2024-03-04 12:38

BRUSSELS, March 4 (Reuters) - The European Union must allow Ukrainian food producers access to EU markets long term, rather than just extending measures year by year, leaving them at the mercy of political pressures, a senior Ukrainian official said on Monday. Ukraine wants to permanently remove tariffs and quotas on EU agricultural imports by updating its trade deal with the EU, or at least extend the current suspension for three years, Markiyan Dmytrasevych, deputy minister for agrarian policy and food, said. "We need something more convenient for planning," he told Reuters in an interview during a trip to Brussels. "A lot of resources go into these talks every year. Then we have new demands, new protests in the EU and its member states." Ukrainian food exporters have faced a wave of protests, including blockades of border crossings, from EU farmers in recent months, with many angry over what they say is unfair competition from cheaper Ukrainian imports. The European Commission has proposed import duties and quotas on Ukrainian farm produce - originally suspended in 2022 after Russia's invasion, which hit shipments via the Black Sea - be lifted for another year to June 2025. The proposal introduces an "emergency brake" for poultry, eggs and sugar, allowing tariffs if imports exceed the average levels of 2022 and 2023. A majority of EU governments backed the proposal, but the situation among lawmakers is unclear. A parliamentary committee is set to vote on the proposal on Thursday, but with a number of possible amendments. They include extending the list of emergency brake products and adding as a reference year 2021, before Russia's invasion when Ukrainian exports to the EU were curbed by tariffs and quotas. "That will not work for us," Dmytrasevych said. He said Ukrainian farm produce was not harming EU markets. Ukrainian sugar imported into the EU made up less than 3% of consumption, he said, and prices in supermarkets were still above pre-war levels. Indeed Romania had specifically asked for sugar imports, he said, while Hungary, with an effective import ban, had also needed Ukrainian sugar to balance prices. https://www.reuters.com/world/europe/ukraine-needs-long-term-plan-food-exports-eu-official-says-2024-03-04/

2024-03-04 12:32

Countries to agree U.N. climate finance goal this year EU wants fossil fuel firms to pay towards goal -draft Disagreements on which countries should pay climate funds BRUSSELS, March 4 (Reuters) - The European Union is set to call for the fossil fuel industry to help pay for fighting climate change in poorer countries under a United Nations target, a draft document shows, as nations prepare for talks this year on a global finance goal. This year's U.N. climate negotiations in Baku, Azerbaijan, in November, are the deadline for countries to agree a new goal of how much wealthy, industrialised nations should pay poorer ones to adjust to the most severe impacts of a hotter world. Given the spiralling costs of deadly heatwaves, droughts and rising sea levels, the new climate finance target is expected to be far larger than the existing U.N. commitment of rich countries to spend $100 billion per year from 2020, a target they failed to meet on time. A draft statement for a meeting of EU foreign ministers later this month showed the 27-nation country bloc will argue the oil and gas sector should also contribute. The draft EU statement, which sets out the bloc's priorities for climate diplomacy this year, could change before foreign ministers are due to adopt it later this month. "Recognising that public finance alone cannot provide the quantum necessary for the new goal, additional, new and innovative sources of finance from a wide variety of sources, including from the fossil fuel sector, should be identified and utilised," the draft statement, seen by Reuters, said. Countries must decide in Baku whether the new climate finance goal will comprise only public funding, or also pull in the private sector and international institutions, to try to reach developing nations' fast-growing needs. The OECD has said poor nations' actual climate investment needs could total $1 trillion per year by 2025. EU climate policy chief Wopke Hoekstra has said he will try to rally support for international fossil fuel taxes. But the road to any such agreement is steep, given the broad support needed for a global measure. Talks at the International Maritime Organization (IMO) last year on a CO2 emissions levy for shipping were opposed by countries including China. IMO negotiations will continue this month. The draft document also said the EU will continue to demand that large emerging economies and those with high CO2 emissions and per-capita wealth - like China and Middle Eastern states - should pay towards the new U.N. climate finance goal. Beijing has staunchly opposed this in past U.N. climate talks. The question of which countries must pay is expected to be a core issue at this year's COP29 climate summit. https://www.reuters.com/sustainability/sustainable-finance-reporting/eu-wants-fossil-fuel-sector-help-pay-combat-climate-change-draft-shows-2024-03-04/

