Thursday, October 31, 2013

Reuters: Regulatory News: U.S. authorities quiz AstraZeneca over Brilinta clinical trial

Reuters: Regulatory News
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U.S. authorities quiz AstraZeneca over Brilinta clinical trial
Oct 31st 2013, 09:35

LONDON | Thu Oct 31, 2013 5:35am EDT

LONDON Oct 31 (Reuters) - AstraZeneca is being investigated by U.S. authorities over a major clinical trial that was used to win marketing approval for its new heart drug Brilinta.

The British drugmaker said on Thursday it had received a civil investigative demand from the U.S. Department of Justice seeking documents and information regarding the so-called PLATO study.

AstraZeneca, which highlighted the investigation in its quarterly results statement, gave no further details but said it intended to cooperate with the inquiry.

Brilinta is a key new product for the company, although its progress to date has been slow, with sales in the third quarter edging up to $75 million from $65 million in the three months to end-June.

A key challenge for Brilinta is the fact that U.S. doctors tend to use high-dose aspirin for cardiovascular patients and clinical trials suggest AstraZeneca's new drug does not work as well in this setting.

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Reuters: Regulatory News: UPDATE 1-Six major central banks make currency swap accords permanent

Reuters: Regulatory News
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UPDATE 1-Six major central banks make currency swap accords permanent
Oct 31st 2013, 09:34

Thu Oct 31, 2013 5:34am EDT

By Leika Kihara

TOKYO Oct 31 (Reuters) - Six major central banks said on Thursday they would make their web of currency swap arrangements permanent as a "prudent liquidity backstop" in case of future global financial strains.

The Bank of Japan, U.S. Federal Reserve, the European Central Bank, the Bank of England and the central banks of Canada and Switzerland will convert their "temporary bilateral liquidity swap arrangements" into standing arrangements that "will remain in place until further notice".

"The existing temporary swap arrangements have helped to ease strains in financial markets and mitigate their effects on economic conditions," a coordinated statement from the central banks said. "The standing arrangements will continue to serve as a prudent liquidity backstop."

Currency swap lines were first introduced nearly six years ago in response to a global credit crunch that starved banks of liquidity and threatened to gum up the entire financial system.

They were an important part of the policy response to the 2007-2009 financial crisis, keeping a lid on funding costs which had spiralled due to fear over counter-party risk.

The arrangements were next due for review in February.

Speaking after the BOJ kept its massive stimulus programme in place, Governor Haruhiko Kuroda said the structure had helped bring stability to financial markets and the move to make it permanent did not denote any new alarm about liquidity.

"We decided to make them permanent to avoid uncertainty as they were due to expire next February," Kuroda told a news conference. "We have no plan to extend the swap arrangements beyond the six central banks."

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Reuters: Regulatory News: UPDATE 3-Syria meets deadline to destroy chemical production facilities

Reuters: Regulatory News
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UPDATE 3-Syria meets deadline to destroy chemical production facilities
Oct 31st 2013, 09:47

Thu Oct 31, 2013 5:47am EDT

* OPCW says inspected 21 of 23 chemical weapons sites

* Met deadline of Nov. 1 to destroy production facilities

* By mid-2014 must have destroyed all chemical weapons

* Nov. 15 next deadline to agree destruction plan with Syria

* Agreement to destroy follows deadly Aug 21 sarin attack

By Dominic Evans

BEIRUT, Oct 31 (Reuters) - Syria has destroyed or rendered inoperable all of its declared chemical weapons production and mixing facilities, meeting a major deadline in an ambitious disarmament programme, the international chemical weapons watchdog said Thursday.

The Organisation for the Prohibition of Chemical Weapons, which won the Nobel Peace prize this month, said its teams had inspected 21 out of 23 chemical weapons sites across the country. The other two were too dangerous to inspect, but the chemical equipment had already been moved to other sites that experts had visited, it said.

Syria "has completed the functional destruction of critical equipment for all of its declared chemical weapons production facilities and mixing/filling plants, rendering them inoperable," it said, meeting a deadline to do so no later than Nov. 1.

The next deadline is Nov. 15, by when the OPCW and Syria must agree to a detailed plan of destruction, including how and where to destroy more than 1,000 metric tonnes of toxic agents and munitions.

