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Electric vehicles drove that change. In the first quarter of 2023, Russians purchased more Chinese cars than Lada, the beloved Soviet-era marque. That helps Chinese manufacturers churn out an electric vehicle for around 10,000 euros less than European competitors, according to Grant Thornton. Among the growing list of unwelcoming policies, the European Commission’s trade defence unit is considering ways to stem the tide of Chinese electric vehicle imports, according to Politico. How far China’s carmakers can make inroads further West will be decided by much more than assessments of their competency.
Persons: Bill Russo, Nio, Grant Thornton, Bernstein, Emmanuel Macron, CATL, Una Galani, Thomas Shum Organizations: Reuters, HK, Volkswagen, World Trade Organization, International Energy Agency, Global Times, Beijing, Lada, Chery, Amperex Technology, Politico, Ford Motor, Toyota, Nissan, Twitter, Thomson Locations: HONG KONG, BYD, People’s Republic, Europe, China, Shanghai, Hong Kong, New York, Japan, London ., European, United States, North America, France, Thailand, West
June 15 (Reuters) - A U.S. judge considered whether the digital assets created by Terraform Labs were securities at a hearing on Thursday, a question central to the U.S. Securities and Exchange Commission’s fraud case against the company and its founder Do Kwon. Kwon and Terraform Labs were behind two cryptocurrencies whose implosion roiled crypto markets around the world last year. According to the SEC's complaint, Terraform Labs and Kwon misled investors about the stability of UST, and claimed that the firm's crypto tokens would increase in value. Terraform Labs and Kwon argue the case should be dismissed because its digital assets do not fit the definition of securities and the SEC lacks authority over the industry. The case is SEC v. Terraform Labs Pte Ltd. et al., No.
Persons: Kwon, Jed Rakoff, TerraUSD, Rakoff, shouldn’t, , “ We’re, Devon Staren, Jody Godoy, Lincoln Organizations: Terraform Labs, U.S . Securities, Exchange, U.S, U.S ., UST, SEC, Court, Southern District of, Thomson Locations: U.S, Manhattan, TerraUSD, Southern District, Southern District of New York, New York
Washington CNN —Google’s advertising business should be broken up, European Union officials said Wednesday, alleging that the tech giant’s involvement in multiple parts of the digital advertising supply chain creates “inherent conflicts of interest” that risk harming competition. The formal accusations mark the latest antitrust challenge to Google over its sprawling ad tech business, following a lawsuit by the US Justice Department in January that also called for a breakup of the company. For example, the commission claims, advertisers who used Google’s ad buying tools frequently had their purchases routed to AdX instead of to rival ad exchanges. One proposed solution by the commission would spin off Google’s ad exchange and publisher tools from the ad-buying tools it provides to advertisers. Google remains committed to creating value for our publisher and advertiser partners in this highly competitive sector,” Taylor said.
Persons: , Margrethe Vestager, Dan Taylor, ” Taylor Organizations: Washington CNN, European Union, Google, US Justice Department, EU, , CNN Locations: AdX
A clear sign that Poland was still a key ally – despite accusations that its government is undermining democracy and the rule of law. Law and Justice has so far struggled to take a decisive lead over the opposition Civic Platform grouping. Then on Wednesday, the European Commission announced it was suing Poland over a new law that sets up a special commission tasked with investigating Russian influence in Polish politics. The Commission said the law violates the principle of democracy and could be used to silence opposition. Law and Justice has justified the law by saying the dependence on Russian gas has hurt Poland’s interests.
Persons: Joe Biden, , it’s, ” Aleks, Biden, , Agnieszka Kubal, , Donald Tusk, Tusk, Andrzej Duda, ” Kubal, Szczerbiak, you’re Organizations: CNN, NATO, Russia, University of Sussex, Law, Justice, of Slavonic, East European Studies, University College London, Ukrainian, European Commission, US State Department, Gazprom, EU Locations: Poland, Ukraine, Warsaw, United States, Germany, Russia
This was not only a night when City won its first Champions League. In beating three-time champion Inter, Pep Guardiola’s side became only the second English team to achieve the treble, winning the Premier League, FA Cup and Champions League in the same season. Rodri pictured scoring the winner which secured City the Champions League trophy. Manchester City has won the Premier League, FA Cup and Champions League this season. Will City dominate the Champions League like it has the Premier League?
