Peloton clinches $1bn loan as it seeks to shore up finances

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US aid to Gaza via pier trickles in well below targets

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SEC paves way for ethereum ETFs in boost for crypto

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The US Securities and Exchange Commission has paved the way for the potential launch of eight exchange traded funds tied to the world’s second-largest digital coin, following the regulator’s approval of the first bitcoin ETFs earlier this year.

The regulator on Thursday approved rule changes in support of ETFs that invest in ether, the native cryptocurrency of the ethereum blockchain, for several groups including BlackRock, Fidelity, Invesco and Ark Invest. A second round of approvals will be needed before the products can launch.

Widespread anticipation of the approvals has sent ether’s price soaring more than 20 per cent since Monday and more than 60 per cent year-to-date.

It is a significant regulatory shift for the SEC after months of silence on the issue. On Monday the SEC suddenly gave feedback to issuers and exchanges on the pending applications, sparking a flurry of paperwork and revisions. The SEC had faced deadlines of Thursday and Friday to respond to ether ETF applications from VanEck and Ark, respectively, according to data from Bloomberg Intelligence.

“This is a key step to offering Ethereum access through the ETF structure, which will offer US investors easier access, higher protection and safeguards,” Invesco and Galaxy, a digital assets group, said in a statement on Thursday evening. “We hope this approval indicates a willingness by the SEC to approve the launch of these products.”

“I think most of us were resigned to a disapproval order coming down the pike,” said Katherine Dowling, general counsel for Bitwise Asset Management, one of 11 US bitcoin ETF issuers and which has filed to launch an ether ETF.

It is unclear if and when the SEC will grant the second round of approvals needed before the products can launch.

SEC chair Gary Gensler on Thursday morning explained his reticence to allowing crypto investment products to launch on the US market at an Investment Company Institute conference. He alluded to the myriad fraud cases that have affected the crypto industry, such as that of FTX founder Sam Bankman-Fried, who in March was sentenced to 25 years in prison in connection with the billions of dollars that went missing from his cryptocurrency exchange.

“It comes down to the rampant non-compliance with US law,” Gensler told ICI chief executive Eric Pan. “It comes down to the frauds and scams. This is a field

Starwood limits redemptions in struggling $10bn property fund

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Stocks making the biggest moves after hours: Ross Stores, Intuit, Workday and more

Argentina’s peso plunges in warning light for Milei

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Norfolk Southern agrees to $310 million federal settlement over Ohio train derailment

Norfolk Southern has agreed to pay $310 million to settle charges over the East Palestine, Ohio, train derailment that occurred in February 2023, with the majority of that going to cleanup costs. The company will pay a $15 million fine for alleged violations of the Clean Water Act as part of the federal settlement. Norfolk Southern is estimating it will spend $1.7 billion in total costs associated with the incident. Officials continue to conduct operation and inspect the area after the train derailment in East Palestine, Ohio, United States on February 17, 2023.  EPA | Anadolu | Getty Images

Norfolk Southern has agreed to pay $310 million to settle charges over a toxic train derailment in East Palestine, Ohio, in February 2023, the company announced on Thursday.

The majority of the settlement is an estimated $235 million to cover all past and future cleanup costs. Per the agreement, the company will also pay a $15 million civil penalty to resolve alleged violations of the Clean Water Act.

The agreement resolves a lawsuit filed in March 2023 by the EPA and the U.S. Department of Justice against Norfolk Southern for allegedly violating the Clean Water Act after the derailment of a freight train carrying hazardous substances ignited a dayslong fire that forced local residents to evacuate and contaminated the soil and waterways.

“We are pleased we were able to reach a timely resolution of these investigations that recognizes our comprehensive response to the community’s needs and our mission to be the gold standard of safety in the rail industry,” Alan Shaw, president and CEO of Norfolk Southern, said in a statement. “We will continue keeping our promises and are invested in the community’s future for the long-haul.”