2024-03-04 12:06

March 4 (Reuters) - Macy's (M.N) , opens new tab shares jumped 16% before the bell on Monday after investors Arkhouse Management and Brigade Capital sweetened their take-private bid over the weekend, valuing the U.S. department store operator at $6.58 billion. They raised the offer price to $24 per share for the remaining stake that they do not own from $21 per share. The retailer's shares, which had lost 10% last year, rose to $21 following the latest bid. "We remain open to increasing the purchase price further subject to the customary due diligence," Arkhouse had said on Sunday. Macy's is yet to open its books to the bidders as it was reviewing the new offer after rejecting in January a prior bid from Arkhouse on concerns around deal financing and valuation. The real estate-focused investing firm has now said it has identified global lenders who will commit to financing the deal if due diligence was granted. "Macy's should cooperate with the investment group and pursue a possible sale. If it refuses to do so, it runs the risk of a hostile takeover," said David Swartz, an analyst with Morningstar Research. The company has struggled to maintain its sales growth and profitability amid competition from cheaper physical and ecommerce offerings and a value-based shopping pattern due to elevated inflation and higher borrowing costs. It last week unveiled a turnaround plan that included cutting store counts and job roles, while aiming to revive sales at its luxury labels Bloomingdale's and Bluemercury by improving merchandise and adding more staff. Arkhouse, which has an economic exposure of 4.4% to Macy's along with its affiliates, has piled pressure by nominating nine director candidates with retail, real estate and capital markets experience to the company's 14-member board. Macy's forward price-to-earnings multiple, a common measure for valuing stocks, is 6.73, lower than industry peers, including Kohl's (KSS.N) , opens new tab and Nordstrom (JWN.N) , opens new tab that have a P/E ratio of 10.36 and 10.28, respectively. https://www.reuters.com/business/retail-consumer/macys-surges-after-investor-group-sweetens-take-private-bid-66-bln-2024-03-04/

2024-03-04 11:55

VILNIUS, March 4 (Reuters) - Poland, seeking to meet the needs of protesting farmers, plans to ask the European Union to put sanctions on Russian and Belarusian agricultural products, Prime Minister Donald Tusk said on Monday during a visit to the Lithuanian capital Vilnius. Like much of Europe, Poland has been gripped by protests in recent weeks as farmers demonstrate against EU environmental regulations and what they say is unfair competition from Ukraine since the bloc waived duties on imports in 2022. Last week, Tusk said that market disruptions were also caused by agricultural products from Russia and Belarus and did not rule out introducing a ban. "I would like to inform you that today I will turn to the Speaker of the Parliament with a proposal for a resolution calling on the European Commission to impose sanctions on food products from Russia and Belarus," said Tusk during a joint conference with Lithuanian Prime Minister Ingrida Simonyte. Tusk said that joint EU decisions would be more effective than measures introduced by individual countries. Simonyte said Vilnius would support the initiative. https://www.reuters.com/world/europe/poland-urges-eu-sanctions-russian-belarusian-farm-products-2024-03-04/

