It’s possible that I shall make an ass of myself. But in that case one can always get out of it with a little dialectic. I have, of course, so worded my proposition as to be right either way (K.Marx, Letter to F.Engels on the Indian Mutiny)
Tuesday, March 26, 2024
Updated Tue, March 26, 2024
By Foo Yun Chee and Bart H. Meijer
(Reuters) -EU antitrust regulators have started an investigation into whether Zoetis blocked the market launch of a rival pain medicine for dogs, the European Commission said on Tuesday, a move that could result in a hefty fine for the U.S. pet products maker.
Antitrust regulators on both sides of the Atlantic have recently cracked down on Big Tech and Big Pharma acquiring start-ups or small rivals in order to shut them down in what is known as killer acquisitions.
Zoetis' Librela is currently the first and only monoclonal antibody medicine approved in Europe to treat pain associated with osteoarthritis in dogs.
Zoetis said the matter referred to an experimental compound from an acquisition completed seven years ago.
"We believe that both the acquisition of the compound and our subsequent decision to cease development of it were sound, rigorous, and lawful," the company said in an emailed statement.
"While we cannot comment in detail on the specifics of the investigation, we will continue to cooperate with the European Commission throughout this process and are confident it will conclude that any potential concerns are unfounded."
Zoetis shares were down about 1% at 1515 GMT after initially falling 1.4% on the news of the EU antitrust probe.
The EU competition watchdog said the investigation would focus on Zoetis' acquisition of a late-stage pipeline product to treat dog pain, which was going to be commercialised in Europe by a third party.
"Zoetis may have engaged in exclusionary behaviour contrary to EU antitrust rules by terminating the development of this alternative pipeline product and refusing to transfer this pipeline medicine to the third party which in the EEA had exclusive commercialisation rights," the Commission said in a statement.
EEA refers to the 27-country European Union, Iceland, Liechtenstein and Norway.
The EU executive said this was the first formal investigation into a potential abuse relating to the exclusionary termination of a pipeline product which was to be commercialised by a third party.
Companies risk fines as high as 10% of their global turnover for breaching EU antitrust rules.
(Reporting by Bart Meijer and Foo Yun CheeEditing by Tomasz Janowski)
Associated Press Finance
Updated Tue, March 26, 2024
FILE - A view of the Ultium Cell factory in Warren, Ohio, July 7, 2023. China says it has filed a complaint at the World Trade Organization over US subsidies for electric vehicles. (AP Photo/Gene J. Puskar, File)
BEIJING (AP) — China filed a World Trade Organization complaint against the U.S. on Tuesday over what it says are discriminatory requirements for electric vehicle subsidies.
The Chinese Commerce Ministry didn't say what prompted the move. But under a new U.S. rule that took effect Jan. 1, electric car buyers are not eligible for tax credits of $3,750 to $7,500 if critical minerals or other battery components were made by Chinese, Russian, North Korean or Iranian companies. The credits are part of U.S. President Joe Biden’s signature climate legislation, named the 2022 Inflation Reduction Act.
A ministry statement didn't mention the specific restriction. It said, though, that under the act and its implementing rules, the U.S. had formulated discriminatory subsidy policies for new energy vehicles in the name of responding to climate change. It said the U.S. move excluded Chinese products, distorted fair competition and disrupted the global supply chain for new energy vehicles.
Member countries of the Geneva-based WTO can file complaints about the trade practices of other members and seek relief through a dispute settlement process.
The real-world impact of the case is uncertain. If the United States loses and appeals the ruling, China’s case likely would go nowhere. That is because the WTO’s Appellate Body, its supreme court, hasn’t functioned since late 2019, when the U.S. blocked the appointment of new judges to the panel.
China is the dominant player in batteries for electric vehicles and has a rapidly expanding auto industry that could challenge the world's established carmakers as it goes global. Its strength is in electric vehicles and its companies have become leaders in battery technology.
The European Union, concerned about the potential threat to its auto industry, launched its own investigation into Chinese subsides for electric vehicles last year.