Smoke rises from a derailed cargo train in East Palestine, Ohio, on February 4, 2023. Dustin Franz | Afp | Getty Images

The settlement, if approved by the U.S. District Court for the Northern District of Ohio, would require Norfolk Southern to not only “take measures to improve rail safety” but also “pay for health monitoring and mental health services for the surrounding communities,” among other actions, the EPA said Thursday. That includes paying an estimated $7 million for remediation projects to curb pre-existing pollution and boost the region’s water quality.

“No

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Democrats open probe into Trump ‘policies-for-money’ deal with oil chiefs

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Ranked: The World’s Largest Lithium Producers in 2023

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May 23, 2024 Graphics/Design:

See this visualization first on the Voronoi app.

The World’s Largest Lithium Producers in 2023

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Three countries—Australia, Chile, and China—accounted for 88% of lithium production in 2023.

In this graphic, we list the world’s leading countries in terms of lithium production. These figures come from the latest USGS publication on lithium statistics (published Jan 2024).

Australia Leads, China Approaches Chile

Australia, the world’s leading producer, extracts lithium directly from hard-rock mines, specifically from the mineral spodumene.

The country saw a big jump in output over the last decade. In 2013, Australia produced 13,000 metric tons of lithium, compared to 86,000 metric tons in 2023.

RankCountryLithium production 2023E (metric tons) 1🇦🇺 Australia86,000 2🇨🇱 Chile44,000 3🇨🇳 China33,000 4🇦🇷 Argentina9,600 5🇧🇷 Brazil4,900 6🇨🇦 Canada3,400 7🇿🇼 Zimbabwe3,400 8🇵🇹 Portugal380 🌍 World Total184,680

Chile is second in rank but with more modest growth. Chilean production rose from 13,500 tonnes in 2013 to 44,000 metric tons in 2023. Contrary to Australia, the South American country extracts lithium from brine.

China, which also produces lithium from brine, has been approaching Chile over the years. The country increased its domestic production from 4,000 metric tons in 2013 to 33,000 last year.

Chinese companies have also increased their ownership shares in lithium producers around the globe; three Chinese companies are also among the top lithium mining companies. The biggest, Tianqi Lithium, has a significant stake in Greenbushes, the world’s biggest hard-rock lithium mine in Australia.

Argentina, the fourth country on our list, more than tripled its production over the last decade and has received investments from other countries to increase its output.

With all the top producers increasing output to cover the demand from the clean energy industry, especially for electric vehicle (EV) batteries, the lithium market has seen a surplus recently, which caused prices to collapse by more than 80% from a late-2022 record high.

Jeito Capital exits biotech company HI-Bio for $1.15bn

Paris-based private equity firm Jeito Capital will sell its portfolio company HI-Bio, a clinical-stage biotech company focused on immune-mediated diseases, to Biogen for $1.15bn. 

The deal includes up to $650m in potential payments contingent on milestones being reached, Jeito said. 

According to a press statement, HI-Bio currently has several late-stage clinical development programmes for felzartamab, which aim to treat four IMDs: antibody-mediated rejection, IgA nephropathy, lupus nephritis and primary membranous nephropathy. 

Jeito said that its investment had enabled HI-BIO to make “significant steps in advancing its clinical studies for felzartamab”, specifically for IgAN and the completion of Phase 2 studies for PMN and AMR in kidney transplant patients. 

HI-Bio is based in San Francisco and oversees clinical development in the US and Europe. Jeito first invested in HI-Bio in 2022 in a $120m Series A financing round and again this January in a $95m Series B round; these involved other life sciences-focused investors including Alpha Wave Global, ARCH Venture Partners, Arkin Bio Capital, Monograph Capital and Viking Global Investors.  

Dr Rafaèle Tordjman, Founder and CEO of Jeito Capital, said that his firm’s focus on biopharma investments helped “meet the Big Pharma’s strong demand for breakthrough innovations and go faster to get therapies to the patient”.