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Top Crypto assets that include Bitcoin and Ethereum are currently facing an uphill task breaking their key resistance level amid significant profit-taking coming to play across the market spectrum.
The activist investor said cryptocurrency would endure but not necessarily all the current digital.
(Bloomberg) -- Hedge funds often measure their investments in minutes, not decades; but for Anchorage Capital Group, its long-held stake in Metro-Goldwyn-Mayer Studios Inc. is proving that patience can also be profitable.The New York-based money manager stands to make roughly $2 billion on its investment in the film and TV producer, one that began almost 11 years ago with MGM in bankruptcy court. Amazon.com Inc. agreed to buy the company for $8.45 billion Wednesday, a price that includes just under $2 billion in debt.The deal is in many ways a vindication for Kevin Ulrich, the former Goldman Sachs Group Inc. trader who co-founded Anchorage in 2003 and was part of a group of distressed debt investors that took control of MGM as it went through the restructuring process. In recent years the stake looked to be an albatross for the fund, one that came with significant drama in its own right.Ulrich brought in and later fired a high-profile chief executive officer, resisted efforts by activist investor Carl Icahn to take control, and held out for a bigger payday after years of considering various exit strategies. By selling now, as demand for media content from entertainment and technology companies alike is booming, he’s proving his long-held faith in the investment was justified.“There was a lot of maneuvering, a lot of financial engineering,” said Steven Azarbad, chief investment officer at New York’s Maglan Capital, an MGM investor who sold his shares four years ago. “But they’ve done great.”A representative for Anchorage declined to comment.When Ulrich first invested in MGM, he was new to Hollywood. He helped pick Gary Barber, a South African-born producer of films such as “Ace Ventura: Pet Detective” as chief executive officer of the storied but debt-laden studio. Barber brought to the table a shrewd business sense, and connections into a world Ulrich long admired from afar.Barber shepherded MGM’s development of “The Hobbit” franchise, a co-production with Warner Bros., that became a global smash hit. He helmed the release of the James Bond film, “Skyfall,” which generated over $1 billion at the box office, and he revived the studio’s work in television. Barber also brokered a deal to bring on TV super producer Mark Burnett, which gave MGM access to reality show hits like “Survivor” and “The Apprentice,” but would ultimately become personally troublesome.In 2012 the company bought back Icahn’s stock for $590 million. It also filed paperwork for a possible public offering of shares, and considered other options, such as a sale.As Barber boosted MGM’s film and TV pipeline, Ulrich was increasingly entranced by the allure of Hollywood. He became a regular at movie premieres in Los Angeles and New York, and frequented industry parties in the Hamptons and elsewhere. He became active in creative decisions after becoming chair of MGM’s board -- somewhat unusual for a non-executive lacking Hollywood experience -- even getting involved with business granularities like casting.Growing RiftBut over the following years a rift began to open up between Barber and Ulrich. When it was time to renew Barber’s contract in 2017, Ulrich conducted an extensive search for a new CEO. When it ended, he ultimately chose to sign Barber to a new five-year deal. Yet around the same time, the pair split on whether to sell the company, with Ulrich wanting to hang on to the studio and Barber saying it was time to find a buyer.The company would hold buyout talks with Apple Inc. as well as Chinese investors that would ultimately prove fruitless.Only months after renewing Barber’s deal, Ulrich fired him. The shock departure meant the company had to pay Barber for five years of salary and buy out his equity, a package totaling $260 million. In the three years since Barber left, Ulrich hasn’t replaced him, instead operating an “office of the chief executive officer,” comprised of various people that each have their personal vision for MGM.Barber declined to comment via his spokesperson.Bounce BackAfter the initial period of success following the restructuring, the gains became harder to come by, as they did in Anchorage’s overall credit-focused business. Two senior managers left the firm in January 2020, and another in November. Anchorage’s flagship strategy, with about $8.5 billion under management, returned just 0.6% in 2018, 1.5% in 2019 and 4.4% in 2020, according to people familiar with the matter.In December, MGM hired investment bankers for a potential sale.MGM only released one film in theaters in 2020. Its biggest potential hit, the latest Bond film, “No Time to Die,” was pushed from last year to this October as a result of the pandemic.Yet the value of MGM’s library rose as everyone from media companies to technology giants have sought to build video streaming platforms that can compete with industry leader Netflix Inc. Earnings jumped 48% last year, to about $307 million, even as sales declined.Anchorage holds a roughly 30% stake in MGM, worth about $2.5 billion in the sale, said people with knowledge of the matter. Anchorage invested around $500 million in the company more than a decade ago. Including the MGM stake, Anchorage’s flagship fund is up 18% this year, the people added. The fund has gained about 8% in 2021 not counting the studio.