Under the new U.S. rule, only 13 of the more than 50 EVs on sale in the U.S. were eligible for tax credits, down from about two dozen models in 2023. Automakers have been scrambling to source parts that would make their models eligible for the credits.
China opens WTO dispute against US subsidies to protect its EV industry
Reuters
Updated Tue, March 26, 2024
FA logo is pictured outside the World Trade Organisation (WTO) in Geneva
GENEVA (Reuters) -China has initiated dispute settlement proceedings against the United States at the World Trade Organization to safeguard its interests in the electric vehicle industry, the Chinese mission said on Tuesday and the WTO confirmed.
China said it was contesting "discriminatory subsidies" under the U.S. Inflation Reduction Act (IRA) that it said resulted in the exclusion of goods from China and other WTO countries.
The wide-ranging law provides billions of dollars in tax credits to help consumers buy electric vehicles and companies produce renewable energy, as President Joe Biden aims to decarbonise the mighty U.S. power sector.
"Under the disguise of responding to climate change, reducing carbon emission and protecting environment, (these subsidies) are in fact contingent upon the purchase and use of goods from the United States, or imported from certain particular regions," the Chinese mission said.
It said it was launching the proceedings "to safeguard the legitimate interests of Chinese electric vehicle industry and to maintain a fair level playing field of competition for the global market".
U.S. Trade Representative Katherine Tai said Washington was reviewing China's request for WTO consultations "regarding parts of the Inflation Reduction Act of 2022 and its implementing measures."
In a statement, Tai said the IRA was helping to contribute to a "clean energy future that we are collectively seeking with our allies and partners." She accused China of using what she described as "unfair, non-market policies" to the advantage of Chinese manufacturers.
A WTO official confirmed that a request from China for dispute consultations on the matter had been received, without providing details.
In Beijing, a spokesperson for China's Ministry of Commerce said it urged Washington to "promptly correct discriminatory industrial policies, and maintain the stability of the global industrial and supply chains for new energy vehicles".
WTO rulings on trade disputes are supposed to take six months after an adjudication panel is set up but often take longer.
If the WTO finds in favour of China, Washington could always appeal that decision into a legal void in place since December 2019 when the WTO's top appeals bench ceased to function due to U.S. opposition to judge appointments.
The United States is calling for reforms to the Appellate Body which it accuses of over-reach and negotiations are under way but face many obstacles.
(Reporting by Emma Farge, Gabrielle Tétrault-Farber in Geneva, Bernard Orr in Beijing and Jasper Ward in Washington; Editing by Alison Williams, William Maclean)
Reuters
Mon, March 25, 2024
Auto Shanghai show, in Shanghai
(Reuters) - Chinese electric-vehicle battery maker CATL is in talks with Tesla and other unnamed automakers to license its battery technology in the U.S. instead of building its own plant there, the Wall Street Journal reported on Monday.
The scale of cooperation and details about what technology Tesla would license from CATL are still being discussed and will depend on the EV maker's cash flow, the report said, citing an interview with CATL Chairman Robin Zeng.
The Chinese company's existing partnership with Ford Motor will be the model for similar cooperation with other U.S. carmakers, the report added.
Ford said in November it would scale back the investment for its Michigan battery plant to produce low-cost lithium-iron batteries based on technology licensed by CATL following pushback from U.S. lawmakers.
The WSJ report on CATL comes amid a global slowdown in EV demand and as U.S. lawmakers tighten their grip over the battery industry to prevent China-produced minerals or Chinese battery companies from winning electric vehicle tax credits.
Ford, CATL and Tesla did not immediately respond to Reuters requests for comment.
CATL is also working on faster charging batteries for Tesla and supplying machinery to the Elon Musk-led company's factory in Nevada, according to an interview Bloomberg News had with Zeng.
Zeng had told reporters earlier this month that the company was in discussions to set up research and development centers in Hong Kong to create new technologies that can be licensed abroad as domestic EV demand weakens.