Persons: Manchester City’s, Sheikh Mansour bin Zayed Al Nahyan, Pep, Alex Ferguson, Shaun Botterill, Bernardo Silva, Erling Haaland, André Onana, Nicolò Barella, Ederson, Rodri, Federico Dimarco’s, Romelu Lukaku, Catherine Ivill, Sheikh Mansour –, , ” Guardiola, Guardiola, , , Martin Rickett, Abu, Umit Bektas, Jack Grealish, I’ve Organizations: CNN, Manchester, Abu Dhabi United Group, Champions League, Inter Milan, City, Inter, Premier League, FA, Manchester United, City . Manchester City, League, Monaco, Tottenham, Real Madrid, BT Sport, Inter’s, Etihad, Reuters Locations: Istanbul, Europe, City . Manchester, Liverpool, Lyon, Chelsea, Manchester City, Abu Dhabi, Will City, Barcelona
The FTC last updated its guides in 2012 after a review that it launched in late 2007. “For the average consumer, it’s impossible to verify these claims,” FTC Chair Lina Khan said in December when the review was launched. “It therefore is critical for the FTC’s framework on environmental claims to stay flexible and nimble,” Nestlé said in its public comment. Published comments from Procter & Gamble, L’Oréal and Unilever support keeping the current 60% threshold and say recyclable claims shouldn’t be based on how much of their products get recycled. Its CEO also said he hopes the Green Guides will be updated more regularly given the rapidly changing landscape of environmental marketing.
Persons: , Lina Khan, Nestlé, PIERRE ALBOUY, REUTERS Nestlé, Perrier, Johnson, Fisk Johnson, ” Johnson, , Sarah Dearman, Ting Shen, L’Oréal, Unilever didn’t, Keith Srakocic, S.C, Dieter Holger Organizations: U.S . Federal Trade, FTC, Green Guides, Justice Department, REUTERS, ” SC Johnson, Sustainable Business, Green, Recycling, Bloomberg, The Recycling, U.S . Environmental Protection Agency, Greenpeace, Procter & Gamble, L’Oréal, Unilever, ” Unilever, Guides, dieter.holger Locations: North America, Virginia, U.S
The two main alcohol distributors in the state, Southern Glazer’s Wine & Spirits and Empire Merchants, have collectively spent at least $120,000 since the year began on lobbying state officials, disclosure records show. The families that own Southern Glazer’s, which is the largest liquor distributor in the United States and based in Florida, also contributed at least $25,000 to Ms. Hochul’s campaign last year. The commission failed to reach consensus on some of the most contentious issues, such as allowing grocery stores to sell wine. It is now up to lawmakers to decide whether to turn the proposed changes into legislation. law, introduced a bill that incorporated the commission’s recommendations.
Persons: Hochul’s, , Harry Bronson, , James Skoufis Organizations: Empire Merchants, Rochester Democrat, Anheuser, Busch, State Senate, Hudson Valley Democrat Locations: Southern, United States, Florida, logjam, Albany, State, Hudson Valley
CNN —Ivan Toney, the star striker for English Premier League club Brentford, has been suspended from soccer and fined £50,000 ($62,407) due to “breaches of The FA’s Betting Rules,” England’s Football Association announced on Wednesday. According to the FA, Toney “was charged with 262 breaches of FA Rule E8 in total between 25 February 2017 and 23 January 2021. The FA subsequently withdrew 30 of these breaches and he admitted to the remaining 232.”Rule E8 in the FA’s handbook highlights the rules around betting. Brentford said the club was aware of the eight-month ban decision and is awaiting the written report from the independent Regulatory Commission who ruled on the case. According to the FA, Toney can return to training only with the Bees for the final four months of his suspension starting September 17.
FTC’s Amgen Activism Will Spare These Biotechs
  + stars: | 2023-05-16 | by ( David Wainer | ) www.wsj.com   time to read: 1 min
The Federal Trade Commission’s effort to block Amgen’s acquisition of Horizon Therapeutics is putting a damper on the recent biotech stocks rally. Photo: Eric Lee for The Wall Street JournalBiotech stocks were on a tear in recent weeks, rebounding from the sector’s horrid performance of the last two years. The Federal Trade Commission’s effort to block Amgen ’s acquisition of Horizon Therapeutics is putting a damper on that rally. The SPDR S&P Biotech exchange-traded fund was down 3.4% on Tuesday morning, with Horizon plunging 18%. Seagen , which agreed to sell itself to Pfizer for $43 billion in March, was down 6%.
FTC’s Amgen Activism Will Spare Smaller Biotechs
  + stars: | 2023-05-16 | by ( David Wainer | ) www.wsj.com   time to read: 1 min
The Federal Trade Commission’s effort to block Amgen’s acquisition of Horizon Therapeutics is putting a damper on the recent biotech stocks rally. Photo: Eric Lee for The Wall Street JournalBiotech stocks were on a tear in recent weeks, rebounding from the sector’s horrid performance of the last two years. The euphoria was based on the premise that pharma companies would keep paying massive premiums for biotech companies because their own blockbuster drugs were going off patent.