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- A volatile month for iron ore and steel rolled on as China stepped up its rhetoric around curbing output and pollution in one of its dirtiest industries.China’s Ministry of Industry and Information Technology will seek to establish a mechanism to contain steel output based on carbon emissions, pollutant discharges and energy consumption, the Shanghai Securities News reported, citing ministry official Lyu Guixin. Iron ore climbed more than 6% in Singapore, while steel futures in Shanghai jumped.Iron ore has whipsawed this month as surging steel demand and tight raw material supply sent prices to a record two weeks ago. They’ve since plunged, entering a bear market this week, as China sought to cool a furious commodities rally that’s stoking concerns about inflation. Volatility for Singapore futures spiked to the highest in more than four years.“The new policies will focus on cutting output instead of capacity, which will be more likely to see output cuts happening eventually,” said Lu Li, an analyst with Shenhua Futures Co. There’s still a question on when the policies will be implemented, which may not be in the short term given the rapid surge in prices already, Lu said.Iron ore on the Singapore Exchange jumped as much as 6.7% to $183.90 a ton and was at $183.25 by 2:31 p.m. local time. Prices dropped 5.7% on Wednesday, taking losses from the record reached earlier this month to more than 20%. Futures in Dalian surged 5.9%, while rebar and hot-rolled coil in Shanghai rose more than 3%.The world’s top steel consumer and producer has frequently reiterated its commitment to curb record output since late last year, rolling out a series of production restrictions to reduce emissions and targeting speculators and hoarders. Still, the country’s mills are churning out unprecedented volumes of steel as robust profit margins enable them to accommodate higher input costs.China is fully capable of meeting domestic steel demand between 2021 and 2025 by adjusting imports and exports, Shanghai Securities News reported, citing comments made by Lyu at a forum.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
CBA, Australia's largest bank, said its move came under the country's Consumer Data Right (CDR) law that will soon be extended to energy and other sectors. The bank said it would invest A$50 million ($38.68 million) in two startups, picking up a 23% stake in online shopping platform Little Birdie and 25% in Amber, which provides access to wholesale electricity prices. Amber offers a subscription service to users to get access to wholesale electricity prices, which have nearly halved over the past three years and tend to be lower than retail prices.
(Bloomberg) -- In the latest desperate attempt to deal with fuel shortages that have crippled Venezuela’s economy, government leaders are trying to repurpose two massive oil upgraders to make a main ingredient for gasoline instead.With U.S. sanctions preventing the country from importing naphtha, a petroleum product its refineries use as feedstock, state-owned Petroleos de Venezuela will seek to make its own at upgraders designed to process heavy crude into lighter oil for the international market, according to documents seen by Bloomberg and people with knowledge of the plan, who asked not to be named because the information isn’t public. The plants are the Petropiar partnership with Chevron Corp. and the Petrocedeno venture with Total SE and Equinor ASA.Venezuela’s acute fuel shortage has forced businesses and factories to shut, while drivers line up for hours or even days to fill up. The conversion of the Hugo Chavez-era crude upgraders marks another dramatic departure from a time when the OPEC-founding nation was a top oil exporter, now reduced to one of the poorest nations in the Western Hemisphere under the U.S.-sanctioned Nicolas Maduro regime.The work at the Petropiar and Petrocedeno plants, which strip away sulfur and other impurities from the sludgy heavy crude from the Orinoco Belt, started in April, the people said.It’s unclear how PDVSA can pull the overhaul off without the help of foreign partners or international contractors, which can no longer do business with the battered, cash-strapped state oil producer. The company has struggled to even perform basic maintenance at its plants, which lack replacement parts it hasn’t been able to import.PDVSA, Chevron and Total didn’t immediately reply to requests for comment. A representative from Equinor deferred any questions to PDVSA. Refineries typically make their own heavy naphtha as a stage in the processing of crude into gasoline. PDVSA units have long lost that ability because of broken equipment. The country’s upgraders are in better shape because they were operated with the help of foreign partners until recently. Plus, the processing of heavy oil into so-called synthetic crude at the plants already involved some naphtha production.To convert the upgraders into feedstock suppliers for refineries, which will involve installing new equipment and pipelines, PDVSA is hiring local contractors, the people said. The overhaul will not prevent the plants from also being used for their original purpose of making synthetic crude.The plants will initially feed PDVSA’s Cardon and Puerto La Cruz refineries with 30,000 barrels a day of heavy naphtha, the documents show. A plan to lay pipelines that will allow supplies to reach 112,000 barrels a day are still being discussed with contractors, the people said.It’s not the first time the upgraders have been repurposed since U.S. sanctions have practically shut off Venezuela from the international crude market.PDVSA’s four upgraders were converted into simpler blending plants in mid-2019. The shift meant halting the production of the Petrozuata and Zuata Sweet light-oil blends to focus on Merey 16 heavy oil, mostly sold on the Asian market.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Ford sets some ambitious electric vehicle and financial goals at its latest investor day. Here's what we know.