MICHAEL RUBINKAM
Tue, March 26, 2024
A roadblock is seen as crews search for a a pair of missing children swept away after weekend rains, Monday, July 17, 2023, in Washington Crossing, in Upper Makefield Township, Pa. Bucks County' has joined dozens of other local governments around the country, Tuesday, March 26, 2024, in suing the oil industry, asserting that major oil producers systematically deceived the public about their role in accelerating global warming.
A large suburban Philadelphia county has joined dozens of other local governments around the country in suing the oil industry, asserting that major oil producers systematically deceived the public about their role in accelerating global warming.
Bucks County's lawsuit against a half dozen oil companies blames the oil industry for more frequent and intense storms — including one last summer that killed seven people there — flooding, saltwater intrusion, extreme heat “and other devastating climate change impacts” from the burning of fossil fuels. The county wants oil producers to pay to mitigate the damage caused by climate change.
“These companies have known since at least the 1950s that their ways of doing business were having calamitous effects on our planet, and rather than change what they were doing or raise the alarm, they lied to all of us,” Bucks County Commissioner Gene DiGirolamo said in a statement. “The taxpayers should not have to foot the bill for these companies and their greed.”
Dozens of municipal governments in California, Colorado, Hawaii, Illinois, Maryland, New Jersey, New York, Oregon, South Carolina and Puerto Rico as well as eight states and Washington, D.C., have filed suit in recent years against oil and gas companies over their role in climate change, according to the Center for Climate Integrity.
Bucks County, which borders Philadelphia and has a population of about 650,000, is the first local government in Pennsylvania to sue, the climate group said. The county's 31 municipalities will spend $955 million through 2040 to address climate change impacts, the group forecast last year.
Residents and businesses “should not have to bear the costs of climate change alone,” the county argued in its suit, filed Monday in county court. It cited several extreme weather events in Bucks County, including a severe storm in July that dumped seven inches of rain in 45 minutes and caused a deadly flash flood.
The suit named as defendants BP, Chevron, ConocoPhillips, ExxonMobil, Philips 66, Shell and the American Petroleum Institute, an industry group.
API said in response that the industry provides “affordable, reliable energy energy to U.S. consumers” while taking steps over the past two decades to reduce emissions. It said climate change policy is the responsibility of Congress, not local governments and courts.
“This ongoing, coordinated campaign to wage meritless, politicized lawsuits against a foundational American industry and its workers is nothing more than a distraction from important national conversations and an enormous waste of taxpayer resources,” Ryan Meyers, the group's senior vice president and general counsel, said in a statement.
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Reuters
Tue, March 26, 2024
The logo of Vodafone is seen at a Vodafone store in Northwich
FRANKFURT (Reuters) -Vodafone Germany aims to save around 400 million euros ($434.48 million) over the next two years as part of a restructuring that will hit some 2,000 jobs, the company said on Tuesday.
The move is part of a cost-cutting drive announced nearly a year ago which will result in the loss of some 11,000 jobs worldwide.
"Personnel costs will be reduced through savings and the relocation of around 2,000 jobs - also because manual tasks will be performed by increased automation in future," it said.
A large part of the savings will be come from switching off and updating outdated IT structures, said the company, a unit of British telecoms giant Vodafone.
However, investment in high-growth areas such as the cloud and corporate client business will be strengthened, it said.
The mobile phone group expanded across Europe in the first decade of the century, but has struggled in Spain and Italy and has agreed to sell its Italian operation to Swisscom.
Earlier this month, Vodafone said it would replace its boss in its largest market of Germany, Philippe Rogge, with Vodafone UK's Ahmed Essam in a new role of Executive Chairman Germany and Chief Executive European Markets.
($1 = 0.9206 euros)
(Reporting by Hakan Ersen, Writing by Miranda Murray and Madeline Chambers, Editing by Rachel More)
Brody Ford
Tue, March 26, 2024
(Bloomberg) -- Dell Technologies Inc. cut 13,000 employees over the last fiscal year, a steeper reduction in headcount than initially announced.
