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Pilgrim’s Pride Corp and Tyson Foods Inc said on Monday they have settled price-fixing litigation by a group of poultry buyers that accused them of violating U.S. antitrust law by conspiring to inflate chicken prices.

Pilgrim’s Pride, owned mainly by Brazil’s JBS SA, will pay $75 million to settle claims by purchasers that bought chickens directly from the company. The size of Tyson’s settlement with the same purchasers was not disclosed.

Neither company admitted liability, and both said settling was in their best interests.

Both settlements require approval by a federal judge in Chicago.


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Ford Motor Co said on Monday it will close its three plants in Brazil this year and take pretax charges of about $4.1 billion as the COVID-19 pandemic amplified the company’s under use of its manufacturing capacity.

Production will cease immediately at Ford’s plants in Camaçari and Taubaté, with some parts production continuing for a few months to support inventories for aftermarket sales. The Troller plant in Horizonte, Brazil, will continue to operate until the fourth quarter.

Ford officials said the action was part of the $11 billion global restructuring previously forecast by the U.S. automaker, of which it had accounted for $4.2 billion through the third quarter of 2020. Ford shares closed up more than 3%.


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Gilead Sciences Inc raised its full-year profit forecast on Monday, as a recent resurgence in COVID-19 cases boosted demand for its COVID-19 treatment, remdesivir.

The level of new COVID-19 cases in the United States is starting to rise again, amidst the slow rollout of vaccine. Experts say the country should expect another surge in mid-January due to holiday gatherings.

The antiviral, currently authorized to treat COVID-19 patients across the world, was one of the drugs used to treat U.S. President Donald Trump’s coronavirus infection.


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Top executives at U.S. pharmaceutical company Novavax Inc aren’t waiting to see how well their COVID-19 vaccine works before they reap the financial rewards.

Chief Executive Stanley Erck and three of his top lieutenants have sold roughly $46 million of company stock since the start of last year, according to a Reuters review of securities filings, capitalizing on a near 3,000% rally in Novavax shares fueled by investors betting on the success of the shot under development.

Erck cashed out $8.7 million over the course of 2020, eclipsing the $2.2 million in shares he sold in the previous five years. The stock sale amounts to more than 20% of his vested stake in Novavax, or less than 10% if stock options that are yet to vest are counted, according to the review of the filings, an analysis by compensation consultant Farient Advisors LLC and a company spokeswoman.


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Office supplies retailer Staples on Monday said it made an offer to buy Office Depot owner ODP Corp for $2.1 billion in cash, nearly five years after its second takeover effort was rejected.

The U.S. Federal Trade Commission blocked Staple’s $6.3 billion offer in 2016, saying a merger between the two could reduce competition for nationwide contracts for office supplies.

The two companies agreed to merge in 1996, but the deal was put to rest as a government lawsuit argued the move would have meant higher prices for pens, paper and other office supplies.


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Major HSBC shareholders are calling on Europe’s biggest bank to toughen its commitment to cut lending linked to fossil fuels and to turn its climate “ambitions” into targets.

Investors collectively managing some $2.4 trillion in assets have filed the resolution to be voted on at HSBC’s annual general meeting, after HSBC in October stated its ambition to get to net zero carbon emissions by 2050.

That pledge was criticised by campaigners for not directly addressing HSBC’s lending to fossil fuel firms, including a relatively large share of clients involved in the coal sector.


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Marriott International Inc, the world’s largest hotel company, and the Blue Cross Blue Shield Association (BCBSA) said Sunday they will suspend donations to U.S. lawmakers who voted against certifying President-elect Joe Biden’s victory last week.

“We have taken the destructive events at the Capitol to undermine a legitimate and fair election into consideration and will be pausing political giving from our Political Action Committee to those who voted against certification of the election,” Marriott spokeswoman Connie Kim said, confirming a report in Popular Information, a political newsletter.


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Apple Inc and Amazon.com Inc have suspended Parler from their respective App Store and web hosting service, saying the social networking service popular with many right-leaning social media users has not taken adequate measures to prevent the spread of posts inciting violence.

The action by Apple and Amazon follows a similar move by Alphabet Inc’s Google on Friday. Parler is favored by many supporters of U.S. President Donald Trump, who was permanently suspended from Twitter on Friday, and it is seen as a haven for people expelled from Twitter.


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Deutsche Bank AG will pay nearly $125 million to avoid U.S. prosecution on charges it engaged in foreign bribery schemes and manipulated precious metals markets, the latest blow for the bank as it tries to rebound from a series of scandals.

Germany’s largest lender agreed to the payout as it entered a three-year deferred prosecution agreement with the U.S. Department of Justice, and a related civil settlement with the U.S. Securities and Exchange Commission.

Almost all of the payout relates to charges Deutsche Bank violated the federal Foreign Corrupt Practices Act (FCPA) over its dealings in Saudi Arabia, Abu Dhabi, China and Italy, court papers show. Nearly two-thirds of the payout is a criminal fine.


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Tesla Inc launched a cheaper variant of the Model Y, bringing its sports utility vehicle’s price closer to that of its Model 3 sedan, the electric-car maker’s least expensive car.

The new standard range Model Y is priced at $41,990, only $4,000 more than the entry level Model 3, according to the company’s website.

Shares of the carmaker, which have surged more than 700% in 2020, were up 7.8% to $879.72 at 11:45am ET on Friday.

Tesla’s stratospheric rally has helped Chief Executive Officer Elon Musk surpass Amazon.com Inc’s top boss Jeff Bezos to become the world’s richest man, Bloomberg News reported on Thursday.