Reuters —Exxon Mobil on Monday settled a long-running human rights lawsuit with villagers who claimed soldiers Exxon hired to guard a natural gas facility in Indonesia committed murder and torture. The two sides said in a Washington, DC federal court filing that they had resolved the 2001 case. Agnieszka Fryszman, a lawyer for the Indonesian villagers at law firm Cohen Milstein Sellers & Toll, said the terms are confidential. The lawsuit also sought to hold Exxon accountable for alleged atrocities committed by the soldiers. Oh, who did not return to the law firm after her SEC resignation, did not immediately respond to a request for comment.
The Federal Trade Commission on Tuesday sued to block the drug maker Amgen’s $27.8 billion acquisition of the pharmaceutical company Horizon Therapeutics, saying it would thwart competition in the drug industry. said the deal would allow Amgen to use its large portfolio of top-selling drugs to pressure insurers and others to favor two Horizon medications that lack competition. The commission’s move is its most aggressive yet after years of signaling that it would be tougher in scrutinizing pharmaceutical mergers. This case is unusual because Amgen and Horizon do not sell competing products. won’t hesitate to challenge mergers that enable pharmaceutical conglomerates to entrench their monopolies at the expense of consumers and fair competition.”
Yet Europe’s economic prospects have brightened in recent months, according to the European Commission. It now expects the EU economy to expand 1% this year, up from an estimate of 0.8% in February. But it reflects sharply lower energy prices, which are reducing costs for businesses and easing the strain on households. Even so, the Commission acknowledged that higher borrowing costs aimed at taming rising prices will weigh on growth in the months to come. Growth in Germany, the bloc’s biggest economy, is expected to slow sharply to 0.2% in 2023.
The European Commission’s headquarters in Brussels. Photo: James Arthur Gekiere/Zuma PressThe European Union is considering sanctioning eight Chinese companies over Russia’s war in Ukraine, diplomats said, with the bloc looking to target firms they believe have provided Moscow electronic items, including semiconductors, that can be used for military purposes. The proposed listings are part of an 11th package of sanctions against Russia over its invasion. The new measures center on efforts to prevent the circumvention of Western sanctions by Russia and its military, a central plank in the effort by European and U.S. policy makers to weaken Russia’s economy and crimp the revenue the Kremlin has to continue its war effort.
Meta Platforms praised the ruling and said it would fight the Federal Trade Commission’s pending litigation. Photo: David Paul Morris/Bloomberg NewsWASHINGTON—An appeals court said it wouldn’t revive a major antitrust case against Meta Platforms Inc., handing a defeat to dozens of state attorneys general who sought to undo the Facebook parent’s acquisition of messaging platform WhatsApp and photo-sharing app Instagram. In a 3-0 decision on Thursday, a panel of the U.S. Court of Appeals for the District of Columbia Circuit upheld a June 2021 ruling that dismissed the case.
Single people should be valued as much as married couples and people in relationships, according to a new report released by the Church of England on Wednesday that laid out recommendations to support a diverse, evolving society. In the report, “Love Matters,” the archbishops of Canterbury and York said that “single people must be valued at the heart of our society” and noted that Jesus was single. “Jesus’ own singleness should ensure that the Church of England celebrates singleness,” the report noted, reaffirming a traditional understanding that Jesus never married. The Archbishops of Canterbury and York — the Most Rev. Stephen Cottrell — established a commission in March 2021 to examine relationships and family, after recognizing that “family life in the 21st century is fluid and diverse.” The commission’s report laid out five priorities for supporting families and households.
Stubborn Germans leave EU budget reform in a fix
  + stars: | 2023-04-27 | by ( ) www.reuters.com   time to read: +2 min
BRUSSELS, April 27 (Reuters Breakingviews) - The European Commission’s efforts to appease fiscal hardliners have not yet opened doors for a badly needed reform of the bloc’s fiscal rules. Specifically, Germany does not like a proposal to allow the Commission new flexibility to negotiate budget targets with European Union countries. Although current debt rules have never been enforced – because required cuts would be too punitive to work – Berlin likes their semblance of objectivity. But in the absence of a new system, it will have to go through the motions for 2024, and possibly beyond. Even though that’s less stringent than the current system, France already says it’s too rigid, and Italy wants more exceptions for green investment.
regulators reached out to their European Union counterparts, according to emails that were obtained through a Freedom of Information request. That April, the Europeans asserted jurisdiction using a novel theory, asserting that the combination would stifle innovation in the E.U. claims that conforming to the European financial regulations — rules based on directives of the European Parliament and intended to drive social objectives — is a laudable goal. The Federal Reserve and other financial regulators face virtually constant pressure from members of Congress and international bodies to import similar, sweeping E.U. If these were isolated examples of abdication of regulatory authority to Europe, we might shrug it off.