Under a Russian-American brokered deal, Damascus agreed to destroy all its chemical weapons after Washington threatened to use force in response to the killing of hundreds of people in a sarin attack on the outskirts of Damascus on Aug. 21.

It was the world's deadliest chemical weapons incident since Saddam Hussein's forces used poison gas against the Kurdish town of Halabja 25 years ago.

"This was a major milestone in the effort to eliminate Syria's chemical weapons program," Ralf Trapp, an independent chemical weapons disarmament specialist, said.

"Most of the sites and facilities declared by Syria to the OPCW have been inspected, their inventories verified, equipment for chemical weapons production disabled and put beyond use, and some of the unfilled weapons have also been disabled."

At one of those locations the OPCW said it was able to verify destruction work remotely, while Syrian forces had abandoned the other two sites.

Trapp said it was "important to ensure that the remaining facilities can be inspected and their equipment and weapons inventoried and prepared for destruction as soon as possible".

The United States and its allies blamed Assad's forces for the attack and several earlier incidents. The Syrian president has rejected the charge, blaming rebel brigades.

Under the disarmament timetable, Syria was due to render unusable all production and chemical weapons filling facilities by Nov. 1 - a target it has now met. By mid-2014 it must have destroyed its entire stockpile of chemical weapons.

The OPCW mission is being undertaken in the midst of Syria's 2-1/2 year civil war, which has killed more than 100,000 people. The unprecedented conditions had raised concerns that the violence would impede the disarmament, but the OPCW says Syrian authorities have been cooperating with the weapons experts, who have been able to visit all but three of the chemical sites.

Syrian authorities said that "the chemical weapons programme items removed from these sites were moved to other declared sites", an OPCW document said. "These sites holding items from abandoned facilities were inspected."

The OPCW has not said which sites it has been unable to visit, but a source briefed on their operations said one of them was in the Aleppo area of northern Syria and another was in Damascus province.

One major chemical weapons site is located close to the town of Safira, south-east of Aleppo. Assad's forces have bombarded the town in recent weeks in an attempt to expel rebel fighters including al Qaeda-linked brigades.

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Reuters: Regulatory News: Divorcing bwin.party founders to sell stakes in New Jersey licence bid

Reuters: Regulatory News
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Divorcing bwin.party founders to sell stakes in New Jersey licence bid
Oct 31st 2013, 09:04

LONDON | Thu Oct 31, 2013 5:04am EDT

LONDON Oct 31 (Reuters) - Two founders of bwin.party digital entertainment, who are divorcing, have agreed to sell their stakes in the online gaming group if it is successful in winning a licence in New Jersey, the third U.S. state to allow online gambling.

James Russell DeLeon and Ruth Parasol DeLeon will put their stakes of 7.16 percent each into a trust to be sold over the next three years under an agreement with New Jersey's Division of Gaming Enforcement (DGE), the company said on Thursday.

Under state legislation, substantial shareholders in gaming groups also have to submit individual licence applications, something that the DeLeons did not want to do for reasons of privacy, bwin.party said.

Analysts at Numis said the agreement indicated that it was more likely that bwin.party would be eligible to start operations in New Jersey next month.

"It seems unlikely to us that it would have been executed so near to the start of online gambling in New Jersey if bwin.party were not likely to get permission to participate," they said.

Bwin.party applied in July for a licence in New Jersey, the third state after Nevada and Delaware to legalise online gambling.

The industry sees New Jersey as the most lucrative casino market based on size and the fact its law encompasses many forms of gambling, while Nevada's regulations only allows online poker.

Borgata Hotel Casino & Spa, owned by Boyd Gaming Corp's and MGM Resorts, said it received the first Internet gaming permit ever in New Jersey from the state's Division of Gaming Enforcement earlier this month.

Borgata is partnering bwin.party in its online gambling offering.

Shares in bwin.party traded up 2 percent at 124.8 pence by 0835 GMT.

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Reuters: Regulatory News: UPDATE 1-China ups Temasek fund's investment quota to $1.5 bln in October

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UPDATE 1-China ups Temasek fund's investment quota to $1.5 bln in October
Oct 31st 2013, 05:43

Thu Oct 31, 2013 1:43am EDT

BEIJING/HONG KONG Oct 31 (Reuters) - A fund linked to Singapore's Temasek Holdings became the third foreign state-linked entity to have their China investment quotas raised to $1.5 billion, signalling that interest in the world's second-largest economy remains robust.