2024-03-04 11:45

March 4 (Reuters) - Akero Therapeutics' (AKRO.O) , opens new tab drug to treat a type of fatty liver disease helped significantly reduce scarring after nearly two years in a study, it said on Monday, as the company targets a potential multi-billion-dollar market. The company's shares were last up 33% in premarket trading after nearly doubling in value initially. Akero was testing its lead drug in a mid-stage trial for the treatment of metabolic dysfunction-associated steatohepatitis (MASH), a huge unmet need in the U.S. The condition, earlier called non-alcoholic steatohepatitis (NASH), affects around 5% of the population, according to the American Liver Foundation, but has no approved drugs after numerous failures over the last few years. After 96 weeks, biopsies of patients showed that Akero's drug, efruxifermin, helped reduce scarring in the liver by at least one stage in 75% of patients who took the higher dose, and in 46% of those on the lower dose, compared to 24% for placebo. The rates of reduction by one stage in scarring was higher at 96 weeks than that at 24 weeks, showing sustained improvement due to the drug. Over a third of the patients on the higher dose and 31% on the lower dose showed at least two stages of reduction in scarring, compared to just 3% on placebo, the company said. The reduction in scarring at the higher dose are the largest response rates reported publicly to date in any MASH population, said Stephen Harrison, medical director of Pinnacle Clinical Research and principal investigator for the study. The U.S. Food and Drug Administration is expected to decide on Madrigal Pharmacauticals' (MDGL.O) , opens new tab drug resmetirom by March 14, and an approval could make it the first to cater to the market. NeuroBo Pharmaceuticals (NRBO.O) , opens new tab and 89bio (ETNB.O) , opens new tab are also developing treatments for the disease, while Eli Lilly (LLY.N) , opens new tab last month said tirzepatide, the active ingredient in its blockbuster weight-loss and diabetes drugs, also helped patients with MASH. Akero's shares were trading at $36.99 before the bell. https://www.reuters.com/business/healthcare-pharmaceuticals/akeros-lead-drug-helps-improve-scarring-fatty-liver-disease-patients-2024-03-04/

2024-03-04 11:34

VIENNA, March 4 (Reuters) - A quarterly meeting of the U.N. nuclear watchdog's main policy-making body began on Monday with Western powers again choosing not to seriously confront Iran over its failure to cooperate with the agency on a range of issues, diplomats said. It is more than a year since the International Atomic Energy Agency's 35-nation Board of Governors passed a resolution ordering Iran to cooperate with a years-long IAEA investigation into uranium particles found at undeclared sites, saying it was "essential and urgent" for Iran to explain the traces. Since then the number of undeclared sites being investigated has shrunk to two from three but the list of problems between the IAEA and Iran has only grown. Iran failed to fully honour an agreement to re-install IAEA cameras at some sites and in September barred some of the agency's most valued inspectors. "I ... deeply regret that Iran has yet to reverse its decision to withdraw the designations for several experienced Agency inspectors," director general Rafael Grossi told , opens new tab the Board meeting. "Only through constructive and meaningful engagement can all of these concerns be addressed and once again I call upon Iran to cooperate fully and unambiguously with the Agency." With Israel's military offensive in Gaza continuing in response to Hamas's Oct. 7 attacks, heightening tensions across the Middle East, the United States did not want to risk further diplomatic escalation with Iran by pushing for a resolution against it at the IAEA, diplomats said. "If you did do an (IAEA Board) resolution right now ... it's too dangerous to do anything that could be construed as a wrong signal that could trigger a miscalculation," a Western diplomat said, citing various factors. "The region is in this heightened state, you don't have a ceasefire or resolution of any sort in Gaza, we don't have the prospects of any kind of nuclear solution, and ... the U.S. is going into presidential elections," they said. Diplomats had said before the Board meeting that the three European powers that proposed the last resolution jointly with the United States and generally act in coordination with Washington - Britain, France, and Germany, known as the 'E3' - were pushing for a resolution and had drafted a text. Washington, however, has opposed seeking a resolution against Iran for months, at least in part because of the impending U.S. presidential election in November, diplomats have said, and again it was the most reluctant of the four powers. The United States and E3 have been vocal in criticising Iran on these and other issues, such as its growing stockpile of enriched uranium that would be enough, if enriched further, to fuel several nuclear bombs. Iran says it has no such intention. https://www.reuters.com/world/west-avoids-seriously-confronting-iran-iaea-meet-begins-2024-03-04/