Here is the latest Economic News from Reuters.
Mobileye says it warned Tesla against enabling ‘hands-free’ driving
FRANKFURT, Sept 16 (Reuters) – Mobileye NV said in a U.S. securities filing on Friday that its top executives were assured by Tesla Motors Inc Chief Executive Elon Musk that drivers of the company’s…
Exxon probe faces uphill climb amid ambiguous accounting rules
NEW YORK, Sept 16 (Reuters) – New York Attorney General Eric Schneiderman faces an uphill climb in building a case against Exxon Mobil Corp for not writing down assets amid the oil-price slump…
UPDATE 1-Florida man sues Samsung, says Galaxy Note 7 exploded
Sept 16 (Reuters) – Samsung Electronics Co was sued on Friday by a Florida man who said he suffered severe burns after his Galaxy Note 7 smartphone exploded in his front pants pocket.
BRIEF-MyoKardia files for common stock offering of up to $74.8 million
Source text – http://bit.ly/2cUPqWE Further company coverage:
BRIEF-Smulyan delivers letter to committee of disinterested directors of Emmis Communications
* On Sept 16, delivered letter to committee of disinterested directors of Emmis Communications extending deadline for responding to proposal until Sept 30 Source text – http://bit.ly/2cx0KtF Further…
BRIEF-Shire District Court issues ruling in Hatch Waxman case regarding Shire’s Lialda
* Court ruled that Cadilla Healthcare Ltd./Zydus Pharmaceuticals (USA) Inc.’s proposed generic version of Lialda does not infringe U.S. patent no. 6,773,720
BRIEF-Photon Control provides litigation update
* Court directed Photon research and development not dispose of or encumber any of intellectual property which is contested between photon control and photon research and development
Valeant says discount program for heart drugs on track
Sept 16 (Reuters) – Valeant Pharmaceuticals International Inc said its discount and rebates program for two high-priced heart drugs would cover over 90 percent U.S. hospitals once it had finalized…
Wells Fargo sued on behalf of bank and brokerage customers
NEW YORK, Sept 16 (Reuters) – Customers sued Wells Fargo & Co on Friday, accusing the bank of fraud, negligence, invasion of privacy and other claims related to the alleged opening of sham accounts…
UPDATE 1-EPA says glyphosate, used in Monsanto herbicide, likely not carcinogenic
CHICAGO, Sept 16 (Reuters) – Glyphosate, the key ingredient in Monsanto Co’s Roundup herbicide, is not likely carcinogenic to humans, the U.S. Environmental Protection Agency said on Friday as it…
Florida man sues Samsung, says Galaxy Note 7 exploded
Sept 16 (Reuters) – Samsung Electronics Co was sued on Friday by a Florida man who said he suffered severe burns after his Galaxy Note 7 smartphone exploded in his front pants pocket.
BRIEF-Kimberly Page reports 9.99 pct passive stake in WPCS International
* Kimberly Page reports 9.99 pct passive stake in WPCS International Inc as of September 15 Source text – http://bit.ly/2ct9iQ5 Further company coverage:
UPDATE 1-Wells Fargo faces proposed class action over bogus accounts
NEW YORK, Sept 16 (Reuters) – Wells Fargo & Co, embroiled in a scandal over the opening of sham accounts, was sued on Friday by customers who accused the bank of fraud and recklessness for its…
DEALTALK-Trump’s Mexico plans reignite Banamex questions for Citigroup
Sept 16 (Reuters) – For Citigroup Inc executives, being asked why they won’t sell their Mexican bank subsidiary Banamex is as annoying as the yapping of a Chihuahua. But the question keeps coming up.
UPDATE 1-Central banks confirm formed task force on payments fraud
NEW YORK, Sept 16 (Reuters) – A committee of the world’s major central banks said on Friday it has launched a task force to examine cyber security in cross-border banking and to ensure interbank…
BRIEF-Sancilio Pharma files to withdraw IPO plans
* Submits withdrawal as it does not intend to pursue IPO at this time
Nevada approves SolarCity, Berkshire unit’s rooftop solar pact
Sept 16 (Reuters) – Nevada’s utility regulator on Friday approved a settlement between SolarCity Corp and the NV Energy unit of Warren Buffett’s Berkshire Hathaway Inc that grandfathers roughly…
BRIEF-Johnson & Johnson to buy Abbott Medical Optics for $4.325 bln
* Johnson & Johnson announces agreement to acquire Abbott Medical Optics
BRIEF-Janssen receives CHMP positive opinion for Stelara (Ustekinumab)
* Janssen receives CHMP positive opinion for Stelara (Ustekinumab) recommending approval for the treatment of moderately to severely active Crohn’s disease in the European Union
UPDATE 1-EU court annuls dumping duties on Argentina, Indonesia biodiesel
BRUSSELS, Sept 16 (Reuters) – A European Union court delivered a series of rulings on Thursday to annul anti-dumping duties imposed on exporters of biodiesel from Indonesia and Argentina.
