The New South Wales (NSW) government has revamped its climate policy to halve emissions by 2030 amid worries the transition could subvert energy security if planned improperly. NSW initially set forth to reduce emissions below 2005 levels by 35 percent. But it has since upped the target with priorities on accelerating its renewable energy rollout…
Surging Treasury Yields Batter Amid Broad Tech Selloff
NEW YORK—A broad selloff in technology and growth names battered the flagship fund of star stock picker Cathie Wood’s ARK Invest, as investors shifted away from tech shares amid a sharp rise in Treasury yields. The ARK Innovation ETF, which had $21.4 billion in assets as of last week, according to Refinitiv, fell 4.2 percent…
Japan’s GPIF to Shun Chinese Government Bonds Even After Benchmark Inclusion
September 30, 2021
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Asia & PacificBusiness & EconomyChinaChina Business & EconomyInternationalJapanPension Investment FundWorld
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TOKYO/SHANGHAI—Japan’s Government Pension Investment Fund (GPIF) will not invest in Chinese government bonds due to settlement and liquidity issues, even after they will be included in a major bond index next month, it said on Wednesday. The world’s largest pension fund, with total assets of 193 trillion yen ($1.729 trillion), said it will stay out…
DHS to Scrap Trump-Era ‘Remain in Mexico’ Program Despite Orders for Reinstatement
September 30, 2021
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Department of Homeland SecurityExecutive BranchFeatured Topicsformer president donald trumpImmigration & Border SecurityMexicomigrantMigrant Protection ProtocolsNational SecurityPoliticsUSUS News
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The Biden administration’s Department of Homeland Security (DHS) announced on Sept. 29 that it intends to issue a new memo scrapping the “Remain in Mexico” immigration program implemented by former President Donald Trump despite a Supreme Court ruling that the program was to be reinstated. Also known as the Migrant Protection Protocols (MPP), the “Remain in Mexico”…
Mirum’s Oral Drug Becomes First U.S. Approved Alagille Syndrome Therapy
Mirum Pharmaceuticals Inc said its drug became the first U.S.-approved therapy for treating itching in patients with rare liver disorder Alagille syndrome (ALGS), and would be available for distribution immediately. Shares of the company were briefly halted before the approval and rose as much as 8.8% to $20.40 after resumption on Wednesday. “(Itching) is really…
Appeals Are Mounting in Purdue Pharma Bankruptcy Settlement
Objections to a historic settlement with Purdue Pharma are mounting in the form of appeals, with Rhode Island’s attorney general saying Wednesday the plan doesn’t hold the OxyContin maker or its owners accountable for its role in sparking the opioid crisis. Rhode Island appealed Tuesday in U.S. Bankruptcy Court in New York. Separate appeals have…
Air France-KLM Eyes Capital Options, US Bookings Surge
PARIS—Air France-KLM is looking at raising fresh funds soon after completing a share issue earlier this year, bolstered by a positive trend in bookings since the United States announced a reopening to Europeans, its chief executive said on Wednesday. “We did at our annual general meeting in May request from our shareholders’ flexibility on how…
Luxury Carmaker Rolls-Royce to Switch to All Electric Range by 2030
BERLIN—Rolls-Royce will produce only electric cars by 2030, the luxury carmaker said on Wednesday, joining other premium brands making the switch such as Volkswagen’s Bentley and Jaguar’s Land Rover. The BMW-owned brand said in a statement that its first fully electric-powered car, named “Spectre,” will be on the market in the fourth quarter of 2023,…
German Watchdog BaFin Orders N26 to Pay $5 Million Fine
FRANKFURT—German financial regulator BaFin ordered online bank N26 to pay 4.25 million euros ($4.98 million) for delayed reports of suspicious activity in 2019 and 2020 in the area of anti-money laundering, the bank said in a statement. N26 said the fine was paid in full on July 14, adding all related proceedings have been closed….
Troubled Chinese Airline Group Proposes Paying 40 Percent of Debts
BEIJING—HNA Group, a Chinese airline operator that ran into financial trouble after a global acquisition spree, has proposed a plan to settle $61 billion in debts owed to thousands of creditors by paying 40 percent of the total. The conglomerate warned in a statement Tuesday that it faces possible liquidation due to “mismanagement and investment…
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