Nvidia saw massive growth in its gaming and data center businesses in Q1 2022.
Investors shorting meme stocks GameStop and AMC Entertainment are estimated to have lost $754 million on Tuesday alone as the shares rallied, data from financial analytics firm Ortex shows. Shares in GameStop, which was at the heart of the so-called "stonks" retail trading mania earlier this year, rose 8% to nearly $225 in U.S. premarket trading on Wednesday, a day after rising 18%. Shares in cinema operator AMC soared 39%.
Marks & Spencer plans to have about 30% fewer combined clothing and food stores in 10 years time as more sales shift online, but will still open new shops when prime sites - like six former Debenhams outlets - become free, it said on Wednesday. CEO Steve Rowe said that would be achieved by "rotating the estate" at 110 locations. About 35 full line stores will be relocated, about 45 will become food stores and about 30 sites will be exited over a ten year period, he told reporters after M&S published 2020-21 results.
(Bloomberg) -- Goldman Sachs Group Inc. has emerged as one of SoftBank Group Corp.’s biggest lenders, with Masayoshi Son’s company borrowing over $5 billion from the New York-based firm.Goldman Sachs was SoftBank’s fourth-largest lender in the year ended March 31, extending 593.2 billion yen ($5.4 billion) in loans, the Tokyo-based company said in a statement on Thursday. The bank wasn’t included in the list in the previous period.Mizuho Financial Group Inc. retained its top spot with 850.1 billion yen, even after trimmed its loan exposure to SoftBank by almost 7% from a year earlier. JPMorgan Chase & Co. was second with 829.3 billion, more than triple the amount in the year-earlier period.BNP Paribas SA was also a new entry on the list, ranking third with 601.5 billion yen, SoftBank said. Deutsche Bank AG increased its lending 46% to 376.1 billion yen. Credit Suisse Group AG, which had extended 176.9 billion yen in loans to SoftBank in 2020, fell out of the top 10 this year.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
SHANGHAI (Reuters) -Chinese smartphone maker Xiaomi Corp reported first-quarter revenue growth of 55% on Wednesday, exceeding analyst expectations as it nabbed market share from one-time sector leader Huawei Technologies Co Ltd. Revenue rose to 76.88 billion yuan ($12 billion) in the quarter ended March 31, from 49.70 billion yuan a year earlier. Adjusted net profit rose to 6.1 billion yuan, versus market estimates of 3.97 billion yuan.
The good news: Retirement at 58 may very well be within your reach, financial advisers said. One of the highest-priority tasks you will face if you retire at 58 (or any time before Medicare is available at 65 years old) is health insurance. There are a few options to be covered, including saving now for whatever cost it will be in the open market later on; taking on a part-time job with health benefits so that you can take advantage of the healthcare, earn a little extra income but still have more freedom than a full-time job requires; or have your wife take on a job that provides the family health insurance (if she isn’t already).