Dell had 120,000 employees globally as of Feb. 2, the technology hardware maker said Monday in a filing. That’s down nearly 10% from the previous year. “Throughout Fiscal 2024, we continued to take certain measures to reduce costs,” Dell said in the filing. “Despite these difficult decisions, we continue focused efforts to empower our employees and attract, develop, and retain talent.”
Weak sales of personal computers prompted an announcement at the start of 2023, when Dell executives said they would cut about 6,650 roles. Ultimately, nearly twice as many were eliminated over the course of fiscal 2024.
Bloomberg Intelligence’s Woo Jin Ho wrote that the move “provides modest operating leverage, and upside to PC or non-AI infrastructure sales could yield better earnings.” A Dell spokesperson said the disclosure reflects “ongoing commitment to assessing our business to ensure we’re competitive and set up to deliver.”
While known for its PC business, Dell has attracted investor attention over the last year due to a spike in interest for its high-powered servers needed to run AI workloads. Its shares are near a record high after reporting customer interest in “AI-optimized servers.”
EDGAR H. CLEMENTE
Mon, March 25, 2024
A migrant pushes a baby stroller past National Guards in Tapachula in Mexico's Chiapas state, Monday, March 25, 2024. Migrants stranded on the border with Guatemala departed on Monday for Mexico City in what they are calling "The Migrant Way of the Cross" during Holy Week to call for better migratory policies.
TAPACHULA, Mexico (AP) — About 2,000 migrants began walking Monday in southern Mexico in what has become a traditional demonstration during Holy Week before Easter to draw attention to their plight.
Leaving Tapachula near the Guatemalan border at dawn, the migrants and their advocates said their goal was to reach Mexico’s capital and highlight the dangers they face including robberies, sexual assaults, extortion and kidnapping.
Mexico has practiced a containment strategy in recent years that aims to keep migrants in southern Mexico far from the U.S. border. Migrants can languish there for months trying to regularize their status through asylum or other means. Migrants say there is little work available, and most carry large debts to smugglers.
The procession included a large white cross painted with the words “Christ resurrected” in Spanish. The day before the march, there was a stations of the cross procession — a time for pilgrimage and reflection — across the river that divides Guatemala and Mexico.
Guatemalan Daniel Godoy joined the walk on Monday with his wife and two children after waiting in Tapachula for four months to regularize their status.
“There’s still no date for the card, for the permit,” he said as they walked down a rural highway. “We decided it’s better to come on our own.”
He carried his 2-year-old daughter on his shoulders and his wife carried their 6-month-old baby.
Rev. Heyman Vázquez Medina, a member of the Catholic Church’s human mobility effort, said Mexico’s immigration policy lacked clarity. He noted that the government dragged its feet in granting legal status to cross the country and kept migrants off public transportation, but let them make the exhausting trek up highways.
“They have to walk under the sun and the rain, kilometers and kilometers, suffering from hunger? Who can take that?” Vázquez said.
Mexico’s government has been under pressure from the Biden administration to control the flow of migrants to the U.S. border.
The U.S. Border Patrol encountered migrants 140,644 times in February, according to data released Friday. That was up from 124,220 in January but well below the nearly 250,000 encounters in December.
Reuters
Tue, March 26, 2024
Astronomer Royal Martin Rees speaks at a memorial service for British scientist Stephen Hawking during which his ashes will be buried in the nave of the Abbey church, at Westminster Abbey, in London
LONDON (Reuters) - Britain's Astronomer Royal Martin Rees said sending people into space when robots could do the job just as effectively was a waste of public money, and space exploration should be left to billionaires and those willing to pay for trips themselves.
"I'm sceptical about the idea of a human space flight being worthwhile," Rees told the Lord Speaker's Corner podcast, which features members of Britain's upper house of parliament.
"Now that robots can do the things that humans were needed for 50 years ago, the case for sending people is getting weaker all the time."
Astronomer Royal is now a largely honorary title. It was established by King Charles II in 1675 to advise the monarch and has previously been held by some of Britain's most pre-eminent scientists.
Rees said space travel should only be for those prepared to accept a "very high level of risk", and it should be paid for privately rather than by the taxpayer.
