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The California lawmaker grilled the Treasury secretary over his plan to move billions of dollars approved for COVID-19 relief into the general fund.
XPO Logistics (NYSE: XPO) said late Wednesday it plans to spin its contract logistics operations off as a separate publicly trade company, moving forward with a nearly year-old effort to try to boost shareholder value.
The Steelers didn't blow out the Ravens, but still got their 11th straight win.
(Bloomberg) -- OPEC+ is making headway in its negotiations on oil-output cuts, raising the odds that Thursday’s meeting can salvage a deal after failed talks earlier in the week.After days of direct negotiations between the group’s heavyweights -- Russia, Saudi Arabia and the United Arab Emirates -- discussions are now focusing on proposals for gradual easing of output cuts over several months, said a delegate. It’s unclear whether the tapering would start in January, or would be delayed to later in the first quarter.The proposals, if accepted by the whole OPEC+ group, would modify the current deal that allows 1.9 million barrels a day of fresh crude supplies to be added to the market from Jan. 1. The person, who asked not to be named because the information was private, did not specify whether the proposals would return that same volume of production over a longer period, or a different amount.The Organization of Petroleum Exporting Countries and its allies need to hash out an agreement on supply levels for next year. Initially, talks had centered on delaying the January production hike by three months, but that option ran into obstacles on Monday amid a clash between Saudi Arabia and the UAE. Since then, delegates have been trying to find a way forward.A gentler tapering of the production cuts could offer a potential compromise after days of tense talks, offering something to members that are concerned about the fragility of the market, and also to nations that are impatient to raise production. The Russian government, after internal talks with its own oil companies, is ready to agree to a gradual easing of supply curbs within the first quarter of 2021, said a person familiar with the discussions.OPEC+ is due to meet for online talks at 2 p.m. Vienna time on Thursday, after a two-day delay to give countries more time to reach a consensus. Fractious TalksOPEC+ rescued the oil market this year from an unprecedented slump, slashing production as the pandemic crushed demand. While crude has surged in recent weeks, a new wave of virus infections is hitting the global economy. Some members believe demand is still too fragile to absorb additional barrels.Fractious talks earlier this week raised the specter of the deal falling apart -- that would sink prices and batter an industry that spans from tiny nations like Gabon to corporate giants such as Exxon Mobil Corp. Oil fell as much as 1.4% on Thursday, after rising 1.6% on Wednesday in the first gain in a week. The intensity of the fight between Saudi Arabia and the UAE took OPEC-watchers by surprise, as the pair have long been staunch allies. But Abu Dhabi has been pursuing a more independent oil policy and wants to pump more.Over the summer, Abu Dhabi’s impatience led it to cast aside its usual obedience to cartel discipline, and pump more crude than its quota allowed. The Saudis were furious, and summoned UAE Energy Minister Suhail Al-Mazrouei to Riyadh for a public dressing down.While the UAE subsequently atoned, people familiar with its oil policy say Abu Dhabi believes the current quota is unfair, and is keen to make the most of massive investments in production capacity. It’s also planning a new regional price benchmark based around its Murban crude variety, which needs the kind of volumes that clash with production limits.If a deal is eventually crafted, it will be scrutinized for its ability to keep the coalition together and disciplined. Tensions are expected to reemerge next year.(Updates with oil price in eighth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Stanford's David Shaw shared some advice with his players this week that the coach's mother gave him years ago about pushing forward with positivity when tough choices must be made. “One of the things I live by, no matter how difficult the decision that you have, once you make a decision, you go forward with enthusiasm and do it to the best of your ability, and that's just where we are,” Shaw said. The Cardinal have had to scramble in recent days given Santa Clara County's ban on sporting events and practices for three weeks.
The Red Devils need to avoid defeat in Germany next week to go through.
Discovery boldly compared its newly unveiled DTC service to Netflix and Disney+ and anticipated lively uptake globally by “superfans” of its defining cooking, home improvement, history, true crime and other nonfiction genres. The service will launch Jan. 4 with 5.2 million subscribers and CEO David Zaslav said in a presentation to investors he expects “tens […]
In a move aimed squarely at another Los Angeles Lakers great, LeBron James has signed a two-year, $85 million contract extension to stay with the team. The signing sends a strong signal to free agent Anthony Davis that the 35-year-old James will be around to help defend their NBA title for at least the next […]
Police believe the person of interest is the father of Ashley Cannon's unborn child
Bill Barr can take the heat, and on Tuesday the stalwart Attorney General guaranteed he’ll get it when he said “to date, we have not seen fraud on a scale that could have effected a different outcome in the election.” Mr. Barr told the Associated Press that allegations of “particularized” fraud, with some that “potentially cover a few thousand votes,” are being explored. As for the idea that voting machines were compromised, Mr. Barr said the feds “have looked into that, and so far, we haven’t seen anything to substantiate that.”