(Bloomberg) -- A decade ago, after hackers were caught infiltrating natural gas pipeline operations and an al-Qaeda video emerged calling for an “electronic jihad” on U.S. infrastructure, then-Senator Joseph Lieberman tried to sound the alarm.The system is “blinking red,” Lieberman warned his Senate colleagues during debate on the threat in 2012. “Privately owned and operated cyber infrastructure can well be, and probably some day will be, the target of an enemy attack.”Led by the Connecticut independent and one-time vice presidential candidate, lawmakers sought to require energy companies to strengthen computer security. But the effort withered under fierce lobbying by oil companies and other corporate interests that succeeded in killing the legislation. That left in place a system of voluntary guidelines that failed to stop last month’s ransomware attack on Colonial Pipeline Co., which paralyzed a major artery for fuel along the East Coast.“It’s really a lost opportunity,” said Lieberman, now senior counsel at Kasowitz Benson Torres LLP. “The attack on the Colonial Pipeline might not have happened if we passed the legislation.”Now, in response to the attack, the Department of Homeland Security is preparing to jettison the voluntary approach and impose cybersecurity requirements on pipelines, according to a person familiar with the plans who asked not to be identified before a formal announcement.That would be a defeat for oil companies and pipeline operators that for more than a decade have successfully fought off federal standards to thwart cyberattacks from legislation or regulatory agencies. Unlike power plants, U.S. pipelines are not required to follow any federal cybersecurity mandates, even though Homeland Security was given the authority to impose them when it was created in the wake of the Sept. 11, 2001 attacks.The Transportation Security Administration, the DHS agency in charge of protecting the nation’s pipelines, will issue a directive this week requiring pipeline companies to report cyber incidents, according to the person familiar with the plans. Additional requirements for safeguarding facilities and responding to attacks are set to be advanced in coming weeks, the Washington Post reported.“The Biden administration is taking further action to better secure our nation’s critical infrastructure,” DHS said in a statement on Tuesday. “We will release additional details in the days ahead.”Until now, the TSA had resisted using its authority to mandate cyberprotection measures.“My belief was we could get quicker and better security through working with the industry instead of regulating them because regulations set minimum security standards and industry in many cases was doing more than that,” said Jack Fox, who served as the agency’s manager of pipeline security before retiring in 2016.Lieberman’s bill would have imposed cybersecurity performance requirements on privately owned critical infrastructure -- and slap fines on companies that fell short. The rules would have been applied to more than pipelines: sectors where a hostile take-down of computer systems could lead to mass casualties, the collapse of financial markets or the disruption of energy and water supplies, were to be included.Even a watered-down version of the bill failed to overcome a Republican-led filibuster.Pipeline CompaniesFor Lieberman, the failure still stings.“We would sort of ask ourselves who is driving this aggressive opposition and the answer we were getting was the energy companies and the pipeline companies,” he said.Every major U.S. oil company -- including Exxon Mobil Corp., Chevron Corp. and ConocoPhillips -- lobbied on the legislation, alongside some refiners and at least one pipeline operator. Colonial didn’t lobby on the measure in 2012, according to disclosure forms it filed with Congress. However, groups it belonged to did, including the American Petroleum Institute, the Association of Oil Pipe Lines and the Chamber of Commerce -- a political titan that reported spending $103.9 million influencing government policies in 2012.The Chamber opposed the legislation at the time, calling it an overly broad, heavy-handed approach to regulation that threatened to create an “adversarial“ relationship between the government and private industry instead of fostering collaboration against cyberattacks. The group backed an alternative approach focused on greater sharing of threat information, a stance it continues to endorse today.“We support a public-private collaboration that strengthens our cybersecurity in all sectors, including pipelines, to benefit all Americans,” said Matthew Eggers, vice president of cybersecurity policy for the Chamber.Cybersecurity experts and government officials have cautioned for years about the consequences of a pipeline hack, including in 2019 when the Office of the Director of National Intelligence issued a report warning a cyberattack could disrupt a pipeline “for days to weeks.”Nevertheless, there was widespread business opposition to the Lieberman bill, with almost every affected industry, from financial services to communications, getting involved to warn the proposed cybersecurity mandates would insert the heavy hand of government into corporate affairs.But proponents warned that mandates were essential to ensure there were sufficient safeguards amid a barrage of ever-more sophisticated attacks on private companies running power plants, dams and other critical