Britain's space programmes have traditionally focused on space research rather than crewed missions.
Helen Sharman was the first Briton to go into space when she joined the Soviet Union's 1991 Soyus TM-12 mission.
She was followed 24 years later by Tim Peake, who flew to the International Space Station as a member of the European Space Agency astronaut corps.
Four U.S. citizens who flew NASA missions were also born in Britain.
Rees, who was appointed Astronomer Royal in 1995, said he didn't agree with Elon Musk's ambition to colonise Mars, but he hailed his achievements in both rockets and electric cars.
"He has done a much better job than the big conglomerates that used to work for NASA in producing efficient rockets, which can be reused, and that will make it cheaper to actually send stuff into space," he said.
(Reporting by Paul Sandle; editing by William James)
'Most Metal’ Rocket Famous for Setting Itself on Fire Will Make Its Final Launch
George Dvorsky
Mon, March 25, 2024
ULA’s Delta IV Heavy in 2018 prior to the launch of NASA’s Parker Solar Probe. - Photo: NASA/Bill Ingalls
As the band Europe once sang, it’s the final countdown, at least for United Launch Alliance’s Delta IV Heavy, which is set to retire following its final flight on Thursday, March 28. The classified mission also marks the end of an era that began more than 60 years ago, with ULA bidding farewell to the Delta series.
The triple core rocket is slated to launch at 1:40 p.m. ET on Thursday, blasting off from Space Launch Complex-37 at Cape Canaveral Space Force Station in Florida. The weather forecast isn’t great, with ULA predicting a 30% chance of favorable conditions. Should bad weather force a scrub, ground teams will try again 24 hours later. The Delta IV Heavy is carrying a classified payload for the National Reconnaissance Office, likely a spy satellite, as part of the NROL-70 mission.
In its press materials, ULA described the Delta IV Heavy as the “most metal” of rockets. The reason for this has to do with the dramatic, and even startling, way in which the rocket blasts off. Seconds before its engines roar to life, a fireball engulfs the base of the rocket, causing a fire that chars the booster exterior.
This is the last flight for the 235-foot-tall (72-meter) Delta IV Heavy, which debuted in 2002. It’s also the end of the road for the Delta program. The NROL-70 mission marks the 16th launch of Delta IV Heavy and the 389th for the Delta family, according to AmericaSpace. Established by the U.S. government in 1960, the Delta program was set up to develop a suite of expendable launch vehicles for space missions, ranging from satellite deployments to deep space explorations. ULA’s new Vulcan Centaur rocket, which debuted in January, is designed to replace the Deltas.
The two-stage Delta IV Heavy consists of three booster cores, each powered by a RS-68A engine. Each of these engines produce 705,000 pounds of force at liftoff, making it one of the most powerful liquid hydrogen/liquid oxygen engines in the world. For its second stage, the Delta IV Heavy uses a single RL10C-2-1 engine (also fueled by liquid hydrogen and oxygen), capable of generating 24,750 pounds of thrust. A 16-foot-tall (5-meter) payload fairing completes the assembly.
The Delta IV Heavy’s first launch on December 21, 2004, was a partial failure (the dummy payload didn’t reach the targeted orbit), but it remains the only blemish in an otherwise perfect career. Its first successful operational mission was in 2007, sending an NRO reconnaissance satellite into space. Notable missions include launching NASA’s Orion spacecraft for the EFT-1 mission in 2014 (Orion is now a key fixture of the space agency’s Artemis program) and the Parker Solar Probe in 2018.
At the time of its debut, the Delta IV Heavy was the most powerful rocket launched from Cape Canaveral, save for the Saturn V and the Space Shuttle Launch System, according to Florida Today. Currently, only NASA’s Space Launch System and SpaceX’s Falcon Heavy are more powerful (Starship doesn’t count, as it’s not yet ready for prime time). Its replacement, the 202-foot-tall (61.6-meter) Vulcan Centaur rocket, offers greater flexibility and can be configured with zero, two, four, or six solid rocket boosters to meet specific mission requirements.