A Philips Digital 3T MRI scanner. The company has worked not just to quantify emissions stemming from its supply chain, but also has pushed suppliers to adopt their own carbon-emission targets. Photo: Jasper Juinen/Bloomberg NewsA sweeping U.S. climate-disclosure rule isn’t yet in place, and it is sure to face legal challenges when it is, but many companies have begun assessing greenhouse-gas emissions from parties in their supply chain as if it were. The Securities and Exchange Commission’s rule—which would require public companies to report climate-related risks and emissions data, including so-called Scope 3 emissions that come from a company’s supply chain—is expected to be brought in soon. The agency issued the proposal in March 2022 as President Biden’s efforts to address global warming through legislation stalled in Congress.
UK officials said Wednesday they will block the company’s $69 billion deal to acquire video game giant Activision-Blizzard. It could also complicate Microsoft’s future in the gaming industry and severely upend Activision, which was in the throes of an internal crisis in the months leading up to the deal. By buying Activision, Microsoft would become the third-largest video game publisher in the world after Tencent and Sony. (The UK dropped its concerns about the console market in March, while the European Union reportedly does not oppose the deal.) In a memo Wednesday to employees, Kotick attempted to strike an optimistic note, whatever the outcome of the deal may be.
And both lost their pregnancies after they were taken into custody by Nigerian soldiers and given unidentified pills and injections. Nigerian military leaders previously have adamantly denied the existence of the abortion programme and the deliberate killing of unarmed children. We respect every living soul.”Asked about the military’s comments on the programme, Yau replied: “This happened to me, and they are denying it. After she was put into a room with three other pregnant women, Yau said, army personnel gave her pills and more injections. Reuters was unable to determine if this tally overlapped with others cited in its December story about the abortion programme.
SEC Sues Bittrex Crypto Exchange and Former CEO
  + stars: | 2023-04-17 | by ( Dave Michaels | ) www.wsj.com   time to read: 1 min
Photo: Farrah Skeiky for The Wall Street JournalThe Securities and Exchange Commission’s lawsuit accused Bittrex of operating an illegal securities exchangeWASHINGTON—Securities regulators on Monday sued Bittrex, a crypto exchange that once ranked as the biggest U.S.-based platform for trading digital assets. The Securities and Exchange Commission’s lawsuit, filed in Seattle federal court, accuses Bittrex Inc. of operating an illegal securities exchange, broker-dealer and clearinghouse. The lawsuit hinges on the claim that Bittrex listed digital assets that qualified as securities, which would have required the company to register with the SEC and follow its rules.
The White House’s Blueprint for an A.I. But where the European Commission’s approach is much too tailored, the White House blueprint may well be too broad. system today comes close to adhering to the framework, and it’s not clear that any of them could. so it can concentrate on systems that will more reliably serve state interests. China insists, for example, that “content generated through the use of generative A.I.
WASHINGTON—Bittrex Inc. once ranked as the country’s biggest platform for trading digital assets. Its rocky history at home is coming to an end with a regulatory threat and a decision to leave the U.S. for good. The Securities and Exchange Commission’s enforcement staff told Bittrex in March it would recommend that the agency sue the company over alleged violations of investor-protection laws, according to David Maria , the company’s general counsel.
Far from an exile, Father Small characterized the move as an expansion to a global headquarters in Rome that can serve as a monument to “the silent massacre of people’s childhoods” and make clear to survivors that they “have a right to be somewhere beautiful.”“It’s very significant,” Cardinal Sean O’Malley, the archbishop of Boston and the president of the commission, said in an interview. Despite it being “nifty” to have been in offices a stone’s throw from the pope, he said, “We have come to realize that it’s not as accessible as we would like to be.” Survivors of clerical sex abuse, he said, often feel uncomfortable coming into a Catholic church: “To have to come into the Vatican and go through the Swiss Guards and the gendarmes and everything else can be pretty daunting.”Location is far from the commission’s only problem. For decades, the church has been divided over the accountability of its hierarchy when it comes to covering up abuse, how much of a voice to give victims inside an insular institution and whether to take a more incremental or uncompromising approach to reform.
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