infrastructure.al-Qaeda VideoWeeks after the bill’s introduction, the Department of Homeland Security warned hackers had spent months trying to infiltrate computer systems for a number of natural gas pipeline operators. ABC News reported the FBI had obtained an al-Qaeda video calling for “electronic jihad” against U.S. critical infrastructure. And computer security firm McAfee Corp. warned of coordinated, ongoing cyberattacks on global energy companies in 2011.The hacking episodes foreshadowed how alluring fuel delivery systems are to cyber-criminals, like the Russia-linked group that used DarkSide ransomware to hold Colonial’s computer systems hostage around May 7. The company was forced to shut down its roughly 5,500-mile-long (8,851-kilometers-long) pipeline system, which provides about 45% of the fuel used on the East Coast, spurring outages at filling stations and the payment of a $5 million ransom before service resumed five days later.It’s not clear whether mandates would have thwarted the attack, and investigations are still underway. Colonial has pledged to “review any proposal that takes lessons learned from this event that strengthens or hardens our infrastructure.”Oil and pipeline trade groups steadfastly insist now is not the time for prescriptive federal mandates.“Any discussion of regulation is premature until we have a full understanding of the details surrounding the Colonial attack,” said Suzanne Lemieux, API’s manager of operations security and emergency response. “But we are committed to continuing our robust coordination with all levels of government.”The trade association added in a statement it was generally aligned with the Chamber on the issue in 2012 and cautioned against a prescriptive one-size-fits all regulatory approach that it said would be counterproductive.John Stoody, a spokesman for the Association of Oil Pipe Lines, whose members include Colonial Pipeline, said “We want TSA to get right anything they plan to do.”“For example, an overly broad reporting requirement could overwhelm TSA with hundreds of thousands of cyberattack reports every day that would not do anyone any good,” he said.PartnershipChevron said in an emailed statement that federal regulation “should take a risk-based approach” that gives companies flexibility to defend against threats. And Exxon noted that the rapid evolution of cyber threats means “any formal and prescriptive cybersecurity requirements for the industry are often outdated upon completion.”The Transportation Security Administration has long taken a similar approach. A branch manager in the agency’s office of surface operations last year boasted it involves “very few regulations” and a “cooperative approach to industry adoption of security measure,” according to a presentation archived on the agency’s website.The TSA opted not to regulate the pipeline sector because it felt a partnership with industry was more efficient, said Fox, the retired TSA manager of pipeline security.“A regulation takes months or years to change,” Fox said in a phone interview. “With this partnership we could make a phone call and say we need you to do such and such and it would be reacted to the next day.”Republican FilibusterFox said he didn’t think the Lieberman bill would have prevented the Colonial cyberattack.“You can regulate whatever you like,” Fox said. “We have regulations on speed limits and gun control and all kinds of things so if you regulate something it does not means it’s not going to happen.”Ultimately in 2012, Lieberman and Collins watered down their bill in a desperate bid to win over Republicans to get it passed. They dropped mandates and fines in favor of a measure that would create only optional requirements.But even the pared-back bill wasn’t enough. Continued concerns about liability and privacy haunted the legislation, and the Chamber opposed the new version too. It was twice defeated by a Republican-led filibuster, ultimately falling nine votes shy of the 60 needed to cut off debate in November 2012.Amy Myers Jaffe, a Tufts University professor and author of “Energy’s Digital Future,” said the Colonial cyberattack may be the pipeline industry’s “Macondo moment.”That’s a reference to the Gulf of Mexico oil well that blew out in 2010, killing 11 workers and unleashing the worst oil spill in U.S. history.An overly cozy relationship between federal regulators and oil companies was blamed for contributing to the disaster, Jaffe said. “It’s shocking to me to think that an industry that likes to brag about its safety records would ever have lobbied against having government-run standards that are mandatory for cyber-security in vital energy infrastructure.”More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
The U.S. Securities and Exchange Commission (SEC) is considering new rules to protect investors amid a surge in the use of special purpose acquisition companies (SPACS) as capital-raising vehicles, its new chair will tell lawmakers. SPACs are listed shell companies that raise cash to acquire and take public a private company, allowing targets to sidestep the stricter regulatory checks of an initial public offering. Gary Gensler, in prepared testimony to the financial services and general government subcommittee of the U.S. House Appropriations panel on Wednesday, said that overseeing SPACS has also placed demands on the resources at the watchdog, which has seen a 4% decline in its staff overall since 2016.