So it’s out with the old and in with the new. The Delta IV Heavy has done its bit for king and country, but now it’s time for an update—and an overdue one at that. Vulcan represents ULA’s first new rocket design since the company began in 2006 (ULA, a joint venture between Lockheed Martin and Boeing, inherited Delta from its predecessors). Sure, we’ll miss those frightening fireballs at launch, but the future awaits.
For more spaceflight in your life, follow us on X and bookmark Gizmodo’s dedicated Spaceflight page.
Reuters
Tue, March 26, 2024 a
A woman irons a dress at Timex garments factory in Wattala
COLOMBO (Reuters) - Sri Lanka's cabinet has approved increasing the minimum wage by 40%, a top official said on Tuesday, to support workers struggling with living costs as the economy slowly shakes off its worst financial crisis in decades, helped by an IMF bailout.
Sri Lanka's economy collapsed in early 2022 after its foreign exchange reserves dwindled to record lows triggering soaring inflation, currency depreciation and a default on its foreign debt.
Revision of the minimum wage from 12,500 rupees ($42) to 17,500 rupees was approved by cabinet to support people living in poverty, said cabinet spokesman and Transport Minister Bandula Gunawardana.
"This is a very important decision. Under this the national daily wage will also be increased by 200 rupees," he told a weekly briefing.
The average monthly household income of the poorest 20% of the population is 17,572 rupees, while 90% of overall households had increased their expenditure due to the crisis, latest government data showed.
Helped by a $2.9 billion program from the International Monetary Fund (IMF) the island of 22 million people has seen its economy slowly stabilise with inflation reducing to 5.9% in February from a high of 70%.
But multiple energy price increases and a 3% sales tax hike in January have raised the cost of living and hit the poor hard. University students and trade unions have held protests for months in Colombo demanding the government lower costs.
(Reporting by Uditha Jayasinghe; editing by Miral Fahmy)
JAKE OFFENHARTZ
Mon, March 25, 2024
A Eurasian eagle-owl named Flaco sits in a tree in New York's Central Park, Feb. 6, 2023. Flaco, New York City’s widely-mourned celebrity owl, was suffering from a severe pigeon-borne illness and high levels of rat poison when he fatally crashed into a building last month, officials at the Bronx Zoo said on Monday, March 25, 2024
New York City’s celebrity owl Flaco was suffering from a severe pigeon-borne illness and high levels of rat poison when he crashed into a building and died last month, officials at the Bronx Zoo said Monday.
The Eurasian eagle-owl was found dead in a Manhattan courtyard on Feb. 23, a little over a year after he escaped a damaged enclosure at the Central Park Zoo and began a life in the urban wilds that captivated New Yorkers.
While an initial autopsy showed the cause of death was trauma, further testing revealed a pair of significant medical conditions may have contributed to the collision, zoo officials said.
Blood tests showed Flaco had been exposed to four different rat poisons and had a “severe” case of pigeon herpesvirus that had damaged his brain, liver, spleen, and other organs.
“These factors would have been debilitating and ultimately fatal, even without a traumatic injury,” the zoo said in a statement. “Flaco’s severe illness and death are ultimately attributed to a combination of factors — infectious disease, toxin exposures, and traumatic injuries — that underscore the hazards faced by wild birds, especially in an urban setting.”
After an unknown vandal snuck into the zoo and cut his cage, Flaco spent his initial days of freedom inside Central Park, before venturing out into the Manhattan skyline. Though he had lived his entire 13 years in captivity, he quickly proved a proficient hunter, preying on the city's abundant rat population.
But his freedom also worried some experts, who said he faced an array of threats in the city, including the likelihood of consuming a poisoned rat.
In the days before his death, Flaco had ceased his nightly hooting from the city's rooftops, prompting some to fear he was ill, according to David Barrett, a bird enthusiast who runs a social media page that documented the owl's movements.
“Though these results remind us of the tragedy of Flaco’s passing, they also bring understanding and closure,” Barrett said.
Following his death, zoo officials placed the blame squarely on the vandal who cut his enclosure, a crime that remains unsolved.