well its commercialization once the drugmaker files a joint application with Opko unit ModeX Therapeutics to test it in humans, the company said. Opko will receive an upfront payment of $50 million and is eligible for milestone payments of up to $872.5 million, plus royalties on global sales. There is currently no vaccine for the Epstein-Barr virus, which is the leading cause of mononucleosis, or mono, commonly called the "kissing disease". Reporting by Aditya Samal in Bengaluru; Editing by Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

The dinner with shale producers and OPEC officials continued a tradition that began around five years ago when they were fierce competitors. It has been held in most recent years during the CERAWeek energy conference in the U.S. oil industry capital. Among the other topics that came up were strong oil demand and what U.S. shale producers could do to meet it given what shareholders want, he said. The event comes at a tumultuous time for global markets with the war in Ukraine disrupting global oil and gas flows while enriching both producer groups. Fewer OPEC officials are present at this year's annual CERAWeek conference, with ministers from key countries, including Saudi Arabia and Iraq, absent from the attendee list.

March 6 (Reuters) - U.S. energy executives met privately with top OPEC officials on Monday on the sidelines of a Houston conference, people familiar with the matter said, continuing a tradition that began around five years ago when the two groups were fierce competitors. OPEC had viewed shale as an untamed force that undercut its revenue by bringing vast new oil supplies to market. The secretive dinner has been held in most recent years during the CERAWeek energy conference in the capital of the U.S. oil industry. This year's private dinner comes at a tumultuous time for global markets with the war in Ukraine disrupting global oil and gas flows while enriching both producer groups. Fewer OPEC officials are present at this year's annual CERAWeek conference, with ministers from key countries, including Saudi Arabia and Iraq, absent from the attendee list.

The secretive dinner has been held almost annually at the CERAWeek energy conference. This year's event will be the first with Haitham Al Ghais as secretary general for the Organization of the Petroleum Exporting Countries. OPEC had viewed shale as an untamed force that undercut its revenue by bringing vast new oil supplies to market. Fewer OPEC officials are present at this year's annual CERAWeek conferencing, with ministers from key countries including Saudi Arabia and Iraq absent from the attendee list. Reporting by Liz Hampton and Ron Bousso in Houston; additional reporting by Stephanie Kelly Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

☆ Embark shares tank as autonomous trucking firm mulls 'shutting down completely'
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +1 min

Investors and industry watchers have also been concerned about billions of dollars that have been poured into the self-driving technology sector in a short span of time to commercialize it. "Over the next handful of weeks, we will work closely with the Embark Board of Directors to evaluate our options, including selling assets, restructuring the company or shutting down completely." Embark went public in 2021 through a special purpose acquisition company (SPAC) deal and is backed by Mubadala Capital, Sequoia Capital and Tiger Global Management. The company expects to incur charges of $7 million to $11 million related to the workforce reduction, which spans about 230 employees. Shares of Embark closed down 32.8% lower at $2.56 on Monday, giving the firm a market capitalization of $60 million, compared with the over $5 billion in market value when it went public.

☆ Ontrak CEO Peizer resigns after being charged for insider trading
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +1 min

Companies Ontrak Inc FollowMarch 3 (Reuters) - Health care company Ontrak Inc's (OTRK.O) Chief Executive Officer Terren Peizer resigned on March 2, the company said in a filing, a day after U.S. authorities charged him with insider trading. Peizer sold more than $20 million of Ontrak stock between May and August 2021 while in possession of material non-public negative information related to the company's largest customer, authorities said. The charge marks the first criminal case involving the use of a special trading plan designed to help shield executives from such charges. Executives can use trading plans under rule 10b5-1 as a defense against insider trading charges by planning to sell shares in advance at predetermined times. Brandon LaVerne, who has been the company's chief operating officer since 2022, will be the interim chief executive.

In a statement, U.S. Assistant Attorney General Kenneth Polite called the charges a "groundbreaking" effort to prevent the misuse of so-called 10b5-1 trading plans. The U.S. Securities and Exchange Commission also announced civil insider trading charges against Peizer in a parallel action. Executives can use trading plans under rule 10b5-1 as a defense against insider trading charges by planning to sell shares in advance at predetermined times. In a recent case, the SEC in September charged Cheetah Mobile Inc's (0C9y.F) CEO and its former president with insider trading in connection with a trading plan. The SEC in December voted to make changes to the insider trading programs to address concerns over abuse.