Death was linked to coronavirus complications, foundation he set up says
(Bloomberg) -- The House approved legislation that could ultimately lead to Chinese companies --including behemoths like Alibaba Group Holding Ltd. and Baidu Inc. -- getting kicked off American exchanges if U.S. regulators aren’t allowed to review their financial audits.The legislation won bipartisan support in the House after easily clearing the Senate back in May. Passage now sends the bill to President Donald Trump, who is expected to sign it.While the legislation provides a phase-in period -- penalties only kick in after three straight years of failure to comply -- it represents intensifying scrutiny in Washington of ties with China. Chinese firms for years have relied on access to American capital markets, and more broadly to dollar-based finance, as a key funding component.“U.S. policy is letting China flout rules that American companies play by, and it’s dangerous,” said Senator John Kennedy, one of the bill’s lead sponsors, in a statement. “Today, the House joined the Senate in rejecting a toxic status quo, and I’m glad to see this bill head to the president’s desk.”In addition to requiring companies to allow U.S. inspectors to review their financial audits, the measure -- originally introduced by Kennedy, a Louisiana Republican, and Senator Chris Van Hollen, a Maryland Democrat -- requires firms to disclose whether they are under government control.‘Cheated’ InvestorsMany investors “have been cheated out of their money after investing in seemingly legitimate Chinese companies that are not held to the same standards as other publicly listed companies,” Van Hollen said in a statement. “This bill rights that wrong, ensuring that all companies on the U.S. exchanges abide by the same rules.”The measure represents a watershed moment in a long-running dispute between Washington and Beijing. At issue is China’s refusal to let the Public Company Accounting Oversight Board examine audits of firms whose shares trade in the U.S. The requirement for the inspections by the agency, which was created in the wake of the Enron Corp. accounting scandal, is meant to prevent fraud and wrongdoing that could wipe out shareholders.Investors have mostly shrugged off the anticipated legislative move. Alibaba, the largest U.S.-listed Chinese company, was steady in after-hours trading, following a 1% drop on Wednesday. The offshore yuan was little changed.Read More: Market Calls Bluff on $2 Trillion Delisting Threat: China TodayFang Xinghai, the vice chairman of the China Securities Regulatory Commission, last month expressed optimism that the clash could be resolved with an incoming Biden administration. “It’s not an intractable problem,” Fang said, adding that it’s important to ensure that Chinese companies have access to international capital markets.Regulators in the two countries have been engaged in on-again, off-again negotiations amid the standoff for more than a decade. Over the years there have been moments of optimism that the two sides were closing in on a deal, but ultimately it always fell through -- with China citing strict confidentiality laws. More than 50 other foreign jurisdictions now permit the PCAOB inspections.Despite the inability of American inspectors to review audits of Chinese firms, they’ve been allowed to continue to trade in the U.S., as the dynamic has been profitable to American stock exchanges, investment banks and asset managers. According to the Securities and Exchange Commission, more than 150 of the country’s companies, with a combined value of $1.2 trillion, traded on U.S. exchanges as of 2019 and there have been a spate of initial public offerings this year.Major companies such as Vanguard Group Inc., the New York Stock Exchange, and Nasdaq have all expressed concern that the trend could reverse, with a crackdown causing Chinese companies to move their listings to Hong Kong or countries where investor protections are weaker than in the U.S. American investors would still be able to purchase the stock.Alibaba PledgeAlibaba CFO Maggie Wu said during a May 22 earnings call that the company “will endeavor to comply” with legislation that seeks to bring transparency to investors buying stocks on U.S. exchanges. Her comments were directed specifically at the Kennedy-Van Hollen legislation, which at that point had just passed the Senate.The bill would prohibit foreign companies from trading in the U.S. if PCAOB inspectors aren’t allowed to review their auditors’ work for three consecutive years. The businesses would also have to disclose whether they’re controlled by China’s Communist Party, or any other foreign government.Jay Clayton, the outgoing chairman of the Securities and Exchange Commission, said the legislation will help “level the playing field for all issuers” in the U.S. stock market.“Today’s vote, in combination the Commission’s ongoing work, will help address these long-standing issues for the benefit of U.S. investors,” he said in a statement.The SEC has been pushing ahead with writing a rule to tackle the same issue, which would lead to the de-listing of companies for not complying with U.S. auditing rules, Bloomberg News reported last month. The effort is in response to recommendations released earlier this year by top Trump-appointed financial officials including Clayton and Treasury Secretary Steven Mnuchin.The NYSE said in a statement that “we are hopeful this legislation’s time horizon will allow” for balancing both protection and choice for investors. Meanwhile, Nasdaq said it “stands ready to work with our listed companies to comply with any and all regulations” and that it looks forward to cooperating with the SEC to bolster transparency.The bill passed on Wednesday tasks the SEC with writing a rule to implement part of the measure.As in the Senate, the bill passed the House by voice vote, underscoring the bipartisan support for the measure.(Updates with market reaction and comments from regulators and other context starting in third paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
For months, lawmakers have haggled over a stimulus package to follow the CARES Act, passed into law in late March to provide coronavirus relief. On Dec. 1, however, a bipartisan group of lawmakers announced a new proposal that could revive stimulus talks and bring the public closer to relief. Millions of Americans are still out of work, but regular unemployment benefits don't replace enough lost income to help the jobless stay afloat.
This winter is “going to be the most difficult time in the public health history of this nation,” said Dr. Robert Redfield as the coronavirus spreads rapidly.
Danuel House Jr. left the NBA bubble early in September after he had an unauthorized guest in his hotel room, a violation of the league's COVID-19 policy.
Former president Valery Giscard d'Estaing, who has died aged 94, brought a wind of change to French politics during his seven-year mandate, breaking with the conservatism that dominated after World War II.
Covid crisis offers a chance to act on climate, report saysLancet Countdown on Health and Climate Change calls for green recovery from pandemic * Coronavirus – latest updates * See all our coronavirus coverage
The American Depositary Receipts (ADRs) of China's Lufax Holding (NYSE: LU) closed more than 10% down on Wednesday. This followed the release of its first set of quarterly results as a publicly traded company, which were published after market hours on Tuesday.
Large parts of Scotland and areas of northern England are predicted to see snow and icy conditions which could cause travel disruptions.
Chevron Corporation (NYSE: CVX) today named Al Williams vice president of corporate affairs, effective March 1, 2021. The company also appointed Paul Antebi vice president and general tax counsel, effective February 1, 2021.