(Bloomberg) -- China is clamping down on some corn imports amid concern that overseas purchases have spiraled out of control, prompting several feed mills to cancel their U.S. cargoes.Chinese customs authorities are restricting imports into free trade zones, which aren’t counted toward an official annual purchase quota, according to people with knowledge of the matter. Total U.S. corn cancellations are estimated to be less than 1 million tons, said two of the people, who asked not to be identified as the matter is private.The increased scrutiny by Beijing over its corn imports comes as the broader market focuses on whether the country will continue its heightened purchases of raw materials from grains to metals to fossil fuels. Prices across a variety of products have soared this year partly because of Chinese demand, raising import costs and sparking fears over inflation in the Asian nation.Corn futures in Chicago fell as much as 2% before erasing losses as traders determined the scrapped purchases aren’t big enough to alter an already tight supply situation. Some market watchers claim China, which is forecast to import a record amount of corn this year, is trying to get a better deal after prices recently surged above $7 a bushel for the first time since 2013.“China is playing a negotiating game,” said David Martin, founder of Martin Fund Management in New York.China’s crackdown on corn purchases is targeted at businesses that have set up blending facilities in the free trade zones, according to the people familiar with the matter. These facilities allow firms to mix the imported corn with other raw materials to produce livestock feed that enable them to profit from zero-tariff imports, the people said.Calls to Chinese customs outside business hours went unanswered.Illinois corn farmer Matt Bennett, a co-founder of commodities brokerage and consulting firm AgMarket.net, noted that China has a pattern of crop-import cancellations only to start “buying the daylights out of stuff.”The canceled shipments are a small amount compared to more than 20 million tons of American corn that China has purchased this season. The Asian nation has been a key source of demand for the grain to feed its recovering hog herd, helping to push prices to multiyear highs. Imports from the U.S. have soared as Beijing also seeks to fulfill its commitments for the “phase one” trade deal signed with the U.S. in January 2020.The latest move by China “is likely to have only a very small impact on China’s compliance with the overall purchase commitments on the phase one agreement,” said Chad Bown, an expert at the pro-trade Peterson Institute for International Economics in Washington. “Corn is just too small a portion of the overall deal.”Corn QuotasChina allocates annual corn import quotas to state and private firms. State-owned Cofco Corp. may at times receive an allowance to buy an additional amount that it resells domestically to private mills or to replenish state reserves.The quotas for 2021 are set at 7.2 million tons. Imports outside the quota are possible, but may incur tariffs of up to 65% of the purchase price. Shipments into bonded zones are exempt from duties.The proliferation of businesses that are shipping corn into bonded zones and blending them for animal feed has alarmed authorities, who are seeking to control imports and maintain the quality of feed products.Last month, Shandong province shut down a feed producer located at a local bonded zone after its product was found to have fallen short of protein requirements. The plant mainly blended corn with a low amount of distillers dried grains, or DDGS, said one of the people.All the cancellations will be of old U.S. corn crop from the 2020-21 marketing year, the people said. More than 15 million tons of American corn have been purchased for state stockpiles from old and new crops, two of the people said.(Corrects spelling of Bown’s name in 10th paragraph in story published May 26.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
China's banking regulator has asked lenders to stop selling investment products linked to commodities futures to mom-and-pop buyers, three people with knowledge of the matter told Reuters, to curb investment losses amid volatile commodity prices. It has also asked lenders to completely unwind their existing books for these products, which they manufacture and sell to individual investors, said the sources, who are involved in and have been briefed on the decision. The China Banking and Insurance Regulatory Commission's (CBIRC's) order to exit these products has not been reported before.
A new lawsuit filed by maintenance workers and gardeners claims reality star Kim Kardashian violated labor laws at her Hidden Hills home.
FRANKFURT (Reuters) -Bayer shares dropped as much as 5% on Thursday after a U.S. judge rejected its plan to try and limit the cost of future class action claims that its Roundup weedkiller causes cancer. The German group called into question the future sale of glyphosate-based products to gardeners in the U.S., and said it would review plans to settle around 30,000 legal claims, after the judge called Bayer's plan to end years of litigation "unreasonable" on Wednesday. Bayer will be spared payouts related to future cases it had outlined in its plan this year and next but will continue to set aside $2 billion for the risk of further claims, reflecting its view that there were no fundamental changes in the outlook.
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