☆ U.S. FDA declines to approve Cytokinetics' heart drug
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: 1 min

Feb 28 (Reuters) - Cytokinetics Inc (CYTK.O) said on Tuesday the U.S health regulator declined to approve its oral drug for a type of heart failure, citing lack of sufficient data to show the drug was effective. The U.S. Food and Drug Administration's decision comes after a panel of outside experts in December recommended against allowing the use of the drug due to safety concerns. Reporting by Pratik Jain and Bhanvi Satija in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ US Postal Service plans to buy 9,250 EV Ford delivery vehicles
▼ + stars: | 2023-02-28 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

Postal Service (USPS) said Tuesday it plans to buy 9,250 Ford (F.N) E-Transit battery electric vehicles starting later this year and will also purchase an equal number of gasoline-powered models from Chrysler-parent Stellantis (STLAM.MI). Congress in August gave USPS $3 billion as part of a $430 billion climate bill to buy electric vehicles and charging infrastructure. USPS said it will also buy 9,250 2023 and 2024 model year Ram ProMaster vans from Chrysler-parent Stellantis "to fill the urgent need for vehicles." They are part of the 21,000 vehicles included in USPS December vehicle plan. Democratic Senator Gary Peters praised USPS for using funding to "quickly adopt more cost effective and energy efficient electric vehicles."

Feb 27 (Reuters) - Three banks agreed to pay $1.35 billion to resolve litigation by former Allen Stanford investors who accused them of contributing to the imprisoned financier's massive Ponzi scheme. Canada's Toronto-Dominion Bank <TD.TO> will pay $1.205 billion, HSBC Holdings Plc (HSBA.L) will pay $40 million and Independent Bank Group Inc (IBTX.O) , formerly Bank of Houston, will pay $100 million. They avert a trial that had been scheduled for Monday in Houston federal court, where TD, HSBC and Independent Bank were the last remaining defendants. Two other defendants, France's Societe Generale SA (SOGN.PA) and Mississippi-based Trustmark Corp (TRMK.O), settled for a respective $157 million and $100 million earlier this year. Independent Bank expects to recognize a $100 million first-quarter expense for its settlement, a regulatory filing shows.

☆ Exclusive: Irenic Capital urges Theravance to conduct review, add shareholder to board
▼ + stars: | 2023-02-27 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

NEW YORK, Feb 27 (Reuters) - Activist investor Irenic Capital Management is urging Theravance Biopharma Inc (TBPH.O) to initiate a review of strategic alternatives, including a full sale, and to add a shareholder to its board, according to a letter seen by Reuters. Irenic owns a 4.2% stake in the biotechnology company and has criticized its lagging valuation and stock-based compensation to its chief executive and board chair, Rick Winningham. Irenic also called on Theravance to use excess cash to immediately issue a $300 million special dividend to shareholders. They suggested Dodge as a director candidate but wrote in the letter that the company rejected him as a candidate. Irenic is the latest hedge fund to propose changes at poorly performing biotech companies.

☆ Chesapeake Energy to reduce drilling amid natgas price slump
▼ + stars: | 2023-02-22 | by ( Liz Hampton | ) www.reuters.com time to read: +2 min

Feb 22 (Reuters) - U.S. natural gas producer Chesapeake Energy Corp (CHK.O) on Wednesday said it would pull back on drilling and completing wells this year as natural gas prices have crashed to a quarter of what they were last summer. Earlier this month, Comstock Resources Inc (CRK.N) said it would cut drilling rigs to seven from nine this year. Henry Hub natural gas futures on Wednesday briefly dipped below $2 per million British thermal units (mmBtu) for the first time since September 2020, and were down from last year's $8 peak. Chesapeake, which previously announced plans to sell its oil position to focus on gas production, on Tuesday said it would sell oil assets in South Texas to chemical maker INEOS for $1.4 billion. Rival shale oil producer Diamondback Energy (FANG.O) on Wednesday said it was increasing its non-core asset sale target to at least $1 billion by the end of this year, up from $500 million previously.

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