RPT-UPDATE 3-Deutsche Bank to fight $14 billion demand from U.S. authorities
FRANKFURT, Sept 16 (Reuters) – Deutsche Bank said it would fight a $14 billion demand from the U.S. Department of Justice to settle claims it missold mortgage-backed securities, a shock bill that…
REFILE- Spiked M&A deals set for record as regulators increase scrutiny
NEW YORK, Sept 16 (IFR) – Bayer will be hoping that its US$66bn purchase of Monsanto won’t succumb to the same failure that has tripped up many other mergers and acquisitions this year, as regulators…
Online lenders brace for new regulatory framework
NEW YORK, Sept 16 (IFR) – US regulators are turning up the heat on the struggling online lending sector amid worries the nascent industry is not doing enough to protect customers or prevent reckless…
BRIEF-Financial Services Committee launches investigation of Wells Fargo
* Financial Services Committee says has launched an investigation of Wells Fargo
Global central banks confirm formed task force on payments
NEW YORK, Sept 16 (Reuters) – A committee of the world’s major central banks said on Friday it has launched a task force to examine cyber security in global banking and to ensure protections are in…
U.S. House committee to hold hearing on Wells Fargo sales practices
WASHINGTON, Sept 16 (Reuters) – The U.S. House Financial Services Committee has opened a probe into Wells Fargo’s sales practices and plans to call the company’s chief executive before lawmakers at…
New York investigating Exxon’s accounting practices, asset valuations-WSJ
Sept 16 (Reuters) – New York Attorney General Eric Schneiderman is investigating Exxon Mobil Corp’s accounting practices and why the company hasn’t written down the value of its assets despite the…
Wells Fargo faces scrutiny over lack of sales scandal disclosure
NEW YORK, Sept 16 (Reuters) – A phantom account scandal at Wells Fargo & Co has put the U.S. bank’s disclosure policies under a harsh spotlight.
Deutsche capital worries return as US mega-fine looms
LONDON, Sept 16 (IFR) – Deutsche Bank faces the prospect of having to tap shareholders for more cash after the US Department of Justice asked Germany’s flagship lender to pay US$14bn to settle an…
BRIEF-Advanced Accelerator Applications announces positive EMA opinion on application for SomaKit TOC
* Advanced Accelerator Applications announces positive EMA opinion on application for SomaKit TOC kit for radiopharmaceutical preparation of gallium (Ga 68) edotreotide for gastroenteropancreatic…
UPDATE 1-New York investigating Exxon’s accounting practices – WSJ
Sept 16 (Reuters) – New York Attorney General Eric Schneiderman is investigating Exxon Mobil Corp’s accounting practices and why the company hasn’t written down the value of its assets despite a…
BRIEF-EMA recommends approval of three new cancer treatments
* Recommends approval of Eli Lilly and Boehringer Ingelheim’s Glyxambi for treatment of type 2 diabetes
CORRECTED-(OFFICIAL)-Financial regulator investigates timing of Linde announcements
FRANKFURT, Sept 16 (Reuters) – Germany’s financial markets regulator BaFin on Friday said it had launched a routine investigation into whether industrial gases supplier Linde held back information…
UPDATE 1-EMA panel recommends nod for Pfizer’s breast cancer drug
Sept 16 (Reuters) – U.S. drugmaker Pfizer Inc’s breast cancer drug, Ibrance, should be given marketing approval, an advisory committee at the European Medicines Agency recommended.
ECB’s Villeroy sees cross-border bank mergers after regulations settle
PARIS, Sept 16 (Reuters) – Europe’s banking sector will be ripe for consolidation once international bank regulations currently being thrashed out are finalised, ECB governing council member Francois…
BRIEF-New York AG investigating Exxon’s accounting practices- WSJ, citing sources
* New York attorney general Eric Schneiderman is investigating why Exxon Mobil hasn’t written down the value of its assets- WSJ, citing sources Source (http://on.wsj.com/2cvIaBU)
Germany expects fair result in Deutsche Bank U.S. mortgages case
BERLIN, Sept 16 (Reuters) – Germany’s Finance Ministry said on Friday it expected a fair result to a U.S. investigation into Deutsche Bank’s selling of mortgage-backed securities.