Temasek Fullerton Alpha Pte Ltd received an additional $500 million in quotas in October, part of the $1.02 billion in fresh combined quotas that the China's State Administration of Foreign Exchange (SAFE) issued to licensed overseas institutional investors for the month, data showed on Thursday.

That increased the total quotas issued under the Qualified Foreign Institutional Investor (QFII) programme to $48.51 billion by the end of October from $47.49 billion a month earlier. SAFE issued $4 billion in quotas in the third quarter.

The Hong Kong Monetary Authority was the first to reach $1.5 billion in August, while the Norwegian central bank followed in September.

The China Securities Regulatory Commission had granted three QFII licenses in September, to U.S.-based Mayo Clinic, Hong Kong-based GF International Investment Management and Guosen Securities Management.

This brings the licences issued in the third quarter to 11 and to 34 this year. There are now 240 licencees under the program.

October licence application results will be announced in mid-November. Institutional investors need to apply for a licence from the securities regulator to be eligible to seek investment quotas from the foreign exchange regulator.

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Reuters: Regulatory News: BOJ, Fed, ECB, 3 other central banks make swap accords permanent

Reuters: Regulatory News
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BOJ, Fed, ECB, 3 other central banks make swap accords permanent
Oct 31st 2013, 06:42

TOKYO | Thu Oct 31, 2013 2:42am EDT

TOKYO Oct 31 (Reuters) - Six major central banks agreed to make their web of swap arrangements permanent as a "prudent liquidity backstop" in case of global financial strains, the Bank of Japan said on Thursday.

The BOJ said in a statement that it and the U.S. Federal Reserve, the European Central Bank, the Bank of England and the central banks of Canada and Switzerland were converting their "temporary bilateral liquidity swap arrangements" into standing arrangements that "will remain in place until further notice."

"The existing temporary swap arrangements have helped to ease strains in financial markets and mitigate their effects on economic conditions," the announcement said. "The standing arrangements will continue to serve as a prudent liquidity backstop."

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Wednesday, October 30, 2013

Reuters: Regulatory News: PRESS DIGEST- New York Times business news - Oct 31

Reuters: Regulatory News
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PRESS DIGEST- New York Times business news - Oct 31
Oct 31st 2013, 05:34

Thu Oct 31, 2013 1:34am EDT

Oct 31 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.

* While the secretary of health and human services apologized profusely for the troubled rollout of the Affordable Care Act, President Obama traveled to Massachusetts to offer a forceful defense of the law. ()

* Advocates of the digital currency bitcoin say it is ready to emerge from its fringe status and become a common method of retail payment. ()

* The Federal Reserve said it would keep its campaign of asset purchases and low interest rates intact. The central bank's statement contained no surprises, and the stock market barely budged. ()

* Facebook profits doubled in the third quarter, and the social network reported that mobile ads now accounted for about half its advertising revenue. ()

* Unbeknown to Google and Yahoo, the National Security Agency and its British counterpart have tapped into the search engines abroad, where data collection faces less oversight. ()

* PricewaterhouseCoopers said on Wednesday that it had agreed to buy consulting firm Booz & Company, bolstering its advisory business, a chief source of growth for the firm. ()

* Investors now have an opportunity to bet directly on diamond mining, as the Russian government moves to spin off a 16 percent stake in Alrosa. When shares start trading Thursday afternoon on the Micex stock exchange in Russia, it will provide an opening to a long-cloistered and once highly secretive business. ()

* The staff of a U.S. attorney's office plans to recommend that the Justice Department sue Bank of America over the packaging and selling of mortgage-related investments before the financial crisis of 2008, the firm disclosed in a regulatory filing on Wednesday. ()

* The bankruptcy filing by petroleum company OGX was a stunning fall for entrepreneur Eike Batista, who was once a symbol of Brazil's rapid rise as a global economic power but more recently has come to represent a Brazilian elite that views itself as above the rules that govern the most of the country. ()

* The Brixmor Property Group Inc sold more shares than it had expected in its initial public offering, reflecting strong demand from investors for commercial real estate. ()

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