PRESS DIGEST – Wall Street Journal – Sept 16
Sept 16 (Reuters) – The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.
Wells Fargo faces scrutiny over lack of sales scandal disclosure
NEW YORK, Sept 16 (Reuters) – A phantom account scandal at Wells Fargo & Co has put the U.S. bank’s disclosure policies under a harsh spotlight.
BRIEF-Blackpearl Resources says its Blackrod project receives regulatory approval
* Its commercial development application at Blackrod received regulatory ,environmental approval from Alberta energy regulator Source text for Eikon:
RPT-German banks count cost of global shipping crisis
LONDON/FRANKFURT, Sept 15 (Reuters) – German banks are struggling to recoup tens of billions of dollars of loans as a global shipping industry slump hits them hard.
U.S. lawmakers ask Wells about taking back bonuses linked to scam case
WASHINGTON, Sept 16 (Reuters) – Five Democratic U.S. Senators have asked Wells Fargo if it plans to take back bonuses and other compensation to executives linked to the 2 million phony bank accounts…
BRIEF-Deutsche Bank says U.S. DoJ asks it to pay $14 bln to settle mortgages case
* Confirms market speculation of opening position by DoJ of $14 billion and that DoJ has invited bank as next step to submit counter proposal
Tesla says Mobileye balked after learning carmaker to make own cameras
SAN FRANCISCO, Sept 15 (Reuters) – Tesla Motors Inc on Thursday said its former camera supplier Mobileye disparaged the safety of Tesla’s assisted driving technology Autopilot after learning the…
PRESS DIGEST- Financial Times – Sept 16
Sept 15 (Reuters) – The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.
UPDATE 2-Deutsche Bank says U.S. DoJ asks it to pay $14 bln to settle mortgages case
FRANKFURT, Sept 16 (Reuters) – The U.S. Department of Justice is asking Deutsche Bank to pay $14 billion to settle an investigation into its selling of mortgage-backed securities, Germany’s flagship…
UPDATE 1-Top U.S. bank regulator says Wells Fargo case shows sales risks
CAMBRIDGE, Mass., Sept 15 (Reuters) – The U.S. Comptroller of the Currency said a recent case against Wells Fargo & Co concerning phantom accounts highlights the risks other banks face in their…
BRIEF-Capricor files for potential stock shelf
* Files for potential stock shelf; size not disclosed Source text – http://bit.ly/2cqCJSN Further company coverage:
Brazil centrist parties vow to back Temer fiscal plan
BRASILIA, Sept 15 (Reuters) – Centrist parties pledged their support for President Michel Temer’s plan to curb public spending and balance Brazil’s overdrawn government accounts on Thursday, raising…
BRIEF-Amgen presents positive data at EHMTIC 2016, Erenumab reduces migraine
* Amgen presents positive data at EHMTIC 2016 demonstrating erenumab significantly reduces monthly migraine days in patients with chronic migraine
BRIEF-Mercer files for mixed shelf of up to $650 million
Source text – http://bit.ly/2cMLpES Further company coverage:
BRIEF-Samsung phones must be off and unplugged during flights – U.S. FAA
* The U.S. Federal Aviation Administration says air travelers must keep Samsung Galaxy Note 7 phones off and unplugged during flight, strengthening its previous advisory since U.S. Consumer Product…
BRIEF-Deutsche bank asked to pay $14 bln to resolve U.S. investigations into mortgage securities – CNBC, citing DJ
BRIEF-Materialise NV files for offering of up to 35.03 million American Depositary Shares
* Files for offering of up to 35.03 million American Depositary Shares representing 35,032,250 ordinary shares Source text – http://bit.ly/2crG49A Further company coverage:
UPDATE 2-Samsung to replace or refund 1 mln U.S. Galaxy Note 7 phones
Sept 15 (Reuters) – Samsung Electronics Co Ltd formally recalled 1 million Galaxy Note 7 smartphones sold in the United States, replacing or refunding the flagship phones, whose susceptibility to…
Top U.S. bank regulator defends standards on capital, leverage
CAMBRIDGE, Mass. Sept 15 (Reuters) – The U.S. Comptroller of the Currency on Thursday defended capital requirements and other standards for banks and said they have made the institutions more…
Deutsche Bank says U.S. DoJ asks it to pay $14 bln to settle mortgages case
FRANKFURT, Sept 16 (Reuters) – The U.S. Department of Justice is asking Deutsche Bank to pay $14 billion to settle an investigation into its selling of mortgage-backed securities, Germany’s flagship…
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